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← Burton Latimer Baptist Church

2024-12-31-accounts

Charity registration number 1156056 (England and Wales)

BURTON LATIMER BAPTIST CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BURTON LATIMER BAPTIST CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs J Yeomans
Mrs R Groome
Mrs S Guy
Mrs C McLeod
Mr I Newman (Appointed 29 January 2025)
Mrs E McLeod (Appointed 29 January 2025)
Mrs R Newman (Minister in training) (Appointed 1 July 2025)
Charity number 1156056
Principal address Meeting Lane
Burton Latimer
Kettering
Northants
NN15 5LS
Website www.blbaptistchurch.org.uk
Independent examiner Azets Audit Services
Thorpe House
93 Headlands
Kettering
Northants
NN15 6BL
Bankers Barclays Bank PLC
8 Market Place
Kettering
Northants
NN16 OAX
Investment advisors abrdn
Bow Bells House
1 Bread Street
London
EC4M 9HH

BURTON LATIMER BAPTIST CHURCH

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 23

BURTON LATIMER BAPTIST CHURCH

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the Church for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Church's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The Constitution states that 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 other parts of the world.

The Baptist Union lays out the essential faith commitments of Baptists in its Declaration of Principle and describes the kind of church that we aspire to be in its 5 core values. We seek to be a prophetic, inclusive, sacrificial, missionary and worshipping community.

We try to achieve this objective, both for our membership and the wider community in general, through activities which may include, but are not restricted to:

To facilitate this work, it is important that we maintain the fabric of the Church and John Yeomans Hall.

Public benefit

When planning our activities, the trustees also consider the Charity Commission guidance on public benefit, and in particular, the specific guidance on charities for the advancement of religion.

Volunteers

The Church is heavily dependent on its membership working as volunteers in all aspects of its activities, many of which run with little or no impact on the Church’s expenditure, but nevertheless contribute substantially to the achievement of the Church’s objectives. We would like to thank all the volunteers who work so hard to make our Church the vibrant and growing community that it is.

BURTON LATIMER BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

Significant activities and achievements against objectives

Church services took place weekly on Sunday mornings. The music group would lead the worship at the morning services. The Junior Church and Crèche ran alongside the Family Worship in the morning. All age Worship, led by our Community and Family Worker, was held on the third Sunday of each month; offering a different style of worship with crafts and conversation. Informal evening services ran on the third Sunday of the month.

We have a membership of around sixty, although the wider church family is larger. A variety of weekly activities have continued.

The events set out below, took place throughout 2024.

· Ladies Night

Ladies Night is held on the first Monday of each month. We have a guest speaker and discuss a variety of topics.

· Mother & Toddler Group

The group meets in John Yeomans Hall each Thursday during term time and is open to all who have care of pre-school children, giving them an opportunity to meet and make new friends and for the children to learn to mix and share.

· Footsteps

The group is for under 5s and meets on alternate Mondays. The group is a "stay and play" group with crafts, play and singing.

· Music Group

The Sunday morning worship music group usually leads 3 songs most weeks. We currently use guitars, violin, piano, flute, cornet and tuba. We meet Sunday morning for about an hour to rehearse before the service starts.

· Table Tennis Club

We started 2024 with our over 50's group meeting on Mondays from 3-5pm. A steady group of up to 16 players of mixed ability all playing for enjoyment, (doubles on 3 tables) exercise, friendship and a jolly good chat.

Occasionally during the year, we are visited by a Tuesday TT group based at Kettering Leisure Village, when they cannot use their usual room.

On Monday evening we meet for coaching and league practice. 4 tables, both singles and doubles, and the dreaded TT robot!

Then in the winter season in the Kettering TT league we are represented by 2 teams, both playing in Division One. The club at the moment has around 30 members and is growing.

· Junior Church

The Junior Church and crèche meets every Sunday morning, although numbers are much reduced as there are fewer children attending church.

There are several parts to Junior Church:

Crèche (0 – 4 year olds) in the Crèche Room Primary (4 – 7 year olds) in the Assembly Room Juniors (7 – 11 year olds) in the Assembly Room Seniors (11 years and over) in the Assembly Room

We have fun playing games, singing Bible songs, making crafts, doing worksheets and learning about God and Jesus through different stories each week. We generally follow the Scripture Union ‘Light’ series for our activities and tailor these to the needs and numbers of children we have.

BURTON LATIMER BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance continued

The club offers a variety of activities from physical games, such as basketball and dodgeball, to crafts and board games. We also offer a quieter space where the young people can chill and chat.

All of the Junior Church leaders and helpers are subject to a Disclosure and Barring check and have also completed and agreed to the Church’s "Safe to Grow” policy, to safeguard the children about and how much more it means to us because of Jesus. This also applies to ALL activities undertaken by the Church where children and vulnerable adults are present.

The Church employs a Community and Family Worker. The role includes putting on Children’s holiday activities, going out into the community to meet with young mums in the Burton Latimer Community Library (doing baby massage classes), working with the primary schools and the well-being café at the Library and putting on an all age morning service in the Chapel every 3rd Sunday.

Fund-raising efforts play an important part in many of the activities and other events organised by the Church. We also donate a percentage of our income to BMS to support both their Home and World Mission. We support a number of Mission Workers through the BMS Church Partners scheme.

The Church continues to support other Baptist churches in the UK, both by the provision of direct grants and through our giving to the Baptist Union Home Mission fund, and, when circumstances allow, Church members participate in events throughout the year in order to raise funds for a wide range of both local and national charities.

The Church web site and newsletter keep members and the wider community informed about Church life and our programme of activities. As well as the latest news and details of upcoming events, the web site includes blogs, sermons, prayers and verses, which we hope will help all those who use the web site in their journey of faith.

Financial review

During 2024, the Church continued to raise most of the funds which it needs to carry on its activities from income generated by investments owned by the Church and from within its own membership and congregation.

Unrestricted donations and legacies were £25,353 for the year compared to £27,125 for 2023. Income from investments decreased slightly to £98,635 (2023: £101,155). This is as a result of a decrease in dividends and interest received from the listed investments of £4,394 compared to 2023. Rental income from the investment properties has increased by £1,660 to mitigate this reduction in investment income following a rent increase implemented from April 2024.

Total expenditure increased by £20,598 to £191,617, with the majority of this being related to an increase of £14,758 in staff costs, along with some one-off electrical works required in the Church premises.

Investment management costs were £19,722 (2023: £20,953). The 2024 costs include rent collection and property expenses of £2,201 (2023: £4,923).

The most significant expenses related to the use and maintenance of the Church buildings for the activities described above, and to the Minister of the Church, who leads and co-ordinates the church’s activities including the Sunday Services, provides pastoral care for the congregation and other people, and equips and encourages the membership in their life, Christian witness and service. Establishment costs increased by £15,288 to £77,165. Ministry and Mission costs increased by £8,567 to £91,387. These figures include staff costs as detailed above, as well as allocated support and governance costs, further details of which are provided in the notes to the financial statements.

BURTON LATIMER BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Church expressed its part in the life of the wider church and community by making grants to national and international Christian organisations and other charitable organisations with objectives compatible with the Church’s own charitable purpose. Grants and donations payable totalled £2,763 (2023: £4,396). An analysis of grants and donations is provided in note 8 to the accounts. Overall, the cost of making grants and donations, including grants paid from restricted funds and allocated support and governance costs, was £3,343 (2023: £5,369).

Net expenditure for the year, before gains on investments, totalled £49,674 (2023: £24,296). Net incoming resources after gains on investment assets was £42,174 (2023: £37,797) due to total gains on investments of £91,848 (2023: £62,093).

Reserves policy

General reserves freely available at 31st December 2024 were £611,328 (2023: £644,601). The free reserves comprise unrestricted general funds not invested in tangible fixed assets. Free reserves invested at 31st December 2024 were £644,615 (2023: £632,071). These investments are classified as fixed assets and are held to ensure continuity in the role of the Church in the lives of its members and the wider community. Free reserves not invested were in deficit by £33,287 (2023: £12,530 surplus).

The trustees have adopted a policy of maintaining free reserves not earmarked for long term investment at a level which is equivalent to two months of usual expenditure. This is estimated to equate to approximately £30,000 at 31st December 2024. At this level, the trustees consider that, in the event of a significant decrease in income, they would be able, in the short term, to continue to meet the Church’s obligations, whilst considering how income would be replaced or activities changed. Free reserves were below the target level at the year end.

Investment policy

The trustees have considered the most appropriate policy for investing funds, and based on advice from the Church’s investment manager, consider that specialised funds designed for the charity sector meet their requirement to generate both income and capital growth with a low level of risk. Income from the investments for the year was £69,790 (2023: £74,184).

House price indices indicate that there has been a steady growth in residential property prices in the area. As a result, there was an unrealised revaluation gain for the year of £34,000 (2023: revaluation loss £24,933).

Major risks

The trustees have assessed the major risks to which the Church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Church is governed by a Constitution adopted on 28th January 2009.

The criteria for Church membership are set out in the constitution and principally include accepting the Beliefs of the Church, meeting the Church’s qualification on Baptism and committing oneself to serving Christ within the Church and beyond. All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Ordinary Church Members’ meetings are held at regular intervals on not less than four occasions in any calendar year and have responsibility for the overall policy of the church. Special Church Members’ meetings shall be convened when necessary to consider matters such as the appointment of a minister, matters relating to the purchase, sale or redevelopment of Church property, or matters considered by the Trustees to be of sufficient importance to require such a meeting.

The Church is a member of The Baptist Union of Great Britain (Baptist Union) and The Central Baptist Association. The Church will normally promote, encourage, support and advance the work of the Baptist Union and BMS World Mission through prayer, through financial contributions and, where appropriate, by making personnel available from the membership of the Church. When it is able, the Church will also support local Baptist and Ecumenical gatherings.

BURTON LATIMER BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

In accordance with the Constitution, the members appoint Trustees from among the Church Members, who together with the Ministers, Church Secretary and Treasurer (who are also appointed by the Members), and collectively known as the Diaconate, are responsible for the day to day running of the church’s work and witness, and the financial and legal aspects of the charity. The Trustees’ term of appointment is normally three years, following which they are eligible for re-appointment. Relevant matters may be submitted to the Church meeting by the Trustees for guidance, or may be raised by members in Church meeting for further consideration by the Trustees. Though the Constitution permits decisions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.

The trustees who served during the year and up to the date of signature of the financial statements were:

Revd Mark Welch (Resigned 31 May 2025) Mr N Padget (Resigned 29 January 2025) Mrs J Yeomans Mrs R Groome Mrs S Guy Mrs A Rose (Resigned 29 January 2025) Mrs C McLeod Mr I Newman (Appointed 29 January 2025) Mrs E McLeod (Appointed 29 January 2025) Mrs R Newman (Minister in training) (Appointed 1 July 2025)

The trustees' report was approved by the Board of Trustees.

Mr I Newman Trustee

23 October 2025

BURTON LATIMER BAPTIST CHURCH

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF BURTON LATIMER BAPTIST CHURCH

I report to the trustees on my examination of the financial statements of Burton Latimer Baptist Church (the Church) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the Church you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Church’s financial statements carried out under section 145 of the 2011 Act. 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

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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 that in any material respect:

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 financial statements to be reached.

Paul Tyler FCA Azets Audit Services Thorpe House 93 Headlands Kettering Northamptonshire NN15 6BL

Dated: 27 October 2025

BURTON LATIMER BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
25,353
652
Charitable activities
4
17,303
-
Investments
5
98,580
55
Total income
141,236
707
Expenditure on:
Raising funds
6
19,722
-
Charitable activities
7
171,172
723
Total expenditure
190,894
723
Net gains/(losses) on
investments
13
20,023
71,825
Net income/(expenditure) and
movement in funds
(29,635)
71,809
Reconciliation of funds:
Fund balances at 1 January
2024
2,415,113
2,301,389
Fund balances at 31
December 2024
2,385,478
2,373,198		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
26,005
27,125
1,401
17,303
17,042
-
98,635
101,121
34
141,943
145,288
1,435
19,722
20,953
-
171,895
148,676
1,390
191,617
169,629
1,390
91,848
13,536
48,557
42,174
(10,805)
48,602
4,716,502
2,425,918
2,252,787
4,758,676
2,415,113
2,301,389		 Total
2023
£
28,526
17,042
101,155
146,723
20,953
150,066
171,019
62,093
37,797
4,678,705
4,716,502

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BURTON LATIMER BAPTIST CHURCH

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
15
Investment properties
16
Investments
17
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
21
Unrestricted funds		 2024
£
£
1,774,150
811,000
2,145,947
4,731,097
5,442
38,272
43,714
(16,135)
27,579
4,758,676
2,373,198
2,385,478
4,758,676		 2023
£
£
1,770,512
777,000
2,122,408
4,669,920
5,955
55,385
61,340
(14,758)
46,582
4,716,502
2,301,389
2,415,113
4,716,502		 2023
£
£
1,770,512
777,000
2,122,408
4,669,920
5,955
55,385
61,340
(14,758)
46,582
4,716,502
2,301,389
2,415,113
4,716,502
4,669,920
46,582
4,716,502
2,301,389
2,415,113
4,716,502

The financial statements were approved by the Trustees on 23 October 2025

Mr I Newman Trustee

Mrs R Newman (Minister in training) Trustee

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Burton Latimer Baptist Church is an unincorporated charity registered with the Charity Commission for England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The Church constitutes a public benefit entity as defined by FRS 102. The Church’s accounts present information about it as an individual undertaking.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Church. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds are unrestricted funds set aside by the trustees for a particular purpose. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

All income is recognised once the Church has entitlement to the income, there is sufficient certainty of receipt and the amount receivable can be measured reliably. Donations are recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Tax reclaimable in respect of gift aid is recognised when receivable.Incoming resources from charitable activities are accounted for when earned. Dividend and other investment income is accounted for when the Church's right to the income is established.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure includes attributable VAT which cannot be recovered.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Support costs which are not attributable to a single activity are apportioned between those activities.

The Church makes grants to other organisations whose charitable objectives complement its work. Grants are accounted for when a valid expectation on the beneficiary’s part that the Church will discharge its responsibilities is created, either by specific communication with the beneficiary or by establishing a pattern of practice, or when the grant is paid, whichever is earlier.

Governance costs represent direct expenditure on the governance of the Church. These costs include costs related to independent examination and accountancy. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These costs include office and administration costs

The bases on which support and governance costs have been allocated are set out in the notes to the financial statements.

Rentals paid under operating leases are included in the Statement of Financial Activities on a straight line basis over the period of the lease.

1.6 Tangible fixed assets

The Church premises are included in the balance sheet at insurance values because reliable cost information is not available, and would incur significant costs which would be onerous compared with the additional benefit gains by the user of the accounts.The Manse premises are stated at insurance value. Furniture and equipment in the Church premises are shown at insurance value as at 31st December 2008 with additions since that date shown at cost.

Depreciation on other fixed assets has been calculated to write off the cost on a straight line basis over their expected useful life at the following rates:

Freehold land and buildings 0% Fixtures, fittings and equipment 10% to 33%

Depreciation has not been charged on the Church or Manse premises becuase they are fully maintained on a regular basis. Accordingly, the trustees consider the lives of these assets to be so long and their residual value so high, that their depreciation is insignificant.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.

All gains and losses on investments are taken to the statement of financial activities as they arise. Realised gains on investments are calculated as the difference between sales proceeds and opening market value (or cost if purchased in the year). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or cost if purchased in the year).

1.9 Impairment of fixed assets

At each reporting end date, the Church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.11 Financial instruments

The Church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Church's balance sheet when the Church becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Church’s contractual obligations expire or are discharged or cancelled.

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.12 Retirement benefits

The Church operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Church pays fixed contributions into a separate entity. Once the contributions have been paid the Church has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Church in an independently administered fund.

Prior to 2012 pension provision was made through multi-employer defined benefit pension plans. Where it is not possible for the Church to obtain sufficient information to enable it to account for a plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

Where the plan is in deficit and where the Church has agreed, with the plan, to participate in a deficit funding arrangement, the Church recognises a liability for this obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. The unwinding of the discount is recognised as a finance cost and any other change in the measurement of this liability is expensed to the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the Church’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Offerings and donations 25,353 652 26,005 27,125 1,401 28,526

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Charitable activities

Solar panels feed in
tariff
Charitable rental
income
Income from Church
activities		 Church
activities
Other trading
activities
2024
2024
£
£
-
6,721
-
4,858
5,724
-
5,724
11,579		 Total
2024
£
6,721
4,858
5,724
17,303		 Church
activities
Other trading
activities
2023
2023
£
£
-
7,080
-
4,015
5,947
-
5,947
11,095		 Total
2023
£
7,080
4,015
5,947
17,042

5 Income from investments

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Rental income
28,460
-
Income from listed
investments
69,790
-
Interest receivable
330
55
98,580
55		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
28,460
26,800
-
69,790
74,184
-
385
137
34
98,635
101,121
34		 Total
2023
£
26,800
74,184
171
101,155

6 Raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Investment management 19,722 20,953
19,722 20,953

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Charitable activities

Grants and
donations
and
2024
£
Staff costs
-
Depreciation and impairment
-
Activity costs
-
-
Grants and donations (see note 8)
2,763
Support costs (see note 9)
415
Governance costs (see note 9)
165
3,343
Analysis by fund
Unrestricted funds
2,620
Restricted funds
723
3,343		 Ministry
Mission
Establishment
2024
2024
£
£
52,816
18,718
6,746
-
11,574
41,347
71,136
60,065
-
-
14,482
12,228
5,769
4,872
91,387
77,165
91,387
77,165
-
-
91,387
77,165		 Total
2024
Grants and
donations
and
2023
£
£
71,534
-
6,746
-
52,921
-
131,201
-
2,763
4,396
27,125
670
10,806
303
171,895
5,369
171,172
4,061
723
1,308
171,895
5,369		 Ministry
Mission
Establishment
2023
2023
£
£
44,437
14,944
7,340
-
11,221
32,108
62,998
47,052
-
-
13,648
10,208
6,174
4,617
82,820
61,877
82,738
61,877
82
-
82,820
61,877		 Total
2023
£
59,381
7,340
43,329
110,050
4,396
24,526
11,094
150,066
148,676
1,390
150,066

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Grants payable

Grants and Grants and
donations donations
2024 2023
£ £
Grants to institutions:
BMS World Mission 1,200 2,953
Home Mission Fund - 61
Leprosy Mission 650 712
Spurgeons 113 -
Friends of Burton Latimer Library 400 -
Motor Neurone Fund 150 -
World Vision Harvest 250 -
DEC Turkey-Syria appeal - 420
BMS Disaster Recovery Plan - 250
2,763 4,396

9 Support costs

Support costs
Support
costs
Governance
costs
£
£
Staff costs
26,801
-
Other support costs
324
-
Independent examiners'
remuneration
-
6,828
Bookkeeping and payroll
costs
-
3,978
27,125
10,806
Analysed between
Charitable activities
27,125
10,806		 2024Support costs Governance
costs
£
£
£
26,801
24,196
-
324
330
-
6,828
-
7,382
3,978
-
3,712
37,931
24,526
11,094
37,931
24,526
11,094		 2023
£
24,196
330
7,382
3,712
35,620
35,620

Independent examiners' remuneration includes £1,220 (2023: £1,205) for independent examination fees and £5,608 (2023: £5,605) for accountancy fees.

The total support cost attributable to charitable activities is apportioned pro rata to the cost of delivering each activity.

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,220 1,205
Depreciation of owned tangible fixed assets 6,746 7,340

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Church during the year except for the Minister as detailed in note 12.

One (2023: One) of the trustees was reimbursed a total of £352 (2023: £544) in respect of travel, and accomodation costs of £160 (2023: £346) and assembley and conference costs of £192 (2023: £198).

12 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
4 4
Employment costs 2024 2023
£ £
Wages and salaries 80,784 70,557
Manse costs 9,562 6,651
Pension costs 7,989 6,369
98,335 83,577

There were no employees whose annual remuneration was more than £60,000.

The Minister acts as one of the Church’s trustees in accordance with the constitution and received remuneration of £33,801 (2023: £31,327) and other benefits in respect of his services as Minister, including the provision of manse accommodation owned by the Church.

In addition to the staff costs disclosed above, the financial statements for previous years included the eliminated provision for the value of deficiency contributions payable in respect of the Baptist Pension Scheme. 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. Further details are provided in the Retirement Benefit Schemes note.

Total aggregate remuneration paid to key management personnel during the year was £41,034 (2023: £37,068).

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13 Gains and losses on investments

Unrestricted
Restricted
funds
funds
2024
2024
Gains/(losses) arising on:
£
£
Revaluation of
investments
19,894
71,364
Sale of investments
129
461
20,023
71,825		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
91,258
13,270
47,602
590
266
955
91,848
13,536
48,557		 Total
2023
£
60,872
1,221
62,093

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 January 2024
1,661,668
Additions
-
At 31 December 2024
1,661,668
Depreciation and impairment
At 1 January 2024
-
Depreciation charged in the year
-
At 31 December 2024
-
Carrying amount
At 31 December 2024
1,661,668
At 31 December 2023
1,661,668		 Fixtures,
fittings and
equipment
£
326,957
10,384
337,341
218,113
6,746
224,859
112,482
108,844		 Total
£
1,988,625
10,384
1,999,009
218,113
6,746
224,859
1,774,150
1,770,512

16 Investment property

Fair value
At 1 January 2024
Net gains or losses through fair value adjustments
At 31 December 2024		 2024
£
777,000
34,000
811,000

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Investment property

(Continued)

Freehold investment property comprises residential properties and a plot of land.

There are two residential properties. One property was acquired in 2022 and the other one in 2019. The fair values of the residential properties at each year-end are estimated by the trustees by reference to price indices.

The fair value of the land is estimated by the trustees to be equivalent to its cost of £20,000. This valuation does not reflect any development potential of the land, which has not been determined with any certainty.

17 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2024
2,112,712
Valuation changes
57,258
Disposals
(38,460)
At 31 December 2024
2,131,510
Carrying amount
At 31 December 2024
2,131,510
At 31 December 2023
2,112,712
18
Debtors
Amounts falling due within one year:
Other debtors
19
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 Cash in
portfolio
£
9,696
-
4,741
14,437
14,437
9,696
2024
£
5,442
2024
£
1,424
14,711
16,135		 Total
£
2,122,408
57,258
(33,719)
2,145,947
2,145,947
2,122,408
2023
£
5,955
2023
£
1,128
13,630
14,758

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Retirement benefit schemes

Defined contribution schemes

The Church operates a defined contribution pension scheme for all qualifying employees.

The charge to profit or loss in respect of defined contribution schemes was £7,989 (2023: £6,369).

Defined benefit schemes

The Church is a participating employer in 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 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 6% 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. (Members of the Basic Section pay reduced contributions of 5% of pensionable income, and their employers also pay a total of 5%.)

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 Minister is eligible to join the Scheme.

Actuarial valuation as at 31 December 2019

A formal valuation of the DB Plan was performed at 31st December 2019 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 valuations were as follows:

Type of Assumption % pa
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum Pensionable Income increases (above CPI) 0.50
Pre-retirement assumed investment returns (gilt yield plus 1.75% pa) 2.95
Post retirement assumed investment returns (including benefits
matched by the insurance policy) (gilt yield plus 0.5%pa) 1.70
Deferred pension increases
Pre April 2009 3.20
Post April 2009 2.50
Pension increases
Based on CPI with an annual floor of 0% and annual cap of 5% 2.70

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Retirement benefit schemes

(Continued)

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 2023 to reflect the position as at 31 December 2022.

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 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

A liability of £Nil (2023: £Nil) has been recognised in respect of the agreed deficit recovery payments. The liability represents the present value of the deficit contributions agreed as at the accounting date.

The Church has been advised that the cost for the church to buy out their Pension Scheme liabilities at 31 December 2024 was approximately £Nil (2023: £Nil).

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Balance at
1 January 2023
£
AKH Fund
2,956
Land sale account
2,246,897
Specific appeals
2,211
Flower legacy
723
2,252,787		 Movement in funds
Incoming
resources
Resources
expended
Gains and
losses
Balance at
1 January 2024
£
£
£
£
28
-
-
2,984
-
-
48,557
2,295,454
1,401
(1,308)
-
2,304
6
(82)
-
647
1,435
(1,390)
48,557
2,301,389		 Movement in funds
Incoming
resources
Resources
expended
Gains and
losses
Balance at
31 December
2024
£
£
£
£
45
-
-
3,029
-
-
71,825
2,367,279
652
(723)
-
2,233
10
-
-
657
707
(723)
71,825
2,373,198		 Movement in funds
Incoming
resources
Resources
expended
Gains and
losses
Balance at
31 December
2024
£
£
£
£
45
-
-
3,029
-
-
71,825
2,367,279
652
(723)
-
2,233
10
-
-
657
707
(723)
71,825
2,373,198
2,373,198

The Land sale account was created following the sale of land left to the church by its first Minister. The fund must be applied for:

Only the capital of the land sale account is restricted. The income arising is available for general purposes.

The Specific appeals fund represents cash gifted by Church members for specific charitable causes.

The Flower legacy represents a bequest, which is to be used for the purchase of memorial flowers.

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2024
2024
2024
£
£
£
Fund balances at 31 December 2024 are
represented by:
Tangible assets
1,774,150
-
-
Investment properties
176,798
-
634,202
Investments
467,817
-
1,678,130
Current assets/(liabilities)
(33,287)
-
60,866
2,385,478
-
2,373,198		 Total
Unrestricted
funds
Designated
funds
2024
2023
2023
£
£
£
1,774,150
1,770,512
-
811,000
169,386
-
2,145,947
462,685
-
27,579
12,530
-
4,758,676
2,415,113
-		 Restricted
funds
2023
£
-
607,614
1,659,723
34,052
2,301,389		 Total
2023
£
1,770,512
777,000
2,122,408
46,582
4,716,502

BURTON LATIMER BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23 Related party transactions

Transactions with related parties

The Church is a member of the Baptist Union and the Central Baptist Association. During the year the Church made donations of £nil (2023: £61) to the Baptist Union Home Mission Fund.

Certain trustees and connected persons make regular unconditional donations to the Church by standing order payment. The aggregate donations of this type in the year totalled £5,280 (2023: £3,180). The trustees also make regular unconditional donations to the Church by contributing to collections. The aggregate donations of this type cannot be measured with certainty due to their nature.