Kenton Baptist Church Annual reports and Accounts for the year ended 31 December 2023 Streatfield Road, Kenton, HA3 9BS www.kentonbaptist.org.uk Office telephone: 020 8907 7494 /in IKBC" Verslon IM dated 0110712026 As s18ned by Independent Emamlner Kenton Baptist Church Report and Accounts for the year ended 31 December 2023 Contents Page Report of the Trustees for the year ended 31 December 2023 al Reference and administrative details of the charity, its trustees and advisors bl Strurture. governance and management c} Objectives and activities dl Achievements and performance el Financial and policy review Diaconate responsibilities and trustees. declaration Report of the Independent Examiner Statement of Financial Activities 2023 Balance Sheet as of 31 December2023 Notes to the Financial Statements Supplementary Schedule: Analysis of income and expenditure (This schedule i5for infomiotlon only t7nd does notform port of the oudited accounts) 16 age 11 Kenton Baptist Church Report of the Trustees for the year ended 31 December 2023 The Trustees have pleasure in submittingtheir report together with the financial statements for the Church for the year ended 31 December 2023. These financial statements have been prepared in accordance with statutory requirements, the trust deed, the Statement of Recommended Prartice (FR5102 issued in January 2015) and the Charities act 2011. a) Reference and admlnlstratlve detalls of the charlty. its trustees and advlsors Chority nome.. Kenton Baptist Church Registered Chority Number.. 1134168 Principal addre55.' Streaffield Road, Kenton, Harrow, Middlesex HA3 9BS Names of Trustees who manage the charlty (known as the Mlnlster and Deacons): Trustee name Office Appolnted bv Rev Steve Cochrane Minister Church members Mr5 Neva Evans Deacon Church members Mrs Karen Hogge Deacon Ichurch Secretary from 12.01.20231 Church members Mrs Beverly Johnson Deacon Church members Mrs Geor8ina Ofosu-osei Treasurer Church members Mr lan Richard Smith Deacon Church members Mr John Woodgate Deacon (Appointed 13.07.20231 Church members Names and addresses of advlsors: Type of advlsor Name Independent Examiner Kevin 08ilvie Bankers CAF Bank Address 13 Evelyns Close. Hillin8don, Middlesex, UB8 3LR7 25 Kin85 Hill Ave, Kin8s Hill, West Mallin8 ME19 4JQ b) Structure. governance and management Kenton Baptlst Church is constituted by Trust Deeds dated 2210111937, which is included in a th Constitution for Kenton Baptist Church, 9, July 2009 amended 16 September 2021. Trustee selectlon methods: The Minister is appointed by secret ballot at a Speclal Church Members, Meetin8 called for the purpose. Deacons are elected by the Church Members each year to serve for a three-year term. commencing on the 1st of January the following year (except where a mid-term vacancy is being filled). To be elected all Trustee5 must obtain at least a two-thirds majority of votes cast. Membership and Members: A combination of death5, relocations and new members saw a slight drop in membership to 53. c) Objectives and Artivities Mlsslon of the Churth The principal purpose of Kenton Baptist Church is the advancement of the Christian faith accordin8 to the principles of the Baptist denomination. Other purposes may include education and charitable work, both in the United Kingdom and elsewhere around the globe. vaBe IZ Kenton Baptist Churth Report of the Trustees for the year ended 31 December 2023 Regular actlvltles of the Church During 2023, Sunday morning worship took place at 10.30am each week and Holy Communion was celebrated on the third Sunday mornin8 each month. The first Sunday each month was an All-Age service. and Sunday School continues to run on two Sundays each month. Swashbucklers lan evenin8 8roup for middle school boy5). Toddlers & Co {a weekly toddler and parent 8roupl and Senior Adults Club continue to flourish with varied and stimulating programmes which are welcomed by the local community. Organisationally, the Deacons ITrustees} met regularly throughout the year to maintain careful and prayerful oversight of Church activities. Bi-monthly Church Members. Meetin85 also continued throughout the year. The contlnulng Ilfe of the Church Famlly During the year we said farewell to several members who have moved away. All will be greatly missed. But we also welcomed two new members into the Church fellowship. Our Harvest Festival offerings this year provided us with the opportunity to collect 8ifts of food, which wa5 given to St Andrews Community Café and of money, which was sent towards the training of Pastors and other church leaders in Pakistan, India and Kenya through Langley Institute of Ministry ILIMI. This meant that the money was channelled by LIM to local Pastors in Pakistan personally known to them, ensuring it would reach dirertly those in greatest need. On a separate occasion the Church donated non-perishable food to the Barnabus Fund Wlnter Appeal which was sent to people cau8ht up In the conflict In Ukraine. Outreach In the Ilfe of the Church As has become the Church's custom, we focused our outreach on a couple of special events designed to engage more fully with our community. on regular weekly clubs and activities (see above) and on widespread invitations to our Easter and Christmas services which. like many other servlces at KBC, include clear presentations of the Good News of Jesus Chrlst. Our 'special events. this year included a Ladies Breakfast in November, a popular event at Kenton Baptist Church which a8ain was well received by all who attended. We also held a Light Party and a Christmas Party for children in the community, both proved very successful with many children hearing the Bible stories and Christmas message. Prayer In the Ilfe of the Church In September 2023 we held a Church Conference, the main aim of which was to discern priorities for the Church and God's way forward for us. It was confirmed that the top priority was prayer and praying together. We continued holding regular prayer meetings focusing on Church Growth after most morning services and continued to hold regular. monthly whole-church prayer meetings on Thursday evenings. In addition. we Started Tvesday afternoon prayer 8atherings. The Church's small groups (home groups, friendship groups etc.) routinely continued to pray tO8ether. Special prayer meetingsfor God's work in the wider world through overseas and home missions remained a key feature of Church life. vage Kenton Baptist Church Report of the Trustees for the year ended 31 December 2023 Worklng with other Churches Our Church plays an active role in its relationship with other Christian communities. Our Church building and its facilities continue to be used by our friends in the Betel Romanian Church. who use our premises many times every week, and for whom we thank God. This year we participated in the 'Warm Spaces. initiative for the first time. The Church hosted the'world Day of Prayer Service. and participated in the Week of Prayer for Christian Unity and Good Friday Procession of Witness, all of which provided natural opportunities to collaborate with other congre8ations through the Kenton Group of Churches. Flnanclal support for rnlsslons and special appeals Kenton Baptist Church continued to donate to a regular range of charities this year. These included: Baptist Missionary Society, Baptist Home Mission. Christian Aid. Harrow Schools Link Trust, Mother Janet Orphanage In Uganda, One Mission Society {OMSI. Evangelised Fields Mission IUFMI. We also gave financial support {both from Church funds and from freewill 8ivin8 of the Congregation) to the Turkey Earthquake Appeal and to Bible Society. Support for other local 8roups Two local Pre-school groups were usin8 our premises at the beginning of the year. However, in February one group closed as all staff members retired. The other 8roup continued to use our premises for the remainder of the year. d) Achlevements and Performance We continue to seek every opportunity. through words and actions, to make the Good News of Jesus Christ known in our community. Our activltles in 2023 continued to provlde a number of Services that are valued by our local community. Church members actively support the local food bank and have used the Fare Share charity scheme to redistribute supermarket food approachlng the end of its shelf life. We are most 8rateful to the many volunteers who consistently give their time and energy to sustain all our work for the Kenton community and for God's Kingdom. e) Flnancial and policy review The Church's income is principally derived from freewill offerings and from rent charged to the two preschool groups and Betel Romanian Pentecostal Church. During 2023 the freewill offerin8 income of the Church plus periodic donations slightly exceeded the level budgeted in November 2022. We thank God for this and honour the faithfulness of the Church famiSy in su5tainin8 their giving through this time. Rental income was a little lower than budgeted. We set a budget prior to the start of each year and use this to mana8e finances through the year. A financial report Is provided at a monthly Deacons meetin8 and bi-monthly Church meetings. The Church has adequate financial reserves but will continue to hold as minimum reserves the sum of Senior Minister and Administration annual budget lines- for 2023, £44.995. The Deacons continued to monitor risks to the Church, includin8 financial risk. f) Diaconate responsibilities The Diaconate is responsible for preparing this report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. Charity Law requires the Diaconate Kenton Baptist Church Report of the Trustees for the year ended 31 December 2023 to prepare financial statements for each financial year which give a true and fair view of the affairs of Kenton Baptist Church and of its incoming and outgoing resources for the year. In preparing these financial statements. the Diaconate is required to select suitable accounting policies and apply them consistently observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed. subject to any material departures disclosed appropriately in the financial statements prepare the financial statements on the 8oin8 concern basis unle55 it is inappropriate to assume that Kenton Baptist Church will continue to exist The Diaconate is responsible for keepin8 adequate accounting records that dlsclose with reasonable accuracy the financial position of the Church and which enable it to ensure that the financial statements comply with applicable Accounting Standards of Recommended Prartice (the FRS1021, and the Accounting Regulations set out under the Charities Act 2011. It is also responsible for safeguarding the a55ets of the Church and for takin8 reasonable steps for the prevention and detection of fraud. The trustees approved the trustees, report above at their meetin8 on l July 2026. It is Sl8ned on behalf of the charitvs trustees as follows: Signature Full name Karen Elaine Ho88e Church Secretary IlTrllG Positlon Date Kenton Baptist Church Report of the Independent Examiner to the Diaconate for the year ended 31 December 2023 Independent examinerfs report to the Mlnlsters and Deacons (the trustees) of Kenton Baptlst Church I hereby report on your accounts for the year ended 3111212023 as set out on the attached pages and on my examination thereof under $145 of the Charities Act 2011 {CA2011) & guldance from the Baptist Union. Respectlve responsibilities of Trustees and Exarnlner The Trustees are responsible for the preparation of the accounts. You consider that the audit requlrement of S144 of the Charlties Act 2011{CA2011 The Act) does not apply. It is mv responsibility to report, on the basis of procedures specified in the general directions given to the charity commissioners under $145151 Ib) of the act whether particular matters have come to my attention. Basls of report My examination was carried out in accordance with the General Direttions given by the Charity Commission under S145 of the art. That examination includes a review of your accountln8 records and a compari50n of the accounts to those records. It also intludes consideration of any unusual items or dlsclosures in the accounts and seek explanatlons from you to them. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the accounts. Independent Examlners statement Durin8 my examination, no matter has come to my attention.. which 8lves me reasonable cause to believe that in any materlal respect the requirements to keep proper accounting records in accordance with S130 CA2011 to prepare accounts with accordance with the accounting records and the requirements ofthat Act have not been met. 2. to which I believe attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signature Full name Kevin Ogilvie 23" June 2026 Date Kenton Baptist Churth Statement of Financial Activities for the year ended 31 December 2023 Income and Expenditure Unrestrirted Funds Restrlrted 2023 2022 Notes Funds Total Total Incomln8 Resources Voluntary iniome Rtiular r*ntal incom• Interest and Inwstm•nt Incom• 57.928 39.679 57.928 39.679 72,673 53,171 4.765 4.765 1.149 Incomlng r•sources from charftable actMtI•s 3.739 3.739 2,999 Other Incomln8 resources Total Incomlng Resourtes 106,111 106,111 129,992 Resources Expended CharStabl• •rtfvltl•s 131A03 131A03 119,191 Govern•nt• costs Oth•r R•sourc•s e¥pend•d Total Resources Expended 131.403 131,403 119.191 Net Incomlng/{oulgoln8) Resources -25.291 -25,291 10,801 fjr05s Tr•nsters B*tw••n Funds Net surpluslldellcitl befor• rwaluatlons and Investment asset dlsp05als Galns and1095es gn revaluatltrns ol fixod ass•ts lor th• ¢harlty's own use G•lns and losses on revalu•tlons and disposals of Inwstm•nt assets -25.291 -25.291 10,801 Net movement in Funds -25,291 -25.291 10.801 Total Funds brought forward 143.222 647 143.869 133,068 Total Funds carried forward 117,931 647 118.578 143,869 Kenton Baptist Church Balance Sheet for the year ended 31 December 2023 Balance Sheet 2023 2022 Current Assets Cash at Bank Cash in Hand London Baptist Property Board 8U 12-month deposit account BU 3-month notice deposit Shawbrook Deposit Account Total Current Assets 3.453 550 39.361 33,048 709 27,899 75,214 42,213 40,OCiI 118,578 146,869 Liabilltles due wlthln one year Total Net Assets 118578 143,869 Charflable Funds Unrestricted Funds Restricted Funds 117,931 647 143,222 647 Total Funds 118,578 143,869 These accounts were approved by the tru5tee5 at their meeting on l July 2026, and are signed on their behalf as follows. Signature Full name Georgina Ofosu-osei Treasvrer (from 01108120231 Position Date Kenton Baptist Church Notes to the Accounts for the year ended 31 December 2023 11 Accountlng Pollcles al Basi5 of The accounts are prepared on a cash basis in accordance with the accounting regulations and reporting by Charities Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reportin8 Standard for smaller entities IFRS1021 and the Charities art 2011 and applicable regulations. re aration bl Donations Donalions and gift aid reliefffom HMRC are accounted for when received. cl Legacies Legacies are accounted for when funds are received in cash or at bank. dl Investment income Investment Income is included in the accounts in the year In which it was recelved. el Fund raising There are currently no material fund-raising costs. fl Grants payable The church makes grants to other or8anisations whose charitable objerts complement its work. They are accounted for in the year in which they are paid. 81 Governance costs This represents direct expenditure on the governance of the Church. M05t of the management Is carried out without charge by volunteers. This intan8ible cost is not included in the statement of financial activities since there Is no measurable cost to the volunteers for their service. h) Fixed assets The Church and manse premises are included as notes to the balance sheet at insurance values because reliable market values are not available, and valuation would incur significant cost which would be onerous compared with the additional benefit 8ained by the user of the accounts. Kenton Baptist Church Notes to the Accounts for the year ended 31 December 2023 l) Accounting Pollcles convd il Depreciation Depreciation has not been charged on the church or manse premises, because in the opinion of the trustees. the residual value of the asset is not less than the ori8inal cost price. All equipment purchases are accounted for as an expense in the year of purchase. Hence, the church doe5 not account for fixed asset5 and depreciation does not arise. Il Debtors Tax reclaims on offerin8s are made on a tax year basis, normally in June following the end of the tax year. They are accounted for in the year in which they are received. In 2023 the tax rebate was received in May. 2) Expenses al Staff costs and trustees. ex enses 2023 2022 Gross Wages and Salaries 37.074 34,159 Social security costs Employer's pension cost5 attributable to current employees 3.976 3,676 41.050 37,835 Social security costs to the Church are currently within the employers, NIC allowance. The avera8e number of employees during the year was two. No employee received emoluments in excess of £60,000 during the year 2023. No other Deacon Itrustee) or any person connerted with them has received or is due to receive any remuneration for the year directly or indirectly from the general fund lor any other fund), other than as stated elsewhere in these accounts. Trustees. expenses.. The senior mlnister receives expenses of office, and Trustees may from time to time receive reimbursement of expenses incurred on behalf of the Church. Transaction5 Wlth Trustees.. Richard (Trustee) has on occasions undertaken printing on behalf of the Church through his business, Richard Smith Associates. The Trustees are satisfied that such work is undertaken at the Church's request and is invoiced at or below cost. iio Kenton Baptist Churth Notes to the Accounts for the year ended 31 December 2023 bl Pensions See further information in note 5. cl Related Charities The custodian trustee is the London 8aptist Property Board which is charity number 24976. The Church is also a member of the Baptist Union of Great Britain, and the London Baptist Association. The Church made contributions totalling £5,750 {2022 £5,0(K)I to the London Baptist Association Home Mission Fund as part of Mission Giving. 31 Flxed assets 31 12 31 12 2022 Net Book value The church is the beneficlal owner Isubjert to the relevant trusts) of the following assets, the legal title to which is held by the Church's custodian trustee (The London Baptist Property Board Limitedl: Church premises at: Streatfield Road. Kenton, Harrow. Middlesex HA3 98S which has an insured value at I" January 2024 of- Buildin8s- £3,197,575 & Contents- £107.525. Church manse at 32 Kin8shill Drlve. Kenton. Harrow, Middlesex HA3 8TF which has an insured value at I, January 2024 of: Buildin8- £404.998. b) 41 Investments. deposlts and banklng The Church's current account with Charities Aid Foundation Bank was opened in 2021. Deposit accounts are held with the Baptist Union Corporation IBUC. 3-month and 7-day accountsl and London Baptist Property Board {LBPB, zero notice account). A 12-month fixed term, fixed interest deposit was arran8ed through CAF Bank with Shawbrook Bank and held some Church funds from early 2022. This matured in January 2023, with monies being transferred to existin8 BUC and LBPB account5. i li Kenton BaptSst Churth Notes to the Accounts for the year ended 31 December 2023 5) Penslon Scheme Liabllltles The Church is a participating employer the Baptist Pension Scheme 1.the Scheme-l, which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The asset5 of the Scheme are held separately from those of the Employer and the other participatin8 employers. 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. Prlor to this date the main benefit provided through the Defined Benefit IDB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service tO8ether with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. Since l January 2012. benefits have been provided through a Defined Contribution (DCI Plan. A formal valuation of the DB Plan as at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay beneflts was £316m, 8ivin8 a deficit of £18m (equivalent to a past senrfice fundin8 level of 94%}. The Church and the other participatin8 employers in the DB Plan are collectively responsible for funding this deficit. The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022. On 30th June 2022 the Baptist Pension Scheme signed an a8reement with the insurance company Just Group I"Just"I to secure DB Plan members, pension benefits. Just are now providin8 financial backing for all pensions provided throu8h the Scheme's DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then si8ned in August 2022 under which recovery contributions from each participatin8 employer in the DB Plan reduced to £1 per month from August 2022. Statement of Investment Prlnclples- Implementation Statement The purpose of thi5 Statement is to provide information which Is required to be disclosed in accordance with the Occupational and Personal Pension Schemes (Disclosure of Informationl Regulations 2013, as subsequently amended, including amendments to transpose the EU Shareholder Rights Dirertive ISRO111 into UK law. In particular, it confirms how the investment principles, objertives and policies of the Trustee's Statement of Investment Principles ISIPI dated January 2023 have been implemented. The SIP provides further background details on investment airangements and should be read in conjunction with the Trustee's Chair Statement for 2023. It also intludes the Trustee's voting and engagement policies, as well as details of any review of the SIP during the year, subsequent chan8es made and the reasons for the changes lif any). A description of the Kenton Baptist Church Notes to the Accounts for the year ended 31 December 2023 voting behaviour during the year, either by or on behalf of the Trustee. or if a proxy voter was Used, is also included within this Statement. This Statement covers the period l January 2023 to 31 December 2023. Investment Objectives of the Scheme DB Section The Trustee's objectwes for setting the investment Strategy of the DB Section of the Scheme have been set broad￿ wtth regard to the kherne's Statutory Funding Objective set out in the Statement of Funding Principles. The primary objectNe for the D8 Section is to ensure that the Scheme should be able to meet benefit payments as they fall due. DC Chalr Statement Statement Regardlng DC Governance Governance requirements apply to Defined Contribution I"DUI pension arrangements. like the Defined Contribution Section within the Baptist Pension Scheme Ithe"DC Plan" part of the "Scheme"), to help members achieve a 8ood outcome frorn their pension savin85. The Trustee is required to produce an annual Statement, signed by the Moderalor. to describe how the governance requirements have been met in relailon to.. • the default arrangement,. • the ran8e of self-select investment options and legacy funds: the requirements for processing flnancial transactions: charges and transaction costs borne by members- an illustratlon of the cumulatlve effect of these costs and charges.. a 'Value for Members. assessment,. net return5 of the investrnent options: • trustee knowledge and understanding: and the constitution of the trustee board. By the end of 2024, the Defined Benefit Section of the Baptist Pension kheme is expected to be bought out through annuity purchases, after whlch il will be formally wound up. leaving the Scheme operating solely as Oefined Contribution arran8ement. This Statement should be read alongside the January 2023 Statement of Investment Principles, and the updates included reflect the additional bulk annuity purchase for the D8 Section as well as adjustments to the DC Plan's investment arrangements. | 13 Kenton Baptist Church Notes to the Accounts for the year ended 31 December 2023 Default Arrangement (DC Planl The Scheme is Used as a Qualifyin8 Scheme for auto-enrolment. Within the DC Plan, there is a default arrangement for members who choose not to select any of the other investment options available. This is known as the Ethical Oefault Lifestyle Fund 1.the Default Fund"). Currently, 92% of the DC Plan'5 members ore invested in the Default Fund. Baptist Pension Scheme Three other funds are also classified as legacy default arrangements for some members followlng past investment changes, where members. self-select funds were transferred in the absence of the member5 expressing an alternative choice. These are: • the L&G Global Equity Market we￿htS(3O.70l Index Fund, switched from the L&G Global Equity Market Wei8hts150.'501 Index Fund in May 2019: • the L&G Dlver51fled Fund, switched from the L&G Dynamic Diverslfied Fund in January 2022; and • the L&G Low Carbon Transition UK Equity Index Fund, swltched from the BMO Responsible UK Income Fund in April 2022. In all cases the Trustee was advised that the previous funds were no longer sultable for members of the DC Plan. The Trustee believes these three legacy default funds are appropriate default arran8ement5 for the members who were transferred into them at the time. but they will not be considered as default arrangement5 for the rest of the DC Plan's membershlp. None of these legacy default arran8ements have any life slyling or automatic de-riskin8 in place. The Trustee also revlews the performance of the default arrangements against 115 aim5, objectives and policies on a quarterty basi5. This review includes an analysis of fund performance and member activlty to check that the risk and return levels meet expectations. Yd84' 114 Kenton Baptlst Church Notes to the Accounts for the year ended 31 December 2023 61 Reserve Note Balah at Galns 110s5e51 Balance Income Expenditure Tr•nsfer Yl.12.22 31.11.23 Unr¢strkt•d Funds G•Mral Fund ¢ov*nantèrs G*nèral Fund tod• C￿b FJ 140.972 102,372 128,275 115,070 fjlrl's Brf8ade fjeneral Fund GBBC Sènlor Adults Swashbutkl•rs 3,188 282 2,578 234 1.296 380 333 Toddlers & Co 1,231 143,222 269 315 1,184 117,931 Total Unrestrlct•d Funds 106.111 131.403 Rwtrlcted fvnds Bulldlns fund Klt