RETIRED BAPTIST MINISTERS HOUSING ORGANISAT50N ANNUAL REPORT 2023 RETIRED BAPTIST MINISTERS HOUSING ORGANISATION YEAR ENDED 31 DECEMBER 2023 Charity Number: 1177649 RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number.. 1177649 REFERENCE AND ADMINISTRATIVE DETAILS The Retired Baptist Ministers Housing Organisation lalso known as R8MHOI, is a Charitable Incorporated Organisation, registered with the Charity Commission. TRUSTEES= Mr F W johnston (Chairmanl Mr J Fleet Ms H Harris Revd G Hindmarch Rev L G johnson Mrcjlones Revd Plump Mrs A Kapolyo Mr J Levick Revd A A Peck Ms J Stewart Rev H Stokley Ms R Tole Ico-chairl Mr T Walker (Co-chairl Mr R I Wi150n (resigned 6 Dec 20231 Iresigned l March 20231 (appointed 14 Nov 20231 Iresigned 7 Feb 20241 (appointed 14 Nov 20231 (resigned Sept 2L)231 (appointed 6 Dec 20231 (appointed 6 Dec 20231 (resigned 3 Feb 20231 PRINCIPAL OFFICE.. 8aptist House, 129 Broadway, Didcot, OXII 8RT REGISTERED NUMBER.. 1177649 PROPERTY TRUSTEE RBMHO Trust Corporation timited, company number 11400081, registered charity number 1184848, a Company Limited by Guarantee. AUDITORS.. Moore Kingston Smith LLP, Chartered Accountants. 9 Appold Street. London, EC2A 2AP. SOLICITORS.. Shakespeare Martineau LLP. I Colmore Square, 8im)ingham, B4 6AA Royds Withy King LLP, 5-6 Northumberland Buildings. Queen Square, Bath BAI 2JE Diakoneo Legal Se¢vices Limited. Solicitors, 48 Speirs Wharf, Glasgow G4 9TH BANKERS.. HSBC Plc., 186 Broadway, Didcot, Oxfordshire, OXII 8RP MANAGER.. Revd Andy Hughes REllRED BAPTisf MINISTERS HOUSING ORGANISATION Charlty hlumber: 1177549 INTRODUCTION AND CONTENTS The Trustees of the Retireii Baptist Ministers Housing Organisation l~the Chariv) present theirAnnual Report together with the auditèd financial statements for the year ended 31 December 2023 which comply with the Charitie5 Act 2011 and Accounting and Reporting by Charities." Statement ol Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applitrable in the UK and Republic of Ireland IFRS1021. The Annual Report and Financial Statements are structured as follows.. Pa8e Itterence Introduction and Contents Report of the Trustees: Objectwes and Activlties Achievements and Performance Financial Review Plan5 for Future Periods Stnjcture, Governance and Management Statement of Trustee< Responsibilities Report of the Independent Auditors statement of Financial Activities 8blance Sheet Statement of Cashfbws Notes to the Financlal Statements li 12 13 14 RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number,. 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 I. OBJEcfivES AND AcfiviMES The objects of the Retired 83prirt Minlllers Housing Organisation IRBMHO. the Charityl are, for the publit benefit.. The preventk)n or relief of poverty of retired Baptist ministèrs, retirèd Baptist missionaries and their spouses, wh) are in necessitous circumstances, as the charity trustee5 shall from time to tirne delermlne,. To advance the Cbrlstian faith for the public benefit in accordance with the statement of belief of the 8apti5t denomination,. Since 1975, the Charity ar¥J it5 predece550r entity the Retired Bapli5t Ministers Housing Society IRBMHSI has sought to provlde good-quality, safe. secure and well-maintained homes to those who reathed retirement and who had no means of providing a home for then7selves and their fami￿. The Chartty almsto support all appllcants for housing who meet its nornial qualifylng crSterla Retired 8aptist ministers who have served as a Baptist ministeraccredited bythe Baptist Union of Great Britain IBUGBI for at least IS years Retired 8aptist ministers who have served as ministey of a church In membership of the Baptist Union of Goat Britain for at least 18 years Retlred BaptSst Mlssionaries who have served BMS World Mission primarily outside the UK for at least 15 years The suNSvlng spouses of quallfylng retlred mlnlsters or those who dled In attive mlnlstry The Chartty a19) consldels applicatlons for support that fall outslde of ￿S normal crlteria but a￿ deserving of SLlPPOrt in the view of the Trustees. The Charity works in partnership wlth the Heart of England Baptist Assoclation and BMS Wodd Mlsslon all of whom have provided properties whlch the Charity is pleased to manage on thelr behalf. No changes to the activities of Charity are planned In the comlng year. 2. ACHIEVEMENTS AND PERFORMANCE The Charity is pleased to record that it wa5able to provlde homesfor 12 of the mlnisters who made applications to RBMHO In 2023. The iem31nin8 appllcants have delayed their retirements to 2024 or later. In addltlon. I tenant Was relocated to a property more sulted to thelr needs. DU￿n8 the year the Charity acqulied 14 properties and disposed of 14. The Charltls Stock of propertles remalned at 263 propertles. At the end of the perlod. the Charity wa5 providing homes for 25112022.. 2631 retired mlnlsters and lor thelr spouses. It seeks to maintaln its propertles to a 80¢)d standard and offers pastoral ￿pport to its tenants as far as It 15 able. In doln8 all th15. the Charlty recognlses that It Is due, In no small measure, to those Indlvlduals. mln15ters, or8anisations and chtjiches who have 5UPPOrtèd and Continue to support its continuir8 work either by prayers, publicSty, vSsits or donations. During the year, the Charity contracted with a national provider to undertake almost all our servicing and landlord safety checks, as well as providing 24/7 emergencv ttjvei. Work began to address outstanding Issues from the condition suNeys undertaken from 2018 and to Improve the ener8y efflclency of our propertles wlth poor EPCS. RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DE￿MBER 2023 3. FINANCIAL REVIEW The results of the Charity for the year are set out in the accompanying financial staternent5. During the reporting period, the mlnimum monthly rent (Juty 23-JiJn 241 Wd5 incrèased to £20612022.. £192.50), and the maximum purchase value per property Incieased to £240,1J]012022'. £225,￿01. As shown on the Statement of Financlal Artivities the surplus for the year of £1,570.65312022'. £1,695,8441 has been transferred to reserves, giving total funds carrled forward of £40,455,45612022: E38,884,8031. Excltjding the Farnily Solution (see belowl, Income In the year decreased to £973.23112022.' £1,180A641, decrease of 17.6%. This was prilnarily due to a significant decrease ift Donation income to £31,28112022: £301,271). Donation income In 2022 had included a house. Rent income increased lo £675.70812022.. £667,935) an increase of l.l%. Direct unrestricted costs increased to £1,229,29412022.. £715,693) an increase of 71ma, driven by an Sncrease in property repair costs, vacant property expenses and loan interest charges. SuppY)rt costs Increased to £20.56612022.' £15,￿) following a decrease in legal and professlonal fees but an increase in auditlng fees. The operattng deficit for the year was E276,62912022.' 5urplu5 £449,183). on top of whlch the Charfty made gains on disposal of fixed assets of £1.846.53812022.' £1,249.9781. The properties have been included in the financlal staternent5 at cost. The Trustees considerthat the aggregate value of the properties is not below carryln8 value. Famlly Solutlon Slnce 2018, the Charity has supported the 8aptist denomination by participatsng in the Farniw Solution to the Baptist Pension Scheme. Thi5 inVo￿ed it taking a ltsan from 8aptlst Union Corporation IBUCI of £20M secured a8ain5t a portion of its property assets and then making an unsectsred loan to the Baptist Union of Great Britain IBUGBI of £20m. Both loans are on an intereSt￿nlY payiment basis and have the same Inte￿SE rate, meaning that the interest Incorne afid expense oftset each other. The loan from BUC is cla55ified as non-curient liability as the temis of the loan ag￿ernent mean payment can only be requested wlth 13-months' notice. Thè loan to BUGB is classified as a mixed-motive investment under FA5102 as the Twstees have made the loan as part of Its commitment to the Baptist denomination Family Solution to the Baptist Pensloft Scheme at a rate more favourable than BUGB could have obtalned commercially. To avold distorting the operatlng accounts of the chaiity. the Trusteès have treated a Famity ￿lUttOn desi8nated fund to hokd both the assets and liabilities Involved. This fund showed both income and expendltttre of £1,452.055 in 202312022: £893,151), the Increase reflecting the change of interest rates by the eaptlst Unlon Corporatkin Ltd following Bank of England base rates changing. Fundr•lsln8 The Charity receives donations from orBanisations Imainly Baptist churchesl and donations and legacles from indlvldua15. The charSty seeks support from donors via its webslte and advertlslng in Baptlst publlcatlons. The charity does not work with any commercial entities lor furtdraisin8 purposes and does not undertakè any direct marketing actThiities for fundraising pvrposes. No complalnts were received relating to fundtsi5ing In the year. RETIRED BAPTisf MINISTERS HOUSING ORGANISATION Charlty Number; 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Prfn¢lpal Risks and ¥Jncertalnties The Trustees of the Charity have Identlfied the following as the principal risks and uncertalnties faclnB the charity: A slgnlficant and sustalned detrease In legacylncome. The Charity and its predetessor, RBMHS, have bullt up the asset base of the Charity largely on the basis ol the generous 8ifts left through legacies averagin8 more than £s[K),(M￿ per annurn in the last decade. Legacles are by their nature erratic but a 5UStained reduction in legacy income would Pfesent a risk to the abilityof the Charity ful￿ to meet the needsotfuture applicants in ihe long-term. The trustees monitor legacy Income carefully and would consider taking steps to bring In increased income from other sources if necessary to sustain the ability of thè Charity to meet demand. The financlal fallure of the Baptlst Unlon of Great Britaln (8UGBI. As the Charivs major debtor, the Charity is dependent Upon BUGB to continue to pay interest on the outstanding loan. The Trustees believe that the failure of BUGB would not present any risk to current tenants, but the charSty rntght not be able to meet the needs of future applicants. The Trustees believe the financial failure of BUGB to be a remote possibility but will monitor 115 financial posltlon and take any actton necessary to protert the interests of the Chartty and its beneficiaries. Reserves Poll¢y The Charity seek5to maintain access to ￿￿CIent wallable cash reserves on hand to enable Itto svstsln Its day- to-day running costs and respond to the needs of future tenants. The income frorn Charltable activlties relates to rent from beneficiaries which is highly relioble. This normally Eenerates a surplus over the expenditure on charitable activities. However, the current programme of repairs and improvements, which we expect will take about 3 years to complete, will result in expenditure exceeding income over that period. The Trustee5 expect to fund the shortfall from excess receipts from disposals aNI. to the extent to whlch thai Is Insufficient, from loans. 2 months operating costs lapproxirnatety £3(i),OCOI is requlred forday-to-day runnin8 Costs. ReseNes are also requlred Is to ensure that properties can be supplied to qualifyin8 applicants to meet their needs in a timely manner. The Charity doès not guarantee to all applicants that it will be able to helpi but during its history has never failed to do s¢ for those who meet its eligibility criteria. The Trustees believe it prudent lo hold ￿serveS for this purpose amounting to four tlrnes the maximum purchase prlce offered to qualifylng applicants. Th15 equates to approxlmately É980k. Th15 glvesa free reserves requirement of £L280,OIXJ. As at 31 December 2023. the Charfty had free reserves of £1,749.000. a surplLbS above the minimum requirement of £469,rJJ). Should the Trustees See this excess build UP substantially, the Trustees anticipate u5in8 the surplus to pay down the debts of the Charity. REfiRED BAPTisf MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 4. PLANS FOR FUTURE PERIODS The maximum purchase pricè will remain at £240,oc￿ for 2024 and the minimum rent will be reviewed by I July 2024. The Trustees receive applications for housing up to 5 year5 In advance and currently have 29 applications for the period 2024-2029. The Trustee5 consider that from the proeeeds of sale of properties the Charity should be able to meet all qualifying applications in thi5 period. Additional woik will need to be undertaken on a number of the Organisation's properties as a result of the condition suNey5. While thanEes in legislation requiring the energy efficienry levels of rental properties to be a C have been Shelved the trustees are still committed to raise the EPCS of our less efficient propertles to a high D or even C. In the medium term the Trustees need to consider how our properties will be heated as gas boilers may be phased out. 5. STRUCTURE GOVERNANCE AND MANAGEMENT The CFLarity 15 Boverned by a constitution based on the Charity Commission's Foundation Model CIO constitution. which was re81Stered on 22, Marth 2018. The Charity Is managed by a board of up trj 15 Trustees. Up to 8 Trustees are appointed by BUGB wlth up to a fvrther 7 co-opted by the Trustees of the Charity. The Trustees delegate the running of the Chartty on a day-to-day basls to the Secretary and Tenant Relations Manager, Revd Andy Hughes and Property and OpeTrtions Manager, Mr Joe aeavers. Andy Hughes has authority to approve standard applicatlons for houslng, to purchase and sell properties, and to approve rotrtine items of expenditure and property repaits. Non-standard applications for housing ale referred lo the Trustees for conslderatlon. Inductlon and Trdlnlng of Trustees When new tr¥Jstees a￿ appolnted they are Ewen a briefing by the Secretary and Tenant Relation5 Manageron the worklngs of the Charlty. They are provlded with the annual report and papers and min￿e$ of recent meetings. Formal training is provided to trustees as appropriate. RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 6. STATEMENT OFTRusfEES' RESPONSIBIL ThIES The fru5tees are responsible for preparing the Trustees, Report and the financial statements in accorda￿ce with appllcable kiw and United Klngdom Accounting Standards Iunlt@d Klngdorn Generally Accepted Attounting Practice). The law applicable to charities in England and Wales requlres the Tiustees to prepare flnanclal statements for each financial year which 8Die a true and fair view of the state of affairs of the charity and of the incoming resources and applicatlon of resources of the charity for that period. In preparing these financial statements, the Trustees are required to- select suitsble accounting policies and then appty them consistently., Observe the methods and Pfinciples in the Charitles SORP 2023 IFRS 1021: Make judgernents and estimates that arè reasonable and prudent; State whether applicable a¢¢ountin8 Standards have been followed, subjert to any matertal departures disclosed and explained In the financlal statements., Prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charlty will contlnue In operation. The Trustees are responsible for keeping accountlng records that disclose with reasonable accuracy at anytime the financial position of the charity and enable them to ensure that the financial statements comply with the ChaT4ties Art 2022. They are also responsible for safe8uarding the assets of the charity and hence for takinB reasonable Steps for the prevention and detectlon of fraud and other Irregularltles. In so far as the Trustees are aware.. There is no relevant audit information of which the Charity's auditor is unaware,. rhe Trustees have taken all steps that they ought to have taken to make themselves awa￿ of any relevant audit information and to establish that the auditor is aware of that infomiation. The r*port of the TNst•es was approved on 24Aprll 2024and ￿gned on Its ￿hall by: Revd Andy Hughes INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Opinion We have audited the financial statements of Retired Baptist Ministers Housing Organisation for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The flnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Yhe Financial Reporting Standard Applicable In the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fair view of the state of the charl￿S affairs as #131 December 2023, and of its Incoming resoutces and application of resource5, for thÈ year then ended,. have been proper￿ prepared in accordance with United Klngdom Generdlly Accepted Accounting PractI￿- and have been prepared In accordance with the reqU1￿MentS of the Charities Act 2011. Bask for oplnlon We condutted our audit In accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Respon&bilitie5 for the audit of the finantial statements settion of our report. We are independent of the charity in accordance with the ethical requtrements that are felevant to our audit of the financlal statements in the UL including the FRCS Ethical Standard, and we have fulfllled our other ethical responsibilities In accofdance with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provlde a basls for our opinion. Concluslons relatln8 to goln8 concern In auditlfig the financial Statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financlal statements is appropriate. Based on the work we have performed, we have not identified any materfal ￿n￿rtainlI*S relatingto event5 or condit10fi5 that, individually or collectivety, may cast 518nificant doubt on the tharivs ability to continue a5 going concern for a period of at least twelve months from when the ffinancial ststements are authorlsed for Issue. Our responsibilitles and the responslbllities of the trustees wlth respett to golng concern a￿ descrlbed in the relevant sertions of thls report. Other Infomiatlon The other inforniatSon comprises the Information included in the annual report. other than the financlal statements and our auditorfs report thereon. The trustees are responslble for the other informatio contained within the annual report. Our oplnlrin on the financlal staternents does not cover the other Inforrnation and, except to the extent otherwise explicltly stated in our report, we do not express any form ol assurance concluslon thereon. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Our responsibility is to read the other information and, in doing so, consider whether the other information is matertrally inconsistenl with the flnancial statements or our knowledge obtained Sn the course of the audit or othefwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mi53tatement in the financial Statements themselves. If. based on the work we have performed, we conclude thar there Is a rnaterlal misstatement of thls other infcirmatlon, we are required to report that fact. We have nothing to report in this regard. Matters on whlth we are requlred to report by excoption We have nDihin@ to report in respect of the follown8 matters where the Charities Act 2011 reqvires us to report to you if, in our opinion.. the info¥mation given in the Trustees, Annual Report is inconsistent in any material respert with the financial statement5,' or the charity has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and returns; or we have not recelved all the information and explanations we required for our audit. Responslbllitles ol trystees As explainel more fully in the trustees, responsibilities statement Set out on page 5, the trijstees are responsible for the preparation of the finan¢i61 statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financlal statements. the trustees are responsible for assessing the charivs ability to continue as a going concern, disc105ina, as applicable, matters related to going concern and using the going concem basis of accountlng unless the trustees elther intend to liquldate the charity orto cease operatDns or have no realistic alterllative but to do so. Aud12or's Responslbllltles tor the audlt of the finanelal stat•monts We have been appointed as auditor under section 1442 of the Charities Act 2011 and ieport in aCcorda￿e with re8ulation5 made under section 154 of that Act. Our objectives a￿ to obtain reasonable assurance about whether the financial statements as a whole are free from rnaterial misstatement. whether due to fraud or error, and to issue an auditorfs report that in¢lvdes our opinion. Reasonable assurance is 3 hlgh level of assurance, but is not a guarantee that an audst conducted in aecordan¢e with ISAS IUKI will detect a material mlsstatemenl when It exists. Misstatements can arlse from fraud oreiror and are considered material if, indiviilually or in aggregate, they could Teasonabfy be expected to inftuence the economic decisions of users taken on the basls of these financial statements. As part of an audit In accofdance with ISAS IUKI we exercise professional jud8èment and m3lntaSn professlonal scep￿c1Sffl throughout the audit. We also.. Identlfy and a55e55 the rlsks of materlal mtSStatement of the ftnanclal statements, whether due to fraud or error, design and perform audit procedures responslve to those risks. and obtain audit evSdence that is sufficient and appropriate to provlde a basis for our opinlon. The risk of not detecting a material misstalemenl resultin8 from fraud is higher than for one resulting from error, as fraud may invol¥e collusion, forgery, Intentional ornisslons, misrepresentations. or the override of internal control. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Obtain an understanding of Internal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances, but not for the purposes ol expressing an opinion on the effectiveness of the charitys internal control. Evaluate the appropriateness of accounting policies used and the red￿nablenesS of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustee￿ use of the going concern basi5 of accountln8 and, based on the audit evldence obiained, whether a material uncertainty exists related to events or conditions that may cast Significant doubt on the ¢hariWs ability to continue as a going concern. If we conclude that a material uncertslnty exists, we are required to draw attention In our audttorfs feport to the related disclosures In the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future evellts or conditions may cause the charity to ￿3$e to continue as a going concern. Evaluate the overall p￿SentatiOn, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation. We c¢mmunlcate with those charged with governance regarilin& among other matters. the planned scope and timing of the audit and si8nificant audit findlngs. including any significant deficiencies in internal control that we Sdentlfy durlng ouraudlt. Explanatioft as to vthat extqnt the audit was considered capable of detertln8 rrregularlties, IncludlnÈ fraud Irregularities, including fraud. are instan￿5 of non-compllance with laws and regulations. Wè destgn procedures in line wlth our responsibilities. otstlined above, to detert rnaterial misstatements in respect of irreRularities, including fraud. The extent to which our procedures are tapable of detetting irregularities, including ffaud is detsiled below. The obpctives of our audit in respect of fraud, are- to Identify and assess the rtsks of materlal misstatement of the financtal statements due lo fraud; to obtain sufficient appropriate a￿lIt evidencè regarding the assessed risks of material mlsstatement due ta fraud. through designing and Implementing approprtate responses to those assessed ri5ks.' and to respond appropriatety to instances of fraud or suspected fraud Identrfied durin8 the a￿lt. Howeve¥, the prlmary responsibiltty for the prevention and detection of fraud rests with both management and those Charged with governance of the charity. Our approach was as follows- We obtained an understandlng of the legal and regulatory requirements applicable to the Charity an(1 considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standard5 as issued by the Financial Reporting Councll We obtained an unde¥5tanding of how the charity complies wlth these requirèments by dlscussions with management and those charged with governance. We assessed the risk of materlal mitstatemÈnt of Ihe financial statements, including the risk of material misststernent due to fraud and how it mi8ht occur, by holding discuMions with management and those eharged with 8overnance. We Inqulred of management and those charged with 8oveinan¢e as to any known instsrKes of non. compllance or suspectèd non.compliance with laws and regulations. Base(l on this understandin& we desi8ned 5pecifK appropriate audlt procedures to Identlfy Snstances of non-compliance with laws and regulations. This included making enquiries of rnanagement and those chaf8ed with governance and obtaining additional corroborative evldence as requlred. There are Inherent Ilmit?tlons in the audlt procedures descrlbed above. We are less Ilkely to become awère of Instances of non-eompllance wlth laws and regulations that are not closely related to events and transactions INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RETIRED BAPTIST MINISTERS HOUSING ORGANISATION reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is hlgher than the risk of not detecting one resulting from error, a5 fraud may involve deliberate concealrnent by, for example, forgery or intentional misrepresentations, or thcough collusion. Use of our report This report is made solèly to the charity'5 trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to State to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustee5 as a body. for our audit work. for this report. or for the oplnion we have forrned. Moore Klngston Smlth LLP Statutory auditor 9 Appold Street London EC2A 2AP Date 29 April 2024 Moore Kingston Smith LLP is eli8ible to act as auditor In terms of Section 1212 of the Companie5 Act 2C io REfiRED BAPTisf MINISTERS HOUSING ORGANISATION Charlty Number; 1177649 STATEMENT OF FINANCIAL A￿1VITIEs FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlrted Designated Funds Funds 2023 2022 Note Income Donations and legacies Charitable activities Investment incorne 204.132 677,585 192.(UJ 204,132 397.879 677,585 669,737 1,644,055 1,Th)5.991 1,452,055 Total Incomè 1.073,717 1,452,055 2,525,772 2,073,607 Expenditure Charitable activities Total Expenditure 1,264,170 1,264,170 1,452,055 1,452.055 2.716,225 1,624,424 2,716,225 1,624,424 Net income before gainlllossl on investments and flxed asset $31es Net 8ainllk)ssl on investments io Gain on sale of fixed assets 1190.4531 1190,4531 449,183 743 1.846,539 743 13.3171 1,846.S39 1,249.978 Net movement In funds 1,656.829 1,656,829 1,695,844 RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forwar 38,884,803 40.541,632 38,884,803 37,188.959 40,541,632 38.884.803 The notes on pages 14 to 20 form afi Integral part of these financial statements. li RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 BALANCE SHEEf AS AT 31 DECEMBER 2023 Notes 31 December 2023 al Oecember ZO22 FixÉd assets Tangible assets Investments Quoted invesiments Mixed Motive 40,967,213 39.355,087 io li 29,944 20,000,0(X) 29,2(K) 20,￿0,000 60,997,157 59.384,287 Current assets Asset held for disposal Debtors Cash and Bank 285,000 145,843 3,320.171 3,751,014 12 13 2Y),573 3,672,251 3,922,824 Current liabllltles Creditors.. Amounts falllng due within one vear 14 14.378.349) 14,250,498) Net turrent Ilabllltle5 1455,5251 {499.4841 Creditors.. Amounts fallin8 after one year 15 I20,0￿,1XK)> 120,OCQ.0001 Net Assets 40,541,632 38,884A03 THE FUNDS OFTHE CHARITY General Reserve Desl8nated Funds 40,541,632 38.884,803 Total Charlty Funds 40,541,632 38,68&803 The ftnanclal Statements were approved by the Trustee5 on 24 Aprll 2024 and were signed on its behalf by: Revd Andy Hu8hes The notes on pages 14 to 20 fomi an integral part of these financial statements. 12 REfiRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Net Income for the reporting period 1,656,829 1.695,844 Adjustments for- Net Ig3inllloss on investments Net Sncome before Igainllloss on Investment io 17431 1,656,086 3.318 1,699,162 Adjustments for: Depreclation Dividends and Interest from investments Net gain on sale of fixed assets IlncreasellDecrease In debtors Increase/lDecreasel In creditots 12,323 11.644,0541 11,846,538) 180,270 127,851 6,807 11,O)5,9911 11.249,9781 1364,9061 110,345 Net cash used by operatlng actlvltles 11.514,0621 1804.5611 Cash flows from investing actiV4ties Dividends and Interest frorn investments Proceeds from sale of fixed assets Purchase of tsngible fixed assets 1,644,054 3.773,299 13,551,2111 1.005,991 2.596,284 13.095.974) Net cash generated In Invegtln8 activltle$ 1,866,142 506,301 ChanBes In cash pnd c35h equivalents in thè year 352,080 1298.2601 Cash and cash equlvalents brought forwar(I Cash and cash equiv31ènt5 carrted forward 3,320,171 3,672.251 3,618,431 3,320,171 13 13 RETIRED BAPTisf MINISTERS HOUSING ORGANISATION Charity Number.. 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POUCIES lel Expendlture EKpenditure is recogni5ed in the Statsment Df Financlal Actlvllies once thefe Is a legal oi constructlve obligat4on t¢ make a payment to a third party, it is probable thai 5ettlernent wlll be required, and the amount of the obliÉatlon can bÈ Measur￿ ieliabW- The prlntipal 3ccouniin8 polkles adopted, lud8ernents and key ￿urCeS of e51imation uncertainty In the preparation ofthe finartial statements are a5fdbws'. lal Paslsof Ac(ountlnB The financial ststeTnents have been prepared I accord8nee With the Charitks Statement éf Recomrnended Prarti￿ ICh3rities SORP IFRS 10211, Flnantial Re￿rtIng Standard 102 and the Charitie5 Aci 2022 The Retired Baptistminlsters Housin8 Organi5ation is a regtstered charity, no. 1177649, and ft*ets the definitionofa public benefitentity under FRS102. Assets and liabilities are rec￿nISed ai histoncèl tt)st or tran5acbon value unless othevx15e 5rated In the re￿¥BnI accounting policy notes. lffecoverableVATts char8ed as a costagalnsl thea<￿¥11¥ forwhith the expenditure wès lfitvrred. 11) Tan8lble flxedassets Tangible fixed assets are Initially measured at cosr. or In respect of assets don3ted, atvalultion atthe date otthe donètion. Tlw are subsequentl¥ measured at cost tsr valuation Tret of &preciatlonand any 1mpair￿￿TrtIO$Ses. Depreclètion is ttca8nised so Is to wrtte ON the cott or valvatlon of a$5ets le5S their resldual values o¥er I￿1r useful economic live5. Ibl Pltp•ration olthef1man¢lal$tstsrntnts￿ a iolni t OqbttyS p￿paymentS olher debtor5 are recD8llksed al the setdÈment amotjnr due. Debtors ao measured at Ihelr ernbk •mount. Cash •tbink and In ￿n& Cash ai bank and In hand Inclu¢e5 not￿& de￿Sir5 aThl 5hort.temi depo￿t$ wllh a maxlmurn maturlty of le&$ than 3 rnonths. 14 REnRED BAPTIST MINISTERS HOUSING ORGANISATION Charity Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ui C￿dItOrS Credltors arereco8nl52d where the charityr￿S a present obligation ￿$￿IlIng Irorn a past event that w511 probakjy result in thÈ transfer of ftsnds to a thlrd party and the amaunt due to Sett￿ the Obli￿110￿ call be mèasured or estimated relSabiy. Accrua15 and Dtl*r creditors ale recognisÈd attheir settlementamount due. the contribbtkin5 have beÈn paid the emrdtyèr ha5 f¥) further payment obligation The contribuiions are reiognised as an expense when they are dve. Amounts not paid are show In ac¢rtsJls in the bèlance sheet. The aSS*15 of the plan are separately frorn the Èrnplovei In an independefjipy adfflin￿tered fund. Loan5 are considered conces5Ionary 103ns fecÈived as they are made to the charlty to fvrther Its purpose5 and 4ny Interest Ihar8ed is belowthe prevallin8 market ièle5. Tavatloh The Charty ts rtota55es5able to t•￿t￿on. Interest free loan5 represent COQlrfbvtK)ns received ioward5 the cosi of properries which are to be repaid when theteoancy istermlnated. These are recognlseda5 contribut1onsre￿Wedand a Ilability for rep3ymentfrom the dète ai V4h￿b the tenancy cornrnencÈs. They are shown as oJrrentliabilitie5 a5dates of repaymentcannot detertnlned. Jud8ement and K8ySo¥rcesof E5tlmotio Uncertalmv Ettifflates andjuégements are continuallyevaluated and are bo5ed on hlstorlcal exper*nce and other inclu￿1￿9 expe