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2022-12-31-accounts

Charity registration number 1132950

ABBEY ROAD BAPTIST CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

ABBEY ROAD BAPTIST CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Pastor Iain Batty S Trotter Amir Arjomand Tursunbubu Emmott

Charity number Independent examiner

1132950 SBM Associates Limited 24 Wandsworth Road London SW8 2JW Pauline McAlpine

ABBEY ROAD BAPTIST CHURCH

CONTENTS

Page
Trustee's report 1 - 4
Statement of Trustee's responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Statement of financial position 8
Notes to the financial statements 9 - 17

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

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 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The aims of the charity are:

To advance the Christian religion in the United Kingdom and overseas by following and proclaiming the principle truths of the Bible (Old and New Testaments). In furtherance of this the Church may arrange public and other meetings of worship, praise, evangelism, teaching, study, encouragement and prayer, it may plant new congregations in any locality and it may support other Christians, churches or organisations sharing these objectives.

To relieve poverty both in this country and overseas by any means (e.g. donations, provision of goods or services, contributions, loans and advances with or without interest).

Public Benefit

The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives of the Charity.The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Significant activities

The significant activities of the charity in meeting its aims and objectives are:

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

Worship

The national lockdown(s) and social restrictions following the pandemic lead to online worship and support. Where possible the church was opened for private prayer for our community.

Bible Discussion

Prayer Meeting

DAR Russian School

Our relationship with DAR Russian School continues. They are using the hall and some classrooms downstairs during the week. We assisted the school during the national lockdown(s) through rent reduction.

Assistance through accommodation

Our two accommodation buildings continue to offer affordable accommodation in areas with easy access to the centre of London. Affordable accommodation is an increasing issue in London. In addition to our set affordable rents, we also have the ethos of helping residents with lower rents if we are able to.

Assistance through other support

We have supported members and attendees seeking asylum, especially those fleeing persecution for maintaining or following their Christian faith. We continue to support Nahid Hoggati, Eduardo B and AHA through attending court appearances and helping with paperwork.

We have given support to Kilburn Salvation Army through our harvest time donations provided by the congregation and local community. We also support the Salvation Army through our Christmas present shoe box appeal and quality recycled clothes collections.

Partnerships

We continue to support the work of Christ Centered Ministry Church in General Santos City in The Philippines, and First Baptist Church of Farmersville, in Texas. These ministries also continue to support ARBC through prayer and mission.

Financial review

Income has increased from both rent from hostels and Church hire and activities, with a total of £203,420 compared to 139,204 in 2021

The major increase in expenditure was in respect of repairs ( increased from £64,163 to £73,439 and and utility costs ( increased from £16,395 to £22,208).

The charity had a net deficit for the year of £36,641 after accounting for depreciation of £26,474.

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Going concern

The trustees are confident that the charity will continue as a going concern within the foreseeable future, accommodation occupancy has reached full capacity during 2022 and the trustees are keeping income and expenditure under close review.

Reserves policy

The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

Our vision for all long term attendees at ARBC is to continue to assist everybody in discovering their particular mission, through their specific gifts. We feel this is an important focus in helping the church itself to be a more effective force for good within the local community, while also assisting our members in spiritual and personal growth.

Structure, governance and management

Decisions are made quarterly at Deacons/Financial/Members Meetings.

Trustees

The trustees who served during the year and up to the date of signature of the financial statements were:

Pastor Iain Batty S Trotter Amir Arjomand Tursunbubu Emmott

Recruitment and appointment of new trustees

Trustees are identified by the Deacons and elected at the Annual General Meeting as per the charity governing document.

Induction and training of new trustees

The chairman is responsible for the induction and training of trustees.

Partnerships

We continue to support the work of Christ Centred Ministry Church in General Santos City in The Philippines, and First Baptist Church of Farmersville, in Texas. These ministries also continue to support ARBC through prayer and mission.

Pastor Iain has been called as Chaplain of Bournemouth Rugby Club.

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Other reference and administratice details

Registered Charity number 1132950

Principal address

Abbey Road Baptist Church 14-16 Abbey Road St Johns Wood London NW8 9BD

Independent examiner

SBM Associates Limited 24 Wandsworth Road London SW8 2JW

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4 Q

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

S Trotter Trustee

24 September 2023

ABBEY ROAD BAPTIST CHURCH

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees are responsible for preparing the Trustee's 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 that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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) Regulations 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.

ABBEY ROAD BAPTIST CHURCH

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ABBEY ROAD BAPTIST CHURCH

I report to the trustees on my examination of the financial statements of Abbey Road Baptist Church (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

SBM Associates Limited Pauline McAlpine 24 Wandsworth Road London SW8 2JW

Dated: 27 September 2023

ABBEY ROAD BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations, legacies
& grants
3
5,911
-
Income from
charitable activities
4
203,420
-
Other trading
activities
5
-
-
Income from
investments
6
517
-
Total income
209,848
-
Expenditure on:
Costs of charitable
activities
7
246,189
-
Net expenditure for the
year/
Net movement in funds
(36,341)
-
Fund balances at 1 January
2022
432,265
494,243
Fund balances at 31
December 2022
395,924
494,243		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
5,911
23,510
-
203,420
139,204
-
-
7,184
-
517
58
-
209,848
169,956
-
246,189
234,859
-
(36,341)
(64,903)
-
926,508
497,168
494,243
890,167
432,265
494,243		 Total
2021
£
23,510
139,204
7,184
58
169,956
234,859
(64,903)
991,411
926,508

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

All income and expenditure derive from continuing activities.

ABBEY ROAD BAPTIST CHURCH

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2022
£
33,823
74,961
108,784
(11,612)		 £
792,995
97,172
890,167
494,243
395,924
890,167		 2021
£
30,194
86,458
116,652
(9,408)		 £
819,264
107,244
926,508
494,243
432,265
926,508

The financial statements were approved by the Trustees on 24 September 2023

Pastor Iain Batty Trustee

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Abbey Road Baptist Church is an unincorporated charity, registered number 1132950. The registered address is 14-16 Abbey Road, St Johns Wood, London, NW8 9BD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the 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 Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but 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. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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 treated as a contingent asset.

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between 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 asset’s use.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line basis
Plant and equipment 20% straight line basis
Computers 33% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs and other post-retirement benefits

The church is an employer participating in a pension scheme known as the Baptist Ministers' Pensions Scheme and contributes at rates set by the scheme actuary and advised to the charity by the scheme administrator. The scheme is a multi-employer scheme. Due to the number of contributing employers the church is unable to identify its share of the underlying assets and liabilities of the scheme. The contributions to the scheme are therefore accounted for as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations, legacies & grants

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Donations and gifts 5,911 4,168
CJRS grants received - 19,342
5,911 23,510

4 Income from charitable activities

Rent from Church hire Total Total
Hostels and activities 2022 2021
2022 2022
£ £ £ £
Sales within charitable activities 133,468 69,952 203,420 139,204

5 Other trading activities

**Total ** Unrestricted
funds
2022 2021
£ £
Ground rent and service charges receivable - 7,184

6 Income from investments

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Interest receivable 517 58

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Costs of charitable activities

Hostels
2022
£
Staff costs
-
Depreciation and impairment
-
Repairs and maintenance
47,010
Insurance
3,591
Light and heat
4,748
Telephone
-
Office and administration costs
198
Sundries
-
Church travel and motor expenses
-
Bank charges
-
Hospitality
-
Legal and professional fees
-
55,547
Accountancy fees
-
55,547
8
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
9
Employees
The average monthly number of employees during the year was:
Employment costs
Wages and salaries
Social security costs
Other pension costs		 Church
2022
£
68,379
26,474
26,428
7,137
17,461
5,979
22,002
-
7,785
93
5,641
752
188,131
2,511
190,642		 Total
2022
£
68,379
26,474
73,438
10,728
22,209
5,979
22,200
-
7,785
93
5,641
752
243,678
2,511
246,189
2022
£
26,474
2022
Number
1
2022
£
48,505
1,360
18,514
68,379		 Total
2021
£
71,020
27,129
64,163
11,481
16,935
5,071
14,222
195
8,640
55
9,580
4,286
232,777
2,082
234,859
2021
£
27,129
2021
Number
1
2021
£
48,250
1,438
21,332
71,020

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Employees (Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows:
2022 2021
Number Number
1 1

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10 Pension Commitments

The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”). The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited).

The Minister is, which is not contracted out of the State Second Pension.

From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members’ Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Legal and General Life Assurance Society Limited. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members in the event that they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.

Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011.

A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2016 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £219 million.

The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £93 million(equivalent to a past service funding level of 66%). As a result of the valuation, contributions from the individual employers will remain at previously agreed levels (increasing each year in line with increases in the Minimum Pensionable Income), and will continue until 31 December 2028. In addition, the Union will make a number of one-off contributions totalling £33.5m by 31 December 2023.

The key financial assumptions underlying the valuation were as follows:

RPI price inflation assumption 3.50% pa CPI price inflation assumption 2.75% pa

Minimum Pensionable Income increases (CPI plus 0.75% pa) 3.50% pa Assumed investment returns - Pre-retirement 3.50% pa

Deferred pension increases

Pension increases

As there is a large number of contributing employers participating in the Scheme, the Church is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable. The total pension cost for the Church is £20,201 (2017 £20,075).

The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2019. The report is not yet available.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 January 2022
1,356,866
Additions
-
At 31 December 2022
1,356,866
Depreciation and impairment
At 1 January 2022
539,460
Depreciation charged in the year
24,507
At 31 December 2022
563,967
Carrying amount
At 31 December 2022
792,899
At 31 December 2021
817,406		 Plant and
equipment
£
379,975
205
380,180
378,117
1,967
380,084
96
1,858		 Computers
£
2,270
-
2,270
2,270
-
2,270
-
-		 Total
£
1,739,111
205
1,739,316
919,847
26,474
946,321
792,995
819,264

The freehold property at Mutrix Road has been valued by the trustees based on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historical cost of the freehold land and buildings is £893,716. The equivalent depreciation charge on historical cost of land and buildings would be £15,244 and the historical cost net book value is £533,557.

13 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
24,991
4,633
4,199
33,823		 2021
£
-
28,747
1,447
30,194

14 Creditors: amounts falling due within one year

Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
1,029
229
7,099
280
2,975
11,612		 2021
£
1,374
3,529
1,530
-
2,975
9,408

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

15
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
298,752
494,243
Current assets/(liabilities)
97,172
-
395,924
494,243		 Total Unrestricted
funds
Restricted
funds
2022
2021
2021
£
£
£
792,995
325,021
494,243
97,172
107,244
-
890,167
432,265
494,243		 Total
2021
£
819,264
107,244
926,508

16 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 67,019 69,397

During the year, Rev Iain Batty incurred expenses on behalf of Abbey Road Baptist Church of £16,140 (2021: £23,810).

The total cost to the charity in the year of the maintenance, including utility costs, of the manse, being the accommodation provided to Rev. Batty, was £24,235 (2021: £16,508).

Motor vehicle expenses of £6,517 (2021:£3,548) in relation to the car provided to Rev. Batty are included in Church travel and motor expenses.