QUORN BAPTIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 JANUARY 2025
REGISTERED CHARITY NUMBER: 1148704
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163
QUORN BAPTIST CHURCH
CONTENTS
Report of the Trustees Independent Examiner’s Report Receipts & Payments Account Statement of Assets and Liabilities Notes to the Accounts |
Page No |
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1 4 5 - 6 7 8 - 11 |
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QUORN BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
The trustees are pleased to present their report together with the financial statements for the year ended 31 January 2025.
Reference and Administrative Details
Charity Registration Number: 1148704 Principal Office: Quorn Baptist Church, Meeting Street, Quorn, Loughborough, LE12 8AQ Bankers: Santander Bank, 63 Market St, Loughborough LE11 3ER HSBC, 41 Market Place, Loughborough, LE11 3EJ Independent Examiner: Cound & Co LLP, 1 Princes Court, Royal Way, Loughborough LE11 5XR Custodian Trustees: East Midlands Baptist Trust Corporation, 129 Broadway, Didcot, OX11 8RT Trustees:
The trustees during the year were:
Rev I Smith, Minister Miss G Clement, Secretary Mr A Gibb (resigned at AGM on 25[th] April 2024) Mr C Shipway (elected at AGM on 25[th] April 2024) Mr P Vanlint Mrs H Andrews Mr D Bates, Treasurer Mrs J Lister
Objectives, Activities and Achievements
The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world.
Details of activities and achievements during 2024/2025 can be found in the Annual Report.
Structure, Governance and Management
The activities of the Church are governed by a trust deed, and a constitution adopted on 3 February 2012.
The Church is managed on a day-to-day basis by its Minister, Treasurer, Secretary and a number of Deacons. Apart from the Minister, the trustees and officers are elected as Deacons to be in office for three years. Elections take place at a Church members’ meeting, normally the AGM. Members may be nominated for election as trustees by a fellow member and seconded by two other members. Trustees are elected from among the nominations by means of a secret ballot of members.
There are four members’ meetings per annum at which the activities of the trustees may be scrutinised and where decisions may be taken which are beyond the trustees' expenditure authorisation limits.
The trustees have a staggered year for retirement or re-election, so that not all are replaced at the same time, allowing overlap and transfer of information to any newly elected trustees.
The Secretary and Treasurer (and the Minister and other Trustees) have the resources of the Baptist Union to keep them abreast of any changes made to charity-related as well as Church-related laws.
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QUORN BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
Financial Review
As last year, the most significant financial issue for the church this year was the continued construction of a new building, adjoining the current buildings. £25,000 has been transferred to the project from unrestricted church funds: this includes £5,000 which had been transferred in the previous financial year but not recorded at the time. A total of £501,369 has been received in this financial year for the project. Of this, the church has contributed offerings of approximately £99,000 including recovered gift aid: the remainder comprised one loan and five grants, as described below.
The church is most grateful for substantial and generous grants, detailed in the report, from the following bodies: Beatrice Laing Trust
Benefact Trust Garfield Weston Foundation Leicestershire Historic Churches Trust
The Norwood and Newton Settlement
The church is also most grateful for a loan of £290,343 from the Baptist Building CIO (BBCIO). This loan will be repaid over a period of ten years, beginning in January 2026. Following these repayments, a further payment of 10% of the loan will be paid. Promised regular giving and lump sum payments from the church are sufficient to cover these repayments.
For the first time, the estimated value of the manse has been included in the accounts, as a fixed asset. This has been done to show that the financial position of the church is strong, even with the liability of the BBCIO loan.
Compared to the previous financial year, weekly ‘plate’ collections have remained almost static. Offerings paid directly into our bank account have decreased by almost £3,000, so regular church offerings overall have decreased by almost £3,000. Gifts and donations were about £600 more than last year and included a generous grant of £2,500 from the Jack Patston Trust, towards the repair of the church roof which was carried out this year.
Gift aid claims on monies donated to general church giving (£5,395), and to the new building (£1,139), were much lower than they would normally be. In the previous financial year, gift aid for the nine months February to October (inclusive) of that financial year (February 2023 – January 2024), was claimed in November of that year rather than in April the following year (i.e. in this financial year) as would normally have been the case. This was done because it had been expected that construction of the new building would commence at this time and that significant capital would be required. Consequently, the claims made in April this financial year, were made only for the remaining three months November 2023 to January 2024,
Funeral donations, at £4,311 were unusually high this year.
A new item of income this financial year is the hiring of church rooms, from which we received £578.
Spending on construction of the new building was £395,433.
The church roof was repaired at a cost of £8,950. This followed the repair of the school hall roof in the previous financial year at a cost of £17.900. These were expected capital costs for which an ‘Extraordinary Repair Fund’ has been built up over a number of years with M & G Charifund.
In the previous financial year (February 2023 to January 2024), when the school hall roof had been repaired, the market value of our M & G investment was below its nominal value, meaning that selling any of the fund would have incurred a loss. Therefore, no units of the fund were sold at that time. However, by the time the church roof was repaired, this financial year, the market value of our M & G investment had recovered to more than its nominal value. Therefore, sufficient units of the fund were sold this year to cover the costs of both roof repairs, and the sale yielded a profit of over £1,000.
We continue to make regular savings in the Extraordinary Repair Fund which we intend to use for further repairs and replacements of the church roofs.
The expenditure on Maintenance & Fabric (£11,700) includes £3,413 (not itemised in the report) of work found to be required in the kitchen during work associated with the new building. It also includes £1,225 of further work on the kitchen to improve accessibility.
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QUORN BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
Financial Review (continued)
Overall support from unrestricted funds for missionary and other Christian causes increased by about £700. The amount allocated for this at the beginning of the year included £1,960 of contingency funding to cover the uncertain requirements of two of the causes we support. One of these causes was discontinued mid-year by agreement, and the other required less funding than anticipated. Thus, only £400 of the contingency funding was used for the causes intended, so the remaining amount was re-allocated among other causes.
Restricted giving to missionary and other causes decreased this year by about £800.
The unrestricted funds show a deficit of £15,281 following the surplus of £4,387 in the previous year. This can be attributed mainly to the decreased gift aid recovery and unusually high spending on maintenance. Despite this deficit the finances are in reasonably good shape.
The Trustees are satisfied with the current financial position.
Public Benefit
The Church provides Christian education at its weekly public meetings for worship, and public courses covering the basics of the Christian faith. The Minister and members of the congregation are also involved in the local primary school's assemblies, and religious education as well as providing spiritual comfort to the elderly in residential care. Members of the church also preach regularly in local churches which do not currently have a paid minister.
We continue to run ‘workshops’ for children from the local primary school: this year 150 children from Years 1 and 2 (at Easter), and 150 from Years 3 and 4 (at Christmas), were given entertaining and informative insight into these major Christian events – to very positive feedback! And Years 5 and 6 children attended workshops about “Moving On” through life with a solid foundation.
The Church provides the local community with a ‘First Steps’ group for toddlers and ‘Baby Steps’ group for pre-toddlers and activities for children and young people on Sundays. This year the young people raised £304.08 for ‘Toilet Twinning’.
A weekly ‘Craft and Chat’ session has been increasing in numbers again this year.
We continue to provide a weekly ‘Warm Welcome’ for the local community, which includes a coffee morning and a simple lunch. We collect food and donations for a local food-bank. We also run an annual holiday club. The Minister is made available by the Church to the public, at his discretion and availability, to assist with funerals, weddings, and to visit the bereaved, the sick, and others in need. He also has access to specific funds to assist those in dire financial need. The Church supports local events designed to bring cohesion to the village by providing, for example, refreshments at village events, and, where applicable, by making the facilities of our buildings available to the public or public groups, such as Ranger Guides and the Royal British Legion.
The Church also provides funds for charitable relief and development work in developing countries via the medium of Christian aid agencies. We also support individuals engaged in providing medical care and Christian mission world-wide via charitable agencies.
……………………………….. Miss G Clement
28 April 2025
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INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF QUORN BAPTIST CHURCH
I report on the accounts of the Charity for the year ended 31 January 2025, which are set out on pages 4 to 9.
Respective Responsibilities of Trustees and Examiner
The church officers are responsible for the preparation of the accounts; consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to our attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep proper accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR 28 April 2025
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QUORN BAPTIST CHURCH
RECEIPTS & PAYMENTS ACCOUNT - FOR THE YEAR ENDED 31 JANUARY 2025
| Unrestricted Restricted Total Receipts 2025 2025 2025 Offertories – Plate 7,476 - 7,476 Offertories – Regular 68,060 - 68,060 Gifts & Donations 3,051 - 3,051 New Building (See note 5a) - 501,369 501,369 Jack Paston Trust - 2,500 2,500 Warm Church 683 - 683 Room Hire 577 - 577 Profit on Sale of Investments 1,032 - 1,032 Missions & Other Causes BMS - 40 40 Funeral Donation 4,311 - 4,311 Disaster Relief - - - Spurgeons - 538 538 The Bridge & Carpenter’s Arms - - - Soar Valley Food Bank - - - Tear Fund (General) - 767 767 Toilet Twinning - 304 304 Ride & Stride - 50 50 Donations for Emmaus - 150 150 Venezuelan Refugees - 956 956 Love-gift for Missionaries - 30 30 Unspecified ‘mission’ - 30 30 DUF - 50 50 Fellowship Activities 262 - 262 Gift Aid Tax Recovery 5,395 - 5,395 Interest Received 886 - 886 ChariFund Dividends 1,864 - 1,864 _ __ ____ TOTAL INCOMING RESOURCES £93,597 £506,784 £600,381 |
Unrestricted Restricted Total 2024 2024 2024 7,401 - 7,401 71,005 - 71,005 2,457 - 2,457 - 132,536 132,536 - - - - 900 900 - - - - - - - 185 185 100 - 100 - 324 324 - 480 480 - 683 683 - 542 542 - 499 499 - - - - - - - - - - 666 666 - 205 205 - 25 25 - 100 100 524 - 524 26,601 21,591 48,192 753 458 1,211 1,941 - 1,941 _ __ ____ £110,782 £159,194 £269,976 |
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QUORN BAPTIST CHURCH
RECEIPTS & PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025
| Unrestricted Restricted Total Payments 2025 2025 2025 Minister’s Employment 43,572 - 43,572 Cleaners’ Employment 6,928 - 6,928 Manse Costs 4,052 - 4,052 Ministry Costs 454 - 454 Chapel Utility Bills 5,741 - 5,741 Maintenance and Fabric 11,700 - 11,700 New Building Costs - 395,433 395,433 Property Repairs 6,450 2,500 8,950 Running Costs and Consumables 748 - 748 Printing, Publicity & Stationery 707 - 707 I.T. & Sound 2,497 - 2,497 Legal and Insurance Costs 1,779 - 1,779 Bank Charges 256 - 256 Subscriptions 854 - 854 Fellowship Activities 1,729 - 1,729 Children’s Musical Instruments - 200 200 Youth and Children’s Work 275 - 275 Independent Examination Fee 486 - 486 Licence 960 - 960 Missions and Causes (see note 3) 19,690 2,890 22,580 __ _ TOTAL OUTGOING RESOURCES £10,8878 £401,023 £509,901 _ NET INCOMING/(OUTGOING) RESOURCES (15,281 ) 105,761 90,480 TRANSFERS (25,000 ) 25,000 - TOTAL BANK & CASH BROUGHT FORWARD 98,739 111,147 209,886 ___ TOTAL BANK & CASH CARRIED FORWARD £58,458 £241,908 £300,366 |
Unrestricted Restricted Total 2024 2024 2024 40,446 - 40,446 6,173 - 6,173 3,334 - 3,334 318 - 318 4,342 - 4,342 22,907 - 22,907 - 50,106 50,106 - - - 544 - 544 945 - 945 1,958 - 1,958 1,589 - 1,589 239 - 239 617 - 617 1,799 - 1,799 - - - 208 - 208 468 - 468 1,497 - 1,497 19,011 3,684 22,695 __ _ £106,395 £53,790 £160,185 _ 4,387 105,404 109,791 1,670 (1,670 ) - 92,682 7,413 100,095 ___ £98,739 £111,147 £209,886 |
Total 2024 |
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QUORN BAPTIST CHURCH
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 JANUARY 2025
| FIXED ASSETS Freehold Property CURRENT ASSETS Investments HSBC Bank Accounts Santander Bank Accounts First Steps & Baby Steps Balance Cash in Hand TOTAL CURRENT ASSETS CURRENT LIABILITIES NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: Amounts Falling due after one year TOTAL NET ASSETS CHARITABLE FUNDS Restricted - Funds Restricted – Building Loan Designated Funds Unrestricted - Property Fund Unrestricted – Cash Fund |
NOTE 2025 2024 7 716,000 716,000 4 27,521 48,475 259,687 148,392 10,218 10,114 2,682 2,768 258 137 _ _ £300,366 £209,886 _ _ 29,034 - _ _ 271,332 209,886 _ _ 987,332 925,886 261,309 - _ _ £726,023 £925,886 _ _ 5 241,908 111,147 (290,343 ) - 6 17,521 38,475 716,000 716,000 40,937 60,264 _ _ £726,023 £925,886 |
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Approved by the Church Officers on 28 April 2025 and signed on their behalf by:
………..……………………… Dr D Bates Treasurer
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2025
1 ACCOUNTING POLICIES
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a) These accounts have been prepared on a cash basis and include income and expenditure as cash is received or paid.
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b) The accounts have been prepared in accordance with:
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i) The Charities Act 2011. ii) The historic cost basis of accounting.
2 PENSION COSTS
The church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”). The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited).
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 Legal and General Life Assurance Society 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 in the event that they are unable to work due to long-term incapacity. The income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.
Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre 2012 service were a defined benefit 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. 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.
A formal valuation of the Ministers’ Fund was performed at 31 December 2013 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £162 million.
The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £84 million (equivalent to a past service funding level of 66%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, it has been agreed to increase the standard rate of deficiency contributions from churches and other employers involved in the DB Plan from 11% of Pensionable Income/Minimum Pensionable income to 12% from 1 January 2017. The contributions will be based on each church’s or other employer’s position at March 2017. Some churches and other employers that were only involved in the DB Plan for a short period will pay less than 12%. As at 31 December 2018 the estimated deficit on a technical provision basis has reduced to around £50m.
The key financial assumptions underlying the valuations were as follows:
| Type of assumption | % pa |
|---|---|
| RPI price inflation assumption | 3.60 |
| CPI price inflation assumption | 2.85 |
| Minimum Pensionable Income Increases (CPI plus 1.0% pa) | 3.85 |
| Assumed investment returns | |
| - Pre retirement | 5.10 |
| - Post retirement | 3.95 |
| Deferred pension increases | |
| - Pre April 2009 | 3.60 |
| - Post April 2009 | 2.50 |
| Pension increases | |
| - Main Scheme pension Pre April 2006 | 3.40 |
| - Main Scheme pension Post April 2006 | 2.30 |
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2025
2 PENSION COSTS (Continued)
As there is a large number of contributing employers participating in the Scheme, the Church is unable to identify its share of the underlying assets and liabilities of the Scheme. Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable.
Under the current Recovery Plan signed in September 2020, deficiency contributions are payable until June 2026. These contributions are broadly based on the employer’s membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.
At the end of June 2022, the Baptist Pension Scheme signed an agreement with the insurance company Just Group (‘Just’) to secure members’ pension benefits under the DB Plan. This agreement is referred to as a ‘buy-in policy’. It follows a similar agreement with Just in 2019 that covered most pensions in payment at that time. The combined agreements mean that Just are now providing financial backing for all DB pensions provided through the Scheme’s DB Plan.
The strengthening of financial markets in late 2023 meant that this transaction took the Scheme out of a shortfall position for the first time in two decades. The Baptist Union and the Trustee of the Scheme agreed that deficit contributions from each participating employer in the DB plan be reduced to just £1 per month from August 2022. In November 2024 these contributions were stopped completely.
3 MISSIONS AND CAUSES
| Unrestricted Restricted Funds Funds 2025 2025 Venezuelan Refugees - 981 EMBA Home Mission 3,960 - Baptist Mission Society 4,500 50 Disaster Relief - - DUF India 1,920 - Spurgeons 2 558 The Bridge and Carpenter’s Arms - - New Life Community Church 500 - Soar Valley Food Bank 500 - Tear Fund (General) 2 767 Toilet Twinning 240 304 Emmaus - 150 Ride & Stride - 50 Japan Mission 1,250 - SOAR 1,076 - Samaritan’s Purse 100 - Rainbows 100 - Peru Children’s Trust 240 - Steps 100 - Love-gift for Missionaries - 30 K Andrews 960 - I Horne 1,920 - S Gibb (Hope Church) 1,920 - CAH/Hope Church 400 - _ _ £1,9690 £2,890 |
Total Funds 2025 981 3,960 4,550 - 1,920 560 - 500 500 769 544 150 50 1,250 1,076 100 100 240 100 30 960 1,920 1,920 400 _ £22,580 |
Unrestricted Restricted Funds Funds 2024 2024 3 641 3,840 - 4,440 185 - 324 1,800 125 20 480 17 683 - - - 542 1 499 - - - - - - 1,200 - 870 - 50 - 50 - 270 - 50 - - 205 1,800 - 1,800 - 1,800 - 1,000 - _ _ £19,011 £3,684 |
Total Funds 2024 644 3,840 4,625 324 1,925 500 700 - 542 500 - - - 1,200 870 50 50 270 50 205 1,800 1,800 1,800 1,000 _ £22,695 |
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2025
| 4 | INVESTMENTS 2025 2024 M & G ChariFund 17,521 38,475 Green Pastures 10,000 10,000 __ ____ £27,521 £48,475 |
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The market value of the M & G ChariFund at 31 January 2025 was £18,299 (2024: £36,702). Interest on the Green Pastures investment is received annually.
5 RESTRICTED FUNDS
| As at 31 January 2024 Income Fellowship Fund 4,865 - New Building (see note 5a) 104,479 501,369 BMS Birthday Scheme - 50 Children’s Musical Instrument Fund 1,778 - Spurgeons - 558 Toilet Twinning - 304 Donation to Emmaus - 150 Tear Fund (General) - 767 Ride & Stride - 50 Venezuelan Refugees 25 956 DUF - 50 Love gifts for Ian and Juliana Horne - 30 Roof Repair - 2,000 __ _____ £111,147 £506,784 |
Expenditure - (395,433 ) (50 ) (200 ) (558 ) (304 ) (150 ) (767 ) (50 ) (981 ) - (30 ) (2,000 ) _ £(401,023 ) |
As at 31 January Transfer 2025 - 4,865 25,000 235,415 - - - 1,578 - - - - - - - - - - - - - 50 - - - - __ ____ £25,000 £241,908 |
|---|---|---|
5a SOURCES OF FUNDING FOR NEW BUILDING
| Income | |
|---|---|
| Gifts and donations | 97,803 |
| Gift Aid Tax Recovery | 1,139 |
| Interest | 6,484 |
| Loan from Baptist Building CIO | 290,343 |
| Grants | |
| Beatrice Laing Trust | 7,500 |
| Benefact Trust | 54,000 |
| Garfield Weston Foundation | 15,000 |
| Leicestershire Historic Churches Trust | 4,100 |
| The Norwood and Newton Settlement | 25,000 |
| ______ | |
| Total | £501,369 ______ |
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2025
6 DESIGNATED FUNDS
| As at 31 January 2024 Extraordinary Repair Fund 38,475 ______ £38,475 |
_ |
Income 1,864 ______ £1,864 |
Expenditure (25,818 ) _ £(25,818 ) |
As at 31 January Transfer 2025 3,000 17,521 __ ____ £3000 £17,521 |
|---|---|---|---|---|
The Trustees have agreed that £3,000 per annum should be transferred from Unrestricted Funds into a Designated Fund for 10 years to build up a fund to cover expected repair costs to the Chapel Roof.
During the year 80.201 units in the M & G Fund were sold for £26,850, a profit of £1,032 (4%) over their cost.
7 FREEHOLD PROPERTIES
| 2025 | 2024 | ||
|---|---|---|---|
| 23 | Cradock Drive, Quorn | £716,000 _ |
£716,000 _ |
The manse (23 Cradock Drive, Quorn, LE12 8ER) is valued by the Trustees at a market value of £716,000.
The chapel building (Meeting Street, Quorn, LE12 8AQ) annex has cost £445,539. The historic cost of the original chapel building is not known. No value has been included in the accounts as the chapel building is only likely to be sold in the event of the winding up of the church.