Grace Baptist Mission CIO Financial Statements for the year ended 31 December 2023 Registered Charily No 1157506 GRACE BAPTIST MISSION
Grace Baptlst Mission CIO Contents Pa8e Legal and administrative information Report of the trustee5 Independent auditors. report 9.12 Statement of financial activities 13 Balance sheet 14 Statement of cashflow 15 Notes to the financial statements 16-22
Grace Baptist Mission CIO Report of the Trustees for the year ended 31 December 2023 The Trustees present the report and the audited financial statements for the year ended 31" December 2023. Reference and Administrative Information Charity Name.. Grace Baptist Mi55ion CIO Charity registration number-. 1157S06 Prlncipal Office 12 Abbey C105e, Abingdon, Oxon, OX14 3JD Tel. 01235 520147 email infodesk bm.or Web-site www. bm.or Trustees The following have held office as Trustees during the period l January to 31" December 2023, unless otherwise stated K A Johns (Chairman until 281101231 T Q Forryan Ivice Chairman until 28110123 then Chairman) R D Felix ITreasurerl M McDonald (Woman Officer) H R Sayers Ivice Chairman from 111121231 J Heasman J Hoadley Ifrom 281101231 K L Knight A W Laughton l Lawson N Mistry P Shirtcliffe I Williams T Condy N Edkin5 Ifrom 281101231 G R Field mI10n Director DERJones Bankers Santander UK plc, Bridle Road, Bootle, L30 4GB CCLA, COIF Charity Funds, 85 Queen Victoria Street, EC4V 4ET HSBC plc, 6 High Street, Abingdon, Oxon, OX14 5AZ Auditors Nash Harvey Group LLP. The Granary, Hermitage Court, Hermitage Lane, Maidstone, Kent, ME16 9NT Charity Consultants The Kubernesis Paitnership LLP, 36 Acomb Wood Drive, York, Y024 2XN
Grace Baptist Mission CIO Aims and Ob ectives The object of Grace Baptist Mlssion CIO IGBM CIO) is to advance the Christian faith for the public benefit, in accordance with the statement of beliefs set out in Schedule l of the constitution, in particular but not exclusively, by spreading the Gospel of the Lord Jesus Christ throughout the world. To achieve thi5. GBM CIO: helps member churches to send, support and care for missionaries worldwide co-ordinates ministries of radio and literature from the Mission Centre at Abingdon promotes the work amongst churches advises churches of needs and opportunities for mission workers Public Benefit The Trustees have regard for the Charity Commission's guidance on the public benefit requirement. They are aware of the need to ensure that GBM CIO is meeting its obligation to provide public benefit. G8M CIO purposes comply directly with the following of the Charities acts descriptions of "charitable purpose. aj the odvt7ncement of religion In each of the aims above the objective 15 to advance the Christian rellgion. bj the prevention Dr relief of poverty From time to time needs and situations are made known by the charity's workers so that thurches and others can be involved in giving to relieve poverty and especially where natural disaster has occurred. c) the advoncement of education Theological education is advanced through the specifit work of charity workers and the work of radio. Strate The key stfate8ies employed to achieve the chariws aims and objettive5 are.. al to advance the Christian gospel through the world by means of GBM CIO'S workers in church plantin& preaching, compassion ministry and training bl to communicate re8ularly with member churches by means of differing media, personal visits and events so informing them of the work of each of the charity's workers cl to make vislts, by support ministries staff, to the areas where the charity is working to pOrt to supporter5 and provide care for the workers dl to partner with similar Christian mission agencies to allow economic use of resources el to organise regular events so that the work might be better understood. and others might be involved either as volunteers or as workers fl to produce radio programmes for the purpose of training pastors and sharing the Christian religion 81 to run a short-term programme for supporters to gain experience of different aspects of cross-cultural mission h) to hold regular meetings of the trustees to monltor and review the work of the charity. nific Activltie GBM CIO seeks to implement the strategies in the following ways.. al helping churches to support and care for the worker5 they have sent throughout the world bl working with churches in sending UK pastors, GBM CIO workers and supporters to train pastors in a number of countries in Africa. Asia, South America and Europe cl sUPPOrting church planting initiatives wlthin the UK and continuing our endeavours to reach out to the multi- cultural populations in major cities dl PLtblishing a magazine three times a year to update supporters and member churches concerning the work of GBM CIO, writing a children's magazine twice a year so that ¢hildren can learn about the work of GBM CIO and producing a monthly prayer information guide that gives information on every worker and area of work
Grace Baptist Mission CIO el recording a monthly audio and vldeo programme that focuse5 on one area of the work of GBM CIO fj holding an annual week of prayer with associated video and written information gl caring for workers through regular visits by support staff which are planned in consultation with the sending church and the trustees h) communicating reEularly with partner agencie5 in the care and 5UPPOrt of workers il reportlng to the CIO member5 at the AGM on the Annual Mission Day which also includes presentations from workers from around the world Il producing radio programmes in both English and French that teach listeners about the Christian religion. The radio team also visits areas where programmes are broadcast to train pastors, to determine future programme need5 and to assess the effectivene$5 of the programmes. kl organising events for both adults and young people which highlight differing a35 of the work and opportunities to be involved 11 organising up to a maximum of three Envision teams a year to provide the opportunity for short temi service in a mission context. Review ot Achievements l. Trustees The Trustees met on four occasions during the year to consider the work of the charity, of these, three meetings were in person, and one was online. Two other committees met on other specified occasions, these were the Finance committee and the Officers committee where the senior staff also attended. 2. MlssionarSes During the year GBM CIO helped churches to SUPPOrt and care for 49 workers in 14 different countries. Thi5 included three a55ociate missionaries who are no longer formally part of GBM but continue to serve within their country and from whom prayer requests are made known through GBM. In October three couples joined the work of GBM. They were Colin & Gill Grimwood, with Colin becoming part of the radio team and Gill being employed as the Financial Administrator. Philip & Heidi Knight, who in 0sSOClation with Wycliffe Bible translators, went to Uganda to join a bible translation team and Adrian & Abigail Yeboah who are working in Amsterdam with the purpose of church plantin8. 3. Radio The radio programmes, which are produced by the radio team both in English and French. are broadcast mainly from local radio stations in Africa and a partner agency, Trans World Radio ITWRI, broadcast from two of iheir transmitters In South and West Africa. The English programme, "Serving Todaf, is designed to equip and traln pastors in the majority world while the French programme5, entitled "Espérance Aujovrd'hui" help church members to understand their faith better. Other specialist programmes have continued to be produced and broadcast. As reported earlier, in October 2023, Colin Grimwood joined the radio team working to produce the Serving Today English programme. Along with these programmes, the radio team, with the support of volunteers from member churches, produce booklets in French, English and other selected languages. These are sent via the churches when representatives of G8M are visiting and through the Annual Mission Day. The booklets are delivered to the relevant radio stations for distribution to listeners. The Mission Director continued to lead the radio team. 4. Literature It is good to report that in the past year Christian books and booklets continue to be written, translated, and distributed by GBM CIO workers especially the radio team.
Grace Baptist Mission CIO 5. Tralnlng GBM CIO works with churches in sending pastors, workers, and supporters to train church leader5 in countries in Africa, Asia, South America and Europe. The formal training of mlnisters of the gospel continues and G8M CIO in 2023 has had input into college5 and other trainin8 schemes in Colombia, Peru, Kenya, Serbia, Philippines, and Central Asia. 6. Misslon Support Office Overseas visits continue to be a regular part of the work. Paul Brunning (Head of Communications) visited Colombia to see at first-hand the work of Theo & Sonja Donner and to assess place5 where short term Envision participants might be placed. He also visited our workers in Serbia where he had opportunity to be made more familiar with the ongoing training of pastors and the church that has been planted. He also met with the Envision apprentice who serves in the church. Daryl Jones (Mission Director). with his wife Julia, visited Madeira to see the church planting work that Jason & Andrea Murfitt are doing. He also visited James Hammond in Bordeaux, with Gareth Jones Ipastor of Pantiles Baptist Church). where James is the pastor of a French church. 7. Conferences The Athelington Summer Camp took place in August with an increased number attending. Daniel Caballero preached each morning from the Bible book of Ruth while in the evenings there were presentations that focused on Uganda, Peru, Colombia, Serbia, Envision and Madeira. The Annual Mission Day, which includes the Annual General Meeting, took place in October, and was held at Friends House, London. This wa5 a physical meeting that was partly live streamed. Over five hundred supporters attended and another few hundred watched online. Several missionaries from across the world were present and spoke about the opportunities and challenges they encounter in their work. Youth comp, after many years of involvement, GBM had no responsibility for the running of this camp which continues to be held at Root Hill Farm. 8. EnvlsSon The Envision placement in Serbia continLEed where the apprentice Is supporting the work, teaching English to other young adults and learning the language. This placement will end in 2024. A team was able to go to Madeira where they were able to a55i5t in the outreach by meeting people and distributing bibles and other Christian literature. 9. Communlcatlon The GBM CIO magazine, 'Yhe Herald", was published three times a year and informs churches of GBM CIO'S work throughout the world. Alongside this the children's magazine "Let's Go" wa5 published in the spring and the autumn. Each month the"Partnership in Prayert diary8ave supporters the opportunity to receive news from every GBM CIO worker to encourage prayer and support. The "Prayer Waves" through the media of audio and video, gave in depth information on one area of the work and the occasional 'GBM Newsfeed" continued to provide supporters with urgent news via email
Grace Baptist Mission CIO Financial Revlew Total income for the year was £1,619,332 and with total expenditure of £1,048,338 the surplus for the year was £570,994. The surplus is higher than the previous year due to an increase in legacies received. Income increased while expenditure decreased. If legacies are excluded, income was £1,030,563 which Is a decrease of 3.72% over the previous year. Expenditure has decreased by 0.49%. At the year-end total assets were £2,862,530. The balance of the Restrirted Fund for Missionaries and Mission Projects now stsnds at £40,381. The result for the year reflects sufflcient underlying financial support for the current level of the Mission's activities. Our focus is to achieve a balanced budget whereby income is sufficient to cover c05tS. Investment Polic Fixed Asset Investments The charlty has freehold title to the office at 12 Abbey Close, Abingdon and residential properties at 10 & 11 Abbey Close, Abingdon. The residential propety at io Abbey Close ds in occupation by mission Staff. The property at 11 Abbey Close is rented to a third paty. Liquid Investments The investment policy is to maintain a low-risk liquid position. The aim is therefore to maintsin balances In accounts that attrart market competitive deposit account bank interest but with low-risk institutions. Reserves Polic OLFr policy is to build and maintain a margin of funds to cover about 3 to 6 month5 of expenditure. In looking realistically at what is available in the short temi to carry on the work we exclvde the Mission's fixed assets, the majority of which are represented by the premises at 10- 12 Abbey Close, Abingdon. Therefore, at the 31" December 2023 liquid reserve5 held by the trustees to cover the cost of the ongoing work of the Mission, amounted to £1,650,329. At this level the liquid reseryes would cover 18.8 months. The trustees closely monitor the finances of the charity monthly. Future Inltlatives and Plans The programmed events for 2024 will include the ongoing development of the Envision teams and placements. The Annual Mission Day IAGMI in October is planned to be in person and will also incorporate some aspect5 Online for those who do not wish to or who cannot attend physically. We will continue to utilise the greater familiarity with online events to widen and deepen our communicatKJn with sUp)rterS, particularty with the week of prayer. We will endeavour to encourage churches to send new workers and we will ensure that any new mi55ionaries are fully funded.
Grace Baptist Mission CIO Ke Mana ement Personnel Mis5K)n Director Head ofCommunKations'. Finan Mana8er. DERJones P M Brunning AS Woods Structure Governance and Man Governing Oocument Grace Baptist Mi55ion is a Charitable Incorporated Organisation as of 17th lune 2014 and is a registered charity with the Charity Commission Inumber 11575C61. The governing document is the Constitution. which was agreed by the member churche5 on Ortober 23rd 2014, atthe AGM. ement Appointment of Trnstees Trustees are members of member churches and seNe for a period of three years. They are elerted at the Annual General Meeting by the delegates of the member churches. Any new Trustees are given key charity Commission information on their responsibilities and are encouraged to attend approprlate external training where this will facilitate the undertaking of their role. The is also an irtrhouse training day to help new trustees understand better the work of the charity. Organlsatlo The Trustees meet at leastfour times a yearto review all aspetts of the chariws actmties. There are two sub-committees to assist with the runnin8 of the charity, namely the Officers committee, responsible for meeting with senior staff between trustee meetings and the Finance committee. tasked with SpecifallY monitoring and managingthe charitys finances. Members of sul>committees.' Officers commlttee~ KA Johns (Choirmon until 28/10/23), T Forryan fvice Chairmon until 28/10/23 then ChairmGrnJ, RD Felix {TreosurerJ, M McDonald Iwomon Officer). HL Soyers (Vice Choirmonfrom 11/12/23) Finan Commitee- RD Feltx (Chairmon), KL Kni8ht, l Lawson, L Evans Ico-optedl and I larvis Ico-optedl. Trustee Remuneratlon and Related Parties No trustees received remuneration during 2023. Details of trustee expenses are disclosed in note 8 to the account There were no related party trans)rtions rewrted in the year btheen the charityand any trustees, *nior managers, oranyof the third parties wf(h contractual relationships with the charity. Pay Poll¢y for Staff The pay ofstsff is revtewed annually using a standard fonnula benchmafked a8ainst published pay increase5 by the Baptist Union. Rlsk Management The trustees through the Finance committee have assessed the major risks to which the charity is exposed, in particular financial, operational and governance. and are satlsfied that systems are in place to mltlgate exposu to the major risks.
Grace Baptist Mission CIO Trustees, Responslbllltles In Relatlon to the Hnanclal Statements The trustee5 are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generalty A(pted Accountin8 Practice). The charity's trustees are responsible for preparing financial statements for each financial year that glves a true and fair view of the charit¢s incoming resources and application of resources during the period and of its state of affairs at the end of the year. In preparing the financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charity will continue in business state whether applicable UK Accounting Standards have been followed, subject tr) any material departures dlsdosed and explained in the financial statements The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the flnancial position of the charlty and enable them to ensure that the financial statements comply with the Charities Act 2011. They are 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. Auditors In accordance with the constitution, a resolution to re-appoint Nash Harvey as Auditor5 for the ensuin8 year wa5 approved by the delegates at the Annual General Meeting in October 2023. Statement of Disc105ure of Informatlon to Auditor5: There is no relevant audit information of whith the charitsble compafiy's auditors are unaware,. and the trustees have taken all steps to make themselves aware of any relevant audit infomiation and to estsblish that the auditor5 are aware of that information. Approved by the Board of Tnjstees on IQ June 2024 and signed on its behalf by: T Q Forryan (Chairman)
Grace Baptist Mission CIO Independent Auditors, report to the trustees of Grace Baptist Mission CIO Opinion We have audited the financial statements of Grace Baptist Mission CIO (the 'charitable Incorporated organisation'l for the year ended 31 December 2023 which comprise the statement of financial activities. the balance sheet. the statement of cash flows and the notes to the financial statements, includin8 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards, including FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements= give a true and fair view of the state of the charitable company affairs as at 31 December 2023 and of its incoming resources and application of resource5, for the year then ended,. have been properly prepared in a¢cordance with United Kin8doffl Generally Accepted Accountin8 Practice,- and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is Sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going conc¢m In auditing the financial statements, we have concluded that the trustees use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, Individually or collectively, may cast significant doubt on the charit5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the re5ponsibilitie5 of the trustees with respect to going concern are described In the relevant sections of this report. Other information The other information comprises the infomation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi5Statement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard.
Grace Baptlst Mission CIO Matter5 on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reportsl Regulations 2008 require us to report to you if, in our opinion= the information given in the financial statements Is Inconsistent in any material respect with the trustees report,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accountin8 records. or we have not received all the infomiation and explanatlons we require for our audit. Responsibilltles ol trustees As explained more fully in the statement of tnjstees responsibilities, the trustees are responslble for the preparation of the financial statements and for being satisfied that they 8ive a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi55tatement. whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and usinE the going concern basis of accounting unless the trustees either intend to cease operatlons, or have no realistic alternative but to do so. Auditor's responslbllltles for the audit of the financial 5tatementS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs port that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are eon5idered material if, individually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. Irregularitie5. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includlng fraud. The extefit to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We identify and assess the risks of materlal misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Our approach to identifying and assessin8 the risks of material mi55tatement in respect of irregularities, including fraud and non-compliance with law5 and regulations, was as follows.. •the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, •we identified the law5 and regulations applicable to the charity through di5CU55ions with trustees and other management, and from our commercial knowledge and experience of the sector, •we ft)cused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charitles Act 2011, taxation legislation, data protection, anti- bribery. employment, environmental and health and Safety legislation,
Grace Baptist Mission CIO •we as5e55ed the extent of compliance with the law5 and regulations identified above through making enquiries of management and inspectin8 legal correspondence, and •identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We as5e55ed the susceptibility of the Charity's flnancial statements to material mi55tatement, including obtaining an understanding of how fraud might occur, by: •making enquirie5 of management as to where they considered there was 5Usceptibility to fraud, their knowledge of actual, suspected, and alle8ed fraud, and •considering the internal controls In place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through managernent bias and override of controls, we.. 'perfomied analytical procedures to identify any unijsual or unexpected relationships, •tested joumal entries to identify unusual transactions, •assessed whether jud8ements and assumptions made in determinin8 the accounting estimates were indicative of potential bias, and •investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. •a8reeing financial statement disclosures to underlying supporting documentation. •reading the minutes of meetings of those charged with governance, •enquiring of management as to actual and potential litigation and claims, and •reviewin8 correspondence with HMRC. relevant regulators, and the charivs legal advisors. There are inherent limitations in our audit procedures described above. The more removed that law5 and regulations are from financial transaction5, the less likely it IS that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-tompliance with laws and regulations to enqLbiry of the trustee5 and other management and the inspection of regulatory and legal correspondence, If any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Grace Baptlst Mission CIO A further descrlptlon of our responsibllitles is avallable on the Flnanclal Reporting CounciY5 web51te at: https".//www.frc.org.uk/auditorsresponslbllitles. Thls descrlption forms part of our audltor'5 report. Use of our report This report Is made solely to the charitvs trustees, as a body, In accordance wlth part 4 of the Charfties (Accounts and Reports) Regulations 28. Our audlt work has been undertaken so that we might state to the chadty'5 trustees those matters we are requlred to state to them In an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllity to anyone other than the charlly and the charitls trustees as a body, for our audit work, for thls report, or for the opinlons we have fomied. John der FCA (Senlor Statutory Audltor) For and on behalf of Nash Harvey Group LLP 10 June 2024 Chartered Attountants Statutory Auditor The Granary Hermitage Court Hermitage Lane Maldstone Kent ME16 9NT Nash Harvey Group LLP is eliglble for appointment as auditor of the charlty by vlrtue of Its eliglblllty for appointment as auditor of a company under of settlon 1212 of the Companles Act 2006.
Grace Baptist Mission CIO Statement of financial artivitles year erKled 31 December 2023 20Z3 Restricted Fund 2023 General Fund 2023 Deslgnated Fund 2023 Total Funds 2022 Total Fund5 Note Income resources Incoming resources from 8enerated ftjnds Voluntary income Donations and legacies 202,888 843,588 514,752 1,561,228 1,165,670 Interest income 26,073 26,073 11,814 Incoming resources from charitable activities 9,280 22,751 32,031 11,497 Totsl incoming resources 202,888 878,941 537,503 1,619,332 1,188,981 Resources expended Charltable activities 200,380 350,495 497,463 1,048,338 1,053,454 Total resources expended 200,380 350,495 497,463 1,048,338 1.053,454 Net incominglloutgoingl funds 528,446 40,040 570,994 135,527 Transfer between funds Net movement In funds 2,508 528,446 40,040 570,994 135,527 8alance brought forward l January 2023 37,873 1,720,140 533,523 2,291,536 2,156,009 Balance carried forward 31 Derntser 2023 40,381 2,248,586 573,563 2,862,530 2,291,536 The statement of flnancial activities includes all gains and losses recognised in the above periods. The attached notes form part of these financial statements. The nature of the unrestrirted and restricted funds is detailed in Notes 12 and 13 to the financial statements.
Grace Baptlst Misslon CIO Balance sheet as at 31 December 2023 Reglstered Charity number 1157506 Note 2023 2022 Flxed assets Tangible fixed assets 1,212,201 1,201,119 Current assets Debtor5 Cash at bank and in hand io 73,228 1,694,882 1,768,110 62,435 1.140,421 1,202,856 Credltors: amounts falling due wlthln one year li 1117,7811 (112,439) Net curyent assets 1,650,329 1.090,417 Net assets 2,862,530 2,291,536 Represented by Funds General Funds Designated Funds 12 2,248,586 573,563 2,822,149 1,720,140 533,523 2,253.663 Restricted Funds 13 40,381 37.873 Total funds 2,862,530 2,291,536 Approved by the trustees on 10 June 2024 and signed on their behalf by: T Q Forryan Ichairmanl R D Felix (Treasurer)
Grace Baptist Mission CIO Statement of cash flow5 for the year ended 31 December 2023 2023 Restricted Fund 2023 Genèral Fund 2023 Designated Fund 2023 Total Funds 2022 Totol Funds Cash flows from operatlng actlvltles: Net cash provlded by operatlng acllvltles (Note 15,950 488,607 41,875 546,432 Cash flows from Investlng actlvltles: Interest Income Purchase of Property. Plant and Equipment Proceeds from the sale of Property, Plant and Equipment Net cash provlded by investln8 acllvltles 26,073 122,7631 26,073 122.7631 11,814 iii,iooJ 4,719 8,029 4,719 8,029 714 Change in cash and cash equlvalents in the reporting period 15,950 496,636 41,875 554.461 159,504 Cash and cash equlvalents at the beglnning thÈ r*port¢d period INote 21 296,990 306,031 537,400 1,140,421 980,917 Cash and ¢ash eouivalents at the end of the reportlng period (Note 21 312,940 802,667 579.275 1.694,882 1,140,421 statement 2023 Restrlrted Fund 2023 General Fund 2023 Oeslgnated Fund 2023 Total Funds 2022 Totol Funds Note l.. Reconclliatlon of net movement5 in funds to net cash flow from operatin8 activities: Net mo¥ement in funds: Adjustments for: Depreciation charges Interest income shown in investment activities 2.508 528,446 40,040 570,994 135,527 6.960 126.0731 6,960 126,0731 4.394 {ii,iooJ Ilncreasel/decrease in debtors Increase/ Idecreasel in creditois Net czsh prowded by operatTrn8 acti¥itie5 12431 13,685 15,950 119,8681 1858 488,607 9,319 17.4841 41,875 110.7921 5,343 S46.432 24,799 5,884 159,504 Note 2.. Analysls of cash and cash equSvalents Cash in hand 312.940 802,667 579,275 1.694.882 1,140,421 Total cash and cash equivalents 312.940 802,667 579.275 1.694,882 1,140,421
Grace Baptist Mission CIO Notes to the financial Statements for year ended 31 December 2023 Accounting policles al Basis of preparation of financial statements 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 IFRS 1021 leffectwe l January 20151 (Charities SORP IFR510211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companie5 Act 2006. The charity constitutes a publlc benefit entity as defined by FRS 102. Assets and liabilities are initiallv recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policv notelsl bl Income Donations and gifts are reflected in the financial statements in the period in which they are received. Income tax recoverable in respect of gift aid donations is brought into account in the same period as the relevant donation. For legacies, entitlement IS taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been ma(Se by the executorlsl to the charity that a distribution will be made, or when a distribution is received from the estate. ReIpt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity ha5 been notified, or the charity is aware of the 8rantin8 of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. cl Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are donatlons whlch the donor has specified are to be solely used for the particular areas of the charity's work. dl Expenditure and irrecoverdble VAT Expenditure is charged to the statement of financial activities on the accruals basis and is mainly allocated across activities based on staff time. Charitable activities are further analysed in note 4 and are split between several tategories including direct charitable expenditure, support. management and administration Costs and governonce costs. Support cost5 are those costs incurred indirectly in sUPPOrt of expenditure on the object5 of the charity or In connection with the management and administration of the charity. Governance costs reflect the costs of complying with constitutional and statutory requirements. Irrecoverable VAT 15 charged as a cost a8ainst the activity for which the expenditure was incurred. el Operating leases Rentals payable under operating leases are charged on a straight-line basis over the lease term. Foreign currencies Assets and liabilities in foreign currencies are Iranslated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterlin8 at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net surplus or deficit.
Grace Baptist Mission CIO Notes to the financial statement5 for year ended 31 December 2023 Icontinuedl gl Penslons The charity makes payments to defined contribution pension schemes for the benefit of its employees. Contributlons charged during the year are written off as incurred. h) Tangible fixed assets Freehold premises are recorded at Insurance value determined when the property wa5 donated by Grace Baptist Mission on l January 2015. No depreciation is provided on freehold premises since the trustees consider that the residual values are so high that their depreciation is insignificant. Depreciation is provided on all other tangible fixed assets at the following rates per annum so as to write off each a55et over its estimated useful working life- Computer and equipment- 33% straight line Other equipment- 20% straight line il Expenses of trustees Trustees are reimbursed necessarily-incurred expenses. These are included in the appropriate cate80ry of resources expended. Il Debtors Trade and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount repaid net of any discounts due. kl Cash at bank and in hand Cash at bank and in hand includes cash and fixed term deposits of varying lengths. The statement of cash flows only reflect5 movements within bank accounts held where the money can be accessed within three months of the date of opening the deposit. No funds at the balance sheet date were on deposit for more than 3 months. 11 Credltors Creditors and provisions are recognised where the Charity has a present obligation resulting 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 normally recognised at their settlement amount after allowing for any discounts due. ml Taxation Grace Baptist Mission CIO is a registered charity and no tax is payable on its net incoming reKJurces.
Grace Baptist Mission CIO Notes to the flnanclal statements year ended 31 December 2023 (contlnued) 2023 Re5trirted Fund 2023 General Fund 2023 Designated Fund 2023 Total Funds 2022 Totol Funds Notes 2 Voluntary Income Donation Ichurch and Personall Income tax recovered on donations Special offerings Deputatlon Legacies Relief and refugee gifts Missionary Conference Special Projects 75,507 223.987 510,350 809,844 932.494 11,598 4,402 16,000 17.750 12,481 6,753 588,769 12,481 6,753 588,769 113,176 17,683 5,840 118,600 56,483 113,176 14,205 14,205 16.820 202,888 843,588 514,752 1,561,228 1,165,670 Incoming sourceS from Charitable actlvltles Holiday conferences, youth work et¢. Trading income 22,751 22,751 9,280 9,280 5.493 9,280 22,751 32,031 11,497 Total resources expended on charitable activities Support of missionaries and mission projects Church relations Support costs Relief and refugee support Holiday conferences, youth work etc. Missionary conference Special projects Governance costs Improvement to properties 75,672 264,944 49,213 30,794 473,873 814,489 49,213 30,794 107,783 829,832 44,122 44,646 62,211 107,783 23,590 23,590 5.981 40,882 19,411 6,369 16,925 16,925 5,544 5,544 21J).380 350,495 497,463 1,048.338 1,053,454 Support costs have been included within the costs of charitable activities. Office costs that do not relate directly to charitable expenditure are further dnalysed in note 6 below.
Grace Baptist Mission CIO Notes to the financlal statements for year ended 31 December 2023 Icontinuedl 2023 Restritted Fund 2023 General Fund 2023 Deslgnatsd Fund 2023 Total Funds 2022 Total Fund5 S Church relations Publications arid publicity Deputation Annual meetings Special events 26,207 6,503 16.503 26,207 6,503 16,503 24,232 3,984 15.794 112 49,213 49,213 44,122 General Support Governance Costs Total 2023 Total 2022 Analysls of governance and support Costs Equipment Property expenses General administration c05t Audit fees Mission council 4,659 14,893 10.652 4,659 14,893 10,652 3,3 2,244 9,975 20.065 14,606 3.330 3.039 3,300 2,244 30,204 5,544 35,748 51,015 Staff costs Wages and salaries Social security costs Pension cost5 251,637 17.839 21,840 242,933 17,525 20,918 291,316 281,376 Number io Number li Average monthly rsumber of employees Staff data relates to all workers based in the U.K. Full time staff are 6 and part time staff are 412022: 6 and 51. There were also a number of volunteers helping the charity. No emoluments are payable to any member of the Charity in their capacity as a trustee. No employee received emoluments of more than £60,00012022'. same). The key management of the charity comprises the Mission Director, Communications Director and the Finance Manager. The total employee benefits of key management personnel for the charity were £I31,7l2022'. £130.5781. 8 Trustees. expen5e5 Travel and subsistence expenses of £71512022: £3991 were paid to 412022: 51 trustees to enable them to attend meetings and generally carry out their governance responsibilities.
Grace Baptist Mission CIO Notes to the flnancial statements for year ended 31 December 2023 {continued) Mi55i0n Centre Abingdon 9 Tangible flxed assets Equipment Total Cost At lJanuary2023 Addition5 Disposals 1,185,OCK) 30.507 22,763 110,3WI 1,215,507 22,763 110,31JJl At 31 December 2023 1,185,1M) 42,970 1,227,970 Depreciutlon At lJanuary2023 Charge for the year Disposals 14,388 6,960 15,5791 14,388 6,960 15.5791 At 31 December 2023 15,769 15,769 Net book values At 31 December 2023 1,185,OCK) 27,201 1,212,201 At 31 December 2022 1,185.000 16,119 1,201,119 Freehold premises are recorded at Insurance value determined when the property was donated by Grace Baptist Mission on l January 2015. All fixed assets are used for direct charitable purposes. 2023 2022 io Debtors Prepayments Other debtors 47.193 26,035 42,710 19,725 73,228 62,435 11 Creditors: Amounts falling due withln one year Trade creditor5 Loans repayable on demand Taxation and social Security cost5 Deferred income 103,492 8,000 6,289 97,938 6.501 117,781 112,439
Grace Baptlst Mlsslon CIO Notes to the Ilnancial ststements for the year ended 310ecember 2023 Icontlnued} Balance I January 2023 Incoming Resources Outgolng Resources Balance 31 December 2023 12 Unrestrictsd funds General 1,720,140 878,941 350,495 2,248,586 Designated 533,S23 537,503 497,463 573,563 2,253,663 1,416,444 847,958 2,822,149 13 Restricted funds The Mission has four restricted funds. The missionaries and mission projects fund hold5 the money designated by the donor for a specific missionary or area of work. The relief and refugee fund holds money speclfically donated to help those in need due to natural disaster or individual circumstances. The Missionary Conference Fund has been Set up to cover the cost of missionary conferences in future year5. The special Projects fund has been cated, with the help of recent legacy Income, to provide grants and support for projects outside the regular work covered by the annual budget. Balance I January 2023 Balance 31 December 2023 ncoming Resources Outgolng Resources Restricted funds Missionaries and mission projects Relief and refugee Missionary Conference Special Projects 42,039 15,1571 75,507 113,176 75,672 107,783 41,874 236 991 14,205 16.925 11,7291 37,873 202,888 21XJ,380 40,381 Tangible Fixed Assets Net Current Assets Total 14 Analysis of net assets between fund5 Restricted funds Designated funds Unrestricted funds 40,381 573,563 1,036,385 40,381 573,563 2,248,586 1,212,201 1,212,201 1,650,329 2,862,530
Grace Baptist Mission CIO Notes to the lin8n¢ial ststements for the year ended 31 December 2023 Icontinuedl 15 Commitment5 Pension commitments The Mission has a pension scheme for all members of its present staff. Premiums paid to this scheme for the year ended 31 December 2023 amounted to £40,44312022.. £44,605). Leasin8 commitments Al 31 December 2023 the Mission had annual commltments of £13,144 under operating leases which expire as follows.. 2023 2022 Leases expirinB within one year Leases expiring within two to five years Lease5 expiring within six to ten years 2,976 10,168 2,976 11,904 1.075 13,144 15,955 16 Related party transactions At the year-end there were no outstanding interest free loans made to the charity from the trustees, which are repayable on demand. Gifts from trustees to the charlty totalled £6,64012022.. £8.7001. 22
12 Abbey Close, Abingdon, OXI 4 3JD Tel: 01235520147 Fax: 01235559796 infodesk@ bm.or .uk Registered Charity 1157506 GRACE BAPTIST MISSION