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

R￿IRED BAPTIST MINISTERS HOUSING ORGANISATION
Charity Number: 1177649
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
a) OWEcfivES AND A￿l￿TIEs
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 G￿at 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 Charit￿5 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 STRu￿uRE. 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 charit￿5 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 lo￿ard
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 Prtpar*iion 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
re￿Yment 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 rese￿e5 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 ftna￿oI
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.
Dep￿ciatIon 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 ￿08￿1$ed.
Idl Income
Income is rÈcogni$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 d￿e. 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$0ciated costs are then reimbursed to
BUGB, included arÈ the costs of employment,
including the penslon costs. BUGB Is a
partlclpatin8 ernployer in the Baptist Pension
kheme which is a rnulti*rnployer defined
contribution scheme. A defined contritrAJtion
plan is a penslon plan under whlch the employer
pay5 fixed contribution5 into a Separate entity-
Once the contributions have been paid the
employer has no ftjrther payment obllgations.
The contrlbutlons are recognised as an expense
when they are due. Amounts not paid are shown
in accruals in the balance sheet. The a55et5 of the
plan are held separatelyfrom the employer in an
Inde￿ndentlY administered fund.
C•sh •1 b•nk •nd in h•nd
Cash at bank and in hand includes notlce deposlts and
short-terrn de￿51t$ 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 Sour￿5 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
a￿rU81 is MeaSu￿d 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 lIv￿fOr
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 A￿1v￿lEs
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 ￿n￿stricted 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

R￿IRED BAPTIST MINISTERS HOUSING ORGANISATION
Charlty Number: 1177649
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025
15. CRED￿oR5 DUE A￿ER 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