REGISTERED CHARITY NUMBER: 1132797 Re ort of the Trustees and Financial Statement5 for the Year Ended 31 December 2023 for Ba t Church Xeinadin Audit Limited 8th Floor Becket House 36 Old jewry London EC2R8DD
Ba tist Church Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees Report of the Independent Auditors 7 to 10 Statement of Financial Activities li Balance Sheet 12 Notes to the Financial Statements 13 to 26 Detailed Statement of Financial Activities 27 to 28
Ba tist Church Re )ort of the Trustees for the Year Ended 31 December 2023 The trustee5 present their report with the financial 5tstementS of the charity for the year ended 31 December 2023. The trustees have adopted the provisions Df the Charities Statement of Recommended Practice ISORP 20211 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and with the Charities Act 2011. 'Do not store up for yourselves treasures on earth. where moths and vemiln destroyi and where thieves break in and steal. But store up for yourselves treasure5 in heavÈn. where moths and vermin do not destroy* and where thieves do not break in and steal. For where your treasure is, there your heart will be also. (Matthew 6..19-211 The church finished the year with a reported deficit of £17,734. When, however, the fund5 spent on the manse at 47 College Drive (which wa5 paid out of our Capital Fund) is excluded, then the outcome is very close to the breakeven budget that the church set itself at the beginning of the year. It was very pleasing that, although offerings lincluding donations) were £13,000 13.8%) below budget. they did in fact grow year on year by £11,000 13.4%) for the first time in four years (this is after adjusting the 2022 offerings for the Ukraine appeal). Total income for the year was adversely affected by the planned sale of our property at 8 Oxford Drive and the subsequent loss of rental income whilst the property remained empty. Rental income finished £10,000 under budget and, with "other income being £2,OOD above budget, total income finished at £21,000 below budget. As regards expenditure, totsl spend was £24,000 under budget which was driven by a significant underspend on staff costs of £37,000 due to the fact that we have run with staff vacancies throughout the year. Whi15t underspending on our st3ff costs has helped us to offset our shortfall in income, it is not a position we wish to be in and it inevitably takes its toll on the other members of staff and our volunteers. It wa5 therefore great news that, Matt Easton and Farrah Easton agreed to become our new youth and young adults worker and our children and families worker respettively. Thi5 meant that we entered the new year with only one staff vacancy, that of our lead minister, due to the retirement of Derek Page after a wonderful seNice of 38 years. The large underspend on staff c0st5 wa5 partially offset by a £13,000 overspend in other areas, particu13rly on repair5 and improvements to the church building. In last year'5 report of the Trustees, we highlighted that the Bapt15t Union had signed a contrart with the insurance company Just Group. This meant that the £531 per month we were paying into the pension fund as a 'deficit" contribution had dropped to £1 per month an annual saving to RBC of over £6.000. Thi5 arrangement has continued in to 2024 and, whilst we expect the transactions to be successfully completed, the rules governing cessation event5 and period5 of grace remain in place. As Trustees, we do very much focus on the financial 'numbers" but we never lose sight of the fart that we are not overseeing a Set of complete business numbers, a5 there is one large number missing from the accounts. That number is the enormous amount of unpaid voluntary work that ijnderpin5 everything we do and without which we could not hope to extend His kingdom. Thank you for all the unseen work that is carried out by so many and the generous giving of your time, your talents, your prayers and finances. Let us continue to seek His provision and retain a thankful heart as we seek to 'build a vibrant Chri5t-centred community with a vision for extending His kingdom Page I
tist C urch Re of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Objectives and aims In order to achieve its principal objective of advancing the Christian faith according to the principle5 of The Baptist denomination, the Church provides a variety of activities to its membership and to the community generally. The aim 15 to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord. Central to the work and witness of the church 15 the provision of regular public services of Christian worship. These services tske place each Sunday at 10.30 a.m. and 6.30 p.m. There are also 0¢sional services at other times. There is a full children's programme during the morning service. The church seeks to be a friendly and welcoming community, and anybody is free to attend any of these services. The church website www.ruislipbaptistchurch.org give5 comprehensive details of the church's activitie5, which include the following.. Approximately 20 "small groups" of people meet in the homes of members lor on church premises) to facilitate the growth of faith and discipleship. Further details of these can be obtained from the church office or web51tÈ,' A group for preschool children called Action Tots meets on Wednesday mornings during schoDI term times- Groups for younE people aged 11-14 years and 14-18, providing them with Christian teaching and social responsibility. The church also provides social activities for them, with meetings twice a week 3$ well as attending Christian festivals and other Christian events- Groups to meet the needs of those in the third age and those who have additional needs. We provide signed services and service5 for our deaf community- The Qfe Connect group. which meets on a Monday morning and meets the needs of the elderly and lonely in our local community,. For one week in the school Summer holidays around one hundred regular worshippers of the church of all ages, staff a holiday club for seven to eleven year olds from the local community. Between one and two hundred children normally attend thi5 event. Also, in the Summer Holiday5, an event is normally held over three days, called 'Holiday at Home for people of fifty-five years of age and over from the local community. This is run over three consecutive day5, with activities, speakers and a trip out to a local place of interest. Throughout the year we regularly attend local schools to lead assemblies and organise a number of seasonal activities for primary school aged children. After Christma5 we hold a Senior Citiiens New Year's Party. Other regular activitie5 and events include.. a craft club, an art club, a Tuesday Fellowship meetin& regular visits to lead services in Ic)¢èl Carè Homes, Ministry to Men, and a dad's camp. The purpose of all these groups is to assist the community and demonstrate the love of Jesus Christ. Page 2
Ba t15t Church Re ort of the Trustees for the Year Ended 31 December 2023 Fmm time to time the Church runs courses in parenting and money man3gemÈnt, and for people interested in discovering more about Christianity we run courses entitled 'Chri5tianity Explored and Alpha" Information is shared on Social media informing the local community of our activities. In addition to the above many individuals and gmups meet with others to share their faith and support others. The Church operates systems to ensure that all people working with children and vulnerable adults are appropriately vetted with regard to the Disclosure & Barring Services. Grantmaking The tru5tee5 set aside from their number, including representstives from the church membership, a finan committee that reviews requests for financial assistance. During the year the Church made grants totalling £78,966 to institutions. The three largest grants were.. Bapt15t Home Mission 1£14,0001 Home Mission is the way churches in the Baptist Union of Great Britain support one another financially. Our gift 15 used to provide grants for a variety of ministries in and through Baptist churches and support the work of the London Bapt15t Association. BMS World Mission 1£14,4201 is a Christian mi55ion organisation working in around 35 countries. Our gift for the BMS General Fund is used to 5UPPOrt the ongoing mission activity of BMS and provide support for it5 disaster recovery work. Wycliffe Bible Translators 1£12,0301 Wycliffe Bible Translators exists to make the Bible available to every people group in the world. Our gift is specifically direrted to provide personal support for Janet Souster, HR Director for SIL Francophone Africa Region in Mali. Volunteer5 Statistics are not maintained for the number of volunteer hours undertaken by the membership including the trustees but frDm anecdotal evidence, the figu is substantial. AcHIEVEmEr AND PERFORMANCE Charitable activities The Church does not measure the success of its programmes only in numbers, including financial numbers, but a150 in le55 tangible areas like fellowship and encouragement. The Trustees recognise that these are difficult to measure but, due to the very hard work and commitment of tsur staff and volunteers, we believe that 2023 was another positive year in the life of the church, and that we will be able to pursue our mission purposes in 2024 with continued enthusiasm. During the year, our membership was 27412022.. 2781. Average attendance at worship Services has steadily grown throughout the year and likewise in the work with children and amongst young people. Page 3
Ba tist Church Re the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Flnan¢lal posStion The Church continues to raise the funds which it needs to carry on its activities from within its own membership and congregation. No wider public appeal was made for funds during the year. The Church expressed its part in the life of the wider church by making grants to national and international Christian organis3tions and societie5 Wlth Christian aims and objectives compatible with the church's own charitable purposè. The Church is heavily dependent on its membership working as volunteers in all aspects of the church's activities, many of which run with little Dr no impact on the church'5 expenditure, but nevertheless contribute 5ub5tantially to the achievement of the church's objectives. The financial results for the year, together with a summary of the accounting policies adopted are set out in the accompanying financial statements. Reserves policy The church maintains sufficient reserves to ensure that it has sufficient operating cash to meet its expenses pending receipt of any irregLJlar income such as the annual Gift Aid claim and always in excess of 3 months budgetary expenditure. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is an unincorporated charitv. The Charity is governed by an Approved Governing Document, being a Constitution, which states that the principal purpose of the charity is the advancement of the Christian faith according to the principles of the BaptlSt denomination to include the advancement of education, community service and such other general charitable purposes in such parts of the United Kingdom and the world as the Church shall determine. The Church occupies premises which are held by The London Baptist Property Board Limited, on Trusts which are entirely compatible with the above objett. Organisational structure and decision making prOsS Member5 of the Church are accepted into membership in accordance with the Constitution which require5 them to have professed personal faith in jesus Christ and to understand the responsibilities of church membership. Th2 members, meeting normally takes place six times per year and has re5pon5ibility for the overall policy of the church. Sn accordance with the Constitution, the members appoint fifteen Tru5tee5 lone of whom 15 appointed Treasurer), who together with the Ministers (who are also appointed by the members), and collectively known as the Diaconate are responsible for the day to day running of the church's work and witness, and the financial and legal aspects of the charity. All member5 are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Relevant matter5 may be submitted to the Church meeting by the Trustees for guidance, or may be raised by members in Church meeting for further consideration by the Trustees. Though the Constitution permits decision5 to be made at Church meetings by appropriate majoritie5, the Church seeks to work by consensus wherever possible. Page 4
Ba tist Church Re ort of the Trustees for the Year Ended 31 December 2023 STRucfuRE. GOVERNANCE AND MANAGEMETr Induction and tralning of new trustees Upon appointment, each trustee receives a copy of the Constitution and thereafter meets regLJlarly with the other trustees for the purposes of performing his or her duties including praying for the membership and the fvture direction of the church. The trustees are encouraged to liaise with each other and receive guidance from policy documents available. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAIL5 Registered Charty number 1132797 Principal address 122 Manorway Ruislip Middlesex HA48HR Trustees Revd D Page Senior Minister (resigned 8.10.231 Revd B Dore Assistant Minister R Bawden Secretary C Rowland Treasurer C Gardner A Ingram E Corrado G Jones DTuft l Bawden Mrs H Yarrow Miss A Davie5 E chong Miss E Jones Mrs Toshowole A Zea (appointed 19.7.23 Auditors Xeinadin Audit Limited 8th Floor Becket House 36 Old Jewry London EC2R 8DD Page 5
Ba tlst Church Re ort of the Trustees for the Year Ended 31 December 2023 REFERENCE ANDADMINISTRATIVE DAlLs Bankers National Westminster Bank plc 118 Field End Road Eastcote Pinner HA5 IRP Property Trustee5 The London Baptist Property Board Limited Unit C2 15 Dock Street London EI 8JN Website address www.ruislipbaptistchurch.org STATEMENT OF TRUSTEES, RESPONSIBIUTIES The trustees are responsible for pparIng the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Report51 Regulation5 2008 and the provi5ion5 of the trust deed requires the trustees to prepare financial Statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements. the trustees are required to select suitable accounting policies and then apply them consistently* observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent,. prepare the financial statement5 on the going concern basis unles5 It is inappropriate to presume that the charity will continue in busines5. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial p051tion of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccount5 and Reports) Regulation5 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. Approved by order of the board of trustees on ... Iclwand signed on its behalf bv.. C Rowland - Trustee Page 6
Re ortoft Ba e Inde endent Auditors to the Trustees of tist Church Opinion We have audited the financial statements of Ruislip Baptist Church Ithe 'charity'l for the year ended 31 December 2023 which comprise the Statement of Financial Activitie5, 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 (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial 5tatements= give a true and fair view of the state of the charity's 3ffair5 a5 at 31 December 2023 and of its incoming resources and application of resources, for thè year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pradice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further d@5cribed in the Auditors, 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 financi31 statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities 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. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or collectivelyi may cast Signif1nt doubt on the charity's ability to continue as a going concern for a period of at least twelve morith5 from when the finan¢ia5 statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. Other information The trustee5 are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statement5 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. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially incDnsistent with the financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515tencies or apparent material mi55tatement5, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. basecl on the work we have performed, we conclude that there is a material mi5Statement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 7
Re ort of the Inde endent A ditors to the Trustees of Ba tist Church Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charitie5 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept,. or the financial 5taternents are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees A5 explained more fully in the Statement of Trustees, Re5ponsibilitie5, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trLJStees determine is necessary to enable the preparation of financial statements that are free from material mi5Statement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for a55e55ing the charity's ability to continue a5 a going concern, disclosing, as applicable, matters related to going Concern 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. Page 8
Re ortoft Ba e Inde endent Auditors to the Trustees of tist Church Our responsibiltties for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Art and relevant regulations made or having effett thereunder. Our objectives are to obtsin reasonable assurance about whether the financial ststements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue a Report of the Independent Auditor5 that includes our opinion. ReasDnable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from fraLJd or error and are considered material if, individually or in the aggregate, they could reasonably be expetted 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.. Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquirie5 were shared with the team, as well a5 consideration as to where and how fraud may occur in the entity. The following laws and gUlationS were identified as being of significance to the entity.. Those law5 and regulations considered to have a direct effect on the financial statement5 include UK financial reporting standard5, Company Law. Tax and Pensions legislation, and distributable profits legislation. -Those laws and regulations for which non-compliance may be fundamental to the operating aspetts of the business and therefore may have a material effect on the financial statements include health and safety legislation, Charities SORP, GDPR. Audit procedures undertaken in response to the PDtÈntial ri5k5 relating to irregularities (which include fraud and non-compliance with laws and regulation51 comprised of.. inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations,. enquiries with the same Concerning any artual or potential litigation or claims.. inspertion of relevant legal correspondence,. review of board minutes,. testing the appropriateness of journal entrie5' and the performance of analytical review to identify unexpected movement5 in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material mi55tatements may not be detected, even though the audit has been planned and performed in accordance with ISAS IUKI. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.ukl3uditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 9
Re ort of the Inde endent Auditors to the Tnjstees of tist Church Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities IAccount5 and Reports) Regulations 2008. Our audit work ha5 been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report 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'5 trustees as a body, for our audit worl for this report, or for the opinions we have formed. Xeinadin Audit Limited 8th Floor Becket House 36 Old jewry London EC2R 8DD Date: Page 10
Ba tist Church Statement of Financial Attivities for the Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestrirted funds Restrirted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacie5 390,280 390.280 449,396 Investment incomÈ Other income 8,917 10,942 8,917 10.942 15,705 9,274 Total 410,139 410,139 474,375 EXPENDMJRE ON Raising funds 214,249 214,249 219,282 Charitable activitie5 Grant making Youth and Children'5 Work 78,966 42.Z65 78,966 42.265 82,769 48,828 Other 92.393 92.393 84,919 Total 427.873 427.873 435,798 NINcOmE1(ExpEND1YuREl Other recognised gainglllossesl Gains on revaluation of fixed assets Actuarial gains on defined benefit schemes 117.7341 117,7341 38,577 380,371 380,371 24,937 28,067 Net movement in funds 362.637 362,637 91,581 RECONCILIATION OF FUNDS Total funds brought forward 7,418.585 7,418,585 7,327,004 TOTAL FUNDS CARRIED FORWARD 7,781,222 7,781.222 7,418,585 The notes form part of these financial statements Page 11
Ba t15t Church Balance Sheet 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted Restricted funds funds Notes FIXED ASSErs Tangible assets 11 7,524.937 7,524,937 7,133,446 CURRENT ASSErs Stocks Debtors Cash at bank 12 13 248 110,258 165,723 248 115,604 194,323 110,258 165.723 276,229 276.229 310,175 CREDITORS Amounts falling due within one year 14 {19,9441 {19,9441 125,0361 CURRENT ASS5 256,Z85 256,285 285.139 TOTAL ASSETS LESS CURRENT LIABILITIE5 7.781.222 7,781,222 7,418,585 NET ASSET5 7,781.222 7,781,222 7,418,585 FUNDS Unrestricted funds 16 7,781,222 7,418,585 TOTAL FUND5 7.781,222 7,418,585 The financial statements were approved by the Board of Trustees and authorised for issue on "*KsV.KR....Trcl4... and were signed on its behalf by: C Rowland- Trustee awden - Trustee The notes form part of these financial statements Page 12
Ba tist Church Note5 to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The accounts are prepared in accordance with the, Charities Statement of Recommended Practice Icharities SORP 20211, FRS102 and with the Charities Att 2011 Ruislip Bapt15t Church is a registered charity, no. 1132797 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fund5, It 15 Probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities a recognised as expenditure as 500n a5 there is a legal or constructive obligation committing the charity to that expenditure, it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrua15 ba515 arid ha5 been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to pèrticular heading5 they have been allocated to activities on a basis consistent with the use of re50urce5. Grants offered subjert to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation 15 riot provided on premises and fixtures and fittings, namely pews and organ. This is contrary to Section 189 of the Statement of Recommended Practice.. AccoLJnting by Charities. Furniture and equipment are capitalised where the pur¢hase price exceeds £500. Purchases of £500 or below are written off in the year in which such expense is incurred. Depreciation is provided at appropriate rates to write off furniture and eqLJipment over their estimated useful life. The church has followed a practice of not depcIatIng its building assets Sin it first produced accounts in 1937. The church building and manse propertie5 are intended to sustain the work of the church over an extended time period and receive the benefit of regular investment to maintain their serviceability and value. This departure 15 needed to give a true and fair view and continues into future periods. stocks Stock5 are valued at the lower of c05t and net reali5able value, after making due allowan for obsolete and slow moving items. Taxation The charity is exempt frorn tax on its charitable artivities. Fund accounting Unrestricted funds can be used in accordance with the charitable objertives at the discretion of the trustees. Page 13 continued...
Ba t15t Church Notes to the Financial Statements- contin for the Year Ended 31 December 2023 ACCOUNTING POUCIES- continued Fund accounting Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The charity operate5 a defined contribution pension Scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Further detai15 of retirement benefits can be found at note 19. Financial instruments Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are mÈa5ured initially at fair value, net of transaction costs, and are meaSUd subsequently at amortised cost using the effettive interest method, less any impairment. Creditors Short term creditor5 are measured at the transartion price. Other financial liabilitie5, including bank loans are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost Using effective interest method. Government grants Government grants receivable are accounted for on the accruals basis. DONATIONS AND LEGACIES 31.12.23 31.12.22 Offerings Donations Gift aid Legacies 268,123 62,943 59.214 283,230 60,992 60,076 45,098 390,280 449,396 Grants received, included in the above, are as follows.. 31.12.23 31.12.22 Other Érants 45,098 Page 14 continued...
Ba t15t Church Notes to the Financial Statements- continued for the Year Ended 31 December 2023 INVESTMENT INCOME 31.12.23 31.12.22 Rents ceiVed Dep051t account interest 2.802 6,115 13,515 2,190 8.917 15,705 OTHER INCOME 31.12.23 31.12.22 Sundry income 10,942 9,274 IiAISING FUNDS Raising donations and legacies 31.12.23 31.12.22 Ministers, stipend Staff costs Manse rates and water Manse insurance Manse repair5 and improvements Ministers, travel Hospitslity allowance Visiting preachers fees Evangelism Church insurance Church repairs Church furnishings Church light, he3t and water Interest payable and similar charge5 Support costs 88.303 47.691 5,687 1.847 16,318 1.077 88.058 37,621 5,241 609 8,283 310 11 2,628 338 8,941 7.352 14,219 4.006 14,596 380 746 44,964 6,253 10,553 1.282 14,395 587 1,246 214.249 219,282 Page 15 continued...
Ba t15t Church Notès hè Financial Statements- continued for the Year Ended 31 De¢ember 2023 GRANTS PAYABLE 31.12.23 31.12.22 Grant making 78,966 82,769 The total grants paid to institutions during the year was as follows.. 31.12.23 31.12.22 Baptist Missionary Society- general Baptist Missionary Society- relief fund Bapt15t Missionary Society- support Home Mission Fund Wycliffe Bible Translators (Janet Sousterl OMF MAF EthiopiAid/Hope Enterprises Mission to Prisons CMS ISh8ron Rosel Wycliffe Bible Translator5 (Pete & Kate Myer51 14,420 1.580 14,620 1,580 200 14,700 10,920 7.752 7,752 6,570 5,850 2,000 4.275 14,000 12,030 5,814 8.752 5,160 4.140 5,500 1.500 E il Operation Agri Tearfund Christian Concern London Theology School Through the Roof Spurgeons Childcare Spurgeons College Sat 7 Trust Badline Three.. Eighteen Christian Solidarity Worldwide UCCF The Christian Unions 500 500 500 500 500 570 500 500 500 500 500 500 500 500 500 600 500 500 500 500 51x1 500 5j 78.966 82,769 Page 16 continued...
Ba tist Church Notes o the Financial Statements continued for the Year Ended 31 December 2023 AUDITORS, REMUNERATION 31.12.23 31.12.22 Fees payable to the charity's auditors for the audit of the charity's financial statements Auditor5, remuneration for non audit work 4.620 2,340 4,260 2,700 TRUSTEES, REMUNERATION AND BENEFrrs 31.12.23 31.12.22 Trustees, salaries Trustee5' NIC Trustee5' pension contributions to money purchase schemes 73,704 6,775 7,824 74,993 3,464 9,601 88,303 88,058 Trustees, expenses Expenses tDtalling £8,88212022: £1,151) were paid to 5 12022.. 41 trustees in the year. The reimbursed expenses were for the running and funding of church activities, maintenance & travel costs. STAFF cosrs 31.12.23 31.12.22 Wages and salaries Social security costs Other pension costs 192,032 9,440 13,636 174,349 9,188 14,658 215,108 198,195 The average monthly number of employees during the year was as ftJllows-. 31.12.23 31.12.22 Ministry Pastoral Cleaning Administration Organisation and Resources Co-ordinator Youthlchildren's worker li li No employees received emoluments in excess of £60,000. Page 17 continued...
Ba t15t Churc Notes to the Financial Statements- continued for the Year Ended 31 December 2D23 10. COMPARATIVES FOR THE STATEMENT OF FINANCIALAcfiviTIES Unrestricted funds Restricted funds Total fund5 INCOMEAND ENDOWMENTS FROM Donation5 and legacies 449,396 449,396 Investment income Other income 15,705 9,274 15,705 9,274 Total 474,375 474,375 EXPENDITURE ON Raising funds 219,282 219,282 Charitsble artivities Grant making Youth and Children's Work 82,769 48,828 82.769 48,828 Other 84,919 84,919 Total 435,798 435,798 NET INCOME Other recognised gainslllossesl Gains on revaluation of fixed a55et5 Actuarial gains on defined benefit scheme5 38,577 38,577 24,937 24,937 28,067 28,067 Net movement in funds 91,581 91,581 RECONCILIATION OF FUNDS Total funds brought forward 7,327.004 7,327.004 TOTAL FUNDS CARRIED FORWARD 7,418,585 7,418,585 Page 18 continued...
Ba t15t Church Notes to the Finan¢ial Statements- continued for the Year Ended 31 December 2023 11. TANGIBLE FIXED ASSErs Fixtures and fittings Church premises Manse premises Totals COST OR VALUATION At l January 2023 Additions Revaluations 4,817,765 2,070,000 358,254 11,120 1112,1781 7.246,019 11.12D 267.798 439,976 160.0001 At 31 December 2023 5.257,741 2,010.C 257,196 7,524.937 DEPRECIATION At I january 2D23 evaluation adjustments 112.573 1112,5731 112,573 1112,5731 At 31 December 2023 NET BOOKVALUE At 31 December2023 5,257,741 2,010,(KK) 257.196 7.524,937 At 31 Decernber 2022 4,817,765 2,070,000 245,681 7,133,446 Cost or valuation at 31 December 2023 is presented bv.. Fixtures and fingS Church premises Manse premises Totals Valuation in 2023 Cost 1,019,662 4,238,079 855,050 1,154,950 187,8311 345,027 1,786,881 5,738,056 5.257,741 2.010,000 257,196 7,524,937 The Church premises were revalued in February 2024 by G M Easton IARICS retired) on the depreciated replacement C05t basi5. The revaluation considered the premises to be valued a5 follows: Building Land 3,257,741 2.000.000 Total value 5,257,741 The trustees believe this Is the appropriate value to apply at the balance sheet date as there have been no material changes between the balance sheet date and the date of valuation. Page 19 continued...
Ba tist Church Notes to the Financial Statements continu for the Year Ended 31 December 2023 ii. TANGIBLE FIXED ASSEfs- continued The Manse properties were revalued on 8th February 2022 by Lakin & Co IARLAI on an existing use basis. The fixture5 and fitting5 are shown at their insured value. The church is the beneficial owner (subject to the relevant trusts) of the church, 122-126 Manor Way and manse premises, the legal title to which is held by the church's custodian trustee (the London Baptist Property Board Limited). 12. STOCKS 31.12.23 31.12.22 Stock5 248 248 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Tax Prepayments 110,258 107,642 7,962 110,258 115,604 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.IZ.Z3 31.12.22 Bank loans and overdrafts (see note 151 Social security and Dther taxes Other creditors Accrued expenses 93 3,468 14,295 7,180 2,558 7.696 9,690 19,944 25,036 Page 20 continued...
Ba tist Church Notes to the Financial StatemÈnts- continued for the Year Ended 31 December 2023 15. LOANS An analysis of the maturity of loans is given below.. 31.12.23 31.12.22 Amounts falling due within one year on demand: Bank overdrafts 93 16. MOVEMENT IN FUNDS Net movement in fund5 Transfer5 between funds At 31.12.23 At 1.1.23 Unrestricted funds General fund Youth Mission Non-5pecified Fund Missionary (Designated) Fund Capital fund Safe House Men Safe House Women Tuesday Fellowship Fellowship fund 7.260,047 2,538 1.537 12,586 133,564 1.604 1931 1.162 5,640 376,059 IOA06 7,646.512 2,538 1,625 12.899 109.944 1,604 330 1,214 4,556 374 313 112.5001 12861 111,1201 15771 52 11,0841 1,000 7,418,585 362,637 7,781,222 TOTAL FUNDS 7A18,585 362,637 7.781,222 Net movement in funds, included in the above are as follows.. Incoming resource5 Resources expended Gains and losses Movement in fund5 Unrestricted funds General fund Non-specified Fund Missionary (Designated) Fund Capital fund Safe House Women Tuesday Fellowship Fellowship fund 405,934 640 313 1410.2461 12661 380.371 376,059 374 313 112,5001 15771 52 11,0841 112,5001 1577) 11.200} 13,084) 1.252 2,000 410,139 1427,873) 380,371 362,637 TOTAL FUNDS 410,139 1427.873} 380,371 362,637 Page 21 continued...
Ba tist Church Notes to the Financial Statements con for the Year Ended 31 December 2023 inued 16. MOVEMENT IN FUNDS-contlnued Comparatives for movement in funds Net movement in funds Transfer5 between funds At 31.12.22 At 1.1.22 Unrestrlrted funds General fund Youth Mission Non-5pecified Fund Missionary IDe5ignatedl Fund Capital fund Safe House Men Safe House Women Tuesday Fellowship Fellowship fund 7,219,056 2,538 2,109 11,008 88,466 1,668 288 1,871 91,867 150,8761 7,260,047 2,538 1,537 12,586 133,564 1.604 1931 1,162 5.640 12861 12861 1,578 45,098 1641 13811 17091 5,640 7,327,D04 91,581 7,418,585 TOTAL FUNDS 7,327,004 91,581 7,418,585 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gain5 and Movement losses in funds Unrestricted funds General fund Non-specified Fund 474,375 1435,5121 12861 53,004 91,867 12861 474,375 1435,7981 53,004 91,581 TOTAL FUNDS 474,375 1435,7981 53,004 91,581 Page 22 continued...
Ba st Church Notes to tho Financial Statements- continued for the Year Ended 31 December 2023 16. MOVEMENTIN FUNDS-continuèd A current year 12 months and prior year 12 month5 combined position is as follows= Net movement in fund5 Transfer5 between funds At 31.12.23 At 1.1.22 Unrestricted funds General fund Youth Mission Non-specified Fund Missionary (Designated) Fund Capital fund Safe House Men Safe House Women Tuesday Fellowship Fellowship fund 7,219,056 2,538 2,109 11,008 88,466 1,668 288 1,871 467,926 140,4701 7,646,512 2,538 1,625 12,899 109,944 1,604 330 1,214 4,556 88 313 112,50DI 15721 1,578 33,978 1641 619 17091 5,640 15771 52 11,0841 7,327,004 454,218 7,781,222 TOTAL FUNDS 7,327,004 454,218 7,781,222 A current year 12 months and prior year 12 months Combined net movement in funds, included in the above are as follows.. Incoming resource5 R@50urce5 expended Gains and losses Movement in funds Unrestricted funds General fund Non-specified Fund Missionary (Designated) Fund Capital fund Safe House Women Tuesday FellowshSp Fellowship fund 880,309 640 313 1845,7581 15521 433,375 467,926 88 313 112,5001 15771 52 11,0841 112,5001 15771 11.2001 13,0841 1,252 2,000 884,514 1863,6711 433,375 454,218 TOTAL FUNDS 884,514 1863,6711 433,375 454,218 The non-specified funds relate to gifts from anonymous donor5 where they have requested control over how the funds are used subject to the agreement of the Church Treasurer. Page 23 continued...
Ba tist Church es o the Financial Statements- continued for the Year Ended 31 December 2023 17. EMPLOYEE BENEFIT OBLIGATIONS The Church is 3 participating employer the Baptist Pension Scheme I'the Scheme"), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers. The Scheme, previously known as the Baptist Ministers, Pension Fund, started in 1925, but wa5 closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit IDBI Plan was a pension of one eightieth of final Minimum pensionable income for each year of pensionable Service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. From january 2012, pension provision 15 being made through the Defined Contribution IDCI Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members, Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. In addition, the employer pays 8 further 4Yts of Pensionable Income to cover Death in Service Benefits. administration costs, and an associated insurance policy which provide5 income protection for Scheme members if they are unable to work due to long-term incapa¢ity- This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited. The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme's assets and liabilities to Specific employers, the scherne is accounted for as if the Scheme were a defined contribution scheme. The Ministers are eligible to join the Scheme. Artuarial valuation as at 31 December 2019 A formal va5uation of the Defined Benefit IDBI Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £298 million. The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilitie5 of E18 million (equivalent to a past seNice funding level of 94%). The Church and the other employer5 5UPPOrting the DB Plan are collectively responsible for funding this deficit. The key a55umptions underlying the valuation were as follows.. Type of financial assumption %pa RPI price inflation assumption CPI price inflation a55umption Minimum Pensionable Income increaseslCPI plu5 0.75YD pal Assumed investment returns Pre retirement 3.20 2.70 0.50 2.95 Page 24 continued...
Ba tist Church Note5 to the Financial Statement5- continued for the Year Ended 31 December 2023 17. EMPLOYEE BENEFIT OBLIGATIONS- continued P05t retirement Deferred pension increases Pre April 2009 P05t April 2009 Pension increases Based on CPI with an annual fToor of 0% and annual cap of 5% 1.70 3.20 2.50 2.70 Post retirement mortality in accordance with 80% of the S3NA standard mortality table, with allowance for future improvements in mortality rates from 2013 in line with the CMI 2019 core projectlDns, with a long term anriual rate of improvement of 1.75% for males and 1.5% for female5.wlth the core Smoothing parameter and with additional initial mortality improvement factor A-0.5%. The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022. Recovery Plan In addition to the contributions to the DC Plan set out above, where a valuation of the DB plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contribution5 from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until lune 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. On 30 June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group I Iu5t"I to Secure D& Plan members, pension benefits. Just are now providing financial backing for all pensions provided through the Scheme's DB Plan and following thi5 transaction, the Scheme no longer has a shortfall. An updated RecDvery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022. Movement in Balance Sheet Liability Section 28.IIA of FRS 102 requi$ agreed defitit rÈcovery payments to be recognised as a liability. The movement in the provision is Set out in the table below. 31.12.23 31.12.22 Balance sheet liability at year start Minus deficiency contributions paid Interest cost Irecognised in SOFA) Remaining ¢di(change) to balance sheet liability Irecognised in other gain5 and losses). 31,200 13,7421 587 128,0671 Page 25 continued...
Ba t15t Church Notes to the Financial Statements- continue for the Year Ended 31 December 2023 17. EMPLOYEE BENEFIT OBLIGATIONS- contlnued Balance sheet liability at year end °comprises any change in agreed deficit recovery plan and chènge in assumptions betwee vear-end5. The year end liability is now considered to be nominal and the monthly charge will be treated as an annual expense. 31.12.23 31.12.22 Discount rate Future increases to Minimum Pensionable Income 5.71fA 4.10% 2.00% 3.2% 18. RELATED PARTY DISCLOSURES There were no related party trangactions for the year ended 31 December 2023. 19. ULTIMATE COTrmlOLLING PARTY The charity is under the control of the Board of Trustees. Page 26
Ba tist Church Detailed Statemen of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donations and legacies Offerings Donations Gift aid Legacies 268.123 62,943 59,214 283,230 60,992 60,076 45,098 390,280 449,396 Investment income Rents received Dep051t account interest 2,802 6,115 13,515 2,190 8,917 15,705 Other income Sundry income 10,942 9,274 Total incoming resources 410,139 474,375 EXPENDrruRE Raising donations and legacies Trustees, salaries Trustees, NIC Trustees, pension contributions to money purchase schemes Staff salaries Social security Pensions Manse rates and water Manse insurance Manse repairs and improvements Ministers, travel Hospitality allowan Visiting preachers fee5 Evangelism Church insurance Church repairs Cèrried forward 73.704 6,775 74,993 3,464 7,824 45,026 Z,665 9,601 27,772 5,724 4,125 5.241 609 8,283 310 380 746 44,964 6,253 10,553 203,018 5,687 1.847 16,318 1,077 2.628 338 8,941 7,352 14,219 194.401 This page does not form part of the Statutory financial statements Page 27
Ba t15t Church Detailed Ststement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 Raising donations and lega¢les Brought forward Church furnishings Church light, heat and water Pension deficit interest 194.401 4,006 14.596 203,018 1,282 14,395 587 213,003 219,282 Charltable artivities Youth minister and children's worker wages Pensions Youth and children's work & materials Grants to institution5 20.870 5,812 15.583 78,966 21,720 932 6,042 82,769 121.231 111,463 Other Fixture5 and fittings 20,821 Support costs Management Wages Flowers Postage and telephone Printing and stationery Subscriptions Worship expenses Other 52,432 1,449 5.905 4,862 9,176 5,887 6,968 49,864 1,190 6,154 4,988 5,304 4,951 4,821 86,679 77,272 Governance costs Auditors, remuneratlDn Auditors, remuneration for non audit work 4.620 2,340 4,260 2,700 6,960 6,960 Total resources expended 427.873 435,798 Net lexpenditurellincome (17,7341 38,577 This page does not form part of the statutory financial 5tatementS Page 28