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← Seaford Baptist Church

2024-12-31-accounts

Charity Registration Number: 1132127

Seaford Baptist Church

Annual Report and Unaudited Financial Statements

For the year ended

31 December 2024

Seaford Baptist Church Contents

Page
Legal and administrative information 1
Trustees' report 2 - 4
Statement of Trustees Responsibilities 5
Independent Examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the accounts 9 - 20

Seaford Baptist Church Legal and administrative information

Trustees Rev A Machin
J Howell
S I White
R J Reed
A J Ayres
L C Lord (Appointed 1 September 2024)
R Kemp (Appointed 1 September 2024)
P Smoker (Appointed 22 December 2024)
J P Herring (Appointed 28 January 2025)
K G Gardener (Appointed 16 February 2025)
J Chapman (Resigned 30/04/2024)
S A Fatkin (Resigned 27/07/2024)
A R Rowswell (Resigned 16/04/2024)
A Lowe (Resigned 30/11/2024)
Charity Number 1132127
Principal Address Belgrave Road
Seaford
East Sussex
BN25 2EE
Independent Examiner Steve Maiden ACA
Maiden Accountancy Services
95 Seaside Road
Eastbourne
E Sussex
BN21 3PL

Page 1

Seaford Baptist Church Trustees' report

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

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charities objects are the advancement of the Christian faith according to the principles of the Baptist denomination. The policies adopted in furtherence of these objects are set out in the notes to the financial statements.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Trustees of Seaford Baptist Church meet each month and are responsible for the pastoral, evangelistic, social and ecumenical mission of the church. They are also responsible for the maintenance of the main church building in Belgrave Road Seaford, the manse in Chichester Road and the community outreach centre at the Cabin in Raymond Close, Seaford. All major decisions about policy and expenditure are made at the church members’ meetings which are held at least four times a year.

The Trustees always have due regard to the Charity Commission's guidance on public benefit and they are committed to enabling as many people as possible to be part of the worshipping community. Members and visitors come from a wide variety of socio-economic groups and ethnic backgrounds and our premises are well equipped to cater for persons with disabilities. We are registered as a Sight Loss Friendly church and have received an Eco Church award. Church members and regular attendees are encouraged to live out their faith as part of the Seaford community.

During 2024 Membership of the church remained the same as 2023 but attendance increased. Our small groups have met regularly and some groups have continued to use our Zoom account and meet online. One wedding and five funerals were conducted during the year.

We have continued to employ a full time Minister, a part time Facilities Coordinator, a part time Office Assistant and a Youth Worker whose hours have continued to be 30 per week. He rents the church Manse at a reduced rate. In September 2024 we recruited a Youth Intern for 10 hours per week who will be with us until July 2025. Work at the Cabin has been continued by volunteers from the church.

Recording and live streaming of services has continued through 2024. This has enabled larger numbers of people to view and participate in the services, particularly the elderly and infirm. Some have described it as a lifeline for them. This facility is available to other groups that use our premises. It has been used particularly for funerals. We expect this facility to continue to be used in the coming years.

Page 2

Seaford Baptist Church Trustees' report (continued)

The Youth Work has continued its activities with Friday night Youth Clubs and weekly Forest Church. Children’s Church and Who Let the Kids Out meets monthly on Sunday mornings. An All-Age service takes place on Sunday morning once a month. Children and youth are taken to larger events throughout the year and an annua three-day holiday club is held for children during the Easter holidays.

Our Social Action groups continue to be popular. Scallywags is a weekly group providing opportunity for parents/carers of toddlers to meet in a safe and friendly environment. Heartsease meets monthly and provides the community with care and support for those who have been widowed.

During 2024 the work at the Cabin continued with approximately 20 children per week through Art and Craft clubs. Some family events were also held. Coffee Pot for adults continued to run with around 18 adults per fortnight. We have a good relationship with the nearby Peverells Community Garden team who use our premises

SBC buildings in Belgrave Rd and the Cabin at Raymond Close are very valuable community resources and the Trustees are keen to make them available as much as possible for the public benefit. The auditorium at the church is one of the biggest in the town and the various rooms have been frequently used, mainly for community groups and local musical societies. The Facilities Coordinator manages the building and there have been many positive comments from users about the quality of service that the Church provides to the wider community. The level of activity and rental income from these users has been maintained during 2024. We welcome 17 weekly groups plus a few monthly, quarterly and occasional ones.

Early Birds Pre-School developed well in 2024 with new management in place and experienced Early Years Practitioners joining the team. Opportunities were recognised in the Government's new Early Years funding made available to parents and carers. Nature school was an aspect of the development as was investigative and imaginative play and child-led approaches to learning. Excellent feedback on the quality of care was provided by parents and carers making good use of Early Birds newly improved social media platforms. Numbers on roll and attending increased during the year with filling the Ofsted 36 registered places continuing to be the target.

In October 2024 Rev. Andy Machin announced that he would be retiring in June 2025. The trustees proposed that a small team of elders be created to take the church’s spiritual and pastoral helm until a new minister arrives. This was approved and three elders were elected.

Financial review

After several years of losses and a resultant reduction of reserves the General Fund (excluding Coastlands transactions) returned a surplus of £12,710 in 2024.This was an improvement on the breakeven budget due to generous increases in both regular and ad-hoc giving and control of expenses despite a large increase in utility costs as a fixed term contract came to an end.

In April 2024 the church decided to sell the property at Church Hill Lodge, Newhaven, which was acquired in 2022 as a result of the amalgamation with Coastlands church. The flat was sold by auction in December 2024. Due to prevailing market conditions it was disposed of at a loss of £70,000 against the book value of £145,000. However this loss was offset by a transfer to reserves of £145,000 from the corresponding Endowment Fund, resulting in a net increase in reserves of £75,000.The proceeds of the sale are held for our benefit by the Baptist Union Corporation. The outstanding SEBA loan of £14,213 against the property was repaid from these funds in early 2025. The remaining £60,000 is being held in trust for us by the BU.

Page 3

Seaford Baptist Church Trustees' report (continued)

Early Birds Pre-School also returned a surplus for the year of £2,644 after a difficult year in 2023 which had resulted in a £14,110 deficit. This was achieved by maximising grant revenue from East Sussex County Council and better control over salary costs during a period of several staff changes.

As a result of the above-mentioned surpluses the amount of unrestricted reserves now exceeds the level agreed in 2023 of 25% (i.e. three months) of annual expenditure.

Two major Restricted Funds were wound down to zero in the year. These were the Structure for Growth fund, established in 2018 to fund the cost of outreach work and had a residual balance of £5337 at the start of the year and the Training and Development fund from 2021 where the remaining balance of £788 was utilised.

Thanks are due to the staff team and volunteers for their hard work on the accounts throughout the year and also to our faithful God.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, Governance and Management

The Trustees who served during the year and up to the date of signature of the financial statements were:

Rev A Machin P Smoker (Appointed 22 December 2024)
J Howell J P Herring (Appointed 28 January 2025)
S I White K G Gardener (Appointed 16 February 2025)
R J Reed J Chapman (Resigned 30/04/2024)
A J Ayres S A Fatkin (Resigned 27/07/2024)
L C Lord (Appointed 1 September 2024) A R Rowswell (Resigned 16/04/2024)
R Kemp (Appointed 1 September 2024) A Lowe (Resigned 30/11/2024)

The Trustees' report was approved by the Board of Trustees.

Rev A Machin Trustee

Dated:

Page 4

Seaford Baptist Church Statement of Trustees Responsibilities

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 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 year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient 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

Page 5

Seaford Baptist Church Independent Examiner's Report

I report to the Trustees on my examination of the financial statements of Seaford Baptist Church (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act

Independent examiner’s statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attentio should be drawn in this report in order to enable a proper understanding of the financial statements to be reache

Steve Maiden, ACA Maiden Accountancy Services 95 Seaside Road Eastbourne East Sussex BN21 3PL

Dated:

Page 6

Seaford Baptist Church Statement of Financial Activities Including Income and Expenditure Account For the year ended 31 December 2024

Notes
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
7
Net (deficit)/surplus for the year
Other recognised gains and losses
Loss on property disposal
Net movement in funds
Fund balances at 1 January
Transfer between funds
Fund balances at 31 December		 Unrestricted Restricted Endowment
funds
funds
funds
2024
£
136,179
10,489
0
146,668
138,311
0
0
138,311
51,184
0
0
51,184
696
0
0
696
326,370
10,489
0
336,859
311,382
17,113
0
328,495
14,988
(6,624)
0
8,364
(70,000)
0
0
(70,000)
(55,012)
(6,624)
0
(61,636)
46,936
8,715
670,000
725,651
145,000
0
(145,000)
0
136,924
2,091
525,000
664,015		 2023
£
124,016
118,800
54,566
587
297,969
326,891
(28,922)
0
(28,922)
754,573
0
725,651

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

All income and expenditure derive from continuing activities.

Page 7

Seaford Baptist Church Balance sheet As at 31 December 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due
within one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
16
Net Assets
Capital funds
Endowment funds
17
General endowment funds
Revaluation reserve
Income funds
Restricted funds - general
18
Unrestricted funds
Designated funds
19
General unrestricted funds		 2024
2024
2023
2023
£
£
£
£
532,282
685,095
10,032
15,391
144,699
51,522
154,731
66,913
(18,942)
(22,301)
135,789
44,612
668,071
729,707
(4,056)
(4,056)
664,015
725,651
525,000
670,000
0
0
525,000
670,000
2,091
8,715
6,100
9,150
130,824
37,786
136,924
46,936
664,015
725,651

The financial statements were approved by the Trustees on

Rev A Machin K G Gardener Trustee Trustee

Page 8

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

1 Accounting policies

Charity information

Seaford Baptist Church is an unincorporated charity. The principal address is Belgrave Road, Seaford, East Sussex, BN25 2EE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Page 9

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

1 Accounting policies (continued)

1.4 Income

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

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

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income resources from grants, where there are performance or service deliverables required by the terms of the grant, such as amounts received by Early Birds Pre-School, are accounted for as the charity receives these payments.

1.5 Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the church to the expenditure. All expenditure is accounted for on an accruals basis and includes irrecoverable VAT.

Church activities expenditure comprises those costs incurred by the church in the delivery of its activities and services for its beneficiaries, including grants payable to institutions and individuals as set out in the Notes. The costs of operating Early Birds Pre-School are disclosed separately in the notes.

Support costs are allocated to charitable activities based on property usage.

1.6 Tangible fixed assets

Tangible fixed assets are measured at cost less depreciation and impairment losses, with the exception of the freehold land and building. The freehold land has been included at historic cost and the building has been included at a revalued amount. Neither asset is depreciated because they are considered to have a useful life of greater than 50 years and therefore any depreciation charge is considered immaterial. All assets costing more than £1,000 are capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and building not depreciated Plant and equipment 25% Fixtures and fittings 10%

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

Page 10

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

1 Accounting policies (continued)

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

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

1.9 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Derecognition of financial liabilities

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

Page 11

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

1 Accounting policies (continued)

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The church is an employer participating in a pension scheme known as the Baptist Ministers' Pension Scheme. Baptist Ministers are eligible to join the scheme, which is a multi-employer defined benefit scheme, which is funded and not contracted out of the State scheme. However, it is not possible to identif the assets and liabilities of the scheme which are attributable to the church. The pension scheme is therefore accounted for as a defined contribution scheme. The church contribution is restricted to contributions disclosed in the notes.

2 Critical accounting estimates and judgements

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

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

3 Donations and legacies

Gifts and Offerings
Gift aid tax reclaimed
Other donations and legacies
Grants		 Unrestricted Restricted
Total
funds
funds
2024
£
£
£
95,202
10,489
105,691
22,056
0
22,056
14,084
0
14,084
4,837
0
4,837
136,179
10,489
146,668		 Total
2023
£
97,143
19,252
7,001
620
124,016

Page 12

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

4 Charitable activities
Performance related grants
Charitable rental income
Other income
5 Other trading activities
Letting arrangements
6 Investments
Interest receivable		 Church
Early Birds
Total
Activities
Preschool
2024
£
£
£
0
101,615
101,615
7,920
0
7,920
3,493
25,283
28,776
11,413
126,898
138,311
Church
Early Birds
Total
Activities
Preschool
2024
£
£
£
51,184
0
51,184
Church
Early Birds
Total
Activities
Preschool
2024
£
£
£
437
259
696		 Total
2023
£
82,719
6,960
29,121
118,800
Total
2023
£
54,566
Total
2023
£
587

Page 13

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

7 Resources expended
Charitable activities
Staff costs
Depreciation and impairment
Travel & subsistence
Training, development & conferences
Housing
Building running costs
Building repairs & maintenance
Printing, postage, stationery &
publications
Telecoms & computers
Subscriptions
Toys, equipment & consumables
Food & drink
Trips & events
Services & worship
Church Group Activities
Grants payable (see note 8)
Support costs (see note 9)
Governance costs (see note 9)
Analysis by fund
Unrestricted funds
Restricted funds - general		 Church
Early Birds
Total
Activities
Preschool
2024
£
£
£
69,417
109,543
178,960
7,813
0
7,813
599
0
599
1,826
890
2,716
12,680
0
12,680
648
197
845
0
1,057
1,057
0
906
906
0
1,061
1,061
3,083
166
3,249
346
4,441
4,787
240
1,496
1,736
0
257
257
7,870
0
7,870
16,325
0
16,325
120,847
120,014
240,861
11,854
0
11,854
68,725
4,500
73,225
2,555
0
2,555
203,981
124,514
328,495
186,868
124,514
311,382
17,113
0
17,113
203,981
124,514
328,495		 Total
2023
£
183,572
8,875
571
1,985
12,548
584
2,850
522
956
1,617
1,999
1,755
0
3,929
8,273
230,036
13,320
81,877
1,658
326,891
312,495
14,396
326,891

Page 14

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

8 Grants payable

Grants to institutions:
Local mission
World mission
Social action
Support and governance costs
Support costs:
Staff costs
Loan interest
Building running costs
Building repairs & maintenance
Printing, postage, stationery & publications
Telecoms & computers
Subscriptions
Bank charges
Professional fees
Governance costs:
Independent examination fees		 Total
2024
£
4,350
5,204
2,300
11,854
Total
2024
£
24,862
(878)
20,201
18,342
2,060
6,693
1,505
440
0
73,225
2,555
2,555		 Total
2023
£
4,848
5,452
3,020
13,320
Total
2023
£
20,280
2,029
19,443
29,689
1,909
6,646
1,380
501
0
81,877
1,658
1,658

9 Support and governance costs

10 Trustees

The Minister was paid a salary of £33,457 (2023: £31,675) and pension of £4,528 (2023: £3,586) for this. In addition he was paid a manse allowance of £12,680 (2023: £12,537) in accordance with the usual practice of providing clergy accommodation.

None of the other Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Donations of £24,145 (2023 - £19,268) were received from Trustees during the year.

Page 15

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Employers Pension		 2024
Number
14
2024
£
186,784
7,048
6,310
200,142		 2023
Number
14
2023
£
190,979
6,655
5,837
203,471

There were outstanding pension contributions at 31 December 2024 of £200 (2022 - £74).

There were no employees whose annual emoluments were £60,000 or more.

12 Taxation

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

Page 16

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

13 Tangible fixed assets

Cost
As at 1 January 2024
Disposals
As at 31 December 2024
Depreciation
As at 1 January 2024
Charge for year
As at 31 December 2024
Net Book Value
As at 31 December 2024
As at 1 January 2024		 Freehold
land and
Plant and
Fixtures
building
equipment
and fittings
£
£
£
670,000
30,592
40,500
(145,000)
0
0
525,000
30,592
40,500
0
24,647
31,350
0
4,763
3,050
0
29,410
34,400
525,000
1,182
6,100
670,000
5,945
9,150		 Total
£
741,092
(145,000)
596,092
55,997
7,813
63,810
532,282
685,095

Land and buildings with a carrying amount of £525,000 were revalued on 14 June 2022 by Kingston Morehen, independent valuers not connected with the charity, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 31 December 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £58,500 (2023 - £58,500).

14 Debtors

Trade debtors
Prepayments and accrued income		 2024
£
2,384
7,648
10,032		 2023
£
4,314
11,077
15,391

Page 17

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

15 Creditors: amounts falling due within one year

Borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
16 Creditors: amounts falling due after more than one year
Other loans
Loan maturity analysis
Payable within one year
Payable after one year		 2024
£
10,157
0
496
200
8,089
18,942
2024
£
4,056
10,157
4,056
14,213		 2023
£
11,303
0
4,125
1,541
5,332
22,301
2023
£
4,056
11,303
4,056
15,359

17 Endowment funds

Endowment funds represent 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 assets form part of the fund.

Permanent endowments
Church premises
Expendable endowments
Manse - Chichester Road
Church Hill Lodge		 Balance at
1 January
Incoming
Resources
Transfers
2024
resources
expended
£
£
£
£
100,000
0
0
0
425,000
0
0
0
145,000
0
0
(145,000)
670,000
0
0
(145,000)		 Balance at
31 December
2024
£
100,000
425,000
0
525,000

Page 18

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Structure for Growth
Oasis Fellowship
Scallywags
Heartsease
Youth
Held
Training and Development
Cabin		 Balance at
1 January
Incoming
Resources
Transfers
2024
resources
expended
£
£
£
£
5,337
0
(5,337)
0
902
2,193
(2,768)
0
273
639
(572)
0
352
1,545
(1,463)
0
732
5,677
(5,775)
0
29
435
(410)
0
788
0
(788)
0
302
0
0
0
8,715
10,489
(17,113)
0		 Balance at
31 December
2024
£
0
327
340
434
634
54
0
302
2,091

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Fixtures & fittings Balance at
1 January
Incoming
Resources
Transfers
2024
resources
expended
£
£
£
£
9,150
0
(3,050)
0
9,150
0
(3,050)
0		 Balance at
31 December
2024
£
6,100
6,100

Page 19

Seaford Baptist Church Notes to the accounts For the year ended 31 December 2024

20 Analysis of net assets between funds

Fund balances at 31 December 2024 are
represented by:
Tangible assets
Current assets/(liabilities)
Long term liabilities
Fund balances at 31 December 2023 are
represented by:
Tangible assets
Current assets/(liabilities)
Long term liabilities		 Unrestricted Restricted Endowment
funds
funds
funds
£
£
£
7,282
0
525,000
133,698
2,091
0
(4,056)
0
0
136,924
2,091
525,000
15,095
0
670,000
35,897
8,715
0
(4,056)
0
0
46,936
8,715
670,000		 Total
£
532,282
135,789
(4,056)
664,015
685,095
44,612
(4,056)
725,651

21 Related party transactions

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

Page 20