Charity number: 1172326 ROMFORD BAPTIST CHURCH TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 VINTp/MS
ROMFORD BAPTIST CHURCH CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Financial Statements Statement of Financial Activities 3-12 13-16 17 Balance Sheet 18 Statement of Cash Flows 19 Notes to the Financial Statements 20-33
ROMFORD BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees H Ayris, Secretary S Tunde, Treasurer Rev. l J Bunce B Schulte J J Giwa-majekodunmi Rev. V J Bunce K S Yates E O Arowolo F O Lawani D Smith T O Ilesanmi (appointed 9 June 20241 B M Hacker (appointed 9 June 2024) S C Ellis (appointed 9 June 2024) A K Punmiya (appointed 9 June 2024} Charity registered number 1172326 Principal office Main Road Romford Essex RM1 3BL Independent auditors Venthams Chartered Accountants Millhouse 32 - 38 Easl Street Rochford Essex SS4 1DB Page 1
ROMFORD BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Bankers Royal Bank of Scotland Drummond House PO Box 1727 Edinburgh EH12 9RH Baptisl Union Corporation Ltd Baptist House PO Box 44 129 Broadway Oxford OX11 8RT London Baptist Propety Board Ltd Unit C2 15 Dock Street London E1 8JN CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Page 2
ROMFORD BAPTIST CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present Iheir annual report together with the audited financial statements of the Charity for the 1 January 2024 10 31 December 2024 The Trustees of Romford Baptist Church have the responsibility of co-operating with the pastors in promoting the whole mission of the Church, pastoral, evangelistlG, social and ecumenical - in and around Romford, but also in the wider community and throughout the world. Objectives and activities a. Policies and objectives The charitys objectives are= The advancement of the Christian Failh according lo the principles of the Baptist denomination. Advance education and carry out other charitable purposes in the United Kingdom and other parts of the world. The relief of those in need, by reason of youth, age, ill-health, financial hardship or other disadvantage. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relaling to public benefit, including the guidance 'Public benefit= running a charity {PB2)'. b. Activities undertaken to achieve objectives In fulfilling its purpose the church engages in a range of activities whether on its own or with others that vary from time to time with activities being initiated, expanded or closed, as appropriate. c. Grant-making policies The church makes donations to support other Baptist causes including donations to BMS World Mission. We also support our local churches together schools ministry, Graceworks. We do not make grants to individuals or other organisations. d. Volunteers For nearly all of our activities we need volunteers and this is something that remains a challenge, particularly since Covid. We recognise that this is reflected by many organisations nationwide but we are gratefu5 to all those people who give of their time on either a regular or irregular basis. Page 3
ROMFORD BAPTIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continued) e. Main activities undertaken to further the Charity's purposes for the public benefit Annual Report Romford Baptist Church's theme for the year 2024. Beyond Imagination was based on Ephesians 3 vs20-21 which is "Now to him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within us, to him be glow,. This verse was chosen as in 2024 we celebrated RBC'S 90th Anniversary, we held several events throughout the year to celebrate this such as quiz night. barn dance, vision day to name a few. On our anniversary weekend, we had a celebration service on the Sunday moming followed by a BBQ for the church. We enjoyed having the president of the Baptist Union preaching at one of our anniversary services. During 2024 the church was in operation for the full year. We saw significant life in all aspects of the church, with the church buildings and ministries running 7 days a week with 100's of people accessing the church on a day-to-day basis. Our Sunday congregations were strong in number and we continued to see the various activities growng. We maintained holding the Causeway service once a month for adults with additional needs. this happens on the fourth Sunday afternoon of the rnonth and has seen a good support. Both Sunday morning and evening services continued to thrive. Services relating to the rites of passage also continued through the year as we recognised the passing of beloved and long-standing members of the churGh as well as those who have joined in more recent years. Youth and Children Our Youth, Children's and Families work has prospered in this last year. One of our Ministers in Training lat Spurgeon's College) is remaining on placement here at Romford Baptist Church and has a focus on Youth and Children. The Sunday groups, weekly youth club and other activities conlinued to meet. In October a Youth Weekend was held at Carrotty Wood which was a great success. In December a Youth Sleepover was held. Pastoral Care The pastors continued to support a significant number of people with pastoral care. Some more difficult and demanding siluations meant that the pastors had to engage with outside agencies and local government, particularly where there were injustices and housing matters, sometimes leaving vulnerable people, including children, on the streets of Romford. Home communions and pastoral visits also took place at times and regular contact was kept with as many people as possible by telephone, messagin9, email or written communication. Additional needs Our activities for those with additional needs continued to be busy. The Amaze group for those with additional needs meets regularly along with the monthly Causeway service. The Amaze Parents Support Group which met at RBC moved mid way through the year to be hosted at another church. as our Part-Time Minister who headed this group stepped down from their role. Adoption Group The adoption group continued this year. We have formed rlleaningful relationships with the local authority and others to better support adopted children and young people and their families. The activities run by the adoption team along with the local authority were very well attended and apprecialed by the community. Page 4
ROMFORD BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continued) Discipleship Our small groups continued during the year meeting in a number of homes around the area as well as a group continLJing to meet online, a new evening small group was formed at the start of 2024. We studied many different subjects and benefited by the joint learning. During the year we held 2 Baptismal services with a total of 8 people professing their faith in Jesus through the waters of Baptism. Older generation All the work with the older generation was able continue this year and, at each event, there was always space given for a short talk or thought about the Christian faith and favourite hymns sung. The weekly Treasure Times is preceded by some choosing to lunch together before each session as well as during the holidays when the group don't meet. This is a good way to maintain relationships and combat loneliness felt by many of this age group. So many have no-one else to share a meal table with other than during this regular gathering. 3 Holiday at Home day events were also run on a variety of themes giving a space for older people to meet with their peers, again lo overcome their loneliness but also to attend sessions geared to their age group with fun and food at its heart. These were all booked up to capacity. We also hèld in person and via zoom Dementia training as part of our aim to become a Dementia friendly church. Mission Our Outreach work, the Meeting Place, had continued to thrive during the year with some new staff joining the team. We saw a number of groups partnering with us including the Hospice and Age UK and some of those who have attended have subsequently joined the older generation activities or have begun to come on a Sunday morning to the service. It has been encouraging to see a lot of new people joining with us at the Meeting Place. We made Ihe decision to close our Community Money Advice Centre. which is a debt support programme, we had been trying to actively train and provider more advisors but we were unable to provide enough advisors to work alongside the waiting list we had for clients who needed support. The centre will officialSy be closed in 2025 and all existing customers were transferred to other centres. We continued to support the work of those who reach out into the local schools with the message of the Christ13n faith through our partnership with Graceworks. This has involved holding Harvest and Christmas services for schools within the borough. In the Spring of 2024 we hosted in conjunction with London City Mission, The Life Project which is an interactive experience for primary school children lo find out about the Christian faith. It was warmly received by the local schools. We also continue to partner with a street feeding prograrnme which aims to provide food for those in need in the Romford area 5 days a week. We are still working with our link church in Sofia, Bulgaria. We have strong links with BMS World Mission, supporting Louise and Peter Lynch, working in Bangladesh. Our Partnership with Winter Gardens Baptist Church continued, whereby we have continued to include prayer points in our weekly newsletter. This was a great focus for our work with Home Mission. The church received visits from a number of schools during the year for special services including Harvest, Christmas and Easter. We also conducted assemblies in local schools presenting copies of the book "It's Your Move-. Page 5
ROMFORD BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continued> Other groups continued to meet including the prayer groups both online and in person, social groups and craft groups. We reviewed and updated the churches Safeguarding policy during the year. Links with the community We have increased our links within the local community and the Local Authority by holding a Knife Crime Forum in collaboration with Knife Crime Charities and the Local Police, this event enabled the community to come and voice their concerns and meet with charities. We are also a part of the Faith Forum that meets with the Local Authority on a regular basis. We host and attend the Local Police Forum which enables the church to engage with the local community particularly looking at priorities for the police going forward. This meets 4 times a year. Links with the Town Centre Churches The Town Centre Ministers meet regularly to pray and plan events for the town, last year saw a joint Easter Service in the market place and at Christmas the churches hosted different musical events such as carol singing etc. in the market Square. This partnership also included Romford Bid and was a great step forward in engaging with the local authorities. Church Vision Day In April we held a Church Vision day to reflect on how far RBC has come within the last 90 years and what God is calling for us lo do in the future. Ideas were put forward for a large development project in the future to see the church pionèer new ways of creating intergenerational communities. Leadership Away Day In September the Leadership Team held an Away Day al Stapleford Tawney to look at pulting into practice what had been spoken about at the Church Vison Day. We enjoyed having Revd Paul Hills leading the day and doing team building training with us. Parkside The work of Romford Baptist Church Housing Association (Parkside) continued and was led by Romford Baptist Church Minister Team Leader and is supported by the Minister who has a focus on the older generation. The full report for activities of this Home can be seen in its own report. The Buildings We continued to maintain our buildings and ensure that they remained in good order. Some outside bookings made use of the building, including the Blood Donors, some children's dance classes, a fostering group, a phonics group and a women's aid group. We have also built strong links with the U3A and the job centre. We continue to be a member church of the Baptist Union of Great Britain and London Baplists. Page 6
ROMFORD BAPTIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities (continued) Finance Looking forward Like many organisations we are anticipating the future with faith but also a sense of what will need to be different. We are listening to God and the community to see what we need to do to show God's love going forward. God is still at work. The church has spenl some time starting to look al the next steps for the church. Achievements and performance Review of activities At 31 December 2024 the church membership totalled 205 During the year we had 15 new members join the church. During the year we also reviewed our membership list and 18 were taken off the list as they had moved away or no longer attending the church for other reasons. Sunday attendance continued to grow and many compulersldevices were tuned in to our livestream services each Sunday. The activities of the church, Ihrough its organisations, have continued with a sense of purpose and encouragement. We have experienced the encouragement of many new people worshipping with us throughout the year. The church was host to a number of occasions, making the large worship area and extensive buildings available lo organisations within the community. We also held some special events including Faith in the Westend Musical evening and John Archer mission event. New Logo We decided to change the logo for RBC during 2024, the logo that was being used had been in place for in excess of 20 years and wilh our 90th Anniversary laking place we fell it was time to reflect RBC in 2024 and beyond. Our new logo reflects the love of God for the community of Romford. It also links with our care home new logo. RBCCC As mentioned in 2023, we took over the running of the Collier Row and Romford Foodbanks and created a separate Charity called Romford Baptist Church Community Care, the setting up of this was finalised in 2024 This new charity, whilst part of Romford Baptist Church's ministries, will enable a level of autonomy for the work of the foodbank and the growth of our social action mission activities. Funds of £41 ,684 were transferred to the charity during the year. b. Fundraising activities and income generation The church generates income mainly through the donations from its membership and others throughout the regular congregation. The trustees regu5arly update the membership as to the current financial situation of the church. Page 7
ROMFORD BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance (continued} c. Investment policy and performance The church does not have an investment portfolio, any reserved are with the Baptist Together high interest account. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy In order to meet the running costs of the church for 12 months beyond the balance sheet date, an amount estimated at £450,000 would be required. This amount is comfortably met by the cash reserves held by the church. Total income for the year was £527,36412023.. £540,470} and the total expenditure for the year was £538,921 (2023.. £486,701). The (deficit) I surplus for the year was £11 ,557 {2023'. £53,769 surplus). c. Principal risks and uncertainties All major insurable risks are subject to normal church and employerfs insurance. Contractual risks are reviewed before being entered into to assess that they could not significantly impact upon the church's ability to fulfil its objectives. An annual review of a51 areas of risk is undertaken by the trustees in conjunction with staff and volunteers responsible for the area of activity. d. Principal funding The principal funding source of the charity is the donations received from members of the church throughout the year. Page 8
ROMFORD BAPTIST CHURCH TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial control Romford Baptist Church the Charity operales under a scheme of authority delegation. Disbursement of the Charity assets must be properly authorized in accordance with the agreed procedures. All payment must have dual authorizalion. Romford Baptist Church has a Finance Committee that meets Ihree times a year to review proposed annual budget, the final financial year statement and the annual audit reports and accounts. The Finance Committee recommend the annual budget, the annual audited reports and accounts to the Romford Baptist Church Trustees who recommend these at the Church meeting. The Final Year End Accounts are prepared by the Treasurer, reviewed by the Finance Team, approved by the Trustees before being presented to the Church Members meeting, and signed off by the Trustees and submitted to the Charity Commission. The Romford Baptist Church Leadership Team which includes Ihe Trustees - receives regular management reports and ensures that Ihis is representative of the activities within the Charity. Page 9
ROMFORD BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management a. Constitution Romford Baptist Church is a registered charity, number 1172326. and is constituted under a Trust deed. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Organisational structure and decision-making policies The deacons and church officers are elected by the Church members at the Annual General Meeting (AGM) or other church Members Meeting as desired. At the end of December 2024, the leadership team consisted of two full-time pastors, one Outreach Leader, two ministers in training, officers and deacons. Our Part-Time Minister stepped down from the role as they felt called to become a full foster carer, they have continued to remain a part of our church community. The church also employs a number of full and part time staff to assist with adminislration and to run the coffee shop {The Meeting Place). Plans for future periods The fulure is challenging and exciting,. we are expecting great things of an amazing God as we reach out into our community in Romford. We are reminded of the need to pray about how we can, individually and corporately, bring glory lo our Lord and Saviour, Jesus Christ. 2024 will see the church celebrating its 90th anniversary and work is being done towards a strategy of developing the church for the next generation. Page 10
ROMFORD BAPTIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responsibilities 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 law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102}-, make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charily's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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. Page11
ROMFORD BAPTIST CHURCH TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of information to auditOTS Each of the persons who are Trustees at the time when this Trustees, Report is approved has confinmed thal-. so far as that Trustee is aware, there is no relevant audit information of which the charivs auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors, Vènlhams, have indicated their willingness to continue in officè. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. H Ayris Truslee Date.. 7-7-2025 Page 12
ROMFORD BAPTIST CHURCH INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROMFORD BAPTIST CHURCH Opinion We have audited the financial statements of Romford Baptist Church (the 'charity'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheel, the Statement of Cash Flows and the related notes, including a sumrnary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stand3rds, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Rèporting Standards applicable in the UK and Republic of Ireland IFRS 102) in preference to Ihe Accounting and Reporting by Charities- Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of Ihe state of the charity's affairs as at 31 December 2024 and of its incoming resources 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 Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under Ihose standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirerllents that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained 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 concem 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 Gontinue as a going concern for a period of at least twelve months from when the financial statemenls 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. Page 13
ROMFORD BAPTIST CHURCH INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ROMFORD BAPTIST CHURCH {CONTINUED> Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, 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, except to the extent othetwise explicitly stated in our report, 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 this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have performed. we conclude Ihat there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect with the financial statements. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statemenl, the Trustees are responsibSe for the preparation of the financial statements which give 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 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 Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 14
ROMFORD BAPTIST CHURCH INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROMFORD BAPTIST CHURCH {CONTINUED) Auditors. responsibilities for the audit 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 aboul whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that inc5udes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement 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 delecling irregularities, including fraud is detailed below= Based on our discussions with the charity's management and the Trustees, we identified that the following laws and regulations are significant to the entity.. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law. Those laws and regulations for which non-compliance may be fundamental lo the operating aspects of the charity and Iherefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation. These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of.. enquiries of managemenl and the Trustees as lo whether the entity complies with such laws and regulations- enquiries with the same concerning any actual or potential litigation or claims,. inspection of relevant key risk assessments and inspection reports. review of Trustee meeting minutes., testing the appropriateness of journal entries., and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult lo detect than irregularities that resull from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAS (UK). A further description of our responsibilities for the audit of the financial statements is located on the Firkancial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page 15
ROMFORD BAPTIST CHURCH INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROMFORD BAPTIST CHURCH {CONTINUED) Use of our report This report is made solely to the charitls trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charitys trustees those matters we are required 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 responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this rèport, or for the opinions we have formed. Venthams Chartered Accountants Statutory Auditor Millhouse 32 - 38 East Street Rochford Essex SS4 1DB Date.. 1410712025 Venthams are eligible to acl as auditors in terms of section 1212 of the Companies Act 2006. Page 16
ROMFORD BAPTIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from. Donations and legacies Charitable activities Investments 268,314 205,606 52,287 1,157 269,471 205,606 52,287 265,860 235,923 38,687 Total income 526.207 1.157 527,364 540,470 Expenditure on: Charitable activities 538,108 813 538,921 486, 701 Total expenditure 538,108 813 538,921 486, 701 Net movement in funds {11,901) 344 (11,557) 53, 769 Reconciliation of funds: Total funds brought fonward Net movement in funds 7,615.611 (11,9011 63,125 344 7.678,736 (11,557) 7,624,967 53, 769 Total funds carried forward 7,603,710 63,469 7,667,179 7, 678, 736 Page 17
ROMFORD BAPTIST CHURCH BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets 12 6,806,339 6,810,588 6,806,339 6,810,588 Current assets Stocks Debtors Cash at bank and in hand 13 791 627 14 22,096 853.153 20,189 864, 938 876,040 885,754 Creditors.. amounts falling due within one year 15 (15,200) (17, 606) Net current assets 860.840 868.148 Total assets less current liabilities 7,667,179 7,678,736 Total net assets 7,667,179 7,678, 736 Charity funds Restricled funds Unrestricted funds 16 63,469 7,603,710 63,125 7,615,611 16 Total funds 7,667,179 7,678,736 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. is Trustee Date.. 7-7-ZS Page 18
ROMFORD BAPTIST CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 573 62,415 Cash flows from investing activities Purchase of tangible fixed assets {12,358> (35, 753) Net cash used in investing activities 112,358) (35,753) Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year {11,785) 864.938 26,662 838,276 Cash and Gash equivalents at the end of the year 853.153 864,938 Page 19
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information The charity was established as a CIO on 29 March 2017 and was registered with the Charity Commission under charity number 1172326. The charity commenced trading in 1 June 2018 following the transfer of the assets of Romford Baptist Church an unincorporated charity. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) 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 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2015. The financial statements have been prepared to give a 'true and fair, view and 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 Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Romford Baptist Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy. 2.2 Going concern There are no material uncertainties regarding the chariws ability to continue. Therefore the accounts are prepared on a going concern basis. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Dirèct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 20
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continued) 2.4 Expenditure {continued) Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when recèivable and the amount Gan be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. A]1 costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases.. Freehold property property not depreciated, roof works straight line 10 years not depreciated straight line 3 to 5 years Long-term leasehold property Fixtures and fittings 2.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stoGks. Cost includes all direct Gosts and an appropriate proportion of fixed and variable overheads. 2.8 Debtors Trade and other debtors are recognised at Ihe settlement amounl after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 21
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of Ihe settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activilies as a finance cost. 2.11 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al Iransaction value and subsequenlly measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 2.13 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. Designated funds Gomprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel oul in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 22
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 268.314 1,157 269,471 265,860 Total 2023 264, 960 900 265, 860 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from charitable activities - Church 205,606 205,606 235, 923 Total 2023 235,923 235, 923 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income- local investment properties Investment income- local cash 18,643 33,644 18,643 33.644 19,778 18,909 52,287 52.287 38,687 Total 2023 38, 687 38,687 Page 23
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of grants Grants to Institutions 2024 Total funds 2024 Total funds 2023 Grants, Church 57,884 57.884 7,500 Total 2023 7,500 7,500 The Charity has made the following material grants to institutions during the year.. 2024 2023 Name of institutions Graceworks 2,100 2,000 11,000 2,000 (7, 500) 17,000 2,000 B3Ptist Union Home Mission BMS World Mission Winter Gardens Baptist Church The Big Sing London City Mission RBC Community Care 500 600 41,684 57.884 7, 500 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Restricted funds 2024 Total 2024 Total 2023 Church 538,108 813 538,921 486,701 Total 2023 485,857 844 486, 701 Page 24
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Church 319,236 57,884 161,801 538,921 486,701 Total 2023 304, 761 7,500 174,440 486,701 Analysis of direct costs Total funds 2024 Total funds 2023 Church 2024 Slaff costs Church housing expenses Travel Other ministerial costs 213,984 25,161 521 4,478 75,092 213,984 25,161 521 209, 853 19,886 1,031 6,649 67,342 4,478 75,092 Mission and outreach 319,236 319,236 304, 761 Total 2023 304, 761 304, 761 Page 25
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Church 2024 Staff costs Depreciation Church premises Church office expenses Auditors, remuneration 48,437 16,607 48,688 34,990 7,839 5,240 48,437 16,607 48.688 34,990 7,839 5,240 39, 228 15, 157 69, 793 40,628 7,632 2, 002 Legal fees 161,801 161.801 174,440 Total 2023 174,440 174,440 Auditors, remuneration The auditors, remuneration amounts to an auditor fee of £7,824 (2023 - £7,524), and accountancy of £ {2023- £ -}. 10. Staff costs 2024 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 230,745 12,164 19,512 217,573 10,914 20, 594 262.421 249,081 The average number of persons employed by the Charity during the year was as follows.. 2024 2023 Employees 13 14 No employee received remuneralion amounling to more than £60,000 in either year. Page 26
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. stipend and expenses During the year, salaries have been paid to Rev l Bunce £46,11712023: £43,559). Rev V Bunce £34,300 12023 £31.800) and Rev J Love3rd £11,659 {2023.' £22,470), for rllinisterial services. Employers pension contributions totalling £13,221 (2023.. £14,822) were paid on their behalf. InclLJded in the above salaries are expenses totalling £7,280 (2023.. £7,895) which were reimbursed or paid directly to 3 Trustees. 12. Tangible fixed assets Long-term leasehold Fixtures and property fittings Freehold property Total Cost or valuation At 1 January 2024 Additions 6,588,270 188,000 149,820 12.358 13,1951 6,926,090 12,358 (3,195) Disposals At 31 December 2024 6,588,270 188,000 158,983 6,935.253 Depreciation At 1 January 2024 Charge for the year On disposals 1,096 1,096 114,406 15,511 {3,195} 115,502 16,607 (3,195) At 31 December 2024 2,192 126,722 128.914 Nel book value At 31 December 2024 6,586,078 188,000 32.261 6,806,339 At 37 December 2023 6.587.174 788, 000 35,414 6,810,588 13. Stocks 2024 2023 Raw Materials and consumables 791 627 Page 27
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income 5,396 11,130 5,570 3, 759 10,873 5,557 22,096 20, 789 15. Creditors: Amounts falling due within one year 2024 2023 Trade creditors 4,589 2,787 7,824 5,867 4,215 7, 524 Other taxation and social security Accruals and deferred income 15,200 17,606 Page 28
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds Statement of funds current year Balance at 31 December 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Fixed asset fund Contingency fund Junction Road Parent and Toddler Group 6,810,588 68,090 45,170 2,837 (4,249) 6,806,339 68,090 45,170 3,382 4,255 {3,710) 6,926,685 4,255 {3,7101 {4.249} 6,922,981 General funds General fund Auxiliaries fund 622,412 7,789 58,725 497,106 1459,963) 3,208 662,763 7,789 10,177 Church group activity funds 24,846 (74,435) 1,041 688,926 521.952 {534,398) 4,249 680.729 Total Unrestricted funds 7.615.611 526,207 1538,108) 7,603,710 Restricted funds Benevolent Fund Future project fund Jack Petchey Fund 252 252 60,000 2,873 60.000 3,217 1,157 {813) 63,125 1,157 1813) 63,469 Total of funds 7,678,736 527,364 1538.9211 7,667,179 Page 29
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds (continued) Statement of funds - prior year Balance al 37 December 2023 Balance al 1 January 2023 Transfers in/ou Income Expenditure Unrestricted funds Designated funds Fixed asset fund 6, 789,992 68,090 45,170 3, 069 20,596 6.810,588 68,090 45,170 2,837 Contingency fund Junction Road Parent and Toddler Group 4,546 (4, 778) 6,906,321 4,546 (4, 778) 20, 596 6, 926, 685 General funds General fund Auxilliaries fund 632,552 7, 789 15,236 465,689 (455, 235) (20,596) 622,470 7, 789 58, 727 Church group activity funds 69,335 (25, 844) 655,577 535,024 (481,079) (20,596) 688,926 Total Unrestricted funds 7,561,898 539,570 (485,857) 7,615,611 Restricted funds Benevolent Fund 252 252 Future project fund Jack Petchey Fund 60, 000 2,817 60, 000 2,873 900 (844) 63,069 900 (844) 63,125 Total of funds 7,624, 967 540, 470 (486, 701) 7, 678. 736 Page 30
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Summary of funds Summary of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 TTansfers inlout Income Expenditure Designated funds General funds Restricted funds 6,926,685 688.926 63,125 4,255 521,952 1,157 (3,710) (534,398) (813) {4,249) 4,249 6,922.981 680,729 63,469 7,678,736 527.364 1538,921 } 7,667.179 Summary of funds - prior year Balance al 31 December 2023 Balance al l January 2023 Transfers inloul Income Expenditure Designated funds General funds Restricted funds 6,906, 321 655,577 63,069 4,546 535, 024 900 (4, 778) (481,079) (844) 20,596 (20,596) 6,926, 685 688,926 63,725 7,624,967 540,470 (486, 701) 7, 678, 736 18. Analysis of net assets between funds Analysis of net assets between funds current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Currenl assets Creditors due within one year 6,806.339 812,571 {15,200) 6,806,339 876,040 (15.200) 63,469 Total 7,603,710 63,469 7,667.179 Page 31
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets 6,870,588 822,629 (17,606) 6,810,588 885, 754 (17,606) 63, 125 Creditors due within one year Total 7.615.611 63, 725 7.678,736 19. Reconciliation of net movement in funds to nel cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activilies) {11,557) 53, 769 Adjustments for: Depreciation charges Decreasellincreasel in stocks Increase in debtors 16,607 1164) {1,907) 12,406) 15,757 65 (576) (6, 000) Decrease in creditors Nel cash provided by operating activities 573 62,415 20. Analysis of Cash and cash equivalents 2024 2023 Cash in hand 853,153 864.938 Total cash and cash equivalents 853,153 864,938 Page 32
ROMFORD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 864,938 111,785) 853,153 864.938 {11,785) 853,153 22. Pension commitments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents conlributions payable by the charity to the fund and amounted to £19,51212023.. £20,594). 23. Related party transactions During the year, income of £73,900 (2023.. £68,500) was received from Romford Baptist Church Housing Association Limited, a charity under common Gontrol, in respect of pastoral services. During the year payments of £16,30012023.. 23,200) were made lo Romford Baptist Church Housing Association Limited in respect of book-keeping and premises management. At the balance sheet date £218 {2023: £116} was receivable from RBCHA and is included within trade debtors and £3,796 {2023-. £4,169} was payable to RBCHA and is included within trade creditors. During the year grants of £41,684 12023: £Nill were made to RBC Communtiy Care, a charity under common control. 24. Post balance sheet events The Harold Hill manse currently being held by Romford Baptist Church with a net book value of £512,000 will be transferred to the EBA and the BUGB during 2025. Page 33