Charity registration number 1132797 (England and Wales) RUISLIP BAPTIST CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 '• xeinadin
RUISLIP BAPTIST CHURCH LEGALAND ADMINISTRATIVE INFORMATION Trustees Rev M Rowe Rev D Dore Mr C Rowland Mr R Bawden Mr C Gardner Mr A Ingram Mrs E Corrado MrDTuft Mr J Bawden Mrs H Yarrow MissA Davies MrAZea Mrs E Chong Mrs T Oshowole (Appointed 25 August 2024) Charity number (England and Wales) 1132797 Auditor Xeinadin Audit Limited 26 High Street Rickmansworth Hertfordshire WD31ER
RUISLIP BAPTIST CHURCH CONTENTS Page Trustees, report Independent auditorfs report Statement of financial acttvities Balance sheet 10 Notes to the financial statements 11-23
RUISLIP BAPTIST CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. "Do not store up for yourselves treasure5 on earth, where moths and vermin destroy. and where thieves break in and steal. But store up for yourselves treasures in heaven, 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 6.19-21) The Lord's faithfulness and love for our church was once again evident in 2024. For the first timè in many years, we were blessed with a full staff team and for the first time in almost four decades we welcomed the arrival of a new lead minister. Matt Rowe, and his family, Rachel, Toby and Reuben. It was very much a year of new beginnings and preparations for a new season. The major transactions in the year included the sale of one of our manses18 Oxford Drive), the purchase of Ihe property next door to our church (128 Manor Way), the Complete painting of the church exterior, major renovations and repairs to our remaining iwo manses and significant "catch up" expenditure on Health and Safety issues le.g. Fire doors). During the year, the financial reports to the members excluded the costs for the refurbishment of 47 College Drive, the repairs to the roof at 2 Melton Close and the painting of the church building. These costs totaled ¢£94,000 and Ihey were funded from the reserves we had put aside for these purposes. The members were informed that the audited accounts for 2024 WOLJld include theses costs and, in consequence, the financial statements would show an unusually large deficit. Total income for Ihe year is £441,654 which is above budget and £31,515 above last year. Within this total, offerings for the year are £332,031, which is c£3,000 under budget but is c£10,00013.2 /ol better Ihan last year. The year-on- year increase in total income is driven by the c£10,000 extra offerings, the legacy of £5.000 received in June from the estate of Betty and Michael Burke, and an increase in investmenurental income of c£20.000. The investmenu rental income increase is due to the sale of 8 Oxford Drive and the reinvestment of the proceèds. This inGome source will cease when we redevelop the Sidewalk. As regards expendilLJre, total expenditure for the year is £S39,019 which is c£101,000 more than budget. This expenditure overspend is mainly driven by the aforementioned c£94,000 spend from reserves. In addition, we have incurred a c£20,000 overspend on chLJrch repairs and maintenance due to the 'catch up" on Health and Safety Works (fire doors, etcl. c£7,000 of unbudgeted expenditure on 128 Manor Way (legal, new electrics and roof repair), and c£8,000 additional spend across various areas. These overspends total c£35,000 and have been largely offset by a c£28,000 underspend on pay, due to the vacancy for the Lead Minister role. Taking income and expenditure together gives us a year end deficit of £97.365. In spite of this large deficit, our cash position has increased year on year. This is because we have banked the difference in the funds received from the sale of 8 Oxford Drive to the funds reinvested in Ihe purchase of 128 Manor Way. As Trustees, we do very much focus on the financial "numbers" bul we never lose sight of the fact that we are not overseeing a set of complete business numbers, as there is one large number missing from the accounts. That number is the enormous amount of unpaid voluntary work that underpins 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 relain a thankful heart as we seek to "build a vibrant Christ-centered community with a vision for extending His kingdom" The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. StalemÈnt 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 1021"
RUISLIP BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities Public benefit The trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the charity should undertake. In order to achieve its principal objective of advancing the Christian faith according to the principles of The Baptist denomination. the Church provides a variety of activities to its membership and to the community generally. The aim is 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 wttness of the church is 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 occasional services at other times. There is a full children's programme during the moming service. The church seeks to be a friendly and welcoming community, and anybody is free to attend any of these setvices. The church website .rUiS11pbaptlstchurch.0rg gives comprehensive details of the church's actwtties, which inGlude the following: Approximately 20 "small groups" of people meet in the homes of members (or on church premises) to facilitate the growth of faith and discipleship. Further detsils of these Gan be obtained from the churoh officè orwebsite: A group for preschool children called Action Tots meets on Wednesday momings during school term times- Groups for young people aged 11-14 years and 14-18, providing them with Christian teaching and social responsibility. The church also provides social activitiès for them, with meetings twice a week as 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 servIS and services for our deaf community. The Café Connect group, which meets on a Monday morning and meets the needs of the elderly and lonety 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 communty. Beiween one and two hundred children nomally attend this event. Also, in the Summer Holidays. an event is nomially 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 days, with actwities, speakers and a trip OLrt 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 Christmas we hold a Senior Citizens New Year's Paty. Other regular activities and events include: a craft club, a Tuesday Fellowship meeting. regular visits to lead services in local Care Homes and a dad's camp. The purpose of all these groups is to assist the community and demonstrate the love of Jesus Christ. From time to time the Church runs courses in parenting and money management, and for people interestsd in discovering more about Christianty we run courses entitled "Christianity Explored. and 'Alpha". Infomiation is shared on social media informing the local community of our activities. In addition to the above many individuals and groups meet with others to share their faith and support others.
RUISLIP BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Church operates systems to ensure that all people working with Ghildren and vulnerable adults are appropriately vetted with regard to the Disclosure & 8arring Services. Grantmaking The trustees set aside from their number, including representatives from the church membership, a finance committee that reviews requests for financial assistance. During the year the Church made grants tolaling £60.25212023'. £78,966} to institutions. The three largest grants were: Baptist Home Mission {£14,0001- Home Mission is the way churches in the Baptist Union of Great Britain support one another financially. Our gift is used to provide grants for a variety of ministries in and through Baptist churches and support the work of the London Baptist Association. BMS World Mission1£14,4201- is a Christian mission organisation working in around 35 countries. Our gift for the BMS General Fund is used to support the ongoing mission activity of BMS and provide support for its disaster recovery work. Wycliffe Bible Translators1£11.2801 Wycliffe Bible Translators exists to make the Bible available to every people group in the world. Our gift is specifically directed to provide personal support for Janet Sousler, HR Director for SIL Francophone Africa Region in Mali. Volunteer$ statistics are not rnaintained for the number of volunteer hours undertaken by the membership including the trustees but, from anecdotal evidence, the fsgure is substantial. Achievements and performance Signific8nt activitios and achievements against objectives The Church does not measure the success of its programmes only in numbers, including financial numbers, but also in less 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 our staff and volunteers, wé believe that 2024 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 28012023.. 274}. Average attendance at worship services has steadily grown throughout the year and likewise in the work with children and amongst young people. Financial review 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 ChLJrch expressed its part in the life of the wider church by making grants to national and international Christian organisations and societies with Chrislian aims and objèctives compatible with the church's own charitable purpose. 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 or no impact on the church's expenditure, but nevertheless contribule substantially 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 stalements.
RUISLIP BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reseryes policy It is the policy of the charity that unrestricted funds which have not been designated for a specffic use should be maintained at a level equivalent to bekneen three and stx month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Structure> governance and management The charity is an unincorporated chartty. The Charity ts governed by an Approved Goveming 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 Baptist 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 detemiine. The Church occupies premises which are held by The London Baptist Property Board Limited, on Trusts which are entirely compatible with the above object. The trustees who served during the year and up to the date of signature of the financial statements were: Rev M Rowe (Appointed 25 August 2024) Rev D Dore Mr C Rowland Mr R Bawden Mr C Gardner MrA Ingram Mrs E Corrado Mr G Jones Miss E Jones MrDTuft Mr J Bawden Mrs H Yarrow Miss A Davies MrAZea Mrs E Chong Mrs T Oshowole (Resigned 24 November 2024) (Resigned 24 November 2024) Organisational structure Members of the Church are accepted into membership in accordan with the ConstitLrtion which requires Ihem to have professed personal faith in Jesus Christ and to understand the responsibilities of church membership. The members, meeting normally takes place six times per year and has responsibility for the overall policy of the church. In acwrdance with the Constitution, the members appoint up to frfteen Trustees (one of whom is appointed Treasurer), who together with the Ministers (who are also appointed by the members), and collectively known as the Leadership Team are responsible for the day to day running of the chLtrch's work and witness, and the financial and legal aspècts of the charity. All mèmbers are encouragèd to take an appropriate part in the spiritual and practical tasks invotved in the furtherance of the charitable objective. Relevant matters may be submitted to the Church meeting by the Trustees for guidance, or may be raised by mèmbers in Church meeting for further consideration by the Trustees. Though the Constitution pemits decisions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.
RUISLIP BAPTIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Induction and training of truste8s Upon appointment, each trustee receives a copy of the Constitution and thereafter meets regularly with the other trustees for the purposes of performing his or her duties including praying for the membership and the future 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 in place to provide reasonable assurance against fraud and error. statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for thal year. In preparing these financial statemènts, the trustees are required to.. select suitable accounting policies and then apply them consistently., obsèrve the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent-, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records Ihat disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulalions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, report Was approved by the Board of Trustees. Mr C Rowland Trustee Date..
RUISLIP BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RUISLIP BAPTIST CHURCH Opinion We have audited the financial statements of Ruislip Baptist Church (the 'charity'l for the year ended 31 Dernber 2024 which comprise the statement of financial activities, the balan sheet and notes to the financial statements, including signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporttng Standard 102 The Financial Repong Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming reSoUrS and application of resources, for the year then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the Charities Act 2011. Basis for opinion We conducted our audit in accordance wtth Intemational Standards on Auditsng (UK) IISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Audtiorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have futfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going conrn 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charivs ability to continue as a going concem for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our audttor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial ststements does not cover the other information and we do not express any form of assuran conclusion thereon. Our responsibility is to read the other information and, in doing so, wnsider whether the other infomiation ts materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we Gonolude that there is a material misststement of this other infomiation, we are required to report that fact. We have nothing to report in thi5 regard. Matters on which we are required to report by exceptTon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the infomation given in the financial ststements is inconsistent in any material respect Wtth the trustees, reportr. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit.
RUISLIP BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF RUISLIP BAPTIST CHURCH Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the f1nancial statements and for being satisfied thal they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo cease operations, or have no realistic alternative but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Other matters Your attention is drawn to Ihe fact that the charity has prepared financial statements in accordance wilh "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 IFRS 102)" las amended) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred tD in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practi. Use of our report This report is made solely to the charity's trustees, as 8 body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to Ihem in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charity and the charity's trustees as a body, for our audit work, for this report, or for Ihe opinions we have formed. Kieron Pearce FCCA (Senior Statutory Auditor) For and on behalf of Xeinadin Audit Limited, Statutory Audilor Chartered Accountants 26 High Street Rickmansworth Hertfordshire WD3 1ER Date..
RUISLIP BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF RUISLIP BAPTIST CHURCH Xeinadin Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
RUISLIP BAPTIST CHURCH STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted funds 2024 Unrestricted funds 2023 Notes Income from: Donations and legacies Charitable activities Investments 398,678 27,003 15,973 390,280 13,744 6,115 Total income 441,654 410,139 Expenditure on: Raising funds Charitable activities Other expènditure 5.494 527,329 6,196 427.873 13 Total expenditure 539,019 427,873 Net expenditure (97,3651 (17,7341 Other recognlsed gains and losses: Revaluation of tangible fixed assets 3,958 380,371 Net movement in funds 10 (93,4071 362,637 Reconciliation of funds: Fund balances at 1 January 2024 7.781,222 7,418,585 Fund balances at 31 December 2024 7,687,815 7,781,222 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities.
RUISLIP BAPTIST CHURCH BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investment property 15 16 7,043,422 412,039 7,524,937 7,455,461 Current assets Stocks Debtors Cash at bank and in hand 7.524,937 17 18 248 48.404 214,764 110.258 165,723 263,416 276,229 Creditors: amounts falling due within one year 19 (31.062) (19.944) Net current assets 232,354 256,285 Total assets less current liabÈlities 7,687,815 7,781.222 The funds of the charity Unrestricted fvnds 20 7,687,815 7,781,222 7,687,815 7,781,222 The fi cial statements were approved by the trustees on ......................... Mr C Rowland Trustee Bawden Trustee 10-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity Information Ruislip Baptist Church is a registered charity Ino. 11327971 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy notes. 1.1 A¢¢ounting convention The financial statements have been prepared in accordance with the charily's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. Th? charity has taken advantage of the provisions in the SORP for charities nol to prepare a statement of cash flows. The financial statements have departed from Ihe Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Praclice for charities applying FRS 102 rather than the version of the Statement of Recommended Praclice which is referred to in the Regulations bul which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving Ihe financial statements, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been mel, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is ITeated as a conting8nt asset. 11
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or construotive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activty are allocated directly to that activity. Shared costs which contribute to more than one actFvity and support costs which are not attributable to a single activity are apportioned befween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asseys use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses. Church premises Manse premises Fixtures and fitbngs No rate provided No rate provided No rats provided The gain or loss arising on the disposal of an asset is detemiined as the differen beeen the sale proceeds and the carying value of the asset, and is reGognised in the statement of financral activities. Depreciation is not provided on premises (being the church and manse properties) or fixtures and fittings. This is contrary to Section 189 of the Statement of Recommended Practice: Accounting by Charities. Fixtures and Fittings are held at their insured value. The church has followed a practice of not depreciating its building assets since it first produced accounts in 1937. The church buildings, manse properties and 128 Manor Way are intended to sustsin the work of the church over an extended time period and receiv& the benefft of regular investment to maintain their serviceability and value. This departure is needed to give a true and fair view and continues into future periods. 1.7 Investment property Investment property, which is property held to eam rentsls andlor for capital appreciation, is initially recognised at cost, which includes the purchase Cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.8 Impairment of fixed assets At each reporting end date. the charity reviews the carying 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 impairnient loss lif any). 12-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnued) 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Nel realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 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 current118bilities. 1.11 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'other Financial Instrijments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statemenls, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslitutes a financing transaction. where the transaction is measured al 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 financial1iabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing iransaction, where the debt instrument is measured al the present value of the fulure payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt inslruments are subsequently carried at arnortised cost, using the effectsve interest rate method. Trade creditors are obligations to pay for goods or services thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltion of financial Ilabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or Gancelled. 13
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Temination benefits are recognised immediately as an expense when the charity is demonstrably commttted to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charivs 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 SoUS. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimatss. The estimates and underiying 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 pertods where the revtsion affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts Legacies 393,678 5,000 390,280 398,678 390,280 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Church services Charitsble rental income Other income 13,408 13,595 2,802 10.942 27,003 13.744 14-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from investment5 Unrestricted Unrestrlcted funds funds 2024 2023 Interest receivablè 15,973 6,115 Expenditure on raising funds Unrestricted Unrèstrlcted funds funds 2024 2023 Investment management 5,494 15
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activities Church services Youth & mission work 2024 Total Church sejvices Youth & mission work 2023 Total 2024 2024 2023 2023 Direct costs Staff costs Manse rates and water Manse insurance Manse repairs and improvements Ministers, travel Hospitalty allowance Visiting preacher fees Evangelism Church insurance Church repairs Church fumishings Church light, heat and water Youth work and mission costs 108,525 6,806 1,038 55,633 164,158 6,806 1,038 121,940 5,687 1,847 40,735 162,675 5,687 1,847 86,200 414 787 659 7,530 6,437 46,798 4,082 86,200 414 787 659 7,530 6,437 46,798 4,082 16,613 1,077 2.628 338 8,942 7,352 14,219 4,006 16.613 1.077 2,628 338 8,942 7,352 14,219 4,006 24,863 24,863 14,596 14,596 13,603 13.603 15,583 15,583 294,139 69.236 363,375 199,245 56,318 255,563 Grant funding of activities (see note 8) 60.252 60,252 78.966 78,966 Share of support and governance costs (see note 9) Support 103,702 103,702 93,344 93,344 458,093 69,236 527,329 371,555 56,318 427,873 Anatysis by fund Unrestricted funds 458,093 69.236 527,329 371,555 56,318 427,873 16-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Church services Church services 2024 2023 Grants to institutions= Baptist Missionary Society - general Baptist Missionary Society - relief fund Home Mission Fund Wycliffe Bible Translators (Janet Souslerl OMF MAF EthiopiAidlHope Enterprises Mission to Prisons Moldova Other 14.420 1,580 14,000 11,280 14,420 1,580 14,000 12,030 5,814 8,752 5,160 4,140 5,500 7,570 7,752 720 10,500 60,252 78,966 Support costs allocated to actlvltles 2024 2023 Staff costs Flowers Postage and telephone Printing and copying Subscriptions Worship expenses Other support costs Governance costs 58,999 1,074 5,918 4,009 8,977 5,761 11,404 7,560 52,432 1,449 5,905 4,862 9,176 5,887 6,673 6,960 103,702 93,344 Analysed between: Church services 103,702 93,344 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcredilingl.. Fees payable to the charity's auditor.. for the audit of the charity's financial statements for other financial services Loss on disposal of tangible fixed assets 5,220 2,340 6,196 4,740 2,220 17-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Trustees Expenses totalling £28,87812023.' £1,151) were paid to 3 (2023: 5) trustees in the year. The reimbursed expenses were for the running and funding of church activities. maintenance and travel costs. 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number 11 11 Employment costs 2024 2023 Wages and salartes 223,157 215,107 There were no employees whose annual remuneration wa5 more than £60.000. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 65,489 88,303 13 Other expenditure Unrestricted Unrestricted funds funds 2024 2023 Net loss on disposal of tsngible fixed assets 6,196 14 Taxation The charity is exempt from taxation on its activities because all income is applied for charitable purposes. 18-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fixed assets Chur¢h premlsos Manse prèmlses Fixturès and flttings Total Cost or valuatlon At 1 January 2024 Additions Disposals Revaluation 5,257,741 2,070,000 257,196 7,584,937 4,527 4,527 (550,0001 3,958 1550,0001 3,958 At 31 December 2024 5,257,741 1,520,000 265,681 7,043.422 Carrying amount At 31 December 2024 5,257,741 1,520,000 265,681 7,043,422 Al 31 December 2023 5,257,741 2,010,000 257,196 7,524,937 The church premises with a carrying amount of £5,257,741 were revalued in February 2024 by G M Easton IARICS retired) not connecled with the charity on the basis of market value. The valuation conforms to International Valualion Standards and was based on recent market transactions on arm's length terms for similar properties. Th& manse premises were valued on 8 February 2022 by Lakin & Co IARLAI on an existing use basis. The fixtures and fittings 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 Segal title to which is held by the church's custodian trustee The London Baptist Property Board Limitgd. At 31 December 2024. had the revalued propety assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amc>unt Would have been approximately £5,393,02912023- £5,393,029). 16 Investment property 2024 Falr value Al 1 January 2024 Additions through external acquisition 412.039 At 31 DeGember 2024 412,039 As the investment property was purchased in the middle of the financial period, the trustees have not had a valuation carried out at the year end. The valuation will be revisiled in the financial statements for the following year. The church is the beneficial owner Isubjert lo the relevant truslsl of 128 Manor Way, the legal title lo which is held by Ihe church's custodian trustee The London Baptist Propety Board Limited. 19-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Stocks 2024 2023 Finished goods and goods for resale 248 248 18 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 47,524 880 110,258 48,404 110.258 19 Creditors: amounts falling due within one year 2024 2023 Other tsxation and social security Other Greditors Accruals and deferred income 5,386 1,350 24,326 3,684 6,570 9,690 31,062 19,g44 -20-
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 20 Unrestricted fund5 The unrestricted funds of the charity comprise 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 include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At31 December 2024 At 1 January 2024 Incoming resources Resources expended Transfers Gains and losses Youth mission Non-specified fund Missionary fund Capital fund Safe house men Safe house women Tuesday fellowship Fellowship fund General funds 2,538 2,538 1,625 12,899 109,944 1,604 (1,537) 2,000 134,4701 88 14,838 31,363 1,604 439 15001 {44,1111 330 1441) 2,000 1,889 1,214 4,556 5,859,631 659 7,844 432,712 1,B73 9,887 5,832,8g6 (2.513) 1491,4541 32,007 5,994,341 441,654 1539,0191 5.896,976 Revaluation reserve 1,786,881 3,958 1,790,839 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 Youth mission Non-specifièd fund Missionary fund Capital fund Safe house men Safe house women Tuesday fellowship Fellowship fund General funds 2,538 2,538 1,537 12.586 133,564 1,604 640 313 (266) 1286) 1,625 12.899 109,944 1,604 {12,5001 111,120) 193) (577) 1,000 330 1,162 5,640 5,853,537 1,252 2,000 405.934 11,2001 13,0841 {410,246} 1,214 4,556 5,859.631 10,406 6,012,075 410,139 1427,8731 5,994,341 Revaluation reserve 1,406,510 380,371 1,786,881 21
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Employee Benefjt Obligations The Church is a participating èmployer the Baptist Pension Scheme ("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 was closed to future accrual of defined beneffts on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DBI Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable Servi together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. From January 2012, pension provision is being made through the Defined Contribution (DC) Plan wtthin 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 a further 4010 of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members rf they are unable to work due to long-tem incapacity. 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 attribLrte the Scheme's assets and liabilities to specific employers. the scheme is accounted for as rf the Soheme were a defined contribution scheme. The Ministers are eligible to join the Scheme. AUarIal valuation as at 31 December 2019 A formal valuation of the Defined Benefft (DB) Plan was perfomied at 31 December 2019 by a professionally qualtfied 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 defiGIt of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 9401.1. The Church and the other employers supporting the DB Plan are collecttvely responsible for funding this deficit. The key assumptions underlying the valuation were as follows.. Type of financial assumption °fipa RPI price inflation assumption CPI price inflation assumption Minimum Pensionable Income increases (CPI plus 0.75 /0 pal Assumed investment returns Pre retirement Post retirement Deferred pension increases Pre April 2009 Post April 2009 Pension increases Based on CPI wtth an annual floor of 00/0 and annual cap of 5/ 3.20 2.70 0.50 2.95 1.70 3.20 2.50 2.70
RUISLIP BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Employee Benefit Obligations continued Post retirement mortality in accordance with 80)/o of the S3NA standard mortality table, with allowance for future improvements in mortality rates Irom 2013 in line with the CMI 2019 core projections, with a long term annual rate of improvement of 1.750/0 for males and 1.501, for females with the core smoothing parameter and with additional initial mortality improvement factorA=0.50/0. The next actuarial valuation of the DB Plan wilhin 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 Truslee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in Sepiember 2020 under which deficiency contributions are payable until June 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"Just"I to secure DB Plan members, pension ben&fits. Just are now providing financial backing for all pensions provided through the Scheme's DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signèd in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022. 22 Related party transactions Other than those disclosed in Note 11, there were no disclosable related paty transactions during the year. -23-