**Charity registration number 1134346**
## **TRUSTEES OF FULLER BAPTIST CHURCH**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024**
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|J P Fell||
|---|---|---|
||J Jessop||
||F I Malsher||
||S Ndlovu||
||S L Stokes||
||S R Vidler||
||D Whitehouse||
||P E Howes|(Appointed 8 December 2024)|
||D J Gamston|(Appointed 8 December 2024)|
||K F Drake|(Appointed 8 December 2024)|
|**Charity number**|1134346||
|**Principal address**|51 Gold Street||
||Kettering||
||Northamptonshire||
||United Kingdom||
||NN16 8JB||
|**Independent examiner**|Azets Audit Services||
||Thorpe House||
||93 Headlands||
||Kettering||
||Northamptonshire||
||United Kingdom||
||NN15 6BL||
|**Bankers**|Lloyds Bank plc||
||Corby Branch||
||PO Box 1000||
||BX1 1LT||
|**Solicitors**|Anthony Collins Solicitors LLP||
||134 Edmund Street||
||Birmingham||
||United Kingdom||
||B3 2ES||
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of Trustees' responsibilities|5|
|Independent examiner's report|6|
|Statement of financial activities|7 - 8|
|Balance sheet|9|
|Notes to the financial statements|10 - 30|
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
The Trustees present their annual report and financial statements for the year ended 30 November 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the Church’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
## **Objectives and activities**
The Trust's mission statement is to honour the Lord Jesus Christ, to grow in knowledge and experience of Him, and to share His love with each other, our town, nation and world.
The main objective of this Church is to share the love of and salvation provided by God through His Son, the Lord Jesus Christ, to those with whom Church members come into contact.
With the exception of ministers, the managing trustees all act in an honorary capacity. All give of their time in preparing and attending meetings, in sharing in pastoral oversight of Church members and adherents, and in sharing leadership in the many Church activities.
## **Public benefit statement**
When planning activities for the year the managing trustees have considered The Charity Commission's guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion.
The Charity undertakes regular public worship, prayer, Bible study, preaching and teaching; baptism; Communion of the Lord's Supper; evangelism and mission locally, often in conjunction with other Churches; the teaching, encouragement, welcome and inclusion of young people; the nurture and growth of Christian disciples; the education and training for Christian and community service; giving and encouraging pastoral care; supporting and encouraging charitable social action in the United Kingdom and abroad; encouraging relationships with and supporting Baptists and other Christians.
The managing trustees have a policy of raising funds to make grants to specific individuals and organisations. A total of £7,067 (2023: £15,998) was donated during the year to assist with the proclamation of the gospel of Jesus Christ.
## **Achievements and performance**
The managing trustees have continued to make the premises available to the members of Fuller Baptist Church for their use in worship and service within the Christian faith. They have continued the maintenance and repair of all Church properties.
## Ministry and pastoral care
The Church is in a period of Pastoral vacancy and worship is being lead by a variety of visiting preachers.
Worship services are held each Sunday at 10.30 am with at least one all-age service and one communion service per month. House groups meet during the week.
The Pastoral Care Team have continued to work to keep in contact with and pray for housebound people and those suffering illnesses.
During the year four members have passed away, three have transferred to other churches and five new members have been welcomed into membership making a total membership of 116.
- 1 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## Children and Youth
Sunday Club is run as a single group for Primary aged children, alongside Rock Solid for Secondary aged children; numbers attending both have increased during the year. A Youth Group meets monthly on Sunday evenings as well as on a Friday for Youth Club. During the year they have also attended Christian Festivals and other one-off events & social activities.
Messy Church continues to be well supported.
Noah’s Ark, serving toddlers and their parents / carers, continues to meet on a Friday morning.
Uniformed organisations meet weekly.
## Making the premises available for community use
The Church hosts the offices and courses for Kettering Community Unit, a local charity who offer education and training, a foodbank, furniture recycling and support projects to vulnerable people. Over a year, several hundred attend courses on the Church premises during term time.
A weekly coffee morning and warm space is hosted in our Newland Street premises each Tuesday.
The Church’s heritage centre is open to the public and for group visit on a pre-arranged basis.
## Outreach
For the second consecutive year a trip to the seadside was organised, with two coaches being filled.
The Ladies had a day retreat at Highgate House Christian Centre led by Rev. Jackie Buie.
Men's Breakfast continues to meet on the first Saturday of the month at a local pub.
## **Financial review**
The principal funding source is the regular giving to the Church by its members and others, inclusive of associated gift aid tax recovery.
Total income for the year was £419,383 (2023: £127,799) of which £105,884 (2023: £105,129) came from donations and legacies. Income from charitable activities totalled £1,533 (2023: £1,485). Investments produced £28,576 compared to £10,765 in 2023.
Other income has increased to £283,390 compared to £10,420 in 2023 following the sale of the manse during 2024. Net proceeds from the sale were £437,863 after deducting various professional fees and a contribution to the BUC, and generated an accounting gain of £272,650. These funds have been reinvested back into fixed term deposits in order to generate additional investment income.
Expenditure on charitable activities totalled £176,910 (2023: £181,812).
Overall there was a surplus of £246,289 compared to a loss £57,839 in 2023. Excluding the gain recognised on the sale of the manse in 2024, the Church has made a loss of £26,361.
The total fund balances carried forward now amount to £1,960,410 of which £1,740,581 are unrestricted funds. Part of this total is held on various designated funds. Free reserves are the unrestricted funds, not including designated funds, deducting amounts invested in tangible assets and investment properties. Free reserves are calculated to be £84,377 (2023: £87,479) following a transfer of £70,000 to designated funds for future property maintenance and upkeep costs.
During the year, the Trustees reviewed the level of free reserves and have decided that those funds which have not been designated for a specific use should, in future, be retained at a level equivalent to approximately 6 months expenditure. They will review the designated funds each year to work towards achieving the agreed level of free reserves. The Trustees consider that reserves at this level will ensure that, in the event of unforeseen variations in income streams, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised.
- 2 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
The investments made by the managing trustees are in unit trusts for charities which were acquired some years ago on investment advice as being suitable investments for the holding of church funds. The equities were specifically bequeathed to the Church. The managing trustees do not consider the costs of employing professional investment advisors can be justified bearing in mind the amount of funds in quoted investments. All investments held by the Church during the year are in accordance with the powers of the trustees, as authorised by the Trustee Act 2000.
The trustees have reviewed the major risks to which the charity is exposed, and in particular to those relating to the operations and finances of the charity.
Having regard to the levels and categories of insurance cover, the controls on the financial systems, and following the guidelines suggested by the Baptist Union of Great Britain in respect of both a Health and Safety Policy, a Safeguarding Policy and evacuation procedures in the event of an emergency, the trustees are satisfied that systems are in place to mitigate the charity's exposure to major risks.
## **Structure, governance and management**
The Trust was set up by a Declaration of Trust dated 25 February 1816, for the Baptist Church which had been founded in Kettering in 1696. The deed provides the basis for the working of Fuller Baptist Church on the site in Gold Street, or on any other site within a twelve mile radius.
The holding trustees have provided, through the generosity of many benefactors, the premises occupied by Fuller Baptist Church, for use by its members and others, in the worship of God and in adherence to the Christian Faith as practised by those known as Baptists.
The holding trustees are appointed by the members of the Church at a Special Church Meeting called for that purpose, and are appointed for life unless they resign, become of unsound mind, or are removed at a Special Church Meeting called for that purpose. The trust deed provides for a minimum of five and a maximum of thirteen trustees. The holding trustees own the legal title to the freehold and leasehold properties and investments of the Church. The holding trustees only meet when matters relating to property legal issues need to be progressed.
The holding trustees in office during the year were:
The Baptist Union Corporation Limited Mrs. N Butlin RGN RM H/V Cert (Retired) Mr D M Leverett FCA Mr. S G Toseland B Ed (Hons) Dr P D Wharin MA MB BChir MRCGP
The managing trustees are the ministers and deacons. The ministers are appointed by the members of the Church at a Special Church Meeting called for that purpose. The deacons are also appointed at a Special Church Meeting called for that purpose, and their term of appointment is normally three years, following which they are eligible for re-nomination. The managing trustees usually meet at least eleven times each year, and additional meetings are called as required. New managing trustees receive a booklet published by The Baptist Union of Great Britain outlining their duties and responsibilities.
- 3 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
The managing trustees (minister and deacons) who held office during the financial year were as follows:
Joe Cleaver - resigned 30 June 2024 Kate Drake - appointed 8 December 2024 Jon Fell Reverend David Gamston - appointed 8 December 2024 Paul Howes - appointed 8 December 2024 Jackie Jessop David M Leverett - retired 31 December 2024 Fiona I Malsher Thuli Ndlovu Sue Stokes Stephen R Vidler – Church Secretary David Whitehouse - Church Treasurer
Church members usually meet six times each year to decide on matters of business relating to the whole Church.
The Trustees' report was approved by the Board of Trustees.
D Whitehouse
31 May 2025
- 4 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Church and of the incoming resources and application of resources of the Church for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then 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 and explained in the financial statements; 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 time the financial position of the Church 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 Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 5 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF TRUSTEES OF FULLER BAPTIST CHURCH**
I report to the Trustees on my examination of the financial statements of Trustees of Fuller Baptist Church (the Church) for the year ended 30 November 2024.
## **Responsibilities and basis of report**
As the Trustees of the Church 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 Church’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 Church’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
- 1 accounting records were not kept in respect of the Church as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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.
Richard Monkhouse FCCA Association of Chartered Certified Accountants Thorpe House 93 Headlands Kettering Northamptonshire NN15 6BL United Kingdom
Dated: 2 June 2025
- 6 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
|**Current financial year**
**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
97,092
8,792
-
Charitable activities
**4**
1,533
-
-
Investments
**5**
27,326
1,250
-
Other income
**6**
283,390
-
-
**Total income**
409,341
10,042
-
**Expenditure on:**
Charitable activities
**7**
161,225
15,685
-
Net gains/(losses) on investments
**12**
-
-
3,816
**Net movement in funds**
248,116
(5,643)
3,816
**Net movement in funds**
248,116
(5,643)
3,816
Fund balances at 1 December 2023
1,492,465
79,968
141,688
**Fund balances at 30 November 2024**
1,740,581
74,325
145,504|**Total**
**2024**
**£**
105,884
1,533
28,576
283,390
419,383
176,910
3,816
246,289
246,289
1,714,121
1,960,410|**Total**
**2023**
**£**
105,129
1,485
10,765
10,420
127,799
181,812
(3,826)
(57,839)
(57,839)
1,771,960
1,714,121|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
- 7 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
|**Prior financial year**
**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
92,274
12,855
-
Charitable activities
**4**
1,485
-
-
Investments
**5**
10,379
386
-
Other income
**6**
10,420
-
-
**Total income**
114,558
13,241
-
**Expenditure on:**
Charitable activities
**7**
155,125
26,687
-
Net gains/(losses) on investments
**12**
-
-
(3,826)
Gross transfers between funds
(319)
319
-
**Net movement in funds**
(40,886)
(13,127)
(3,826)
Fund balances at 1 December 2022
1,533,351
93,095
145,514
**Fund balances at 30 November 2023**
1,492,465
79,968
141,688|**Total**
**2023**
**£**
105,129
1,485
10,765
10,420
127,799
181,812
(3,826)
-
(57,839)
1,771,960
1,714,121|
|---|---|
- 8 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **BALANCE SHEET**
## _**AS AT 30 NOVEMBER 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**14**
Investment properties
**15**
Investments
**16**
**Current assets**
Debtors
**17**
Investments
**18**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**19**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds
**21**
**Income funds**
Restricted funds
**22**
Unrestricted funds-general
Designated funds
**23**
General unrestricted funds|**2024**
**£**
**£**
1,007,139
10,000
65,440
1,082,579
16,550
748,072
122,687
887,309
(9,478)
877,831
1,960,410
145,504
74,325
706,861
1,033,720
1,740,581
1,960,410|**2023**
**£**
**£**
1,183,070
10,000
61,623
1,254,693
12,939
293,376
171,884
478,199
(18,771)
459,428
1,714,121
141,688
79,968
279,712
1,212,753
1,492,465
1,714,121|**2023**
**£**
**£**
1,183,070
10,000
61,623
1,254,693
12,939
293,376
171,884
478,199
(18,771)
459,428
1,714,121
141,688
79,968
279,712
1,212,753
1,492,465
1,714,121|
|---|---|---|---|
||||1,254,693
459,428|
||||1,714,121|
||||141,688
79,968
1,492,465|
||||1,714,121|
The financial statements were approved by the Trustees on 31 May 2025
D Whitehouse **Trustee**
- 9 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **1 Accounting policies**
## **Charity information**
The Fuller Baptist Church is a charity, registered with the Charity Commission no. 1134346 and meets the FRS 102 definition of a public benefit entity.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements have been prepared to give a ‘true and fair’ view and 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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Church. Monetary amounts in these financial statements are rounded to the nearest £.
The Church’s accounts present information about it as an individual undertaking.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Church 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.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The separate designated funds are listed in the notes to the financial statements.
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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Church.
## **1.4 Incoming resources**
Income is recognised when the Church 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 Church has been notified of the donation, unless performance conditions require deferral of the amount.
- 10 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **1 Accounting policies**
**(Continued)**
Legacies are recognised on receipt or otherwise if the Church 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.
## **1.5 Resources expended**
All expenditure is accounted for on an accruals basis and is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The Church does not make formal appeals for funds, and expenditure on these items is therefore not material.
The Church makes grants to other organisations whose charitable objectives complement its work. They are accounted for when the recipient has been notified of the grant and payment is unconditional.
Support costs are those costs that assist the work of the Church but do not directly represent charitable activities and include office costs and governance costs. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with the use of resources. Governance costs are costs associated the governance arrangements of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.
## **1.6 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 0% Fixtures, fittings and equipment 15% - 25% Audio and IT equipment 33%
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.
No depreciation has been provided on freehold land and buildings as it is the policy of the trustees to maintain these assets in a continual state of sound repair. Accordingly the trustees consider the lives of these assets to be so long and their residual values so high, that their depreciation is insignificant.
## **1.7 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.8 Fixed asset investments**
Fixed asset investments are initially measured at transaction price and are subsequently measured at fair value at each reporting date using the closing quoted market price. Changes in fair value are recognised in net income/(expenditure) for the year.
- 11 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.9 Impairment of fixed assets**
At each reporting end date, the Church 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).
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. Deposits with original maturities between three months and twelve months are classified as current asset investments.
## _**Basic financial assets**_
Basic financial assets include debtors and cash and bank balances. Debtors are recognised at the settlement amount due after any trade discount offered.
## _**Basic financial liabilities**_
Basic financial liabilities include creditors and bank loans. Creditors are normally recognised at their settlement amount.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Church’s contractual obligations expire or are discharged or cancelled.
## **1.11 Retirement benefits**
The Church operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Church pays fixed contributions into a separate entity. Once the contributions have been paid, the Church has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Church in an independently administered fund.
Prior to 2012 pension provision was made through a multi-employer defined benefit pension plans. Where it is not possible for the Church to obtain sufficient information to enable it to account for a plan as a defined benefit plan, it accounts for it as a defined contribution plan.
Where the plan is in deficit and where the Church has agreed, with the plan, to participate in a deficit funding arrangement, the Church recognises a liability for this obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. The unwinding of the discount is recognised as a finance cost and any other change in the measurement of this liability is expensed to the Statement of Financial Activities.
## **2 Critical accounting estimates and judgements**
In the application of the Church’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.
- 12 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2024**
**2024**
**£**
**£**
Donations and gifts
97,092
8,792
**For the year ended 30 November 2023**
92,274
12,855
**Donations and gifts**
Offerings
69,813
-
Other donations
16,877
8,792
Gift aid offerings
10,402
-
97,092
8,792|**Total**
**2024**
**£**
105,884
69,813
25,669
10,402
105,884|**Total**
**2023**
**£**
105,129|
|---|---|---|
|||105,129|
|||69,069
25,918
10,142|
|||105,129|
## **4 Charitable activities**
|Sales within charitable activities
Subscriptions and entrance fees
**Investments**
**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2024**
**2024**
**£**
**£**
Rental income
150
-
Income from listed
investments - dividends
3,835
-
Interest receivable
23,341
1,250
27,326
1,250|**Other**
**charitable**
**income**
**Other**
**charitable**
**income**
**2024**
**2023**
**£**
**£**
102
145
1,431
1,340
1,533
1,485
**Total**
Unrestricted
Restricted
Total
funds
funds
general
**2024**
2023
2023
2023
**£**
£
£
£
150
125
-
125
3,835
3,747
-
3,747
24,591
6,507
386
6,893
28,576
10,379
386
10,765|**Other**
**charitable**
**income**
**Other**
**charitable**
**income**
**2024**
**2023**
**£**
**£**
102
145
1,431
1,340
1,533
1,485
**Total**
Unrestricted
Restricted
Total
funds
funds
general
**2024**
2023
2023
2023
**£**
£
£
£
150
125
-
125
3,835
3,747
-
3,747
24,591
6,507
386
6,893
28,576
10,379
386
10,765|
|---|---|---|
|||1,485|
|||Total
2023
£
125
3,747
6,893|
|||10,765|
## **5 Investments**
- 13 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **6 Other income**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2024**|**2023**|
||**£**|**£**|
|Net gain on disposal of tangible fixed assets|272,650|-|
|Other income|10,740|10,420|
||283,390|10,420|
During the year, the Church sold the manse at 13 St Mary's Road, Kettering. The gross proceeds received were £445,000, which resulted in a gain on the sale of £272,650 after deducting the costs of selling the property.
Other income comprises rent from property held primarily for the Church's own use.
- 14 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **7 Charitable activities**
|Staff costs
Other ministry costs
Grant funding of activities (see note 8)
Share of support costs (see note 9)
Share of governance costs (see note 9)
**Analysis by fund**
Unrestricted funds - general
Restricted funds|**Ministry**
**costs**
**2024**
**£**
10,582
5,766
16,348
-
-
7,114
23,462
18,177
5,285
23,462|**Mission**
**costs**
**Establishment**
**costs**
**2024**
**2024**
**£**
**£**
-
31,565
10,036
101,650
10,036
133,215
7,067
-
-
3,130
-
-
17,103
136,345
6,727
136,321
10,376
24
17,103
136,345|**Total**
**2024**
**£**
42,147
117,452
159,599
7,067
3,130
7,114
176,910
161,225
15,685
176,910|**Ministry**
**costs**
**2023**
**£**
19,569
5,060
24,629
-
-
7,027
31,656
23,421
8,235
31,656|**Mission**
**costs**
**Establishment**
**costs**
**2023**
**2023**
**£**
**£**
-
33,658
11,076
81,654
11,076
115,312
15,998
-
-
7,770
-
-
27,074
123,082
8,622
123,082
18,452
-
27,074
123,082|**Total**
**2023**
**£**
53,227
97,790|
|---|---|---|---|---|---|---|
|||||||151,017
15,998
7,770
7,027|
|||||||181,812|
|||||||155,125
26,687|
|||||||181,812|
- 15 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **8 Grants payable**
|Grants to institutions:
Baptist Home Mission
BMS World Mission
Christian Aid
Christmas Appeal
BMS Birthday Scheme|**2024**
**£**
3,250
2,733
-
321
763
7,067|**2023**
**£**
6,974
5,606
1,733
965
720|
|---|---|---|
|||15,998|
## **9 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Church office costs
3,130
-
Independent examiner's
remuneration
-
7,114
3,130
7,114
Analysed between
Charitable activities
3,130
7,114|**2024**
**£**
3,130
7,114
10,244
10,244|**2023 Basis of allocation**
**£**
7,770 Usage
7,027
Governance
14,797
14,797|
|---|---|---|
The independent examiner's remuneration comprises £2,293 (2023: £2,184) for independent examination services and £4,821 (2023: £4,843) for accountancy, payroll and other services.
## **10 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration during the year for their services as trustees.
Four (2023: Eight) of the trustees were reimbursed a total of £3,097 (2023: £5,402) in respect of postage, telephone, lighting and other equipment, and other out-of-pocket expenses.
## **11 Employees**
The average monthly number of employees during the year was:
|**2024**|**2023**|
|---|---|
|**Number**|**Number**|
|2|4|
- 16 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
|**11**
**Employees**
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**(Continued)**
**2024**
**2023**
**£**
**£**
41,110
51,478
-
197
1,037
1,552
42,147
53,227|**(Continued)**
**2024**
**2023**
**£**
**£**
41,110
51,478
-
197
1,037
1,552
42,147
53,227|
|---|---|---|
|||53,227|
No employee received emoluments in excess of £60,000 per annum during the year (2023: none).
The Ministers act as Church trustees in accordance with the Church's constitution and they received remuneration of £Nil (2023: £2,578) and other benefits in respect of their services as Ministers, including the provision of manse accommodation owned by the Church. Manse property costs in the year totalled £13,238 (2023: £2,862).
The key management personnel are the managing trustees. Total aggregate remuneration paid to key management personnel during the year was £Nil (2023: £3,087).
## **12 Net gains/(losses) on investments**
||**Endowment **|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Revaluation of investments|3,816|(3,826)|
## **13 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.
- 17 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **14 Tangible fixed assets**
|**Freehold land**
**and buildings**
**£**
**Cost or valuation**
At 1 December 2023
1,157,954
Additions
-
Disposals
(165,213)
At 30 November 2024
992,741
**Depreciation and impairment**
At 1 December 2023
-
Depreciation charged in the year
-
At 30 November 2024
-
**Carrying amount**
At 30 November 2024
992,741
At 30 November 2023
1,157,954|**Fixtures,**
**fittings and**
**equipment**
**Audio and IT**
**equipment**
**£**
**£**
147,623
13,376
432
-
-
-
148,055
13,376
126,014
9,869
7,876
3,274
133,890
13,143
14,165
233
21,609
3,507|**Total**
**£**
1,318,953
432
(165,213)|
|---|---|---|
|||1,154,172|
|||135,883
11,150|
|||147,033|
|||1,007,139|
|||1,183,070|
All the fixed assets were used for direct charitable purposes.
All the freehold land and buildings except 4 Sapphire Close were valued as at 30 November 1996 by Barnes Noble Edwards, Chartered Surveyors, based upon current use value.
4 Sapphire Close has been included at its cost in March 1998.
13 St Mary's Road was extended and improved during 2012, the costs of which have been capitalised as they added value to the property. This property was sold during the year ended 30 November 2024.
For insurance purposes the freehold property has a value of approximately £10m.
## **15 Investment property**
|**Investment property**||
|---|---|
||**2024**|
||**£**|
|**Fair value**||
|At 1 December 2023 and 30 November 2024|10,000|
Investment property comprises a freehold reversion of leased properties situated at 59/69 Gold Street Kettering.
The leases expire on 16 December 2032.
There has been no recent professional valuation of the investment property but the trustees believe that the fair value at 30 November 2024 is not significantly different to the carrying value.
- 18 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **16 Fixed asset investments**
|**Cost or valuation**
At 1 December 2023
Fair value movement
At 30 November 2024
**Carrying amount**
At 30 November 2024
At 30 November 2023
All investments are carried at fair value.
**17**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**18**
**Current asset investments**
Lloyds fixed term deposit
Short term deposits with the Baptist Union Corporation
**19**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**Listed**
**investments**
**£**
61,623
3,816
65,439
65,439
61,623
**2024**
**2023**
**£**
**£**
7,292
2,222
9,258
10,717
16,550
12,939
**2024**
**2023**
**£**
**£**
545,728
100,000
202,344
193,376
748,072
293,376
**2024**
**2023**
**£**
**£**
216
388
2,302
4,727
-
612
6,960
13,044
9,478
18,771|
|---|---|
Accruals include an amount for grants payable of £458 (2023: £319).
- 19 -
**TRUSTEES OF FULLER BAPTIST CHURCH**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **20 Retirement benefit schemes**
## **Defined contribution schemes**
The Church operates a defined contribution pension scheme for all qualifying employees.
The charge to profit or loss in respect of defined contribution schemes was £1,037 (2023: £1,552).
The Church is a participating employer in the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the employer and other participating 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. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a 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.
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 Broadstone Corporate Benefits 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 if 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 Aviva Limited. Members of the Basic Section pay reduced contributions of 5% of pensionable income, and their employers also pay a total of 5%.
The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme's assets and liabilities to specific employers, the Scheme is accounted for as if the Scheme were a defined contribution scheme.
Ministers are eligible to join the Scheme.
## **Actuarial valuation as at 31 December 2019**
A formal valuation of the DB Plan as at 31 December 2019 was carried out 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 benefits was £316 million, giving a deficit of £18 million (equivalent to a past service funding level of 94%).
The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit.
- 20 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **20 Retirement benefit schemes**
## **(Continued)**
## **Defined benefit schemes**
## **Actuarial valuation as at 31 December 2019 (continued)**
The key financial assumptions underlying the valuations were as follows:
|**Type of assumption**|**% p.a.**|
|---|---|
|RPI price inflation assumption|3.20|
|CPI price inflation assumption|2.70|
|Minimum Pensionable Income Increase Adjustment (above CPI)|0.50|
|Pre retirement assumed investment returns (gilt yield plus 1.75% pa)|2.95|
|Post retirement assumed investment returns (including||
|benefits matched by the insurance policy)(gilt yield plus 0.5% pa)|1.70|
|Minimum Pensionable Income increases (CPI plus 0.5%)|3.20|
|Deferred pension increases (based on RPI||
|Pre April 2009|3.20|
|Post April 2009|2.50|
|Pension increases||
|Based on CPI with an annual floor of 0% and annual cap of 5%|2.70|
Mortality is assumed in accordance with 80% of the S3NA standard mortality table.
Future improvements are projected from 2013 in line with the 'CMI 2019' projection with a long-term rate of 1.75% p. a. for males and 1.5% p.a. for females with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%.
The next actuarial valuation of the DB Plan within the Scheme will commence in 2023 to reflect the position as at 31 December 2022.
## **Recovery Plan**
In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit, the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan.
Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.
On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group ("Just") to secure DB Plan members' pension benefits. Just are now providing financial backing for all pensions provided through the Scheme's DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022.
- 21 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **20 Retirement benefit schemes**
**(Continued)**
## **Cessation Event**
Consequent upon the departure of the Ministers from the Church in 2022, the Church had a cessation event under Section 75 of the Pensions Act 1995. This makes the Church liable for the proportion of the overall deficit (assessed by reference to the cost of securing benefits by the purchase of annuities) applicable to its previous Ministers who were members of the Scheme. At present the Church is paying the ongoing deficiency contributions outlined above. However, the Pension Scheme Trustee has the right to quantify and seek payment of the debt at any time.
- 22 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **21 Endowment funds**
Endowment funds represent assets which must be held permanently by the Church. Income arising on the endowment funds can be used in accordance with the objects of the Church and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|**Balance at**
**1 December**
**2022**
**r**
**£**
**Permanent endowments**
Benevolent Fund
4,626
Bethany Home
Fund
6,815
General Fund
125,867
Major Repairs
Fund
3,440
Sunday School
Fund
2,448
Other
endowment funds
2,318
145,514|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**Balance at**
**1 December**
**2023**
**r**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
4,626
-
-
-
-
6,815
-
-
-
(3,826)
122,041
-
-
-
-
3,440
-
-
-
-
2,448
-
-
-
-
2,318
-
-
-
(3,826)
141,688|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**Balance at**
**30 November**
**2024**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
4,626
-
-
-
-
6,815
-
-
-
3,816
125,857
-
-
-
-
3,440
-
-
-
-
2,448
-
-
-
-
2,318
-
-
-
3,816
145,504|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**Balance at**
**30 November**
**2024**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
4,626
-
-
-
-
6,815
-
-
-
3,816
125,857
-
-
-
-
3,440
-
-
-
-
2,448
-
-
-
-
2,318
-
-
-
3,816
145,504|
|---|---|---|---|
||||145,504|
Other endowment funds totalling £2,318 at 30 November 2024 (2023: £2,318) comprise Choir £179, Communion £224, Hymn and Bible £68, Institute £224, Ladies Guild £1,589 and Mens Fellowship £34.
- 23 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **22 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1 December**|**resources**|**expended**||**1 December**|**resources**|**expended**||**30 November**|
||**2022**||||**2023**||||**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Banso Baptist Hospital Chaplaincy|3|-|-|-|3|-|-|-|3|
|Baptist Home Mission|2,903|4,420|(6,974)|319|668|3,302|(3,249)|(721)|-|
|BMS World Mission|1,483|3,138|(5,606)|-|(985)|2,998|(2,734)|721|-|
|Benevolent Fund|3,142|13|-|-|3,155|49|-|-|3,204|
|Chapel Redevelopment Fund|41,572|176|-|-|41,748|653|-|-|42,401|
|Music Fund (formerly Choir Fund)|2,972|13|(1,475)|-|1,510|24|(1,319)|-|215|
|Christian Aid|150|1,583|(1,733)|-|-|822|-|-|822|
|Youth Events|-|2,123|(979)|-|1,144|413|(566)|-|991|
|Communion Fund|449|-|-|-|449|7|-|-|456|
|Christmas Appeal|-|965|(965)|-|-|322|(322)|-|-|
|Ladies Guild Fund|1,054|-|-|-|1,054|369|(1,423)|-|-|
|Miss Jessie White Legacy|56|-|-|-|56|-|(24)|-|32|
|BMS birthday scheme|237|645|(720)|-|162|601|(763)|-|-|
|Other restricted funds|170|-|-|-|170|-|-|-|170|
|Youth Ministry|38,904|165|(8,235)|-|30,834|482|(5,285)|-|26,031|
||93,095|13,241|(26,687)|319|79,968|10,042|(15,685)|-|74,325|
- 24 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **22 Restricted funds**
**(Continued)**
The main restricted funds are as follows:
- Banso Hospital – Funds collected through offerings for Banso Baptist Hospital, Cameroon
- Baptist Home Mission - Funds collected through offerings for Baptist Home Mission
- Baptist Missionary Society - Funds collected through offerings for Baptist Missionary Society
- Benevolent Fund - Funds collected through Communion offerings to be used as a hardship fund at the Deacons’ discretion
- Chapel Redevelopment Fund - Funds collected through offerings for Redevelopment of the Chapel
- Music Fund (formerly Choir Fund) – Funds held for the music provision at the church
- Christian Aid - Funds collected through offerings for Christian Aid
- Communion Fund – As the Benevolent fund but for Church Members only
- Ladies Guild – Funds raised by and for Ladies Guild meeting
- Jessie White Legacy – Funds given to the church from the estate of Jessie White
- Newland Street Development - Funds given by Church members towards the redevelopment of the Newland Street premises
- Youth Ministry - Funds donated to pay for a Youth Worker or other costs of a Youth Ministry
Other restricted fund balances totalling £170 at 30 November 2024 (2023: £170) comprise Mens Fellowship funds.
- 25 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **23 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|**Balance at**
**1 December**
**2022**
**r**
**£**
Major Repairs Fund
39,735
Ministerial Students' Training Fund
1,890
Noah's Ark Funds
770
Model Railway Fund
206
Youth Club
166
Other designated funds
260,674
303,441|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**£**
**£**
169
-
8
-
1,123
(845)
-
-
144
(55)
1,186
(24,733)
2,630
(25,633)|**Transfers**
**Balance at**
**1 December**
**2023**
**r**
**£**
**£**
-
39,904
-
1,898
(726)
322
-
206
-
255
-
237,127
(726)
279,712|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**£**
**£**
-
-
30
-
1,178
(563)
-
-
102
(103)
279,983
(50,827)
281,293
(51,493)|**Transfers**
**Balance at**
**30 November**
**2024**
**£**
**£**
(39,904)
-
-
1,928
-
937
-
206
-
254
237,253
703,536
197,349
706,861|**Transfers**
**Balance at**
**30 November**
**2024**
**£**
**£**
(39,904)
-
-
1,928
-
937
-
206
-
254
237,253
703,536
197,349
706,861|
|---|---|---|---|---|---|
||||||706,861|
- 26 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **23 Designated funds**
**(Continued)**
Full details of movements on the 'Other designated funds' are provided in Note 24 to the financial statements.
The main designated funds are as follows:
- Major Repairs – reserves set aside for major building repairs
- Ministerial Training Fund – funds given to the church for the use of those training for ministry
- Noah’s Ark – funds held by the weekly Mums and Tots group, raised by subscriptions
- Youth Club – funds held by the fortnightly Youth Club, raised by subscriptions
- AV System - sound and vision upgrades in Church, beyond the Chapel project
- Renewal of IT & Office Equipment - ongoing programme of updating equipment
- Annual maintenance - scheduled works of a non-capital nature to update and upgrade the premises
- Emergency repairs - unscheduled and unexpected large buildings costs
- Chapel project - to match the restricted fund from offerings with reserves
- Major manse repairs and refurbishments - scheduled works of a non-capital nature to update and upgrade the premises
- Newland Street - to repurpose the former Coffee House into useable Church space
- Youth Ministry - to match fund donation in Restricted Funds
- Heritage - for upgrading and archiving
- Property maintenance and upkeep - three designated funds relating to property upkeep have been merged to create one fund for major, emergency and other unscheduled building costs
- Provision of ministry - funds set aside for when a minister is appointed and employed
- 27 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **24 Other designated funds**
The 'Other designated funds' in Note 23 include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|**Balance at**
**1 December**
**2022**
**r**
**£**
AV System
18,348
Renewal of IT & Office
Equipment
2,546
Annual maintenance
115,008
Emergency repairs
12,663
Chapel project
45,026
Major Manse repairs &
refurbishment
14,854
Newland Street
8,640
Youth Ministry
38,589
Heritage
5,000
Property maintenance and
upkeep
-
Provision of ministry
-
260,674|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers Revaluations,**
**gains and**
**losses**
**Balance at**
**1 December**
**2023**
**r**
**£**
**£**
**£**
**£**
**£**
78
-
-
-
18,426
11
(2,450)
-
-
107
488
(9,482)
-
-
106,014
53
(3,882)
-
-
8,834
191
-
-
-
45,217
63
-
-
-
14,917
37
(684)
-
-
7,993
164
(8,235)
-
-
30,518
101
-
-
-
5,101
-
-
-
-
-
-
-
-
-
-
1,186
(24,733)
-
-
237,127|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers Revaluations,**
**gains and**
**losses**
**Balance at**
**30 November**
**2024**
**£**
**£**
**£**
**£**
**£**
288
-
-
-
18,714
-
-
-
-
107
-
-
(106,014)
-
-
-
-
(8,834)
-
-
707
(8,154)
-
-
37,770
234
(12,695)
-
-
2,456
125
(18)
-
-
8,100
478
(5,285)
-
-
25,711
80
-
-
-
5,181
5,421
(24,675)
324,751
-
305,497
272,650
-
27,350
-
300,000
279,983
(50,827)
237,253
-
703,536|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers Revaluations,**
**gains and**
**losses**
**Balance at**
**30 November**
**2024**
**£**
**£**
**£**
**£**
**£**
288
-
-
-
18,714
-
-
-
-
107
-
-
(106,014)
-
-
-
-
(8,834)
-
-
707
(8,154)
-
-
37,770
234
(12,695)
-
-
2,456
125
(18)
-
-
8,100
478
(5,285)
-
-
25,711
80
-
-
-
5,181
5,421
(24,675)
324,751
-
305,497
272,650
-
27,350
-
300,000
279,983
(50,827)
237,253
-
703,536|
|---|---|---|---|
||||703,536|
- 28 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
|**25**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
Fund balances at 30 November 2024 are
represented by:
Tangible assets
939,344
-
67,795
Investment properties
10,000
-
-
Investments
-
-
65,440
Current assets/(liabilities)
791,237
74,325
12,269
1,740,581
74,325
145,504|**Total**
Unrestricted
funds
**2024**
2023
**£**
£
1,007,139
1,115,275
10,000
10,000
65,440
-
877,831
367,190
1,960,410
1,492,465|Restricted
funds
Endowment
funds
2023
2023
£
£
-
67,795
-
-
-
61,623
79,968
12,270
79,968
141,688|Total
2023
£
1,183,070
10,000
61,623
459,428|
|---|---|---|---|
||||1,714,121|
- 29 -
## **TRUSTEES OF FULLER BAPTIST CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_
## **26 Related party transactions**
## **Transactions with related parties**
During the year the Church entered into the following transactions with related parties:
One of the custodian trustees of the Church is the Baptist Union Corporation Limited which is charity number 249635, and which is controlled by the Baptist Union Council. The Church is also a member of the Baptist Union of Great Britain and the Central Baptist Association.
During the year the Church made donations of £3,250 (2023: £6,974) to the Baptist Home Mission fund.
The Church's investments include short term deposits, totalling £202,344 (2023: £193,376), invested with the Baptist Union Corporation Limited on commercial normal terms.
The trustees make regular donations to the Church by contributing to collections. The aggregate donations of this type cannot be measured with certainty due to their nature.
- 30 -