WESTBOURNE PARK BAPTIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Number 1143988 Company Number 07775348
WESTBOURNE PARK BAPTIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents Page Directors, Report Independent Audilor's report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes lo the Financial Statements 10
(1) WESTBOURNE PARK BAPTIST CHURCH DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees have pleasure in submitting their report together with the financial statements for the year ended 31 March 2024. These financial statements have been prepared in accordance with slalulory requirements, the Memorandum & Articles of Association, the Companies Act, FRS 102 and the Charities, Statement of Recommended Practice (Charities SORP (FRS 10211. Reference and Administrative Informatlon Charity registration number 1143988 Company registration number 07775348 Registered office Porchesler Road, London, W2 SDX TrusteeslDirectors Stuart Elmes (appointed 1 October 2023) (Pastor) Abena Boaleng Elizabeth Welch (Assislanl Pastor} Geoffrey Biggs Kenneth Asiedu The key management personnel are the Truslees. Deacons Iretiola Badamosi Lorna Glasgow Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, Wesl Malling, Kent, ME19 4JQ Auditor Jacob Cavenagh & Skeet, Chartered Accountants, 5 Robin Hood Lane, Sutton, Surrey SM12SW Solicitors Wellers Law Group, 65 Leadenhall Street, London, EC3A 2AD Pensions Lucas Feltes Financial Planning. Lakeside 500, Old Chapel Way, Broadland Business Park,NDrwich, NR7 OWG
(2) WESTBOURNE PARK BAPTIST CHURCH DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued> Objectives and Activities Objects of the charity Weslbourne Park Baptist Church seeks to advance Ihe Kingdom of God wherever we are, through loving God and loving people. The formal objects in the governing document are the advancement of the Christian Faith in accordance with the principles of the Baptist denomination and the advancement of education and other charitable purposes. The church is registered as a Charitable Company with the Charity Commission, regislered number 1143988. It is also registered with Companies House, registered number 07775348. Achievements and performance A visible way that we show our love for God is our Worship Services on a Sunday morning. We have seen a growth in attendance across the year, and our services have been a blessing for us as a church. Our new Pastor, Rev Stuart Elmes. joined us on 1$1 October 2023. This has brought a reset to the church following the impact of COVID-19 and the following 3 years of interregnum. There has been increased attendance al church, baptism services, new church members, and a relaunch of small groups. The church continues lo live stream our worship services, and there has also been a growth in the number of people who watch via YouTube. We have continued to have an active prayer team, who pray together 5 days a week on Zoom lo enable people lo Join from home. The weekly Wednesday prayer meeting and once a month Friday prayer evening in the church building, have also grown in their impact on the spiritual lif e of Ihe church. We continued lo use our prayer text se¢vice to communicate urgent requests for prayer, and a weekly email communlcation goes out to the church family and wider f riends. Financially. Church members. including the Iruslees, make a significant contribution to the running of the church's activities. Around 70D/o of the church membership remain actively involved in the church. In planning the activities the trustees have had regard to the guidance on public benefit issued by the Charity Commission. Westbourne Park Food Panlry, which started in March 2021, has grown as an aclivily that connects with the local community, providing food support and offering dignity, choice and hope for people challenged by the rising cost of living. This was joined by a Warm Welcome Café running from Noveml 2023 to May 2024, providing opportunity for membersofthe public to receivesupport and friendship alongside warm food. Grant making policy Weslbourne Park Baptist Church gives away a lithe of its donated income. The approach for this is to support International, National and Local organisations. Members of the church can propose causes for this money to go towards. and this is reviewed every few years by the membership, to ensure money is being directed in the righl ways. Part of the donation is given to the Baptist Workj Mission and also lo Baptist Home Mission, as part of the church's identification with the worldwide Baptist family. On occasions the church will also support pastoral needs forpeople in the churchwhere a need is made known, seeking lo not just give money, but also lo help people to sustain change in areas of their life that may need support, such as budgeting skills and money management. Risks and uncertainties The trustees have identified that the principal risk affecting the church is the continued impact on income due lo the bookings for the buildng being less than planned for. This risk is being managed by minimal contract staff with casual conlracl staff working for evenings and weekend bookings. The budget setting process for 202412025 has been done by separating the 3 entities of the Ghurch, the venue and the food pantry, providing grealer clarity of where there is shortfall. The church budget is coveiing ils costs.
{3) WESTBOURNE PARK BAPTIST CHURCH DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) with the venue needing increased income from bookings and the food pantry needing more funding to support its costs. Fundratslng The Church does not employ outside or commercial fund-raisers, and does not make appeals for funds beyond its members. The Church has nol subscribed to any fund-raising regulator and has received no complaints about its fundraising activities. Other than publicly inviting an offering al every service when the building is open, we do nol engage in persislenl fundraising or intrusive fundraising practices with any of our donors. including vulnerable people, and we never have private or coercive discussions with individuals about Iheir giving. The church has received funding for the Food Pantry from Weslminsler City Council, who asked the church lo set up and provide this service. Flnancial revlew The accounts for the year show a deficit of £112,956 compared to a surplus of £21,546 in 2023. Total income has increased due to the increase in activity of the Food Pantry. supported by funding from Westminster City Council as mentioned above. The budget for the year was monitored and reviewed throughout the year. The lilhes and offerings from the church members and attenders has been mainlained. We drew down money from our reseNes lo provide cashflow when this was needed, Reserves The lolal funds held by the church al the end of the yearwere £7,03S,955 of which £7,058,402 is invested in fixed assets. The free reserves, defined as the amounts held in general funds excluding the amount invested in property and equipment amounted were £18,276 (2023.. £63.530). The Trustees have established a policy whereby free reseNes held by charity should be between 2 and 4 months of committed operating expenses. The free reserves were not within this policy al the year end. Structure. Governance and Management Governing Document Memorandum and Articles of Association dated 15 September 2011. Government The policy and operating decision of the charity rest with the trustees who meet regularly to monitor the activities of the church. New Iruslees are appointed by church members by the passing of an ordinary resolution at a general meeting. Truslees receive induction and training during their meetings and through ongoing updates as guidance is received. The pastors are part of the key management personnel of the church and receive a slipend which is set with reference lo recommendations from the Baptist Union. From 1S1 October 2023 this has applied to Ihe Pastor and Assistant Pastor. The church works closely wilh the Weslbourne Park Family Centre which runs ils aclivilies in the church building but is constiluled as a separate charity. Property The Baptist Union Corporation Limited are the custodian trustees for the manse and the church property Ihat belong to the church.
14) WESTBOURNE PARK BAPTIST CHURCH DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 {conlinued) Statemenl of trustees, responsibilities The trustees who are also Ihe directors are responsible for preparing the Annual Report and the financial statements in accordanGewith applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairsof the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial slaternenls, the truslees are required to.. s&lecl suitable accounting policies and then apply Ihem consistently; observe the methods and principles in the Charities SORP; makejudgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on a going concern basis unless il is inappropriate to assume that the company will be able to continue in operalion. The trustees are responsible for maintaining proper accounting records which disclose wilh reasonable accuracy al any lime the finanGial position of the charitable company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Gompany and hence for taking reasonable steps for the prevention and detection of f raud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware.. and the trustees have taken all steps that they ought to have taken to makelhemselves aware of any relevanl audit information and lo establish that the auditors are aware of that information. The above report is prepared in accordancewith the special provisions relating to small companies within Part 15 of the Companies Act 2006. the trustees and signed on their behalf by Elmes Elizabe eSch Dale: 4th December 2024
(5) WESTBOURNE PARK BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Opinlon We have audited the financial statements of Westbourne Park Baptist Church (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fLslfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of al least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained In the course of the audit, or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit. the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordan with applicable legal requirements.
(61 WESTBOURNE PARK BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 {continued} Matters on whiGh we are required to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatemenls in the directors. report included with the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration Specified by law are nol made., or we have not received all the inf ormalion and explanations we require for our audit., or the trustees were not enlilled lo prepare the f inancial statements in accordance with the small companies regime and lake advantage of the small companies exemptions in preparing the trustees. report and from the requirement lo prepare a strategic report. Responsibilities of Irustees As explained more f ully in the Iruslees, responsibilities slalement, the trustees, {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial staternenls and for being satisfied that they give a true and fairview. and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slalements, the Iruslees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the company or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilltles for the audit of the flnanclal statements Our objectives are lo obtain reasonable assurance aboLtI whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordancewith ISAS (UK) will always delect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Based on our understanding of the company, we identified that the principal risks of non-compliance wilh laws and regulations related lo employment and financial reporting legislation and we considered the exlenl lo which non-compliance mighl have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Ihe Companies Act 2006 and the Charities Act 2011. We assessed the susceptibility of the company's financial slalements to material misslalement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst Ilie engagement learn. We determined that the principal risks were related lo presentation of separately disclosed items, revenue recognition including venue hire, donated and reslricled income and management override of controls. In response lo the risks Idenlif led we designed procedures which included, bul were not lim ited to, agreeing financial statement disclosures to underlying supporting documentation, lesling income from source documentation lo accounting records. reviewing Iruslees minutes, evaluating the internal controls and identif ying and testing journal entries. There are inherent limitations in the audil procedures described above. The more removed that laws and re9ulations are from financial transactions. the less likely it is Ihal we would become aware of non-com pliance.
(71 WESTBOURNE PARK BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) Material misslalements that arise due lo fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A f urther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. httP.'Ilwww.frc.org.uklauditorsresponsibilities. This description f orms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo slate to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily lo anyone other than Ihe charitable company and ils members as a body, for our audit work, for this report, or for the opinions we have formed. Miriarn Hickson FCA (Senior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW Dated: Zo DooLulu J 2024
18) WESTBOURNE PARK BAPTIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT> FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 UnrestTlctsd R9Strictsd Funds Funds Total Unr•$trictsd Restricted Funds Funds Total Note Income from: Donations and legacies Charitable activities Other Incorne 100,951 239,640 139.974 240,925 100,413 114,123 214,536 239,640 197,678 197.678 Total income 348249 163432 511681 315644 114123 429767 Expenditure on: Charitable activities Reduction in pension provision 439,176 185,461 624,637 310,151 113,211 (15 1411 423,362 { 15 141) 12 Total expenditure 439176 185461 624637 295010 113211 408 221 Net (expenditure}lincome { 90 927) { 22 0291 (112 956) 20 634 912 Transfers beeen funds 262 Net movement in funds 191,1891 {21,7671 (112,956) 20,634 912 21,546 Reconciliation of funds Total funds brought forward 10 7 127 144 21767 7 148 911 7 106 510 20 855 7 127 365 Total funds carried forward 10 The statement of financial activities includes all gains and losses in both years. These f igures above relalg to continulng operations in both years. The notes on pages 10 to 18 form part of these financial slatemenls.
{9) WESTBOURNE PARK BAPTIST CHURCH BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible fixed assets 7,058.402 7,063,614 Current assets Stock Debtors Cash at bank 2,709 44,683 2,592 48,407 89.562 123,269 Credltors: Amounts falling ue within one year 9a {712861 {37 972) Net currenl assets Total assets less current liabilities 7,076,678 7,148,911 Credltors: Amounts falling due after more than one year 9b (40,7231 Provisions 12 Net assets 11 Funds Unreslricled Funds Reslricled Funds 10 10 7,035,955 7,127,144 These financial slalements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. These financial slalemenls were approved by the Trustees on 4th December 2024 and signed on their behalf by Elizabeth Welch Director The notes on pages 11 to 19 form part of these financial stalemenls. Company Number 07775348
1101 WESTBOURNE PARK BAPTIST CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash (used for}Iprovided by operating activities {69,6101 27.131 Cash flows from Investing aGtivities Payments lo acquire langible f ixed assets Cash used by investing activities 13990) { 3990> Cash flows from financing activities Proceeds on new loans Repayment of loans Cash providedl{used) by financing activities 45,000 11 500) 43,500 { 3600) { 3,600) Net cash {outflow>linflow (30,1001 22,941 Cash and cash equivalents at 1 April 2023 Cash and cash equivalents at 31 March 2024 Cash used for operating activities: Net lexpendlturelllncome Depreciation Change in pension provision Ilncrease}Idecrease in stock Decrease in debtors Increase in creditors Cash (used for)Iprovided by operatlng aclivitles {112,9561 9,202 21,546 11.548 (16,4001 ( 2,5921 8,940 117) 3,724 I0) Analysis of changes in net debt 1 April Cash flows 2023 Non-cash 31 March Ghanges 2024 Cash and cash equivalenls Cash Borrowings Loans f alling due withi n one year Loans falling due after more than one year 72,270 130,100} 42,170 11.500) 143,500> 40,467 { 4.533) 140.7231 {40 723) Izw) ia&fii
WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (11) ACCOUNTING POLICIES Vveslbourne Park Bapii51 Church is a private company limited by guarantee incorporated in England and Wales and a registered charity. The registered office is 65 Porchester Road, London W2 5DX. la. Basis of accounting These financial statements have been prepared in accordance with FRS 102 "The Financial Repor1ing Standard applicable in the UK and Republic of Ireland" I"FRS 102"}, "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102. the Companies Act 2006 and UK Generally Accepted Accounting Praclice. The charity is a Public Benefit Entity as defined by FRS 102, The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetary amounls in these financial slalements are rounded to the nearest £. The financial statements have been prepared on the historical cost convenlion. The principal accounting policies adopted are set out below. 1b. Going concern Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the charity's ability lo continue as a going concern. 1c. Donations and grant Income Donated income and grants receivable are taken into account when received by the charity. Income received in circumstances where a claim for repayment of lax has been or will be made lo HM Revenue & Customs is grossed up for tax recoverable. Any amount of tax reclaimed from HM Revenue & Customs but not yel received is shown wilhin the charity's debtors. Donated food is recognised as income when received. Takings from the Food Pantry are accounted for gross. The church is heavily dependent on aclivily carried out by volunteers. No value is attributed lo this in the financial stalem enls. 1d. Income from charitable activities Income from charitable activities is recognised in the period in which the charity is entitled to the income. le. Expenditure Expenditure, including irrecoverable VAT, when incurred by the charity. regardless or when payment is made. Grants payable are taken irlto account al the earlier of when they are paid or become conslruclive obligations. Grants for the support of overseas missionaries are 2ccounled for on the basis of support that relates lo the financial year.
(12) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 1 ACCOUNTING POLICIES (continued) If. Funds Unrestricted funds are donations and other income received or generated for the objects of the charity without specified purpose and are available for purposes as directed by the trustees. Restricted funds are amounts received where the donors have specified the purposes for which they should be used. lg. Tangible fixed assets Fixed assets acquired for use by the charity are capitalised at cost and depreciated either over their estimated useful lives or by reducing balance unless they cost less than £500 when they are written off on purchase. Depreciation periods and calculations are as follows.. Freehold buildings Over 50 years, on a straight line basis Equipment 200/0 30D/o reducing balance basis No depreciation is provided on leasehold property as the residual value is considered suff iciently high to render depreciation immaterial. 1 h. Pension costs The charity is a participating employer in the Baptist Union Pension Scheme which, prior to January 2012, was a multi-employer defined benefit pension scheme. The charity is unable to identify its share of the scheme's assets and liabilities therefore, as perrnitted by FRS 102, the entire scheme is being treated as if it were a defined contribution scheme. Further information about this defined benefits scheme, and the charity's obligation to contribute towards its funding deficit, is disclosed elsewhere in the notes to these accounts. The charity also pays contributions to Friends Life and Aviva for the personal pension schemes of certain other employees. These costs are recognised when they fall due. 11. Stock Donated stock is valued at £2.37per kg 1j. Debtors Tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. 1k. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of the opening of the deposit. 11. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Income relating to grants that has been received but not yet earned is treated as deferred income.
(13) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 1 ACCOUNTING POLICIES (continued) lm. Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. INCOME 2024 2023 a Donations and legacies Donations Tax recoverable Food Pantry Restricted Income.. Grants Other 80,478 20,473 83,919 16,494 57,100 82 874 2.40 84,250 29 873 b Charitable activities Lettings Salary recharges 225,669 184,071 13971 EXPENDITURE Activities undertaken directly 2024 2023 Salary and pension costs (see note 5) Other staff costs Cost of ministries Manse & flat running costs Venue running costs Subscriptions Depreciation 251,865 189,821 7,750 3,891 164,503 90,473 69,604 8,229 57,418 55,574 3,646 2,554 11 548 563 988 362 090 Support & Administration Bank charges Loan interest Printing, postage and stationery Telephone and internet Accounting software Sundry expenses Governance costs Audit fee Accounts preparation 442 256 2,189 7,465 885 2,085 574 3,024 7,424 1,240 611 6,000 1920 5,742 Grant funding of activities (see note 4) Total
(14) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 4 GRANTS PAYABLE 2024 2023 World Mission Baptist Missionary Society Wycliffe Bible Translation SIM International Margaya Fellowship (Sri Lanka) Angola School project Michael Mahon Tearfund 3,900 2,700 3,900 3,000 300 750 575 250 500 150 Home Mission Westminster Street Pastors Agape Arabic Christian Centre Christians Against Poverty Parish Nursing BU Home Mission Westbourne Park Family Centre 500 500 400 350 3,600 27 000 32 350 1,200 3,600 31907 STAFF COSTS 2024 2023 Gross salaries Social security costs Employers contribution to defined contribution pension schemes 226,108 170,489 8,723 5,690 251,865 189,821 (15 141) Pension costs of defined benefit pension schemes The average number of employees during the year was 18 {2023'. 16). No employee (2023.. nil) was paid more than £60,000. E Welch and S Elmes each received a stipend of £25,382 and £15,900 respectively (2023.. E Welch.. £23,382) in their capacity as assistant pastor and pastor, and not as trustees. Pension contributions of £4,485 (2023.. £2,338} were paid on their behalf. Payments are permitted in the company's governing document. E Welch and S Elmes both represent the key management of the company and the lotal employee benefits {including employer's national insurance and pension contributions) were £51,362 (2023. £27,796) No remuneration was paid to any other trustee during the year. No trustee expenses were claimed by trustees.
(15) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) TANGIBLE FIXED ASSETS Freehold Leasehold Equipment Properties Property & Furniture Computers Total Cost At 1 April 2023 Additions Disposals At 31 March 2024 56,302 6,976,011 118,303 3,180 12,362 7,162,978 810 3,990 6976011 121483 13 172 7 166968 Depreciation At 1 April 2023 Charge for the year Released on disposal At 31 March 2024 4,435 1,037 83,946 7,508 10,983 657 99,364 9,202 108 566 Net book value At 31 March 2024 At 31 March 2023 Freehold properties The church property was acquired by the predecessor trust in 1875 and the original cost is considered to have been fully depreciated prior to the building project. 2 Westbourne Park Villas (Manse and flat) were acquired by the predecessor trust in 1920. Leasehold property The new church premises were funded by Dolphin Square Foundation in return for a long lease of the church site, from 2019. 7 STOCK 2024 2023 Stock DEBTORS 2024 2023 Trade debtors Income tax recoverable Prepayments and accrued income Other debtors 13,855 18,506 5,891 12,470 16,494 5,597
(16) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 9 CREDITORS: 9a Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Other taxes and social security Other creditors 20,823 44,198 1,732 80 36,392 9b Amounts falling due after one year 2024 2023 Other creditors The amount included in other creditors is a loan from the London Baptist Property Board. Interest is charged at a variable rate. At 31 March 2024 the interest rate was 6.50 % . The loan is repayable over 10 years to be fully repaid by 28 February 2034. 10 FUNDS Balance as at 1 April 2023 Balance as at 31 March 2024 Income Expenditure Transfers Restricted Funds Food Pantry Warm Welcome Café Paddington Development Trust Paddington Welfare Flat Refurbishment Iran 21,767 139,974 15,519 2,486 200 4,662 591 163,432 (162,003) (15,519) ( 2,486) 200) ( 4,662) 262 21,767 (185,461) 262 UnrestriGted Funds General Designated fixed assets fund 99,266 7 027 878 348,249 (439,176) 775 9,114 (1037) 7 026 841 The Food Pantry fund represents grants and other income received to run a food pantry. There was a small shortfall in the year which has been covered by a transfer from the general fund. The Warm Welcome Café fund represents grants and other income received to run a café alongside the food pantry. The Paddington Development Trust fund represents funding an apprentice in premises management. The Paddington Welfare fund and Iran fund relate to specific donations received which have been passed on to the relevant charity. The Flat Refurbishment fund represents income received for the refurbishment of the flat held by the charity.
(17) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 10 FUNDS (continued) Balance as at 1 April 2022 Balance as at 31 March 2023 Income Expenditure Transfers Restricted Funds Food Pantry Paddington Welfare 20,855 113,923 200 114,123 (113,011) 21,767 20,855 (113,211) 21,767 UnstrIGted Funds General Designated fixed assets fund 77,573 7 028 937 315,644 (295,010) 1,059 99,266 (1059) 7 027 878 11 ANALYSIS OF NET ASSETS Net Long Current Temi Assets Liabilities Fixed Assets Total 2024 Designated fixed assets fund General Total 7,026,841 7,026,841 18 276 (40 723) Net Long Current Term Assets Liabilities Fixed Assets Total 2023 Restricted Designated fixed assets fund General Total 21,767 21,767 7,027,878 7,027,878 63 530 12 PENSIONS The Church is a participating employer the Baptist Pension Scheme ('the Scheme"), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the 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 60k of members, Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. 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.
(18) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FSNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 12 PENSIONS (continued) 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. The Ministers are eligible to join the Scheme. Recovery Plan In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. 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. Movement in Balance Sheet liability Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below. 2024 2023 Balance sheet liability at year start Minus deficiency contributions paid Interest cost (recognised in SOFA) Remaining change to balance sheet liability {recognised in SOFA) Balance sheet liability at year end 16,400 (1,259) 476 (15617) Cornprises any change in agreed deficit recovery plan and change in assumptions between year-ends 13 NET (EXPENDITURE)IINCOME This is stated after charging 2024 2023 Depreciation Operating Leases 9,202 11,548 14 OPERATING LEASE COMMITMENTS 2024 2023 Within 1 year After one year but within five years 1,272 3244 1,272 15 RELATED PARTY TRANSACTIONS The trustees donated a total of £19,920 (2023. £17,210) without any restrictions to the church. One of the trustees is the CEO, and another is the trustee of Westbourne Park Family Centre {WPFC) from which the church received rental income of £49,871 (2023.. £31,592) and bookkeeping and photocopier contributions of £14,671 {2023.' £11,355). The church also granted WPFC £27,107 (2023. £27,000) towards their work in the community, as part of the church's own ministry work.
(19) WESTBOURNE PARK BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 15 RELATED PARTY TRANSACTIONS {continued) During the year, an interest free cashflow loan of £25,000 was received from E Welch, a trustee. The loan was fully repaid and nil was outstanding at 31 March 2024. The church owed E Welch £18,778 at 31 March 2024 in respect of expenditure that she had paid on behalf of the church. B Wright, brother-in-law of E Welch, received £6,218 (2023.. nil) for restoration works to the church flat. No balance was outstanding at year end. Remuneration of £3,328 (2023.. nil) was paid to family members of trustees.