Charlty registratlon number 1171397 STREET BAPTIST CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 STREET BAPTIST CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees P Bryer C Ford J Oubridge Rev T Styles Charity number 1171397 Independent examlner ART Accountants Limiled Ground Floor 11 Manvers Street BAI 1JQ STREET BAPTIST CHURCH CONTENTS Pag8 Trustees. report Independent examinerfs re Statement of financial activities Balance sheet Notes lo the financial slatemenls 6-15 STREET BAPTIST CHURCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial stalemenls for the year ended 31 March 2023. The fin8ncial statements have been prepared in accordance wilh the accounting policies set out in note 1 to the financial statements and comply with the ¢harty's Igoverning documentl. the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalement of Recommended Praciice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 2019}. ObjecUves and a¢tlvities The objectives of the Church are". The advancement of the Christian Fatth in accordan￿ wilh the Basis of Faith. primarily but not exclijsively within Street and the surroundtng neighbourhood,. and Such other charitable purposes as shall, in the opinion of the Members of the Church in General Meeting. further the work of the Church. The trustee5 have paid due regard to guidance issued by the Charrty Commission in d￿ldIng what activities the Charity should undertake. The Church undertakes a full programme of meetings and activities lo spiritually strengthen those who attend regularly and lo reach people in the area with the Gospel. As well as Sunday Services. the programme covers, Toddlers, Children and Youth work, Men's and Ladies Fellowships together wtiti Prayer Meetings and Growth Groups. 1115 very encouraging to have so many people of &1 ages worship with ijs. During this past year our community Work continued. This work includes a Meals delivery service, Takeaway Méals, Food and Clothing 8anks and shower la¢ililie5. This work is a tremendous blessing to those in need thin our local a￿a and given us the opportunity to practically show the love of God. The Church conts'nues lo work closely Chriskn"ansAgainsl Povety (CAP). operating a CAP Debt Cent￿. The Church runs Aipha courses whith have been a great blessing to many. These courses seek to introduce the basics of the Christian faith through 8 series of lalks and discussions. Achievements and performance Although the Church does not measure the Success of rts programmes in numbers. membership growth continues and there is much for us to be thankful foi The Church's vision remains lo increase ils aclivilies and role within the community and ￿ look forward t¢ this work Lleveloping over the next year. Flnancial review It is the Policy of the charity that unrestrided funds which have not been designated for a specffic use should rnaintained al a level equivalent to a minimum of three month's expenditure. The trustees considers that reserves at this level will ensure that, In the event of a significant diop in funding. they wll be able lo continue the charity's current activities while consideration is given to ways in which additional funds may be raised. Thi5 level of reserves has been maintained throughout the year. Reslricled funds of £1,566.747 {2022 - £1,510.037} were held at the year end. The majority of this is in relation lo donations for the new building. The trustees have assessed the major risks to whith the charity is exposed, and are satisfied that systems are in place lo rniligale exposure lo the major risks. STREET BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure. governan￿ and m•nagement The charty is a Charitable IncorKL)rated Organisation. There are ￿rrenty fourtrustees appointed in line with the Constitub"on. These will comprise Pas¢or(s). Church Admin￿tra￿, Chwth Treasurer and others selected by the Elders and Deacons. Thg trusts8$ who séwl during the year and up to the date of sgnature ofthe finaThial statements wer8.. P Bryér C Ford J Oubridge Rev T Wes Non8 of the trustees has any beneficial Interest in the company. All of the trustees are memtjers of the ¢crfnwy and guarantee lo contrikyjte £1 in th6 event of a V•iThling up. The trustees meet at ￿81 on a quarterty basis and will dis￿$5 the finarval F¢￿￿On of Church and reports on Health & Safety, SafoguanliThJ, Data Proteclion b3ether*ith any Duty of ca￿ issues or Serious Inadenls. The trust￿, report was appmed by the Board of Trustee& C Ford Trustee Dated.. ai.Th.6.Ky. kn23 STREET BAPTIST CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STREET BAPTIST CHURCH I report lo the Iru51ees on my examinats.on of the financial stslements of Street Baptist Church (the ¢harilyl for the year ended 31 March 2023. Rgsponslbilities and basis of report As the Iruslees of the charity you are responsible lor the preparation of the finanual statements in accordance with the requirements of the Charities Act 2011 Ithe 2011 Acti. I report in ￿SpeCt of my examination of the charity's financial stalements carried out under sedion 145 of the 2011 Act. In Carrying out my examination I have followed all the applicable Direcb"ons given by the Charity Commission under section 14515}Ib) of the 2011 Act. Independent examiner's statement Your attèntion is drawn to the fact that the charity has prepared financial statement5 in accorda￿e with Accounting and Reporting by Charitiés preparing their accounts in J￿rdance wrth the Financial Rep(Kting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charit'es.. Slalement of Recommended Praclice issued on 1 Aprtl 2005 which is referred to in the exlanl regulations but has now been wlhdrawn. l understand that this has been done in order for financFal slalements to PTOVtde a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come lo my attention in conneclicii swth the examination giving me cause lo believe that in any material respe¢t". accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act.. or the financial slatemenls do not a￿Ord with those ￿Cords.. or the financial slalements do not compty with the applicable requ1￿mentS conceming the form and content of accounts sel out in the Charities IA¢counts and Reports) Regulations 2008 other than any requiremènt that the accounts give a true and fair view which rs not a matter considered as part of an independent examination. 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 understsnding of the financial slalemenls lo be reached. IE$ Peter Barton FCCA ART Accountants Llmlted Ground Floor 11 Manvers Street Bath BA1 1JQ Daled". STREET BAPTIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Donations and legacies Investments 152.837 259 66.143 61 218.980 320 146.223 33,938 180.161 Total In¢ome 153.096 66.204 219,31 146.230 33,938 180,168 Charitable a¢tivrf(ies 164.197 9,494 173,691 148,179 20,661 168.840 Net lexp&nditurellincome for the yearl Net movement In funds {11,101} 56,710 45.609 11,9491 13,277 11,328 FLJnd balances al 1 April 2022 882,855 1.510.037 2.392.892 884,804 1,496,760 2,381,564 FLrnd balances at 31 March 2023 871,754 1.566,747 2,438.501 882,855 1,510,037 2,392.892 The statement of financial activities indudes all gains and losses recognised in the year. All income and expendrture derive from continuing activrties. STREET BAPTIST CHURCH BALANCE SHEET AS AT31 MARCH 2023 2023 2022 FIX￿ a5$0ts Tangib19 assets Currgnt assets Debtors Cash 8t bank and in hand 2,285.000 2,285,000 10 19,979 165.734 5,557 112.792 Credltor5". amounts falllng du• *lthln onè year 185.713 118,349 12 (12.212) (10,45n Nel ¢yJrrent assets 173.501 107.892 Total assets less current lthbllltles 2,458,501 2,392.892 Credltors: amounts falllng due aftor more than on? year 13 120,000) Net a58ets 2.438.501 2,392,892 Capltsl and Income funds Building capital fund Other restrictgd funds 1.470,583 96.184 1.470,583 39,454 14 Unr stri Designated funds.. Missionary Support 1.566.747 1.510,037 15.056 7.405 19,314 13.782 16 General unrestricted fijnds Revaluation reserve 22.461 34,876 814.417 33,096 35.342 814.417 871,754 882.855 2.438.501 2,392,892 The Ilnanaal statements were approved by the Trustees 0Tr29fr &7.. P Bryer Trusteè C Ford Trustee STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles Charity infomiatlon Street Baptist Church is a Charitable Incorporated Organisalion. 1.1 Accountlng conventlon The financial slalements have been prepared in accordan￿ ￿tti the charity's Igoveming d0￿mentI, the Charities Act 2011. FRS 102 -The Financial Reporting Standard applic2ble in the UK and Republic ol Ireland. I"FRS 102.1 and the Charibes SORP -Aceounting and Reporting by Charities". Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20391. The charity is a Public 8enefil Entity as defined by FRS 102. The Charty has taken advantage of the provision5 in the SORP for charitie5 not to prepare a Stslwnenl ol Cash Flows. The finanaal 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 tharities applying FRS 102 rather than the version of the Statement of Recommendeanks, other short-temi liquid investments with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borr¢)wings in current liabilities. 1.9 Financial Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Sect'on 12 'Oth&r Financial InstTumenls Issues. of FRS 102 to all of ils finanryal instruments. Financial instruments are recognised in the tharrty's balance sheet when the tharity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset. wrth the nel amounts presented in the financial slalefflenls, when there Is a legally enforceable right lo set off the iecognised amounts and there is an intention to settle on a nel basis 01 lo realise the asset and settle the liability simLtltaneously. Basic financial a55ets Basic financial assets. which include debtors and cash and bank balances. are ini11811y measu￿￿ at transaction price includin9 transaction c05t5 and are subsequently ￿rried at amortised cost using the effective Interest method unless the arrangement conslilutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial asset5 classified as receivable within one year a￿ not amortised. STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ountlng policies Iconllnuedl Basic finan¢lal liabilities Basic financAal liabilities, induding creditors and bank loans are initially recognised at transaction price unless the arrangement ￿nStituteS a finanang transactton. where Ihe debt instrument is measured al the present value of the future payments discounted al a market late of interest. Financial liabilitias elassified as payable within one year are not amortised. Debt instruments are subsequently carrted at amortised cost, using the effective interest rale method. Trade credilois are obligations lo pay for good5 or services that have been acquired in the Ordin￿ course ol 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 creditor5 are ￿cOgnised Initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognltlon of financlal liabilllles Financial liabilitie5 ale derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiinalion benefits are recogni5ed imme(lialely as an expense when the charity is demonstrably commitl&d to lerminale the employment of an employee oi lo provide lem)inalion benefits. 1.11 Retirement beneflts Payments to defined contribution rel1￿ment benefit schemes are charged as an expense as they lall dLJe. cr1￿Cal accounting estlmates and judgemtrnts In the application of the charity's accounting policies, the ttustees ale required lo make judgements. estimates and assumptions about Ihe carying 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 resutts may drffer from these eslimales. The estimates and underfying assumptions a￿ reviewed on an ongoing basis. Revisions to accounting esb"mates are recognised in the period in which the estimate is revised Whe￿ the revision affects ￿lY that period, or in the period of the revision and futuce pellods where the revision affects both Cu￿nt and fvlure periods. STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donatlons and legacles Unrestricted Restricted funds funds Total Unrestricted funds Restricted funds Totsl 2023 2023 2023 2022 2022 2022 Donations and grfts 152,837 66,143 218.980 146.223 33,938 180,161 Donatlons and gifts Offerin9S Gift Aid Refund Gift Day Support Fund Other Gifts Ca￿p Ukraine Refugee Appeal Community Meals Manse Purd)a5e 122,328 25,824 6.940 985 129,268 26.809 111,267 24.472 745 305 9,434 14.149 1.683 125.416 26.155 745 305 9.434 4.685 4.685 3,450 1,686 2.082 51.000 3.450 1.686 2.082 51.000 8.277 9.829 8.277 9.829 152.837 66.143 218,980 146,223 33,938 180.161 Investments Unrestrlct•d Restricted funds funds Total Unr8$trlcted funds 2023 2023 2023 2022 Interest receivable 259 61 320 STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charftsble activitles 2023 2022 Staff ¢osls- Ministry Ministry Property Cost$ Restricted Fund Expenditure (see note 12) Speakers and Gifts Electric and Gas Insurance Maintenance IT and AV Costs Office Costs Cleaning and Kitchen Subs¢riplions and Licences Other Expenses Community Outreach Support Fund 40,333 39.709 9,494 3.930 11,328 1.134 6,669 1,628 4,162 3,625 5.421 5.718 7,221 6,450 32.488 36.477 20,661 1.240 6.404 2.050 4.979 5.084 6.536 4,798 5.669 6,152 4,552 4,000 146,822 141,090 Missionary Share of govemance costs (see note 61 25.969 900 26.850 90CI 173.691 168.840 Analysis by fund Unreslricled funds Rèstricted funds 164.197 9.494 148,179 20,661 173,691 168,840 Support costs Support Governance costs costs 2023 2022 Independent Examination 900 900 900 900 900 90CI Analysed be￿een Charitable activities 900 900 900 Governance costs indudes payments lo the Independe￿ examinet of £90012022- £900). 10- STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustee$ Rev T Styles, was a trustee for the year and received aggregated rernuneration during this time of £28,066 12022 £29,730) for services as a Pastor to the Church. Propety costs as50cialed with this employment of £39.70912022- £32,593) were also paid. Employèes The average monthly number of employees dLEring the year was.. 2023 Number 2022 Number Employment Gosts 2023 2022 Wages and salaries Social security costs Other pension co$15 36,955 484 2,894 29,511 235 2,742 40,333 32,488 There were no employees whose annual rèmunerab.on was more than £60.000. STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Tanglble fixed assets Freehold larKI and bulldln95 ost or valuation Al 1 April 2022 2,285,000 At 31 March 2023 2,285,000 Carrying amount Al 31 March 2023 2,285,OOQ Al 31 March 2022 2,285.000 Land and buildings with a Carrying amount of £2,285.000 were revalued al 9 June 2020 by Cooper and Tanner, independent valuers not connected wth the charity on the ba515 of market value. The valuation conforms lo International Valuatson Standards and was based on recent marf¢et transactions on arm's length lemis for similar properties. Al 31 March 2023. had the revalued assets been carrged al historic cost less a¢¢umulaled depreciation and accumulated impairment losses. their carying amount would have been approximately £1,470,583 12022 £1,470,5831. The original ￿$t of the church building in 1814 is unknown a5 IS the new hall built in 1968169. th the ￿mpletIon of building works in late 2019 the ￿$tricted expenditure f￿ this has now been capitali5ed under tangible fixed assets. As mentioned above the Trustees have now obtsined a current valuation of the property in order lo carry the freehold property at market valuation. The church replaced FIEC as Holding Trustee of the propety in February 2019. 10 Debtors 2023 2022 Arnounts falllng due wlthln one year. Other debtors 19.979 5.557 11 Loans and overdrafts 2023 2022 Other loans 20,000 Payabltr after one year 20,000 12 Credltor5- amounts falling due wlthin one yèar 2023 2022 Accruals and deferred income 12,212 10,457 12- STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 13 CredStors- amounts falllng due after more than one year 2023 2022 Bolrowings 20,000 13- ro (TJ ts) o(w ) o) *0< UJ J CFJ 0> Jzuu(n STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Analysls of net assets between funds UnrgStrl¢ted Restrl¢ted 2023 2023 Total Unrestricted Restricted 2023 2022 2022 Total 2022 Fund balances al 31 March 2023 are represented by.. Tangible assets Current asselsllliabililiesl Long tem) liabilities 814,417 77.337 120.0001 1,470.583 96,164 2,285.000 173,501 120,0001 814,417 68.438 1,470,583 39.454 2.285,000 107,892 871,754 1.566,747 2.438,501 882.855 1,510.037 2.392.892 17 Events after the reportlng date On 7 June 2023 the Church purchased a new Manse for £785.000. Rev T Styles and family will eontinue lo live in the Manse as part of their service to the Church. 18 Related party transactions There were no disclosable related party transactions during the year. 15-