Charity number: 1174549
BILLERICAY BAPTIST CHURCH
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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BILLERICAY BAPTIST CHURCH
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 9 |
| Independent Examiner's Report | 10 - 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Notes to the Financial Statements | 14 - 27 |
BILLERICAY BAPTIST CHURCH
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
R Warrington
J Powell, Secretary
W Dulson, Church Pastor
C White D Mayo
C Fullerton, Treasurer (appointed 24 April 2024)
P Walker
Charity registered number
1174549
Principal office
140 Perry Street Billericay Essex CM12 0NS
Accountants
Venthams Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB
Bankers
Lloyds Bank 89 High Street Billericay Essex CM12 9AT
Solicitors
Anthony Collins Solicitors LLP 134 Edmund Street Birmingham Warwickshire B3 2ES
Page 1
BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
We present our Annual Report together with the financial statements of Billericay Baptist Church (“the Charity”; “the Church”) for the period ended 31 December 2023. We confirm that the Annual Report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity's Governing Document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
a. Policies and objectives
The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance education, community service and other general charitable purposes including the prevention or relief of poverty in the United Kingdom and other parts of the world as the Church shall determine.
As a Member of the Baptist Union, the Church subscribes to the Union’s Declaration of Principle which is:
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That our Lord and Saviour Jesus Christ, God manifest in the flesh, is the sole and absolute authority in all matters pertaining to faith and practice, as revealed in the Holy Scriptures, and that each Church has liberty, under the guidance of the Holy Spirit, to interpret and administer His laws.
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That Christian Baptism is the immersion in water into the name of the Father, the Son and Holy Spirit, of those who have professed repentance towards God and faith in our Lord Jesus Christ who died for our sins according to the Scriptures; was buried, and rose again on the third day.
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That it is the duty of every disciple to bear personal witness to the gospel of Jesus Christ, and to take part in the evangelisation of the world.
Page 2
BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Objectives and activities (continued)
b. Activities for achieving objectives
Church Activities
In planning our activities, we have paid regard to the Charity Commission’s guidance on public benefit. The Church seeks to be a friendly and welcoming community and anybody is welcome to attend the varied programme of activities we provide for different age and interest groups. Our programme of activities is intended to show the love of Jesus Christ in action and is designed to introduce people to Him or to help people deepen their relationship with Him.
The activities of the Church often provide the first point of contact between the Church and the local community, forming a basis of ongoing friendship and trust. Full details of our activities can be found at our website (www.billericaybaptist.org.uk) and a review of activities follows later in this report.
Grant Making
The Church financially supports other Christian organisations in Billericay, across the UK and worldwide, where they pursue similar and complementary objectives to us. A list of organisations for which financial support is provided can be found in Note 6 to the Accounts.
The Church has a Mission Team responsible for recommending the allocation of grants to outside organisations in accordance with the Church’s grant making policy. Recommendations are reviewed and endorsed by the Eldership and Trustees and are agreed by the Church Membership as part of the annual operating budget.
Where the Church provides financial support by way of grants, we are confident that appropriate controls, including those pertinent to money laundering, are in place to ensure that those grants are properly managed and are used in accordance with the charitable purposes of the Church. We see this financial support as an important way in which the Church can meet its objectives in communities and jurisdictions beyond its own immediate reach.
We request each of our mission partners demonstrate that appropriate safeguarding measures are in place, especially for those partners working with children or vulnerable adults.
Achievements and performance
a. Going concern
We believe that the Church has sufficient resources to continue in operational existence for the foreseeable future and so we continue to adopt the going-concern basis in preparing the financial statements.
Page 3
BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
b. Key financial performance indicators
The Church is grateful to its members and other supporters for donating generously to allow the Church to fulfil its programme of activities and to support its mission partners.
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Of its donations and associated Gift Aid of £305,177 (2022: £298,809) the Church has provided grants to other organisations of £84,941 (27.8%) (2022: £95,789 – 32.1%);
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Donations received, together with associated Gift Aid at £305,177 (2022: £298,809) were, 2% higher than 2022;
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Expenditure on charitable activities at £299,845 (2022: £269,934) has increased by 11% from 2022. In the main, this reflects inflationary increases throughout the Church’s various ministries. We expect to see costs rise further in 2024;
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Net current assets at the year-end were £260,650 up from £203,970 in the previous year, in large part reflecting the surplus for the year. Cash balances were up by around £35,000 at £210,327 (2022: £174,888).
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Readily available Church funds at the year-end (unrestricted cash plus other unrestricted net current assets), were £241,688 (2022: £184,426). This balance includes a £60,000 designated building fund and a £65,000 designated reserves fund.
Page 4
BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
c. Review of activities
In recent years, the Church leadership identified three distinct and intertwined ministries which we believe will equip the Church to advance its major objectives. Each ministry will be headed by employed ministry leaders, either on a full time or part time basis.
The first ministry is primarily directed towards the current Church congregations helping us to grow as a Church family, deepen our faith in Jesus Christ, and to better care for each other. The second ministry’s main focus will be directed outside of the Church buildings towards the town and community in which we live. The third ministry will be primarily directed towards children and young people, both inside and outside of the existing Church communities. All three roles incorporate responsibility for supporting family groups.
This method of working is a significant departure from the way the Church has operated in the past which is both exciting and challenging, but with ministry leads in place since the start of 2023 for the first two ministries, we are starting to see a new shape for the future direction and activities of the Church.
We are pleased to report that a ministry lead for the third ministry has been identified and will start employment at the church in September 2024. We thank all those church volunteers that have been involved with teaching, nurturing and supporting our children and young people as they develop their faith in a challenging world.
A significant part of this new way of working has seen our Community Pastor spend time in the town conducting an ‘audit’ of the church’s and the town’s community facing groups and their activities as well as asking questions about the needs of people in our local community. Whilst our town is well served in many areas of community engagement, loneliness was one issue that came up time and again. From that audit, a strategy for relating and serving our community better will be shaped in 2024.
2023 has seen significant growth in our Sunday service and online congregations as our Church Pastor has preached topics as wide as how we can improve our welcome through to having the courage to step out of our comfort zone and go on the journey that Jesus is setting out before us. We have seen increasing numbers in many of our community facing groups as group leaders and volunteers seek to engage with young and old alike walking with them and supporting them wherever we can.
As a church we are in direct contact with hundreds of families in our town and through the use of our buildings and the deepening of relationships, we seek to make a positive impact by praying, encouraging, supporting and helping wherever we can and by bringing the love of Jesus to everyone that we encounter.
The Church continues to make use of the on-line communication tools developed during the COVID-19 pandemic. Recognising the benefits that this brings, the Church intends to continue on this path exploring how on-line communication tools can be used alongside face-to-face gatherings to enable the Church to better achieve its objectives.
Given that backdrop, some of the specific activity highlights for 2023 included:
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Integrating the new ministry team which now includes the Church Pastor and the Community Pastor;
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Growing the youth and children’s work within the church;
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Working with parents, and other carers; supporting them as they care for their babies and pre-school age children;
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Shaping the restructured Church ministries to help us better meet our objectives;
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Considering the best leadership and governance structure to allow the Church’s ministries to flourish;
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Remaining an active member of Churches Together in Billericay and supporting the work which it undertakes practically (where this has been possible), financially and prayerfully. This includes Schools
Page 5
BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
Ministry Billericay, and Billericay Street Pastors, School Pastors and Rail Pastors. Many from the Church have also played an active role in the Billericay Foodbank and Baby Basics supporting a growing number of families in the town;
- Continuing its strong links with other organisations and mission partners across the world. The Church l eadership is highly appreciative of the work that all mission partners undertake in helping the Church fulfil i ts objectives both within and beyond the Billericay town boundaries.
Financial review
a. Annual Review
An operating budget is approved annually by the Church Members’ Meeting, and the day-to-day finances are administered by the Church Treasurer, supported by the Church bookkeeper. Finance reports are provided regularly to the Church’s Trustees and others within the Church Leadership Team. Finance reports are shared periodically with all Church members.
Remuneration of employed staff is determined by the Trustees, and is subject to Church Members’ approval as part of the operating budget. The Church is heavily reliant on its membership and congregational attendees serving as volunteers in all aspects of the Church activities, many of which run with little or no impact on the Church’s finances, but nevertheless contribute substantially to the achievement of the Church’s objectives. The Trustees express their thanks and appreciation to every volunteer.
Total income for 2023, was £352,707 (2022 £340,505) and with expenditure of £299,845 (2022 £269,934), resulted in a net surplus for the year of £52,862 (2022 surplus £70,571). Details of income and expenditure can be found in the Statement of Financial Activities and the associated notes.
Total reserves at the end of the year are £1,634,767 (2022 £1,581,905), of which £459,294 (2022 £464,368) are restricted and £1,065,366 (2022 £1,035,366) are designated. Full details of the Church’s assets, liabilities and reserves can be found in the Balance Sheet and the associated notes.
For the whole of 2023, the Church operated with a smaller staff ministry team than was anticipated which has contributed to the surplus for the year. We hope to see that team enhanced during 2024, and as such we anticipate much of the surplus to be absorbed. However, with donations to the Church increasing in the final quarter of 2023 we do not anticipate any pressure on the Church’s finances.
With rising congregation numbers we are seeking professional advice to see if a better configuration of the Church’s Perry Street building would better suit our needs. With this in mind, the Trustees have transferred £60,000 from general reserves into a designated building fund to provide funds to start work on any projects identified by this review.
b. Reserves policy
We have agreed a Reserves Policy which is broadly equivalent to three month's full staffing and missionary support costs and one month's other expenditure. For the current year, this figure is £65,000 and is covered by unrestricted cash reserves.
The Trustees review the Reserves Policy annually as part of the budget setting process.
c. Principal funding
Financial responsibility for the work of the Church rests primarily with its members and regular congregation through free-will offerings. The Church does not pursue operational fund raising from external sources.
Page 6
BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management
a. Constitution
Governing Document
Since 1 January 2018, the Church operates under its CIO constitution (registered with the Charity Commission on 7 September 2017) as its Governing Document.
Structure
The Church has a Eldership responsible for spiritual direction and oversight, and a Trustee body responsible for governance. The working relationship between the Eldership and the Trustee body ensures that all Church matters are handled efficiently and effectively.
Consistent with other Baptist Churches, all significant aspects of the work of the Church are subject to the approval of the Church Members. Members of the Church are accepted into membership in accordance with the Constitution, which requires them to profess their faith in Jesus Christ.
Governance
Both the Elders and the Trustee body meet regularly and separately on a regular basis. In order for the Church’s structure to work effectively, the Elders and the Trustee body also meet together to discuss the future plans and current activities of the Church, thereby ensuring that both spiritual and governance aspects of Church life are fully considered. Within the Trustee Body each Trustee has responsibility for a specific aspect of governance covering, employment, risk, safeguarding, legal contracts policies, technology and communications, premises, health and safety, and finance. Sub groups working in these areas meet under the direction of the responsible Trustee.
Significant decisions are required to be taken at the Church Members’ Meeting following agreement by the Elders and the Trustee Body. Except for a few key issues, such as the appointment of staff, Elders, Trustees, Deacons, Secretary and Treasurer, where a secret ballot is held, decisions are usually taken by consensus with voting, when required, by “show of hands”.
b. Methods of appointment or election of Trustees
All appointments are made by the Church Meeting in accordance with the voting requirements laid down in the Constitution and its accompanying processes. The Church Secretary and Church Treasurer, who must be serving members of the Church, are appointed annually at the Church Members’ Meeting.
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BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management (continued)
c. Principal risks and operating policies
Operating policies are maintained by the Church to:
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Allow for consistent and efficient decision making;
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Provide transparency and accountability;
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Provide a framework for fairness;
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Protect staff and volunteers.
A Risks Register is maintained and reviewed regularly. No ‘high-risk’ situations requiring urgent action were identified during 2023, and we are satisfied that suitable operating policies are in place to manage risk.
The Church has safeguarding procedures and systems in place to ensure that all people working with children, young people and adults at risk are appropriately vetted through the Disclosure and Barring Service.
Relationships with Connected Charities:
The Church continues to be in membership with the Baptist Union of Great Britain, Eastern Baptist Association and the Evangelical Alliance. There are also ongoing relationships with the Boys’ Brigade, Girls’ Brigade, Churches Together in Billericay and various national and international Christian organisations.
d. Post balance sheet events
There have been no significant post-balance-sheet events requiring comment in this report.
Page 8
BILLERICAY BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO Association. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
C Fullerton Church Treasurer
J Powell Church Secretary
Date: 23 May 2024
Page 9
BILLERICAY BAPTIST CHURCH
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Report to the Trustees of Billericay Baptist Church ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023.
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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 10
BILLERICAY BAPTIST CHURCH
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Dated: 17 June 2024 Stuart Harrison FCA
Venthams
Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB
Page 11
BILLERICAY BAPTIST CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) Transfers between funds 15 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 288,485 21,817 10,725 321,027 204,993 204,993 116,034 (58,098) 57,936 1,117,537 57,936 1,175,473 |
Restricted funds 2023 £ 31,680 - - 31,680 94,852 94,852 (63,172) 58,098 (5,074) 464,368 (5,074) 459,294 |
Total funds 2023 £ 320,165 21,817 10,725 352,707 299,845 299,845 52,862 - 52,862 1,581,905 52,862 1,634,767 |
Total funds 2022 £ 311,567 28,938 - 340,505 |
|---|---|---|---|---|
| 269,934 269,934 |
||||
| 70,571 - 70,571 |
||||
| 1,511,334 70,571 1,581,905 |
Page 12
BILLERICAY BAPTIST CHURCH
BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
62,466 210,327 272,793 (12,143) |
2023 £ 1,374,117 1,374,117 260,650 1,634,767 459,294 1,175,473 1,634,767 |
39,961 174,888 214,849 (10,879) |
2022 £ 1,377,935 |
|---|---|---|---|---|
| 1,377,935 203,970 |
||||
| 1,581,905 | ||||
| 464,368 1,117,537 |
||||
| 1,581,905 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
C Fullerton Church Treasurer
J Powell Church Secretary
Date: 23 May 2024
Page 13
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
Billericay Baptist Church is a Charitable Incorporated Organisation registered with the Charity Commission in England and Wales. Its principal office address is 140 Perry Street, Billericay, Essex, CM12 0NS.
2. 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 (FRS 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.
Billericay 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 otherwise stated in the relevant accounting policy.
2.2 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 donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.3 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. Direct 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 consistent 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.
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 to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can 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.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £2,500 or more and assets that form part of distinct projects whose total exceeds £2,500 are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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. All 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 | - No depreciation |
|---|---|
| Motor vehicles | - 25% straight line |
| Computer equipment | - 33% straight line |
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 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 twelve months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at 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 the 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 Activities as a finance cost.
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BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.9 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 at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
2.11 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 comprise 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 to 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 set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 288,485 Total 2022 277,195 |
Restricted funds 2023 £ 31,680 34,372 |
Total funds 2023 £ 320,165 311,567 |
Total funds 2022 £ 311,567 |
|---|---|---|---|
4. Investment income
| Unrestricted funds 2023 £ Investment income - local investment properties 16,550 Investment income - bank interest 5,267 Total 2023 21,817 Total 2022 28,938 |
Total funds 2023 £ 16,550 5,267 21,817 28,938 |
Total funds 2022 £ 27,690 1,248 28,938 |
|---|---|---|
5. Other incoming resources
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Insurance claim proceeds | 10,725 | 10,725 | - |
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BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Analysis of grants
| Grants to Institutions 2023 Total funds 2023 £ £ Grants, Ministry 84,941 84,941 Total 2022 95,789 95,789 The charity has made the following material grants to institutions during the year: 2023 £ Name of institution Accomplish Trust 6,709 BMS Home Mission 859 BMS World Mission 2,056 BUGB Home Mission 10,748 DEC (Pakistan flood) 1,000 Central African Mission 864 London City Mission 4,350 Churches Together in Billericay 11,190 Echoes of Service 2,458 Interserve 25,878 Rooftop Ministries 8,954 Project Possible (ROPE) 4,748 Stewardship (previously RSVP) 2,147 Camel Ministries (sewing centre) 624 Vision to Serve - Youth for Christ - Sundry Donations 2,356 84,941 |
Total funds 2022 £ 95,789 |
|---|---|
| 2022 £ 3,173 644 2,056 10,748 1,000 2,592 2,400 8,562 10,623 25,878 6,954 3,250 2,160 - 6,941 2,358 6,450 |
|
| 95,789 |
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BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Ministry 204,993 Total 2022 171,730 |
Restricted funds 2023 £ 94,852 98,204 |
Total 2023 £ 299,845 269,934 |
Total 2022 £ 269,934 |
|---|---|---|---|
8. Analysis of expenditure by activities
| Ministry Total 2022 |
Activities undertaken directly 2023 £ 210,461 169,884 |
Grant funding of activities 2023 £ 84,941 95,789 |
Support costs 2023 £ 4,442 4,261 |
Total funds 2023 £ 299,844 269,934 |
Total funds 2022 £ 269,934 |
|---|---|---|---|---|---|
Page 19
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Depreciation Training Speakers Premises expenses Cleaning Maintenance Heat, Light & Water Insurance Subscriptions Stationery & Printing Communication Telephone Minibus Other expenditure General fund expenditure Profit on disposal of fixed assets Total 2023 Total 2022 |
Ministry 2023 £ 104,060 3,817 2,190 1,083 7,709 8,472 24,412 7,515 3,518 1,925 1,277 4,759 2,092 2,405 2,342 33,315 (430) 210,461 169,884 |
Total funds 2023 £ 104,060 3,817 2,190 1,083 7,709 8,472 24,412 7,515 3,518 1,925 1,277 4,759 2,092 2,405 2,342 33,315 (430) 210,461 169,884 |
Total funds 2022 £ 61,995 5,472 5,284 2,624 8,067 8,869 19,845 9,838 3,044 1,799 2,560 4,249 1,999 2,000 3,458 28,781 - 169,884 |
|---|---|---|---|
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,136 ( 2022 - £1,998 ).
Page 20
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 93,580 957 9,523 104,060 |
2022 £ 54,991 943 6,061 |
|---|---|---|
| 61,995 |
The average number of persons employed by the charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 4 | 3 |
No employee received remuneration amounting to more than £60,000 in either year.
11. Trustees' remuneration and expenses
During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the charity. The value of Trustees' remuneration and other benefits was as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| W Dulson | Remuneration | 34,990 | 1,411 |
| Pension contributions paid | 3,791 | 171 |
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .
Page 21
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
12. Tangible fixed assets
| Cost or valuation At 1 January 2023 At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Freehold property £ 1,372,324 1,372,324 - - - 1,372,324 1,372,324 |
Motor vehicles £ 26,479 26,479 26,479 - 26,479 - - |
Computer equipment £ 13,130 13,130 7,519 3,817 11,336 1,794 5,611 |
Total £ 1,411,933 1,411,933 |
|---|---|---|---|---|
| 33,998 3,817 37,815 |
||||
| 1,374,118 | ||||
| 1,377,935 |
The church premises, freehold manses and all other assets are stated at cost less accumulated depreciation.
13. Debtors
| Due within one year Prepayments and accrued income Tax recoverable |
2023 £ 6,235 56,231 62,466 |
2022 £ 4,203 35,758 39,961 |
|---|---|---|
Page 22
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
14. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 12,143 | 10,879 |
Page 23
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Manses Reserve Gift day Building fund General funds General Fund Other Organisation Fund Total Unrestricted funds Restricted funds Church premises Mission Fund Life expo Boys Brigade Girls Brigade Total of funds |
Balance at 1 January 2023 £ 927,500 65,000 42,866 - 1,035,366 77,875 4,296 82,171 1,117,537 444,823 12,539 1,000 2,034 3,972 464,368 1,581,905 |
Income £ - - - - - 317,729 3,298 321,027 321,027 - 20,665 - 4,790 6,225 31,680 352,707 |
Expenditure £ - - - - - (201,890) (3,103) (204,993) (204,993) - (83,366) (1,000) (4,077) (6,409) (94,852) (299,845) |
Transfers in/out £ - - (30,000) 60,000 30,000 (88,098) - (88,098) (58,098) - 58,098 - - - 58,098 - |
Balance at 31 December 2023 £ 927,500 65,000 12,866 60,000 1,065,366 |
|---|---|---|---|---|---|
| 105,616 4,491 110,107 |
|||||
| 1,175,473 | |||||
| 444,823 7,936 - 2,747 3,788 459,294 |
|||||
| 1,634,767 |
Page 24
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Manses Reserve 2022 surplus Gift day General funds General Fund Other Organisation Fund Total Unrestricted funds Restricted funds Church premises Mission Fund Life expo Boys Brigade Girls Brigade Total of funds |
Balance at 1 January 2022 £ 927,500 65,000 - 45,988 1,038,488 15,527 2,196 17,723 1,056,211 444,823 2,428 1,000 3,247 3,625 455,123 1,511,334 |
Income £ - - - - - 306,133 - 306,133 306,133 - 25,498 - 3,570 5,304 34,372 340,505 |
Expenditure £ - - (7,000) - (7,000) (164,330) (400) (164,730) (171,730) - (88,464) - (4,783) (4,957) (98,204) (269,934) |
Transfers in/out £ - - 7,000 (3,122) 3,878 (79,455) 2,500 (76,955) (73,077) - 73,077 - - - 73,077 - |
Balance at 31 December 2022 £ 927,500 65,000 - 42,866 1,035,366 |
|---|---|---|---|---|---|
| 77,875 4,296 82,171 |
|||||
| 1,117,537 | |||||
| 444,823 12,539 1,000 2,034 3,972 464,368 |
|||||
| 1,581,905 |
Page 25
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
16. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 January 2023 £ 1,035,366 82,171 464,368 1,581,905 Balance at 1 January 2022 £ 1,038,488 17,723 455,123 1,511,334 |
Income £ - 321,027 31,680 352,707 Income £ - 306,133 34,372 340,505 |
Expenditure £ - (204,993) (94,852) (299,845) Expenditure £ (7,000) (164,730) (98,204) (269,934) |
Transfers in/out £ 30,000 (88,098) 58,098 - Transfers in/out £ 3,878 (76,955) 73,077 - |
Balance at 31 December 2023 £ 1,065,366 110,107 459,294 1,634,767 |
|---|---|---|---|---|---|
| Balance at 31 December 2022 £ 1,035,366 82,171 464,368 1,581,905 |
|||||
| Summary of funds - prior year | |||||
| Designated funds General funds Restricted funds |
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 929,293 Current assets 258,323 Creditors due within one year (12,143) Total 1,175,473 |
Restricted funds 2023 £ 444,824 14,470 - 459,294 |
Total funds 2023 £ 1,374,117 272,793 (12,143) 1,634,767 |
|---|---|---|
Page 26
BILLERICAY BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 933,111 195,305 (10,879) 1,117,537 |
Restricted funds 2022 £ 444,824 19,544 - 464,368 |
Total funds 2022 £ 1,377,935 214,849 (10,879) 1,581,905 |
|---|---|---|---|
18. Pension commitments
The charity operates a defined contributions 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 contributions payable by the charity to the fund and amounted to £9,523 (2022: £6,061). Contributions totalling £3,368 (2022: £2,515) were payable to the fund at the balance sheet date and are included in creditors.
19. Related party transactions
Aggregate donations, excluding Gift Aid tax refund, of £12,945 (2022: £10,760) were received by the charity from Trustees and their spouses. There have been no other related party transactions that require disclosure.
Page 27