Grace Baptist Mission CIO Financial Statements for the year ended 31 December 2024 Registered Charity No 1157506 GRACE BAPTIST MISSION
Grace Baptist Mission CIO Contents Page Legal and administrative information Report of the trustees 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 2024 The Trustees present the report and the audited financial statements for the year ended 31, December 2024. Reference and Administrative Information Charity Name.. Grace Baptist Mission CIO Charity registration number.. 1157506 Princlpal Office 12 Abbey Close, Abingdon, Oxon, OX14 3JD Tel. 01235 520147 email infodesk bm.or Website www. bm.or .uk .uk Trustees The following have held office as Trustees during the period l January to 31 December 2024, unless otherwise stated T Q Forryan {Chairmanl H R Sayers (Vice Chairman until 26110/241 I Williams {Vice Chairman from 26/101241 R D Felix {Treasurerl M McDonald (Woman Officer) J Hoadley K L Knight P Kosciecha {from 26/101241 A W Laughton l Lawson N Mistry P Shirtcliffe T Condy (until 26/101241 N Edkins G R Field J Heasman Mission Director DERJones Bankers Santander UK plc, Bridle Road, Bootle, L30 4GB CCLA, COIF Charity Funds, 85 Queen Victoria Street, EC4V 4ET HSBC plc, 6 Hi8h Street, Abingdon, Oxon, OX14 5AZ Auditors Nash Harvey Group LLP, The Granary, Hermitage Court, Hermitage Lane, Maidstone, Kent, ME16 9NT
Grace Baptist Mission CIO Aims and Ob ectives The object of Grace Baptist Mission CIO IG BM 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 this, GBM CIO.. helps member churches to send, support and care for missionaries worldwide co-ordinates ministries of radio and literature from the M ission 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. GBM CIO purposes comply directly with the following of the Charities acts descriptions of "charitable purpose" a) the advancement of religion In each of the aims above the objective is to advance the Christian religion. b) the prevention or relief of poverty From time to time needs and situations are made known by the charity's workers so that churche5 and others can be involved in giving to relieve poverty and especially where natural disaster has occurred. c) the advancement of educ(7tion Theological education is advanced through the specific work of charity workers and the work of radio. Strate The key strategies employed to achieve the charity'5 aims and objective5 are: al to advance the Christian gospel through the world by means of G8M CIO'S workers in church planting, preaching, compassion m inistry and training bl to communicate regularly 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 c} to make visits, by support ministries staff, to the areas where the charity is working to report to supporters and provide care for the workers d) 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 rad io programmes for the purpose of training pastors and sharing the Christian religion gl 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 monitor and review the work of the charity. nificant Activities GBM CIO seeks to implement the strategies in the following ways: al helping churche5 to support and care for the workers they have sent throughout the world bl working with churche5 in sending UK pastors, GBM CIO workers and supporters to train pastors in a number of countries in Africa, Asia, South America and Europe c} supporting church planting initiatives within the UK and continuing our endeavours to reach out to the multi- cultural populations in major cities dl publishing a magazine three times a year to update supporters and member churches concerning the work of GBM CIO, writing a children'5 magazine twice a year so that children 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 an audio and video programme that focuses on one area of the work of GBM CIO n 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 regularly with partner agencies in the care and support of worker5 il reporting to the CIO members at the AGM on the Annual Mission Day which also includes presentations from workers from around the world j) producing radio programmes in both English and French that teach listeners about the Christian religion. The radio team also visit5 area5 where programmes are broadcast to train pastors, to determine future programme needs and to assess the effectiveness of the programmes. kl organising events for both adults and young people which highlight differing areas of the work and opportunities to be involved l) organising Envision teams and individual placements to provide the opportunity for short term service in a mission context. Review of Achievements l. Trustees The Trustees met on four occasions to consider the work of the charity, of these, three meetings were in person, including a two-day conference and one online. Two further committees met on other specified occasions, these were the Finance committee and the Officers committee where the senior staff also attended. 2. Missionaries During the year GBM CIO helped churches to support and care for 49 workers in 14 different countries. This included one Envision apprentice and three associate 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. 3. Radio The radio programmes, which are produced by the radio team both in French and English, are broadcast in Africa respectively from local radio stations and a partner agency, Trans World Radio ITWRI. This is from two of their transmitters in South and West Africa. The English programme, "Serving Today" is designed to equip and train pastors in the majority world while the French programmes. entitled "Espérance Aujourd'hui" help church members to understand their faith better. Other specialist programmes have continued to be produced and broadcast. Along with these programmes, the radio team, with the support of volunteers from member churches, produce booklets that accompany the programmes, in French, English and other selected languages. These are sent by church members when representatives of GBM are preaching and by those who attend Annual Mission Day. The booklets are mailed to the relevant radio stations for distribution to listeners. The Mission Director continued to lead the radio team. 4. Literature GBM CIO workers especially the radio team continue to write, translate, and distribute Christian literature in the form of books and booklets 5. Training GBM CIO works with churches in sending pastors, workers, and supporters to train church leaders in countries in Africa, Asia, South America and Europe. The formal training of ministers of the gospel continues and GBM CIO in 2024 has had input into colleges and other training schemes in Colombia, Peru, Kenya, Serbia, The Philippines, and Central Asia.
Grace Baptist Mission CIO 6. Mission Support Office Along with the ongoing visits to speak at member churches, staff continue to make overseas visits. Paul Brunning (Head of Communications) visited The Philippines to see at first-hand the work of Reuben & Cathy Saywell, Aries and Jodith Liboro and to meet associate missionaries Brian a nd Necy Ellis and to assess work that Envision participants might do. He also visited South Africa where he met one of the radio directors of TWR which broadcasts the Serving Today programmes. He also met with church leaders and others to assess places where Short term Envision participants might be placed. Even though the Mission Director and his wife were unable to make any overseas visits they met each missionary when they were in the UK and they also visited the churches on the Isle of Man. This is only possible every few years. The Finance Manager began the task of changing the accounting software to Xero, it is planned for this to be completed in 2025. 7. Conferences Annual Mission Day, which includes the Annual General Meeting, took place in October, and was held at Friends House, London. This was a physical meeting that was partly live streamed. Over six hundred supporters attended and another few hundred watched online. This wa5 an increase from the previous year. Several missionarie5 from across the world were present and spoke about the opportunities and challenges they encounter in their work. A Youth comp is held at Root Hill Farm in Surrey. After many years of involvement, GBM no longer has any responsibility for the running of this camp. However, two mission workers had the opportunity to speak about their work and on one evening Paul Brunning spoke about the Envision opportunities and also preached. 8. Envision The Envision apprenticeship in Serbia continued until September 2024 when the apprentice returned to the UK. By then they had become fluent in Serbian, taught English to other young adults and helped support the work in the church in many varied ways. 9. Communication GBM CIO'S magazine, "The Herald" was published three times a year and informs churches of GBM CIO'S work throughout the world. Alongside this the children's magazine "Levs Go" was published in the spring and the autumn. Each month the "Partnership In Prayert diary gives supporters the opportunity to receive news from every GBM CIO worker. The aim of this is to encourage prayer and support. 'Prayer Waves" through the media of audio and video, gave in depth information on one area of the work and the occasional "G8M Newsfeed" continued to provide supporters with urgent news via email.
Grace Baptist Mission CIO Financial Review Total income for the year was £1,093,613 and with total expenditure of £1,127,023 the deficit for the year was £33,410. If legacies are excluded, incorne was £1,049,658 which is an increase of 2.1% over the previous year. Likewise, expenditure was £1,069,231 which is an increase of 6.8%. At the year-end total assets were £2,829,120 The balance of the Restricted Fund for Missionarie5 and Mission Projects now stands at £40,552. The result for the year reflects sufficient underlying financial support for the current level of the Mi55ion's activities. Our focus is to achieve a balanced budget whereby income is sufficient to cover costs. Investment Pollc Fixed Asset Investment5 The charity has freehold title to the office at 12 Abbey Close, Abingdon and residential properties at 10 & 11 Abbey Close, Abingdon. The residential property at 10 Abbey Close was in occupation by mission staff. The property at 11 Abbey Close is rented to a third paty. The studio flat which 15 part of Number 11 is being reconstructed to be a separate one-bedroom. We anticipate this being completed in 2025. Llquid Investments The investment policy is to maintain a low-risk liquid position. The aim is therefore to maintain balances in savings accounts that attract competitive interest rate5 but are held within low-risk institutions, Reserves Pollc Our policy is to build and maintain a margin of funds to cover about 6 to 12 months of expenditure. In looking at what is available in the short term to carry on the work we exclude 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 2024 liquid reserves held by the trustees to cover the cost of the ongoing work of the Mission, amounted to £1,522,082. At this level the liquid resenies would cover 16.2 months. The trustees closely monitor the finances of the charity monthly. Future Initiatives and Plans The programmed events for 2025 will include the ongoing development ofthe Envision teams and placements as well as the biannual family camp at Athelington Hall Farm. The Annual Mission Day {AGMI in October is planned to be in person and will also incorporate some aspects online for those who do not wish to or who cannot attend physically. We will continue to utilise the greaterfamiliarity with online events to widen and deepen our communication with supporters, particularly with the week of prayer. We will endeavour to encourage churches to send new workers, and we will ensure that any new missionaries are fully funded.
Grace Baptist Mission CIO Ke Mana ement Personnel Mission Director. Head of Communications: Finance Manager: DERJones P M Brunning A S Woods Structure Governance and Mana Governing Document Grace Baptist Mission is a Charitable Incorporated Organisation as of 17 June 2014 and is a registered charity with the Charity Commission Inumber 11575061. The governing document is the Constitution, which was agreed by the member churches on October 23, 2014, at the AGM. This was amended by the member churches at the AGM in 2024 on October 26 th ement Appolntment of Trustees Trustees are members of member churche5 and may serve for a period of three years before they need to be re-elected. The election takes place 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 appropriate external training where this will facilitate the undertaking of their role. There is also an in-house training day to help new trustees understand betterthe work of the charity. Organlsation The Trustees meet at least four times a year to review all aspects of the charity's attivities. The are two sub-committees to assist with the running of the charity, namely the Officers committee, responsible for meeting with senior staff between trustee meeting5 and the Finance committee, tasked with specifically monitoring and managing the charity's finances. Members ofsub-committees.. Officers committee- T Forryan (Choirmon), RD Felix (Treasurer), M McDonold (Woman Officer). HL Sayers (Vice Choirman until 26/10/24), I Williams (Vice Choirmon from 26/10/24) Finance Committee- RD Felix (Choirman), KL Knight, l Lawson, L Evans {co-optedl and J Jarvis Ico-optedj. Trustee Remuneration and Related Parties No trustees received remuneration during 2024. Details of trustee expenses are disclosed in note 8 to the accounts. There were no related paty transattions reported in the year between the charity and any trustees, senior managers, or any of the third parties with contractual relationships with the charity. Pay Policy for Staff The pay of staff is reviewed annually using a standard formula benchmarked against published pay increases by the Baptist Union. Risk 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 satisfied that Systems are in p13ce to mitigate exposure to the major risks.
Grace Baptist Mission CIO Trustees, Responsibilities in Relation to the Financial Statements The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The charity's trustees are responsible for preparing financial statements for each financial year that gives a true and fair view of the charity's incoming resource5 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 is inappropriate to presume that the charity will continue in business State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financi31 statements The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity 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. Audltors In accordance with the constitution, a resolution to re-appoint Nash Harvey Group LLP as Auditors for the ensuing year th was approved by the delegates at the Annual General Meeting on October 26 2024. Statement of Disclosure of Information to Auditors: There is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by the Board of Trustees on 9 June 2025 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 2024 which comprise the Statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard 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's affairs as at 31 December 2024 and of its incoming resource5 and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Internationa I Standards on Auditing IUK) IISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis 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 charity's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information 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 express 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 misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Grace Baptist Mission CIO Matter5 on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) 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 accounting records; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As expla ined more fully in the statement of trustees responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, 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 using the going concern basis of accounting unless the trustee5 either intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the financial statements 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 auditor's report 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 considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, 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, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design a nd perform audit procedures responsive to those risks, including obtaining audit evidence that is suff icient and appropriate to provide a basis for our opinion. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. •the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities a nd skills to identify or recognise non-compliance with applicable laws and regulations, •we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector, io
Grace Baptist Mission CIO •we focused 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 Charities Act 2011, taxation legislation, data protection, anti- bribery, employment, environmental and health and safety legislation, •we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting 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 assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: •making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged 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 management bias and override of controls, we.. 'performed analytical procedures to identify any unusual or unexpected relationships, •tested journal entrie5 to identify unusual transactions, •assessed whetherjudgements and assumptions made in determining 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 whith included, but were not limited to: •agreeing financial statement disclosure5 to underlying supporting documentation, •reading the minutes of meetings of those charged with governance, •enquiring of ma nagement as to actual and potential litigation and claim5, a nd •reviewing correspondence with HMRC, relevant regulators, and the charity's legal advisors. There are inherent limitations in our audit procedures described above, The more removed that laws and regulations are from financial transactions. the les5 likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees 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 Misslon CIO A further descrlptlon of our responslbilltles Is available on the Flnanclal Reportlng Council's webslte at.. https://www.frc.org.uVauditorsre5ponslblllties. Thi5 descriptlon forms part of our auditor's report. Use of our report Thls report Is made solely to the charfty's trustees, as a body, in accordance wlth part 4 of the Charities (Accounts and Reports) Resulatlons 2008. Our audlt work has been undertaken so that we might state to the charity's trustees those matters we are requlred to state to them In an auditors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the charlty and the charltls trustees as a body, forour audlt work, for thls report, or for the oplnlons we have formed, John Alder FCA {Senlor Stattrtory Audltor) For and on behalf of Nash Harvey Group LLP 2nd June 2025 Chartered Accountants Statut1 Audftor The Granary Herrnitage Court Hermltage Lane Maldstone Kent ME16 9NT Nash Harvey Group LLP 15 ellglble for appointment as audltor of the charity by vlrtue of Its ellgiblllty for appolntment as audltor of a company underof section 1212 of the Companies Act 2006. 12
Grace Baptlst Mlsslon CIO Statement of flnanclal actlvltles year ended 31 December 2024 2024 Restrl£ted Fund 2024 General Fund 2024 Deslgnated Fund 2024 Total Funds Note 2023 Tott71 Funds Income resources Incomlng resources from generated funds Voluntary Income Donatlons and legacles 128,946 309,714 602,524 1,041,184 1,561,228 Interest Income 44,784 44,784 26.073 Incomlng resources from charltable activltles 7,645 7.645 32,031 Total Incomlng resources 128,946 362,143 602,524 1.093,613 1,619 332 ReurCeS expended Charltable actlvltles 128,775 436,849 561,399 1,127,023 1,048 338 Total resources expended 128,775 436,849 561,399 1,127,023 1,048.338 Net Incomlng/(outgolng) funds 171 {74,7061 41,125 {33,4101 570,994 Transfer between funds Net rnovement In funds 171 174,706) 41,125 133,4101 570,994 Balance brought fotward l January 2024 40,381 2,248,586 573.563 2,862,530 2,291.536 Balance carrled fonvard 31 December 2024 40,552 2,173,880 614,688 2,829,120 2,862,530 The statement of flnanclal activitles includes all gains and losses recognlsed In the above perlods. The attached notes form part of these financlal statements. The nature of the unrestrlcted and restricted funds Is detalled In Notes 12 and 13 to the financial statement5. 13
Grace Baptist Mission CIO Balance sheet as at 31 December 2024 Registered Charity number 1157506 Note 2024 2023 Fixed assets Tangible fixed assets 1,266,486 1,212,201 Current assets Debtors Cash at bank and in hand 10 62,147 1,622,075 1,684,222 73,228 1,694,882 1,768,110 Creditors: amounts falling due within one year 11 (121,5881 (117, 781) Net current assets 1,562,634 1,650,329 Net assets 2,829,120 2,862,530 Represented by Funds General Funds Designated Funds 12 2,173,880 614,688 2,788,568 2,248,586 573,563 2,822,149 Restricted Funds 13 40,552 40,381 Total funds 2,829,120 2,862,530 Approved by the trustees on 9 June 2025 and signed on their behalf by.. T Q Forryan (Chairman) J/t, R D Felix (Treasurer) 14
Grace Baptist Mission CIO Statement of cash flows for the year ended 31 December 2024 2024 Restricted Fund 2024 General Fund 2024 Designated Fund 2024 Total Funds 2023 Totol Fund5 Cash flows from operatlng activities". Net cash provided by operating activitles (Note i) 18,247 1111,1491 39,495 153,4071 546,432 Cash flows from investing actlvities: Interest Income Purchase of Property, Plant and Equipment Proceeds from the sale of Property, Plant and Equipment Net cash provided by investing actlvities 44,784 17191 44,784 17191 26,073 122,763) 4,719 8,029 44,065 44,065 Change in cash and cash equivalents in the reportlng period 18.247 1130,5491 39.495 172,8071 5S4,461 Cash and cash equivalents at the beginnlng the reported period (Note 21 312,940 802,667 579,275 1,694,882 1,140.421 Cash and cash equivalents at the end of the reportlng perlod (Note 21 331,187 672,118 618,770 1.622,075 1,694.882 Notes to cash flow statement 2024 Restricted Fund 2024 General Fund 2024 Designated Fund 2024 Total Funds 2023 Total Funds Note I: Reconclllatlon of net movements in funds to net cash flow from operating activltles: Net movement in funds: Adjustments for: Depreciation charges Interest income shown in investment activities 171 174.7061 41,125 133,4101 570,994 9,899 144.7841 9,899 144,7841 6,960 (26,073) {Increaselldecre3se in debtors Increase/ Idecreasel in creditor5 Iet cash provided by operating actlvltles 9.696 8,380 18,247 675 12,2331 1111,1491 710 12,3401 39,495 11,081 3,807 153,4071 (10,792) 5.343 546.432 Note 2.. Analysis of cash and cash equlvalents Cash in hand 331,187 672,118 618,770 1.622,075 1,694.882 Total cash and cash equivalents 331,187 672,118 618,770 1,622.075 1,694.882 15
Grace Baptist Mission CIO Notes to the financial statements for year ended 31 December 2024 Accounting policies a) 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 (effective l Ja nuary 2019} (Charities SORP {FRS102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl b} Income Donations and gifts are reflected in the financia I 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 made by the executorlsl to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified, or the charity is aware of the granting 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. c) Fund Accountlng General funds are unrestricted funds which are available for use at the discretion of the trustee5 in furtherance of the general objectives of the charity and which have not been designated for other purpose5. Restricted funds are donations which the donor has specified are to be 501ely used for the particular areas of the charity's work. d) Expendlture and irrecoverable 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 categorie5 including direct charitable expenditure, support, management and administration costs and governance costs. Support costs are those costs incurred indirectly in support of expenditure on the objects 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 is charged as a cost against the activity for which the expenditure was incurred. e) Operating leases Rentals payable under operating leases are charged on a straight-line basis over the lease term. fl Forelgn currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling 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. 16
Grace Baptist Mission CIO Notes to the financial statements for year ended 31 December 2024 (continued) g) Pensions The charity makes payments to defined contribution pension schemes for the benefit of its employees. Contributions charged during the year are written off as incurred. h) Tangible fixed assets Freehold premises are recorded at Insurance value determined when the property was donated by Grace Baptist Mi55ion on l January 2015 with subsequent additions recorded at COSt. No depreciation is provided on freehold premises since the trustees consider that the residual values are so high that their depreciation is insignificant. The property ha5 been reviewed for impairment with no adjustments deemed necessary. Depreciation is provided on all other ta ngible fixed assets at the following rates per annum 50 as to write off each asset over its estimated useful working life: Computer and equipment- 33% straight line Other equipment- 20% straight line i) Expenses of trustees Trustee5 are reimbursed necessarily-incurred expenses. These are included in the appropriate category 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. k} 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 reflects 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 Creditors Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the tra nsfer of funds to a third pa rty 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 G race Baptist Mission CIO is a registered charity and no tax is payable on its net incoming resources. n) Going Concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees contintje to adopt the going concern basis of accounting in preparing the financial statements. 17
Grace Baptist Mission CIO Notes to the financial statements year ended 31 December 2024 (continued) 2024 Restricted Fund 2024 General Fund 2024 Designated Fund 2024 Total Funds 2023 Total Funds Notes 2 Voluntary income Donation (Church and Personall Income tax recovered on donations Special offerings Deputation Legacies Relief and refugee gifts Missionary Conference Special Projects 78,771 233,573 597,633 909,977 809,844 11,845 4,891 16,736 16,000 14,990 5,351 43,955 14,990 5,351 43,955 39,492 12,481 6, 753 588, 769 113,176 39,492 10,683 10,683 14,205 128,946 309,714 602,524 1,041,184 1,561.228 Incoming resources from Charitable activities Holiday conferences, youth work etc. Trading income 22,751 7,645 7,645 9,280 7,645 7,645 32,031 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 project5 Governance costs Improvement to properties 81,322 330,370 48,235 42,549 561,399 973,091 48,235 42,549 39,492 814,489 49,213 30, 794 107,783 39,492 23,590 7.961 7,961 12,061 3,634 16,925 5,544 12,061 3,634 128,775 436,849 561,399 1,127,023 1,048,338 Support costs have been included within the costs of charitable activities. Office costs that do not relate directly to charitable expenditure are further analysed in note 6 below.
Grace Baptist Mission CIO Notes to the financial statements for year ended 31 December 2024 (continued) 2024 Restricted Fund 2024 General Fund 2024 Designated Fund 2024 Total Funds 2023 Total Funds 5 Church relations Publication5 and publicity Deputation Annual meetings Special event5 24,309 6,624 17,302 24,309 6,624 17,302 26,207 6,503 16,503 48,235 48,235 49,213 General Support Governance Costs Total 2024 Total 2023 Analysis of governance and support costs Equipment Property expenses General administration cost Audit fees Mission council 13,371 16,648 12,530 13,371 16,648 12,530 7,400 4,661 4,659 14,893 10,652 3,300 2,244 7,400 4,661 42,549 12,061 54.610 35,748 Staff costs Wages and salaries Social security costs Pension costs 299,345 22,839 22,803 251, 637 17,839 21,840 344,987 291,316 Number li Number io Average monthly number of employees Staff data relates to all workers based in the U.K. Full time staff are 7 and part time staff are 412023: 6 and 41. 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 £60,00012023: 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 £143,32012023- £131,700}. 8 Trustees, expenses Travel and subsistence expenses of £1,113 {2023.. £7151 were paid to 412023: 41 trustees to enable them to attend meetings and generally carry out their governance responsibilities. 19
Grace Baptist Mission CIO Notes to the financial statements for year ended 31 December 2024 (continued) 9 Tangible fixed assets Freehold Property Equipment Total Cost At l January 2024 Additions Disposals 1,185,000 63,465 42,970 719 1,227,970 64,184 At 31 December 2024 1,248,465 43,689 1,292,154 Depreciation At ljanuary 2024 Charge forthe year Disp05als 15,769 9,899 15,769 9,899 At 31 December 2024 25,668 25,668 Net book values At 31 December 2024 1,248,465 18,021 1,266,486 At 31 December 2023 1,185,000 27,201 1,212,201 Freehold premises are recorded at insurance value determined when the property was donated by Grace Baptist Mission on l January 2015 with subsequent additions recorded at cost. All fixed assets are used for direct charitable purposes. The freehold property comprises of an off ice and two residential houses with additions in the year being the development of an additional flat within the existing buildings. 2024 2023 io Debtors Prepayments Other debtors 47,804 14,343 47,193 26,035 62,147 73,228 li Creditors: Amounts falling due within one year Trade creditors Loans repayable on demand Taxation and social security costs Deferred income 107,124 8,000 6,464 103,492 8,000 6,289 121,588 117,781 20
Grace Baptist Mission CIO Notes to the financial statements for the year ended 31 December 2024 (continued) Balance I January 2024 Incoming Resources Outgoing Resources Balance 31 December 2024 12 Unrestricted funds General 2,248,586 362,143 436,849 2,173,880 Designated 573,563 602,524 561,399 614,688 2,822,149 964,667 998,248 2,788,568 13 Restricted funds The Mission has four restricted funds. The missionaries and mission projects fund holds the money designated by the donor for a specific missionary or area of work. The relief and refugee fund holds money specifically 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 created, 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 2024 Balance 31 December 2024 Incoming Resources Outgoing Resources Restricted funds Missionaries and mission projects Relief and refugee Missionary Conference Special Projects 41,874 236 78,771 39,492 81,322 39,492 39,323 236 {1,7291 10,683 7,961 993 40,381 128,946 128,975 40,552 Tangible Fixed Assets Net Current Assets Total 14 Analysis of net assets between funds Restricted funds Designated funds Unrestricted funds 40,552 614,688 907.394 40,552 614,688 2,173,880 1,266,486 1,266,486 1,562,634 2,829,120 21
Grace Baptist Mission CIO Notes to the financial statements for the year ended 31 December 2024 (continued) 15 Commitments 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 2024 amounted to £44,14312023: £40,443). Leasing commitments At 31 December 2024 the Mission had annual commitments of £10,168 under operating leases which expire a5 follows: 2024 2023 Leases expiring within one year Leases expiring within two to five years Leases expiring within six to ten years 2,976 7,192 2,976 10,168 10,168 13,144 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 charity totalled £2,218 (2023: £6,640}. 22
12 Abbey Close, Abingdon, OX14 3JD Tel: 01235520147 Fax: 01235559796 infodesk@ bm.or Registered Charity 1157506 GRACE BAPTIST MISSION