2024-03-31-accounts - Woodgrange Baptist Church

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WOODGRANGE BAPTIST CHURCH

31 March 2024

Annual Report and Financial Statements

Charity Registration no 1151805

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

WOODGRANGE BAPTIST CHURCH

Annual Report and Financial Statements 2024 Contents

	Page
Legal and administrative information	2
Annual Report of the Church Executive	3
Independent examiner’s report to the Church Executive	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9

WOODGRANGE BAPTIST CHURCH

Legal & Administrative Information For the year ended 31 March 2024

Charity Name
Charity Registration no
Principal Address
Governing Document
Objectives
Affiliations
Holding Trustee
Managing Trustees
Key Management Personnel
Bankers
Independent examiner

Woodgrange Baptist Church. The Church was established in September 1882
1151805.
Woodgrange Baptist Church, Romford Road, London, E7 8AA
Trust Deed dated 13 June 1881 and The Church Constitution, adopted on 9 December
2009.
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.
The church is a member of the Baptist Union of Great Britain and the London Baptist
Association
London Baptist Property Board Limited
The Managing Trustees who served during the year or who were serving at the date of this
report were:
Minister
Rev Timothy John West
Elected 23 May 2022
Deacons
Anne Collard
Resigned 4 June 2023
Eileen Giddings
Re-elected 4 June 2023
Anne Mitchell
Resigned 4 June 2023
Sandra Ramsay
Resigned 4 June 2023
Cynthia Gowdie
Elected 20 June 2021
Esther Fabil
Elected 20 June 2021
Sonia Smith
Elected 19 June 2022
Tanya Noah
Elected 4 June 2023
Matt Ceaser
Elected 4 June 2023
Arash Kish
Elected 4 June 2023
Those in charge of planning, directing, controlling, running and operating the Charity,
including those members of staff who are the senior management personnel to whom
the trustees have delegated significant authority or responsibility in the day-to-day
running of the charity are the Managing Trustees
HSBC
59-60 The Mall
Stratford
London E15 1XA
Christine Cheung-Poston
Flat 48, Samford House
Charlotte Terrace
Islington, London N1 0JF

WOODGRANGE BAPTIST CHURCH

Annual Report of the Church Executive For the year ended 31 March 2024

The Church Executive submits its annual report and the financial statements of Woodgrange Baptist Church (“the Church”) for the year ended 31 March 2024. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

1. Structure, Governance & Management

1.1 Trustees

The Church has two classes of trustees as follows:

1.1.1 Managing Trustees

The Managing Trustees of the Church are responsible for the day to day management of the Church’s business in accordance with the Church’s objects. The Managing Trustees are the members of the Church Executive elected by the Church members’ meeting. The Church Executive consists of all the deacons, the church secretary, the church treasurer, with the minister as ex officio member. Deacons will normally serve a term of office of three years. Deacons are elected at the church AGM annually (one third at a time). Ministers are appointed at Special Church Meetings and serve without fixed term. They can only be removed at Special Church Meetings.

The Church Executive meets approximately 10 times per annum to discuss a full range of matters relating to finance, fabric, general administration, the implementation of the church governing document, and responsibility for the keeping of the church membership roll.

None of the Church’s officers, with the exception of the Minister, receives remuneration. Anne Mitchell has received payment for her work with the ladies’ fitness club in previous years (see note 16 on page 23), although these sessions did not take place in 2023-22 and Sandra Ramsay is paid for her work as church administrator, but both services are provided separately from their roles as trustees.

The induction process for any church member newly-appointed to the Church Executive comprises an initial meeting with the Minister and receipt of copies of:

the Church Constitution
the most recent financial statements
the Charity Commission’s guidance ‘The Essential Trustee’.

1.1.2 Holding Trustee

The holding trustee is responsible for holding the Church’s land and buildings on trust for the benefit of the church and ensuring that the use of the land and buildings is as envisaged by the Trust Deed. The holding trustee is appointed by the Members without fixed term and can be removed by the Members.

1.2 Church Members

Church Membership is open to those who:

accept the beliefs of the Church;
commit themselves to serving Christ within the Church and beyond;
abide by the decisions of the Church Members’ Meeting;
acknowledge their responsibilities as Church Members;
have their membership application accepted by the Church Members’ Meeting.

Church Members share in the responsibility for the finances, administration, maintenance and activities of the church and elect the Church Executive. Church Members meet regularly each year for business meetings, and receive reports from the Church Executive.

The Church would not be able to function without the considerable support of volunteer church members in all areas of church life. The Church Executive wishes to express its sincere thanks for their considerable contributions.

WOODGRANGE BAPTIST CHURCH

Annual Report of the Church Executive For the year ended 31 March 2024

2. Activities & Strategies

Woodgrange Baptist Church is a vibrant, urban, multi-ethnic, evangelical congregation with a membership of around 80. On a wider front the Church is in membership with the London Baptist Association and the Baptist Union of Great Britain. The Church Executive has given due regard to the Charity Commissions’ guidance on public benefit. During the year the Church continued to carry out the following activities in order to promote the Gospel in the local neighbourhood and beyond:

Sunday morning worship
Bible Study across three fortnightly home groups
After school youth group for KS1-3 children, Tuesdays
Weekly foodbank offering support with basic provisions to local community – in partnership with Newham Council
Friday lunch club for local community members and those needing support identified at Foodbank
Prayer meetings on Wednesdays, fortnightly
Provision of a night shelter on Thursday evenings during winter season
Outreach to the community at the local Saturday marketplace, bi-monthly
Outings
Pastoral support and advocacy

3. Achievements and Performance

Surveyors were engaged through London Baptists to investigate and plan urgent remedial work to the outside of the building; funds intended for this had been secured through the successful sale of a local property which was at one time used as a let and as a manse (sold Sep. 22 - overseen by London Baptists.) Over the winter season 23/24 Rapley’s were engaged as consultant building engineers and oversaw work by appointed contractors Minerva to bring the outside of the building up to a water-tight and safe standard. Much work was done in this programme (known as ‘Phase 1’) on the lantern / tower structure at the front of the building, which had fallen into serious disrepair. The work took longer than expected, but scaffolding came down in Spring ‘24, and the church was pleased with what had been achieved.

Plans were put in place to overhaul our accounting system and move to a cloud-based system better suited to distributed / team working. Our long-standing caretaker retired (Jan 23), and our church administrator also resigned (Aug 22). Plans were discussed to recruit a new caretaker. WBC hosted several other churches during the year, many on a weekly basis, which contributed to the running costs of our own fellowship. A variety of secular groups are hosted during the week that contribute to the offering to the local community, for example a baby and parent group using sign language, and a local tuition company held sessions here. No members died during the year, and by March 2024 the membership stood at 78. There was one baptism in July 2023. There were no weddings during the period.

4. Financial Review

4.1 Financial Activity and Financial Position

The Statement of Financial Activities and Balance Sheet can be found on pages 8 and 9 respectively. The Church’s funds decreased by £132,545 (increased 2023: £105,898). The balance sheet shows total net assets of £3,286,179 (2023: £3,418,724).

Included in total funds are amounts totalling £44,584 (2023: £41,780) which are restricted. These monies have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor-imposed conditions. Full details of these restricted funds can be found in note 12 to the accounts together with an analysis of movements in the year.

4.2 Reserves Policy

The Church Executive has examined the requirements for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets. The Church Executive considers that, given the nature of the Church’s work, free reserves should be equivalent to approximately 6 months’ routine general fund expenditure, plus committed future expenditure on other projects, where funds permit. The Church Executive is of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 March 2024 the Church had net free reserves of £1,318,893 (2023: £1,435,583) as follows:

WOODGRANGE BAPTIST CHURCH

Annual Report of the Church Executive For the year ended 31 March 2024

Total reserves Less: endowment funds Less: restricted funds Less: unrestricted fixed assets used for the continuing work of the church Free reserves Free reserves requirement: 6 month’s budgeted routine expenditure Anticipated expenditure on the church building Free reserves	2024	2023 £ 3,418,724 (730 (41,780 (1,940,631	) ) )
	£

	3,286,179
	(730)
	(44,584)
	(1,921,972)

		1,435,583
	1,318,893

		70,000 -

	70,000
	-

		70,000
	70,000

4.3 Investment Policy

The church maintains a small portfolio of properties to provide a rental income. Any funds in excess of day-to-day requirements are placed on interest bearing deposit.

4.4 Grants Policy

The Church makes grants to support missionary endeavours both in the UK and abroad. The policy of the church is to give grants on the basis that they are subject to annual review and only renewed on the basis of meeting set criteria. The missionary societies regularly supported include BMS World Mission (www.bmsworldmission.org), the BUGB Home Mission Fund (www.baptist.org.uk/homemission). In addition, the Church makes anonymous love gifts, at the discretion of the minister and elders, to those in need within the Church fellowship. For details of grants made, see note 4.

5. Going Concern Review

At time of preparation of this financial statement in January 2024, the Covid-19 pandemic, which had such a dramatic effect on life in the United Kingdom from early 2023 onwards, was still ongoing but with much less destructive impact on life than previously. Thankfully, no further lockdowns were required after March 2023 and Woodgrange Baptist church life maintained a level of normalcy, with few restrictions. Other groups, who provide a good amount of the church’s income, were also able to meet regularly in the church building, and this allowed church income to stabilise. With this and the faithful giving of the Woodgrange congregation throughout the pandemic, Woodgrange Baptist Church finances have remained solid and allowed Woodgrange to give faithfully generously without encroaching on the reserve funds maintained in case of serious financial difficulty. For these reasons Woodgrange Baptist Church remains a going concern and has sufficient funds to remain so for at least the 12 months following this report.

6. Plans for Future Periods

After the successful completion (as mentioned earlier) of much-needed external refurbishment (‘Phase 1’) the membership turned its attention to internal refurbishment plans and held several meetings to discuss improvements they would like to see. A key planning document was formulated which summarises objectives for prospective contractors and consultants that may be involved in any future works (‘Phase 2’).

7. Responsibilities of Trustees for the Financial Statements

The Church Executive is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the Church Executive to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

WOODGRANGE BAPTIST CHURCH

Annual Report of the Church Executive For the year ended 31 March 2024

In preparing those financial statements, the Church Executive is required to:
select suitable accounting policies and apply them consistently;
observe the methods and principles of the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue.

The Church Executive is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. The Church Executive is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Church Executive is responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

8. Approval

The report of the Church Executive was approved by the Church Executive on 16 February 2026 and signed on its behalf by:

Timothy West Minister

WOODGRANGE BAPTIST CHURCH

Report of the Independent Examiner to the Church Executive of Woodgrange Baptist Church

I report on the accounts of Woodgrange Baptist Church for the year ended 31 March 2024, set out on pages 8 to 20.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees 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.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention

Basis of independent examiner's report

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

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christine Cheung-Poston

13[th] February 2026

WOODGRANGE BAPTIST CHURCH

Statement of Financial Activities For the year ended 31 March 2024

Unrestricted Funds 2024 £ 55,431 193 63,431 49,694	Endowment		Unrestricted Funds 2023 £ 53,073 - 56,912 21,678	Total 2023 £ 57,117 - 56,912 21,678
	Funds	Total
	2024	2024
	£	£

	-	62,493
	-	193
	-	63,431
	-	49,694

168,749			131,663	135,707
	0	175,811

1,171 302,927 304,098 (135,349) - - (135,349) 3,376,214 3,240,865			8,013 135,854	8,013 140,929

	-	1,171
	-	307,185

			143,867	148,942
	0	308,356

			67,224	67,224
	-

			55,020	53,989
	0	(132,545)

			- -	- -
	-	-
	-	-

			55,020 3,321,194	53,989 3,364,735
	0	(132,545)

	730	3,418,724

			3,376,214	3,418,724
	730	3,286,179

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

Endowment		Total 2023 £ 1,940,631 535,000
Funds	Total
2024	2024
£	£


-	1,921,972
-	535,000

		2,475,631 18,152 929,261
0	2,456,972

-	17,751
730	836,842

		947,413 4,320
730	854,593

-	25,386

		943,093
730	829,207

		3,418,724
730	3,286,179

		730 41,780 3,376,214



730	730
-	44,584
-	3,240,865

		3,418,724
730	3,286,179

The financial statements were approved by the Church Executive on 16 February 2026 and signed on its behalf by:

Cynthia Gowdie Treasurer

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting except for the revaluation of freehold land and buildings which are shown at market value.

The financial statements include all transactions, assets and liabilities for which the Church is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The Church meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

Voluntary income and donations (including legacies) are accounted for once the Charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

The income from trading activities includes rental income from the letting of church premises and freehold land and buildings which is accounted for when earned. It is shown gross, with the associated costs included in fundraising costs. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Church; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The Church is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Charitable expenditure includes those costs in fulfilling the Church’s principal objects, as outlined in the Report of the Church. These include grants payable and governance costs:

Grants payable are payments made to third parties in furtherance of the Church’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Church.
Governance costs comprise all costs involving the public accountability of the Church and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

The church pays pension contributions for the Ministers into the Baptist Pension Scheme, a final salary defined benefit scheme for contributions until 31 December 2011 and a defined contribution scheme for contributions made thereafter. The scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the church. The scheme is therefore accounted for as a defined contribution scheme, with contributions payable to the scheme being accounted for on an accruals basis. In addition, the church currently pays contributions towards a deficit on the defined benefit scheme. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The deficit, discounted to present value, is fully provided in these accounts and the charge to the income and expenditure account, which is included in the total pension cost, is the employer contributions payable as adjusted by the movement in the discounted provision. Rentals under operating leases are charged as incurred over the term of the lease.

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

1. Accounting Policies (continued)

Tangible Fixed Assets

Church buildings and the church manse are stated at cost, or deemed cost, less accumulated depreciation and any accumulated impairment losses. Where historic cost information is not available, the carrying value at the date of transition to this policy has been treated as deemed cost.

Depreciation is provided so as to write off the cost (or deemed cost) of tangible fixed assets over their estimated useful economic lives. The trustees review the carrying value of buildings annually for indicators of impairment and recognise an impairment loss where the carrying amount exceeds the asset’s recoverable amount, having regard to the building’s service potential.

Investments

Investment properties are stated at market value and revalued every five years. Realised and unrealised gains and losses on investments are reflected through the Statement of Financial Activities. An in-house review is performed annually based on information from local house price changes.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

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 opening of the deposit.

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. Provisions have been calculated at the best estimate of the settlement amount and discounted to present value at the reporting date.

Loans

The Church’s loans with the London Baptist Property Board qualify as basic financial instruments and are classified as concessionary loans. Concessionary loans are initially recognised at transaction value and subsequently measured at their settlement value.

Fund accounting

The funds held by the charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

2. Income Donations & legacies Offerings and donations Income tax reclaimed Legacies Grants received Income from charitable activities Other Other trading income Lettings income Other income Investment income Bank Interest Rental Income	Unrestricted Funds 2024 £ 47,602 7,829 - - 55,431 193 193 63,431 - 63,431 34,413 15,281 49,694 168,749	Restricted Funds 2024 £ 1,858 444 - 4,760 7,062 - 0 - - 0 - - 0 7,062				Total 2023 £ 50,047 7,070 - 57,117 - 0 56,912 - 56,912 6,350 15,328 21,678 135,707
				Total
				2024
				£

				49,460
				8,273

				4,760

				62,493

				193

				193

				63,431
				-

				63,431

				34,413
				15,281

				49,694

				175,811

The church operates a foodbank in conjunction with other local churches, known as Churches Foodbank and also with the Newham Food Alliance, a council-led organisation. During the year approximately 3,500 (2023: 3,950) food parcels with an average value of £20 (2023: £18.50) were provided to individuals or families (total value approx. £70,000 (2023: £73,000), with the food having been donated to the church or purchased as described on page 4.

The following grants are in respect of Government funded schemes:

£4,760 (2023: £6,552) – London Borough of Newham for the Foodbank

3. Expenditure on Raising Funds

Unrestricted Funds 2024 £ Repairs, maintenance, equipment & cleaning 1,105 Gas & electricity 66 Council tax - Water - Insurance - Loan interest (refurbishment) - 1,171	Restricted Funds 2024 £ - - - - - - 0				Total 2023 £ 318 2,318 666 1,983 1,639 1,089
			Total
			2024
			£

			1,105
			66
			-
			-
			-
			-

					8,013
			1,171

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

4. Resources Expended – Charitable Activities

Provision of Minister Gross salary & Employer’s National Insurance Pension contributions Telephone Minister expenses Council Tax Manse heat & light Manse maintenance & cleaning Church Life & Outreach Advertising Audio Visual Evangelism & special events Community trips, outings & retreats Baby & tots Youth work Night Shelter Organisations & events Foodbank Food & catering Member care Music Speaker’s fees Children's Ministry Memberships & Licences Gifts to individuals and organisations_(see note below)_ Other Office Costs Support staff gross salary & Employer’s National Insurance Bookkeeping &Payroll services Printing, stationery, postage & consumables Software Telephone and Internet Professional fees Pension administration charge Other Provision of Church building and facilities Gross salaries Heat & light Water Insurance Repairs & maintenance Cleaning (incl salaries) Depreciation Other Governance Independent examination	Unrestricted Funds 2024 £ 27,225 1,020 67 213 121 896 499 30,041 414 722 277 235 56 1,860 396 834 - 834 272 794 - 5,071 1,002 1,130 266 14,163 - 3,783 1,234 303 883 17,943 - 222 24,368 - 9,423 4,973 12,838 170,734 10,757 24,415 915 234,055 300 300 302,927	Restricted Funds 2024 £ - - - - - - - 0 - - - - - - - - 4,106 - - - - - - - - 4,106 - - - - - - - - - - - - - 20 132 - - 152 - 152 4,258				Total 2023 £ 23,346 (17,816) 184 136 1,362 688 39,380
				Total
				2024
				£

				27,225
				1,020
				67
				213
				121
				896
				499

						47,280 895 192 183 230 - 517 - 551 4,678 479 - 1,133 1,325 180 962 4,973 224
				30,041

				414
				722
				277
				235
				56
				1,860
				396
				834
				4,106
				834
				272
				794
				-
				5,071
				1,002
				1,130
				266

						16,522 5,037 1,672 1,842 72 584 4,305 273 308
				18,269

				-
				3,783
				1,234
				303
				883
				17,943
				-
				222

						14,093 7,150 6,134 2,685 6,929 6,368 9,766 22,919 783
				24,368

				-
				9,423
				4,973
				12,838
				170,754
				10,889
				24,415
				915

						62,734 300
				234,207

				300

						300
				300

						140,929
				307,185

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

4. Expenditure on Charitable Activities (continued)

4a. Gifts to Individuals and organisations

Gifts to individuals: Gifts to organisations: BMS World Mission Oxfam London Baptist Property Board Macmillan Cancer Support UCB charity	Unrestricted Funds 2024 £ Restricted Funds 2024 £ - - - - 500 - - - 600 - 30 - 1130 0 1130 0				Total 2023 £ 151 397 4,425 - - 4,822 4,973
			Total
			2024
			£

			-


			-
			500
			-
			600
			30

			1130

			1130

4b. Staff costs

	2024		2023
	£		£

	27,225		35,533
	2,502		2,453
	(2,502)		(2,543)
	1,020		1,131
	-		(18,674)

	28,245		17,900



	27,225		23,346
	1,020		858
	-		(18,674)


	2024		2023
Number		Number

	1		1
	-		2

The number of employees during the year was 1 (2023: 3), being 1 full time minister (2023: 1) 0 part time caretaker (2023: 1), 0 part time administrator (2023: 1) and 0 part time cleaner (2023: 0). No employee received emoluments in excess of £60,000 during the year.

One trustee received £nil (2023 £nil) in reimbursement for expenditure incurred in the normal course of church business.

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

5. Tangible Fixed Assets

Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge For Year Disposals At 31 March 2024 Net Book Value At 31 March 2024 At 31 March 2023	Freehold land & buildings £ Fixtures, fittings & equipment £ 2,225,000 19,923 - 5,756 - - 2,225,000 25,679 289,250 15,042 22,250 2,165 - - 311,500 17,207 1,913,500 8,472 1,935,750 4,881

			Total
			£

			2,244,923
			5,756
			-

			2,250,679


			304,292
			24,415
			-

			328,707


			1,921,972

			1,940,631

All of the fixed assets are used for charitable purposes. All properties are included at valuation. Properties are revalued on a 5 yearly basis and the next valuation is due on 31 March 2024.

The Church’s functional freehold properties are:

The Church Romford Road, London E7 8AA
The Manse, 345, Romford Road, London E7 8AA

6. Fixed Asset Investments

Investment properties At 1 April Revaluation Disposals/redemptions At 31 March		2024 £		2023 £ 1,340,000 - (805,000) 535,000


		535,000
		-
		-

		535,000

The church’s investment property is 345a & 345b Romford Road, London, E7 8AA. This property currently also includes the manse (see note 5). The property at 146 Claremont Road, London E7 0PX was sold in 2023.

The valuation was undertaken by the trustees with reference to the average price change for flats in Newham, as published by HM Land Registry in its House Pricing Index data.

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

7. Debtors

Prepayments Lettings income receivable Gift Aid Receivable		2024		2023 £ 4,697 6,385 7,070
		£

		-
		9,477
		8,274

				18,152
		17,751

8. Creditors - Amounts Falling Due Within One Year

Other creditors including taxation and social security Accruals		2024		2023 £ 620 3,700
		£

		23,286
		2,100

				4,320
		25,386

See note 9 for details of the loan with the London Baptist Property Board.

10. Provisions

Balance brought forward Deficit contributions made in the year Unwinding of discount Balance carried forward		2024		2023 £ 20,200 (1,526) (18,674) 0
		£

		-
		-
		-

		0

A provision has been included for deficit contributions due to the Baptist Pension Scheme. The current deficit reduction plan requires contributions to be made until June 2026. The provision has been calculated based on the current deficit contributions, assuming they will increase by 3.3% inflation per annum and the total liability has been discounted to present value at 2.0%.

More details of the pension provision can be found in note 13.

11. Endowment Funds

JH French Settlement		At 1 April 2023 £ 730		Income £ Expenditure £ - -	Income £ Expenditure £ - -	Transfers £ -	Gains/ (losses) £ -		At 31
									March
									2024
									£

									730

JH French Settlement . A former minister (J H French) in the 1920’s bequeathed some funds to the church. The capital is not expendable. The dividends are to be applied "for the upkeep of the buildings"

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

12. Restricted Funds

At 1 April 2023 £ 2,550 85 21 6,720 1 0 45 2,186 63 19,351 1,148 9,610 41,780	Income £ Expenditure £ - - - - - - - - - - - - - - - - - - 7,062 (4,258) - - - - 7,062 (4,258)	Transfers £ - - - - - - - - - - - - 0	Gains/ (losses) £ - - - - - - - - - - - - 0	At 31
				March
				2024
				£

				2,550
				85
				21
				6,720
				1
				0

				45
				2,186
				63
				22,155
				1,148
				9,610


				44,584

At 1 April 2022 £ 2,550 85 21 6,720 1 - 45 2,186 63 20,382 1,148 9,610 42,811	Income £ Expenditure £ - - - - - - - - - - 397 (397) - - - - - - 3,647 (4,678) - - - - 4,044 (5,075)	Transfers £ - - - - - - - - - - - - 0	Gains/ (losses) £ - - - - - - - - - - - - 0
At 1 April 2022 £ 2,550 85 21 6,720 1 - 45 2,186 63 20,382 1,148 9,610 42,811				At 31
				March
				2023
				£

				2,550
				85
				21
				6,720
				1
				0

				45
				2,186
				63
				19,351
				1,148
				9,610


				41,780

Descriptions of the main restricted funds are as follows:

Near Neighbours Project. Funds provided by the Church Urban Fund specifically for the running of an inter-cultural cooking project, designed to raise awareness and strengthen friendships between people of different Faith groups.

Baptist Missionary Society. This fund is used to collect any money donated to BMS as part of the Birthday Scheme and is sent off to Baptist Missionary Society roughly quarterly.

Good News. This fund contains an ongoing donation to allow the purchase of the Good News newspaper.

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

12. Restricted Funds (continued)

Music Project. A member of the church gave money regularly to allow the church to set up some sort of music project, e.g. a choir, for young people within the church.

Football Ministry. was a grant awarded by IBM to our football academy several years ago to support the work of the church’s weekly Kick London football school.

Christmas Offering 2024 – Christian Solidary Worldwide. This offering received at our Christmas day service is gifted to a particular charity. This time this will be paid to Christian Solidary Worldwide.

A Place To Be (AP2B). Funds raised specifically for the equipping of a space in the church building for use by the youth group. The grant was intended to be used to give the church youth a stake in the decoration.

East End Community Forum grant . Grant for the church’s foodbank.

Foodbank. Funds raised specifically for the operation of a foodbank by the church.

Stokes Farewell. Funds raised specifically as the main farewell gift for Rev. Bruce Stokes, who retired in April 2021 after 16 years of service to WBC.

Fitness class. The weekly Ladies Fitness Class effectively runs at a loss but helps to support ladies in our community who for religious or cultural reasons find it easier to take part in less public fitness sessions that are run by a female fitness instructor. The ladies who attend pay a subscription fee, but a grant was received a few years ago that partially subsidises the club, and the fund is slowly reducing year on year.

Building Fund. This fund was set up when it was discovered that the fascias on the bricks on the front of the main church buildings were degrading and also that the tower on the south-eastern corner of the church would need to be effectively rebuilt. Both repairs will be very expensive, and we are currently waiting on the sale of 146 Claremont Road in order to carry out the work, so this fund will remain in place until that is complete, but will be used to contribute to the cost.

13. Pensions

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). The assets of the Scheme are held separately from those of the Employer and the other participating employers. The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Scheme’s assets and liabilities to specific employers and means that the scheme is accounted for as if the Scheme were a defined contribution scheme.

The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income.

From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members’ Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by 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. This 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%.

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

13. Pensions (continued)

The Minister is eligible to join the Scheme, which is not contracted out of the State Second Pension.

Actuarial valuation as at 31 December 2019

A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit.

The key financial assumptions underlying the valuation were as follows:

Type of assumption	% p.a.
RPI price inflation assumption	3.20
CPI price inflation assumption	2.70
Minimum Pensionable Income increase Adjustment (above CPI)	0.50
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
• Main Scheme pension	2.70

Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013 in line with the “CMI 2019” projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for females with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%. The next actuarial valuation of the DB Plan within the Scheme will commence in 2024 to reflect the position as at 31 December 2024.

Recovery Plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. On 30 June 2023 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 2024 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2023.

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. A provision has been included in the accounts for the amounts due under this agreement in accordance with section 28.11A of FRS 102 (see note 9). Accordingly, the income and expenditure account charge for the period represents the employer contributions payable as adjusted for the movement in the provision. The total pension cost for the Church in 2024 was £1,020 (2023: credit of £17,543).

WOODGRANGE BAPTIST CHURCH

Notes to the Financial Statements For the year ended 31 March 2024

14. Related Party Transactions

Rev Timothy John West, a Managing Trustee, received gross remuneration of £27,225 (2023: £23,346) and pension contributions of £1,020 (2023: £858) during the year in her employed capacity as Minister.

The church paid £5,640 (2023: £0) to Arash Kish, a Managing Trustee, for building repairs and maintenance services provided as an independent contractor. The church also paid £160 (2023: £72) to David Mbiyu, a relative of Managing Trustee Dorothy Mbiyu, for web hosting services.

The Trustees made aggregate unrestricted donations of £17,993 (2023: £19,510) during the year.