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← Sutton Baptist Church

2024-12-31-accounts

Sutton Baptist Church

Report and Accounts Year ended 31 December 2024

SUTTON BAPTIST CHURCH

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Revd Mrs P Searle
Mrs C Graham (Church Secretary)
Mrs L Moore (Assistant Church Secretary)
Mrs A M Costigan
Mr K Paul
Mr D Peasah (resigned 16.1.25)
Key Management Personnel The Trustees (as above)
Governing Document Trust Deed dated 14 April 1873 and
the Constitution dated 7 September 2008
Charity Registration Number 1130595
Principal Address 21 Cheam Road
Sutton
SM1 1SN
Independent Examiner Archie McDowall BA CA
Stewardship
1 Lamb's Passage
London
EC1Y 8AB
Principal bankers Lloyds Bank
and deposit takers Baptist Union Corporation Limited
London Baptist Property Board
Contents Page
Charity Information 1
Trustees' Annual Report 2-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9-15
Detailed Statement of Financial Activities with Comparatives 16

Page 1

SUTTON BAPTIST CHURCH

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report for the year ended 31 December 2024 and confirm that the accounts comply with the relevant statutory requirements – the Trust Deed dated 14 April 1873 and the Constitution dated 7 September 2008.

Objects and activities

The principal purpose of the Church 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.

When planning the Church’s activities, the Trustees have considered the Charity Commission’s guidance on public benefit.

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 community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord.

Central to the work and witness of the Church is the provision of regular public services of Christian worship. The services take place on Sunday mornings at 10.30 am. A crèche is provided for a small number of younger children under the age of 4 who attend and a Sunday school for the older children from 4 years of age along with a youth discussion group for the 11+ age group.

To promote our ecumenical connection, there are occasional Sunday evening services which are provided in partnership with the Churches loosely covenanted in a Local Ecumenical Partnership. Known as ‘Churches Uniting in Central Sutton’ (CUCS) they consist of Sutton Baptist Church, St Nicholas Church (Anglican) and Trinity Church (Methodist/URC). The locations of these evening services are rotated. We host a number of united morning services during the year often with a particular focus e.g. Week of Prayer for Christian Unity, Christian Aid, Palm Sunday, Remembrance, Advent Sunday. Some of the united evening services are choral musical events involving a United Choir and draw attendees from a wider audience in the local area.

The SBC website is maintained and has been a point of contact for members of the public www.suttonbaptist.org.uk

Sutton Baptist Church seeks to be a friendly and welcoming community and anybody is free to attend any of these services.

Other activities provided by the Church include house groups, Bible-study evenings, regular prayer meetings, a fortnightly ‘Women In Touch’ (WIT) group a monthly Men’s connection group, Alpha and other social activities, to enable members to get to know and deepen their contact with one another.

Girls and Boys Brigades group’s meet every Friday evening in term time, where the gospel is taught through fun and learning.

Sutton Baptist Church actively looks to support wider mission. This is achieved by focusing on global issues through our missional giving. Examples of this are fund raising for Christian Aid,

Page 2

donating to and participating in a local food bank, and supporting the Sutton Community Works Trust.

Sutton Baptist Church also support Umoja Boys and Clare Bedford their Baptist Church Missionary currently serving in Chad.

Objects and activities (continued)

Members of the Church with the support of the Minister assist in the running of Larcombe Housing Association which provides accommodation for vulnerable adults. This includes affordable accommodation for those on a lower income. Contemporary Christmas carol services on a seasonal basis are provided by a local choir for the residents and the congregation led by the Minister in the Church.

The Church operates systems to ensure that all people working with children and vulnerable adults are appropriately vetted in accordance with the Disclosure and Barring Service (DBS) regulations.

The sanctuary and adjoining suite of rooms are hired out to various groups which include the One Stop Shop for victim support, Little Pioneers Childcare Nursery which is a part of the Midcounties Co-operative, and a Rock choir.

The Church buildings are also used by a Christian Pentecostal Church group; made up of predominantly African members, as their main place of worship.

Achievements and performance

The Rev Pamela Searle continues to lead the Church.

The membership remains steady, with a healthy increase in young families and children attending the church. We have had the encouragement of visitors and new members joining our church. We continue to observe that most of the new people tend to come from other cultures and hence the membership of Sutton Baptist Church increasingly reflects the cultural diversity of South London. This mix of people from different backgrounds and cultures is something we view very positively and celebrate.

2024 has allowed us to operate fully post pandemic and we continue to offer a hybrid worship style to enable those of our congregation who may struggle to come to Church on a regular basis to join the service; likewise those who are away on holiday.

As we have now been able to function fully our income streams are beginning to show stability.

Financial review

The Church continues to raise the funds which it needs to carry on its activities from within its own membership and congregation. However, a large percentage of the annual income is derived from the lease with Midcounties Cooperative Childcare Nursery and from hiring out of the halls for both long term and one-off lets and rental of car parking spaces.

Due to the size and age of the Church building and adjoining halls, ongoing fabric works and maintenance are regularly necessary and the Church continues to look for grants, support and advice from the Baptist Union and external sources. As part of the necessary maintenance of the buildings the Church has sought regular advice from an investigating architect and support from the Listed Building Advisory Committee.

The Church expresses its part in the life of the wider Church by making grants to national and international Christian organisations and societies with Christian aims and objectives compatible with the Church’s own charitable purpose. We have continued to support special charitable appeals such as, Christian Aid. All of the income from our evening services is given to charity.

Page 3

Financial review (continued)

The Church is heavily dependent on its membership working as volunteers in all aspects of the Church activities, many of which run with little or no impact on the Church’s expenditure, but nevertheless contribute substantially to the achievement of the Church’s objectives.

SBC's lettings have continued to increase during 2024, for which we are thankful; we are thankful that we have a Church member volunteer who dedicates a great deal of time to our Halls and lettings.

The continuing generosity of many of the members who donate through standing orders through their banks have enabled a regular income to continue. The reserves held by the church, have enabled the church, under God's guidance to continue its work and witness.

Financial Reserves Policy

The reserves policy calls for reserves to be held in the general funds (unrestricted funds) in the range of three to six months operating expenditure. Based on the total expenditure this would be a financial range of between £39,000 and £78,000. Unrestricted general reserves at 31 December 2024 stood at £65,000 and are therefore within the required range.

Investment Policy

Money not needed in the immediate future is generally kept in accessible accounts, earning as competitive a rate of interest as is available at the current time with CAF Bank, the London Baptist Property Board, and Baptists Together. The charity holds a small amount of investments in stocks and shares in relation to the Endowment Funds. The charity has made no social investments during the year.

Structure, governance and management

The Church is a Trust and is governed by a Constitution dated 7 September 2008 and a Trust Deed dated 14 April 1873.

Baptism by immersion upon personal profession of faith is the normal mode of entry into the membership of a Baptist Church. The Church however applies the following Baptismal qualification for Church Membership: Open membership so that persons seeking membership who have not been baptised in the manner described in the Union’s Declaration of Principle may at the discretion of the Church Members’ Meeting be accepted for full membership based on their own public profession of faith. People who have not been baptised as believers by immersion may therefore become members of the Church but shall be encouraged to give continued prayerful consideration to the matter of baptism.

The Church Members Meeting normally takes place bi-monthly and has responsibility for the overall policy of the Church. In accordance with the Constitution, the members appoint Trustees who together with the Minister, Church Secretary and Treasurer (who are also appointed by the Members) are collectively known as the Diaconate and are responsible for the day to day running of the Church’s work and witness, and the financial and legal aspects of the charity.

The church currently has 6 trustees including the Minister, Church Secretary the Treasurer post remains vacant and is supported by an external Accountant, we continue to pray for this role to be filled. The church may appoint up to two Elders. Elders, who in liaison with the Minister, assist on pastoral matters or where their spiritual gifting lay, may be co-opted to the Diaconate but shall not be regarded as Charity Trustees.

The Deacons / Trustees meet on a regular basis, to discuss Finance and Building and Church governance.

Page 4

Structure, governance and management (continued)

All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Relevant matters may be submitted to the Church Members meeting by the Trustees for guidance or may be raised by Church Members in Church meeting for further consideration by the Trustees. Though the Constitution permits decisions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.

The key management personnel of the charity as listed on page 2 are in charge of directing, controlling, running and operating the charity on a day-to-day basis. All non-ministerial Trustees give their time freely and are only reimbursed for expenses. The stipend of the Ministers is reviewed in accordance with the Baptist Union and from time to time based on increased responsibilities and commitments, changes to the hours worked, changes to the cost of living and other relevant factors.

Risk Management

Risks related to the Church’s activities are carefully considered and action is taken to minimise the potential loss or injury. The Trustees consider the principal risks and maintain a Risk Register to ensure that procedures are in place to guard against foreseeable events which could prejudice the functioning of the charity. The charity complies with the safeguarding of children and vulnerable adult’s policy of the Baptist Union of Great Britain, the General Data Protection Regulation (GDPR) and has a Fire Safety policy in place.

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FOR AND ON BEHALF OF THE TRUSTEES

Rev Pamela Searle

Rev Pamela Searle (May 30, 2025 12:49 GMT+1) Revd. Pamela Searle Trustee

Date: May 30, 2025

Page 5

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

SUTTON BAPTIST CHURCH ('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2024 on pages 7 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 9 and 10.

Responsibilities and basis of report

As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Archie McDowall

Archie McDowall (Jun 17, 2025 15:49 GMT+1)

Archie McDowall BA CA Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Jun 17, 2025

Page 6

SUTTON BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations
3
Other trading activities
4
Investments
Total income and endowments
EXPENDITURE ON:
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Other recognised gains/(losses):
Actuarial gains/(losses) on defined benefit
pension schemes
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
40,023
119,992
1,874
161,889
154,655
154,655
-
7,234
-
7,234
-
7,234
892,426
899,660		 Restricted
Funds
£
-
-
1,220
1,220
500
500
-		 Endowment
Funds
£
-
-
-
-
-
-
209
209
-
209
-
209
9,419
9,628		 Total
Funds
2024
£
40,023
119,992
3,094
163,109
155,155
155,155
209
8,163
-
8,163
-
8,163
922,884
931,047		 Total
Funds
2023
£
49,211
95,872
3,148
148,231
158,551
158,551
(194)
720
-
720
-
720
21,039
21,759		 (10,514)
-
(10,514)
-
(10,514)
933,398
922,884

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on pages 9 to 15 form part of these accounts.

Page 7

SUTTON BAPTIST CHURCH

BALANCE SHEET

AS AT 31 DECEMBER 2024

Note
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
Defined benefit scheme liability
12
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
General funds
Designated funds
Endowment Funds
Restricted Funds		 Unrestricted
Funds
£
783,262
-
783,262
17,621
124,744
142,365
(25,967)
116,398
899,660
-
899,660
65,492
834,168
899,660
-
-
899,660		 Restricted
Funds
£
-
-
-
-
21,759
21,759
-
21,759
21,759
-
21,759
-
-
-
-
21,759
21,759		 Endowment
Funds
£
-
9,628
9,628
-
-
-
-
-
9,628
-
9,628
-
-
-
9,628
-
9,628		 Total
Funds
2024
£
783,262
9,628
792,890
17,621
146,503
164,124
(25,967)
138,157
931,047
-
931,047
65,492
834,168
899,660
9,628
21,759
931,047		 Total
Funds
2023
£
790,028
9,419
799,447
14,714
137,576
152,290
(28,853)
123,437
922,884
-
922,884
58,740
833,686
892,426
9,419
21,039
922,884

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

Rev Pamela Searle Rev Pamela Searle (May 30, 2025 12:49 GMT+1) --------------------------------------Revd. Pamela Searle - Trustee

May 30, 2025 Date: _______

Charity number: 1130595

The notes on pages 9 to 15 form part of these accounts.

Page 8

SUTTON BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Statutory Information

The charity is a Trust governed by a Constitution dated 7 September 2008 and a Trust Deed dated 14 April 1873. It is affiliated to the Baptist Union of Great Britain and Ireland and to the London Baptist Association. The Trust is registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the inclusion of investments at fair value.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Income from donations includes recoverable gift aid, which is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor. The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured. Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It comprises income from letting church property; it is recognised as income when lettings take place; income received in advance for future letting periods is deferred. Investment income represents income generated by the charity's assets and includes income from bank interest and from dividends from investments. c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity. Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity. Expenditure on raising funds comprises costs incurred in respect of the letting of church property. d) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments. e) Tangible fixed assets Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 40 years after taking account of the building's residual value Organ Over 10 years Equipment Over 4 or 5 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

Page 9

SUTTON BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

g) Pension scheme arrangements

Prior to 2012 the pension provision was made through a multi-employer defined benefit pension plan. As it is not possible for the charity to obtain sufficient information to enable it to account for the Plan as a defined benefit plan, it has accounted for the Plan as a defined contribution plan. When the Plan is in deficit, the charity recognises a liability for its obligation to contribute towards to any deficit funding arrangement. Where the effect of discounting is material, the obligation for future deficit funding contributions is included at net present value.

h) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

i) Financial instruments The charity's financial assets and financial liabilities qualify as basic financial instruments, as defined by FRS102. Except for any obligation to contribute to a pension deficit funding arrangement (see above), creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).

j) Critical accounting estimates and areas of judgement

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3 Donations

Donations of cash and similar
Income tax recoverable
4
Income from other trading activities
Fundraising
Letting of car park
Letting of facilities
5
Charitable expenditure
Ministry:
Staff costs
Manse repairs and maintenance, insurance and utilities
Ministry expenses
Establishment:
Utilities
Repairs and maintenance
Cleaning
Professional fees
Insurance
Depreciation
Support and administration
Governance costs: Independent examiner's fee
-
Administrative costs
Grants payable (note 5a)
Total charitable expenditure		 2024
£
33,218
6,805
40,023
2024
£
4,170
23,225
92,597
119,992
2024
£
30,971
10,761
1,010
42,742
45,163
30,368
5,439
178
8,476
6,766
96,390
1,380
13,363
14,743
1,280
155,155		 2023
£
40,771
8,440
49,211
2023
£
-
5,265
90,607
95,872
2023
£
28,530
12,516
2,256
43,302
52,866
16,430
7,386
3,103
8,184
10,287
98,256
1,140
15,263
16,403
590
158,551

The fee payable to the independent examiner for just examining the accounts was £1,320 (2023: £1,140) was payable to the examiner for both preparing and examining the accounts).

Page 10

SUTTON BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5a Grants payable

5a
Grants payable
Grants for UK and overseas mission
Grants to assist those in poverty or in crisis
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants to assist those in poverty or in crisis
6
Gross wages and salaries
Pension costs
Manse repairs and maintenance, insurance and utilities
Analysis of staff costs, the cost of key management personnel and trustee remuneration		 Institutions
£
-
780
780
Institutions
£
-
590
590		 Individuals
£
-
500
500
Individuals
£
-
-
-
2024
£
28,600
2,371
10,761
41,732		 2024
£
-
1,280
1,280
2023
£
-
590
590
2023
£
26,500
2,030
12,516
41,046

The only employee during the year was the minister, Rev P Searle who is also a trustee. Rev P Searle benefitted from the salary and pension contributions referred to in the above table for serving as minister, not for serving as a trustee; these payments are permitted by the charity's governing document. No employee earned more than £60,000 in the year.

In addition the charity incurred expenditure totalling £10,761 (2023: £12,516) in respect of the customary provision of accommodation to Rev P Searle, who is a trustee, so that they could better perform their duties.

During the year the charity received donations totalling £9,826 (2023: £13,790) from related parties (which includes trustees, key management and anyone closely connected to them). Except for the reimbursement of expenses incurred when acting as agent for the charity, or incurred when undertaking clergy duties, no expenses were paid to (or for) the trustees.

7 Tangible fixed assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Accumulated depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold land
& buildings
£
795,134
-
795,134
12,500
2,500
15,000
780,134
782,634		 Fixtures &
Fittings
£
28,801
-
28,801
26,864
894
27,758
1,043
1,937		 Organ
£
30,690
-
30,690
30,690
-
30,690
-
-		 Equipment
£
77,526
77,526
72,068
3,372
75,440
2,086
5,458		 Total
2024
£
932,151
-
932,151
142,123
6,766
148,889
783,262
790,028

Freehold land and buildings comprises the Manse, which is under the custodian trusteeship of the London Baptist Property Board ('LBPB') and the Church is the beneficial owner. The Manse is shown at its acquisition cost plus cost of improvements.

No value is shown for the Church Building (insurance rebuild value of approximately £9.5m) and Church site which are under the custodian trusteeship of the LBPB and the Church is the beneficial owner. The original cost of the asset and subsequent improvements to date is not known. The Trustees have considered obtaining a current valuation for the property and have concluded that this cost is not justified by the usefulness of the information to the users of the accounts and to the charity for its own stewardship purposes. For these reasons this freehold property is shown at nil value in the accounts.

Page 11

SUTTON BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8 Fixed asset investments

d asset investments
Market value brought forward
Change in value of investments
Market value carried forward
Information about the quoted investments owned by the charity:
M & G Charibond units
M & G Charifund units		 Parkins
£
594
(21)
573
531
-
531		 Larcombe
£
8,825
230
9,055
-
615
615		 2024
£
9,419
209
9,628
531
615
1,146		 2023
£
9,613
(194)
9,419
531
615
1,146

The London Baptist Property Board is the custodian trustee for these investments; the Church is the beneficial owner.

9 Debtors

Letting debtors and related accrued income
Gift aid receivable
Prepayments and other debtors
h at Bank and in Hand
Lloyds:current account
Lloyds:deposit account
LBPB General Funds
LBPB Endowment Funds - Parkin
LBPB Endowment Funds - Larcombe
LBPB Manse Funds
Baptists Together 7 day notice
Undeposited funds
itors: liabilities falling due within one year
Trade creditors
Other creditors
Accruals
Deferred income		 2024
£
15,081
1,619
921
17,621
2024
£
55,106
14,195
65
1,618
14,766
22,120
38,478
155
146,503
2024
£
8,835
330
5,145
11,657
25,967		 2023
£
13,047
973
694
14,714
2023
£
55,211
7,907
62
1,528
13,636
21,236
37,621
375
137,576
2023
£
13,029
326
4,571
10,927
28,853

10 Cash at Bank and in Hand

11 Creditors: liabilities falling due within one year

Deferred income comprises lettings income of £11,657 (2023: £10,927) received in advance of the letting period, all of which has been recognised as income in the following year.

12 Pension commitments

The Baptist Union Pension Scheme

The charity is a participating employer the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers.

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. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a 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.

From January 2012, pension provision is being 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, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members if 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 Limited.

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme’s assets and liabilities to specific employers, the scheme is accounted for as if the Scheme were a defined contribution scheme.

The Minister is eligible to join the Scheme.

Page 12

SUTTON BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12 Pension commitments continued

Actuarial valuation as at 31 December 2019

A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The charity and the other participating employers in the DB Plan are collectively responsible for funding this deficit.

The key financial assumptions underlying the valuation were as follows:

Type of financial assumption % pa
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum Pensionable Income Increase Adjustment (above CPI) 0.50
Pre-retirement assumed investment returns (gilt yield plus 1.75% pa) 2.95
Post retirement assumed investment returns (including benefits matched by the insurance
policy) (gilt yield plus 0.5% pa)		 1.70
Minimum Pensionable Income increases (CPI plus 0.5%) 3.20
Deferred pension increases
- Pre April 2009 3.20
- Post April 2009 2.50
Pension increases (based on CPI with an annual floor of 0% and annual cap of 5%) 2.70

Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013 in line with the “CMI 2019” projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for females with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%.

Recovery plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.

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.

Actuaries, BPS Ltd, BUGB Trustees, and The Pensions Regulator have agreed that on the basis of a revised Statement of Contributions, which was produced in December 2023, it can be confirmed that the DB Pension Scheme is no longer in deficit.

Movement in Balance Sheet liability

In respect of the DB Plan:
Remaining change to balance sheet liability* (recognised in SoFA)
Balance sheet liability at the end of the year
Balance sheet liability at start of the year
Minus deficiency contributions paid		 2024
£
-
-
-
-		 2023
£
-
-
-
-

13 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
Tangible Assets
Wider Missions
Manse Reserve
Rewiring Fund
Building Fund
General Fund (including pension provision)
Total Unrestricted Funds
Restricted Funds
Parkins Bursary
Benevolent Fund
Larcombe Trust
Boys' Brigade		 Opening
balance
2024
£
790,028
8,529
15,032
10,000
10,097
833,686
58,740
892,426
1,376
4,347
13,637
1,679
21,039		 Incoming
resources
2024
£
-
-
-
-
11,324
11,324
150,565
161,889
89
-
1,131
-
1,220		 Outgoing
resources
2024
£
(6,766)
(780)
(3,296)
-
-
(10,842)
(143,813)
(154,655)
-
-
(500)
-
(500)		 Transfers
in the year
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gains and
losses
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Actuarial
gains
2024
£
-
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2024
£
783,262
7,749
11,736
10,000
21,421
834,168
65,492
899,660
1,465
4,347
14,268
1,679
21,759

Page 13

SUTTON BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13 Funds continued

Endowment Funds
Parkins Bursary
Larcombe Trust
Aggregate of funds		 594
8,825
9,419
922,884		 -
-
-
163,109		 -
-
-
(155,155)		 -
-
-
-		 (21)
230
209
209		 -
-
-
-		 573
9,055
9,628
931,047

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 Unrestrict Designated
funds
£
783,262
-
192
50,714
-
834,168
ed Funds		 Endowment
funds
£
-
9,628
-
-
-
9,628		 Restricted
funds
£
-
-
-
21,759
-
21,759		 2024
£
783,262
9,628
17,621
146,503
(25,967)
General
funds
£
-
-
17,429
74,030
(25,967)
65,492
931,047

In the previous year the movements in the charity's funds were as follows:

Designated Funds
Tangible Assets
Wider Missions
Manse Reserve
Rewiring Fund
Building Fund
General Fund (including pension provision)
Total Unrestricted Funds
Restricted Funds
Parkins Bursary
Benevolent Fund
Larcombe Trust
Boys' Brigade
Special Offerings
Endowment Funds
Parkins Bursary
Larcombe Trust
Aggregate of funds		 Opening
balance
2023
£
798,567
9,274
20,376
10,000
-
838,216
62,997
901,213
1,297
4,347
12,609
1,679
2,640
22,572
576
9,037
9,613
933,398		 Incoming
resources
2023
£
-
-
-
-
7,957
7,957
139,117
147,074
79
-
1,028
-
50
1,157
-
-
-
148,231		 Outgoing
resources
2023
£
(10,288)
(745)
(5,344)
-
-
(16,377)
(142,124)
(158,501)
-
-
-
-
(50)
(50)
-
-
-
(158,551)		 Transfers
in the year
2023
£
1,749
-
-
-
2,140
3,889
(1,249)
2,640
-
-
-
-
(2,640)
(2,640)
-
-
-
-		 Gains and
losses
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
(212)
(194)
(194)		 Actuarial
gains
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2023
£
790,028
8,529
15,032
10,000
10,097
833,686
58,740
892,426
1,376
4,347
13,637
1,679
-
21,039
594
8,825
9,419
922,884

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 Unrestrict Designated
funds
£
790,028
-
93
43,564
-
833,686
ed Funds		 Endowment
funds
£
-
9,419
-
-
-
9,419		 Restricted
funds
£
-
-
-
21,039
-
21,039		 2023
£
790,028
9,419
14,714
137,576
(28,853)
General
funds
£
-
-
14,621
72,973
(28,853)
58,740
922,884

Page 14

SUTTON BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13 Funds continued

Designated funds

Tangible assets fund : represents net book value of tangible fixed assets held by Sutton Baptist Church. Wider Missions fund: funds set aside by trustees for Sutton Baptist Church missional giving / activities. Manse reserve : represents funds set aside for repairs and maintenance of the manse. Rewiring fund : represents funds set aside for rewiring of the church building. Building fund : represents funds set aside for future building works for the church.

Restricted funds

Parkins bursary fund : represents restricted funds held for use in accordance with the purposes of the related endowment (see below). Benevolent fund : is a legacy fund to be spent on children's work and music.

Larcombe Trust fund : represents restricted funds held for use in accordance with the purposes of the related endowment (see below). Boys Brigade : monies collected for Boys Brigade use.

Endowment funds

Parkins bursary fund : the capital has been invested so that investment returns (which are treated as restricted income) can be used to provide presentations to assist students in their studies.

Larcombe Trust fund : the capital has been investment so that investment returns (which are treated as restricted income) can be used to provide grants for any cause, person or college connected with the Baptist Ministry.

14 Operating lease income

The charity has granted an operating lease for the use of some of its premises to a nursery operator. The minimum rent receivable in respect of this lease until the next lease break date is as follows:

Within one year
Between one and five years
Income falling due:		 2024
£
16,391
-
16,391		 2023
£
43,709
16,391
60,100

Page 15

SUTTON BAPTIST CHURCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations
3
Other trading activities
4
Investments
Total income and endowments
EXPENDITURE ON:
Charitable activities
5
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 General
2024
£
32,869
119,992
1,874
150,565
143,813
143,813
-
6,752
-
6,752
58,740
65,492
Unrestric		 Unrestric Designated
2024
£
7,154
-
-
11,324
10,842
10,842
-
482
-
482
833,686
834,168
ted funds		 Restricted
2024
£
-
-
1,220
1,220
500
500
-
720
-
720
21,039
21,759		 Endowment
2024
£
-
-
-
-
-
-
209
209
-
209
9,419
9,628		 Total
2024
£
40,023
119,992
3,094
163,109
155,155
155,155
209
8,163
-
8,163
922,884
931,047		 General
2023
£
42,064
95,872
1,181
139,117
142,125
142,125
-
(3,008)
(1,249)
(4,257)
62,997
58,740
Unrestric		 Unrestric Designated
2023
£
7,097
-
860
7,957
16,376
16,376
-
(8,419)
3,889
(4,530)
838,216
833,686
ted funds		 Restricted
2023
£
50
-
1,107
1,157
50
50
-
1,107
(2,640)
(1,533)
22,572
21,039		 Endowment
2023
£
-
-
-
-
-
-
(194)
(194)
-
(194)
9,613
9,419		 Total
2023
£
49,211
95,872
3,148
148,231
158,551
158,551
(194)
(10,514)
-
(10,514)
933,398
922,884

Page 16

Sutton Baptist Church (1130595) - 2024 Final Accounts for signing from Stewardship Final Audit Report 2025-06-17

Created: 2025-05-30 By: Nick Spear (nick.spear@stewardship.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAegb3S9Sk2aUPwShdW7j7FdXAO_Uzmr61

"Sutton Baptist Church (1130595) - 2024 Final Accounts for signi ng from Stewardship" History

Signature Date: 2025-05-30 - 11:49:18 AM GMT - Time Source: server

New document URL requested by Archie McDowall (archie.mcdowall@stewardship.org.uk) 2025-06-17 - 2:48:08 PM GMT

2025-06-17 - 2:49:17 PM GMT