ARARAT BAPTIST CHURCH FINANCIAL STATEMENTS YEAR ENDED 31st DECEMBER 2023 Charity Number: 1132808
ARARAT BAPTIST CHURCH FINANCIAL STATEMENTS YEAR ENDED 31st DECEMBER 2023 Contents Report of the Trustees Auditors. Report 9-12 Statement of Financial Activtties 13 Balance Sheet 14 Cash Flow Stalement 15 Notes to the Financial Statements 16-28
ARARAT BAPTIST CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDING DECEMBER 31$t 2023 Ararat Baptist Church is an unincorporated charty, registered wrth the Charity Commission since November 19 2009. The Church's Constrtution was adopled on June 25th 2009. In May 2021, at a Special General Meeting, it was agreed to amend the Constitution to allow Church Members, meetings to take place in person. by electronic means or by a combination of physical attendance and electronic (so called hybrid meetings). This amendment was approved by the Charity Commission in discussion with the Baptist Union of Great Britian {BUGB). Organisational Structure and Decislon Maklng The Church is govemed by its Trustees, who are appointed by the Church membership. Trustees are appointed for a period of three years after which they may seek re-election. After a period of 6 years, continuous service a one-year break is required befo further re-election may be sought. The Constitution does not stipulate a maximum number of Trustees. A process of Trustee eleclions takes place most years in order to maintain an adequate number of Truslees and lo allowfor the replacement of those who have completed Iheir term of service. A Chairperson for the Trustees is appointed by the Trustees. Trustees are responsible for the strategic direction and operational management of the Church, and authority ig delegated lo the Church's Minister(s) and Secretaiies to make decisions. When appropriate and necessary the specialist expertise of Church members and friends is sought to assist in decision-making e.g. in relalion to matters of finance. safeguarding and Church fabric issues. Persons nominated to become Truslees ofthe Church musl have been a Church memberfor a continuous period of one year, and must remain in Church membership during their tenure. Nominations are received from Church members and must receive the support of two other members along with acceptance of the nomination by the person nominated. All those nominaled will meet wilh the Church's Minister{s) prior to the election in order to discuss the work and responsibilities of trusteeship. All elected Trustees will have access to relevant documentation from the Charity Commission pertaining to their responsibilities as a charity trustee, the Chur¢h's policies and appropriate guidance materials and leaflets produced by BUGB. Nominations must be submitted in writing with the supporting signature of other Church Members and the consent oflhe candidate. The Church comprises both members and friends. Baptism by immersion upon personal profession of faith in Jesus Christ is Ihe usual mode of entry into the membership of a Baptist Church, although anyone seeking membership who has not been baptised in the manner described in BUGB'S Declaration of Principle may, at the discretion of a Church Members, meeting, be accepted for full membership based on their own public profession of faith. Friends have nol requested membership of the Church, but they may attend seNices and other Church activrties regularly or infrequently and are valued members of the Church communrty. They may attend meetings of the Church members, but do not have any voting rights. The Church Constttution requires that 8 meeting of Church members take place at least four times a year. Generally, a meeting is called every six to eight weeks. As stated, this meeting is open to both members and friends of the Church and is the means whereby the Trustees
communicate with the membership about their duties and seek the approval of the Church membership in relalion lo matters of importance. Agreement by way of Consensus is Ihe preferred manner of decision-making, bul decisions on more important issues are made by voting, where appropriate majorities as recommended in the Constitution are required. All members and friends are encouraged to participate in the spiritual and practical tasks required in Ihe furtherance of the Charity's aims and objectives, and a team of recognised volunteers supports the day-to-day work of the Church. There is a Financial Management Team comprising both paid employees and volunteers who are responsible lo both the Trustees and the Church for keeping proper accounting records and ensuring compliance with Ihe Charities Act 2011. Where required external auditing arrangements are in place, and Ihe Church is mindful of its responsibilities in relation to registration for VAT and has processes in place to implement this as and when Ihe Church reaches the VAT Ihreshold. The Financial Management Team ensure that Annual Financial Statements are prepared in accordance with the requirements for Charities. These Annual Finan¢ial Statements are approved inilially by the Trustees and then presented to the Church Members, meeting for acceptance at its Annual General Meeting (AGM). The salaries of employed staff. and the ministerial stipend are reviewed annually in private by the Trustees. The Church ensures that all employees are paid at or above the National Living Wage and that the ministerial stipend is at or above that recommended by BUGB. The Chur¢h's Aims and Objectives The Church's principal purpose is the advancement of the Christian faith according to Ihe principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom so called 'Home Mission, andlor in olher parts of the world through financial support, or other means. The Church's premises are held by the Baptist Union Corporation Ltd Ihrough a Trust which is entirely compatible wtth the Charity's objecb'ves. The Church is committed lo enabling as many people as possible to worship at the Church and to become part ofthe Church's communrty. It aCpt$ the Inclusive Church Slalement= "We believ8 in inclusive Church- a Church whKh celebrates and affim7s every person and does not discriminate. We will continue to challenge the Church where it continues to discriminate against people on grounds of disability. economic power, ethnicity, gender, gender identity, learning disability, mental health, neurodiversky, or sexuality. We believe in a Ghurch which welcomes and serves all people in the n8me of Jesus Christ,. which is scriplurally faithful,. which seeks toproclaim the Gospel afresh for each generation,. and which, in the power of the Holy Spirit, allows all people to grasp how wide and long and high and deep is the love of Jesus Christ." Our SeICe$ and worship pul faith into practice through prayer, scripture reading, teaching, music and participating in Holy Communion. Our facilities are open seven days a week to provide a welcoming communty hub for those with a Christian faith, other faiths and of no faith, where they may be accepted, supported. encouraged and learn more about the Christian faith. whether they live locally or travel from further afield.
Publi¢ Benefft The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities should be undertaken by the Church and, in particular, the specific guidan for the advancement of religion for the public benefit. The community facilities at Ararat are widely used by the local community. External organisations including political parties, the Blood Donation SeNice, support groups, fitness and exercise classes etc. take place regularly. Rooms are available freely for Church activities or can be hired at a compelitive rate. A luncheon club is available each week for those over the age of 60.. many of those attending live in the lo¢alrty but are not Church members. The Church sanctuary also is available to members of the local community for weddings, blessings and funerals, and free of charge to local schools for seasonal concerts. The Church grounds are open for members of the community to come and sit and enjoy the peaceful environment, or to picnic on our lawns. The extension opened in 2018 which houses our coffee shop is back to receiving over 1,000 visitors a week aftei a dip during the Covid pandemic. The general public use the facilities lo meet up with friends in a comfortable, contemporary and stylish environment where they all receive a warm welcome. There are no restriclions on anyone attending our Church or community facilities which are accessible to all and inclusive of everyone. Activtties and Achievements The Church is led by our minister. Rev Gethin Russell-Jones, supported by our Children and Families, Worker. Mrs Rachel Powell. During 2023, thework ofthe Church was also supported by a Minister-in-training, Mrs Hannah Buckley and a prospective ministerial candidate, Mrs Lena Kelleyan. The Church is fortunate in having a number of retired clergy within its congregation who assist the ministerial team and lead a mid-week service. During the year our minister reduced his working week by one day with the approval of the Church membership to work as a counsellor for a local College. In January 2023. three Trustees We required to stand down having completed full terms of service, three new Trustees were elected by the Church, commencing their 3-year period of setvice that same month. Since the Covid pandemic, Ararat has continued to make good use of social media channels to facilitate its weekly pattern of Christian worship. Our presence via Zoom. and YouTube has enabled folk from further afield to participate in our services, including someone from Switzerland. The Church's pattern of Sunday evening worship now takes place predominantly on social media. Ararat encourages friendships and fellowship by offering 'house groups.. These groups vary in size from five to fifteen and there are usually about ten groups operational at any one time. Some groups meet in the homes of Church members, others at the Church itself and one meets in a local pub. All provide a mixture of Christian teaching, social interaction and prayer. They are open to anyone who wishes to join a group and there are several people attending who are members of the community and not regular Church attendees. new development in 2023 has been the holding of two services a month in local residentiallnursing homes. This is welcomed by those who are unable lo attend Church due to illness and frailly. Other older members, or those who for various reasons are no longer able to come lo Church, are regularly visited by a team of Irained pastoral workers. These volunteers work closely with the minister lo provide support and comfort to those individuals who are often lonely and single. Where requested, they are able to provide Holy Communion in people's own homes. Pastoral work is overseen by a new coordinator, who look on the role this year. The Church has a policy in place to protect lone-workers and all involved in pastoral Care are DBS checked.
Ararat has 8 very active work amongsl children and their families led by our Children and Families, Worker. There are regular 'Messy Church, events and Holiday Clubs which are extremely popular amongst families in the community and are frequently fully booked within a few days of being advertised. In addition. the Church has active Boys, and Girls, Brigades which meet weekly and provide meaningful activity for children and the youth in the community- Those attending participate occasionally in Sunday seNices. Although Ararat has many children it has few teenagers. Attempts have been made this year to employ a youth WOTkerlminister to assist in providing for this small bul important group within the Church.. sadly, we have been unable to find anyone interested in the role. This need ¢urrently therefore remains unmet. Ararat is a growing Church. During the year the Church has been pleased to welcome new folk into membership and there have been Baptismal services. As with all Church congregations some people move away, and others die but the membership has remained fairly constant at 200. The current sanctuary was opened in 1914 and is fairly typical in its style with an entrance vestibule, a large space downstairs furnished with pilch-pine pews and a gallery on three- sides again furnished with pews. A signrficanl change took place during the year when afler significant debate the Church members agreed to the removal of the downstairs pews and replacing them wtlh upholslered individual chairs. This project is part of a wider plan to modernise the sanctuary in order to make it more fit for contemporary styles of worship. The change has generally been welcomed by the Church, and the increased flexibilty has allowed the space to be used much more flexibly both for worship services and also for community activities. The new seating in the sanctuary was funded by a significant legacy received in 2021 of £350,000 which was earmarked for maintenance (see the Financial Review). The Church has undertaken various surveys during the year, in particular looking al the state of the sanctuary roof and the roofs ot the rest of the buildings on the Church sile. Whilst most of the buildings require fairly minor repairs the sanctuary requires complete re-roofing. Preparatory works have been undertaken during the year to enable a new roof to be installed during 2024. This, too, will be funded from the 2021 legacy Ararat has a Safeguarding Policy in place, a Designated Person and a deputy for safeguarding and has a system in place for DBS checks for all those working with minors and vulnerable adults. One trLtstee takes a special interest in safeguarding and is part of Ihe safeguarding team. The Church's communtty am is known as 'The Ark,. Attached lo the Church sanctuary are several buildings which provide a home for many of our community groups and activities including our bright, modem and stylish community café. During 2023 a new Café Manager has been appointed and she has led a series of catered events which have been extremely well received by those who attended. There have been celebratory teas for St Dwynwen's Day. St David's Day, Easter and Christmas. The increased café activity has required additional paid staff to work alongside the team of volunteers with there being three part-time baristas now employed within Ihe team. The Ark Café was delighted to receive a five-star hygiene rating. The Church's missional aclivities are not restricted to its immediate locality. Ararat contributes financially to work amongst other Baptist Churches in the UK through its Home Mission fund and also to the global work of Baplist World Mission and Christian Aid. As a Church we are Concerned aboth the world we live in seeking to protect it and cherish it as far as we are able. The Church has established an Eco-church group that is reviewing our energy usage, our carbon footprint, ways in which we can enact social justice through Fair
Trading schemes and reduce waste through more rigorous recycling. Together we are working towards obtaining a 'Bronze award,. As part of thè wider Church and a member of BUGB, the Church participated in a UK-wide consultation on the 'Ministerial Rules, during 2023. This consultats'on related to the issue of same-sex relalionships. Ararat appended an additional question to the Con5uttation which was completed by Church members. The consultation attracted a 430/0 response rate. Of Ihose who responded a majority supported a change to the Minisleiial Rules lo allow for same sex relationships amongsl the clergy and also indicated a favourable response lo changing the Church's License to allow for same-sex weddings to take place in the sanctuary. This matter, along with that of 'same sex blessings,, will be subject lo further debate and a vote during 2024. As a growing Church issues of responsible management and good governance are paramount and during 2023, we have employed an Operations Manager to assist the Minister and Trustees with its organisalion, governance and administralion. Financlal Review The Financial Statements have been prepared in ac¢ordance with the accounting policies set out in Note 1 to Ihe Financial Statements and comply with the Charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slatement of Recommended Practice applicable to Charites preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1, January 2019}. In the Financial Stalements for 2022, lotal reseTves {i.e. Charity Funds) were reported al £6,618,826. However, these have now fallen to £3,619,145 solely as a result of a fundamental change in the valuab.on of all the propety owned by the Church. Since the inception of the charity in 2009, Ihis property has been valued according to the insurance rebuild value as determined by the Insurance Company as there was no reliable cost information available, but the auditors appointed for 2023,Ihaving taken te¢hnical and regulatory advice from the Institute of Chartered Accountants in England & Wales), consider this basis does not equale to'fair value. as required by FRS 102. Consequently, the Church buildings have been reverted back to historic cost using 'deemed cost. on transition to FRS 102 lin 2016Fplus annual additions less depreciation, and the investment property (Ihe former manse) al market value. The Financial Statemenls for 2022 have been restaled to reflecl this major change - hence the figure for reserves staled above, which therefore excludes all the annual revaluation increases in the insured value since 2016. The results for the year 2023 as reported in the Financial Statements show an overall defi¢il of expenditure over income of £90,832 (2022 restated sUlUS - £8,913). However, for the actual running of the Church itself. the deficit was £65,050 (2022 restated deficit- £26,658). Total reserves at 31SI December 2023 were £3,528,313 (2022 resl8ted- £3,619, 145). 2019 L ac A legacy of £600,000 had been received in 2019. During the year, it was used to continue the funding of the Ark Team Leader, to purchase and install a new kitchen oven, and to provide cash flow resources for the Current Account. At 31° De¢ember 2023 the remaining balance was £171,000. 2021 Le ac As referred to above, a legacy of £350,000 was bequeathed to the Church in 2021, the tem)s of the Will expressing the donor's wish that rt be used for maintenance and building works. During the year, it was used lo fund the purchase of the chairs, professional fees in connection with the repurposing of the sanctuary and initial roof survey, essential electrical repairs, and various other maintenance costs. The balance at 31. December 2023 was £301.000. It is
likety that the substantial part of this balance will be used in 2024 for the roof renewal and repairs (referred lo previously). Financial Reserves Pollcy In 2021, the Trustees reviewed and amended the Financial Reserves policy to state that they considered it prudent to hold a reserve of at least £35,000 which would Cover months of essential expenditure. At the year-end, ahOUgh the bank balance in the various Cuffent Accounts was £32, 000, the Trustees consider the position to be salisfactory as there was further £87,000 held at the Kingdom Bank and £397,000 on deposit., a total of £516,000. Rlsk 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. Having assessed the risks, the Trustees are satisfied that systems are in place to mitigate exposure to the major ones. Internal control risks are minimised by the implementation of procedures for all transactions and projects. Procedures are also in place to ensure compliance with Ihe heallh and safety of staff, volunteers and visitors to the Church, Communty Centre and the ChLtrch Café. Golng Forward Next year, 2024 will be the 200 anniversary of the founding of the Church and preparation is already underway to ensure that this milestone is marked approprialely with praise. worship, celebration and fun. A full programme of other activities will be prepared by the beginning of the year. During the autumn of 2023 a children's Choir was created to participate along with members ofthe Church in preparing for a Pantomime, 'The Glass Slipper, to be performed in early January 2024. Many of the children involved are from the local community. As outlined earlier, the Church has also been preparing to spend the 2021 legacy on replacing its ageing roof and repairing other roofs across ils estate and any remaining monies will be spent on modernising the sanctuary to make it a more appropriate worship space for the 21 $t century. We are mindful that legacy monies are finite and careful attention will need to be given to the Church's income and expenditure to ensure that when the legacy monies are exhausted thal we are able to balance the books. The 'cost of living. crisis ha5 affected the Church as it has others with significant hikes in utility expendrture not being met by similar increases in the Church's income. Savings may need to be made along with increasing income revenue streams. The success of the Ark Café has brought the Church's VAT-able income close to the threshold at which we must register to pay VAT. It is likely Ihal we will need lo buy-in appropriate expertise to assist with the registration process. A decision taken in 2019 to pursue Charitable Incorporated Organisation (CIO) status was not pursued for various reasons and will need to be reconsidered in the year ahead. We continue to pray about how best to meet the needs of the teenagers and younger adults in our Church communrty and will further consider our options in this regard.
ARARAT BAPTIST CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDING DECEMBER 319t 2023 Reference and Administrative Details Reglstered Charlty Number: 1132808 Principal offi.. Ararat Baptist Church, Plas Treoda, Whitchurch, Cardiff CF14 1 PT Trustees as at December 31 2023 Rev. Gethin Russell-jones (Minister) Mrs Sonia Conway {Se¢retary} - (Retired January 31 gt 20241 Mrs Carolyn Higgins- Deacon Dr Vaughan Williams - Chair of the Trusteès, Dèacon and co-secretary Mrs Julie Gibbs- Deacon- Resigned April 16" 2024 nd Mrs Rhiannon Scott- Deacon- Resigned July 2 2024 Mrs Jayne Porter- Deacon and co-secretary Mr Paul Burnell - Deacon- Resigned February 1 $1 2023 Mrs Jennifer Lewis- commen¢ed January 1" 2024 Mrs Sylthia Hilary Evans- commenced January 1st 2024 Mr Gareth Witts- commenced January 1" 2024- Resigned October 11" 2024 Mrs Sally Rees- commenced January 1st 2024 Mrs Karen Kaneen- ¢ommen¢ed January 1" 2024 Property Trustees The Baptist Union Corporation Ltd, Baptist House. 129 Broadway, Didcot. Oxon OX118RT BankeryJ The Cooperative Bank plc, PO Box 101, Balloon Slreet, Manchester, M4 4BE Auditors Bevan Buckland LLP, Ground Floor. Cardigan House, Castle Court, Swansea Enterprise Park, Swansea SA7 9LA
ARARAT BAPTIST CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDING DECEMBER 31tst 2023 Trustees, Responslblllties in Relation to the Financial Statements The Trustees are responsible for preparing the Trustees, Report and the Financial Slatemenls in accordance with applicable law and United Kingdom Accounling Slandards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statemenls for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these Financial Statements, the Trustees are required lo.. seled suitable 8ccounling policies and then apply them nsIstentIy', observe the methods and principles in the Chartties SORP. make judgements and eslim8te$ that are reasonable and prudent.. st8te whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the Financial Statemenls,. 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 that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that Ihe Financial Statements comply with the Charrties Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and inlegrity of the charlty and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statemen1$ may differ from legislation in other jurisdictions. Approved by order of the Board of Trustees on October 1 P 2024 and signed on their behaif by: Rev T G RUSselloneS Mlnisler Wllllams ecretary MrsJ orter Go-Se¢retary
Independent auditor's report to the trustees of Ararat Baptist Church Opinion We have audited Ihe financial statements of Ararat Baptist Church ('Ihe Charity'l for Ihe year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheel, the Cash Flow and notes lo the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Practice). In our opinion, the financial ststements: give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended.. have been properly prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting Pr8Ctice: and have been prepared in accordan wrth the requirements of the Charitl8s Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requiremenls thal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard and we have fulfilled our other ethical responsibilities in accordance wilh Ihe5e requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the d1ClOr$ with respect to going concem are described in the relevant seclions of this report. Other matters The financial statements of the Charity for the year ended 31 December 2022 w8s not audited. Sufficient and appropriate audit evidence was obtained to ensure the opening balances do not contain misstatements that materially affecl the current period's financial statements.
Other information The other infomiation comprises the infomiation include(l in the annual report. including the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within Ihe annual report. Our opinion on the financial statements does not cover the other information and, except to the exlenl othemise explicitly slated in our report. we do not express any form of assurance conclusion theOn. Our responsibility is lo read the other infomiation and, in doing so. consider whether the olher information is materially inconsistent with the financi81 statements, or our knowledge obtained in the course of the audit, or othetwise appears to be materially misstated. If we identify such materi81 inconsistencies or apparent materi81 misstatements, we are required to determine whether this gives rise to a material misstatement in the financial slatemenls themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this gard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misslatemenls in the trustees, report. We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulalions 2008 require us to report to you if, in our opinion.. the information given in the Irustees, report is inconsistent in any materi81 respect with the financial statements., or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records,. or we have not leceived all the infomation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the Irustees are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such internal conlrol as Ihe trustees determine is necessary lo enable the preparation of financi81 statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to conlinue as a going concern, disclosing, as applicable, matters related to going concem and using the going cOnM basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations. or have no realistic altemative but to do so. 10
Auditor's responsibilities for the audit of the financial ststements Our objectives are to obtsin reasonable assurance aut whether the financial slatements as a whole are free from material misstatement, whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that 8n audit conducted in accordan with ISAS {UK) will always detect a material misstatement when it exisls. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the e¢onomic decisions of users taken on Ihe basis of these financial statements. Irregularities. including fraud, are instances of non-compliance wlth laws 8nd regulations. We design procedures in line with our responsibilities. outlined above, to delect material misstatements in respect of irre9ularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstatement of the Fin8ncial Statements, whether due to fraud or error, and then. design and perform audit procedures responsive lo those risks, includin9 obtaining audit evidence that is sufficient and appropriate lo provide a basis for our opinion. We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monrtored our Independen Ihroughout the process. Identlfying and assessing potential risks related to irregularilios In identifying and 8sses$ing risks of malerial misstatement in respect of irregularilies, including fraud and non-compliance with laws and regulalions, our procedu8 included the following.. enquiring of management, including obtsining and reviewing supporting documentation, concerning the charity's policies and procedures relating to- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.. detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud,. the intemal controls established to mitigate risks related to fraud or non-compliance with laws and regu18tions' discussing among the engagement team how and where fraud might occur in the Financi81 statements and any potential indicators of fraud. As part of this discussion. we identified polential for fraud in the following areas.. Management override of controls.. and obtaining an understanding of the legal and regulatory frameworks Ihat the charity operates in, focusing on those laws and regulations Ihat had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the charity, The key laws and regulations we Considered in this context included the UK Companies Act and relevant tsx legislation. 11
Audlt response lo rlsks Id•ntifigd In addition to the above, our procedures to Spond to risks identified included the following: reviewing the financi81 st81emenl disclosures and testing to supporting documentatron to assess compliance with relevant laws and regulations; enquiring of management concerning actual and potential litigation and claims.. performing analytical procedures to idenlify any unusual or unexpected relationships that may indicate risks of material misslatement due to fraud; reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC., and in addressing the risk of fraud through managemenl override of controls, testing the appropri8teness of joumal enlries and other adjustments., assessing whether the judgements made in making accounting estimates are indicative of potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified 18ws and regulations and potential fraud risks to all engagement team members and remained 8lert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Use of our report This report is made solety to Ihe ¢h2rity's trustees, as a body, in accordance with The Charities Act 2011. Ourauditwork has been undertaken so thatwe might state tothetrusleesthose matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume SponsIbl11ty lo anyone olher than the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. E15gibility Bevan Buckland LLP is eligible for appointment as auditor of the charily by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Bev8n Buckland LLP Ch8rtered Accountants And Statutory Auditors Ground Floor, Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date.. /.rf.,:la.p.l.+................................ 12
ARARAT BAPTIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31st DECEMBER 2023 Note Unrestricted Rgstricted TOTAL 2022 Rèstat Income Donations and Legacies Charitable Activities Investment Income Other Income Total Income 130,159 110,183 16,676 253 257.271 7,261 137,420 110,183 20.479 553 268,635 127.224 94,082 14,634 1,765 237,705 3,803 300 11.364 Expendlture Charitable Activities Total Expenditurg 352,323 352,323 22,379 374,702 374,702 289.784 289,784 Income I I•xpgnditure) for the year 195,0521 {11.015} 1106,0671 152,0791 Other rocognised galns I Ilosse8) Revaluation gains l {lossesl on fixed assets Revaluation gains on investment assets 12. 15,235 15,235 60,992 Ngt Movomgnt in Funds 79,817 11,015 90,832 Reconciliation of Funds Totsl Funds brought forward restated 3,265,616 353,529 3,619,145 3,610,232 Total Charity Funds ¢arrSed forward 3,185,799 342,514 3,528.313 3.619,145 Comparative figures for 2022 are in Note 27. All incoming resources and resources expended derive from continuing activities The Statement of Financial Activities includes all gains and losses recognised in the year. The Notes on pages 16-28 form part of the Financial Statements 13
ARARAT BAPTIST CHURCH BALANCE SHEET YEAR ENDED 31st DECEMBER 2023 Note 2023 2022 Reststed Fixèd Assets Tangible Fixed Assets Investments 2,716,365 315,000 3.031.365 2,726,445 300,000 3,026,445 12. Current Assats Stocks Oeblors & Prepayments Bank 669 7,804 516,536 525,009 1,079 2,871 597,101 601,051 13. 14. Current Liabilitigs due within one year Creditors 15. 28,061 (28,061) 8,351 {8.351) Net Current Assets 496.948 592,700 Total Net Assets 3.528,313 3.619.145 Charlty Funds Reslricled funds Unrestricted funds.. Designated funds 16. 17. 3.005,412 18. 180,387 342.514 353,529 3,036,076 229,540 3.185,799 3.265,616 Total Charity Funds carrled forward 3,528,313 3,619.145 al ments were appro edby Trustees on October 17 2024 Rev G Russel Minister es r V Williams Secretary J Porter Co-secretary 14
ARARAT BAPTIST CHURCH STATEMENT OF CASH FLOWS YEAR ENDED 31st DECEMBER 2023 Note 2023 2022 Restated Net cash providgd byl(used In) oparating activitles 24. 28,749 307,648 Cash flows from investing activltles.. Purchase and revaluation of fixed 2nd investment assets Net cash provided byl{usod inl invgstlng activities 11.,12. 51,816 51,816 67,703 67.703 Change in ¢ash and cash equivalgnts durlng the year {80.565) 239.945 Cash and cash trquivalents at beginning of year 14. 597,101 357,156 Cash and cash equlvalents at end of year 14. 516.536 597,101 15
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st DECEMBER 2023 1. Accounting Policles 1.1 Charity Information lal Ararat Baptist Church is an unincorporated charity whose registered address is Plas Treoda, Whilchurch, Cardiff CF14 1 PT Ibl As the Charity is an unincorporated entity, its property is owned as Custodian Trustee by the Baptist Union Corporation Limited. Didcot OX118RT {charity number 249635}. 1.2 Basis of Preparation The Financial Sialemenls have been prepared in accordance with the Charills governing document, the Chartlies Act 2011 and "Accounting and Reporting by Charities.. Statement 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 1021 leffeclive 1 January 20191" The Financial Slalemenls have been prepaied under the historical cost convention apart from values associated with Church buildings and related fixtures and fittings. The Church conslilutes a Public Benefit Entity as defined by FRS 102. 1.3 Golng Concern The Trustees consider that there are no material uncertainties about the Church's ability lo continue as a going concern. 1.4 Crltical A¢countSng Estlmates and Judgements The preparation of Ihe Financial Slalements requires the Trustees lo make judgements, eslimales and assumptions that affect the amounts reported for assets and liabilities as al the Balance Sheet dale and the amounts reported for revenues and expenses during the year. The eslimales and associated assumptions are based on historical experience and other relevant factors. However, the nature of eslimalion means that 8¢tual outcomes could be different. 1.5 Income Recognition Income is recognised in the Slalemenl of Financial Activities on the following basis.. (a} Planned giving, collections and donations are recognised when the Church has been notrfied in writing of both the amount and settlement dale. In the event that a donation is subject lo conditions that require a level of performance before the Church is enlilled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilment of those conditions is wholly within the control of the Church and it is probable that those conditions TMII be fulfilled in the reporting period. (b} Interest on funds held on depos11 is induded when reoeivable and the amount can be measured reliably by the Church, normally on nolificalion by the bank. (cl Income Tax recoverable on donations under Gift Aid is recognised al the same lime as the corresponding donations.. {dl Legacies are recognised either on receipt, or otherwise rf the Church has been notrfied of an imper¢ding distribution, the amount is known. and receipt is expected. If the amount is not known, or conditions are allached which have not been fulfilled, the legacy is treated as a conlingenl asset. lel Government grants, e.g. Furlough grants, are recognised only when they have been received. If) Rent, room hire and fees for weddings and funerals are Cognised on a receivable basis. 1.6 Expenditure Recognition (al Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling the Church lo that expenditure, it is probable that a transfer of economic beriefils will be required in selllemenl and the amount of the obligation can be measured reliably. Ibl Expenditure is accounted for on an accruals basis. 16
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 1. Accountlng Policies {continuedl 1.6 Expgnditure Recognition (continued) Ic) Grants payable are payments made lo third parties in the furtherance of the charitable objects of the Church. In the Case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. Provisions for grants are made when the intention lo make a grant has been communicated to the recipient bul there is uncertainly as lo the liming or amount of the grant. 1.7 Raising funds Raising funds includes all expenditure incurred by the Church lo raise funds for ils charitable purposes and includes costs of all fundraising activities, events and non-charitable trading, and an apportionment of support and governance costs. 1.8 Charitablg actlvltles Costs of charitable activities cover all expenditure relating lo the furtherance of the Church's objectives, including an apportionment of support ané governance cost5. 1.9 Support and Governance costs Support costs are those that assist the work of the Church bul do not directly represent charitable activrties and include office and associated costs. 1.10 Apportlonment of Support and Governance costs Support and governance costs have been apportioned lo the cost of raising funds and expenditltre on charitable activities on a basis consislenl with the use of resources. 1.11 Tangible Fixed Assets All assets costing more than £1,000 are capitslised. Value of Church Buildings The Church bL¢ildings have historically been accounted for at insurance value. This approach had been adopted because there was no reliable cost information available. As a result of the transition to FRS 102 the Trustees look the insurance cost for Church buildings and related Fixtures and Fittings {bul excluding the Investment Propety} of £2,668,585 as al transition dale 11 st April 20141 and used this as deemed cost going forward, with the insurance values at the annual renewal being adopted rf the changes on the previous year were deemed lo be material. However, recent professional and technical advice is that basis does not represent "fair value" and the accounting policy has been changed for 2022 onwards. This 'deemed cost" al 1st April 2014 has been accepted as the cost brought forward as 1st January 2016, adjusted by the additions and disposals in each subsequent year. Depreciation has also been charged in each year on the bases outlined below. Impainnent of assets At each reporting end date, the Lmurch reviews the carrwng amounts ol Ils langitsle 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 eslimaled in order to determine the exlenl of the impairment loss lif any). Depreciation As a result of the changed method of calculating the gross cost of fixed assets, from 2022 depreciation is provided on freehold land and buildings over 100 years. Furniture, Fixtures, Fittings & Equipment are éeprecialed over 6 years. Plant 15 depreciated over 10 years. 1.12 Stocks Stocks of unsold catering supplies in The Ark are valued at cost.
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 1. Accounting Pollcies (continued} 1.13 Investrnont Property The former Church manse at Plas Treoda has been let for rental as two flats for a number of years, and is classed as an investment property. The method of valuation in the Balance Sheet of this investment property was previously consislenl with that of the main Church buildings but, as explained in Note 1.11, this method has been discontinued from 2022. However, unlike the Church buildings, the insurance valuations for the investment property from the "deemed cost. of £177,440 in 2016 have been continued until 2021.. from 2022 onwards a market value will be determined professionally at 31 st December annually. M8terial differences from year lo year will be accounted for in the Financial Slalemenls. 1.14 Taxation The Church is exempt from lax on ils charitable activities. 1.15 Fund accounting Unreslricled "General" funds can be used in accordance with the charitable objectives of the Church al the discretion of the Trustees. Designated funds are unrestricted funds pul aside for a specific project or aim.. they can be returned lo the General unreslricled funds al any lime provided the decision is taken by a quorum of members al the Church meeting. For reporting purposes they are combined wlh unrestricted funds and termed "Unrestricted" Restricted funds can only be used for particular restricted purposes wthin the objects of the Church. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Furthef explanation of the nature and purpose of each fund is included in the Notes lo the Financial St21emenls, 1.16 Penslon costs and other post-retirement benefits The Church operates Defined Contribution plans for its employees, with various separate pension providers. Once the agreed contributions have been paid the Church has no further payment obligations. The contributions are recognised as an expense when they are due.. amounts not paid al the year end are shown in creditors in the Balance Sheet. 1.17 Groups There are a number of organisalions {'Groups"l operating within the church which are consolidated as part of charitable activities, as they provide local outreach from the Church premises. Their funds are classified as Designated. The Church Trustees have overall responsibility for the management of these Groups. 18
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 Unrestrlcted Restrlct•d TOTAL 2022 RL4tAt&d 2. Donations and Legacies Offerings l Donations Tax refunds Legacies Total 105,127 24,932 100 130,159 6,421 840 111,548 25,772 100 137,420 102,712 24,512 7.261 127,224 3. Charitsblo Activities Children, Families. & Youth Ministry Income from The Ark Hire Income Ministry Income (incl Groups - Nole18.) Total 10,839 63,121 29,512 6,711 110,183 10,839 63.121 29,512 6,711 110,183 9,603 50,099 29,569 4,811 94,082 4. Investment Incom8 Rent received Bank interest Total 13,284 3,392 16,676 13,284 7,195 20.479 13,284 1,350 3,803 3,803 5. Other In¢ome Grants Other charitable income Total 1,000 765 1,765 253 253 300 300 553 553 6. Charitable ktivities Ministerial Mission {incl Groups - Note 18.1 Ministry Donations I grants {Nole 8.1 Premises Maintaining investment Miscellaneous 61,426 121,437 26,571 41,815 3,411 2,719 257.379 94,944 352,323 61,426 122,778 26,571 57,423 3,411 2,719 274,328 100,374 374.702 53,920 85,416 33,279 36,423 4,189 1,384 214,611 75,173 289,784 1,341 15,608 16,949 5,430 22,379 Support + Governance costs (Note 7.) Total 7. Support Costs Staffing Office Costs Depreciation Finance costs Total 27,151 13,871 39,992 40 81,054 27,151 13,947 45,346 40 86,484 12,017 18,720 41,722 14 72,473 76 5,354 5.430 Governance Costs Audit I Independent Examination Other governance costs Total 13,230 660 13.890 13,230 660 13,890 2,700 2,700 19
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 Unrestrlcted Restrlct•d TOTAL 2022 Restated 8. Donations l Grants BMS World Mission Cardiff Baptist College Baptist Union Home Missio 10,500 2,499 9,499 22,498 10,500 2,499 9,499 22,498 10.500 2,500 9,500 22.500 9. Staff Rémuneration and Benefits 2022 Restated Wages and salaries Social security Other pension cosls 139,694 105,086 5,373 2,760 9,213 7,527 154.280 115373 No employee received more than £60.000 during the year. Rev G Russell-Jones {Trusleel received remuneration lincluding gross salary, employer's national insurance and employer's pension conlribulionsl lolalling £46,777 (2022 £47,391) for his services as Minister during the year. From September 2023, he reduced his weekly hours by 200/0. The key management personnel comprise the Trustees and the Minister. During Ihe year, no Trustees received expenses in connection wlh their roles as Trustees. During the year, £12.045 was received in donations from 7 Trustees and related parties (2022 £16, 715 from 9 Trustees and related parties). 10. Staff Numbers The average number of employees during the year was.. Full Tlme Part TSme Total 2022 Restated Ministerial Mission Premises Support Pension contributions are paid lo Defined Contribution private pension schemes on behalf of the Ministers. The total amount paid into these schemes by the Church was £3,875 (2022 £4, 152) One staff member is in the Baptist Pension Scheme which is a Defined Contribution s¢heme. The amount paid into this Scheme was £2,300 (2022 £1,994). 20
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023. 11. Tangible Fixad Assets restrlcted R•stri Totsl Church Church Flxtur•s, Property Fittlngs, Restrlcted Propèrty {oxcluding hurch lexcludlng Equlprn¢nt investm•nt Pro Investment & Plant property) propertyl Church Fixtures, Total Property Flttlngs, Unrestrlct l•xcludlng Equipment Chur In¥e5tment & Plant Pro property) Cost or valuation At 1 sl January 2023 Restated Additions At 31st December 2023 2,885,758 2,885,758 81,146 2,966,904 6,780 6,780 87,926 2.973.684 4,740 5,600 29,801 35,401 10,340 2,977,244 29.801 36,581 40.141 3.013,825 4,740 Depreciation At 1 st January 2023 Reslaled Charge At 31st December 2023 197,457 28,858 226,315 52,362 12,449 64,811 249,819 41,307 291.126 47 47 933 5,307 6.240 250,799 46.661 297,460 5,354 6,334 Net Book Value At 31st December 2023 2,659,443 At 31st December 2022 Restated 23.115 2,682,558 29,161 33.807 2.716,365 2.688,301 28,784 2,717,085 4.693 4.667 9,360 2,726,445 Accounting Policy 1.11 explains that the basis of valuing property and related contents changed from 2022. The amounts shown above al 31 $1 December 2022 reflect the new basis from 2016 to that dale. This new basis produces significantly lower values Irevaluation loss} and additional depreciation charges than previously. The revaluation losses from 2016 10 2021 1£2,073,8931 and the additional depreciation charge 1£205.0331 were included in the balances brouqhl forward from 2021 into 2022. 21
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 202 12. Investm¢nts Property Flxturè$, Fitting¥, Equipment & Plant TOTAL Cost or valuation Al 1 st January 2023 Reslaled Additions 298,037 2,350 300,387 298,037 15,235 313,272 2.350 300,387 15.235 315,622 Revaluation At 31st December 2023 Depreciation Al 1st January 2023 Restated Charge At 31st December 2023 2.350 387 235 622 387 235 622 Nat Book Value At 31st December 2023 313,272 1,728 315,000 At 31st December 2022 Reststed 298,037 1,963 300,000 The investment consists of a property, the former manse al Plas Treoda, let for rental as two flats. As slated in Accounting Policy 1.13. the basis for valuation was changed in 2022 to market value.. for 2023 this basis produced a revaluation gain of £15,000 over 2022. 13. Debtors & Prepayments: amounts falllng due wlthln one year- Unrestrfcted Restrict•d TOTAL 2022 Restated Trade debtors Accrued income Prepayments 1.012 368 1.012 1,454 565 6,424 7.804 6.424 7,804 852 2,871 14. Bank Balances Pelly Cash Current Accounts Deposit Reserve Accounts 187 31,625 176,017 207,829 187 31,625 308,707 484,724 308,707 516,536 115 45.885 551,101 597.101 15. Cre(litors: amounts falling due wlthln ong year Other taxation and social security Other creditors Trade creditors and Sru81$ 2,108 418 25,535 28.061 2,108 418 25,535 1,845 902 5.604 8,351 22
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 16. Rgstricted Funds 0110112023 Incom? Expendlture 3111212023 Sycamore Fund Renovation & Building 2,352 351,177 353,529 775 10,589 11.364 11,3411 21,038 22.379 1,786 340,728 342.514 Restricted Funds Sycamore: This is a Restricted fund bequeathed by Doris and Burt Brewer lo the Church for use in supporting members of the Church in need, and which is regularly replenished by donations al Communion Services. This is the nel value of Church propety financed by funds provided for that specific purpose only. Such Reslricled funds in previous years have been legacies, donations and gifts, grants, loans received (plus contributions towards their repaymenll. In 2023, Reslricled funds comprised the 2021 legacy which £300,593 was remaining al 31st December (2022 £331.853), together with offerings for ongoing maintenance (Maintenance Fund). Renovation and Building.. Previous Year (Restatgd) 0110112022 Income Expendlture 3111¥2022 Sycamore Fund Renovation & Building 1,969 359,386 361,355 441 6,558 6,999 {581 14,767 14,825 2,352 351,177 353,529 17. Unrestrirted Funds 0110112023 Income Exp•nditur• Transfer 3111212023 General Fund Designated Funds 3.036,076 229,540 3.265,616 201,509 70,997 272,506 {251.3241 100,999 352,323 19,151 3.005.412 19,151 180,387 3.185,799 Descrlptlon of funds Unreslricled Fund General.. These are funds available lo the Church for unrestricted use in the furtheran of ils charitable aims and objectives. These funds may be revenue (income & expenditure) items or lied up in assets. e.g. the Church buildings. extension5 and renovations, fixture and fittings, plant and compulerlaudio visual equipment. Desi nated Funds see Note 18. These funds outlined below have been designated by the Trustees for the purpose5 shown whereas, legally, they are unreslricled. For reportin9 purposes throughout these Financial Statements they are therefore combined together as "Unreslricled" Prevlous Year (Restated) 0110112022 Incom? Expendlture 3111212022 General Fund Designated Funds 3.001,742 247,135 3.248.877 175,984 54,722 230.706 1141,650} 3,036,076 72,317 229,540 213,967 3,265,616 23
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 18. Deslgnated Funds 0110112023 Incoming Resources Transf•r 3111212023 Group Activities Legacy (incl Kingdom Bank} Donation for Youth Worker The Ark (incl ASDA grant) 989 210,849 5,000 12,702 229.540 4,484 3,392 {4.3491 125.9611 {19.1571 1,124 169,123 5,000 5,134 180,381 63,121 70.997 70,689 100,999 19.157 Groups= These Groups provide local outreach from the Church premises and have their own bank accounts administered by their officers. The Trustees have overall responsibility for the management of the Groups. A substantial legacy Ilhe 'Williams' Legacl'l was received in 2019 and, with approval of Church members, the Trustees decided lo set aside a signrficanl portion of it lo be available for future projects. £83,229 remained unspent at 3151 December 2023 (2022 £123,535), excluding the Kingdom Bank reserve Ibelowl. £85,000 from the "Williams, Legacy" has been transferred as a long term reserve. The balance at 31 st December 2023 was £87,788 (2022 £85, 720) Legacy.. Kingdom Bank Youth Worker.. A donation was received during 2021 to assist with the costs of employing a Youth Worker. The café. open six days a week, which welcomes the general public and is used for community activities and is an integral part of the ministry and outreach activities of the Church. The Ark Previous Year (Restated) Group Activities Legacy {incl Kingdom Bank) Donation for Youth Worker The Ark 0110112022 1.080 236,934 5,000 4,121 247,135 Income Exp•nditur• 3111212022 2,729 894 12,8201 126,9791 989 210,849 5,000 12,702 229.$40 51,099 54,722 42,518 72.317 19. Analysis of Balance Sheet Unrestri¢tgd Rostriet•d TOTAL Tangible Nel Assets Investments Bank Other net current assets 2.682,558 315,000 207,829 19,588 3.185,799 33,807 2,716,365 315,000 516.536 19,588 342.514 3.528,313 308,707 Prevlous Year (Restated) UnrO$trfct Restrict TOTAL Tangible Net Assets Investments Bank Other nel current assets 2,717,085 300,000 252,904 4,373 3,265,616 9,360 2,726.445 300,000 344,197 597,101 28 4,401 353,529 3,619.145 24
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 20. Retlrement Pension Schemes The Church is a participating employer in a Defined Contribution pension scheme known as the Baptist Pension Scheme I'the Scheme"I, which is a separate legal entity administered by the Pension Tr¢Jstee (Baptist Pension Trust Limited}. The assets of the Scheme are held separately from those of the Employer and the other participating employers. In general. members pay 80/0 of their Pensionable Income and employers pay 6¥0 of members, Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadslone Corporate Benefits Ltd. In addition, the employer pays a further 40/0 of Pensionable Income lo cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members if they are unable to work due to long-lerm incapacity. This income protection policy has been insured by the Baptist Union of GTeal Britsin wlh Aviva Limited. Al the year end there was one member of staff in the Scheme. Private Pension Schemgs The Minister has his own Defined Contribution private pension schemes into which he and the Church make monthly conlribulions. 21. Related Partles 111 The Custodian Trustee of the Church is the Baptist Union Corporation Limited, a charty {number 2496351 controlled by the Baptist Union conCIl. The Church is also a member of the Baptist Union of Great Britain, and the South Wales Baptist Association {charity number 1102735}. {21 The Church made a donation of £9,499 (2022 £9,500) lo Baptist Union Home Mission (Note 8.1 and paid £1,080 in annual subscriptions lo the Baptist Union (2022 £838). 131 The Church paid £700 in annual subscriptions to the South Wales Baptist Association (2022 £513J. 141 The Church made donations lo the following affiliated Baptist organisalions.. (Note 8.) Baptist Missionary Sociely World Mission £10,500 (2022 £10,500) Baptist Missionary Society Vvorld Mission £815 {2022 £550) from the Church Harvest Collection Cardiff Baptist College £2,499 (2022 £2,590) 151 Rev G Russell-Jones (Minister} is a Trustee. Details of remuneration elc are in Note 9. 161 Mrs Alyson Burnell, Ark Manager until January 2023, is the wrfe of Mr Paul Burnell, who was a Trustee al that time. During January she received 8 total salary of £1,416 (2022 £11,632) 171 In the year, no Trustees and related parties {2022 - 6) received any payment (2022 - £770) for seNi¢es al weddings and f(Jnerals. No amounts were outstanding during the current or prior year regarding the transactions above. 22. Post Balance Sheet Evgnts 111 The major structural survey in July 2023 reported that although the original 1915 building was largely in good structural order, a programme of repairs was recommended. The main works are lo replace part of the sanctuary roof natural slates and all lead sheeting, remedial work lo the other 5 roof areas, gable and parapet walls, and replacement of all rainwater gullers and downpipes. In March 2024, members accepted a tender of £192,000 +VAT for the work, which is expected to start in July 2024, with a time frame of 3-4 months. Total costs of the project. likely lo be approximately £250,000, will be met from the Restricted legacy. {2) In April 2024, Hannah Buckley. Trainee Minister. resigned her post lo continue studies al Cardiff Baptist College. 25
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 23. Custodian Asset A leasehold property at Blandon Way, Whilchurch was bequeathed in Trust to the Church in June 1999, on condition that the property would pass lo the Church only when il became vacant following the named current tenant. who is still in residence. The lease of Ihe property expires in 2078. 24. Reconclllation of Net Incorng1{Expenditurg) to Net Cash Flow from Opgratlng Activities 2023 2022 R¥$tat•d Note Net Incomg1(expenditurg} for the rgporting period {as In the Statement of Financlal Activities) Adjuslmenls for.. Depreciation Ilncrease} I decrease in debtors Ilncrease} I decrease in stock (Decrease) l increase in creditors Net cash provided by Ilused in) operating activitiOS 190.8321 8,913 11.,12. 13. 46,896 14,933} 410 19,710 28,749 42,294 269,466 (668} 12,357 307,648 Analysis of Cash and Cash Equivalents Cash in hand and in Bank 14. 516,536 516,536 597,101 597,101 25. Operatlng Lèases Unrestricted Restrlcted Total 2022 Restated The following operational leases were in existence al 31 sl December 2023 Due in less than 1 year 4,509 Due in 2-5 years 4,509 4,260 6,592 6,592 11,101 26
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 26. Prior Year Adjustments The published Financial Slalemenls for 2022 have been restated for a number of reasons. the nel effect being a decrease in Net Movement of Funds and Reserves of £720,755 The reasons for this decrease are sel out below. Reduction in revaluation gains on tangible fixed assets (as a result of fhe change in Ihe basis of valuing these assets - see Note1. 11)) Increase in revaluation gains on investment assets (as a resutt of the change in thg basis of vgluing these assets- see Note1. 13)) Increase in depreciation charge (as a result of the Ghange in the basis of valuing tangible fixed assets - see Nolel.I t)) Grft Aid claim made in December 2022 not treated as accrued income for 2022 Various insurance policies for 2023 not treated 2$ a prepayment in 2022 Minor corrections Decrease In Nèt Movement of Funds and Reserves 1700,5261 14,831 135,7071 (3.9181 4,465 100 720,755 Original Nel Movement of Funds Restated Nel Movement of Funds and Reserves Decrease in Nel Movement of Funds 729,668 8,913 720,755 27
ARARAT BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31st DECEMBER 2023 27. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31st DECEMBER 2022 Restated Unr•striettd Restrlcted TOTAL Income Donations & Legacies Charitable Activities Investment Income Other Income Total Incomtr 120,681 94,082 14.178 1,765 230,706 6,543 127,224 94,082 14,634 1,765 237.705 456 6,999 Expendlture Charitable Activities Total Expenditure 274,959 274,959 14,825 14.825 289,784 289 784 Net income Ilexpenditure) for the year 144.253) 7,8261 152,079) Other recognised gains l (losses) Revaluation gainslllossesl on fixed assets Revaluation gains on investment asse15 Net Movement in Funds 60,992 16,739 60,992 8,913 7.826 Reconcillatlon of Funds Total Funds brought forward restated 3,248,877 361,355 3,610.232 Total Funds carrled forward 3.265,616 353,529 3,619,145 28