Kingswood Baptist Church Trustees, Annual Report and Financial Accounts for year th ending 30 September 2024 Charity Number: 1131656
KINGSWOOD BAPTIST CHURCH - Trustees, Report for the year ending 30 September 2024 Page 2 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 Contents REFERENCE AND ADMINSTRATION DETAILS OF THE CHARITY, IT'S TRUSTEES, AND ADVISERS...... TRUSTEES, REPORT....................................................................,,...,...,................... Objectives and Activities a. Policies and objectives...........,... b. Activities for achieving objectives. c. Volunteers......................................................................................... Achievements and performance..,,.,,..,.,,,.. a. Review of activities. Financial review........................................................................................ a. Going concern.................................................................................. b. General, Building and Development and Enlarging our Tent Funds. c. Reserves policy d. Pensions................................................................................................... e. Principal funding....................... Structure, governance and management a. Constitution, b, Method of appointment or election ofTrustees............................................... c. Organisational structure and decision making. d. Risk management........................... .10 e. Principal activities. Plans for future periods,,,...,.,.,.,,.,.............................................................................................................. a. Future developments. .10 .10 .10 Trustees, responsibilities statement Report of the Independent Examiners to the Trustees and Members of K8C............................................... 12 Statement of f inancial activities for the yea r ended 30 September 2024 . .13 li Balance Sheet for Year Ending 30 September 2024. Notes to the financial statements for year ending 30 September 2024.............................. .14 15 Accounting policies.................. 15 Church activitie5 . .16 Donations & legacies receipts . 16 Other trading activities................. .16 Refund . 17 Investments........................ 17 Other receipts.......................... Charity Management & Administration..... Charity Running Costs 17 17 .17 Page 3 of 23
KINGSWOOD BAPTIST CHURCH-Trustees' Report for the year ending 30 September 2024 io. Church House Running Costs.......................... .17 ii. Church Organisation Costs. .18 12. Church Running Costs,..................................... .18 13. Cost of Services..............................................- .18 14. Employee Costs...,. .18 15. Grants.......................... .19 16. Overseas Mission5........ .19 17. Manse Running Costs................. .19 18. Ministerial Expenses .20 19. Other Running Costs................. .20 20. Training & Development..,......................... Tangible assets - ana lysis of opening a nd closing carrying amounts. Cash at bank in hand............. .20 21. .20 22. .21 23. Restricted Funds .21 24. Designated Funds.. Unrestricted Funds,.....,,,................. .22 2S. .22 26. Pensions. ,22 27. Children and youth clubs, accounts............. ,23 Page 4 of23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 REFERENCE AND ADMINSTRATION DETAILS OF THE CHARITY, IT'STRUSTEES, AND ADVISERS. Trustees Paul Adams Catherine Afedzie Adrian Matthewman (resigned 20 June 2024) Nathan Moore Joel Oshoja Julie Warner (appointed 29 February 2024} Charity registered number 1131656 Address Codenham Straight, Basildon, Essex SS16 5DH Independent Examiners Wilson Adu Bankers Barclays Bank, 19 Town Square, Basildon, Essex, SS14 IBD Holding Property Trustees The Baptist Cooperation Limited (Reg Charity No. 249635) Baptist House, PO Box 44, 129 Broadway, Didcot, Oxfordshire, OXII 8RT. Page 5 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 Kingswood Baptist Church The Church is known as Kingswood Baptist Church, herein after known as 'KBC" It is an unincorporated charitable association that is a Registered Charity with the Charity Commission for England and Wales- registration number 1131656. It was established under a Trust Deed on 2, October 1959 executed by the Baptist Union Corporation Limited, who is the Holding Trustee for KBC'S property assets. TRUSTEES, REPORT The Trustees present their annual report together with the financial statements of KBC (the Charity) for the year ended 30 September 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice {SORP}, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2015), Objectives and Activities Kingswood Baptist Church is a fellowship of Christians committed to being and making disciples of Jesus Christ. To achieve this we hold worship services, Christian teaching opportunities and various outreach activities in the Basildon area and support other Christian organisations worldwide. a. Policies and objectives In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance on the advancement of religion for the public benefit. The Charity's objectives are.. The advancement of Christian faith according to the principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world. The trust deed states that the Custodian Trustees are required to permit the building to be used as a place of worship for the service of Almighty God, as a place for the instruction of children or adults, as a church hall or as a place for the promotion of other charitable purposes. The trust deed also states that no person shall be entitled to become or remain a member save such persons as hold the Deity of the Lord Jesus Christ and the authority of the Holy Scriptures and that interpretation of them usually called evangelical and who have made a confession of faith in the Lord Jesus Christ. b. Activities for achieving objectives In fulfilling its purpose, KBC engages in a range of activities whether on its own or with others that vary from time to time with activities being initiated, expanded, or closed, as appropriate. We seek to be a friendly and welcoming community, and anybody is able to attend our activities. Our aim is to promote the Christian Gospel, and to reach out into the community by showing the love of Jesus Christ in both word and deed, and to bring people into a closer relationship with Him as living Lord, Details of our activities can be found on the KBC'S webslte.. htt kin swoodba tistchurch.co.uk Page 6 of 23
KING5WOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 Having regard for the Charity Commissioner's guidance on public benefit, all our activities are open to anyone who wishes to attend. Through our work we are providing a benefit to the public by.. the provision of KBC'S buildings and worship services, contributing to the spiritual and moral education of children and young people (pre-school up to teenagers). carrying out, as a practical expression of religious beliefs, opportunities to support, encourage and walk with varying age groups through friendships and practical help where possible. providing comfort to the bereaved and less able. providing Christians Against Poverty Money Courses to those facing financi31 hardship. supporting the homeless with meals by working togetherwith local churches, via Project 58.7. c. Volunteers KBC relies heavily on volunteers to support our paid member of staff in the area of ministry, and support to Finance and Administration Trustee. All the other activities in KBC including children and youth work and general upkeep other thars cleaning of KBC is undertaken by volunteers, Achievements and performance Review of activities KBC does not measure the success of its programme of activities in nurnerical and/or financial terms, but in less tangible areas like friendship, fellowship and encouragement, The Trustees recognise that these are difficult to measure but we look back on 2023-24 as a year of challenge, new things and great encouragement. We were once again able to hold several events beginning with our Christmas Pudding Drive and Carol singing in the streets during December. In addition to the Pudding Drive being a great family time together, we raised £78 for Barnabas Aid whom we also supported with our Christmas Day offering so was able to present them with a total gift of £280. Our over 505 group {Tuesday Jubilees) runs every Tuesday duringterm time. There are refreshments each week, plus a different activity to watch or join in with (eg quiz, board games, Scattergories, seated aerobics, darts, films, etcl. The CTB Project 58.7 team have continued to provide meals to the homeless every Saturday night. As at end of September our overall membership stands at 125, down on last year1144}. During the year, three members were called home to glory, and whilst some left to worship elsewhere, we were able to welcome eight new members into membership and the birth of three babies. To help us to achieve our priorities, purpose and pursuits, so that we have space for worship and growing followers of Jesus, we have continued to place a priorityon Sunday Gatherings and Small Groups. Firstly, in June we were joined by Steve Rouse at LICC, who led our church weekend on whole life discipleship, and serving on our frontlines. We continued this focus and followed this up with a Sunday teaching series on Frontline Sundays. Secondly, we have revamped our small groups, relaunching new Growth Groups from September, with every church member being assigned to a group, and with our first teaching series on Fruitfulness on our Frontline, we continue to equipe and grow our people on their frontlines. We continue to maintain and improve our estate. This year we have replaced the manse heating and installed compliant railings and made a start on the internal redecorations in readiness for a new minister. During the year we had to undertake church electrical repairs and fell a tree that was potentially causing a subsidence issue with church house. We aregrateful to those who have Page 7 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 maintained our grounds with regular grass cutting and those who maintain our flower beds in the front of the church and church house. We have also benefitted attimes from a donor who has arranged a professional garden team to maintain our hedges and bushes. After completing our worship stage in 2022 and purchasing new projector and camera in 2023, this year we have continued to seek to equip and develop a modern and functional worship area and improve our live stream offering. We have replaced our existing sound system which had some functionality that did not work and there were limitations on what we could do. We also replaced our speakers and introduced some further improvements to both sound and visual for both in house and online services. It is Particularly encouraging to see a large number of young people involved in our worship and AV team who are keen to learn and grow in using their gifts. They have proved to be such assets to the team; committed and willing to give up their time to serve KBC- It's a privilege to be part of a church that embraces the young people and provides a place where they can learn and grow and be given opportunities to take part in big ways from a young age. Financial review a. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. b. General, Building and Development and Enlarging our Tent Funds In summary we have: Received our Gift Aid claim for the tax year ending April 2024 just over £31.3k. Received interest on our savings over the year of £13,122. Donated over £18k to the charities that we support each month, includes: BMS IBaptist Missionary Society), Cry in the Dark, EARE Ministries (Harvest India), Wycliffe Bible Translators- Wey people of Cameroon, LAMA (Life And More Abundantly) Ministries, and Grace to Heal Izimbabwe Pastors). In addition, we have allocated grants to School Team Ministry l£l,000}, Frontiers l£l,0001, Barnabas Aid1£5001. Purchased a replacement sound desk and introduced some further improvements to both sound and visual for both in house and online services. Carried out improvements to our manse in readiness for occupancy of a new minister. Received donations of nearly £26k for Enlarging our Tent. Moved £70k from our General Fund and designated it a5 Enlarging our Tent. KBC has continued during the year to financially support a number of charities, some of whom are supporting individua15 abroad (World Vision, Grace to Heal, Cry in the Dark, EARE ministries, LAMA ministries and Wycliffe Bible Translators) and some individuals closer to home (Project 58..7 and Basildon Emergency Night Shelter). We continue to tithe 15% of our general income limiting the grants to our regular charities to a total £1.5k each month. During 2023-24 thi5 meant that over £18k was granted to those charities we have regu5ar contact with. This approach means that any monthly tithe over £1.5k 15 set aside in the Mission Fund for the World Mission Team and Leadership Team to decide how best to respond to needs as they arise during the year. During the course of the year £3k has been donated from the fund. Page 8 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 We have over 83% of our monthly income gift aided. Which means that for every £100 donated to KBC the government will give us an extra £25 and for the tax year2023-24, we received £33.3k. In April 2024 we received our Gift Aid claim and based on donationswe received, this was split between Enlarging our Tent (£4.8kl and General Fund1£26.5k). During the financial year we received donations of nearly £26k for Enlarging our Tent. This was boosted in June 2024, when as a result of our strong financial position the Leadership Team designated £70k from the General Fund to the Enlarging our Tent Fund. We have therefore been able to end the year with a combined total of over £312k. With no paid minister for the financial year, we ended the year with a surplus of £50k and now have cash General Funds of £89k. A financial summary is prepared and circulated to all members each month and the Trustees meet monthly, at which time, reports of the financial position are discussed. c. Reserves policy The Trustees aim to maintain unrestricted reserves, excluding fixed assets, of three months unrestricted income as a buffer in case KBC suffers from an unexpected lack of income or increase in its level of expenditure. The unrestricted cash reserves in 2024were £263,846 {2023.. £186,870}, which is satisfactorily above the target £36,000. d. Pensions The church is a participating employer within the Defined Benefit section of the Baptist Pension scheme and has been making ongoing deficit payments to cover the costs of past service of its employees within the scheme under a recovery plan. On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group I"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. e. Principal funding The principal funding source of the Charity is the donations received by members of KBC throughout the year. Structure, governance and management a. Constitution The principal object of the Charity is the advancement of the Christian faith according to the principles of the Baptist denomination. The Charity may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world. b. Method of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected under the terms of the constitution adopted in June 2009. New Trustees are proposed and seconded by the KBC'S members and then appointed if they gain sufficient support from a ballot vote at a Special Church Meeting. c. Organisational structure and decision making The governing body of KBC is the board of Trustees, who are legally responsible for the governance and management of KBC. Page 9 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 The Trustees are responsible for setting strategies and policies and for ensuring that these are implemented. The KBC members, meeting consists of those in membership of KBC according to its constitution and is responsible for all significant decisions, including appointment of Trustees (Elders and Deacons), property transactions, and approval of the annual general budget, allocation of mission fund and significant general fund expenditure. Subject to certain conditions, such as appointment of the Minister and the calling of meetings, the Trust Deed makes clear that the buildings are to be used under the direction and management of the Church meeting and in accordance with the principles of the Baptist denomination. KBC employs a part-time cleaner and part-time administration support worker (based in the KBC office} to support the Treasurer, Secretary and the Leadership Team, Members are kept abreast of the financial position with a monthly report. We ended our last financial year with the departure of our senior minister. So, our search for an associate minster to work alongside our senior minister was suspended. Instead, we developed, agreed and published a profile to look for a senior minister. As this year draws to a close, it is true to say that we have not been swamped with interest. But we are clear that this is not a'normal, job advert, we seek God's anointed person, in His timing, and need to be active in preparing the way, yet patient and prayerful. Throughout the year we have sought to strengthen our Leadership Team, so it was encouraging when Julie Warner was appointed as Elder on 29 February. However, sadly due to ill health, shortly after his appointment, Adrian had to Step down as Church Secretary in June. d. Risk management All major insurable risks are subject to normal church's and employer's insurance. Contractual risks are reviewed before being entered into to assess that they could not significantly impact upon KBC'S ability to fulfil its objectives. An annual review of all area5 of risk is undertaken by the Trustees in conjunction with staff and volunteers responsible for the area of activity. e. Principal activities KBC is a member of the Baptist Union of Great Britain and Eastern B3pt15t Association. KBC will normally promote, encourage, support and advance the work of the Baptist Union, the Association and BMS World Mission through prayer, through financial contributions and, where appropriate, by making personnel available from the membership of KBC. When it is able KBC will also support local Baptist and ecumenical gatherings, Plans for future periods a. Future developments The Trustees are responsible for developing and presenting to KBC membership for approval, strategies for the future direction of KBC, and for implementing those strategies, once adopted bv KBC'S members. KBC intends to continue with its activities in the coming year embracing possible new ventures as God and our Ministers lead us. On 3 December 2021, we shared the vision document for Enlarging ourTent, inviting the fellowship to pray with a listening heart and share comments and feedback. Since then, we have set aside times when we came together to ask questions, pray together and listen to one another so that as Page 10 of 23
KING5WOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 plans take shape they are owned and carried by the whole church. Our Sunday Evening Prayer gatherings have provided a strong focus for seeking God's will. Following our focus day in September 2022 on Enlarging our Tent and the feedback received, since October 2023, a small team have been developing ideas and plans for extending the building, based on terms of reference agreed at our church meeting in November 2023. In June 2024 the membership agreed to formally appoint an architect who had been working pro bono with the premises group since April. The group presented some concept designs to the members at our September church meeting. Having now reached a significant financial milestone of raising over £300k for Enlarging our Tent, we hope that at our church meeting in February 2025 we can agree a concept plan which can then be used to start to develop detailed designs, undertake a full survey and draw up plans for further discussion. We have been greatly blessed as a fellowship in the last year and continue to try and live out our pursuits and embed our 4Ps. We want to be a place where we can Erow in loving and living for Jesus and make space to lead others to Him. Trustees, responsibilities statement The Trustees are responsible for preparing the Trustees, 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 & 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.. select Sultable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgments and accounting estimates that are reasonable and prudent,. prepare the financial statements on a 'going concern, basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial P051tion 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. This report was approved by the Trustees on 2 June 2025 and signed on their behalf by: than Moore Chair of Trustees Paul Adams MBE Treasurer Page 11 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 Report of the Independent Examiners to the Trustees and Members of KBC Charity number,. 1131656. On accounts for the Year Ended: 30 September 2024. Set out on pages.. 13- 23. 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 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, to follow the procedures laid down in the General Directions given by the Charity Commission (under section 14515llb) of the Charities Act, and to state whether particular matters have come to my attention. Basis of Independent Examiner's statement My examination was carried out in accordance with General Directions given by the Charity Commission, An examination includes a review of the accounting record5 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 the 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: which gives me reasonable cause to believe that in, any material respect, the requirements.. to keep accounting records in accordance with section 130 of the Charities Act, 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. Signed., Date.. Name.. Address.. 12Ju Wilson Adu 57 Sparrows Herne, Basildon, Essex, SS16 5HW Relevant professional qualificationls} or body lif any) FCCA- 1433487 Page 12 of 23
KINGSWOOD BAPTIST CHURCH-Trustees' Report for the year ending 30 September 2024 Statement of financial activities for the year ended 30 September 2024 Unrestricted Restricted TOTAL Funds Funds 2024 TOTAL 2023 Restated* note: Income Church activities Donations and legacies Other trading activities Refund Investment income Other receipts 1,077 154,721 658 435 13,122 391 1,077 180,746 658 435 13,122 391 704 191,720 339 26,026 7,290 2,565 Total 170,403 26,026 196,429 202,618 Expenditure Charity Management & Administration Charity Running Costs Church House Running Costs Church Organisation Costs Church Running Costs Cost of Services Employee Costs Grants -6,247 -6,247 -15,264 -2,291 -1,551 -2,291 -1,551 -1,821 -757 10 11 12 -7,178 -13,288 -3,941 -15,371 -8,786 -11,650 -5,691 -26 -2,249 -1,696 -50 -7,228 -13,288 -3,941 -15,371 -9,056 -11,650 -5,691 -26 -2,249 -1,696 -3,679 -11,838 -1,084 -49,225 -9,696 -13,713 -9,314 -1,018 -2,341 -804 13 14 15 -270 Overseas Missions Manse Running Costs Ministerial Expenses Other Running Costs Training & Development 16 17 18 19 20 Tota I -79,964 -320 -80,284 -120,554 Net Income / {expenditure} 90,439 25,706 116,145 82,065 Totals funds brought forward Total funds carried forward 783,654 124,214 907,868 825,803 874,093 149,920 1,024,013 907,868 2023. Restated figures are restated inline with the new reporting format adopted in 2024. Page 13 of 23
KINGSWOOD BAPTIST CHURCH-Tru5tees' Report for the year ending 30 September 2024 Balance Sheet for Year Ending 30 September 2024 Total Funds 2024 Total Funds 2023 note: Fixed Assets: Tangible assets 21 610,246 590,710 Totalfixed assets 610,246 590,710 Current assets: Cash at bank in hand 22 413,766 317,158 Total current a55ets 413,766 317,158 Total net assets or liabilities 1,024,012 907,868 Charity Funds Restricted Funds Restricted Funds Unrestricted Funds Designated Funds Unrestricted Funds {include fixed assets) Total unrestrictedfunds 23 149,920 124,214 24 25 174,567 699,526 874,093 100,669 682,985 783,654 Total charity funds 1,024,012 907,868 The notes on pages 15 to 23 form an integral part of the accounts. Nathan Moore Chair of Trustees Paul Adams MBE Treasurer Page 14 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 Notes to the financial statements for year ending 30 September 2024 l. Accounting policies 1.1 Basis of preparation of financial statements The accounts are prepared in accordance with the Charities Statement of Recommended Practice (Charities SORP 20211, FRS102 a nd with the Charities Act 2011. Kingswood Baptist Church is a registered cha rity, no 1131656 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognized at historical cost or transaction value u nless otherwise stated in the relevant accounting pol icy notes. 1.2 Donations and Legacies Donations are accounted for gross when received. Fixed asset gifts in kind are recognized when receivable and are included at fair value. Legacies are accounted for when probate ha5 been completed, the amount of the legacy can be reliably quantified a nd the conditions of the legacy are within the control of the church. 1.3 Investment Income Investment income is included in the accounts in the year in which it is receivable. 1.4 Fund raising and publicity costs The church does not make formal appeals for funds, and expenditure on these items is therefore not material. 1.5 Grants payable The church makes grants to other organisation whose charitable objects complement its work. They are accounted for when the recipient has been notified of the grant and payment is unconditional. 1.6 Governance and support costs Support costs are those that assist the work of the chu rch but do not directly represent charitable activities a nd incl ude office costs a nd governance cost. Where support costs cannot be di rectly attributed to particular headi ngs, they have been allocated to the cost of raisi ng funds and expenditure on charitable activities on a basis consistent with the use of resources, 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 Fi nancial Activities since there 15 no measurable cost to the vol unteers for their service. 1.7 Fixed Assets Ta ngible fixed assets are capital ised if they can be used for more than one year and cost at least £1,000. They are i nitia Ily recognised at cost, or for donated assets, at a reasonable esti m3te of their value on receipt. There is no reliable information available for the cost of the church premises and so on first time adoption of FRS102, the insurance value used previoLssly was adopted as deemed cost. 1.8 Depreciation Depreciation is provided on all fixed assets, other than f reehold land, to write off the cost on a straight-line basis over their expected useful life, at the following rates.. Furniture, fittings, computers and equipment 33% 1.9 Investment Assets I nvestm ents are i nitia 51y stated at cost. Subsequently they are measured at fai r value with changes recognized in the Statement of Financial Activities if the shares are publiclytraded or their fair value can otherwise be measured reliably. All other investment assets are shown at cost le55 impairment. 1.10 Funds Unrestricted funds are available for use at the d15cretion of the trLffiStees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated f unds comprise unrestricted f unds that have been set aside by the trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Page 15 of 23
KINGSWOOD BAPTIST CHURCH-Trustees' Report for the year ending 30 September 2024 Restricted f unds are fu nds which are to be used i n accordance with specific restrictions imposed by donors or which have been raised by the charity for specific purposes. The cost ofraisingand administering stjch funds are charged against the specif ic f und. The aim and use of each restricted f und is set out in the notes to the financial statements. Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the f und. Investment management charges and legal advice relating to the fund are charged against the fund. 1.12 Employee benefits (Pensions) KBC operates a def ined contribution plan for its employees. A def ined contribution plan is a pension plan under which the charity pays fixed contributions i nto a separate entity. Once the contributions have been paid the cha rity has no further payments obligations. The contributions a re recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in an independently administered fund. Prior to 2012 pension provision was made through multi-em ployer defined benefit pension plans. Where it is not Possible for the charity to obtain sufficient information to enable itto account for a plan as a defined benefit plan, it accounts for the plan as a defined contribution plan. Where the plan is in deficit and where the charity has agreed, with the plan, to participate in a deficit funding arrangement, the charity recogn ises a l ia bi lity for this obl igation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. The unwinding of the discount is recognised as a finance cost and any other change in the measurement of this liability is expensed to the Statement of Financial Activities. 1.13 Rounding All individual figures and totals are rounded to the nearest British Pound. Any discrepancies between the individual rows and totals or the value of monetary assets and liabilitie5 is a result of the rounded values. The totals of each entry and the value of the assets are the more accurate figures. 2. Church activities Unrestricted 927 150 Restricted 2024 927 150 2023 704 CTB Project 58..7 Wedding and Funerals Total 1,077 1,077 704 3. Donations & legacies receipts Unrestricted 117,142 37,299 280 Restricted 19,149 6,439 270 168 2024 136,291 43,738 550 168 2023 160,928 30,792 Cash Collections & Donations G ift Aid Ref unds Special Collections Sundry donations Total 154,721 26,026 180,746 191,720 4. Other trading activities Unrestricted Restricted 2024 2023 75 264 Car Park Fee Hall Hire 653 653 Tota5 658 658 339 Page 16 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 5. Refund Unrestricted 435 Restricted 2024 2023 Refund 435 Total 435 435 6. Investments Unrestricted 13,122 Restricted 2024 13,122 2023 7,290 Bank Interest Total 13,122 13,122 7,290 7. Other receipts Unrestricted 56 335 Restricted 2024 56 335 2023 2,565 Other Insurance Claims Total 391 391 2,565 8. Charity Management & Administration Unrestricted 21 Restrlcted 2024 21 4,855 1,371 2023 Bank Charges Depreciation Professiona l Fees Other 4,855 1,371 1,494 1,464 12,306 15,264 Total 6,247 6,247 9. Charity Running Costs Unrestricted 453 Restricted 2024 453 1,117 721 2023 429 761 Broadband & Telephone linc mobiles) Office IT a nd systems Printing & Stationery Costs 1,117 721 631 Total 2,291 2,291 1,821 10. Church House Running Costs Unrestricted 1,188 69 266 Restricted 2024 1,188 69 266 2023 524 Church House Electricity & Gas Church House Fabric Repairs and Maintenance Church House Water & Sewage Security a larm (chu rch house) 233 27 27 Total 1,551 1,551 757 Page 17 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 11. Church Organisation Costs Unrestricted Restricted 2024 2023 1,311 40 Catering Evangelism Kitchen Supplies Children & Youth Pastoral Public Worship Social Action Teaching & Training World Mission 227 1,063 42 227 151 1,063 92 1,732 713 3,021 379 259 176 243 50 1,732 713 3,021 379 978 521 Total 7,178 50 7,228 3,679 12. Church Running Costs Unrestricted 5,866 4,407 2,177 141 501 Restricted 2024 5,866 4,407 2,177 141 501 196 2023 2,125 5,394 2,146 75 431 1,667 Church Electricity & Gas Church Fabric Repairs and Maintenance Church Insurance Costs Church Water & Sewage Cleaning materials Security alarm Ichurchl 196 Total 13,288 13,288 11,838 13. Cost of Services Unrestricted 150 71 124 3,597 Restricted 2024 150 71 124 3,597 2023 Cost of Services Communion Interim Moderator's expenses Pulpit Supplv 1,084 Total 3,941 3,941 1,084 14, Employee Costs U nrestricted 15,359 12 Restricted 2024 15,359 12 2023 Payroll Costs Pensions 49,213 12 Total 15,371 15,371 49,225 Average number of employees during the year.. 2 No employee received emoluments in excess of £60,000 during the year12023 - none) No payments were made to the Trustees for their work as Trustees12023- none). Trustees were reimbursed for purchases, supported by receipts, made on behalf of KBC for KBC activities. These are not considered benefits and are not included here. Page 18 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 KBC is heavily reliant on its membership serving as volunteers in all aspectsof leadership and KBC activities, many of which run with minimal impact on KBC'S expenditure, but nevertheless contribute substantially to the achievement of K8C's objectives. Payments to Trustees Direct payments to employees'.- Paul Adams M8E, Office Manager and support to Trustees, £12,479 (excludes employer NICI. The appointment to office manager and support to Trustees was via an open competition and prior to his appointment as Trustee. An employment contract is in place for 16 hours per week and he receives remuneration in accordance with this. David Barnes, cleaner, £3,911 {excludes employer NICI. An employment contract is in place for 6 hours per week and he receives remuneration in accordance with this. Payments to individuals / companies / organisations / charities with which a Trustee has an interest. None. The Church pays pension contributions for its Minister to the Baptist Ministers Pension Trust Limited, which is a f inal sa lary def ined benefit scheme, which is not contracted out of the State second pension. The scheme is a multi-employer scheme, and it is not possible to identify the assetsand liabilities of the scheme which are attri butable to the chu rch. Therefore, in accordance with FRS102 Section 28, the scheme is accounted for as a defined contribution scheme. 15. Grants Unrestricted 6,000 2,786 Restricted 2024 6,000 3,056 2023 BU Home Mission Other Charity Societies 6,000 3,696 270 Total 8,786 270 9,056 9,696 16. Overseas Missions Unrestricted 6,000 1,200 850 1,200 1,200 1,200 Restricted 2024 6,000 1,200 850 1,200 1,200 1,200 2023 6,000 1,200 2,413 1,700 1,200 1,200 BU BMS World Mission Cry in the Dark- Romania EARE- India Grace to Heal Izim Pastors) Lama Ministries Wycliffe Bible Translators Total 11,650 11,650 13,713 In the opinion of the managing trustees no grant has an expectation ofluture funding as these commitments are agreed by KBC annually and may be withdrawn at any time. 17. Manse Runnin8 Costs Unrestricted Restricted 2024 2023 2,019 3,313 2,197 547 824 414 Manse Council Tax Manse Electricity, & Gas Manse Fabric Repairs and Maintenance Manse Insurance Costs Manse Telecoms linc Broadband) Manse Water & Sewage Security alarm Imansel 456 3,527 1,177 456 3,527 1,177 395 136 395 136 Total 5,691 5,691 9,314 Page 19 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 18. Ministerial Expenses Unrestricted 18 Restricted 2024 2023 M inisterial Expenses Ministerial Expenses- Travel 18 1,018 Total 26 26 1,018 19. Other Running Costs Unrestricted 56 1,114 36 1,043 Restricted 2024 56 1,114 36 1,043 2023 M iscella neous Expenditures Music Licence Publicity and Adverts Subscriptions & Membership 188 1,028 52 1,073 Total 2,249 1,099 2,341 20. Training & Development Unrestricted 1,696 Restricted 2024 1,696 2023 804 Training & Development Total 1,696 1,696 804 Adm inistration Churchsuite fee a nd website fee,. ba nk charges for international payments Legal & Professional - Architect fees 21. Tangible assets- analysis of opening and closing carrying amounts freehold land Fixtures, and buildings f ittings and equipment Total 2024 Total 2023 Cost or valuation At beginning of year Additions Disposals Reclassification I'l £582,182 £36,916 £24,392 £619,098 £24,392 £604,707 £15,885 -£1,494 -£1,382 £1,382 £0 At end of year £580,800 £62,690 £643,490 £619,098 Depreciation and impairments At beginning of year Charge for the year Disposals £28,388 £4,855 £28,388 £4,855 £16,082 £12,306 £0 At end of the year £0 £33,243 £33,243 £28,388 Net book value at beginning of year £582,182 £8,528 £590,710 E588,625 Net book value at end of the year £580,800 £29,447 £610,247 £590,710 I l Reclassification relates to fixtures error wrongly classed as building5 in 2019. Page 20 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 Al l of the f ixed assets are used for direct charitable purposes. The Baptist Union Corporation Limited is the Custodian Trustee and f reehold owner lin trust for KBC, who act as Managing Trusteesl of the church premises and the two manses. The value of the KBC premises at Codenham Straight has not been assessed since it W3s purchased in 1959 for £800. A reinstatement cost assessment was undertaken in January 2013, when it was assessed at £943,000. The insurance value as at September 2021 is £1,515,792. Manse I, used as an office and children's meeting center- revalued at £285k as at 31 August 2017, based on local estate agent va luation, Manse 2, occupied by Senior Minister- purchased on the open market at £210,000 in September 2013 and revalued at £295k as at 31 August 2017, based on local estate agent valuation, 22. Cash at bank in hand 2024 2023 Barclays Bank BU Corporation - 7 day deposit account BU Corporation - 3 month deposit account 23,766 60,000 330,000 17,158 60,000 240,000 Total 413,766 317,158 23, Restricted Funds 01-Oct-23 Receipts 25,756 Payments Transfers 30-Sep-24 148,355 448 Enlarging our Tent Fund Pastoral Support Tuesday Jubilees (Tesco bags) Children & Youth Cost of Livi ng Crisis 122,599 448 306 306 311 311 550 -50 500 Total 124,214 25,756 -50 149,920 KBC has one main restricted fund, our Enlarging our Tent Fund, but others are created as the need arises if restricted gifts a re received. The remit ofthe Enlarging our Tent Fund, which had been agreed as.. 'COSts t75Socicited with developing our current estote (site) os we grow our buildingfootprint to make more physical space to (3ccommodote people,, this specifically includes but is not restricted to costs relating to.. Design, Planning, Building o Internal fittings eg, decorating and equipping the space Legacies fu nd - Whil st occasionally legacies are given for a specific purpose they are usually given for the work of the Church. However, the Church Meeting votes to decide al that the legacy be kept separate from the normal income until b} a decision is made a5 to what purpose the legacy will be used for. Page 21 of23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 24, Designated Funds 01-Oct-23 Receipts Payments Transfers 70,000 30-Sep-24 164,596 9,971 Enlarging our Tent Fund Mission fund - Grant paym'ts 94,596 6,073 24,073 -20,175 Total 100,669 24,073 -20,175 70,000 174,567 The charity holds a number of designated funds that represent donations for pa rticular areas of charity work or specif ic projects undertaken. The purposes of the f unds held are as lol lows.. Enlarging our Tent Fund - Funds set aside by the Trustees to be used specifically for its purpose - see Restricted Funds section. Mission Funds - in addition to some specific and restricted gifts received towards charitable organisations, KBC Trustees set aside 15Yo of their income Itithel forthe Mission Fund. The individual monthly grant allocations a re ca pped at £1,500pm with any 'excess' tithe to be distributed by the World Mission Team. This su pports the following charities: 0 1131£500pml to Baptist M issionary Society 1131£500pml to Home Mission {Baptist Union) The remaining 113 is split equally lie £IOOpm each) to.. o Cry in the dark- Romania o EARE Ministries- India o Grace to Heal (Zimbabwe Pastors) o LAMA Ministries o Wycliffe Bible Translators The World Mission Team will make grant payments to charities on an as and when basis from the remaining funds held in the Mission Fund. 25. Unrestricted Funds 01-Oct-23 92,275 590,710 Receipts 146,329 24,392 Payments -79,324 .4,855 Transfers -70,000 30-Sep-24 89,280 610,246 General Fund Properties and f ixed assets Total 682,985 170,720 -84,179 -70,000 699,526 26. Pensions The Church is a participating employer the Baptist Pension Scheme I'the Scheme"), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limitedl. The assets of the Scheme are held separately from those of the Employer and the other participating employers. The Scheme, previously known a5 the Baptist Ministers, Pension Fund, started in 1925, but was closed to f uture accrual of def ined benef its on 3 1 December 2011. Prior to this date the main benef it provided through the Defined Benefit IDBI P13n was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect ofpremiums paid on Pensionable Income in excess of Minimum Pensionable Income. From January 2012, pension provision is being made through the Defined Contribution (DCI Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6Yo 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 4Yo of Page 22 of 23
KINGSWOOD BAPTIST CHURCH- Trustees, Report for the year ending 30 September 2024 Pensionable Income to cover Death in Service Benefits, adm inistration 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 Bapt15t Uniori 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 a nd liabilities to specif ic em ployers, the scheme is accounted for as if the Scheme were a defined contribution scheme. The Ministerlsl and some members of the church staff are eligible to join the Scheme. 27. Children and youth clubs, accounts The following figures las at 30.9.241 are the balances held by the children and youth clubs and other activities of KBC. However, these accounts are not managed by KBC Trustees and are included for ir)formation onlv. FABGABS on Friday- £911.10 Encounter- £152.45 Raindrops £277.34 Tuesday Jubilees - £786.10 Page 23 of 23