STREATHAM A P T I S T C H U R C H STREATHAM BAPTIST CHURCH ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Charity number 1132313
STREATHAM BAPTIST CHURCH Contents Page Reference and Administrative Detsils Trustees, Report Independent Auditors, Report Statement of Financial Activities 8-10 11 Balance Sheet 12 Notes to the Financial Ststements 13-24
STREATHAM BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE DETAILS Name and address: Streatham Baptist Church, 22 Lewin Road, Streatham, London SW16 6JR Leaders (Trustees) of Streatham Baptist Church: The Leaders of Streatham Baptist Church during the year and at the date the report was approved were: Rev Bruce Nadin Senior Minister Inducted to Streatham Baptist 0510412025 Inducted to Streatham Baptist 1210512019 Resigned 3010412025 Elected 3010912021 for a 3-year term, Re-elected 2610912024 for a 3-year term Re-elected 1310312025 for a 2-year te Elected 2910912022 for a 3-y8ar term Re-elected 1310312025 for a 3-year temi Deceased 0510812025 Elected 3010312023 for a 3-year temi Re-elected 1310312025 for a 1-year term Elected Leader & Treasurer Elected 3010312023 for a 3-year temi Re-elected 1310312025 for a 1-year ten Elected 1810112024 for a 3-year term Re-elected 1310312025 for a 1-year term Resigned 3011112025 Elected 1810112024 for a 3-year term Re-elected 1310312025 for 3-year term Elected 1810112024 for a 3-year temi Relected 1310312025 for a 2-year term Elected 1410312024 for a 3-year term Relected 1310312025 for a 2-year term Elected 2310512024 for a 3-year term Re-elected 1310312025 for a 2-year temi Elected 2310512024 for a 3-year temi Re-elected 1310312025 for a 2-year term All non-ministerial Leaders were re-elected on 1310312025 as part of the process of the Church becoming a Charitsble Incorporated Organisation. Bank: Natwest Bank plc, 30-34 Tooting High Street, London, SW17 ORG Rev Christopher Randolph Interim Minister André-watson Ms Suzann Douglas Elected Leader Mrs Jennifer Mary Dowlen Elected Leader Ms Zeinab Mantau Elected Leader Mr Keith Charles Foster Ms Jessica Ogunbiyi Elected Leader Mrs Diane Moore Elected Leader Mr Peter Grant Elected Leader Mrs Marilyn Holloway Elected Leader Mr Richard Ritter Elected Leader Ms Jackie Dale Elected Leader Auditors: Xeinadin Audit Limited, 5 Robin Hood Lane. Sutton, Surrey, SM12SW Properties: The London Baptist Property Board, Unit C2. 15 Dock Street, London, E18JN holds the titles to our properties.
STREATHAM BAPTIST CHURCH CHURCH LEADERS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Purpose and Activities The principal purpose of the Church is the advanrnent of the 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 andlor other parts of the world. This is achieved by: Providing an environment in which Christians can worship God and grow in their faith in the Lord Jesus Christ. Actively encouraging Christians to develop their faith in the Lord Jesus Christ. Actively promoting the Gospel of the Lord Jesus Christ locally, regionally, nationally and intemationally. Undertaking social works in the local community which will assist in meeting the needs of the community and bring the Gospel to those who might not otherwise receive it. streatham Baptist Church Leaders can confirm that they are aware of the Charity Commission guidance on public benefit and have complied with their duty to have due regard to the Charity Commission's guidance on public benefit (PB1, PB2 and PB3) when reviewing the Church's objectives, planning its activities and exercising any powers or duties to which the guidan is relevant. The Church's main activities which it carries out to fulfil its charitable purposes for the public benefit, are: Regular public worship, prayer" Bible study, preaching and teaching. Baptism as defined by the Baptist Union of Great Britain's Declaration of Principle. Regular observance of the Communion of the Lord's Supper; Evangelism and Mission, locally, regionally, nationally and internationally. The teaching, encouragement, welcome and inclusion of all people regardless of their background" Expressing God's love to the community through the mission of the Church; Nurture and growth of Christian disciples; Education and training for Christian and community service" Giving and encouraging pastoral care" Supporting and encouraging charitable social action at home and abroad; Encouraging relationships with and supporting Baptists and other Christians,. and Raising finance to further the Purpose by receiving donations. grants and loans. Achievements and Performance Introduction This has been an important year of transition for the church. After a six-y8ar period of interim ministry, the church called Rev Bruce Nadin as its new Senior Minister. He started
STREATHAM BAPTIST CHURCH CHURCH LEADERS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED on 1 March and was inducted on 5 April 2025. This also marked the end of the hugely appreciated ministry to the church of Rev Chris André Watson on 30 April 2025. In last year's report we explored the picture of the Vine from John's gospel Chapter 15. Jesus compared his relationship with his people to a grapevine and its branches. The fruitfulness of the branches, he stated, was dependent on the intimate and deep connection with the vine. Apart from him, the vine, they could do nothing. The 2025 motto text is taken from this passage: l am the vine., you are the branches. If you remain in me and l in YOU¥ you will bear much fruit; apart from me you can do nothing. If you do not remain in me. you are like a branch that is thrown away and wlthers; such branches are picked up, thrown Into the fire and burned. If you remain in me and my words remain in you, ask whatever you wlsh, and it will be done for you. John 15.5-7 The church is seeking to live this out through growing in its worship, ministry, prayer and discipleship. Ministry and Mission The church continued throughout the year to meet weekly on a Sunday for worship and in small groups and other activities during the week. These included Life Groups, where small groups of people meet in homes to study God's word and pray together. The Church holds regular corporate prayer meetings on Thursday evenings and Sunday momings. Additional meetings are held for men's and women's ministry. The Church is committed to both local and global mission. During 2024125 we continued to engage the local community through the weekly provision of English classes and the Friendly Club for the elderly. During the winter months the Church specifically provided 'The Vine. as a weekly meal and social evening for people who are vulnerable, lonely or homeless in Streatham. The Church is a member of the Love Streatham (https:I1wv. lovestreatham.orgl) group of churches which seeks to support the homeless people in our area and to support community activities, counselling and poverty relief. Specific outreach initiatives were held for Easter and Christmas 2024. These both included street evangelism and a range of activities at the church including a barbecue, activities for children and opportunities for spiritual reflection. The local mission team, which was established following the Easter 2024 events has gone out into the community monthly. Globally, the Church has continued to support a range of missionaries and Christian projects in the UK and in Peru, Ghana and Pakistan. We said goodbye to a range of missionaries who we have been supporting over the past decades. New links have been established with a couple serving with WEC in northern France, and we have established a church relationship with WEC, Tearfund and Open Doors, whom we will support financially through our giving in the years to come. A particular focus this year has been developing our discipleship ministries. A one-to-one discipleship scheme has been launched supported by training and supervision.
STREATHAM BAPTIST CHURCH CHURCH LEADERS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED Leadership and Administration The appointment of the new Senior Minister was a highlight of the year. Visits by Bruce Nadin and his wife Louise, including opportuniti8s for Bruce to preach to the church at two services and to meet members over a period of more than a week, led to a near unanimous vote to appoint him as our new Senior Minister in September 2024, and him taking office at the beginning of March 2025. Following Bruce's appointment, we are looking to strengthen the staff team through the appointment of an Associate Minister and an Office and Communications Coordinator in the coming year. The limited ministerial capacity over the past few years has provided opportuniti8s for the remaining Staff Team, Trustees, and Volunteers to take on additional responsibilities. It has been encouraging to see Members stepping up to fulfil these roles. The Board of Trustees became fully staffed during the year, with a total of ten elected Trustees plus the Ministers, each with portfolios covering the range of activities of the church. Further work was undertaken to help the Church to move towards becoming a Charitable Incorporated Organisation (CIO). The Charity Commission registration of SBC as a CIO took place on 13 August 2024. The plan is to complete the transf8r of assets and liabilities from the unincorporated charity to the CIO towards the end of 2025. Last year we reported on the breakdown of our church boilers in December 2023 and the necessity to find a heating system that would be fit for purpose and address the heating problems experienced in the past. This added to the challenges we were already facing. We are thankful for church members who managed this project through to a successful conclusion, leading to restoration of heating for the 2024125 winter season. We all give thanks to God that through the sacrificial giving of Members and his ongoing provision, there continue to be sufficient fInanS to meet the Church's needs. Financial Review Unrestricted Funds The Church adopted a baland budget for the year. Offerings and donations were above budget for the first time in many years, and were supplemented by greater than anticipated interest payments from bank deposits. Renting out of the Manse ended later than budgeted, leading to higher-than-expected income. However, detailed inspection of the property revealed that extensive repairs will be required, including a new roof. Expenditure was considerably lower than budgeted, principally due to the part-time Communications Co-ordinator leaving at the end of July and the appointment of the new full-time Senior Minister much later in the year than had been budgeted. It became clear that, despite a rigorous tender process, replacement of the boilers and heating system in the church building would be more expensiv8 than had been anticipated and on 25 July 2024 Members agreed to commit a further £40,000 from Reserves to fund the work. In addition, considerable efforts were made to minimise costs. Overall. income exceeded expenditure by £81,759 before transfers and gainsllosses.
STREATHAM BAPTIST CHURCH CHURCH LEADERS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Designated Funds Designated Funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each Designated Fund is set out in Note 10.2 to the accounts. Restricted Funds Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors, or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Most of these funds exist to manage the financial transactions of self-funding groups operating as part of the ministry and mission of the Church. The purpose and use of each restricted fund is set out in Note 10.3 to the accounts. Reserves The Church's Reserves Policy slates the reasons why the Church should hold reserves, the target level for reserves and monitoring and management of the reserves. This policy enables the Church's Trustees to properly manage the Church's finances, including safeguarding the Church's assets and responsibly managing the Church's financial risks in accordance with their legal responsibilities. At the year end, the charity had total funds of £5,601.657, of which £5,468,878 was unrestricted, £79,376 was designated and £53,403 was restricted. The Net Current Assets at the end of the financial year were £439,603. The actual level of free reserves (using the Charity Commission definition) held at 31 March 2025 was £318,987 (£272,035 in MarGh 2024). This is above the target level of £108,323 (one-third of the 2024-2025 Unrestricted Funds Budget) (£117,988 in 2023-24) because of the smaller than anticipated Staff Team. In setting the level of the reserves the Trustees considered key financial risks in relation to the continuity of the operation of the Church's charitabl8 activities, including maintenance of ageing buildings, and unexpected disruption to cash- flow. The Trustees have agreed that this level of reserves is reasonable because of the need to undertake unplanned works on the manse in 2025. The full cost of these works has still to be calculated. The designated and restricted funds detailed in Notes 10.2 and 10.3 to the accounts are not included in these free reserves. Fundraising Other than publicly inviting an offering at each worship service, we do not engage in persistent fundraising or intrusive fundraising praCtIS with any of our donors. including vulnerable people, and we never have private or coercive discussions with individuals about their giving. Our fundraising practices are ethical and in accordance with Biblical principles and our Fundraising Policy. No complaints were received about our fundraising practIS. Risk Management The Leaders of Streatham Baptist Church (SBC) acknowledge their responsibilities as Trustees of SBC to ensure that SBC has appropriate risk management processes in place for the identrfication, assessment and management of risks faced by SBC. They have created
STREATHAM BAPTIST CHURCH CHURCH LEADERS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED appropriate risk management plans and documents, which are regularly reviewed so that significant risks can be addressed in a timely manner. During 2024-25, the Trustees approved several revised risk managem8nt policies, including the Health and Safety Policy and the Complaints Policy. They oversaw the creation of a new Constitution and other preparation for the registration of SBC as a Charitable Incorporated Organisation (CIO) with the Charity Commission: this took place on 13th August 2024. In addition. several new Trustees were elected and a new Senior Minister appointed, thus strengthening the Trustee team. The Trustees also approved a Risk Management Plan for 2025-26, which includes recruiting more staff, triennial safeguarding training, review of more policies and procedures and transfer of assets and liabilities from the unincorporated charity to the CIO. The SBC Leaders, as Trustees, are satisfied that major risks have been reviewed and systems or ProdureS have be8n or are being estsblished in order to manage those risks. The Trustees remain alert to any emerging risks and seek to address these by identifying and prioritising key actions as well as monitoring and evaluating existing systems of control or mitigation measures. Structure, Governance and Management The Church was established in its present form by a Deed of Trust on 31 December 1875, which was enrolled at the High Courts of Justi (Chancery Division) on 8 March 1876. The Church was an Excepted Charity until 30 September 2009, when, following changes in Charity Law, a new Constitution was passed by the Church Meeting on 24 September 2009 and the Church was registered as a Charity (number 1132313) on 23 October 2009. A further amended Constitution was passed by the Church Meeting on 6 March 2022 to accommodate online Church Meetings due to the Covid-19 pandemic. The Church is also a member of the Baptist Union of Great Britain and of the London Baptist Association. both of which are Registered Charities. The Church was registered as a Charitable Incorporated Organisation (CIO) on 13 August 2024. The new CIO (Charity number 1209583) was formed to take over the operations and funds of the existing unincorporated charity. The Trustees plan that the transfer of assets to the CIO will take place towards the end of 2025.
STREATHAM BAPTIST CHURCH CHURCH LEADERS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONTINUED Statement of Church Leaders, l Trustees, responsibilities The Church Leaders are the Charity Trustees and are therefore responsible for tha general oversight of the Church and for its strategic direction. The present structure of Church Leadership was intrOdUd on 1 September 1996. Rev Nathan McGuire, Rev Christopher André-watson and Rev Bruce Nadin were appointed Leaders of the Church on account of their ministerial appointments with th8 Church. The Church Leaders l Trustees are appointed by the Church Members, Meeting. The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom GenerallYACPted Accounting Practice). The law applicable to charities in England and Wales requires that the Trustees must not approve the financial statements for each financial year unless they are satisfied that they give a true and fair vi8w of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgements and 8Stimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going COnM basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with tha 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 fortaking reasonable steps forthe prevention and detection of fraud and other iThegularities. Signed on behalf of Leaders of Streatham Baptist Church on ruce Na Senior Minister r. Keith Chafles Foster easurer
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STREATHAM BAPTIST CHURCH Opinion We have audited the financial statements of Str8atham Baptist Church (the 'Charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial ststements: give a true and fair view of the state of the Charitys affairs as at 31 March 2025 and of its incoming reSoUrS and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practi. have been prepared in accordance with the requirements of the Charities Act 2011 . Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UK) and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard and the provisions available for small entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Financial statements prepared on a basis other than going concern We draw attention to note 1 which explains that, as a consequence of the transfer of the assets and liabilities of the charity to a charitsble incorporated organisation, the charity is no longer considered to be a going COnrn. The note explains that the financial statements have therefore b8en prepared on a basis other than that of a going concem, albeit with the expectation of continuing its activities as a charitable incorporated organisation. The note also explains the expected impact of the use of the altemative basis on the financial ststements. Our opinion is not modtfied in this respect. Our responsibilities and Ihe responsibilities of the trustees with respect to going cOnM are described in the relevant sections of this report. other infonnation The other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If,
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STREATHAM BAPTIST CHURCH based on the work w8 have performed, we conclude that there is a material misststement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and its environment obtain8d in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilitles of the trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statemonts We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high lev81 of assuran, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could r8asonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity, we identified that the principal risks of non- compliance with laws and regulations related to employment, financial reporting legislation and health and safety regulations and we considered the extent to which non-compliance might have a material effect on the financial stat8ments. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STREATHAM BAPTIST CHURCH We assessed the sUsPtibl1itY of Ihe charity's financial statements to material misstaternent, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the intemal controls in place and discussion amongsl the engagement team. We determined that the principal risks were related to valuation of fix8d asset properties, management bias in accounting estimates, presentation of separately disclosed items and management override of controls. In response to the risks identified we designed procedures which included, but were not limited to reviewing property valuations. challenging significant accounting estimat8s, agreeing financial statement disclosures to underlying supporting documentation, identifying and testing journal entries. reviewing Trustees, minutes and evaluating the charity's internal controls. There are inherent limitations in the audit procedures described above, The more removed that laws and regulations are from financial transactions, thè less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial stat8m8nts is located on the Financial Reporting Council's website at: WlMV.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Use of our roport This report is made solely to the Charity's Irustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that w8 might state to the Charity's trustees those matters we are required to state to them in an auditor's ieport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions w8 have formed. ALLdiP Xeinadin Audit Ltd 5 Robin Hood Lane ststutory Auditor Chartered Accountants Sutton Surrey Dale: 2025 SM12SW Xeinadin Audit Ltd is eligible for appointment as auditor of the charity by virtu8 of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10-
(QfQr only) o•io EtsLYJoo¢J- toin VJ rQ•)O JrO)fO (rjy L(>ts ¢0 IOrQO>* IrCQr
¢0 i )Or UJ l OfD -{M(X) O)¢D ) C•• (Y) ¢rJ o£tLLLLL >_ ¢JfflZ
STREATHAM BAPTIST CHURCH BALANCE SHEET AS AT 31 MARCH 2025 Notes As at 3110312025 As at 3110312024 Fixed assets Tangible assets 5,162,054 4.915,408 5,162,054 4,915,408 Current assets Debtors Cash at bank and in hand 24,318 425,693 65.264 392.258 450,011 457.522 Current liabilities Creditors= Amounts falling due in one year {10.408) {14.9)3) Net current assets 439,603 442,619 Total assets less current Ilabllltles 5,601,657 5,358,027 Net assets 5,601,657 5.358,027 Represented by Funds Unrestricted - General fund 10.1 5,468,878 5.175,280 Designated funds 10.2 79,376 135,746 Restricted funds 10.3 53,403 47,001 Total funds 5,601,657 5,358.027 Signed on behalf of Leaders of Streatham Baptist Church on Rev Bruce Nadin Senior Minister ter reasurer 12-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting policies Charity information Streatham Baptist Church is an unincorporated charity (No 1132313). The Church is based at 22 Lewin Road, Streatham, SW16 6JR. 1.1. Basis of preparation These accounts have been prepared on an accruals basis (under the historic cost convention as modified by the revaluation of land and property) and in accordance with the Charities Act 2011, the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and the Financial Reporting Standard 102 (FRS 102). The Church has taken advantage of the exemption in the SORP from the requirement to produce a cashflow statement on the grounds that it does not qualify as a larger charity. The Church meets the definition of a public benefit entity under FRS 102. The accounts are prepared in pounds sterling rounded to the nearest pound. 1.2. Going concern The Church was registered as a Charitable Incorporated Organisation (CIO) on 13 August 2024. The new CIO (Charity number 1209583) was formed to take over the operations and funds of the existing unincorporated charity. As this involves a consid8rable amount of work, the Trustees plan that the transfer of assets and liabilities to the CIO will take place towards the end of 2025. As a consequence, the continuing activities of the unincorporated charity will cease from the date of transfer although the activities of the charity are expected to continue under the new charitable incorporated organisation. The unincorporated charity is therefore no longer considered to be a going concern. The financial statements have therefore been prepared on a basis other than that of a going concern. After reviewing the forecasts and projections of the new charity, the Truslees have reasonable expectation that the new charity will have adequate resources to continue in operational existence for the foreseeable future. The change of legal structure will therefore not result in any significant change to the presentation, classification or valuation of the transferred assets and liabilities. 1.3. Fund Accounting The funds held by the Church are either: Unrestricted general funds - these are funds which can be used in accordance with the Church's objects at the discretion of the Trustees. Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds these are funds that can only be used for particular restricted purposes within the objects of the Church. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 13-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting policies (continued) 1.4.Income Donations and other income (inGluding legacies) are included in the Statement of Financial Activities (SOFA) when the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. 1.5. Expenditure This is included in the Statement of Financial Activities on an accruals basis, inclusive of all VAT (which is not recoverable). Expenditur8 which is directly attributable to specific activities has been included in these cost categories. Where significant Gosts are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of these reSoUrs. All expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities and has been classified under headings that aggregate all costs related to the category. Charitsble expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governan costs are those costs associated with meeting the constitutional and statutory requirements of the charity and include accountants, fees and costs linked to the strategic management of the charity. These have been allocated directly to charitable expenditure. 1.6.Grants Paid Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the church. 1.7. Penslons The church pays contributions to the Baptist Pension Scheme which is a defined contribution scheme. Contributions were paid in the period in which they were due. 1.8. Taxatlon The ChurGh is not liable for tax on its charitable activities. 1.9.Tanglble fixed assets Freehold property is stated at fair value at the balance sheet date and the gain or loss in the year is reflected in the Statement of Financial Activities. Freehold land is not depreciated. Where the carying value of freehold buildings is in excess of the residual value, no depreciation is charged. Other fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Church, Office and Kitchen Equipment incl. Computers >£500 Fixtures {e.g. boilers, noticeboards) 10.0'/0 14-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting policies (continued) 1.10. Debtors Grants receivable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Short-term deposits Short-term deposits include cash and short term highly liquid investments with a maturity of between three and twelve months from the date of the opening of the deposit. 1.12. Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less. Deposits are held at call with banks, Baptist Union, and London Baptist Property Board. 1.13. Creditors and provisions Creditors and provisions are recognised when the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. Provisions have been calculated at the best estimate of the settlement amount and then discounted back to present value at the reporting date. 1.14. Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 15-
(ry c> V4 0) OJ 7J In ( 00 T>T5 I fo a) o c o m L¢> L7> J r Dzj r) o o ry uj (do o>c o
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 3. Expenditure Charitable activities 2025 2024 Unrestricted Designated Restricted funds funds funds Total Total Ministry Costs Staff costs Other ministry costs Volunteers Staff training 46,341 4,533 1.464 359 52.697 46,341 7,312 1.464 359 55.476 51.583 4,534 2,737 374 59.228 2,779 2.779 Mission Staff costs Mission grants Youth work Other mission costs 8.499 13.927 1,726 2,600 26.752 8.499 14,187 6,489 6,700 35,875 7,909 12,580 5.943 4,308 30,740 260 4.763 4,100 4.100 5.023 Upkeep of Premises Staff costs Utilities Church running costs Church and manse repairs Depreciation 27,529 13,034 7,577 20,178 11,787 80,105 27,529 24.241 13,034 15.704 7,817 7.906 37,594 54,515 11,787 1.638 97,761 104,004 240 17,416 17,656 Office Staff Staff costs 59,519 59,519 63,368 Office running costs Office Supplies Telephone IT Contract, Hardware and Software Subscriptions & Licences Communications 4,173 4,397 5,911 4,173 4,397 5,911 4.664 3,826 8,170 5,859 3,389 23,729 5,859 3,389 23,729 6.002 1.711 24.373 Governance costs and other expenditure Audit Fees Bank charges Legal fees Accounts support 6,600 943 941 6,600 943 941 5.940 973 2,400 10.274 8,484 8.484 Total expenditure 251,286 21,756 7,802 280,844 291,987 17-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 4. Net income l (expenditure) Net income l (expenditure) includes depreciation of £11,787 (£1,638 in 2024). 5. Staff costs 2025 2024 Wages and salaries Social security costs Pension costs Travel Housing Telephone Book Allowance Other Total 112,214 5,144 10,815 123.005 5.397 12,086 425 5,036 888 114 150 147,101 13,084 618 13 141,888 The average monthly number of remunerated Staff members (E) during the year was: 2025 2024 Ministry and Pastoral Mission Premises Administration Total 0.25 0.25 1.17 3.65 No employees were paid over £60,000 (2024: None}. 18-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6. Tangible fixed assets Freehold property Church Equlpment Office Equlpmant Kltchen Equipmént Total Cost I Valuation At 1 April 2024 Additions Disposals Revaluation 4,915,000 116,069 113,142 (24,967) 22.121 19,469 648 5,072,659 113,790 (24,g67) 144,643 144.643 At 31 March 2025 5,059,643 204,244 22,121 20,117 5,306,125 Depreclatlon and impairment At 1 April 2024 Depreciation charged in the year Eliminated in respect of disposals 115,661 22,121 19.469 157.251 11,722 65 11.787 24.967 24.967 At 31 March 2025 102,416 22,121 19,534 144.071 Carrying amount At 31 March 2025 5,059,643 101,828 583 5,162,054 At 31 March 2024 4,915,000 408 4,915.408 The original cost of the properties is not known. All properties were valued al 31 St March 2023 by independent Chartered Surveyors (Land Commercial Surveyors Ltd and Gateway Surveyors) at fair value. Since then, the trustees have updated their estimate of fair value using similar methodology and indices. At 31st March 2025, the properties were valued as follows.. Church Buildings £3,594,552 Christian Fields {the Manse) £843,851 Lewin Road £621,240 The next formal valuation is due in March 2028. 19-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 7. Debtors 2025 2024 Amounts falling due within ona year: Income tax recoverable (Gift Aid) Other debtors Prepayments and accrued income 13,412 14.375 40,853 10.036 65,264 10,246 24,318 8. Creditors 2025 2024 Amounts falling due within one year: Accruals and deferred income 10,408 14.903 9. Analysis of net assets between funds 2025 General Fund Designated Funds Restricted Funds Total Fund balances at 31 March 2025 are represented by: Tangible assets Current assets Liabilities 5,149,891 329,097 10,110 12,163 67.511 298 5.162.054 450,011 {10,408) 53,403 5.468,878 79,376 53,403 5,601.657 2024 General Fund Designated Funds Restricted Funds Total Fund balances at 31 March 2024 are represented by: Tangible assets Current assets Liabilities 4,903,245 286,512 14,477 12,163 123,715 132 4,915,408 457.522 14,903 47,295 5,175.280 135,746 47.001 5,358,027 -20-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Funds 10.1 Unrestricted General Funds Balancg at 1 Aprll 2024 Income Expgndlture Transfors Galnsllloss•$) Balance at 31 Mar¢h 2025 GenvAal fund 5,175.280 333,045 {251,286) {251,286) 67,196 144,643 5.468,878 5,175,280 333,045 67.196 144.643 5.468,878 Balance at 1 April 2023 Income Expenditure Transfgrs Gain(105$es) Balan¢e at 31 March 2024 General fund 5.119,840 348,925 (256.985} {256,985} {36,500) 136,500) 5.175,280 5.119,840 348,925 5,175,280 10.2 Designated Funds Balance at 1 April 2024 BalanGe at 31 March 2025 Income Expenditurg Transfers Chrfslan Fields 17.551 19.484 17,6911 29.344 Equipment Accrual 20,750 112,693) 8.057 Events 105 105 Fees- Paid to People for Funcliong Harvest OfferSng Thank Offerfng (Annlversary) Photocopler Accnjal Premlses Reserve 140 140 {2401 11,4221 12.048) 1,422 9.000 2,000 11,000 80,818 12,9131 16301 {6,8121 155.253) 22,652 Chrfstmas 492 Lewn Road 7,382 7.600 8.170 135.746 31.186 21,756 65,800 79.376 Balance at 1 Aprll 2023 Balance at 31 March 2024 Income Exp8nditure Transfers Christian Fields 16.420 28,980 112.8491 (15,000) 5.000 17.551 Equlpment knrual Events 15,750 20.750 105 105 Fees- Pa to People for Functions Harvest Offerlng Photocopier Accrual Premises Reserve 200 240 {3001 11,0971 140 50 1,047 7,500 1.500 9.000 41.235 15.4171 {414} 15,8681 45,000 80.818 Christmas 30 Lewn Road 8.600 7.382 87.940 37.251 25,945 36.500 135.746 21
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.2 Deslgnated Funds (continued) Christian Fields The purpose of this fund is to manage the rental income and propety management outgoings of this propety during our interregnum period. Now that our new Senior Minister is in residence surplus funds will be used to partly fijnd works required to the propety. including to the roof (including insulation) and the garage., Photocopier and Equiprnent Accrual Funds The purpose of these funds is to facilitate planned purchases of equipment e.g.. photocopier accrual" Events - This fund contains monies collected for specific events {e.g.. fares for travel to an extemal event)., Hire Funds - The purpose of these funds is to enable good management of hire fees and deposits held on a temporary basis" Harvest Offering- This fund receives the annual Harvest Offering prior to distribution to the charities which have been selected to benefit that year., Thank Offering - This fund receives the annual Church Anniversary Offering prior to distribution to the charities which have been selected to benefit that year; Premises Reserve - The purpose of this fund is to enable major repairs and renovations to Church premises to be well managed without regard to the financial year end-, Christmas - This fund contains the Christmas Day Collection which is donated as a Christmas gift to missionaries associated with the Church. It indudes £146 transferred from the Missionary Fund for the Christmas gift., Lewin Road - The purpose of this fund is to manage the rental income and property management outgoings of this mixed-use property. Surplus funds are returned to the General Fund which provided the resources for substantial renovation on this property. 10.3 Restricted Funds Balance at 1 April 2024 Balance at 31 fvlarch 2025 Income Expendlture Transfers Conferences 1,452 1991) 461 Jelty Tots Men's Meetiros 1,284 1.284 80 {221 58 Mission 25 766 (146) {1.2501 Speryfied (X Women's Meelings 26.031 4.670 12601 (176} 11,121) 29.191 181 Young Adults Missional Community Youth Holidays Friendly Club 388 1.790 1,057 1.337 1.337 15.970 8.193 15,2321 18.931 47.001 15,600 7.802 1.396 53.403 22-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.3 Restricted Funds (continued) Balance at 1 April 2023 Balance at 31 Marth 2024 Income Expenditure Transfers Conferences 1.552 {1001 1.452 Jelly Tots 1.284 1.284 Men's Meetings Mission 750 {7901 12,6891 12501 18871 25 Specified Gifts Women's Meeting5 Young Adults Mi55ional Community Youth Holidays Friendly Club 6.575 22.145 26.031 434 800 475 388 1.337 1.337 15.502 {4,3411 15.970 27,879 28.179 19.057 Conferences - This fund accounts for all church conferences income and expenditure" Jelly Tots This fund accounts for all the financial transactions of this caring adults and toddler group 47.001 Men's Meetings - This fund accounts for all the financial transactions of the Men of Destiny Group which is self-funding and meets with the aim of providing support and encouraging spiritual grovrth and fellowship for the men of the Church through various events., Mission Fund -The purpose of this fund is to ensure that all gifts (and any associated tax recovery) given by Church Members and friends to missionary charities and mission trips specified by them are passed on to the specified beneficiaries. £146 was transferred to the Christmas Fund which is traditionally used for a Christmas Gift to our missionaries. Specified Gifts - The purpose of this fund is to ensure that all gifts (and any associated tax recovery) given by Church Members and friends to charities and other good causes specified by them are passed on to the specified beneficiaries. The income includes a £4,000 legacy which was given to support the redevelopment of the Church garden. £1,250 given towards the cost of the new heating system was transferred to the General Fund,. Women's Meetings- This fund accounts for all the financial transactions of the Women of Purpose Group which is self-funding and meets with the aim of encouraging spiritual growth and fellowship among the women of the Church., Young Adults This fund accounts for the financial transactions of On the Edge, which is a self- fijnding group that aims to meet the spiritual needs of people aged 18-35 who may find it difficult to engage in conventional church expressions. Youth Holidays - This fund accounts for all the financial transactions associated with holidays and other outings that will benefit the spiritual. physical and emotional well-being of those attending Church youth activities., Friendly Club- This fund accounts for all the financial transactions of this weekly club which is self- funding and aims to provide activities for older persons which stimulate their physical, mental and spiritual life in a supportive and friendly atmosphere. The income includes a £2,500 legacy gift given in September 2024. -23-
STREATHAM BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11 Pensions Since April 2017 all eligible Staff have been automatically enrolled in the Baptist Pension Defined Contributions (DC) Scheme. which is not contracted out of the State Second Pension. At 31 March 2025, five members of Staff were enrolled in the Scheme. The pension cost and charge represent contributions payable by the Church into these funds and amounted to £10.815 (2024.. £12,086). 12 Related party transactions Two Trustees who are both ministers received payment as they are paid members of staff of the charity. Section 23 of the Church Constitution states that, °Notwithstanding that a Minister or Ministers appointed by the Church are Charity Trustees they will be entitled to be paid an agreed remuneration or stipend out of the general funds of the Church." The amounts below include pension contributions, travel & mileage. mobile phones, book allowance. accommodation, and moving cost. 2025 2024 Rev Bruce Nadin Rev Chris André-watson Rev Nathan McGuire 12,494 31,624 29,230 17,817 47,047 44,118 Total remuneration of Key Management Personnel, which comprises the total remuneration of the above Trustees, amounted to £44,118 (2024: £47,047). In addition, two Trustees (2024: thirteen) including ministers received expenses totalling £1,629 (2024: £98) in respect of travel. training and books. The Trustees gave unrestricted donations totalling £43.356 (2024: £46.250) to the charity. There were no other related party transactions. -24-