2020-12-31-accounts

Charity Registration No. 1132335

Company Registration No. 07028173 (England and Wales)

VICTORIA BAPTIST CHURCH TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

VICTORIA BAPTIST CHURCH TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr A Babalola
	Mr K A Pamphilon
	Mr M J Simmons
	Revd C Short
	Mr J E Taylor
	Mr R J Kirk
	Mrs P A Burr
	Ms J Simkins
	Rev B Wightwick
Charity number	1132335
Company number	07028173
Principal address	Eldon Road
	Eastbourne
	East Sussex
	BN21 1UE
Registered office	Eldon Road
	Eastbourne
	East Sussex
	BN21 1UE
Independent examiner	Nicholas Brown FCA DChA BFP
	18 Hyde Gardens
	Eastbourne
	East Sussex
	BN21 4PT

VICTORIA BAPTIST CHURCH TRUST

CONTENTS

	Page
Trustees' report	1 - 3
Statement of Trustees' responsibilities	4
Independent examiner's report	5
Statement of financial activities	6
Statement of financial position	7 - 8
Statement of cash flows	9
Notes to the financial statements	10 - 22

VICTORIA BAPTIST CHURCH TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Church's Memorandum and Articles of Association, the Companies Act 2006 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 2015)”

Objectives and activities

The Church's objects are:

a) the advancement of the Christian faith according to the Bible and the principles of the Baptist denomination.

b) the church may also advance education, relieve poverty and carry out the other charitable purposes in the United kingdom and other parts of the world.

In 2020 the church announced a new vision statement – Victoria Baptist Church exists to see Jesus Christ honoured in Eastbourne and beyond. This is not a change in the objects of the church but a clarification and pithy reminder for its members of the purpose for which the church exists. The regular meetings of the church and a number of activities were curtailed during the 2020 pandemic – much activity migrated to online services. A wide variety of other gatherings and organisations also meet and operate under the auspices of Victoria Baptist Church in line with its vision and objects.

The trustees have paid due regard to the Public Benefit guidance issued by the Charity Commission in deciding what activities the Church should undertake.

Achievements and performance

Victoria Baptist Church Trust provides a large number of activities which fall within its purpose and aims. As its Governing Document describes, the purpose of the church is the advancement of the Christian faith in accordance with the principles of the Bible and the practices of the Baptist Denomination. These aims are carried out both by a staff team and volunteers serving the church in a variety of different ways.

During the year online services, Bible studies, prayer meetings and youth and children’s work were provided. We also commenced a Christians Against Poverty Debt Centre, employing a debt centre manager and developing a team of volunteers on a part-time basis. The Pastoral Care of the church was also overhauled and networks and teams were put in place to ensure the spiritual and physical care of church members and the wider community.

One addition to the facilities available was the acquisition of a Garden Room primarily for Youth activities but will also be available for other church groups and hire.

Other organisations such as men's and women's fellowships also continued to provide support to additional sources of worship and teaching which complement the Sunday services. Other projects complement the ministry of the church with events for young people in the locality including Boys' and Girls' Brigades. The church also has a team who provide voluntary marshalling services for many community events in Eastbourne and beyond. Each of these were affected by the pandemic but adapted as possible with the intention of continuing when the situation improves.

• 1 -

VICTORIA BAPTIST CHURCH TRUST

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The church continues to fulfil its objectives by supporting local initiatives for the relief of suffering and poverty such as People Matter, Bramber Bakehouse, Networx and a variety of mission projects. People in the locality continue to make extensive use of the church's buildings and facilities as possible. Again many of the usual groups who hire the churches facilities were unable to do so through most of 2020 in line with Government instructions.

The church staff continue to administer and direct this operation under the leadership of the Core Leadership Team. Many volunteers, who give of their time and expertise, are involved in the delivery of these ministries.

Gifts and donations are given to organisations and individuals in accordance with the objectives of the church. The church continues to be supported largely by the sacrificial giving of its members and attendees. Gifts and donations in the year are shown in Note 8.

Financial review

The trust recorded a surplus of £8,282 on all funds in the year. This compares with a surplus of £18,494 last year. There was a continued increase in regular giving from church members, which together with gift aid amounted to a £25,468 increase in the year.

Reserves policy

The Majority of the church's funds are held in land and buildings, which are utilised to carry out the Church's purposes. It is the policy of the church to hold only an adequate level of cash and readily accessible reserves deemed sufficient to meet likely and unexpected capital expenditure needs. Subject to any donor's wishes, restricted funds are generally held to meet specific purposes or capital projects.

The policy of the church is that a Charity Reserve Fund equivalent to 3 months expenditure should be maintained, holding cash which has not been designated for any specific purpose. The trustees consider that reserves of £70,000 will ensure that, in the event of significant drop in funding, they will be able to continue the Church's current activities, while consideration is given to ways in which additional funds may be raised. This amount has been designated, leaving £74,483 in unrestricted reserves.

Any excess reserves above the minimum level shown above represent funds which need to be accumulated

for major capital projects & building works in the future.

Investment policy

The majority of monies are invested in deposit accounts with financial institutions, the Baptist Union, CafBank, and M&G Charifund Income Units, all being recognised bank or deposit takers. The Trust seeks to obtain the highest possible returns consistent with a cautious attitude to risk and short term availability of such monies. The Trust has for a number of years held M & G Charifund Units, which are subject to stock market fluctuations. These investment are easily realisable and the church is satisfied with the performance of these investments.

The trustees have considered the major risks to which the Church is exposed in particular those related to the operations and finances of the Church. They are satisfied that appropriate systems are in place to mitigate the Church's exposure to such risks, to safeguard the assets of the Church and should prevent and/or detect fraud and other irregularities.

Structure, governance and management

The Church is a company limited by guarantee and incorporated on the 23rd September 2009 and commenced activities on the 1 January 2010 with the transfer of assets and funds from Victoria Baptist Church, an unincorporated charity. Victoria Baptist Church is affiliated to the Baptist Union Corporation, who are sole custodian trustees of the church land and buildings on behalf of the church.

Full legal and administrative information is displayed on the flysheet to the accounts. The trustees, who are also the directors for the purpose of company law, and who served during the year were:

• 2 -

VICTORIA BAPTIST CHURCH TRUST

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Mr A Babalola Mrs C Dadswell (Resigned 30 September 2020) Mr K A Pamphilon Mr M J Simmons Revd C Short Mr J E Taylor Mr R J Kirk Mrs P A Burr Ms J Simkins Rev B Wightwick

The church is managed on a day to day basis by the ministerial team in liaison with Church pastoral and administrative staff. The oversight and leadership of the church is governed by the core leadership team who are the trustees.

The trustees are appointed by the church at a general meeting as dictated by the governing document and appropriate training is given to the trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

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

Revd C Short

Trustee Dated: 9 August 2021

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VICTORIA BAPTIST CHURCH TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees, who are also the directors of Victoria Baptist Church Trust for the purpose of company law, 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).

Company Law 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 Church and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 estimates that are reasonable and prudent;

• state whether applicable UK 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 concern basis unless it is inappropriate to presume that the Church will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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VICTORIA BAPTIST CHURCH TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF VICTORIA BAPTIST CHURCH TRUST

I report to the trustees on my examination of the financial statements of Victoria Baptist Church Trust (the Church) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the Church (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Church are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Church’s financial statements carried out under section 145 of the Charities Act 2011 (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.

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Since the Church’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 the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

• 1 accounting records were not kept in respect of the Church as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

Nicholas Brown FCA DChA BFP

18 Hyde Gardens Eastbourne East Sussex BN21 4PT

Dated: 11 August 2021

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VICTORIA BAPTIST CHURCH TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income from: Donations and legacies 3 393,313 - Charitable activities 4 2,971 - Other trading activities 5 13,064 - Investments 6 5,300 - Total income 414,648 - Expenditure on: Charitable activities 7 372,105 - Net gains/(losses) on investments 12 (34,261) - Net movement in funds 8,282 - Fund balances at 1 January 2020 201,136 234,942 Fund balances at 31 December 2020 209,418 234,942	Total Unrestricted Restricted funds funds 2020 2019 2019 £ £ £ 393,313 333,307 - 2,971 7,885 - 13,064 20,414 - 5,300 8,231 - 414,648 369,837 - 372,105 373,602 - (34,261) 22,259 - 8,282 18,494 - 436,078 182,642 234,942 444,360 201,136 234,942	Total 2019 £ 333,307 7,885 20,414 8,231
		369,837
		373,602
		22,259
		18,494 417,584
		436,078

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

• 6 -

VICTORIA BAPTIST CHURCH TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

Notes Fixed assets Property, plant and equipment 13 Investments 14 Current assets Trade and other receivables 16 Cash at bank and in hand Current liabilities 17 Net current assets Total assets less current liabilities Income funds Restricted funds 18 Unrestricted funds Designated funds 19 General unrestricted funds	2020 £ 26,598 27,312 53,910 (7,825) 134,935 74,483	£ 316,264 82,011 398,275 46,085 444,360 234,942 209,418 444,360	2019 £ 14,815 29,224 44,039 (16,340) 200,688 448	£ 247,106 161,273
				408,379 27,699
				436,078
				234,942 201,136
				436,078

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VICTORIA BAPTIST CHURCH TRUST

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2020

2020 2019 Notes £ £ £ £ The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.

The Trustees' have responsibility for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 9 August 2021

Revd C Short Trustee

Company Registration No. 07028173

• 8 -

VICTORIA BAPTIST CHURCH TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

2020 Notes £ £ Cash flows from operating activities Cash generated from/(absorbed by) operations 21 31,347 Investing activities Purchase of property, plant and equipment (83,560) Proceeds on disposal of investments 45,001 Investment income received 5,300 Net cash (used in)/generated from investing activities (33,259) Net cash used in financing activities - Net decrease in cash and cash equivalents (1,912) Cash and cash equivalents at beginning of year 29,224 Cash and cash equivalents at end of year 27,312

2019 £ £ (11,216) (8,641) 5,000 8,231 4,590 - (6,626) 35,850 29,224

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Victoria Baptist Church Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Eldon Road, Eastbourne, East Sussex, BN21 1UE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Church's Memorandum and Articles of Association, the Companies Act 2006 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 Church is a Public Benefit Entity as defined by FRS 102.

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

The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments 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 Church 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.

At the date of this report, there exists considerable uncertainty regarding the potential impact of the Coronavirus and the economic consequences, both within the U.K. and overseas, which may result from government policies to contain the spread. The duration and geographical extent of any possible lockdown or future government policies are unknown. Whilst we are unable to predict what the economic consequences may be and the impact on the charity’s future ability to continue trading, we have continued to use the going concern basis as appropriate in the preparation of these accounts.

1.3 Charitable funds

Unrestricted funds include donations and other incoming resources receivable or generated for the objects of the Church without further specified purposes and are available as general funds.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure that meets these criteria is charged to the fund together with the appropriate management and support costs.

1.4 Income

Income is recognised when the Church 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.

Voluntary income and donations are accounted for as received by the Church. 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 Church 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.

• 10 -

VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Monies received are allocated to the period to which they relate. Any income which is received but relates to a subsequent period is deferred and subsequently released in the relevant accounting period.

1.5 Expenditure

Resources expended are recognised in the period to which the costs relate.

The main cost centres are:

• " Charitable activities - which cover the running expenses of the charity including church & office operations.

• " Building costs - which include the cost of running the main church building and the two manses,

• " Donations - including gifts to local organisations and activities held at the church (Boys and Girls Brigade).

• " Governance costs - include those costs associated with fulfilling the charity's statutory obligations.

The charity is not registered for VAT and therefore all expenditure is recorded inclusive of non-recoverable VAT.

Governance costs are allocated 100% to direct charitable activities in relation to the running of the church and its operations.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The church premises at Eldon Road, Eastbourne is held on trust by the Baptist Union Corporation. There is no record of original cost and as such, this property is not reflected in the accounts.

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 buildings 0% (see below) Fixtures, fittings & equipment 5 or 10 years straight line

The manses at 35 Baldwin Avenue and 90 Longland Road, Eastbourne are stated at cost and are subject to deprecation at 0%. It is the trustees' policy to maintain all the buildings to such a standard that their residential value is not less than their book value at any given time.

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 net income/(expenditure) for the year.

All equipment costing in excess of £1,000 is capitalised.

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.7 Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

The Fixed asset investments included in the accounts represent a listed investment portfolio. The year end balance is restated to its Open Market Value with any increase/decrease in value shown in the Statement of Financial Activities.

1.8 Impairment of non-current assets

At each reporting end date, the Church 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).

1.9 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.

1.10 Financial instruments

The Church 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 Church's balance sheet when the Church 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 trade and other receivables 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 transaction 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 trade and other payables 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Derecognition of financial liabilities

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

1.11 Taxation

The Church is not liable to taxation on its activities.

1.12 Employee benefits

If material, 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The Church contribute to defined contribution pension schemes on behalf of some staff. The contributions payable for the year are charged in the Financial statements as part of Staff costs.

1.13 Retirement benefits

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

1.14 Stock

The Church considers that the small value of stocks in hand at each year end is insignificant and no adjustment has been made to the Financial Statements to reflect these items.

1.15 Taxation

The Church is not liable to taxation on its activities.

2 Critical accounting estimates and judgements

In the application of the Church’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.

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2020	2019
	£	£
Donations and gifts	366,189	303,971
Legacies receivable	12,000	29,336
Government Grant income - Furlough payments	15,124	-
	393,313	333,307

4 Charitable activities

	Church	Church
	operations	operations
	2020	2019
	£	£
Sales within charitable activities	2,971	7,885

5 Other trading activities

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2020	2019
	£	£
Other ancillary trading income	13,064	20,414

6 Investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2020	2019
	£	£
Interest receivable	5,300	8,231

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

7 Charitable activities

Church operations Supporting the worldwide church £ £ Staff costs 196,415 - Depreciation and impairment 14,402 - Other direct costs 38,870 - Rent and rates 8,444 - Insurance costs 5,089 - Light and heat 7,950 - Repairs and renewals 34,879 - Telephone costs 2,525 - Printing, postage, stationery and computer costs 8,391 - Travel expenses - - Sundry and other expenses 4,448 - 321,413 - Grant funding of activities (see note 8) - 48,418 Share of governance costs (see note 9) 2,274 - 323,687 48,418 Analysis by fund Unrestricted funds - general 323,687 48,418 323,687 48,418 For the year ended 31 December 2019 Unrestricted funds - general 319,037 54,565 319,037 54,565	Total £ 196,415 14,402 38,870 8,444 5,089 7,950 34,879 2,525 8,391 - 4,448 321,413 48,418 2,274 372,105 372,105 372,105	Total 2019 £ 177,521 3,823 43,623 8,094 5,070 8,115 54,924 2,280 8,514 345 4,508
		316,817 54,565 2,220
		373,602
		373,602
		373,602

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

8 Grants payable

	Supporting	Supporting
	the	the
	worldwide	worldwide
	church	church
	2020	2019
	£	£
Grants to institutions:
Baptist Missionary Society	14,465	19,106
SIM	11,752	12,799
Baptist Union Home Mission	14,624	18,195
Eastbourne Networx	2,000	1,200
Pastor Sergei	3,100	-
Boys and Girls Brigades	1,453	1,636
People Matter	-	500
Other	1,024	1,129
	48,418	54,565

9 Support costs

Support costs Governance costs £ £ Accountancy - 2,274 - 2,274 Analysed between Charitable activities - 2,274	2020 £ 2,274 2,274 2,274	2019 Basis of allocation £ 2,220 Governance 2,220 2,220

Accountancy fees listed above includes payments to the Independent Examiner for accountancy and Independent Examination services. Approximately £1,200 of this fee can be attributed to the Independent Examination (2019: £1,200).

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

10 Trustees

The following trustees (and their related parties) were paid by the Church in relation to ministerial, youth an support work undertaken:

					2020	201	201
					£	£
Mr A Babalola		Salary			12,001	11,725
		Pension contributions			600	537
Rev C Short		Salary			37,453	36,593
		Pension contributions			3,924	3,846
Mrs S Taylor		Salary			18,489	16,054
		Pension contributions			923	803
					73,390	69,559

Travel and other direct expenses were reimbursed in respect of these duties as follows:

					2020	201	201
					£	£
Mr A Babalola					1,028	3,230
Rev C Short					2,533	2,322
Mrs S Taylor					153	316
					3,714	5,869

In addition, living accommodation is provided by the Church free of charge to enable Rev Chris Short t carry out his ministerial duties effectively.

Other expenses totalling £525 were reimbursed to 1 trustee and their related parties (2019: 2 trustees wer reimbursed £653). These were operating expenses paid for by the trustees on behalf of the trust, in carryin out its activities.

Total donations received from the trustees amounted to £22,153 during the year (2019: £17,740). Th excludes any cash donations which were paid into the weekly offerings as these are not separatel identifiable.

Trustees Indemnity insurance was purchased during the year, at a cost of £483.

There were no other disclosable related party transactions.

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

11 Employees

The average monthly number of employees during the year was:

Charitable activities Employment costs Wages and salaries Social security costs Other pension costs	2020 Number 10 2020 £ 175,798 10,744 9,873 196,415	2019 Number 9
		2019 £ 159,782 9,570 8,169
		177,521

Wages paid to Key Management Personnel incorporate the salary costs for the pastor Rev Chris Short, as outlined in Note 10 above.

Pension contributions, into defined contribution pension schemes, amounted to £9,873 (2019: £8,169).

In addition to the paid members of staff, many volunteers give their time and expertise in the delivery of our ministries.

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

12 Net gains/(losses) on investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2020	2019
	£	£
Revaluation of investments	(17,215)	22,983
Gain/(loss) on sale of investments	(17,046)	(724)
	(34,261)	22,259

• 18 -

VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

13	Property, plant and equipment
		Freehold land	Fixtures,	Total
		and buildings	fittings &
			equipment
		£	£	£
	Cost
	At 1 January 2020	234,942	127,746	362,688
	Additions	-	83,560	83,560
	At 31 December 2020	234,942	211,306	446,248
	Depreciation and impairment
	At 1 January 2020	-	115,582	115,582
	Depreciation charged in the year	-	14,402	14,402
	At 31 December 2020	-	129,984	129,984
	Carrying amount
	At 31 December 2020	234,942	81,322	316,264
	At 31 December 2019	234,942	12,164	247,106
14	Fixed asset investments
				Listed
				investments
				£
	Cost or valuation
	At 1 January 2020			161,273
	Valuation changes			(17,215)
	Disposals			(62,047)
	At 31 December 2020			82,011
	Carrying amount
	At 31 December 2020			82,011
	At 31 December 2019			161,273

Fixed asset investments revalued

The investments are included at their Open Market Value at the year end. The historic cost of the portfolio is £95,595 (2019: £155,371).

15	Financial instruments	2020	2019
		£	£
	Carrying amount of financial assets
	Instruments measured at fair value through profit or loss	82,011	161,273

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VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

16 Trade and other receivables

16 Trade and other receivables
Amounts falling due within one year: Prepayments and accrued income 17 Current liabilities Other taxation and social security Other payables Accruals and deferred income	2020 £ 26,598 2020 £ (3,000) 3,786 7,039 7,825	2019 £ 14,815
		2019 £ 3,375 3,766 9,199
		16,340

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:

			Movement		Movement
			in funds		in funds
		Balance at	Incoming	Balance at	Incoming	Balance at
	1	January 2019	resources	1 January 2020	resources	31 December
						2020
		£	£	£	£	£
Buildings fund		234,942	-	234,942	-	234,942

" Buildings Fund shows the cost of the church's two manse properties.

• 20 -

VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

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:

Balance at 1 January 2020 £ Allocations fund 3,689 Bookstall fund 1,885 Catering fund 44 Charity reserve fund 70,000 Investment fund 121,273 Maintenance fund 23 Reserve fund - Events Fund 134 Fellowship Fund 1,875 Missionary fund 145 Specified Gifts Fund 1,620 200,688	Movement in funds Incoming resources Resources expended Transfers Revaluations, gains and losses Balance at 31 December 2020 £ £ £ £ £ 1,040 (7,967) 10,200 - 6,962 987 (435) - - 2,437 - (919) 1,000 - 125 - - - - 70,000 - - (61,331) (34,261) 25,681 - (34,027) 36,000 - 1,996 12,000 - (10,000) - 2,000 944 (699) - - 379 9,995 (5,397) - - 6,473 10,958 (50,766) 39,960 - 297 24,379 (7,414) - - 18,585 60,303 (107,624) 15,829 (34,261) 134,935	Movement in funds Incoming resources Resources expended Transfers Revaluations, gains and losses Balance at 31 December 2020 £ £ £ £ £ 1,040 (7,967) 10,200 - 6,962 987 (435) - - 2,437 - (919) 1,000 - 125 - - - - 70,000 - - (61,331) (34,261) 25,681 - (34,027) 36,000 - 1,996 12,000 - (10,000) - 2,000 944 (699) - - 379 9,995 (5,397) - - 6,473 10,958 (50,766) 39,960 - 297 24,379 (7,414) - - 18,585 60,303 (107,624) 15,829 (34,261) 134,935
		134,935

• " The Allocations Fund is for allocations to internal church activities and local organisations.

• " The Investment Fund is the holding of the Charities Investment Fund (ChariFund).

• " Charity Reserve Fund ring-fences 3 months running costs of the charity.

20 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds Designated funds Restricted funds £ £ £ Fund balances at 31 December 2020 are represented by: Property, plant and equipment 81,322 - 234,942 Investments - 82,011 - Current assets/(liabilities) (6,839) 52,924 - 74,483 134,935 234,942	Total £ 316,264 82,011 46,085
	444,360

• 21 -

VICTORIA BAPTIST CHURCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

21	Cash generated from operations	2020	2019
		£	£
	Surplus for the year	8,282	18,494
	Adjustments for:
	Investment income recognised in statement of financial activities	(5,300)	(8,231)
	Loss on disposal of investments	17,046	724
	Fair value gains and losses on investments	17,215	(22,983)
	Depreciation and impairment of property, plant and equipment	14,402	3,823
	Movements in working capital:
	(Increase) in trade and other receivables	(11,783)	(4,762)
	(Decrease)/increase in trade and other payables	(8,515)	1,719
	Cash generated from/(absorbed by) operations	31,347	(11,216)
22	Analysis of changes in net funds
	The Church had no debt during the year.

• 22 -