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← Abbey Road Baptist Church

2024-12-31-accounts

Charity registration number 1132950 (England and Wales)

ABBEY ROAD BAPTIST CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ABBEY ROAD BAPTIST CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Pastor Iain Batty S Trotter Amir Arjomand Tursunbubu Emmott

Charity number (England and Wales)

Independent examiner

1132950 SBM Associates Limited Freedman House Christopher Wren Yard 117 High Street Croydon CR0 1QG Pauline McAlpine

ABBEY ROAD BAPTIST CHURCH

CONTENTS

Page
Trustee's report 1 - 5
Statement of Trustee's responsibilities 6
Independent examiner's report 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10 - 18

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The 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 2024

Achievements and performance

Fellowship

Our church has maintained a consistent programme of worship, teaching, and community support throughout the year. Fellowship gatherings take place regularly, though attendance numbers fluctuate and remain lower than in earlier years.

Bible Study

Bible study sessions are held each Tuesday evening via Zoom, providing a space for members and friends to deepen their understanding of Scripture.

Alpha Course

Several Alpha courses were run after Sunday services, offering an accessible introduction to the Christian faith.

Evangelising

Members of our church regularly take part in evangelism at Speakers’ Corner in Hyde Park, sharing the Christian message with members of the public in an open-air setting. This outreach has been spiritually encouraging and has helped to build connections while sharing the Christian message with people from a wide range of cultural backgrounds.

Clothing Donations

Members of the congregation, together with local supporters, coordinated a collection of clothing and toys. The donated items were shipped to a village community in Ghana, reaching families in need. This practical initiative reflected the church’s commitment to meeting both material and spiritual needs.

DAR Russian School

Our partnership with DAR Russian School has remained strong. The school makes regular use of our facilities during weekdays and Saturdays, supporting children and families facing economic and social pressures. We continue to encourage their work and provide ongoing support.

Housing and Support

We have continued to assist individuals in need of affordable housing, offering stable accommodation at belowmarket rates. This provision has helped those facing economic pressures to live securely while remaining connected to the church community.

We also continue to support members and attendees seeking asylum, including those facing persecution for their Christian faith. Practical help has included guidance with paperwork as well as ongoing emotional support. In addition, we provide assistance to members experiencing age-related illnesses and chronic health conditions. This has included helping one member return to our accommodation when his health needs increased and greater stability was required.

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

International Partnerships

We maintain active partnerships with churches in the Philippines and Texas, strengthening our international connections and broadening the reach of our ministry.

Buildings

Despite ongoing challenges, the properties remain in active use, supporting the church’s mission through regular services, community programmes, and affordable accommodation.

Flooding and Water Damage

Despite the preventative work we carry out each year, flooding in the hostel and church remains a significant problem. The leakages from the apartments above have a major impact on residents, causing considerable distress, and they also severely disrupt our planned maintenance.

Repairs and Upgrades

We continue to maintain all three properties, prioritising essential refurbishment along with necessary pumping and

electrical upgrades.

During the year we also successfully renewed our HMO license for the hostel, carried out improvements to several rooms, and invested in enhanced security measures at both the church and the Abbey Road hostel.

Financial review

Total income has increased mainly due to hire of the Church, with a total of £292,848 compared to £277,091 in 2023.

The overall expenditures have increased mainly due to an increase of repair and maintenance costs, and office administration costs.

The charity had a net deficit for the year of £22,227 after accounting for depreciation of £25,921.

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 and the trustees continue to keep 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 church is committed to helping long-term members and attendees discover and develop their individual gifts and callings. By encouraging each person to take responsibility for their mission, we aim to build a stronger, more outward-looking community that can extend its impact both locally and internationally.

We also plan to continue investing in our properties where possible, ensuring that they remain safe, welcoming, and fit for purpose in supporting both worship and wider ministry.

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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 Freedman House Christopher Wren Yard 117 High Street Croydon CR0 1QG

Bankers

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

ABBEY ROAD BAPTIST CHURCH

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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

S Trotter

Trustee

5 October 2025

ABBEY ROAD BAPTIST CHURCH

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024.

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.

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

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the

examination giving me cause to believe that in any material respect:

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 Freedman House Christopher Wren Yard 117 High Street Croydon CR0 1QG

Dated: 6 October 2025

ABBEY ROAD BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
15,122
-
Charitable activities
4
274,803
-
Investments
5
2,923
-
Total income
292,848
-
Expenditure on:
Charitable activities
6
315,075
-
Total expenditure
315,075
-
Net income/(expenditure) and
movement in funds
(22,227)
-
Reconciliation of funds:
Fund balances at 1 January
2024
408,505
494,243
Fund balances at 31
December 2024
386,278
494,243		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
15,122
6,203
-
274,803
268,553
-
2,923
2,335
-
292,848
277,091
-
315,075
248,305
-
315,075
248,305
-
(22,227)
28,786
-
902,748
379,719
494,243
880,521
408,505
494,243		 Total
2023
£
6,203
268,553
2,335
277,091
248,305
248,305
28,786
873,962
902,748

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 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
14
Unrestricted funds		 2024
£
67,844
89,659
157,503
(21,978)		 £
744,996
135,525
880,521
494,243
386,278
880,521		 2023
£
44,748
109,227
153,975
(20,915)		 £
769,688
133,060
902,748
494,243
408,505
902,748

The financial statements were approved by the trustees on 28 September 2025

Pastor Iain Batty Trustee

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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, modified to include the revaluation of freehold properties. 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 or grantors 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 2024

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 2024

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.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 15,122 6,203

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rent from hostels 174,543 192,860
Church hire and activities 95,142 66,309
Ground rent and service charges 5,118 9,384
274,803 268,553

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 2,923 2,335

6 Costs of charitable activities

Staff costs
Depreciation and impairment
Repairs and maintenance
Insurance
Light and heat
Telephone
Office and administration costs
Sundries
Church travel and motor expenses
Bank charges
Hospitality
Legal and professional fees
Accountancy fees		 Hostels Church
2024
£
67,203
10,677
74,443
12,084
16,619
5,647
42,653
60
12,266
73
9,621
1,900
253,246
4,770
258,016		 Total
2024
£
67,203
25,921
105,763
16,208
22,990
5,647
42,653
60
12,266
73
9,621
1,900
310,305
4,770
315,075		 Total
2023
£
65,732
25,194
60,247
7,162
27,143
5,071
29,772
250
6,077
71
12,406
7,170
2024
£
-
15,244
31,320
4,124
6,371
-
-
-
-
-
-
-
57,059
-
57,059
246,295
2,010
248,305

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
2,400
1,350
Depreciation of owned tangible fixed assets
25,921
25,194
8
Employees
The average monthly number of employees during the year was:
2024
2023
Number
Number
1
1
Employment costs
2024
2023
£
£
Wages and salaries
52,376
50,903
Social security costs
403
403
Other pension costs
14,424
14,426
67,203
65,732
The number of employees whose annual remuneration was more than £60,000
is as follows:
2024
2023
Number
Number
1
1
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2024
2023
£
£
Aggregate compensation
66,800
65,329		 2024
£
2,400
25,921		 2023
£
1,350
25,194
2023
£
65,329

During the year, Rev Iain Batty incurred expenses on behalf of Abbey Road Baptist Church of £25,336 (2023: £27,499 ).

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 £4,074 (2023: £9,203 ).

Motor vehicle expenses of £6,102 (2023:£4,113 ) in relation to the car provided to Rev. Batty are included in Church travel and motor expenses.

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Pensions

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).

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, and is in the process of being wound up.

A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method.

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.

The pension costs charged in the Statement of Financial Activities as per Note 8 are in respect of the Defined Contribution element of the Scheme.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 January 2024
1,356,866
Additions
-
At 31 December 2024
1,356,866
Depreciation and impairment
At 1 January 2024
588,475
Depreciation charged in the year
24,507
At 31 December 2024
612,982
Carrying amount
At 31 December 2024
743,884
At 31 December 2023
768,391		 Plant and
equipment
£
380,556
1,229
381,785
380,272
905
381,177
608
284		 Computers
£
3,782
-
3,782
2,769
509
3,278
504
1,013		 Total
£
1,741,204
1,229
1,742,433
971,516
25,921
997,437
744,996
769,688

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 £472,579 (2023: £487,824).

12 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
60,716
7,128
-
67,844		 2023
£
35,214
5,335
4,199
44,748

13 Creditors: amounts falling due within one year

Other taxation and social security
Rent deposit held
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
1,104
16,486
202
161
4,025
21,978		 2023
£
-
14,523
3,256
161
2,975
20,915

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Previous year:
At 1		 January
2024
At 31
December
2024
£
£
494,243
494,243
January
2023
At 31
December
2023
£
£
494,243
494,243

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds
16
Analysis of net assets between funds
At 31 December 2024:
Tangible assets
Current assets/(liabilities)		 January
2024
Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
£
408,505
292,848
(315,075)
386,278
January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
379,719
277,091
(248,305)
408,505
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
250,753
494,243
744,996
135,525
-
135,525
386,278
494,243
880,521

ABBEY ROAD BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 December 2023:
Tangible assets 275,445 494,243 769,688
Current assets/(liabilities) 133,060 - 133,060
408,505 494,243 902,748

17 Financial commitments, guarantees and contingent liabilities

The church has an outstanding “permanent” loan from the LBA New Century Fund originally advanced in July 1968.This loan is interest free and is repayable only in the event of the closure or sale of the church, or should the church leave membership of the London Baptist Association.

18 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).