## **LOUGHBOROUGH BAPTIST CHURCH**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED**
**31 DECEMBER 2024**
## **REGISTERED CHARITY NUMBER: 1131055**
**Cound & Co LLP Chartered Accountants**
**1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **CONTENTS**
|
Report of the Trustees
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts|Page No|
|---|---|
||
1 – 3
4
5
6
7 – 15|
**- 1 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
The Trustees present their report together with the financial statement 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 accounts and comply with the Church’s governing documents, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
## **OBJECTIVES OF THE CHARITY**
The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination; the Church may also advance education and carry out other charitable activities in the United Kingdom and other parts of the world.
## **PUBLIC BENEFIT**
The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the Church’s aims and objectives and in planning its future activities. In particular, the Trustees considered how planned activities will contribute to the aims and objectives they have set.
## **ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE**
The activities of the Church have included:
- regular public worship, Bible study, preaching and teaching
- baptism as defined in the Baptist Union’s Declaration of Principle
- the communion of the last Supper
- evangelism and mission: locally, regionally, nationally and internationally
- the teaching, encouragement, welcome and inclusion of young people
- nurture and growth of the Church
- education and training for Christian and community service
- giving and encouraging pastoral care
- supporting and encouraging charitable social action in the United Kingdom and abroad
- encouraging relationships with and supporting Baptists and other Christians
- supporting Christian Aid, Rainbows Hospice, Exaireo and other local, national and international charities
- actively involving ourselves in the town of which we are a part and supporting those with particular needs, e.g. the homeless and those with learning difficulties or dementia and their carers.
Rev Dr Michael Peat has now been with us for two years. He has led most of our services and has changed some styles of worship. He has started an early Monday morning meditation group. He continues to chair our Deacons/Trustees Meetings and the Church Meeting.
We have been seeking to find a Children’s and Family Worker over the past two years, to that end we invited Sarah Fegredo to talk to the church about it in September. This highlighted a good many things for the Church to think about. One of our membership came forward to say she would help with Little Stars. During talks with one or two of the leadership team it was apparent that she was excited about the position of Children and Family Worker. We advertised the position locally, there was only one applicant, and we interviewed in late November. We were pleased to offer her the position, and she will start at the beginning of January 2025.
We have continued with our Warm Hub on Monday but started to do a lunch for them as we understood The Falcon Centre were finishing providing this for them. We also run ‘After Dark’ on a Wednesday providing hot food in the evening.
**- 2 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)**
The work among Children and Young people continues. We have held Activity Day in the Summer holidays, Easter and at Christmas, which were well attended by a wide range of ages. We feel this is a project we must carry on with.
Bible Study continues to be an important part of the church activities. There are several groups meeting regularly, each meeting the needs of a wide variety of members within the church fellowship. A zoom prayer meeting is held every Monday evening and Thursday mornings prayers are said for the town and the church.
We seek to give pastoral care to all those connected with the church in any way through our pastoral worker and the pastoral team. We provide a Cameo Meal about every six weeks on a Sunday for our membership who live on their own. We now have 30 people attending.
## **PROPERTY**
7-8 Baxter Gate. Mr Sharma and Mr Singh are our new tenants. Work has not started on the shop yet, but we are receiving rent. We have been quite concerned that the shop still has not opened but we have spoken to our agent Mather Jamie about this situation.
As we reported last year, we had to pay £30,000 so the utilities were not turned off. We have tried to get the monies back. To this end we put the matter into the hands of Solicitor: ‘Bird Wilford and Sale’ to try on our behalf. If this fails we will put the matter in the hands of the Ombudsman.
The new gas boilers were fitted and finished in February and the loans that our membership gave us for this project were paid back to them all in April 24. This year we have decorated the Meeting Room; it has had a new floor and new lighting fitted.
## **FINANCIAL REVIEW & RESERVES POLICY**
We have withdrawn from our reserves £100,000 from our 1 year fixed account to pay the loans back leaving a balance of £72,530.70. Our 7 day fixed account totals £68,772.25 of which £30,000 is set aside for ministry.
When the budget for 2025 was prepared we put £30,000 into the budget towards ministry so we will have £38,377.25 remaining for the coming year 2026.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
It should be noted that our constitution dated 20[th] March 2008 is being reviewed during 2024. This has been worked on during this past year but during the latter part of the year it has been brought to light that we might want to consider becoming a CIO, a Charitable Incorporated Organisation. This will be looked at more fully in 2025.
**-3 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
**REFERENCE AND ADMINISTRATIVE DETAILS**
**Charity Number:** 1131055 **Church Address:** 9 – 10 Baxter Gate, Loughborough, Leicestershire, LE11 1TG **Bankers** Lloyds TSB plc, 37-38 High Street, Loughborough, Leicestershire, LE11 2QG Baptist Union Corporation Ltd, 129 Broadway, Didcot, OX11 8RT
**Solicitors:** Bird Wilford and Sale, 20 Church Gate, Loughborough, LE11 1UD **Accountants:** Cound & Co LLP, 1 Princes Court, Royal Way, Loughborough, Leicestershire, LE11 5XR
**Trustees:**
The Trustees during the year were:
Mrs S Bowler Mrs R Green Mrs E Grimley Mrs M Thirlwell Mrs G Butcher Mr K Lewis Appointed February 2024 Mr R O'Conner Appointed April 2024
Approved by the Trustees on 6 April 2025 and signed on their behalf by: -
…………………………..
Mrs Margaret Thirlwell Church Secretary
**- 4 -**
## **INDEPENDENT EXAMINER’S REPORT**
## **TO THE TRUSTEES OF LOUGHBOROUGH BAPTIST CHURCH**
I report on the accounts of the Charity for the year ended 31 December 2024 which are set out on pages 5 to 15.
## Respective Responsibilities of Trustees and Examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act;
- follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Charities Act; and
- state whether particular matters have come to our attention.
## Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
## Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep proper accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR 6 April 2025
**- 5 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Investments
Charitable activities
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
Charitable activities
**TOTAL EXPENDITURE**
**NET EXPENDITURE AND NET MOVEMENT**
**IN FUNDS BEFORE GAINS AND LOSSES**
**ON INVESTMENTS/FIXED ASSETS**
Gain on revaluation of investment properties
Transfer between Funds
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
**TOTAL FUNDS BROUGHT FORWARD**
**TOTAL FUNDS CARRIED FORWARD**|Notes
2
3
4
5
6
16
16|2024
Unrestricted
104101
96018
12617
______
212736
______
33574
296588
______
330162
______
(117426)
_______
-
_______
(117426)
1392008
_______
£1274582
_______|2024
2024
2023
Restricted
Total
Total
-
104101
125823
-
96018
74627
-
12617
12057
_____
______
______
-
212736
212507
_____
______
______
-
33574
25756
20587
317175
166168
_____
______
______
20587
350749
191924
_____
______
______
(20587)
(138013)
20583
_____
_______
_______
-
-
-
_____
_______
_______
(20587)
(138013)
20583
25338
1417346
1396763
_____
_______
_______
£4751
£1279333
£1417346
_____
_______
_______|
|---|---|---|---|
**- 6 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|
FIXED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Debtors
Cash at Bank
CREDITORS – Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
CHARITABLE FUNDS
Unrestricted
Designated
Restricted|Notes
11 (a)
11 (b)
12
13
14
16
16
16|2024
302844
828500
_______
1131344
19248
154538
______
173786
______
25797
_____
147989
_______
1279333
_______
£1279333
_______
1274582
-
4751
_______
£1279333
_______|2023
309528
828500
_______
1138028
20237
416451
______
436688
______
157370
_____
279318
_______
1417346
_______
£1417346
_______
1392008
-
25338
_______
£1417346
_______|
|---|---|---|---|
|||||
Approved by the Trustees on 6 April 2025 and signed on their behalf by:
………………………………..
Mrs M Thirlwell (Church Secretary and Trustee)
The notes on pages 7 to 15 form part of these accounts
**- 7 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 1 ACCOUNTING POLICIES
## a) Basis of Preparation
These financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011under the historical cost convention, with the exception that investments are included at market value. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) and applicable UK Accounting Standards and the Charities Act 2011.
The Church constitutes a public benefit entity as defined by FRS102.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## b) Funds
Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Church.
Designated funds are funds which the Trustees have designated to be used for a particular purpose, rather than in furtherance of the general objectives of the Church.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the funding provider.
## c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the Church is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
No amount is included in the financial statements for volunteer time in line with SORP (FRS102).
For donations to be recognised the charity will have been notified of the amounts and the settlement dates.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised.
Investment income is earned through holding assets for investment purposes such as property and shares. Interest is recognised when entitled and rent income is recognised as the Church’s right to receive payment is established.
**- 8 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 1 ACCOUNTING POLICIES (continued)
## d) Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Church to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
Grants payable are made by the Church to other organisations whose charitable objects complement their work. This is accrued once the recipient has been notified of the grant award.
## e) Governance Costs
This represents direct expenditure on the governance of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the Church for their service.
## f) Fixed Assets
The Church buildings and the Manse are included in the balance sheet at original cost or fair value at 31 December 2018 which becomes the “deemed cost” under the FRS 102 transition rules.
## g) Depreciation
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.
Depreciation is provided on all tangible fixed assets at a rate calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold buildings: 2% on “deemed” cost on a straight line basis
## h) Investment Assets
Investment properties for which fair values can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value being recognised in net gains (losses) in investments in the SOFA.
## i) Pension Costs
The Church pays contributions for its ministers to the Baptist Ministers Pension Trust Limited. This is a final salary multi-employer defined benefits scheme, the assets of which are held separately from the Church. The Church is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reliable basis and therefore, as required by Financial Reporting Standard 17 ‘Retirement benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting period.
**- 9 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 2 VOLUNTARY INCOME
|Offerings
Gift Aid tax refunds
Donations
Legacies|2024
Unrestricted
63212
15251
10638
15000
______
£104101
______|2024
2024
2023
Restricted
Total
Total
-
63212
61099
-
15251
18304
-
10638
29420
-
15000
17000
_____
______
______
£-
£104101
£125823
_____
______
______|
|---|---|---|
||||
## 3 INVESTMENT INCOME
|Interest received
Rent received
INCOME FROM CHARITABLE ACTIVITIES
Trading income
RAISING FUNDS
Investment property expenses|2024
Unrestricted
8419
87599
_____
£96018
_____
2024
Unrestricted
12617
_____
£12617
_____
2024
Unrestricted
£33574
_____|2024
Restricted
-
-
_____
£-
_____
2024
Restricted
-
_____
£-
_____
2024
Restricted
-
_____|2024
Total
8419
87599
______
£96018
______
2024
Total
12617
_____
£12617
_____
2024
Total
£33574
_____|2023
Total
3287
71340
______
£74627
______
2023
Total
12057
_____
£12057
_____
2023
Total
£25756
_____|
|---|---|---|---|---|
||||||
## 4 INCOME FROM CHARITABLE ACTIVITIES
5 RAISING FUNDS
**- 10 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 6 COST OF CHARITABLE ACTIVITIES
|Ministry costs
Mission costs (see note 7)
Establishment costs
Depreciation
Admin Support Costs (see note 8)
Professional Fees
Cound & Co LLP
- Independent Examination Fee
- Accounting and payroll support|2024
Unrestricted
95930
9391
54783
6684
125725
255
1550
2270
______
£296588
______|2024
2024
2023
Restricted
Total
Total
-
95930
87280
587
9978
8664
-
54783
48874
-
6684
6684
20000
145725
8249
-
255
3124
-
1550
1550
-
2270
1743
_____
______
______
£20587
£317175
£166168
_____
______
______|
|---|---|---|
## 7 MISSION COSTS
|Grants paid to: -
BUGB Home Mission
BMS World Mission
Other
ADMIN SUPPORT COSTS
Staff Training
Computer Software
Office Consumables
Postage
Heating Upgrade|2024
Unrestricted
3000
3000
3391
______
£9391
______
2024
Unrestricted
60
344
7570
30
112721
_____
£125725
_____|2024
2024
Restricted
Total
-
3000
-
3000
587
3978
_____
______
£587
£9978
_____
______
2024
2024
Restricted
Total
-
60
-
344
-
7570
-
30
20000
137721
_____
_____
£20000
£145725
_____
_____|_
_|2023
Total
3000
3000
1871
_____
£7871
_____|
|---|---|---|---|---|
||||2023
Total
280
904
7015
50
-
_____
£8249
_____||
## 8 ADMIN SUPPORT COSTS
**- 11 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 9 STAFF COSTS, KEY MANAGEMENT PERSONNEL AND TRUSTEE EXPENSES
|Salaries
Pension Costs|2024
77886
4206
______
£82092
______|2023
69053
3706
______
£72759
______|
|---|---|---|
The average number of employees during the year was 6 (2023: 6).
No employee received emoluments in excess of £60000 during the year (2023: none).
The highest paid employee received a salary of £34320.
All Trustees give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2023: all).
No Trustees received reimbursement for expenses paid for on behalf of the Church (2023: None).
The total unrestricted donations made by the Trustees in the year was £7,680.
## 10 PENSION COSTS
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).
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 Legal and General Life Assurance Society Limited. 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 in the event that they are unable to work due to long-term incapacity. The income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. 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 Ministers’ Fund was performed at 31 December 2013 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £162 million.
The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £84 million (equivalent to a past service funding level of 66%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, it has been agreed to increase the standard rate of deficiency contributions from Churches and other employers involved in the DB Plan from 11% of Pensionable Income/Minimum Pensionable income to 12% from 1 January 2017. The contributions will be based on each Church’s or other employer’s position at March 2017. Some Churches and other employers that were only involved in the DB Plan for a short period will pay less than 12%. As at 31 December 2018 the estimated deficit on a technical provision basis has reduced to around £50m. The Recovery Plan envisages deficiency contributions continuing until December 2028.
**- 12 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 10 PENSION COSTS (continued)
The key financial assumptions underlying the valuations were as follows:
|Type of assumption|% pa|
|---|---|
|RPI price inflation assumption|3.60|
|CPI price inflation assumption|2.85|
|Minimum Pensionable Income Increases (CPI plus 1.0% pa)|3.85|
|Assumed investment returns||
|- Pre retirement|5.10|
|- Post retirement|3.95|
|Deferred pension increases||
|- Pre April 2009|3.60|
|- Post April 2009|2.50|
|Pension increases||
|- Main Scheme pension Pre April 2006|3.40|
|- Main Scheme pension Post April 2006|2.30|
As there is a large number of contributing employers participating in the Scheme, the Church is unable to identify its share of the underlying assets and liabilities of the Scheme. Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable. The total pensions cost for the Church is £4206 (2023: £3706).
Under the current Recovery Plan signed in September 2020, deficiency contributions are payable until June 2026. These contributions are broadly based on the employer’s membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.
At the end of June 2022, the Baptist Pension Scheme signed an agreement with the insurance company Just Group (‘Just’) to secure members’ pension benefits under the DB Plan. This agreement is referred to as a ‘buy-in policy’. It follows a similar agreement with Just in 2019 that covered most pensions in payment at that time. The combined agreements mean that Just are now providing financial backing for all DB pensions provided through the Scheme’s DB Plan.
The cost of such policies is largely driven by financial markets and these have moved substantially in the Scheme’s favour, particularly over the course of the last few months. As a result, this transaction takes the Scheme out of a shortfall position for the first time in two decades. Although risks remain, the Baptist Union and the Trustee of the Scheme have agreed that deficit contributions from each participating employer in the DB Plan will reduce to just £1 per month from August 2022.
**- 13 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 11 FIXED ASSETS
|(a)
(b)|Tangible Assets
Cost
At 1 January 2024
Additions
As at 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
As at 31 December 2024
Net Book Value at 31 December 2024
Net Book Value at 31 December 2023
Investments
Investment Properties
Market Value brought forward at 1 January 2024
Gain on revaluation
Transfer to Fixed Assets
Market Value as at 31 December 2024
Investment properties comprise:
11 Baxter Gate
7-8 Baxter Gate
27 Patterdale Drive|Manse
240000
-
______
240000
______
9600
4800
______
14400
______
225600
______
230400
______|Church
Premises
94200
-
______
94200
______
15072
1884
______
16956
______
77204
______
79128
______
2024
828500
-
-
_______
£828500
_______
380000
250000
198500
_______
£828500
_______|Total
334200
-
______
334200
______
24672
6684
_____
31356
______
£302844
______
£309528
______
2023
828500
-
-
_______
£828500
_______|Total
334200
-
______
334200
______|Total|
|---|---|---|---|---|---|---|
||||||24672
6684
_____
31356
______||
|||||380000
250000
198500
_______
£828500
_______|||
The commercial properties at 11 and 7-8 Baxter Gate were valued by Mather Jamie, Chartered Surveyors in January 2016. The residential property at Patterdale Drive was valued by the Trustees, based on local property prices as at 31 December 2022.
Previously properties were valued on an insurance basis by the Baptist Union as at 27 April 2010.
**- 14 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 12 DEBTORS
||2024|2023|
|---|---|---|
|Gift Aid|1150|1305|
|Prepayments and other debtors|18098|18932|
||_____|_____|
||£19248
_____|£20237
_____|
## 13 BANK AND CASH BALANCES
||2024|2023|
|---|---|---|
|Lloyds TSB plc|13285|153617|
|Baptist Trust|141253|262834|
||______|______|
||£154538
______|£416451
______|
## 14 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
||2024|2023|
|---|---|---|
|Trade Creditors|2567|15420|
|Accruals|3000|3000|
|PAYE and NIC|992|737|
|Collections held for other organisations|5275|4250|
|Rent Deposits|13963|13963|
|Loans for new boiler|-|120000|
||_____|_____|
||£25797
_____|£157370
_____|
## 15 RELATED PARTIES
The custodian Trustee of the Church is the Baptist Union Corporation Limited which is charity number 249635, and which is controlled by the Baptist Union Council. The Church is also a member of the Baptist Union of Great Britain.
The Church made a donation to the Baptist Union Mission Scheme as set out in note 7.
**- 15 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2024**
## 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS
|(a)
(b)|Unrestricted
Restricted
31 December 2024
Funds
Funds
Total
Fixed Assets: Tangible Assets
302844
-
302844
: Investments
828500
-
828500
Current Assets
169035
4751
173786
Creditors due within one year
(25797)
-
(25797)
_______
_____
_______
£1274582
£4751
£1279333
_______
_____
_______
Unrestricted
Restricted
31 December 2023
Funds
Funds
Total
Fixed Assets: Tangible Assets
309528
-
309528
: Investments
828500
-
828500
Current Assets
411350
25338
436688
Creditors due within one year
(157370)
-
(157370)
_______
_____
_______
1392008
25338
1417346
_______
______
_______|
|---|---|
## Restricted funds
|As at
1 January
2024
Thornton and Hickling Fund
5338
Boiler Fund
20000
_______
£25338
_______|Income
-
-
______
£-
______|Expenditure
(587)
(20000)
______
£(20587)
______|As at
31 December
Transfers
2024
-
4751
-
-
_____
_______
£-
£4751
_____
_______|
|---|---|---|---|
|||||
## 17 MOVEMENT IN FUNDS
|As at
1 January
2024
Income
Unrestricted Funds
1392008
212736
Restricted Funds
25338
-
_______
______
£1417346
£212736
_______
______|Expenditure
(330162)
(20587)
______
£(350749)
______|As at
31 December
Revaluation
2024
-
1274582
-
4751
_____
_______
£-
£1279333
_____
_______|
|---|---|---|
||||