| Contents | Page | |
|---|---|---|
| Directors' Report Independent Auditor's |
report | 1-6 7-9 |
| Statement of Financial |
Activities | 10 |
| Balance Sheet | 11 | |
| Notes to the Financial | Statements | 12-19 |
| Abena Boateng | Abena Boateng |
|---|---|
| Elizabeth | Welch |
| Geoffrey | Biggs |
| Kenneth | Asiedu |
| F | OR THE YEA | R | ENDED | 3 | 1 MARCH | 2 | 022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||||||
| Funds | Funds | Funds | Funds | ||||||||||
| Note | F | F | F | ||||||||||
| Income from: | |||||||||||||
| Donations and legacies |
87,971 | 57,128 | 145,099 | 82,658 | 360 | 83,018 | |||||||
| Charitable activities |
164,469 | 164,469 | 57,999 | . 57,999 | |||||||||
| Other Income CJRS Income |
1,286 3,942 |
7,407 | 8,693 3,942 |
2,076 13,448 |
200 | 2,276 13,448 |
|||||||
| COVID Winter Grant | 30,000 | 30,000 | |||||||||||
| Surplus on granting |
long lease | ( 6270) | ( 6270) | ||||||||||
| Total income | 257 668 | 64 535 | 322 203 | 149911 | 30560 | 180471 | |||||||
| Expenditure on: |
|||||||||||||
| Charitable activities |
3 | 223,668 | 65,479 | 289,147 | 232,038 | 5,742 | 237,780 | ||||||
| Reduction in pension |
11 | ( 514) |
- | ( | 514) | ( | 9109) | - | ( | 9 109) | |||
| provision | |||||||||||||
| Total expenditure | 223 154 | 65479 | 288633 | 222 929 | 5 742 | 228 671 | |||||||
| Net income/(expenditure) | 34 514 | ( | 944) | 33570 | ( | 73018) | 24 818 | ( | 48 200) | ||||
| Transfers between |
funds | 3019 | ( 3019) | ||||||||||
| Net movement in funds |
34,514 | ( | 944) | 33,570 | ( | 69,999) | 21,799 | ( | 48,200) | ||||
| Reconciliation offunds |
|||||||||||||
| Total funds brought |
forward | 9 | 7 071 996 | 21 799 | 7 093795 | 7 | 141 995 | 7141 995 | |||||
| Total funds carried | forward | 9 | ~710 10 |
20M55 | 7 127365 | ~771 rtrL6 | 21 799 | ~709 795 |
| WESTBOURNE PARK BAPTIST | WESTBOURNE PARK BAPTIST | CHURCH | ||||||
|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET | ||||||||
| AS | AT 31 MARCH 2022 | |||||||
| 2022 | 2021 | |||||||
| Note | ||||||||
| Fixed assets | ||||||||
| Tangible fixed assets | 7,074,572 | 7,082,619 | ||||||
| Current assets | ||||||||
| Debtors | 57,347 | 21,861 | ||||||
| Cash at bank | 49 329 | 61 386 | ||||||
| 106,676 | 83,247 | |||||||
| Creditors: | Amounts | falling | ||||||
| due within | one year | 8a | (35983) | (46348) | ||||
| Net current assets | 70693 | 36899 | ||||||
| Total assets less current liabilities | 7, | 145,265 | 7,119,518 | |||||
| Creditors: Amounts due after more than |
falling one year |
8b | ( | 1,500) | ( | 5,100) | ||
| Provisions | ( | 16400) | ( | 20 623) | ||||
| Net assets | 10 | ~712736 | ~79'I~79 | |||||
| Funds | ||||||||
| Unrestricted | Funds | 7,106,510 | 7,071,996 | |||||
| Restricted | Funds | 20 855 | 21 799 | |||||
| ~712 365 | 7093795 |
| 2 | INCOME | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| a Donations and legacies |
|||||||
| Donations | 72,846 | 69,532 | |||||
| Tax recoverable | 15;125 | 13,486 | |||||
| Food Pantry Restricted | Income: | ||||||
| Grant.s | 46,500 | ||||||
| Other | 10628 | ||||||
| 145 9 | 83018 | ||||||
| b Charitable activities |
|||||||
| Lettings | 151,720 | 45,615 | |||||
| Salary recharges | 12749 | 12384 | |||||
| ~14 469 | ~57 99 | ||||||
| 3 | EXPENDITURE | ||||||
| Activities undertaken | directly | 2022 | 2021 | ||||
| Salary and pension costs | 146,546 | 119,170 | |||||
| Other staff costs Cost of ministries |
2,292 41,975 |
2,575 9,909 |
|||||
| Manse 8 flat running | costs | 6,652 | 10,659 | ||||
| Venue running costs |
16,406 | 35,816 | |||||
| Subscriptions | 4,295 | 3,519 | |||||
| Depreciation | 13119 | 14693 | |||||
| 231 285 | 196341 | ||||||
| Support &Administration | |||||||
| Bank charges | 463 | 348 | |||||
| Printing, postage and |
stationery | 1,620 | 2,051 | ||||
| Telephone and internet |
7,288 | 7,487 | |||||
| Accounting software |
686 | 539 | |||||
| Sundry expenses | 841 | 910 | |||||
| Governance costs |
|||||||
| Audit fee | 5,100 | ||||||
| Accounts preparation |
1,620 | ||||||
| Independent examination |
costs | 3300 | |||||
| 17618 | 14635 | ||||||
| Grant funding ofactivities | (see | note 4) | 40 244 | 26 804 | |||
| Total | j229 147 | ~237 78 |
| 4 GRANTS PAYAB |
LE | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| World Mission | |||||||||
| Baptist Missionary | Society | 3,897 | 3,859 | ||||||
| Wycliffe Bible Translation | 2,700 | 2,601 | |||||||
| SIM International | 300 | ||||||||
| Margaya Fellowship |
(Sri | Lanka) | 750 | 750 | |||||
| London School ofTheology | 500 | 500 | |||||||
| London Baptist Association | 100 | ||||||||
| 7 947 | 8010 | ||||||||
| Home Mission | |||||||||
| Westminster Street |
Pastors | 500 | 500 | ||||||
| Agape Arabic Christian | Centre | 500 | 500 | ||||||
| Christians Against Poverty |
350 | 350 | |||||||
| Parish Nursing |
350 | 350 | |||||||
| BU Home Mission | 3,597 | 3,559 | |||||||
| Westbourne Park Family |
Centre | 27 000 | 13535 | ||||||
| 32297 | 18794 | ||||||||
| 40 244 | 26 804 | ||||||||
| STAFF COSTS | |||||||||
| 2022 | 2021 | ||||||||
| Gross salaries | 131,313 | 105,202 | |||||||
| Social security costs | 4,670 | 4,218 | |||||||
| Employers contribution |
to | defined | contribution | pension schemes | 10563 | 9750 | |||
| 146,546 | 119,170 | ||||||||
| Pension costs ofdefined | benefit | pension schemes | ( | 514) | ( | 9109) | |||
| 146032 | ~11 | 061 |
| TANGIBLE FIXEDASSE | T | S | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Freehold | Leasehold | Equipment | ||||||||||||
| Properties | Property | & | Furniture | Computers | Total | |||||||||
| Cost | ||||||||||||||
| At 1 April 2021 | 56,302 | 6,976,011 | 114,923 | 15,530 | 7,162,766 | |||||||||
| Additions | 2,790 | 2,282 | 5,072 | |||||||||||
| Disposals | ||||||||||||||
| At 31 March 2022 | 56302 | 6 976 | 011 | 117713 | 17812 | 7 167838 | ||||||||
| Depreciation | ||||||||||||||
| At 1 April 2021 | 2,251 | 64,768 | 13,128 | 80,147 | ||||||||||
| Charge for the year | 1,'I 25 | 10,589 | 1,405 | 13,119 | ||||||||||
| Released on disposal |
||||||||||||||
| At 31 March 2022 | 3376 | 75 357 | 14533 | 93266 | ||||||||||
| Net book value | ||||||||||||||
| At. 31 March 2022 | 52 926 | ~697 | 11 | 42 3M | 3279 | ~7074 72 |
||||||||
| At 31 March 2021 | ~54 0 1 |
~6976 | 11 | ~5~15 | 2402 | 7082619 | ||||||||
| Freehold properties | ||||||||||||||
| The church property was acquired | by the predecessor | trust | in 1875and | the original cost is | considered | |||||||||
| have been fully depreciated | prior | to the | building project. 2 Westbourne |
Park Villas | (Manse and flat) we | |||||||||
| acquired by the predecessor |
trust | in 1920. | ||||||||||||
| Leasehold property | ||||||||||||||
| The new church premises church site, from 2019. |
were funded | by | Dolphin | Square | Foundation | in return | for a long lease of t | |||||||
| DEBTORS | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Trade debtors | 15,843 | 4,233 | ||||||||||||
| income tax recoverable | 14,947 | 13,486 | ||||||||||||
| Prepayments and accrued |
income | 6,499 | 4,142 | |||||||||||
| Other debtors | 20 058 | |||||||||||||
| ~7;347 | ~21 61 |
| 2022 | 2021 | ||
|---|---|---|---|
| Trade creditors | 1,540 | 11,676 | |
| Accruals and deferred | income | 30,843 | 30,015 |
| Other taxes and social | security | 1,057 | |
| Other creditors | 3600 | 3600 | |
| ~3883 | 4~348 | ||
| mounts falling due after one year |
|||
| 2022 | 2021 | ||
| Other creditors | ~15 | ~51 |
| Balance as at | Balance as at | Balance as at | |||||
|---|---|---|---|---|---|---|---|
| 1 April | Income | Expenditure | 31 March | ||||
| 2021 . | Transfers | 2022 | |||||
| Restricted Funds | |||||||
| Food Pantry Paddington Paddington Unrestricted |
Development Welfare Funds |
Trust | 21,799 21,799 |
57,128 7,207 200 64,535 |
( 58,072) ( 7,207) ( 200) ( 65,479) |
20,855 20,855 |
|
| General Designated |
fixed assets | fund | 41,934 7030062 ~79 795 |
257,668 — 322 203 |
(223,154) - (~88 33) |
1,125 77,573 (1125)7028937 - ~712736 |
| Th | e Paddington | VVelfare fund was a sp | ecific donation rec |
eived which h | as bee | n passed | on to that charity. | on to that charity. |
|---|---|---|---|---|---|---|---|---|
| Balance as | at | Balance as at | ||||||
| 1 April | Income | Expenditure | 31 Ilarch | |||||
| 2020 | Transfers | 2021 | ||||||
| Restricted | Funds | |||||||
| Food Pantry Paddington Welfare |
30,360 200 |
( 5,542) (~200 |
(3,019) | 21,799 | ||||
| Unrestricted | Funds | 30,560 | ( | 5,742) | (3,019) | 21,799 | ||
| General | 110,808 | 149;911 | (222,929) | 4, 144 | 41,934 | |||
| Designated | fixed assets fund | 7 031 187 | (1 125) | 7 030062 | ||||
| 7 141 995 | 180471 | (228 671) | - | 7093795 | ||||
| 10 | ANALYSIS OF NET ASSETS | Net | Long | |||||
| Fixed | Current | Term | Total | |||||
| Assets | Assets | Liabilities | 2022 | |||||
| Restricted | 20,855 | 20,855 | ||||||
| Designated | fixed assets fund | 7,028,937 | 7,028,937 | |||||
| General | 45635 | 49 838 | (17900) | 77573 | ||||
| Total | ~7074 72 |
~706 3 | (17900) | 7 127365 | ||||
| Net | Long | |||||||
| Fixed | Current | Term | Total | |||||
| Assets | Assets | Liabilities | 2021 | |||||
| Restricted | 21,799 | 21,799 | ||||||
| Designated | fixed assets fund | 7,030,062 | 7,030,062 | |||||
| General | 52 557 | 15100 | (~25 723 | 41 934 | ||||
| Total | ~70 2 19 |
36889 | (~2723) ~7093 7 5 |
| cial assumptions underlying the valuation were as follows: |
|
|---|---|
| RPI price inflation assumption |
3.20% |
| CPI price inflation assumption |
2.70% |
| Minimum Pensionable Income increases (CPI plus 0.75% pa) |
3.20% |
| Assumed investment returns |
|
| - Pre-retirement | 2.95% |
| - Post retirement | 1.70% |
| Deferred pension increases | |
| —Pre April 2009 | 3.20% |
| - Post April 2009 | 2.50% |
| Pension increases | 2.70% |