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2025-12-31-accounts

Letchworth Baptist Church

Report and Accounts Year ended 31 December 2025

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

LETCHWORTH BAPTIST CHURCH

LEGAL & ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2025

ADDRESS FOR CORRESPONDENCE Letchworth Baptist Church West View Letchworth Garden City Hertfordshire SG6 3QJ GOVERNING DOCUMENT CIO - Association registered June 2017 as amended December 2021 and January 2026 CHARITY REGISTRATION NUMBER 1173298 TRUSTEES RESPONSIBLE FOR David Chan (resigned January 2026) Pastor MANAGING THE CHARITY Michael Cornell (resigned June 2025) Edmond McGirr (appointed January 2026) Pastor Mike Waddell Secretary & Treasurer Steve Whittall CHURCH ASSOCIATIONS Fellowship of Independent Evangelical Churches (FIEC) BANKERS HSBC Bank plc Epworth Investment Management Limited FINANCIAL ADVISORS Yoke & Co SOLICITORS Edward Connor Solicitor INDEPENDENT EXAMINER Jaimée Young Stewardship 1 Lamb's Passage LONDON EC1Y 8AB

INDEX

Page 1 Legal & Administrative Details Pages 2-7 Trustees' Report Page 8 Independent Examiner's Report Page 9 Receipts and Payments Account Page 10 Statement of Assets & Liabilities Pages 11-12 Notes to the Accounts

Page 1

LETCHWORTH BAPTIST CHURCH

TRUSTEES’ ANNUAL REPORT

1[st] January 2025 to 31[st] December 2025

The Trustees present their annual report and the financial statements for the year ended 31 December 2025. The accounts employ the cash-based receipts and payments method and comply with Charity Commission guidance CC16.

1 Structure, Governance and Management

Governing documents

The governing documents are:

Constitution

Letchworth Baptist Church was registered by the Charity Commission on 6[th] June 2017 as a Charitable Incorporated Organisation.

Recruitment and appointment of trustees

Trustees are appointed and recruited in accordance with the procedures set out in the governing documents.

Governance and Management

The Trustees hold overall responsibility for ensuring that the Church fulfils its charitable objectives in a manner consistent with the Constitution and Church Rules, particularly the Basis of Faith.

In accordance with the Constitution, the Trustees have established a Standing Order delegating the day-to-day management of the Church to the body of Elders. The Elders are supported by deacons, who are appointed by the Elders and who carry specific administrative, ministry, or operational responsibilities.

The Elders, including the pastor, serve as Trustees and generally meet monthly to oversee church operations, review financial matters, and manage the Church’s affairs. They also normally meet once a month for prayer.

Church members’ business meetings have been conducted both in person and via Zoom.

2

2 Objectives and Activities

Charitable Purposes

The purposes of the Church are:

  1. The advancement of the Christian faith in accordance with the basis of faith primarily but not exclusively within Letchworth Garden City, Hertfordshire and the surrounding neighbourhood; and

  2. Such other charitable purposes as shall, in the opinion of the members of the church in general meeting, put into practice the Christian faith in accordance with the Basis of Faith, including but not limited to the prevention and relief of need, hardship and sickness and the advancement of education.

Summary of activities

The Church seeks to fulfil public benefit regarding the advancement of the Christian faith in the following ways.

These are generally achieved through a combination of Sunday services, midweek meetings and other activities for adults and children throughout the year.

As a general principle, meetings are open to the public and visitors are warmly welcomed. Communion services are held regularly and participation is open to all who profess faith in the Lord Jesus Christ.

Activities are advertised on the Church web site, via a church WhatsApp group, the noticeboard and by word of mouth. Seasonal and other special events may also be promoted by leaflet distribution.

Both spiritual and material support has also been provided by Church members for missionary and community work in the UK and overseas.

As a general principle the church is funded by donation not charges, and no one is

3

excluded from membership or participation in the general activities of the church on financial grounds.

All of the activities described have been conducted in accordance with the Charitable Objects and Basis of Faith set out in the governing documents.

3 Achievements and performance

In planning church activities, the Trustees have applied the guidance on public benefit issued by the Charity Commission.

During the year, the Church maintained its ministries and delivered public benefit in the following ways:

The Role of Volunteers

The Church’s volunteers comprises both members and adherents who enable all its activities to take place.

4

4 Financial Review

As the Church income level is well below £250,000 it has adopted cash-based receipts and payments accounting.

General

As an overview, the Church charity received £90,200 income during the period and had outgoings totalling £128,300. There was an overall decrease in funds of £38,000. The funds carried forward are £607,900 and include restricted fund balances of £16,200.

The Church’s primary income is derived from gifts and Gift Aid contributions from members and adherents, given either as cash offerings or by standing order. Additional income is generated from interest on funds deposited with the Epworth Cash Fund for Charities.

The pastor responsible for the Chinese congregation is an Office Holder Trustee, as defined in the Constitution, and receives financial support in order to fulfil his pastoral role.

The Church also supports two missionaries. Funding for this work is managed separately from the general Church accounts. A target for missionary support level is agreed at the final Church Business Meeting each year, and all monies collected in the Missionary Fund are distributed to those missionaries whom the Church membership has resolved to support. From time to time, additional gifts are made to other Christian ministries.

A separate Chinese Ministry Fund exists to support the work of the Chinese congregation and its pastor, both within the Church and among ethnic Chinese and associated communities in the United Kingdom and overseas.

The proceeds from the sale of the manse in 2023 have been designated for three specific purposes:

  1. Pastor Support – to assist a future pastor with accommodation or other related costs;

  2. Evangelism ; and

  3. Church property maintenance

In addition to normal expenditure, two projects of significance were undertaken in 2025: urgent roof repairs costing £64,300 and central heating boiler replacement costing £6,100, Both projects were funded from the Church property maintenance fund.

5

Reserves policy

The trustees have determined that the charity should aim to hold unrestricted cash of no less than £21,000 (which equates to about 3 months of pay and operational costs once a new pastor has been appointed) so that the charity could continue to operate should income and / or expenditure vary adversely.

The Church membership is relatively small in number, and income is almost exclusively provided by the donation of members and is thus limited. Should a greater need arise, the policy is to request additional donations from Church Members, in this way additional funds can be quickly raised.

5 Risk review

As a small charity, Letchworth Baptist Church is not required to undertake formal risk reviews. However, the Trustees maintain an active awareness of potential areas of concern.

The Trustees recognise that the Church’s work depends heavily on the financial support of its members and congregation. Without this support, the Church would be unable to continue its ministries. The growth generated from funds held in the Epworth Cash Fund for Charities helps to mitigate the impact of any reduction in voluntary donations or unexpected financial pressures. Maintaining teaching that is consistent with the Basis of Faith is also essential from spiritual, theological, and constitutional perspectives, and is central to fulfilling the Church’s charitable purposes.

Informal risk assessments are carried out for Church property and activities, and where necessary, steps are taken to monitor and mitigate identified risks.

Following last year’s revision of the Church’s safeguarding policy, based on the Baptist Union model, all DBS checks have been refreshed.

6 Looking Forward

In September 2025, the Church members extended a call to a new pastor, who commenced his ministry in January 2026. Plans are in place to purchase a manse using the funds generated from the sale of the previous property. Subject to Charity Commission approval, the Church will also benefit from an equity-linked mortgage loan provided by the incoming pastor, which will result in a legal charge on the property. Once this has been completed, and following guidance from our financial advisers, the investment policy will be reviewed with the aim of improving the returns on the remaining capital beyond those available from the Epworth Cash Fund for Charities.

Also in January 2026, the pastor responsible for the care of the Chinese congregation retired.

6

These developments mark a significant period of transition, and the Church is entering an encouraging and exciting new season.

7 Responsibilities of the trustees

Charity law requires us as Trustees to prepare financial statements for each accounting year which record the receipts and payments of the charity for the year.

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity.

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.

ON BEHALF OF THE TRUSTEES

Mike Waddell

Mike Waddell (May 18, 2026 09:26:56 GMT+1)

Mike Waddell Secretary May 18, 2026 Date:………………………………

7

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

LETCHWORTH BAPTIST CHURCH

I report to the trustees on my examination of the accounts of Letchworth Baptist Church ('the charity') for the year ended 31 December 2025 on pages 9 to 12 following.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in accordance with section 130 of the 2011 Act; or

  2. the accounts do not accord with the accounting records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

J. Young J. Young (May 19, 2026 08:47:01 GMT+1)

Jaimée Young Stewardship 1 Lamb's Passage LONDON EC1Y 8AB

Date: May 19, 2026

Page 8

LETCHWORTH BAPTIST CHURCH

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Income receipts
Donations
Gift aid receipts
Lettings
Income from charitable activities
Interest
Other
Capital and similar receipts
Total receipts
Payments
2
3
Total payments
Transfers between funds
5
Net movement in funds
Cash funds as at last year end
Cash funds at this year end
A
Net of receipts / (payments) before
Grants
paid
in
relation
to
charitable
activities undertaken by others
Payments
in
relation
to
charitable
activities undertaken directly
Loans made
Loan repayments		 General
Designated
Funds
Funds
£
£
40,848
-
9,998
-
-
-
545
-
23,554
-
-
-
74,945
-
300
-
300
-
75,245
-
38,674
72,035
2,020
-
40,695
72,035
-
-
-
-
40,695
72,035
34,550
(72,035)
246
-
34,796
(72,035)
46,780
582,200
81,577
510,165
Unrestricted Funds		 Restricted
Funds
£
11,218
2,795
-
951
35
-
14,999
-
-
14,999
2,691
12,861
15,552
-
-
15,552
(554)
(246)
(800)
16,962
16,162		 2025
£
52,066
12,793
-
1,496
23,589
-
89,944
300
300
90,244
113,400
14,882
128,282
-
-
128,282
(38,039)
-
(38,039)
645,942
607,904		 2024
£
56,512
13,748
200
1,639
32,245
2,002
106,346
1,000
1,000
107,346
262,127
14,572
276,698
1,300
1,300
277,998
(170,652)
-
(170,652)
816,595
645,942

The notes on pages 11 - 12 form part of these accounts.

Page 9

LETCHWORTH BAPTIST CHURCH

STATEMENT OF ASSETS AND LIABILITIES

AS AT THE YEAR ENDED 31 DECEMBER 2025

Notes
A Cash funds
Cash at bank with immediate access
Notice deposits
B Other monetary assets
Gift aid due to charity
Other debtors
C Liabilities
Falling due within one year
PAYE and pension due
Fee for Independent Examination
D Assets retained for charity's own use
Church building
Contents and equipment		 General
Designated
funds
funds
£
£
18,981
-
62,595
510,165
81,577
510,165
771
-
-
-
771
-
293
-
1,152
-
1,445
-
Unrestricted Funds		 Restricted
funds
£
16,162
-
16,162
302
-
302
-
-
-
Fund to
which asset
belongs
General
General		 2025
£
35,144
572,760
607,904
1,073
-
1,073
293
1,152
1,445
Value
2025
£
70,644
70,644		 2024
£
General
funds
£
18,981
62,595
81,577
771
-
771
293
1,152
1,445
30,588
615,354
645,942
1,122
300
1,422
261
1,170
1,431
Value
2024
£
66,645
66,645

The trustees have used insurance values for contents and equipment as the trustees are unable to reliably estimate current values; insurance values may differ materially from current values.

Current values have not been quoted for the church building because reliable valuations are not available (disclosure is not mandatory).

E Guarantees and secured debts

The charity has not given any guarantees and has not provided its assets as security for any liabilities.

The accounts were approved by the trustees and signed on their behalf by:

Mike Waddell Mike Waddell (May 18, 2026 09:26:56 GMT+1) _____Mike Waddell May 18, 2026 Date:_____

The notes on pages 11 - 12 form part of these accounts.

Page 10

LETCHWORTH BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

The accounts have been prepared on a receipts and payments basis and comprise a statement that shows the charity's receipts and payments, a statement that summarises the charity's assets and liabilities and related notes. The accountancy profession have determined that only accounts prepared in accordance with applicable accounting standards present a 'true and fair' view and, as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a 'true and fair' view of the charity's financial activities and state of affairs.

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. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

2
Payments in relation to charitable activities undertaken directly
Employment costs (including mileage)
Note 4
Additional employer pension contribution
Note 6
Payments in lieu of pension
Note 6
Church ministries and activities
Church regular repairs, maintenance and equipment
Church major repairs and maintenance
Church utilities
Insurance
Legal and professional fees
Independent examination fee
3
Grants paid in relation to charitable activities undertaken by others
Grants for:
Illyrian Gospel Trust
Novo UK
Organisations < £1,000
Support of missionary
Other individuals		 Unrestricte Designated
funds
£
-
-
-
-
1,616
70,419
-
-
-
-
72,035
-
-
-
-
-
-
d Funds		 Restricted
Funds
£
922
-
-
1,769
-
-
-
-
-
-
2,691
5,846
-
1,169
5,846
-
12,861		 2025
£
19,159
-
-
12,188
3,021
70,419
4,056
1,258
2,189
1,110
113,400
5,846
1,000
1,669
5,846
520
14,882		 2024
£
General
funds
£
18,237
-
-
10,420
1,405
-
4,056
1,258
2,189
1,110
38,674
-
1,000
500
-
520
2,020
18,011
49,068
137,259
10,318
3,726
35,600
3,735
1,122
1,967
1,320
262,127
6,326
-
1,560
6,316
370
14,572

4 Transactions with related parties

D Chan served as a church leader and was paid £16,659 [2024: £14,890] for serving in that capacity, not for serving as a trustee; these payments are permitted by the charity's governing document and include employer pension contributions £625 [2024: £514] - please see note 6 below regarding additional employer pension contributions.

No payments were made to any other trustees or persons related to them, except for reimbursement of expenses paid out on behalf of the charity.

Page 11

LETCHWORTH BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Movement of funds

General funds
Designated funds
Church maintenance
Pastor support
Evangelism and Community work
Restricted funds
Missionary fund
Noah's Ark
Ladies Breakfast
Chinese Ministry funds
Harvest
Christmas Day
Total funds		 Opening
balance
£
46,780
102,200
450,000
30,000
582,200
3,053
672
30
12,351
-
856
16,962
645,942		 Receipts
£
75,245
-
-
-
-
11,617
951
-
1,180
394
858
14,999
90,244		 Payments
£
(40,695)
(72,035)
-
-
(72,035)
(11,693)
(837)
(30)
(1,824)
(406)
(763)
(15,552)
(128,282)		 Transfers
£
246
-
-
-
-
-
-
-
-
-
(246)
(246)
-		 Closing
balance
£
81,577
30,165
450,000
30,000
510,165
2,977
786
-
11,707
(13)
705
16,162
607,904

Designated funds

£102,000 has been set aside for church maintenance, including repair of the church roof which was undertaken this year.

£450,000 has been designated for pastor support, for use when a new pastor is appointed to cover items such as accommodation and other associated costs. This fund is expected to be utilised within two years, contingent upon the successful appointment of a pastor.

£30,000 has been specifically designated to support regular evangelistic and community activities over the next few years.

Restricted funds

Missionary fund is for the purpose of raising funds to support a particular missionary/organisation supported by the church.

Noah's Ark is a parent and toddler group that is run by the church; the attendees give donations which are used to provide refreshments and renew play equipment.

The Ladies Breakfast fund was used to cover food for these meetings. All funds received for this ministry are now given for the general work of the church.

The Chinese Ministry funds are used to support projects including Ministry in China, Ministry to Chinese elsewhere in the world, support of Pastor Chan's Ministry and Central. The transfer relates to reimbursement of expenditure paid from general funds.

Harvest - This is in support of the Mill Grove Children's home. The negative balance relates to gift aid added to the grant paid out but not yet reclaimed. The Christmas Day funds were paid to the recipient charities after the year end. The transfer out of this fund relates to payments made from general funds in previous years.

6 Payments in lieu of pension and other pension matters

In 2022, in consultation with charity solicitors and the Charity Commission, a settlement agreement was made with the departing pastor which included a payment-in-lieu of pension once the manse had been sold. In 2023 an interim, initial advance payment was made and the remaining amount of £137,259 was paid in full in 2024.

Regarding the pension for the current pastor, D Chan, after having received professional advice the unconnected trustees made a decision for the employer pension contributions to be aligned with the Baptist Union pension scheme. This resulted in a lump sum payment of £49,068 being paid to NEST pensions in 2024.

Page 12