Twynholm Baptist Church
324-326 Lillie Road Fulham London SW6 7PP
Reports and Accounts year ended 5 April 2023 Registered charity number: 1146843
Stuart Moffatt Chartered Accountant ie@seftonhall.org.uk
Twynholm Baptist Church Reports and financial statements
Year ended 5 April 2023
| CONTENTS | PAGE |
|---|---|
| Legal and administrative details | 1 |
| Report of the Trustees | 2 |
| Independent examiner’s report | 4 |
| Receipts and payments account | 5 |
| Statement of assets and liabilities | 6 |
| Notes to the accounts | 7 |
1 Year ended 5 April 2023
Twynholm Baptist Church Reports and financial statements
Legal and administrative details
Address for correspondence
324-326 Lillie Road Fulham London SW6 7PP Governing document Constitution dated 28 March 2012 as amended September 2013 and February 2016 Charity registration number 1146843 Trustees M Gilbart-Smith S Newman J Shepherd A Mpasi Custodian trustees London Baptist Property Board Bankers National Westminster Bank plc CAF Bank Ltd Independent examiner Stuart Moffatt 53 Crestway London SW15 5DB
2 Year ended 5 April 2023
Twynholm Baptist Church Reports and financial statements
Report of the Trustees
The Trustees have pleasure in submitting the Report and Accounts for the year ended 5th April 2023.
Objects of the charity
The Trust seeks to demonstrate the Christian faith in action by preaching the gospel and teaching the Bible in the area surrounding Twynholm Baptist Church.
Government
The policy and operating decisions of the charity rest with the Trustees who meet regularly to monitor the activities of the Trust.
New trustees are appointed by the existing Trustees, having been appointed by the members of Twynholm as elders or additional Trustees.
In November 2023 Steve Newman was elected as a trustee, and David Wilson stepped down as a trustee.
Review of Activities
Throughout the 2022-23 financial year, the church premises and resources were used predominantly for the proclamation of the gospel of Jesus Christ. This occurred primarily through two services on Sundays and other events for adults, youth and children regularly held at Twynholm. In the previous year, some provision was made for online access to church services. We have taken the decision this year to cease from online access in order to prioritise gathering in person, as we believe this is important for our church family life. We have however made sermons from our morning services available on the website.
Within the church building are five flats of varying sizes. These are rented mainly to members of the church with priority given to those in a training role or capacity (i.e., those in theological college or employed by the church). Preference is also given to tenants from outside the congregation's members who are working for mission organisations and would be greatly blessed and encouraged with more affordable accommodation in London. After meeting running and maintenance costs, all income generated by the renting of the flats was expressly used for the same purpose as the offerings given by the church membership - for the proclamation of the gospel of Jesus Christ.
Substantial repairs to the building have taken place this year, including replacement of the flat roof on the main worship hall. In the following year (2023-2024) we have budgeted for ongoing works including installation of secondary glazing in the four front flats.
During the year there has been a demonstration of the Christian faith in action by serving the community in which it operates in the ways as noted above.
In planning the activities, the Trustees have applied the guidance on public benefit issued by the Charity Commission.
3
Twynholm Baptist Church Reports and financial statements
Year ended 5 April 2023
Financial Review
For the financial year 2022/23, the church received £238,357 (2021/22: £228,600) and paid out £282,829 (2021/22: £205,250). As a result, cash on hand at the year-end decreased by £44,472 to £109,251. Due to high reserves and the need for substantial renovations, we had budgeted a deficit of £81,023, so are well ahead of this budget. The trustees consider this is a strong basis upon which to pursue the church's objectives.
Income is slightly higher than the previous year and also higher than the budgeted figure of £227,652.
Reserves Policy
The Trustees have established a policy whereby the unrestricted cash held by the charity should be maintained at approximately £40,000, which represents about 2.5 months of unrestricted on-going expenditure. This level of reserves would help ensure that the church could continue to operate should income and/or expenditure vary unexpectedly. At the year end the church's unrestricted cash was above this at £95,275.
Since the reserves are comfortably above the minimum desired figure we have proposed another deficit in the 2023/2024 budget year to further reduce reserves. However, we are aware that we cannot continue with budget deficits indefinitely and so have proposed a reduction in staffing from 4 to three, not planning to replace one of our pastoral assistants who is planning to leave in the summer of 2023 in order to assume a smaller budget proposal for 2024/2025.
Safeguarding policy
Since 2016, the trustees have had in place a safeguarding policy for children. This was reviewed and updated in 2023.
Trustees' Responsibilities
Charity law requires us as Trustees to prepare financial statements for each accounting year which record the receipts and payments of the charity for the year.
We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with the Charities Act 2011.
We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.
Approval
This report was approved by the trustees on 21 January 2024 and signed on their behalf by:
Michael Gilbart-Smith
Michael Gilbart-Smith
21 January 2024
4
Twynholm Baptist Church Reports and financial statements
Year ended 5 April 2023
Independent examiner’s report to the trustees of Twynholm Baptist Church
I report to the trustees on my examination of the accounts of Twynholm Baptist Church ('the charity') for the year ended 5 April 2023 on pages 5 to 9 following.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (`the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and 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
I have completed my examination. I confirm that no material 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 accordance with section 130 of the 2011 Act; or 2 the accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Stuart Moffatt FCA 21 January 2024
5 Year ended 5 April 2023
Twynholm Baptist Church Reports and financial statements
Receipts and payments account
| Unrestricted funds | Unrestricted funds | Restricted | ||||
|---|---|---|---|---|---|---|
| Notes | General | Designated | funds | |||
| funds | funds | 2023 | 2022 | |||
| Income receipts | ||||||
| Donations, legacies and grants | 75,798 | 22,581 | 98,379 | 99,449 | ||
| Gift aid receipts | 17,027 | 17,027 | 14,640 | |||
| Church events | 620 | 620 | 0 | |||
| Rental income | 119,352 | 2,730 | 122,082 | 112,143 | ||
| Other | 249 | 249 | 2,368 | |||
| 213,046 | 0 | 25,311 | 238,357 | 228,600 | ||
| Capital and similar receipts | ||||||
| Loan received | 0 | 0 | ||||
| 0 | 0 | 0 | 0 | 0 | ||
| Total receipts | 213,046 | 0 | 25,311 | 238,357 | 228,600 | |
| Payments | ||||||
| Payments in relation to charitable | ||||||
| activities undertaken directly | 2 | 220,588 | 40,310 | 260,898 | 172,088 | |
| Grants paid in relation to | ||||||
| charitable activities undertaken | by | |||||
| others | 4 | 21,681 | 250 | 21,931 | 20,495 | |
| 242,269 | 0 | 40,560 | 282,829 | 192,583 | ||
| Loans repaid | 0 | 12,667 | ||||
| 0 | 0 | 0 | 0 | 12,667 | ||
| Total payments | 242,269 | 0 | 40,560 | 282,829 | 205,250 | |
| Net of receipts/ (payments) before | ||||||
| transfers | (29,223) | 0 | (15,249) | (44,472) | 23,350 | |
| Transfers between funds | 0 | 0 | 0 | 0 | ||
| Net movement in funds | (29,223) | 0 | (15,249) | (44,472) | 23,350 | |
| Cash funds as at last year end | 126,998 | 0 | 26,725 | 153,723 | 130,373 | |
| Cash funds at this year end | 97,775 | 0 | 11,476 | 109,251 | 153,723 |
The notes on pages 7-9 form part of these accounts.
6 Year ended 5 April 2023
Twynholm Baptist Church Reports and financial statements
Statement of assets and liabilities
| Unrestricted funds Restricted funds 2023 2022 General funds Designated funds Cash funds Cash at bank with immediate access 97,775 11,476 109,251 153,723 97,775 0 11,476 109,251 153,723 Other monetary assets Gift Aid due to charity 12,248 12,248 17,027 Rent debtors 1,600 1,600 1,600 Other debtors including deposits 0 3,287 13,848 0 0 13,848 21,914 Liabilities Independent Examination fees 100 100 100 Staff expenses 0 1,287 Pension contributions 0 0 Other creditors 0 2,072 100 0 0 100 3,459 Assets retained for charity's own use Value Manse 417,280 Equipment & contents 343,694 760,974 |
Unrestricted funds Restricted funds 2023 2022 General funds Designated funds 97,775 11,476 109,251 153,723 |
Unrestricted funds Restricted funds 2023 2022 General funds Designated funds 97,775 11,476 109,251 153,723 |
|---|---|---|
| 97,775 0 11,476 |
109,251 153,723 |
|
| 12,248 1,600 |
12,248 17,027 1,600 1,600 0 3,287 |
|
| 13,848 0 0 |
13,848 21,914 |
|
| 100 | 100 100 0 1,287 0 0 0 2,072 |
|
| 100 0 0 |
100 3,459 |
|
| Value 417,280 343,694 760,974 |
The Trustees have used insurance values as the trustees are unable to reliably estimate current values; insurance values may differ materially from current values.
The market value of the manse is estimated to be between £1 million and £1.3 million; this property is occupied by the church's senior leader (see note 4 in the notes to the accounts). In addition, the church occupies rent-free premises legally owned by the London Baptist Property Board. This property includes the church building and five flats with an insurance value of £4,390,400. A room in one of these flats was occupied by the assistant pastor during the 22/23 financial year (see note 4 in the notes to the accounts); the remaining flats are rented principally to other individuals or organisations involved in Christian ministry or mission.
The accounts were approved on 21 January 2024 by the Trustees and signed on their behalf by
The notes on pages 7-9 form part of these accounts.
Michael Gilbart-Smith Michael Gilbart-Smith
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Twynholm Baptist Church Reports and financial statements
Year ended 5 April 2023
Notes to the accounts
1 Accounting policies
The accounts have been prepared on a receipts and payments basis and comprise a statement that shows the charity's receipts and payments, a statement that summarises the charity's assets and liabilities and related notes. The accountancy profession have determined that only accounts prepared in accordance with applicable accounting standards present a 'true and fair' view and, as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a 'true and fair' view of the charity's financial activities and state of affairs.
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
2 Payments in relation to charitable activities undertaken directly
| Unrestricted funds | Unrestricted funds | Restricted | |||
|---|---|---|---|---|---|
| General | Designated | funds | |||
| funds | funds | 2023 | 2022 | ||
| Employment costs (Note 4) | 79,137 | 20,004 | 99,141 | 80,765 | |
| Property costs | 61,574 | 3,900 | 65,474 | 64,694 | |
| Building project costs | 43,478 | 15,427 | 58,905 | ||
| Ministry Expenses | 6,872 | 6,872 | 7,865 | ||
| Church Events | 2,594 | 2,594 | 707 | ||
| Bank charges | 316 | 316 | 199 | ||
| Licenses, Subscriptions, etc | 942 | 942 | 1,193 | ||
| Phone, postage, stationery etc | 4,730 | 4,730 | 3,313 | ||
| Training, Conferences, First Aid, etc | 12,337 | 12,337 | 5,309 | ||
| Refreshments/Church hospitality/Food | |||||
| supplies | 3,022 | 3,022 | 2,263 | ||
| Church Assets - PA equipment | |||||
| /computer etc | 3,001 | 3,001 | 2,643 | ||
| Benevolence | 979 | 979 | |||
| Legal costs | 389 | 389 | 2,217 | ||
| Sundry Expenses | 2,196 | 2,196 | 920 | ||
| 220,588 | 0 | 40,310 | 260,898 | 172,088 |
8 Year ended 5 April 2023
Twynholm Baptist Church Reports and financial statements
Notes to the accounts (cont.)
3 Grants paid in relation to charitable activities undertaken by others
Unrestricted funds Restricted funds
| funds | |||||
|---|---|---|---|---|---|
| General | Designated | ||||
| funds | funds | 2023 | 2022 | ||
| Grants for: | |||||
| Individuals | 5,500 | 250 | 5,750 | 5,750 | |
| Institutions | 16,181 | 16,181 | 14,745 | ||
| 21,681 | 0 | 250 | 21,931 | 20,495 |
The grants to institutions amounting to more than £1,000 in the year were
| Latin America Missions Trust Hope Church Aviemore Fellowship of Independent Evangelical Churches |
2023 2022 7,750 7,000 5,086 4,500 1,845 1,845 |
|---|---|
| 14,681 13,345 |
4 Employees
The charity had 4 (2022: 3) full-time equivalent employees to whom the employment costs above refer.
5 Transactions with related parties
Mr Gilbart-Smith was paid a salary of £34,387 (2022: £32k) and the church paid pension contributions of £5,158 (2022: £5k) for him for serving as a church leader, not as a trustee. In addition he occupies a manse rent-free.
Mr A Mpasi was paid a salary of £20,255 (2023: £19k) and the church paid pension contributions of £2,431 (2023: £2k) for him for serving as the assistant church leader, not as a trustee. In addition Mr Mpasi occupied a room in one of the church flats rent-free.
The payments to Mr Gilbart-Smith and Mr Mpasi are permitted by the church's governing document.
Except for the reimbursement of expenses, no other amounts were paid to any trustee or to any person connected to them.
9 Year ended 5 April 2023
Twynholm Baptist Church Reports and financial statements
Notes to the accounts (cont.)
6 Movement on funds
| Restricted funds Benevolence Fund Lift Fund Roof Fund New Building Project Staff Training Rent deposits Other restricted funds Total Restricted Unrestricted Funds Designated funds General Funds Total unrestricted Total funds |
Opening Balance Receipts Payments Transfers Closing Balance £ £ £ £ £ 0 2,460 (979) 0 1,481 4,500 0 4,500 15,427 (15,427) 0 898 117 0 1,015 0 20,004 (20,004) 0 5,650 2,730 (3,900) 0 4,480 250 (250) 0 |
|---|---|
| 26,725 25,311 (40,560) 0 11,476 |
|
| 0 126,998 213,046 (242,269) 0 97,775 |
|
| 126,998 213,046 (242,269) 0 97,775 |
|
| 153,723 238,357 (282,829) 0 109,251 |
Restricted income has been received for the following purposes:
Benevolence Fund: represents monies received to support various church members or those in the community who are in need.
Lift Fund:
represents monies received for the installation of a disabled lift in the church basement.
Roof Fund:
represents monies received to renovate the church roof.
New Building Project: represents monies received to fund major works to church property.
Staff Training: represents monies received from the FIEC and Fulham & South Kensington YMCA for staff training costs.