Charfty reglstratlon number 1171397 STREET BAPTIST CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
STREET BAPTIST CHURCH LEGAL AND ADMINISTRATIVE INFORMATION P Bryer C F¢xd Rev T Styles M Dukes (Atv)inteO 1 Seplomber 20241 Chaffty number 1171397 Indwndent examlngr ART Acecrtrntarrts Limrted Ground Floor &A1 1Ja
STREET BAPTIST CHURCH CONTENTS P•g• Trustees. report Independent examine¢s rer*xt Statement of financial ach.¥eS Balance sheet Notes to the finarKial statements 6-17
STREET BAPTIST CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their anTrU report and financial atements for the year ended 31 Marth 2024. The financial stslemenls have been prepared in ac£ordance with accounb.ng Fdicies set out In 1 to the firkincial statements and comply th the charrvs tgoveming dixumenll, the Charitses Act 2011 and 'Accounting and Reporting by Charities.. Slalement of Recommended Prathce pICable lo chanties preparing their accounts in aecoidance with the Financial RepLNting Stsndard appIable in the UK and Republic of Ireland IFRS 1021. (effective l January 2019). Objèctlvos and actlvitles The objectives of the Churth are.. The advancement of the Christian Failh in accordarKe wth the Basis of Faith. primarily but not exclusively within Street and the surrounding neIght¥)urt,. and Such other charitable putposes as shall. in the opinion of the Members of the Church in General MeelirKJ, further the ofthe Church. The tru8tees have paid due r* to guidarKe iss1 by Ihe Charty Gcrfnmission in deciding what activitiès the charity should undertake. The Churth undertakes a full programme of meetings and aebvibes to spirrttHlly strengthen th vtho attend regulady and to r&%h people in the area with the Gospel. As Y1 as Sund8y &ir£S. we hold Prayer Meetings and Gr¢h Grps. The community of the Church continues DOor-t000r Evangelism. Toddlers, Children and Youth work, TaAway£hUrth (TAC) and we work with local sthools in the area. It is very encouiaging to involve so many ppIe of all ages in our Ministy. The Church mns Apha COLtrses which have been a great bleng to many. These courses seek lo 1ntrtsdL8 the basics of the Christian farth through a series of talks and discJJswon8. Achlevements and perforniance Although the Church does not meawre the of its programmes in numbers. we continue to welcome new members and there 18 a great deal to be thanklul for. The Church's ViSFon remains to irvease ib ¥tiVIt and role within the Mmunity and we Iwk fomard lo this work developing over the next year. Flnanclal revlew 11 is the policy of the charity that unrestricled funds whbch have not bgon designated for a spetsfiG use Should be maintained at a level equwalerrt to a minimum of three month's expenditure. The tnjstees considers that reserves 81 this level wll ensure that, in the event of a signifant drop in funding, they will be able to continue the charty's current activities while consideration is given to ways in whth addrtb)nal furvjs may be raisod. This levej of reserves has been maintaird throughout the year. Restricted fvjnds of £1,565,126 {2023- £1,566.747) were herd at the year end. The majority of this 18 In relation to donations for the new building. The trustees ttave assessed the major risks to vknich the (tsrity is exposed. 8TrJ are satisfied that systems are in place to mitigate exposure lo the map)r risks.
STREET BAPTIST CHURCH TRUSTEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 8tThCre. govom•nc• and m•nag•oxnt Th8 ¢harfty 18 a Charltable Incorpxated {kganl8ati. There are rreth knr truees appointed in line with the Constiiutton. Th888 will eompn'gé Pastrf$), ChIh Admini8trattY, Chwth Treasurer and other8 sekcted by Ihe Eiders arKI Deac P Bryer C Ford J Outffldge Rev T Styles M Dukes {RwiThl 31 March 2024) I4pnted 1 Seoombw 2024) and guarantee to ccYrtMbuto £1 in the enI ofa 1nding w. Tho truthes meet * 8t on a (•Mrtety b VAN the frb8nod p)5 of the Churth and rew on Heallh & Safety. Safeguarthng, Data Proteckn togr llh ary t)Jty of Care IS8$ or Serious Indderts. C Ford Dated...kn.V..kn¥
STREET BAPTIST CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STREET BAPTISTCHURCH I report lo the twstees on my 6xamination ofthe fiftanGi stslements of Streèt B8Pti81 Church lthe charity) for the year ended 31 March 2024. Ra¥pon$lbllitl•s and basls of rèport As the trustees of the chanty you are fesponsible for the prepati¢ of the financi81 stst6ments in &cordance the requirements ofthe CttaritiesAct 2011 (the 2011 Act). I report in respect of my 8xaminatiLYt of the finaniial ¥tatemrtS Carried (Krt under se(ion 145 of the 2011 Ad. In canying out my examlnats.on I have folkAved all Ihe applicable Diredions given by the Charity Commission under section 14515llb) of the 2011 Act. Ind8p8ndent examlnerfty statement Your attention is drawn lo the faGt that the charrty has prepared financtal statements in accorda with AcntIng and R8FQrtr'ng by Charities preparing their ac£ounts in accordance w7th the Financial Repn9 Stsndard applicable in the UK arKI Republic of Irejand IFRS 102) in preference to the Accounting and Reporting by Ch8llts'es." Stsl8menl of Recommendad Prathe issued on 1 April 2005 whith is referred to in the extsnl regulations tKrt has ncw bn ythdta. l understsnd that this has been done in order for financ4al statements to prowde a tnje and fair view kn accordan¢e Gerrty Accopled knjunts.ng Practice effeGtive for reportlng periods beginning on or after 1 January 2015. I have completed my examlnation. I confim? that Tr) matters have Cne to my attertron in ConltIL¥1 With tha examination giving me cause lo believe Ihat In any material respect. accounting records We not kept in respect of the charity as required by Secon 130 of the 2011 Act.. the financ4al statements do not accord with th¢)se records,. or the finat)c¥al ststements do rK)I compty with the applicable rewirements rnnceming the form and content of ac¢ounts set out in the Chatities (Accounts and Repts} Regulations 2008 other than any requirement that the accounts give a true and farr We•V is not a matter Considered as part of an indopendent examinafjon. I have no concems and have atto88 no other matters in conrth Ihe èxamination to which attention Should be drawn In Ihis report In order to en9ble a PTOPW understanding of ts financial statements to be reached. P•ter Barton FCCA ART Accountants Llmlted Ground Floor 11 Manvers Street Bath BAI 1JQ r Toz4-
STREET BAPTIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrgstrlcted Restrlcted funds funds 2024 2024 Total Unrestrlctod R•strl¢tod funds funds 2023 2023 Totsl 2024 2023 Income from: Donations and lege$ Investments 147.861 3.270 89 151,131 750 152,837 259 66,143 61 218,980 320 Total income 148.522 3.359 151,881 153.096 66.204 219.300 Expendlture on: Charitable activities Other expenditure 119,898 20,037 124.878 20.037 164,197 9,494 173,691 Total eXndIture 139.935 144,915 164.197 9,494 173.691 Net in¢om•l{expendlturel and movement In funds 8,587 {1.621) (11.101) 56,710 45,609 Reconclllatlon of funds: Fund balances at 1 Wil 2023 871.754 1.586.747 2.438.501 882.855 1.510,037 2,392.892 Fund balances at 31 March 2024 880.341 1.565.126 2.445,467 871.754 1,566,747 2.438,501 The statement of financial activities inckmjes all gains and losses rwnlsed in ts year. All income and exp9ndilure dertve from ntInuIng athibes.
STREET BAPTIST CHURCH BALANCE SHEET ASAT31 AIARCH 2024 2024 2023 Flxed aM•ts Tanglbb a88ets Current a88•t¥ 3,082,0() 2.285,000 11 Cash at bord( and In Iw 9.047 11KI.230 19,979 185,734 Crndltorn: amount• f*lNng dug rA4th on• year 109.2TT 185.713 13 {14.939) 112,212) Net rrent a8Eets 94.338 173,501 Totsl a#•ts l•M ¢un•nt ll4bllltl•8 3.176.338 2.458,501 r•dltorn: wnount¥ falllng du• aftor mor• than one year 14 (130.871) (20.000) 2.445,467 2,438,501 Capltsl and Incomo fund• Bullding capiw fw 1,521.$83 43,543 1,470,583 £fj,184 1.565,126 1,566,747 Un Destgnated funds: Ml8alMwy 18.590 15,058 23,158 42.7e6 814.417 22,481 34.876 814.417 General unricted fvrKI8 Revalualon reseNe 880,341 871,754 2,445.467 2,438.501 finanixal 8tatement8 aFvo¥ed by fv Tru8tee¥ onts.. So. P Bryer C Ford
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢Jes Charity InfomtIOn Streel Bapbst Churth is a Charle IncAwated Ofganisation. 1.1 Accounting conyentlon The financial ststements have been prepared in ardan Imth the charity's Igoveming dorJJmenti, the Charities Act 2011, FRS 102 'The Finanoal Rewting Standard applicable in the UK 8nd Republic of Ireland. I'FRS 102.1 and the Charitres SORP -Accounb"ng and Reporh'ng by Charilies.. Statement of Recomrnended Pra1 applicable to charitses preparing their accounts in aCcOrdae wlh the Finanual Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" leffei*ve 1 January 20191. The chanty is a Publi Benefit Entity 88 defined by FRS 102. The charity has laken advantsge of the pmNrysions in the SORP fN charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charibes (Accounts and Reports) Regul8tion# 2008 only to the extent required lo prowde a true and fair viffw. This departure has involved following the Statement of Recommended Praclice for tharrties applying FRS 102 rattrw than the version of the Statement of Recommended Practice whith is referred to in the Re9tIonS Imrt whth has been wthdrawn. The financi statements are prepared in sterling, which is the fun¢tronal ijjrrerkcy of thè charity. Monetary amounts in the8e financial statements are rourKJed to ts nearest £ The financial slalemenl8 have been ppared under the historical ¢osl convention, Imodified to include the revaluation of freehold proparttes and to inelude investment properti8s ort"n finanaL instNments at fair valuel. The prinap81 accounting poliaes aO¥led are set out bekx. 1.2 Golng concern At the time of apprting the financral statements. the trustees have a sOnable expectstion that the ch8nty has adequate resources to continue in operational existents for the foreseeable ftrture. Thus the tsustees continue to adcpt the going concem ba9 of accounting in preparirMJ the finanoal statements. 1.3 Charltsble funds Unrestricted funds are aVale use at the ¢Jiscrekn of thg trustees in frJrtheranc8 of their charita18 otyectives. Restricted fulS are sufy'eet to ¥ecik CondibLs by don (Y grantors as to they may be used. The purp)w and ofthe restricted funds are set in Ihe notes to the finanual slatements. ErthwftnI fvnds are 8utyect to speofic ccditnS by dcrnrs that the capital must be mainlaingd by Ihe charity. 1.4 Income Income is recognised when the chanty is allY entsled lo it after ary perf0mlan conditior6 have been met. the amounts can be measured relsably. and It is prc4)able that income wiu be rwRived. Cash donations are recognised on r1p1. Other donations are recognised orKe Ihe charity has been notified of the donation, unless perfomiance conditv)n$ require deferral of the amount. Inme lax recovefable in relation lo don8lions receiv under Grfl Aid or deeds of covenant is recognised at the time of the donation. Legaaes ar8 reniSed on receipt or other¥¥ise rf chaiity ha8 beén Tlfied of an impending dislribution, the amount 1$ known. and receipt is expeded. If the amount is not kn¢MI. the legacy is treated as a contingent asset.
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles {Contlnu8dl 1.6 Expendlture Liabilitie5 are recognised as soon as there ig a legal or cMsttuthve obligation commitbng thè tharily to Pay out resources. 1.6 Tanglble Ilxed assets Tangible fixed assets are InallY measured al cost arKI subse(¥JenUy measured at cost or valuation. net of depreciation and any impairnerrt losses. Depreryati is rwnised so as to ThTite off the cost or vauall of assets less their resKlual values over their useful lives on the folth•ing bases.. Freehold land and Ixrildiros Not deweciated The gain or loss arising on the rfiswsal of an asset is deternird as difference betsveen the $ale proed3 and the rn9 value of the asset, and is regnised in the statement of financk91 activrties. 1.7 Impalrment of flxed assets At each rewrbng end date, the tharity revw•E Ihe caryirKJ amounts of its tangible assets to detemine whether there is any indicth.on that those assets have suffered an impaiment loss. If any such indication xists. the remverable amount of the asset is esb"mated in cffder to detetmine the extent of the impaimient loss {rf any). 1.8 Cash and cash equlvaknts Cash and cash equivalents indude cash in hand, dep05its hdd at e211 with banks, other short-tem) liquld investments with original maturitie8 of three months or le83. and bank overdrnts. Bank overdrats are shown within tjorrowings in current liabiltties. 1.9 Flnanclal Instruments The Charity has elected to appty Ihe provtsions of secti( 11 'Basic Finanoyal In8tTuments' and Section 12 'OMer FinanciJ Instruments Issues. of FRS 102 to all of rt$ finawel instruments. Financial instruments are recognised in the charity's balan sheet vhen the charity becomes party to the contraciual provisions of the instrument Financial assets and liabile$ are offset. th the nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts ar there 15 an intention to settle on a net basis or to realise the asset and settle the Ii8tM"lty simultaneously. Basic financlal assets Bawc financial assets. indude debtors aThJ ¢ash and bank balares. are initially measuj at transaction price induding transaction costs and are subsequendy carried at amortised c#)st using the effective interest method unless the arrangement constrtutes a financing transathon. where the transac*on is measuied at the present value of the futu receipts discounted * a mart(et rale of interest. Finanual assets dassified as receivable within one year are not amorlised.
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl Basic linancial liabllftl•s Basic finanaal liabilityès. including eredrtOTS arKt bank bans are initialty recognisod at Ir8nsaction price unless the arrangement constitutes a finanang transadion, where the debt instrument is measured at the present value of the fulure payments diSCnted at a market rate of interest. Financial liab"Ilthes daswfied as payable within one year are not amortised. Debt instruments ar8 subwuenty carried at amortised cost, ugng the effKtive interest rale method. Trade ueditors are obligations to pay g(dS or Servi that have been acquired in th8 ordinary course of oper8lion$ from suppliers. Amounts payable are clafied as (Jrrenl liabileS rf payment is due within one year or less. If not. they are presented as nowirent liabile$. Trade uedrtors are rewgnised inrtially at transa price and subwuentty measurèd * amortised cost using trte effactive intere8t method. Derecognhkni of financlal Ilabilifyes Financial liabilities are d9rwni8ed 7Athgn the ¢orrtrthl obligab'ons expire or are discharged c carKelled. 1.10 Employee beneflts The cost of any unused holiday entitlement is rec(gnised in the pfjr in vthich the nployee'S services are reived. Temiination beneffts are recognised imrnediately as an expense en the thanty is demonstrably ccMTrmitted lo temiinatè the empl¢)yment of an emoyee or to Fffovide terminati¢)n beneffts. 1.11 Ratirgment bonoffts Paymgnls to defined contritxrtion retirement benefft sr1me$ are charged a5 an expense as they fall due. Critlcal accounting esllmates and Judgements In the 8pplication of the charrvs accouniing tdicies, the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and llats.lil5 that are Th)t readity apparent from other scmjrces. The estimates and asscciated 8s8umpb.ons are based on historical experience and other factors that are eonsidered to be relevant. Actual results may differ from these estimates. The estimates arKI undertying asyJmptions are reviewed M an ongoing basis. Rewsions to accounting estimates are recognised in the perKxI in the esb.mate is revised vthere the revision affects onty that riod, or in the p8riod of the revision and futrjre penods Vrtre the revision affects both current and fLrture periods.
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Donatlons and legacles Total Unrestrict9d Restricted funds fijnds general 2023 Total funds genernl 2024 2024 2024 2023 2023 Donations and gffts 147.881 3.270 151.131 152,837 86.143 218.980 Donallons and glfts Offerings GrfiAid Refund Other Gifts Camp Ukraine Refugee Appeal Community Meals Manse Pur¢hose 116,328 25,725 5.808 116.328 25,725 5.853 3.175 122,328 25,824 4.685 6,940 129,268 26,809 4,685 3,450 1,686 2,082 51,000 45 3.175 3.450 1.686 2,082 51,000 147.861 3,270 151.131 152,837 66.143 218.980 Income from Investments Unrestrl¢ted Restricted funds funds 2024 2024 Totsl Unreytricted R8strlctèd funds funds 2023 2023 Total 2024 2023 Inter6st receivable 89 750 259 61 320
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable actlvltl•s 2024 2023 Staff costs- Ministy Ministy Propety Costs Restricted Fund Eynditure (see rthjte 16) Speakers and Gits Electric and Gas Insurance Maintenance IT and AV Costs 34.395 13.422 4.980 2,103 11.753 2.231 4,555 2,185 40,333 39,709 9,494 3,930 11,328 1,134 6.669 1.628 r 11 Office Costs Cleaning and Krtchen Subscriptions and Licgnces Other Eygenses Children Youlh Community Outreach Supp)rt Fund 1,200 4,392 6.391 2.876 4,514 5.931 2.960 4.162 3.625 5.421 3.723 1,995 7,221 6,450 103.888 146.822 Missionary Share of govemance costs (see tN)te 6) 20,000 990 25,969 900 124.878 173,691 Anatysls by fund Unrestricted funds- general Restricted ftjnds 119,898 4,980 164,197 9.494 124,878 173,691 Support costs allocated to acttvlties 2024 2023 Govemance costs 990 900 Anaty$ed betn. Charitsble acb"vrt"tes 990 900 10-
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trusteos Rev T Styles, was a trustee the year 8fKI rxeived aggregated remuneration durirvj this time of £29,469 {2023 - £28.066) for semtss as a Pastor to the Churth. Property (x)sts assooated with this emptoymenl of £13,422 {2023- £39.709) were olso paid. Employoes The average monthly number ofemployees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Èges and salaries ScLial security costs Other pension costs 31,149 510 2.736 36,955 2,894 34,395 40,333 There wer8 employees whose annual r8munwation morn than £60.000. other expendlture Unre¥trlthd Unrestrfctod funds funds 2024 2023 Finanng costs 20.037 11
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tanglbl? fixed assgts Fre•hold lthnd and buildinp Cost or valuauon At 1 April 2023 Additions 2,285,000 797,000 Al 31 Marth 2024 3,082.000 Carrylng amount At 31 March 2024 3,082,000 Al 31 March 2023 2.285,000 Land and buildings th a carrying amount of £2,285,000 were revaId at g June 2020 by Cooper and Tanner. indgpendent valuers not connected with the tharty on the basis of market value. The valuation conforms to 1nlemth.onal Valuation Stsndards arKI was based on recent market transactions on ami's length tems for &milar werb'es. Since this valuation a Manse propety was purchased in Jure 2023 for £797.000 At 31 March 2024. had the revalued assets been wied at histon"c cost less a(Mlated depreciation and accumulated impairment losses. thr carrying amount would have been approximately £2,267,583 12023 - £1,470,583). The original eost of the churth trMJilding in 1814 is uthown as is the new hail built in 1968169. wth the completion of building works in late 2019 the restricted expendrture for this has now been caFitalised under tangible fixed assets. As mentioned above the Trustees have nthv obtained a current Valuation of the propety in order to cary the freehold propwty at market valuation. The ¢hurch reFaCed FIEC as Holding TNslee oflhe propety in Febr3ry 2019. 11 Debtors 2024 2023 Amounts falling due TIn ono year. Other debtors 9.047 19,979 12-
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Loans and overdrafts 2024 2023 Bank loans Other loans 396.487 340,000 20,000 736.487 20,000 Payable wthin one year Ptyable after one year 5,616 730.871 20,000 Amounts included above whth fall due after five years.. Payable by Instslments 688,460 The long-term bank k>ans are Se0Jr by fixed over Ihe Manse. 13 Crgdltors: amounts falllng due wlthln ong y8ar 2024 2023 Bank loans Accruals and deferred income 12 5,616 9,323 12.212 14,939 12,212 14 Credltors: amounts falllng duè knr more than ¢)n• year 2024 2023 Bank loans Other loans 12 390.871 340,000 20,0(KS 730.871 20,O¢J) 15 Retlrement benefft schem 2024 2023 D•fin8d contrfbutlon s¢hgmos Charge to profft or loss in respeL* of defined contribution schemes 2.736 2.894 13-
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STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Analysis of not a88•ts bgtwo•n funds Unre5trictod Restricted funds fvnds 2024 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsl0iabi1es) Long lemi liabile¥ 1.560.417 50.795 (730,8711 1.521,583 43,543 3,082,000 94,338 1730.8711 880.341 1.565,126 2.445.467 Total funds 2023 fvnd$ 2023 2023 At 31 IAarch 2023: Tangible assets Current assetsl{liabilitie$} g terni liabilities 814,417 77,337 120,0¢)J) 1,470,583 96,164 2.285.000 173,501 {20,000) 871,754 1.5&8,747 2,438.501 15-
STREET BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 R•lated party transactions Thare were disdosable related paty transar*ons during the year. 17-