RETIRED BAPTIST MINISTERS HOUSINC ORGANISATION ANNUAL REPORT 2025 RETIRED BAPTIST MINISTERS HOUSING ORGANISATION YEAR ENDED 31 DECEMBER 2025 Charity Number: 1177649
REllRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REFERENCE AND ADMINISTRATIVE DETAILS The Retired Baptist Ministers Housing Organisation (also known as RBMHOI, is a Charitable Incorporated Organisation, registered with the Charity Commission. TRUSTEES.. Revd G Hindmarch Revd L G Johnson MrCJJones Revd P Jump Mr J Levick Revd A Mile5 Revd A A Petk Ms J Stewart Ms R Tole Ico-chairl Mr T Walker (Co-chair) PRINCIPAL OFFICE: Baptist House, 129 Broadway, Didcot, OXII 8RT REGISTERED NUMBER: 1177649 PROPERTYTRUSTEE: RBMHO Trust Corporation Limited, company number 114(K)081, 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, Birmingham, B4 6AA Royds Withy King LLP, 5-6 Northumberland Buildings, Queen Square, Bath BAI 2JE Diakoneo Legal SeNices Limited, Solicitors, 48 Speirs Wharf, Glasgow G4 9TH BANKERS.. HSBC Plc., 6 High Street. Abingdon, OX14 5AZ MANAGER: Revd Andy Hughes
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION ChaTIty Number: 1177649 INTRODUCTION AND CONTENTS The Trustees of the Retired Baptist Ministers Housing Organisation I'the ChariV'I present their Annual Report together with the audited financial statements for the year ended 31 December 2025 which comply with the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS1021. The Annual Report and Financial Statements are strurtured as follows.. Section Introduction and Contents Report of the Trustees: Objectives and Activities Achievements and Performance Financial Review Plans for Future Periods Structure, Governance and Management Statement of Trustees, Responsibilities Report of the Independent Auditors Statement of Financial Activities 8alante Sheet Statement of Cashflows Notes to the Financial Statements Page Referente 13 14 15 16
RIRED BAPTIST MINISTERS HOUSING ORGANISATION Charity Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 a) OWEcfivES AND AlTIEs The objects of the Retired Baptist Ministers Housing Organi5ation IRBMHO, the Charity) are, for the public benefit.. The prevention or relief of poverty of retired Baptist ministers, retired Baptist missionaries and their spouses, who are in necessitous circumstances, as the charity trustees shall from time to time determine,. To advance the Christian faith for the public benefit in accordance with the statement of belief of the Baptist denomination,. Since 1975, the Charity and its predecessor entity the Retired Baptist Ministers Housing Society IR8MHSI has sought to provide good-quality. safe, secure and well-maintained homes to those who reached retirement and who had no means of providing a home for themselves and their family. The Charity aims to support all applicants for housin8 who meet its normal qualifying criteria Retired Baptist ministers who have seThed as a Baptist minister accredited by the Baptist Union of Great Britain IBUGBI for at least 15 years Retired Baptist ministers who have served as minister of a church in membership of the Baptist Union of Gat Britain for at least 18 years Retired Baptist Missionaries who have setved BMS World Mission primarily outside the UK for at least 15 years The surviving spouses of qualifying retired ministers or those who died in active ministry The Charity also consider5 applications for sUPPOrt that fall outside of its normal criteria but are deserving of support in the view of the Trustees. The Charity works in partnership with the Heart of England Baptist Association and BMS World Mission all of whom have provided properties which the Charity is pleased to manage on their behalf. No changes to the activities of Charity are planned in the coming year.
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 bl ACHIEVEMEPIt5 AND PERFORMANCE The Charity is pleased to record that it was able to provide 6 homes for ministers and mini5terfs widows who made applications to RBMHO for 2025 and an additional minister was housed in January 2026 following a slight delay in the purchase. The remaining applicant has delayed their retirement. In addition, 2 tenants were relocated to properties more suited to their needs. During the year the Charity acquired 10 properties and disposed of 6. The Charit5 stock of properties increased to 254 properties12024.. 2501. At the end of the period, the Charity was providing homes for 248 12024.. 2441 retired ministers, missionaries and /or their spouses. It seeks to maintain its properties to a good standard and offers pastoral support to its tenants as far as it is able. In doing all this, the Charity reco8nises that it is due, in no small measure, to those individuals, ministers, organisations and churches who have supported and continue to support its continuin8 work either by prayers, publicity, visits or donations. Durin8 the year, the Charity undertook a significant amount of work improving the propertie5 which had been identified in the condition surveys as requiring the most urgent work. This has resulted in spending on repair5 exteedin8 £1.7million for a second year makin8 a total spend of £4.2million over the last 3 years. In November 2024 the Trustees agreed that new condition surveys would be undertaken on around 110 properties which had previously been identified as medium priority for repairs. Following the surveys all urgent repairs have been completed, and other repairs and improvements have been scheduled over the next few years. The Charity has undertaken a major review of finan, including the cost5 of maintaining its propertie5 to a good standard takin8 current stock a8e and tondition into account, as part of a rent review. In November the Trustees agreed to raise the standard rent considerably over the next 2 year to £450pcm, while simplifying the basis on which it is charged. The aim is to balance the bud8et from l July 2027. The Charity ha5 continued to engage in discussions with the Baptist Union of Great Britain and the 8aptist Union Corporation about the £20 million Family Solution loan with a view to decreasing the outstanding balance over the next few years.
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Chartty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEMBER 2025 c) FINANCIAL REVIEW The results of the Charity for the year are set out in the accompanying financial statements. During the reporting period, the minimum monthly rent (July 25-Jun 261 was increased to £234.00 12024= É224.50I, and the maximum purchase value per property was increased to £250,00012024.. £240,000). The Trustees agreed to extend this to £270,OLX) for properties LIP to 5 years old. As shown on the Statement of Financial Artivities the deficit for the year of £277,276 12024: surplus of £1,179,059) has been withdrawn from reserves, giving total funds carried forward of £41,443,415 12024.. £41,720,691). Excluding the Family Solution (see below), Income in the year increased to £1,050,72612024= £969,613), an increase of 20.8%. This was primarily due to a legacy of £127,669 that was received in 2025. Rent income increased to £779,69512024: £719.2061 an increase of 8.4%. Direct unrestricted costs decreased to £1,979.892 12024.. £1,991,467) a decrease of 0.6%. Support costs increased to £17,36812024.. £13,953). The operating deficit for the year, excluding the 8ain on sale of fixed assets and investment gains and losses, was £946,53412024.. deficit £1,135,8071, on top of which the Charity made gains on disposal of fixed assets of £667,24112024- £2,315,836). The properties have been included in the financial statements at cost. The Trustees consider that the aggregate value of the properties is not below carrying value. Family Solution Since 2018, the Charity has supported the Baptist denomination by participating in the Family Solution to the Baptist Pension Scheme. This involved it taking a loan from Baptist Union Corporation IBUCI of £20m secured against a portion of its property assets and then making an unsecured loan to the Baptist Union of Great Britain IBUGBI of £20m. Both loans are on an interest-only payment basis and have the same interest rate, meaning that the interest income and expense offset each other. The loan from BUC is classified as non-current liability as the terms of the loan agreement mean payment can only be requested with 13-months' notice. The loan to BUGB is classified os a mixed-motive investment under FRS102 as the Trustees have made the loan as part of its commitment to the Baptist denomination Family Solution to the Baptist Pension Scheme at a rate more favourable than BUGB could have obtained commercially. To avoid distorting the operating accounts of the charity, the Trustees have created a Family Solution designated fund to hold both the assets and liabilities involved. This fund showed both income and expenditure of £1,275,735 in 2025 12024.. £1.629,0701. the decrease reflecting the decrease following the Bank of England base rates changin& the decrease in the rate that the 8UC charged since July 2025 and the fact that BUGB made a repayment in 2025 which reduced the balance on the loan to £19.2m. Fundralslng The Charity receives donations from organisations (mainly Baptlst churchesl and donations and legacies from individuals. The charity seeks support from donors via its website and advertising in Bapt15t publications. The charity does not work with any commercial entities for fundraising purposes and does not undertake any direct marketing activities for fundraising purposes. No complaints were received relating to fundraisin8 in the year.
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Principal Risks and uncertalntles The Trustees of the Charity have identified the following as the principal risk and uncertainty facing the charity.. The financial failure of the Baptist Union of Great Britain IBUGBI. A5 the Charity's 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 charity might not be able to meet the needs of future applicants. The Trustees believe the firlancial failure of BUGB to be a remote possibility but will monitor its financial position and take any action necessary to protect the interests of the Charity and its beneficiaries. Changes In law requlrlng rented properties to have an EPC of C or better by 2030. Just under half of the Charivs properties have an EPC below the required level. The Trustees believe that there is a risk that it will not be Fiossible to make sufficient changes to meet the new requirements for all those properties. Improvements to the energy efficiency of these properties will be a high priority in the repairs and maintenance work carried out over the interyening time and the Trustees will monitor progress.
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Reseryes Pollcy The Trustees have considered the level of reserves required by the Charity and these are set at a level which includes the following elements.. 3 months, core operating costs which is approximately £71,000. l yearfs maintenance costs to cover all legal requirements and emergency repairs to protect the beneficiaries. This is approximately £279,000. l yearfs ground rents which is approximately £l,LNJO. 5% of the Interest Free Loans to enable tenants vacating property to be repaid, which is appfoximately £117,000. The Trustees do not consider that it is necessary to hold resetves for the purchase of properties for new applicants as no firm commitment is made to them until a pre-tenancy agreement has been signed. This happens at the point of an offer being accepted on a property. In the eventuality that the Charitv Is in financial difficulties no such offer will be made. Applicants are always made aware that we cannot guarantee having sufficient funds available to house them. The Trustees do not consider any reseNe is required for the Family Solution Loan because the Loan Facility Agreement for the loan of £20mn made by BUC to the Charity and then lent to BUGB, requires the BUC to give at least 13 months, notice for the payment of any arrears in the event of a default by the Charity. In the eventuality that BUGB failed to pay the Inte$t on their loan leading to a default by the Charity there is sufficient time to sell properties becoming vacant to cover the cost of interest owed. The Charity seeks to maintain access to sufficient available cash reserves to enable it to sustain its day to day running costs and where p055ible to respond to the needs of future tenants. To thi5 end the Charity maintains a £2mn loan facility with the BUC which can be drawn on should that prove necessary. The income from Charitable activities relates to rent from beneficiaries which is highly reliable and received monthly. This previously generated a surplus over expenditure on charitable activities, although the current programme of necessary repairs to our housing stock, which 15 likely to take another year to complete, will result in expenditure eyceeding income over that period. The Trustees expect to fund the shortfall from excess receipts from disposals, from legacy income received and if necessary, from loans. The Trustees have revised the rent model to enable properties to be maintained to the required standard, which will require higher routine expenditure than before the major programme of works, within a balanced budget. This gives a free reserves requirement of £468,000. A5 at 31 December 2025, the Charity had ffee reserves of £1,624,754, a surplus of £1.156,754 above the minimum requirement of £468.000. The trustees Consider the level of reserves acceptable taking account of pending property purchases and expenditure required on maintenance and repairs. Should this surplus build up substantially, the Trustees anticipate using the surplus to pay down the debts of the Charity.
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 dl PLANS FOR FUTURE PERIODS The maximum purchase price will remain at £250,0001£270,000 for 2026 and the minimum rent will rise to £342 on l July 2025. The Trustees receive applications for housing up to 5 years in advance and currently have between 30 and 35 potential applications for the period 2026-2030. The Trustees consider that from the anticipated proceeds of sale of properties and the BUC loan facility the Charity should be able to meet all qualifying applications in this period. Additional work will need to be undertaken on a number of the Organisation's properties as a result of the further condition surveys. The government have announced that landlords will be required to improve the energy efficiency of rental properties with a minimum of EPC of C required from 2030. Currently almost 50% of our properties have an EPC of D or E. Improving the efficiency of these houses will be a priority in maintenance work over the next 4 years. el STRuuRE. GOVERNAN ANO MANAGEMENT The Charity is governed by a constitution based on the Charity Commission's Foundation Model CIO constitution, which was registered on 22 March 2018. The Charity is managed by a board of up to 15 Trustees. Up to 8 Trustees are appointed by BUG8 with up to a further 7 co-opted by the Trustees of the Charity. The Trustees delegate the running of the Charity on a day-to-day basis to the General Manager, Revd Andy Hughes and Property and Operations Manager, Mr Joe Cleavers. Andy Hughes has authority to approve standard applications for housing, to purchase and sell Pfoperties, and to approve routine items of expenditure and property repairs. Non-standard applications for housin8 are referred to the Trustees for consideration. Induction and Training of Trustees When new trustees are appointed they are given a briefing by the General Manager on the workin85 of the Charity. They are provided with the annual report and papers and minutes 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 2025 fj STATEMENT OF TRUSTEES, RESPONSIBIUTIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in attordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to- Select suitable accounting policies and then apply them consistently,. Observe the methods and principles in the Charities SORP 2023 IFRS 1021: Make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statementS,' Prepare the financial statements on the goin8 concern basis unless It is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting records that 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 2022. They are also responsible for safeguarding the a5set5 of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: There is no relevant audit information of which the Charitws auditor is unaware: The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The report of the Trustees was approved on 21 April 2026 and signed on its behalf 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 Organisètion for the year ended 31 December 2025 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 financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charit5 affair5 a5 at 31 December 2025, and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in atcordance wlth the requirements of the Charities Act 2011. 8asis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorf5 Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are levant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustee5' use of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to events or conditions that, individually or collertively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to goin8 concern are described in the relevant sections of this report.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Other Informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements, we are qUired to deterrnine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matter5 on which we are requlred to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements,. 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 received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charit¢s ability to continue as a going concern, disclosin& as applicable, matters lated to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltoes Responsibilities for the audit of the financial statements We have been appointed as auditor under section 1442 of the Charities Act 2011 and report in attordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or a88regate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RETIRED BAPTIST MINISTERS HOUSING ORGANISATION As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resultin8 from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charivs internal control. Evaluate the appropriateness of accountin8 policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriatenes5 of the trustees. use of the going concern basis of accountin8 and, based on the aijdit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charivs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report 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, fLSture events or tonditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statement5, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those tharged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanatlon as to what extent the audit was considered capable of detecting Irregularltles, Includlng fraud Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detectin8 irregularities. including fraud is detailed below. The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those char8ed with 8overnance of the charity. 11
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reportin8 Council We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made 501ely to the charity's 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 trustees as a body, for our audit work, for this report, or for the opinion we have fom)ed. Moore Klngston Smlth LLP Statutory auditor 9 Appold Street London EC2A 2AP Date 2310412026 Moore Kingston Smith LLP is eligible to act as auditor in terms of Sedion 1212 of the Companies Act 2006 12
REllRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) Unrestrirted Designated Funds Funds 2025 2024 Note Income Donation5 and legacie5 Charitable activities Investment income 223,081 781,437 46,208 223,081 781,437 1,321,943 68,099 721,000 1,709,584 1,275,735 Total Income 1.050,726 1,275.735 2.326,461 2,498,683 Expenditure Charitable activities Total Expenditure 1,997,260 1,997,260 1,275,735 1,275,735 3,272,995 3,272,995 3,634,490 3.634.490 Net income before gainlllossl on investments {946,5341 (946,5341 11,135,807) Net gainlllossl on investments Gain on sale of fixed assets io 2,017 2,017 19701 667,241 667,241 2,315,836 Net movement in funds 1277.276) {277.276) 1,179.059 RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward 16 41,720,691 41,720,691 40,541,632 41,443,415 41,443,415 41,720.691 The notes on pages 16 to 23 form an integral part of these financial statements. 13
REfiRED BAPTisf MINISTERS HOUSING ORGANISATION ChaTIty NurnbeT: 1177649 BALANCE SHEET AS AT 31 DECEMBER 2025 3tst l)ecembeY 2025 3tst l>ecember 2024 Notes Flxed Assets Tangible assets Investments - Quoted investrnents - Mixed Motive 42,120,012 40.293,885 io li 30,991 19,203,008 28,973 20.CW,O( 61,354.011 60,322,858 Current Assets Debtors Cash and Bank 12 13 76,576 1,617,666 1.694,242 118,686 3,755,054 3,873,740 Current Llabillties Creditors: Amounts falling due within one 14 12,401,830) 12.475,9071 Net current assetsllliabilitles) Creditors= Amount5 falling due after one year {707,5881 1.397.833 15 119,203.1)081 I20,(),(KN)l Net Assets 41.443,415 41,720,691 CAPITAI AND RESERVES General Reserves Designated Funds 41,443,415 41,720.691 Total Chèrlty Funds 41,443.415 41,720,691 The financial statements were approved by the Trustees on 21 April 2026 and were signed on its behalf by= Revd Andy Hughes The notes on pages 16 to 23 form an integral part of these financial statements. 14
RETIRED BAiYrisr MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Net lexpendltureifincome for the reportin8 period (277.2761 1,179,059 Adjustments for: Net Igainllloss on investments Net income before {gain)Iloss on Investment io 12.017) (279.2931 970 1,180,029 Adjustments for.. Depreciation Dividends and interest from investments Net Igainlllos5 on sale of fixed assets Decrease in debtors IDecreasel in creditors 15,168 (1,321,943) 1667,2411 42.110 174,0781 16.102 11,709,584) 12,315.8371 47,402 11.817.956) Net cash used by operatlng artivltles 12.285,2771 (4,599.844) Cash flows Irom investing activitie5 Dividends and interest from investments Proceed5 from sale of fixed assets Purchase of tangible fixed assets 1,321,943 1,577,157 12,751,211) 1,709,584 4,384,453 11.411,390) Net cash generated in Investlng artlvlties 147,889 4.682,647 Changes In cash and cash equlvalents the year (2,137,388) 82.803 Cash and cash equivalents brought loard Cash and cash equivalents cèrrled forwaid 3,755,054 1,617.666 3,672,251 3,755,054 13 Anatysls of change5 In net debt At 0110112025 Cash-flows 3,755,054 {2,137,388) 120,1XK),0001 16,244.946 12,137,388) NonThcosh At changes 3111212025 1.617,666 796.992 (19,203,008) 796.992 17,585,342 Cash Loans falling due after one year 15
REfiRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Nots Net {expenditure)lincorne for the reporting period {277.276) 1.179.059 Adjustments for= Net Igainllloss on investments Net income before Igainllloss on investment io 12,0171 1279,2931 970 1.180.029 Adjustments for- Oepreciation Dividends and interest from inve5trnentS Net Igainllloss on sale of fixed assets Decrease in debtors (Decrease) in Creditors 15,168 16,102 11,321,943) 11,709,584) 1667,2411 12,315,837) 42,110 47,402 174,0781 11.817,9561 Net cash used by operating activities 12,285,2771 14,599,844) Cash flows from investlng actlvlties Dividends and interest from investment5 Proceeds from sale of fixed assets Purchase of tangible fixed assets 1,321,943 1,709,584 1,577,157 4,384,453 12,751,211) 11,411,390) Net cash generated In Investlng actlvitles 147,889 4,682,647 Change5 in cash and cash equivalent5 in the year 12.137.388) 82.803 Cash and cash equivalents brought forward Cash and cash equivalents carried forward 3,755,054 1,617,666 3,672,251 3,755,054 13 15
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 I. ACCOUNTING POUCIES Donètion$areaccounted for grosswhen received. Legacies are accounted for at the eadier of the f5tste accounts belng finali5ed and notthed. and cash eived. Rental income is accounted foron an accrua15 ba515. Investrnent incorne 15 accounted for on an accruals basis. The principal accounting policie5 adopted, judgements and key sources of estimation uncertainty In the preparation of the financial statements are as follows.. lal Basls of Atcountirva The financial statements have been prepared in Ccordance with the Charitles Statement of Recommended Practice Icharities SORP IFRS 10211, Financial Reportlng Standard 102 and the Charities Act 2011. The Retlred Baptist Mlnisters Housin8 Or8ani5ation is a re815tered charity, no. 1177649, and meet5 the definition of a public benefit entity under FRS102. Assets lel Expendlturt Expenditure Is rewgnised the Statement of Financlal Activitie5 once there is a legal or constructive obligation to rnake a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. transaction value unlÈss otherwise stated in the relevant accounting policy notes. Irrecoverable VAT is charged asa cost a8ainstthÈ attivity for whlch the expenditure was incurred. Ibl Prtpariion of the flnanclal statements on a8oln8 concern basis Thefinancial staternentsare preparedon a going concern basi5 which a55urnes that the Charity will continue In operational existence lor the foreseeable future. The planned prograrnme of refurbishment of the property )rtfollo wlll be funded from existing workingcapital and where required, drawdowns from the £2m workin8 capitsl loan facility which remains èvailable from the Baptist Union Corporation. In addition, the £19.2m loan from the BUC remains a long-term loan not due for reYment for a period of twelve months from the date on which the accounts are signed. The Dlrertors are aware of th continuing Cost of livin8 crisis facin8 the UK population at this timè but b35ed on robust income and the resee5 held by the chèrity, the trustees have concluded that there is no material uncertalnty as to the Chariws ability to meet it5 liabilities as they fall due. Accordingly, the trustees continue to adopt the going concern basis In the preparation of the ftnaoI staternent5. lfj Tanglble fixed assets Tangible fixed assets are Initial measured at cost. or in respett of asset5 doriated. at valuation at the date of the donation. They are subsequently measured at C05t or valuation net of depreciation and any impairrnent losses. Depreciation is reco8nlsed so as to wrSte off the cost or valuation of assets less their residual values over thelr useful economic lives. DepciatIon 1$ provided on lon8 leasehold properties over the remalning life of the lease. Freehold properties are generally held by the Charity for an average of 30 years. During the period of owner5hlp, they are maintsined by the Charity such that the overall difference between residual values and carryin8 value are not material and as a SuIt no depreciatlon 15 provided on freehold property. Motor Vehi¢le5 have a 5traight-line depreciation rate of Icl Funds Accountlh8 Unrestricted Funds.. General ynre5trirted hjnds represent funds which are expendable at the discrÈtK)ri of the Trustees in the furtherance of the objects of the charity and which have not en designated forother purposes. Such funds may be held to finance both workingand capital investment. Designated Funds.. These represent arnounts set aslde by the Tr4Jstees for specrfiÉ purposes. They may be returned to General Funds at the discretion of the Trustees. Restrkted Funds.- These represert amounts which have been restrirted by the donors fof use for specif purposes as set out in note 16. 25%. Computers have a strai8ht-line depreciation rate of 33%. 101 Flxed asset Invemments Quoted investments are held fortheir income 8enerotion and Investment potential and are valued at market value at the reporting date. Any 5urplu5 or deflcit arising Is included in the Statement of Financial Activities. Investments in subsiéiaries are rneasured at cost less irnpairment. MSxed motive irTrve5trnents include concesslonary loans. Loan5 are consldered concessionary loans as they are madè by the charity at below prevailing market interest rates and to further its purp05e5. Loans are inityallv measured at the amount pèid, with the carrying afflount adjusted subsequentty to reflect repayments and any interest receivable. Where any loan made 15 considered to be irrecoverable an Impalrment loss is 081$ed. Idl Income Income is rÈcogni$ed in the Statement of Flnanclal Artivities when the charity has entitlement to the funds, any pÈrformance conditions attached to the itemlsl of income have been met, it 15 Pfobable that income w511 be recewed, and the amount can be mea$ured reliabty. 16
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 DebtOT5 Prepayments and other debtors are recognised at the settlement amount de. Debtors are measured at their recoverable amount. Defined contrlbutlon penslon plans.. The Chaf is not a dirett member of a defined contribution pension plan. as its staff are Jointly employed bv the Baptist Union of Great Britain 16UG813nd their a5$0ciated costs are then reimbursed to BUGB, included arÈ the costs of employment, including the penslon costs. BUGB Is a partlclpatin8 ernployer in the Baptist Pension kheme which is a rnulti*rnployer defined contribution scheme. A defined contritrAJtion plan is a penslon plan under whlch the employer pay5 fixed contribution5 into a Separate entity- Once the contributions have been paid the employer has no ftjrther payment obllgations. The contrlbutlons are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The a55et5 of the plan are held separatelyfrom the employer in an IndendentlY administered fund. C•sh •1 b•nk •nd in h•nd Cash at bank and in hand includes notlce deposlts and short-terrn de51t$ wlth a maxSrnum rnaturity of le55 than 3 Months. ui Credltor5 Creditor5 are reco8ni5eé where the charity has a present obligation SuItIng from a past event that will probab result in the transfer of funds to a third party and the arnount due to settle the obligation can be rnea5ured or estimated reliably. Accruals and other CTeditor5 are cognlsed at their settlement amount due. Loans are considered concessionary loan5 receNed as they are made to the charity to further it5 purposes and any interest charKed 15 below the prevailing rnarket rates. Judgement and Key Sour5 of Estlmath)ns Uficertalnty Estimates and judgements are continualty evaluated and are bèsed on historical experience and other factors. inc1udin8 expectatSons of future events that are believed to be reasonable under the circurn5tances. Interest free loans represent contributions received towards the cost of propertie5 which are to be repaid when thetenancy is terminated. These ère recognised as contributions received and a liability for repayment from the date at which the tenancy commences. They are shown as current liabilitiesas date50f repayment cannot be determined. lal Judgements in apptylng the entitvs accountln8 p)Ilcles The trustees estlmate the residual Value of freehold property at the end of Its expected useful life In order to determine the depreciation Charge. 8ased on these e5timate5 no depreciation 15 £har¥ed on freehold property as any charge would be mmaterfal. Flnanclal Instruments The Charity only has financial assets and liabilities of kind that qualify a5 basic financial instruments. 8asK flnanclal Instruments are initially recognised at transactlon value and subsequently measured at thelr settlernent value. Employee n+ts Short term benefits.. The Charlty recognises an accrual foraccumulated annual leave accrued bv employee5 a5 a result of 5eNices rendered in the current period which employee5 can carry forward and use withiri the next year. The arU81 is MeaSud at the salary cost of the respertlve employee In relatlon to the perlod of absence. Defined benefit pension plaTr: The Charity 15 not a dirett member of a dÈflned benef pension plan, as its staff are employees of the Baptlst Union of Great Britain IBUGBI and tt reimbur5e5 BUGB for thelr costs of employment, nClUdIng their pension costs. BUGB 15 a participatin8 employeT in the 8apt15t Union Staff Pen5i0n Scheme IBUSPSI whlch Is a multi-employÈr defined benefit scherne. BUGB pay5 deficit contributions in respect of the Recovery Plan of the deficlt in the BUSPS and the Charlty makes a contributlon towards these costs Sn respect of the share rel4tingto the stsff who workedfor the CharSty. As thls arrangement Is Informal, no liability ha5 been recorded within theaccounts of the Charity but the payments are retoKnisÈd a5 expenses when paid. Ibl Accounting estimates and assumptions Useful economic lives of tangible assets.. The ann¢Jal depreciation charge of tangible assets 1$ 5en51twe to chan8es in the estirnated useful economic Iwes an resldual values of the assets. The useful econornic lives and residual values are re-assessed ènnualty. They are amended when necessary to reflett current estlmates, based on technob8lcal advancement. future Snvestments. economic utilisation and the physlcal condltlon of the assets. See note 9 for the carrying amount of the fixed assets and note Ilf> for the useful econornlc lIvfOr each class of assets. Taxation The Charlty is not assessable to taxatlon. 17
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charity Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 2. DONATIONS AND LEGAaES Unrestrfrted Deslznated Funds Funds 2025 2024 Donations Legacies Total 95,413 127,669 223,081 95,413 127,669 223.081 31,403 36,696 68.099 In 2024, all income from donations and legacie5 was attributable to unrestricted funds. 3. CHAR ABLE A1vlEs Unrestrlrted Deslgnated Fund5 Funds 2025 2024 Rent Received Property Mana8ement Total 779,695 1.742 781.437 779,695 1,742 781,437 719,206 1,794 721,000 In 2024. all income from charitable activities was attributable to unrestricted funds. 4. INvE5fMEfr INCOME Unrestrlcted Deslgnated Funds Funds 2025 2024 UK Listed equities Interest received Total 1,117 45,091 46,208 1,117 1,320,826 1.321.943 1,125 1.708,459 1.709.584 1,275,735 1,275,735 In 2024, £1,629,070 of interest received was in designated funds and £79,389 of interest received Was in unrestricted funds. £1,125 income from UK Listed Equities was all attributable to unrestricted funds. 5. CHARITABLE ACnVITIES Dlrect Costs Support Costs (Note 7) 2025 2024 (Note 6) Charitable expenditure 3,255,627 3.255,6Z7 17,368 17,368 3,272,995 3,272,995 3,634.490 3,634,490 18
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 6. DIRE Cosrs Note Unrestricted Designated Funds Funds 2025 2024 Repairs Vacant Property costs Insurance 1,706,327 25,489 78,003 801 111,358 509 1,706,327 25.489 78,003 801 111,358 509 1,275,735 6,CN)O 32,169 15,168 4,068 3,255,627 1,717,384 29,248 74,626 738 106,593 Ground rents Salaries Legal & professional fees Loan interest Loan fees OfFice expenses Depreciation Other expenditure Totsl 1,275,735 1,629,070 6,000 36,254 16,102 4,522 3,620,537 32,169 15.168 4,068 1,979.892 1,275,735 In 2024, £1,629,070 of loan interest was attributable to designated funds and all other expenditure was in unrestricted funds. 7. SUPPORT cosrs Unrestricted Deslgnated Funds Funds 2025 2024 Audit Legal & Professional fees Total 11,842 5,526 17.368 11,842 5,526 17,368 10,867 3,086 13,953 In 2024 all support costs were attributable to nstricted funds. 8. EMPLOYEES AND TRusfEES Note 2025 2024 stsff costs.. Salaries Social security costs Pension costs Total 90,640 11,654 9,064 111,358 88,000 9,793 18 106,593 The average numberof employees.. Employees are jointly employed by the Baptist Union of Great Britain and RBMHO and their assotiated costs are then recharged to the Charity. No employee received emoluments in exces5 of £60,000 during the period12024: £nill. No trustee received emoluments from the Charity during the period12024.. £nlll. Expenses totalling £22612024.. £6621 were 1mbUr5ed to trustees from the Charity during the period. 19
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 9. TANGIBLE FIXED ASSErs Number of Propertles Freehold Leasehold Totsl Brought forward Additions Disposals 242 io 161 250 io 161 Carried Forward 246 254 Freehold Leasehold Motor Vehicles Computer Total Cost Brought forward Additions Transfers Disposals Carried Forward 39,072,606 2,751,211 1,239,833 30,384 1.166 40,343,989 2,751,211 1909,9161 40.913.901 1909,9161 42,18S,284 1.239.833 30.384 1,166 Depreciation Brought forward Charge for the period Disposals Carried Forward 38,548 7,184 11,394 7,596 162 50,104 15,168 388 45.732 18.990 550 65,272 Net Book Value Brought Forward Carried Forward 39,072,606 40,913.901 1,201,285 1,194,101 18,990 11,394 1,004 40,293,885 616 42,120.012 The insured value of the above properties is in excess of the book value. 10. QUOTED INVEsfMENTS 2025 2024 Listed Investments Brought Forward Realised and Unrealised Gain/lLossl Carried Forward 28,974 29,943 2.017 30,991 19701 28,973 20
RETIREO BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 11. MIXED MOnVE INVESTMEpifs 2025 2024 Farnlly Solutlon Fund: Loan to Baptlst Unlon of Great Brltaln Balance Brought Fotward Withdrawals Balance Carried Forward 20.0CKJ,O) 1796,9921 19,203,(108 20,000,0 20,000.000 12. DEBTORS 2025 2024 Accrued Income Rents Due Amounts due from other Baptist Organisations Prepayments Totsl Debtors 27,631 65,473 5,0 20,582 118,686 69,249 2,327 76,576 13. C4SH AT BANKAND IN HAND 2025 2024 Short Term Deposits Dep051t- Baptist Union Corporation Cash at Bank and in hand Total Cash in Short Temi Deposlts 1,415,746 201,920 1.617.666 3,503,218 251.836 3,755.054 Cash has been invested with the Baptist Union Corporation in a deposit account. It bears interest at their standard variable rate. 14. CREDITORS DUE WITHIN ONE YEAR 2025 2024 Accruals Interest free loans Amounts due to Baptist Union of Great Britain Other creditors Total Creditors Due Within Year 59,199 2,337,342 392 4,897 2,401,830 23,808 2,329,493 123,445 18391 2.475.907 Interest free loans represent contributions received towards the c05t of properties which are to be repaid when the tenancy is terminated. These are shown as current liabilities as dates of repayment cannot be determined. 21
RIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 15. CREDoR5 DUE AER MORE THAN ONE YEAR 2025 2024 BUC Famlly Solutlon Loan Balance Brought Fotward Repayments Total Provisions for Llablllties 20,000,0(N) 20,000,¢) 1796,9921 19.203.(M)8 20.000,000 The BUC Family Solution Loan was provided to RBMHO as part of the Baptist Family Solution to the deficit in the Baptist Pension Scheme. Interest is payable at the BUC standard variable rate. There are no set repayments, but the Charity can make lump sum repayments when cash flow permits. The loan is only repayable with at least 13 months, notice, $0 is classified as a non-current liability. 16. OTHER RESERVES BIFwd 01-Jan-25 Gain and {Loss) CIFwd 31-Dec-25 Incorne Expenditure Family Solution IDesignatedl 1,275,735 11,275,735) The Family Solution fund was designated by the trustees to hold the assets and liabilities relating to RBMHO'S participation in the Family Solution for the Baptist Pension Scheme. 17. ANALYSIS OF ASSErs Tan8lble Flxed Asset Mixed Net Current Lon8Terrn Total Fixed Assets Investments Motlve Assets Liabilities Investments Designated 19,203,008 119,203,008) Unrestricted 42.120.012 30,991 1707,5881 41,443,415 Totsl 42,120,012 30.991 19.203.008 1707.5881 119.203.iX18} 41.443,415 22
RETIRED BAPTIST MINISTERS HOUSING ORGANISATION Charlty Number: 1177649 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 18. PENSIONS As per note 8, the ChariVs employees are employed jointly by BUGB and the Charity and their associated costs are paid by BUGB and then recharged to the Charity. The Charity is therefore rbot a direct participating employer within any pension scheme. The staff are eligible to join the Baptist Pension Scheme I'the Scheme"I, which is a separate legal entity administered by the Pension Trustee IBaptist Pension Trust Limited). The Scheme, previously known as the Baptist Ministers Pension Fund, started in 1925. At the beginning of the financial year, the scheme comprised of a defined benefits scheme which was closed to future accrual on 31 December 2011 and a defined contribution plan which was opened in January 2012. The assets of the Scheme are held separately from those of the participating employers. For the current and previous financial year, the pension provision for members of the Scheme is being made by BUGB through the Defined Contribijtion (DCI Plan. In general, members pay 8% of their Pensionable Income and employers pay 6% of members, Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy whith provides income protection for Scheme members if they are unable to work due to long-term incapacity. Thls income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited. Furthermore, members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also Pay a total of 5%. These costs are paid by BUG8 as the employer and the costs are re-charged to the Charity. In October 2024, the insurance company Just Group completed a buy out of the liabilities of the closed defined benefit scheme. From that date any remaining liability of the participating scheme members to defined benefit scheme ceased and the £1 per month deficit contributions payable bv the participating employers which were agreed in the recovery plan approved in August 2022 also ceased from that date. Administration of the closed defined benefit scheme transferred from the pension trustees to Just Group from that date. The total pension costs for the Charity for 2025 were £9,06412024.. £8,800). 19. RELATED PARfiTRANSAcnoNS The Baptist Union of Great Britain is considered to be the ultimate controlling party of the Charity. During the year ended 31 December 2025, two Trustees, the Revd A Miles and Rev A A Peck, ottupied, on the same terms and conditions as the other tenants of the Charity, a property owned by the Charity. During the year ended 31 December 2025, the two trustees each paid rent at the average rate for all tenants amounting to £8,43912024: £5,4871 and there were no arrears of rent at that date. A total of £226 was paid to 5 Trustees in reimbursement of travelling and subsistence expenseswhilst acting in their Capacity as Trvstees12024.' £662 to 4 Tru5teesl. 23