Charity roglstration numbèr 1132335 Company reglstrntlon number 07028173 (England and Wal08 VICTORIA BAPTIST CHURCH TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 VICTORIA BAPTIST CHURCH TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustèes Revd C Short Mi85 F Hall MrSDJJupp Mr S D Francls DrT AKing Mr A Phillips Mr D Fairhead (Appoinled 26 June 2024) (Appointed 27 November 20241 Charlty numb•r 1132335 Company number 07028173 Prfnclpal addr•s8 Eldon Road Eastbourne East Sussex BN21 1UE R•gl*t•red offl¢• Eldon Road Eastboume East Sus8ex BN21 1UE Indop•ndont •xamln•r John Caladine FCCA CTA FCIE Caladine Lirnited Chanty House 22 Upparton Road Easlboum8 East Sussex BN21 1 BF VICTORIA BAPTIST CHURCH TRUST CONTENTS Pag8 Trustees, r8POrt Statemant of Truslées, r8spoTrslbllitios Independent ex8mSnef8 report Statement of flnancFal activltles Balance ¥hogt staternent of cash flows Notes to the flnanclal 81atements 9-21 VICTORIA BAPTIST CHURCH TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 December 2024. The ffinanclal statements have been prepared in accordance with the accounting policies set out in note 1 to th8 financial statements and comply with the Church's Memorandum and Artlcles of Association, the Companies Act 2006 and "Accounting and Reportin9 by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in aG¢ordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" leff8cllve 1 January 2019). Obfvctlv•s and actlvltlas The Church's objectives 8ra'. ) tha advancement of the Christ18n falth a￿ordIng to Ihe Bible and the princapl8s of the Baptist denomination. b) the church may also advance education, rell8ve povarty and carry out the other charllable purposes In the Unlted Kingdom and other parts of th8 world. The vision statement of the church is Vlclorla Baptist ChurGh 6xists lo se8 Jesus Christ honour8d In Eastboum8 and beyond las noted In 2020 Trustees Report). A wide variety of other gatherings and org2nisalions also meet and operate under the ausplces of Viclorla Baptlst Church In lirie wlth its vision and obj8cls. Public benefit The Truslees have pald du8 règard lo the Public Benefit guidanca issuéd by the Charlty Commission In deciding whal activities the Church should undertake. Achlevementj and performan¢o Significant actlvltles and a¢hi8v8m8ntS 8gainsl objective8 Victoria Baptist Church Trust provldes a larg8 number of actlvitles which f811 within its purpose and aSms. As ils Governing Document describes, the purpose of th8 church is the advancement Df the Christian faith in accordance with the prlnclpl8s of the Biblè and the practlces of the Baptist Denominalion. These aims are carried out both by siaff team and volunteers servlng the church in a varlely of differ8nt ways. During the year. live and online servl¢es. Bible studS&s, prayer meetlngs and youth and Children's work were provided. 10 peopl8 Ware baptised. We continued the wort( of the Christians Against Povety Debt Centre, with 13 clients becoming debt free. and a total of £134,877 written off In 2024, We also advanced the 'Community Fridge, ministry. reduclng food waste. 8118viating food poverty and reachlng an average of 50 people per weék. Thè Community Fridg8 also ran br8akfast c1ub5 during the Easter and Surnmer holidays, providing a Ir8e breakfast and snacks lo families on@ day per week. The Frldgg was also able to Offer gxtra food to Glienls for th8 Christmas period. The pastoral vislting team Gontinued lo grow and serve the church, 1 Alpha COUFse took ploce and the emphasis on the developmènt of Life Groiips within the church continued. The new group for 18-35 year olds. which was eslabllshed in the latl&r part of 2023, continued lo meet. A new Ministry for DlsGipleship was established, with 2 staff members working together to provlda discipleship for men and women. Othèr organisalions such as rnen's and women's fellowships also continued to Provide support to additional sources of worship and t8aching which complement ihe Sunday services. Other projects compl8m8nt the mlnlstry of the church wlth events for young peoplè in the locality including Boys, and Girfs, Brigades, and Frlday clubs for chlldren and youth. The church also has a team who provide voluntary marshalling services for many communily events In Eastboume and beyond. The church continues to fulfil its objectives by supporting local initiatives for the relief of suff8rlng and poverty li.e. Nehmorx) and a variety of rnissian projects including supporting a church in Lebedyn. Ukraine. VICTORIA BAPTIST CHURCH TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 People In the locallty continue lo make extenslve use of the church's buildings and tscilities. Among the many groups uslng our facllities 8re Rock Cholr. the Blood Donation Service and U3A. The church staff continue to admlnlstei and dir6GI thls operation under the leadershlp of the Core Leadership Team. Many volunteers, who give of their time and expertlse. are involved In the delivery of these minlstrios. Staff and volunteers have undertak8n triennial Safeguarding Iraining. and a number of staff anrj volunteers have undertaken Fire Safety training. Gifts and grant5 are glven to organlsations and individuals in accordance with the objectives of the church. Th8 church continues to be supported18rg81y by the sacrlficlal givlng of Its members and attendees. Glfts and donatlons In the year are shown In Notg 8. Durlng the year, a working group was set up to investigate the possiblllty of converting to a CIO. This has Incurred sorne18gal fees. Flnancial review Thè trust recorded a surplu$ of £28.813 on all funds in the year. Thls compar8S With a deficit of £25,268 last year. There was a contlnu8d increas8 in regular givlng from church members, which together with gift aid amounted lo £32,905 increase in Ihg year, Reserv8s policy It Is the policy of thg church to hold an adequate level of cash and re8dlly accesslble reserves deerned sufficlent to meet likely and unexpected capltal expenditure needs. Subject to donorfs requests. r8strfctèd funds are generally held to meet speclfic purposes or capital projects. The pjlicy of th8 church is that a Charity Reserve Fund equlvalent to 3 months expendllure should be maintained. holding cash which has not been de31gnal&d for any specifk purpose. The trustee5 consider that malntalnlng a res8rve of £82,000 wlll ensure Ihal, in the event of slgnificanl drop in funding, they will be able to continue the Church's current activities, while conglder8tlon 15 given to ways In which additional funds may be ralsed To irryjrove our health and safety, and ensure that We are complying wSth regulallons, we Bubscrlbed lo Cllatlon lan onlino health and safety consultancy). An EICR (Electrlcal Install8llon Condlllon Report) took place in December. and hlghllghled som8 areas of conGem. which have been addressed. We have begun ragular Inspections of our properties (Manses and Chvrch flal). and r8medlal works have been Ljndertaken as necessary, Any excess rgsaNés above the mSnlmum level shown above represent fijnds whith need to be accumulated for major ¢apil81 projects & building works in the future. Investment policy The majorlty of monles ar8 Invested In deposll accounls with financial Institutlons, the Baptist Union and M&G Charifund Income Units. The Trust seeks to obtain the highest posslble returns consistent with a Gautious attltude to risk and short lemi avai13bilily of such monies. The Trust has for a number of years held M & G Charifvnd Units, whiGh are 5ubjeGt to 51oGk market fluGtualions. These Investments are oasily reallsable and the church 1$ satlsfled th the performance of these investments. The trustees have consldered the major risks to whlch the Church is exposed In particular those related to the operations and financas of the Church. They are satisfied thal appropriate Systems are In place to mitigate the Church's exposure to such risks, to safeguard the assets of the Church and should prevent andlor d8tPGt fraud and other irregularflles. VICTORIA BAPTIST CHURCH TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure, governance and management The Church is a company limit8d by guarant88 and incorporated on the 23rd Septernber 2009 and commenced activities on the l January 2010 with th8 transfer of assets and funds from Wctoria Baptist Church. an unincorporated charity. victoria Baptlst Church i8 affiliated to the Baptist Unlon of Great Britain, and the Bapllst Unlon Corporation is the sole trustee of the church land, thurch bulldings and manse properties on behalf of the church. Full legal and edmlnlstrative information is displayed on the flysheel to the accounls. Th8 trustees, who are also the directors for the purpose of company law, and who served during the year were.. Revd C Short MrRJKlrk Mrs PA Burr Mrs L A Cr8ggs Miss F Hall MrSDJJupp Mr S D Francis DrT AKlng Mr A Phillips Mr D Fairhead (Retired 27 Novamber 2024) (Retired 27 November 20241 (Retlred 30 September 20241 (Appolnted 26 June 20241 . I have no concems and have come across no other matters In Conn8c￿On with the exarninatlon to whlch attentlon should b8 drawn In this report In order to enable a proper understandlng of th8 fin8nclal stalem8nts to bè reached. John Caladln CA CTA FCIE Caladine Llmlted Chantry House 22 Upperton Road Eastboume East Sussex BN21 18F D8ted-. VICTORIA BAPTIST CHURCH TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Restricted funds funds 2024 2024 Total Unrestrlcted Re¥trlcted funds ftsnds 2023 2023 Total 2024 2023 Notes Income from: Oonations arKI legacies Charitabla activities Other trading activiti8S Investmènts 378,621 2,775 33,957 7,057 378,621 2,775 33,957 7,057 348,216 1,879 32,794 6,507 348,218 1,879 32,794 6,507 Total income 422,410 422,410 389,396 389,396 Charltable activities 396,020 396,020 412,426 412,426 Net gainsl(losses) on inveslmenls 13 2,423 2,423 (2,236) (2,236} Not In¢omel(expendlturg) and movemont In funds 28,813 28,813 (25,286) (25.2661 R•conclllatlon of funds: Fund balances al 1 January 2024 197,208 234.942 432,150 222,474 234,942 457,416 Fund balanc•s at 31 Deeomb•r 2024 226,021 234.942 460,963 197,208 234,942 432,150 The statement of financlal actlvltles includes 811 galns and losses recognlsed In the year. All income and expenditure d8riv& from continuing activili85. VICTORtA BAPTIST CHURCH TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed as8•t6 Tangible assets Investments 14 15 288.006 95,354 290.511 92.931 383,360 383,442 Current asaats D6btors Cash at bank and In hand 16 9,159 81,361 6,216 80.704 90.520 66,920 Credltor8: amounts falllng duo wlthln one year 17 12,917 18,212 Net current assets 77,603 48,708 Total assBts l•ss ¢urront liabilitl•s 460,963 432.150 Th• funds of tho Church RestAct8d funds Unrestricted funds 234,942 226,021 234,942 197,208 20 460,963 432,150 Th8 company Is 8ntltled to th8 exemptlon from the audlt requiremenl contslned In seclicn 477 of the Companies Act 2006, for the year endéd 31 December 2024. The dlrectors acknowledge thelr responsibllltl8s for ¢omplylng wlth the requlrements of the Comp8ni88 Act 2006 wlth re$pect to accountlng records and tho preparatlon of financial statements. Tha members hav8 not raqulred the company to obtaln an audlt of its financial Statemènts for th8 ygar In qu8Stlon In accordance wlth sactlon 476. These flnsncial statements have been prepared in acojrdance wlth the provlslons appllcable to Companies subject to the small companies regime, The financl81 statements were approved by the Trustge8 on ........ ..... 2f Revd C Short Trustee Company reglslration nurnber 07028173 (England and Wales) VICTORIA BAPTIST CHURCH TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not•s Cash fflows from operatlng xctlvities Cash gengratgd fromllab8orb8d by) operations 23 29,908 {6.697} Inve6tlng actlvltl•s Purchase of tangible fixed assets Invesknent Income recalved {16,308} 7,057 18,609) 6,507 Not cash used In Investlng octivltl•s (9,251 } (2,102} Not Incroasglld•cr•a80l In cash and ca8h gqulvalents 20,657 {8,7991 Cash and cash equlvalents at beglnnlng ofyear 60.704 69,503 Cash and cayh •qulvalent8 at •nd ol year 81.361 60,704 VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng policies Company inlormation Victoria Baptlst Church Trust is a company limited by guar8nt8e incorporated in England and Wales. The registered office is Eldon Road, Eastbourna, East Sussex, 8N21 1UE. 1.1 Accountlng convgntlon The financlal statamenls have been prepared in accordance with the Church's Igovernlng document]. the Compani8s Act 2006, FRS 102 "Tho Financial Reporting Standard applicab18 in the UK and Rapubllc of Ireland. I'FRS 102.} and the Charities SORP "Aecounting and Reportln9 by Charities.. Slalemenl of R8comm&ndad Pracllce applicable lo chariltes preparing their accounts In accordance wllh the Flnanclal Reporting Standard applicable in the UK and Republi¢ of Irgland (FRS 1021" leffeclive 1 January 20191. The Church 15 a Public Benefit Entity as defined by FRS lof! The financial statements 8re pr8p8r6d In sterfing, which Is the fvnctsonal currency of the Church. Monetary amounts in these financial slaLements are rounded lo the nearest £. The financlal slat8ments hav8 been prepaTed under the historical cost conv&ntlon, modifled to include Ihe r8valualion of Investment assets at fair value. The principal accounting policiès adopt8d are set out below. 1.2 Golng concern At the time of approving the financial statèments, the Trustees have a reasonable expectation Ihat the Church has 8dequ818 r8sour¢es to continu8 In operatlonal exist8nGe for the fore588able future. Thus the Trustees continue lo adopt the going concern b8s1s of accounting in preparing the financial 51alements. 1.3 Charltable funds Unreslricled funds ar8 avallable for use al the discretion of the Trustees in furtherance ol their charitable objects'v8s. Reslrictad furlds are subject to specific conditions by donors or grantors as lo how th8y may be used, The purposes and uses of the restricted funds are set out in the nolas to the financial statemènts. 1.4 Ineome Income is recognised when the Church is legally entitled lo il after any p8rformanc8 condllions have b8en mel, the amounts can be measured reliably, and il is probable that incom& will b8 r8ceived. Voluntary Income and danalions 8re accounts for as re￿iVed by the Church. Income lax recoverable in r8lalion lo donatlons received under Gifl Aid or d8ed5 of covenant Is recognised al the time of the donation. Legacies are recognised on recelpt or otherwise if the Church h85 been notified of an impending distribution, the amount is known. and receipt is oxpecled. If the amounl is not known, the legacy is tieated as a contingent asset. Grants are r8cognised in full in the Slalemenl of Finandal Activities In the year in which they are receivable. Monies received are allocated to Ihe period in which they relale. Any income which is received but relates to a subsequent period is deferred and subsequenlty released in th8 relevant accounting period. VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclos (Contlnued) 1.5 Expendlture Resources exp&nded are recognised in the period to which the costs relate. Th8 maln cost centres are: Charitable activities operatlons. Building costs - whlch Include th8 cost of running th8 maln churth bullding and the two rnanses. Donatlons Including gifts to local organisations and activltles h81d at tha church. Governance costs - Include tho$& costs associated wlth fulflNlng the charity's statutory obllgatlons. which cover the runnlng expenses of the charity including church & offlce The charlty Is not reglstered for VAT and therefore all expanditure 1$ recorded Incluslve of non-recoverable VAT. Governanc9 COSts are allocated 100% to dlrect charltabl• adlvitles in relatlon to the runnlng of the church and Its varfou$ mlnlstrlas. 1.6 Tanglbl• Ilxed a$•ot• Tanglble flxed assets are Inltlally measured at ¢08t and subsequently m•asurad at cost or valuation. net of deprociatron and any Impalment losses. Fix8d asset purchases are capitalised where the cost exceeds £1,500. Below thls, transactlon8 are treated as expendlture and rgcorded through tho SOFA. Depreciab'on is recognised so a8 to wrile off the cost or valuatlon of as8ets less their r8sldual values over thalr usèfiil Ilves on th8 following b8SI8: Freehold land and bulldlngs Ixiur8s and flttlngs 0%15ee below) 5 or 10 year8 stralght line The galn or loss arlslng on the d15pos81 of an a$set is detemiined as the dlfferencg be￿8￿n tha sale proceeds and the carrying value of th8 asset, and 15 recognised In the statement of financial activlties. The church premlses at Eldon Road, Easlboume are held on trust by The Baptlst Unlon Corporation Llmited. There Is no record of original cost and as suth. thls property is not reflected in the fin8nclal statements. Thé Church manses at 35 Baldwin Avenue and 90 Longland Road. Easlboume are held on trust by the Baptist Union Corporatlon Llmlted. The Churth has a beneflclal Intewst in these propertles and they are. the￿fOre, Included In the financial statements. They are stated at cost and are not subject lo depreciation. It is the trustees, pollcy to maSntain all the buildings lo such a standard Ihat their residual value is nol less than the cost at any given tlmo. 1.7 Flxed ass￿ Investmènts Fixéd asset Investmenls are initially measured at transaction price excfudlng transactlon costs, and are subsequenuy measured at falr value at each raporttng date. Changes in fair v81ue are recognlsed In net incomel(expendilure} for the year. Transadion costs are expensed a5 incurred. The Fixed asset investments included in the accounts represent a listed invgslment portfolio. The year end balance is restated to its Open Markel Value with an inGreaseldoGrease in value shown in the Statement of Financial Activitlas. 10- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aceountlng pollcles (Contlnued) 1.8 Impalmierrt of flxod assets At each reporting end date, the Church revigws th8 carrying amounts of ils iangible assets to determin8 whether ther8 is any indrcation thal those assets have suffered an impairment loss. If any such indication exists. the rècoverable amount of the asset is estimated in ord8r to determine the extent of the impairmenl Ios5 (if any). 1.9 Cash and cash •qvlval¢nts Cash and cash equSvalents include cash in hand, deposits held at call with banks, other short-term liquid investments with orSglnal malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitleg. 1.10 Flnanclal Instruments Thè Church has elecled lo apply the provislons of Section 11 'Basic Financial Instrumènts, and Secllon 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Flnancial inslrumanls are recognised in the Church's balance sheet when the Church becomes party to the conlractual provisions of the instrument. Flnanclal assets and liabilities ara offset, with the net amounts prasented in the financial statements. when there is a19galty enforceable rlghl to sel off the recognised amounts and there 1$ an intentlon lo settle on a net basls or to realise the asset and settle the Ilablllty simultaneou51y. Basic financial assets BasiG financial assets, which include debtors and cash and bank balances, are initially meaBur8d al transaction prlce Including tTansactlon costs and are subsequentty caried at amortlsed cost uslng the effective interest melhotl unless the arrangement coristilules a financing transacllon. where the Iransaclion is measured at the present valu8 of the future recaipts discounled at a market rate of Int8rest. Flnancial assets classified a8 ￿e1vable within one year are not amortised. Baslc flnanclal Ilabllld•s BasiG financial liabllhlles, including ¢r8dllors and bank loans are Inltlally recognlsed at traDS8Ction prioe unless the arrangement const1￿leS a finanGlng transaGlion, where Ihe dèbt Instrument is ffleaSU￿d at the present value of the future payments discounted at a market rats of interest. Financial liabilities Glassified as payable withln one year are not 8mortis8d. Debt instruments are subsequently carried al amortised cost, using the effeotive interest rale method. Derncognltlon of Ilnancial Ilablllties Financlal Ilabilities are dere¢ogni88d when the Church's contraGtual obligations expire or are discharged or cancelled. 1.11 Employoe benefft8 The cost of any unused holiday entitlement is recognised in the pèrlod in which the employee's seNi¢8s are received. Termination benefits are recogni58d immediately as an expense when the Church is demonstrably committed to terminate the employment of an employee or lo provide temilnatlon benefit5. The Church contributes to defined contribution pension schemes on behalf of some stsff. The contrlbuiions payable for the year are charged in the financial statements as part of Staff Costs. 11 VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) 1.12 Retlr8ment b•neflts Paym8ntS to deflned conlributlon retlrement benefit schemes are tharg8d as an axp8ns8 as they fall due. The Church pays pension contributlons for Its Mlnlst8r to the 88pllst Minlslers Pension Trust Llmlted, whlch Is final salary d&fin8d b8n8llt scheme, which is not contrarted oul of tho Stste Second pension. The scheme Is a multi-employer scheme and it 18 not possSble to identlfy lh8 as8ets and li8bilitle8 of the sch8m8 which are attrlbutabl8 to th8 Church. Therefore. Sn accordance wlth FRS102 sectlon 28, the scheme is accounted for as a deff ned contribution sch8m@. 1.13 stock The Church conslder8 that th8 small value of 8tocks In hand at èach year end Is Insignificant and no adjustment hag been made to the Flnand81 Statements io reflect these Items. 1.14 Taxallon In the opinlon of the trust888, the Church Is not liable to tsxatlon on Its actlvltles, due to its ¢harilable ststU8. Crltlcal •ccountlng •stlmatas and Judgomonts In the application of the Church's accountlng polici88, the Trustees arg required to make Judgements. 88tlmates and assumptions about the carying amount of assets and Ilab115tles that are not readily apparent from other sOu￿e5. The e8tlmat8s and a8socSated assumptions are based on historfcal experlenc8 and other factors that are considered to be relevanL Actual results may dlffer frorn these estirnatas. The estimates and underlying as8umpUons are revlewed on an ongoing basis. Revisions to accountlng esllmates are recognised In the perlod in whlch the 8Stim8te is revised where the revlsion affects only that period, or in the perfod of the revislon and fubjre perfods where the revision affects both current and future perlods. Incom• from donatlon8 and logacl•s Unr¢$lrlcted fund8 2024 Unr•strfct•d funds 2023 Donations and gifts Legacies 378,621 345,716 2.500 378,621 348,216 Income from charftabl• actlvltles Unrestrlcted Unrestrictod funds funds 2024 2023 Church operatlong Sales wilhin charitable activities 2,775 1,879 12- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incomè from othor tradlng actlvltles Unroslrfctad Unrg$trleted funds fvnds 2024 2023 Rental of property 8nd Hall hlre income 33,957 32,794 Income from Investments Unr•$trl¢tod Unrnstrlctod funds fund4 2024 2023 Interest recelvable 7,067 6,507 13 VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expondlture on charitable activiliè$ Church Supporting operatlons Total Church Supporting op8rations the worldwide church Total worldwld• church 2024 2024 2024 2023 2023 2023 Dlroct C08t$ Staff costs DepreGlatlon and Impairment 0th8r dlrect costs Cleanlng and Coundl tax Insurances Llght and heat Repalrs and malntenance Telephone Printing, postage statlonery and Gompuler costs Sundry 203,031 203,031 188.725 188,725 18.813 57.854 11,946 6.368 20,958 25,472 1,922 18.813 57.854 11.946 6,368 20.958 25.472 1,922 17,280 62.103 9,501 8,116 30,255 50,052 2.810 17,280 62,103 9,501 6,116 30.255 50.052 2,810 5,693 1,379 5,693 1.379 5.011 948 5,011 353,436 353,436 372,801 372,801 Grant fundlng of activlues {8ee note 8) 35,404 35,404 34,757 34,757 Share of support ond govarnance cost8 (s•• not• 9) Govéman¢e 7,180 7,180 4,868 4.868 360,616 35.404 396,020 377.669 34,757 412,426 Analy815 by fund Unrestricted funds 360,616 35,404 396,020 377,669 34.757 412,426 14- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2024 Grants payabl• Supporting Supporting worldwlde church 2024 worldwlde church 2023 Grants to institutions.. Baptist Missionary Society Baptlst Unlon Home Mission Anava Foundation Hope Lebedyn Boys and Glrls Brigade Spinnaker (Schools workl Good News Brtghton Notworx Olher Speaklife Hope inAclion Evangelical Baplists Frontiers Charitable Trust 13.500 13,500 3,501 1.000 6.015 2.524 500 5.040 3.000 300 1.000 1.000 1,000 525 8,140 2,819 500 2,940 461 35.404 31,861 Grents to individuals 2,8 35,404 34,757 Support costs all•xat•d to actlvitlè8 Church operatlons 2024 Totsl 2023 Govemance 7.180 4.868 2024 2023 Govemance Costs compr18•: Accountancy Legal and professional Payroll fees 4.560 1.756 4.220 7,180 4,868 Accountancy fees includes the cost of the independent examination, accountancy and other services and advice. The Independent Examination costs are £1,320 {2023 £1.320}. 15- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to actlvlties (Continued) 10 Net movement In fundg 2024 2023 rhe net movement in funds15 Stated after charglngl(credltlngl- Depreciatlon of owned tangible fixed assets 18,813 17,280 11 Trustegs The Minisler act5 as on8 of the Church's trustees In accordance with the Trust deed and received remuneration of £47,22412023.' £40,166) and other benefits in respect of hi3 sorvlces as Minister, including the provision of manse accommodalon free of charge. In additSon the Minister received £1.410 {2023: £822) In expenses for travel and offlce costs In connect￿On wlth the work of the church, None of the olh8r trusteos (or any person8 connected with th8m) received any r8muneration during the year. The charity purchased Trustee indemnity insurance In the year at a cost of £80. Totsl donations racelved from the Iruslees amounted to £36,182 (2023.. £30,541) during the year. Thls excludes any cash donations which were paid into the we8kly offerings as these ar8 not separately identifiable. 12 Employa68 The average monthly number of employees durlng the year was: 2024 Numbor 2023 Numbor Charitable acbvitles 11 11 Employmont ¢os18 2024 2023 Wages and salaries Social security costs Other penslon costs 183,803 8,695 10,533 172,206 7,481 9,038 203,031 188,725 In additlon to thè paid members of staff. many volunteers give thelr tlme and eXpe￿Se In the delivery of our mlnistries, Remunerallon of key management personnel Is Included in note 11. There were no employees whose annual remuneration was more than £6Q.000. 16- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Gains and10550$ on investments Unr8strlct•d Unrestrlcled funds funds 2024 2023 Gainsl{losses) arising on.. Revaluatlon of investments 2,423 (2,236) 14 Tanglble flxod assets Fr•ehold land Flxtur•£ •nd and bulldlrtg* fittings Total Cogt At 1 January 2024 Addltions 234,942 169,165 16.308 404,107 16,308 At 31 Dec8mb8r 2024 234.942 185.473 420,415 Depreclatlon and Impalrm•nt At 1 January 2024 Depr8ciatlon charged in tho year 113.596 18,813 113,596 18,813 At 31 December 2024 132,409 132,409 Carrylng amount At 31 December 2024 234,942 53,064 288,006 At 31 December 2023 234,942 55,569 290,511 15 Flxed asset invo8tmonts Llsted Inve8tmont8 Cost or valuatlon At 1 January 2024 ValUa￿On changes 92,931 2,423 At 31 December 2024 95,354 Carrylng amount At 31 December 2024 95.354 At 31 December 2023 92,931 17- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Debtor8 2024 2023 Amounts falllng dug wlthln one year: Trade debtors Gift ald recoverable 746 8.413 2,169 4,047 9,159 6,218 17 Cr•ditors: amounts falllng du• wlthln one yoar 2024 2023 Other taxatlon ond $oclal 8g¢urtty Other creditors Accruals and def8rred Income 4,037 2.102 6,778 3,030 2,523 12,659 12,917 18.212 other creditors r￿n51st of balances relating to Church groups and activities. 18 Rotir•m•nt bonoflt schemes 2024 2023 D•fin•d contrlbutlon ¥ch•mo8 Charge io profit or loss In ￿SpeCt ol deflned Contribution $¢hemes 10,533 9.038 The Church operatss a deflnod contrlbutlon penslon scheme for all quallfylng employees. The a$$et8 of the scheme are held $8par8lely from th¢)se of the Church In an Independently admlnlstered furrtl. 19 Rgstrlctod funds Th8 reslricted funds of the charity comprise the unexpended balances of dOna￿on$ and grants held on trust sublect to Speclfic condition8 by donors as to how they may b8 U88d. At 1 January 2024 At31 D•comber 2024 Bulldlngs Fund 234.942 234,942 Previous yoar: At 1 January 2023 At31 December 2023 Bulldings Fund 234,942 234,942 18- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restrlcted funds (Continued) Buildlngs Fund shows the cost of the Church's manse propertles. 20 Unrastrlcted funds The unrestrfcted funds of the charity comprlse the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These includ8 designated tund8 which have baen set aside out of unr&stricled funds by the trustees for specific purposes. At31 Dec•mbar 2024 At 1 January 2024 Incoming resource8 Resour¢es expended Transfers Galns and losses Charity reserve fund Projects fund Fellowship and family fund Mission fund Equlpmenl Fund Ganeral funds 82.000 15,990 82.000 40.897 24.907 8,413 24,927 2,078 23,422 {6.077) (73,436) 250 60,000 4,684 34,913 55,569 10,309 (2,505) 157,745) 53,064 10.483 372.003 (316,507> 2,423 197,208 422,410 (396,020) 2,423 226,021 Provloug yoar: At 1 January 2023 Incoming R960urcos resources oxpended Transfers Galns and 108SaS At31 D•¢•mber 2023 Charity reserve fijnd Projects fund Fellowship and family fund Mission fund Equipment Fund Gen8ral funds 82,000 25,390 82,000 15.990 (31,400) 22,000 9,116 21,799 5,153 24,909 (7,0251 {71,2121 1,170 49,431 8,414 24,927 64,239 19.930 (8,670} (63,931) 55,569 10,308 359.334 (302.789} 12,236) 222,474 38g,396 412,426 12.236) 197.208 19 VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Unre8trlctod funds (Contlnued) D8slgnated funds InGludes'. The Charity Reserve Fund, holdlng 3 months runnlng costs in line with the Charfty Commlsslon recommended reserves policy. Th8 Ganéral Fund from which the day to day running and maintenance costs of the Church are met, The Mission Fund to whlch are allocated Income and expenditures for home and over58a8 missron actlvitles li.e. CAP, Comrnunty Fri(kJe. BMS, Home Mis51on. Charitsbla gifts et¢.). The Misslon Fund 18 SUPPOrted by 8 rnonlhly allocatSon from the General fund totslllng £60,000 In the year. The Projects Fund to provlde for specific proleGts {Includlng buildlng projects, minis¢ry dev8lopmenl and 8quiprnent upgradosl. The Functional Fixed Asséts Fund Is where the value of equipment already purchased in held and not avallable for use. 21 Analysls of not assots botw•on fund6 Unro$trlded funds 2024 Restrlctsd funds 2024 Total 2024 At 31 December 2024: Tanglble assets Investments Current 8ssetslOl8bllltiesl 53.064 95.354 77.603 234,942 288,006 95,354 77,603 226.021 234,942 460.963 Unr•8trfct•d funds 2023 RBstrl¢ted funds 2023 Total 2023 At 31 D•comb•r 2023: Tanglble assets Investments Current as8etsI(Ilablli￿8s) 55.569 92,931 48,708 234,942 290.511 92,931 48,708 197.208 234,942 432.150 22 Related party trpnsactlons There were no other related party transaction in Ihe year. 20- VICTORIA BAPTIST CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Cash gonerated from oporatlons 2024 2023 Surplusl{defiGitl for the year 28,813 (25.266) Adjustménts for. Investment Income recognised in statement of flnanclal activities Fair value galns 8nd losses on investrnents Depreciation and impairment of tangible fixed assets {7,057) (2.423) 18,813 {6,507} 2,236 17,280 Movements in working capitsl: {Increas8)Idecrea8e In debtors {Decrea$e) In cradltors 12,943> 15,295> 8,266 12.706) Cash gon•rat•d froml(absorb•d byl operatlons 29,908 {6,697) 24 Analysls of changes In n•1 funds The Church had no materlBI d8bt durlng the year. 21