2023-12-31-accounts - Tove Valley Baptist Fellowship

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Trustees’ Annual Report for the period

From 1[st] January 2023 To 31st December 2023

Charity name: Tove Valley Baptist Fellowship

Charity registration number: 1179215

Objectives and Activities

Objectives and Activities
	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	1 In fulfilling the Purpose the Church will engage in a range of Activities either on its own or with others that will vary from time to time with Activities being initiated, expanded, or closed, as appropriate. 2 The Activities may include but are not restricted to: • regular public worship, prayer, Bible study, preaching and teaching; • baptism, as defined in the Baptist Union’s Declaration of Principle; • the Communion of the Lord’s Supper which shall normally be observed at least once a month; • evangelism and mission, locally, regionally, nationally and internationally; • the teaching, encouragement, welcome and inclusion of young people; • nurture and growth of Christian disciples; • education and training for Christian and community service; • giving and encouraging pastoral care; • supporting and encouraging charitable social action in the United Kingdom and abroad, and;

		• encouraging relationships with and supporting Baptists and other Christians. 3 Notwithstanding the appointment of persons to accept responsibility for any of the Activities, all individuals, organisations, groups, and committees operating within the life of the Church, and their leaders, shall be accountable to the Charity Trustees and also through any specific direction of the Church Members’ Meeting.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	The trustees are aware of the requirements of the Charities Act 2011 regarding the reporting of the public benefit of the charity. The trustees recognise that, for the current accounting period, the trustees' report is required to include such a report. In setting the charity’s objectives and planning activities, the trustees and management have given consideration to the Charity Commission’s general guidance on public benefit and believe that the charity meets the public benefit requirement.

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38
Policy on social investment including program related investment	Para 1.38
Contribution made by volunteers	Para 1.38
Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	Expressing God’s heartbeat in the community through social action, involvement in a local food bank and “Wellbeing Cafe” Tots groups, education projects in local schools, youth and summer holiday clubs, and promoting social cohesion. Sharing the gospel of Jesus Christ in word and deed.

Additional information (optional) You may choose to include further statements where relevant about:


Achievements against objectives set	Para 1.41
Performance of fundraising activities against objectives set	Para 1.41
Investment performance against objectives	Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	Total income for the year was £229,406 with expenditure £237,965. Total reserves at the end of the year were £1,575,750.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The reserves policy of Tove Valley Baptist Fellowship is to hold in reserve funds to cover three months of all expenditure plus a further three months of staff costs to allow the church to adapt to any changes in the income or expenditure that the church may experience
Amount of reserves held	Para 1.22	£89,769
Reasons for holding zero reserves	Para 1.22	N/a
Details of fund materially in deficit	Para 1.24	None
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	None

Additional information (optional)

You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising)	Para 1.47
Investment policy and objectives including any social investment policy adopted	Para 1.46
A description of the principal risks facing the charity	Para 1.46
Other

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed, royal charter)	Para 1.25	Constitution
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	As A Charitable Incorporated Organisation.
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	The Church Members’ Meeting shall appoint Charity Trustees chosen from among Church Members to be responsible for the governance of the Church. Where there is a Minister that person is a Charity Trustee because of their role and responsibilities. Subject to any specific or general directions of the Church Members’ Meeting the control, management, and administration of the Church shall be by the Charity Trustees, save that the Charity Trustees are not required to do anything that would cause them to be in breach of its Constitution or any trustee duty placed uponthemas aresult ofthisrole.

Additional information (optional) You may choose to include further statements where relevant about:


Policies and procedures adopted for the induction and training of trustees	Para 1.51
The charity’s organisational structure and any wider network with which the charity works	Para 1.51
Relationship with any related parties	Para 1.51
Other

Reference and Administrative details

Charity name	Tove Valley Baptist Fellowship
Other name the charity uses	None
Registered charity number	1179215
Charity’s principal address	The Secretary Tove Valley Baptist Fellowship Tove Valley Centre Northampton Road Towcester NN127AH

Names of the charity trustees who manage the charity

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (ifany)
	MaryColeman	Treasurer
	RosemaryBinley	Secretary
	Colin Richardson	Assistant Treasurer
	Richard Owen
	Christopher Johnson
	Loretta Boreham
	Rona Barratt
	Sam Reynolds
	Stuart Conway	Pastor
	Emi Farnham
	Melanie Whitlock	Youth & Family Team Leader

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity

Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of	Name	Address
adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date
	Rosemary Annette Binley
	Secretary
	02/10/2024
	02/10/2024

Registered Charity no. 1179215

Tove Valley Baptist Fellowship

Trustees Annual Report and Accounts

Year Ended 31st December 2023

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Contents Page

	Page
Legal and Administrative Information	1
Trustee's Annual Report	2
Independent Examiners Report	5
Statement of Financial Activities	6
Statement of Financial Position	7
Notes to the Financial Statements	8

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Legal and Administrative Information

Reference

The Charity is called Tove Valley Baptist Fellowship and has been registered with the Charity Commission for England and Wales as a Charitable Incorporated Organisation (CIO) since the 17th ofJuly 2018.

Registered Charity Number 1179215 Registered Office Tove Valley Centre Northampton Road Towcester Northamptonshire NN12 7AH Website www.tvbf.co.uk

The Trustees

The trustees who served during the financial year ending 31st December 2023 are as follows:

Samantha Reynolds Rosemary Annette Binley Rev Stuart Conway Rona Angela Barratt Mary Elizabeth Coleman Loretta Boreham Richard John Owen Christopher John Johnson Emiko Farnham Colin Richardson Melaine Whitelock Primary Bankers HSBC 22 Abington Street Northampton NN1 2AN Independent Examiner Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds, LS25 1AF

Tove Valley Baptist Fellowship

Year Ended 31 December 2023

Trustees Annual Report

The directors present their report and the financial statements for the year ending 31 December 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Tove Valley Baptist Fellowship is registered with the Charity Commission as a Charitable Incorporated Organisation and is governed by its constitution.

Recruitment and Appointment of Trustees

The Church Members’ Meeting shall appoint Charity Trustees chosen from among Church Members, to be responsible for the governance of the Church. Where there is a Minister that person is a Charity Trustee because of their role and responsibilities. Subject to any specific or general directions of the Church Members’ Meeting the control, management, and administration of the Church shall be by the Charity Trustees, save that the Charity Trustees are not required to do anything that would cause them to be in breach of its Constitution or any trustee duty placed upon them as a result of this role. No person may serve as a Charity Trustee if they are disqualified. In this Church it shall be the Minister(s) if any and Leadership Team comprising:

Deacons;
Elders;
the Secretary, and;
the Treasurer

who together are the charity trustees of the Church

OBJECTIVES AND ACTIVITIES

Aims and Purposes

The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom and other parts of the world.

Public Benefit Statement

The trustees are aware of the requirements of the Charities Act 2011 regarding the reporting of the public benefit. In setting the charity’s objectives and planning activities the trustees and management have given due consideration to the Charity Commission’s general guidance on public benefit and believe that the charity has met the public benefit requirement for the accounting period ending 31 December 2023.

Vision and Values

Expressing God’s heartbeat in the community through social action, involvement in a local food bank and “Wellbeing Cafe” Tots groups, education projects in local schools, youth and summer holiday clubs, and promoting social cohesion.

Tove Valley Baptist Fellowship

Year Ended 31 December 2023

Trustees Annual Report

Achievements and Performance in 2023

Providing opportunities for weekly worship services on Sundays, including communion once a month. Providing wellbeing spaces at Tove Valley Centre for older friends on a Friday afternoon and for staff and the local school’s sixth form on a Monday. Providing a weekly Youth Club for 7-14 year-olds on Friday nights and small group on Monday evenings. Providing a Toddlers group weekly on a Wednesday morning. We provide a free Breakfast Club during school holidays which includes children’s activities. We run Men’s and Women’s groups which meet to provide fellowship. We offer the Tove Valley Centre to be available for hire to NHS groups, U3A groups and other community groups. A large team of volunteers help maintain the Tove Valley Centre and run the events we provide, including building and grounds maintenance, welcoming visitors and locking and unlocking for all events.

Plans for the future

We are employing a Youth and Children’s Pastor to help increase our offering of youth work within the church and the external community – such as schools. We hope to offer exploration courses on Christianity and also Marriage Courses to help couples improve their relationships. We are planning to be more present with the groups who hire our space offering refreshments and conversation. We are also looking at launching a messy church service which is aimed at young families to explore faith and build relationships and support.

FINANCIAL REVIEW

Total income for the year amounted to £229,406 of which £67,990 was restricted income. Unrestricted voluntary donations amounted to £110,179. Total expenditure during the year amounted to £237,965 of which £8,508 was restricted.

The financial position for the charity at the end of the year:

Unrestricted Funds Restricted Funds Total charitable Funds	£1,561,628 £ 10,122
	£1,571,750

The Unrestricted Funds include £1,871,578 of fixed assets and £529,223 in loans.

Reserves Policy

The reserves policy of Tove Valley Baptist Fellowship is to hold in reserve funds to cover three months of all expenditure plus a further three months of staff costs to allow the church to adapt to any changes in the income or expenditure that the church may experience. The trustees currently believe this to be £25000 of current funds plus £50000 that is held by the BU for any emergency building repairs. This is to be reviewed annually by the trustees.

Going Concern

At the date of approving these accounts, the Trustees agree that there are no uncertainties about the charity’s ability to continue as a going concern.

Tove Valley Baptist Fellowship

Year Ended 31 December 2023

Trustees Annual Report

Trustees’ Responsibilities

The 2011 Charities Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:-

Select suitable accounting policies and apply them consistently.
Make judgments and estimates that are reasonable and prudent.
Prepare financial statements on a going concern basis unless it is inappropriate to presume that the trust will continue in existence.
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;

The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the trust. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared and approved by the Trustees and signed on behalf of the trustees by:

Name of Trustee: Rosemary Binley Signed on Behalf of the Trustees: 12/09/2024 Date of Approval:

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Independent Examiners Report

I report to the trustees on my examination of the financial statements of Tove Valley Baptist ('the charity') for the year ended 31 December 2023.

Responsibilities and Basis of Report

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

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

Independent Examiner's Statement

I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

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

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

Emphasis of matter

As part of our examination, we have noted that a trustee received remuneration for employment within the church, which was separate from their role as a trustee. According to the Charities SORP (Statement of Recommended Practice), specifically section 9.32, the remuneration of trustees should be disclosed in the accounts. We wish to draw the attention of the readers to the fact that the organisation has chosen to omit this disclosure requirement, and therefore, this information is not included in the accounts.

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

Nigel Wyatt BSC FCA Date: 13/09/2024 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Statement of Financial Activities

		2023			2022
		Unrestricted	Restricted	Total
		Funds	Funds	Funds	Total Funds
	Note	£	£	£	£
Income
Donations and legacies		110,179	67,789	177,968	155,246
Charitable activities		46,555	-	46,555	32,940
Investment income		4,682	201	4,883	2
		──────────	──────────	──────────	──────────
Total Income	2	161,416	67,990	229,406	188,188
		──────────	──────────	──────────	──────────
Expenditure
Expenditure on charitable activities	3	229,457	8,508	237,965	182,338
		──────────	──────────	──────────	──────────
Total Expenditure		229,457	8,508	237,965	182,338
		──────────	──────────	──────────	──────────
		──────────	──────────	──────────	──────────
Net Income / (Expenditure)		(68,041)	59,482	(8,559)	5,850
		──────────	──────────	──────────	──────────
Net Income and Net Movement In Funds
Total funds brought forward	13	1,566,452	13,857	1,580,309	1,554,017
Transfers	13	63,217	(63,217)	-	-
		──────────	──────────	──────────	──────────
Total Funds Carried Forward	13	1,561,628	10,122	1,571,750	1,580,309
		──────────	──────────	──────────	──────────

All income and expenditure derive from continuing activities.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Statement of Financial Position

Statement of Financial Position
		2023	2022
	Note	£	£
Fixed Assets
Tangible fixed assets	8	1,871,578	1,919,825
		──────────	──────────
		1,871,578	1,919,825
Current Assets
Debtors	9	16,315	-
Cash at bank and in hand		219,940	238,854
		──────────	──────────
		236,255	238,854
Creditors: Amounts Falling Due Within One Year	10	49,911	69,147
		──────────	──────────
Net Current Assets		186,345	169,707
		──────────	──────────
Creditors: amounts falling due after one year	11	486,173	509,223
		──────────	──────────
Total Creditors		536,083	578,370
		──────────	──────────
Total Assets Less Current Liabilities		1,571,750	1,580,309
		──────────	──────────
Net Assets	14	1,571,750	1,580,309
		──────────	──────────
Funds of The Charity
Unrestricted funds		1,561,628	1,566,452
Restricted funds		10,122	13,857
		──────────	──────────
Total Charity Funds	13	1,571,750	1,580,309
		──────────	──────────

Directors Responsibilities

These financial statements were approved by the board of trustees and authorised for issue :

Rosemary Binley

Name of Trustee:

───────────────────────────────────────────────────

Signed on behalf of the Trustees:

───────────────────────────────────────────────────

12/09/2024

Date of approval:

───────────────────────────────────────────────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

1 Accounting Policies

Basis of Preparation

The financial statements have been prepared in accordance with the Church's governing document, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Church is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Church. Monetary ‘amounts in these financial statements are rounded to the nearest £.

‘The financial statements have been prepared under the historical cost convention, modified to include the revaluation or deemed cost of freehold properties certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Assessment of Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Fund Accounting

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the terms of specific appeal.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Incoming Resources

All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.

• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.

• Grants, where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity, becomes unconditionally entitled to the grant.

• Income resources from charitable trading activities such as the letting are accounted for when invoices are drawn up (as the point of entitlement).

• Donated services and facilities are included at the value to the charity where this can be quantified.

• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.

• Volunteer time, the value of voluntary support for the work of the church is not included in the accounts but is described in the Trustee's annual report.

• Investment Income is included in the accounts when receivable.

Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and the cost of any legal advice to trustees on governance or constitutional matters.

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Tangible Fixed Assets

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £250. They are initially recognised at cost, or for donated assets, at a reasonable estimate of their value on receipt. They are depreciated at the following rates:

Buildings 2% straight-line basis
Furniture and Equipment 25% straight-line basis
Computer equipment 33% straight-line basis

The rates chosen are calculated to write off the cost of the asset over its estimated useful life of serving the charity.

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Operating Leases

Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.

Taxation

The charity is exempt from tax on its charitable activities.

Impairment of Fixed Assets

At each reporting end date, the Church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial Instruments

The Church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Church's balance sheet when the Church becomes party to the contractual provisions of the instrument.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Critical Accounting Estimates and Judgements

In the application of the Church's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Analysis of Income
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Income From Donations and Offerings
Donations and gifts	87,860	52,911	140,771
Gift aid	22,319	13,519	35,838
Legacies	-	-	-
Grants	-	1,359	1,359
	──────────	──────────	──────────
	110,179	67,789	177,968
Income From Charitable Activities
Events income	6,857	-	6,857
Room hire income	39,698	-	39,698
	──────────	──────────	──────────
	46,555	-	46,555
Income From Investments
Interest receivable	4,682	201	4,883
	──────────	──────────	──────────
	4,682	201	4,883
	──────────	──────────	──────────
Total Income	161,416	67,990	229,406
	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

es to the Financial Statements
*Analysis of Income Cont.*
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Income From Donations and Legacies
Donations and gifts	130,244	700	130,944
Gift aid	21,052	-	21,052
Legacies	-	-	-
Grants	3,250	-	3,250
	──────────	──────────	──────────
	154,546	700	155,246
Income From Charitable Activities
Events income	2,555	-	2,555
Room hire income	28,805	1,581	30,385
	──────────	──────────	──────────
	31,360	1,581	32,940
Income From Investments
Interest receivable	2	-	2
	──────────	──────────	──────────
	2	-	2
	──────────	──────────	──────────
Total Income	185,908	2,281	188,188
	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

3 Expenditure on Charitable Activities by Fund Type

Expenditure on Charitable Activities	by Fund Type
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Church Running Costs
Administration	8,208	-	8,208
Events and ministry expenditure	6,914	1,980	8,894
Loan interest	37,680	-	37,680
Mission donations and grants	17,351	3,506	20,857
Staff expenses	620	-	620
Staff salary costs	72,546	-	72,546
Youth work	1,573	-	1,573
	──────────	──────────	──────────
	144,892	5,486	150,378
	──────────	──────────	──────────
Premises Costs
Depreciation	54,963	-	54,963
Manse expenses	3,970	-	3,970
TVC expenses	16,023	3,022	19,045
Weston Chapel expenses	9,609	-	9,609
	──────────	──────────	──────────
	84,565	3,022	87,587
	──────────	──────────	──────────
	──────────	──────────	──────────
Total Expenditure	229,457	8,508	237,965
	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Expenditure on Charitable Activities by Fund Type Cont.

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
	Church Running Costs
	Administration	14,603	949	15,552
	Events and ministry expenditure	4,510	-	4,510
	Loan interest	24,259	-	24,259
	Mission donations and grants	-	-	-
	Staff expenses	-	-	-
	Staff salary costs	36,505	-	36,505
	Youth work	2,565	-	2,565
		──────────	──────────	──────────
		82,442	949	83,391
		──────────	──────────	──────────
	Premises Costs
	Depreciation	38,728	-	38,728
	Manse expenses	7,247	-	7,247
	TVC expenses	33,595	-	33,595
	Weston Chapel expenses	19,377	-	19,377
		──────────	──────────	──────────
		98,947	-	98,947
		──────────	──────────	──────────
		──────────	──────────	──────────
	Total Expenditure	181,389	949	182,338
		──────────	──────────	──────────
4	Independent Examination Fees
	Fees payable to the independent examiner for:
			2023	2022
			£	£
	Independent examination and preparation of the financial statements		1,500	750

5 Volunteers

The church benefits greatly from the voluntary contributions of time and money by its formal members and regular attendees. Please refer to the trustee's report for further details about volunteer contributions to the organisation.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

6 Staff Costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2023	2022
	£	£
Wages and salaries	65,440	14,552
Social security costs	206	145
Employer contributions to pension plans	6,538	3,923
	──────────	──────────
	72,183	18,620
	──────────	──────────

The average head count of employees during the year was as follows:

	2023	2022
Average headcount	3	1

No employees received employee benefits of more than £60,000 during the year.

Key Management Personnel

The charity considers its key management personnel to be the Pastor, Youth and Families Worker and Centre manager. The total remuneration received by key management were as follows:

	2023
	£
Key management personnel employee benefit	72,183

7 Trustee Remuneration and Expenses

During the year one trustee received remuneration and other benefits in respect of their services as a pastor, including the provision of manse accommodation. Remuneration and other benefits were paid in accordance with the church constitution and not remunerated for their role as a trustee. The value of this renumeration has been omitted from the accounts on the Trustees request for anonymity.

During the year eight trustees incurred out-of-pocket expenses. The total expenses claimed during the year were £15,054 (2022: £2,864). The type of expenses incurred related to church ministry cost, IT equipment and church maintenance.

During the year the total aggregated donations made to the charity by the trustees was £31,830, of these donations £11,760 was donated to the restricted 'TVC building loan repayment; fund. There were no other conditions attached to the donations.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

8 Tangible Fixed Assets

Tangible Fixed Assets
		Furniture &
	Property	Equipment	Total
	£	£	£
Cost / Valuation
At 1 January 2023	2,043,811	53,845	2,097,656
Additions	-	6,716	6,716
	──────────	──────────	──────────
At 31 December 2023	2,043,811	60,561	2,104,372
	──────────	──────────	──────────
Depreciation
At 1 January 2023	147,361	30,470	177,831
Charge for this year	40,876	14,087	54,963
	──────────	──────────	──────────
At 31 December 2023	188,237	44,557	232,794
	──────────	──────────	──────────
Carrying amount
At 31 December 2023	1,855,574	16,004	1,871,578
	──────────	──────────	──────────
At 31 December 2022	1,896,450	23,375	1,919,825
	──────────	──────────	──────────

All of the fixed assets are used for direct charitable purposes.

The Towcester Manse was valued in September 2017 at market value of £358,782.

The Tove Valley Centre also known as the New Christian Centre was valued at £1,506,146 when built in 2021.

Tove Valley Baptist Fellowship also have ownership of Weston Church, which is held at the deemed cost of £178,879

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

9	Debtors
		2023	2022
		£	£
	Trade debtors	3,820	-
	Prepayments and accrued income	12,495	-
		──────────	──────────
		16,315	-
		──────────	──────────
10	Creditors: Amounts Falling Due Within One Year
		2023	2022
		£	£
	Accruals	6,860	1,096
	Loans	43,051	68,051
		──────────	──────────
		49,911	69,147
		──────────	──────────
11	Creditors: amounts falling due after one year
		2023	2022
		£	£
	Baptist Union Loan	486,173	509,223
		──────────	──────────
		486,173	509,223
		──────────	──────────

12 Pensions and Other Post-retirement Benefits

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,538.

Pension cost for the year

Pension cost for the year
	2023	2022
	£	£
Defined contribution ministers	3,685	3,923
Defined contribution for staff	2,853	-
	──────────	──────────
	6,538	3,923
	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

13 Analysis of Charitable Funds

	1 Jan 2023	Income	Expenditure	Transfers	31 Dec 2023
	£	£	£	£	£
Unrestricted Funds
General funds	43,997	155,847	(156,069)	1,361,157	1,404,932
Fixed asset & loans fund	1,342,551	-	(54,963)	(1,287,588)	-
	──────────	──────────	──────────	──────────	──────────
	1,386,548	155,847	(211,032)	73,569	1,404,932
Designated Funds
Mission fund	9,048	-	(17,351)	8,637	334
Reserves	27,191	-	-	-	27,191
Members loan
repayments	38,989	-	-	(18,989)	20,000
Youth work activities	2,800	894	(1,074)	-	2,620
TVBF building	22,537	1,333	-	-	23,870
Weston building repairs i	79,339	3,342	-	-	82,681
	──────────	──────────	──────────	──────────	──────────
	179,904	5,569	(18,425)	(10,352)	156,696
	──────────	──────────	──────────	──────────	──────────
Total Unrestricted	1,566,452	161,416	(229,457)	63,217	1,561,628
	──────────	──────────	──────────	──────────	──────────
Restricted Funds
Benevolent fund	2,826	-	(2,370)	-	456
PA equipment	2,722	1,850	(927)	(1,111)	2,534
Wellbeing fund	624	-	-	-	624
Weston income	2,028	201	-	-	2,229
Ukraine fund	2,490	1,190	(1,440)	-	2,240
WNC time for tea	-	1,359	(234)	-	1,125
Breakfast club co-op	313	-	(306)	-	7
TVC building loan repayments	854	62,174	-	(63,028)	-
TVC building	-	212	(2,095)	2,790	907
Specific collections	-	1,004	(1,136)	132	-
Sudborough landscaping	2,000	-	-	(2,000)	-
	──────────	──────────	──────────	──────────	──────────
Total Restricted	13,857	67,990	(8,508)	(63,217)	10,122
	──────────	──────────	──────────	──────────	──────────
	──────────	──────────	──────────	──────────	──────────
Total Funds	1,580,309	229,406	(237,965)	-	1,571,750
	──────────	──────────	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Fund Descriptions

Designated Funds

Mission fund

Reserves Members loan repayments Youth work activities

TVBF building repairs

Weston building repairs

Funds to be distributed to various Charities as decided by church mission team

3 months funds for emergency use

£20,000 saved to be paid back to church member by 2025 lent as interest free loan during build of new church Income from church activities to be used for Youth activities i.e. holiday camp, excursions Part of funds held with the Baptist Union which are to be used by TVBF for building repairs

Part of funds held with the Baptist Union which for Weston building repairs

Restricted Funds

Benevolent fund

PA equipment

Wellbeing fund Weston income

Ukraine fund WNC time for tea Breakfast club co-op

Money donated by church members to be used to help other members or family in financial difficulty

Money donated by church members to be used to buy equipment for the TVC

Grant that was given to provide a quiet space on the new land Income from the Timson Trust which was set up by a former Weston member

Grants to be used for Ukraine guests and families Grant from WNC for warm spaces

Grant from Coop towards Breakfast clubs that are run by the church

TVC building loan repayments Bank account that members pay into where the income is used to pay the BU loan each month

TVC building Specific collections

Sudborough landscaping

Income from members and fundraising activities to pay for new items that were not affordable at build time Collections that are separate from church income. Retirement collections and one-off collections that are not for the church.

A grant from the Sudborough Foundation to improve the facilities for the youth and tots groups

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Material Fund Transfers

Fixed asset & loans fund and A balance transfer of £1,339,804 was made at the end of the year to General fund transfer combine these two unrestricted funds, upon the trustees decision to close the fund. TVC Building loan repayment Represents two transfers; A transfer of £20,500 from the TVC transfers building loan to the fixed assets & loans funds show the cross charged of loan repayments representing the donations form members for the loan repayments. A further £42,528 from the TVC building loan repayment fund to the General fund represents the loan repayments taken place during the year from the restricted fund. Members loan repayments Represents two transfers; A transfer of £25,000 form the member's loan funds to the fixed assets & loans funds show the cross charged of loan repayments. A further £6,011 was transferred from the General Fund to the Members loan repayment fund.

14 Analysis of Net Assets Between Funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	1,871,578	-	1,871,578
Current assets	226,133	10,122	236,255
Creditors less than 1 year	(49,911)	-	(49,911)
Creditors more than 1 year	(486,173)	-	(486,173)
	──────────	──────────	──────────
	1,561,628	10,122	1,571,750
	──────────	──────────	──────────
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	1,919,825	-	1,919,825
Current assets	238,854	13,857	238,854
Creditors less than 1 year	(69,147)	-	(69,147)
Creditors more than 1 year	(509,223)	-	(509,223)
	──────────	──────────	──────────
	1,580,309	13,857	1,580,309
	──────────	──────────	──────────

15 Related Party Transactions

A interest free loan of £25,000 was repaid form the church to Jeremy and Rosemary Binley in May 2023. Rosemary Binley is a trustee of Tove Valley Baptist Church. No payments were outstanding at the end of the year.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

16 Prior Year Adjustment

After the church's review of the signed accounts a number of material changes were required. The changes to the accounts for the year ending 31st December 2022 are as follows:

Endowment: The New Christian Centre Fund was held as an endowment fund on the original accounts. The sale of Baptist buildings and other funds raised for the New Christian Centre were unrestricted. The new building is held by the church as an unrestricted asset in the Fixed assets and Loans fund

Debtor: In 2022 Accounts the funds held by the Baptist Union was represented on the accounts as a debtor, however the £100,229 was held as Cash at Bank with Baptist Together.

Creditor: The Baptist Union, Baptist Together Loan was not separated into amount falling due with in one year, and after one year.

Fixed assets: Assets purchased in 2022 were not recognised as additions and depreciated in 2022 original accounts.

Statement of Financial Position	Original	Restated
	£	£
Fixed assets	1,896,523	1,919,825
Cash at Bank	135,283	238,854
Debtors	100,229	-
Other monetary assets	3,343	-
Creditors: amount falling due with one year	(586,359)	(69,147)
Creditors: amount falling due after one year	-	(509,223)
	──────────	──────────
Net Assets	1,549,019	1,580,309
	──────────	──────────
Statement of Financial Activity	Original	Restated
	£	£
Funds of The Charity
Unrestricted funds	597,256	1,566,452
Revaluation reserve	204,535	-
Endowment funds	734,736	-
Restricted funds	12,492	13,857
	──────────	──────────
Total Charity Funds	1,549,019	1,580,309
	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Prior Year Adjustment cont.

Tangible Fixed Assets

Original

		Furniture &
	Property	Equipment	Total
	£	£	£
Cost / Valuation
At 1 January 2022	2,043,811	4,510	2,048,321
Additions	-	-	-
	──────────	──────────	──────────
At 31 December 2022	2,043,811	4,510	2,048,321
	──────────	──────────	──────────
Depreciation
At 1 January 2022	108,658	4,412	113,070
Charge for this year	38,703	25	38,728
	──────────	──────────	──────────
At 31 December 2022	147,361	4,437	151,798
	──────────	──────────	──────────
Carrying amount
At 31 December 2022	1,896,450	73	1,896,523
	──────────	──────────	──────────
At 31 December 2021	1,935,153	98	1,935,251
	──────────	──────────	──────────
Restated
		Furniture &
	Property	Equipment	Total
	£	£	£
Cost / Valuation
At 1 January 2022	2,043,811	4,510	2,048,321
Additions	-	49,335	49,335
	──────────	──────────	──────────
At 31 December 2022	2,043,811	53,845	2,097,656
	──────────	──────────	──────────
Depreciation
At 1 January 2022	108,658	4,437	113,095
Charge for this year	38,703	26,033	64,736
	──────────	──────────	──────────
At 31 December 2022	147,361	30,470	177,831
	──────────	──────────	──────────
Carrying amount
At 31 December 2022	1,896,450	23,375	1,919,825
	──────────	──────────	──────────
At 31 December 2021	1,935,153	98	1,935,251
	──────────	──────────	──────────

Registered Charity no. 1179215

Tove Valley Baptist Fellowship

Trustees Annual Report and Accounts

Year Ended 31st December 2023

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Contents Page

	Page
Legal and Administrative Information	1
Trustee's Annual Report	2
Independent Examiners Report	5
Statement of Financial Activities	6
Statement of Financial Position	7
Notes to the Financial Statements	8

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Legal and Administrative Information

Reference

Registered Charity Number 1179215 Registered Office Tove Valley Centre Northampton Road Towcester Northamptonshire NN12 7AH Website www.tvbf.co.uk

The Trustees

The trustees who served during the financial year ending 31st December 2023 are as follows:

Tove Valley Baptist Fellowship

Year Ended 31 December 2023

Trustees Annual Report

The directors present their report and the financial statements for the year ending 31 December 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Tove Valley Baptist Fellowship is registered with the Charity Commission as a Charitable Incorporated Organisation and is governed by its constitution.

Recruitment and Appointment of Trustees

Deacons;
Elders;
the Secretary, and;
the Treasurer

who together are the charity trustees of the Church

OBJECTIVES AND ACTIVITIES

Aims and Purposes

Public Benefit Statement

Vision and Values

Tove Valley Baptist Fellowship

Year Ended 31 December 2023

Trustees Annual Report

Achievements and Performance in 2023

Plans for the future

FINANCIAL REVIEW

The financial position for the charity at the end of the year:

Unrestricted Funds Restricted Funds Total charitable Funds	£1,561,628 £ 10,122
	£1,571,750

The Unrestricted Funds include £1,871,578 of fixed assets and £529,223 in loans.

Reserves Policy

Going Concern

At the date of approving these accounts, the Trustees agree that there are no uncertainties about the charity’s ability to continue as a going concern.

Tove Valley Baptist Fellowship

Year Ended 31 December 2023

Trustees Annual Report

Trustees’ Responsibilities

Select suitable accounting policies and apply them consistently.
Make judgments and estimates that are reasonable and prudent.
Prepare financial statements on a going concern basis unless it is inappropriate to presume that the trust will continue in existence.
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;

This report has been prepared and approved by the Trustees and signed on behalf of the trustees by:

Name of Trustee: Rosemary Binley Signed on Behalf of the Trustees: 12/09/2024 Date of Approval:

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Independent Examiners Report

I report to the trustees on my examination of the financial statements of Tove Valley Baptist ('the charity') for the year ended 31 December 2023.

Responsibilities and Basis of Report

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

Independent Examiner's Statement

I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

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

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

Emphasis of matter

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

Nigel Wyatt BSC FCA Date: 13/09/2024 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Statement of Financial Activities

		2023			2022
		Unrestricted	Restricted	Total
		Funds	Funds	Funds	Total Funds
	Note	£	£	£	£
Income
Donations and legacies		110,179	67,789	177,968	155,246
Charitable activities		46,555	-	46,555	32,940
Investment income		4,682	201	4,883	2
		──────────	──────────	──────────	──────────
Total Income	2	161,416	67,990	229,406	188,188
		──────────	──────────	──────────	──────────
Expenditure
Expenditure on charitable activities	3	229,457	8,508	237,965	182,338
		──────────	──────────	──────────	──────────
Total Expenditure		229,457	8,508	237,965	182,338
		──────────	──────────	──────────	──────────
		──────────	──────────	──────────	──────────
Net Income / (Expenditure)		(68,041)	59,482	(8,559)	5,850
		──────────	──────────	──────────	──────────
Net Income and Net Movement In Funds
Total funds brought forward	13	1,566,452	13,857	1,580,309	1,554,017
Transfers	13	63,217	(63,217)	-	-
		──────────	──────────	──────────	──────────
Total Funds Carried Forward	13	1,561,628	10,122	1,571,750	1,580,309
		──────────	──────────	──────────	──────────

All income and expenditure derive from continuing activities.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Statement of Financial Position

Statement of Financial Position
		2023	2022
	Note	£	£
Fixed Assets
Tangible fixed assets	8	1,871,578	1,919,825
		──────────	──────────
		1,871,578	1,919,825
Current Assets
Debtors	9	16,315	-
Cash at bank and in hand		219,940	238,854
		──────────	──────────
		236,255	238,854
Creditors: Amounts Falling Due Within One Year	10	49,911	69,147
		──────────	──────────
Net Current Assets		186,345	169,707
		──────────	──────────
Creditors: amounts falling due after one year	11	486,173	509,223
		──────────	──────────
Total Creditors		536,083	578,370
		──────────	──────────
Total Assets Less Current Liabilities		1,571,750	1,580,309
		──────────	──────────
Net Assets	14	1,571,750	1,580,309
		──────────	──────────
Funds of The Charity
Unrestricted funds		1,561,628	1,566,452
Restricted funds		10,122	13,857
		──────────	──────────
Total Charity Funds	13	1,571,750	1,580,309
		──────────	──────────

Directors Responsibilities

These financial statements were approved by the board of trustees and authorised for issue :

Rosemary Binley

Name of Trustee:

───────────────────────────────────────────────────

Signed on behalf of the Trustees:

───────────────────────────────────────────────────

12/09/2024

Date of approval:

───────────────────────────────────────────────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

1 Accounting Policies

Basis of Preparation

Assessment of Going Concern

Fund Accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the terms of specific appeal.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Incoming Resources

• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.

• Grants, where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity, becomes unconditionally entitled to the grant.

• Income resources from charitable trading activities such as the letting are accounted for when invoices are drawn up (as the point of entitlement).

• Donated services and facilities are included at the value to the charity where this can be quantified.

• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.

• Volunteer time, the value of voluntary support for the work of the church is not included in the accounts but is described in the Trustee's annual report.

• Investment Income is included in the accounts when receivable.

Resources Expended

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and the cost of any legal advice to trustees on governance or constitutional matters.

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Tangible Fixed Assets

Buildings 2% straight-line basis
Furniture and Equipment 25% straight-line basis
Computer equipment 33% straight-line basis

The rates chosen are calculated to write off the cost of the asset over its estimated useful life of serving the charity.

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Operating Leases

Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.

Taxation

The charity is exempt from tax on its charitable activities.

Impairment of Fixed Assets

Cash and Cash Equivalents

Financial Instruments

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Critical Accounting Estimates and Judgements

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Analysis of Income
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Income From Donations and Offerings
Donations and gifts	87,860	52,911	140,771
Gift aid	22,319	13,519	35,838
Legacies	-	-	-
Grants	-	1,359	1,359
	──────────	──────────	──────────
	110,179	67,789	177,968
Income From Charitable Activities
Events income	6,857	-	6,857
Room hire income	39,698	-	39,698
	──────────	──────────	──────────
	46,555	-	46,555
Income From Investments
Interest receivable	4,682	201	4,883
	──────────	──────────	──────────
	4,682	201	4,883
	──────────	──────────	──────────
Total Income	161,416	67,990	229,406
	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

es to the Financial Statements
*Analysis of Income Cont.*
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Income From Donations and Legacies
Donations and gifts	130,244	700	130,944
Gift aid	21,052	-	21,052
Legacies	-	-	-
Grants	3,250	-	3,250
	──────────	──────────	──────────
	154,546	700	155,246
Income From Charitable Activities
Events income	2,555	-	2,555
Room hire income	28,805	1,581	30,385
	──────────	──────────	──────────
	31,360	1,581	32,940
Income From Investments
Interest receivable	2	-	2
	──────────	──────────	──────────
	2	-	2
	──────────	──────────	──────────
Total Income	185,908	2,281	188,188
	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

3 Expenditure on Charitable Activities by Fund Type

Expenditure on Charitable Activities	by Fund Type
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Church Running Costs
Administration	8,208	-	8,208
Events and ministry expenditure	6,914	1,980	8,894
Loan interest	37,680	-	37,680
Mission donations and grants	17,351	3,506	20,857
Staff expenses	620	-	620
Staff salary costs	72,546	-	72,546
Youth work	1,573	-	1,573
	──────────	──────────	──────────
	144,892	5,486	150,378
	──────────	──────────	──────────
Premises Costs
Depreciation	54,963	-	54,963
Manse expenses	3,970	-	3,970
TVC expenses	16,023	3,022	19,045
Weston Chapel expenses	9,609	-	9,609
	──────────	──────────	──────────
	84,565	3,022	87,587
	──────────	──────────	──────────
	──────────	──────────	──────────
Total Expenditure	229,457	8,508	237,965
	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Expenditure on Charitable Activities by Fund Type Cont.

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
	Church Running Costs
	Administration	14,603	949	15,552
	Events and ministry expenditure	4,510	-	4,510
	Loan interest	24,259	-	24,259
	Mission donations and grants	-	-	-
	Staff expenses	-	-	-
	Staff salary costs	36,505	-	36,505
	Youth work	2,565	-	2,565
		──────────	──────────	──────────
		82,442	949	83,391
		──────────	──────────	──────────
	Premises Costs
	Depreciation	38,728	-	38,728
	Manse expenses	7,247	-	7,247
	TVC expenses	33,595	-	33,595
	Weston Chapel expenses	19,377	-	19,377
		──────────	──────────	──────────
		98,947	-	98,947
		──────────	──────────	──────────
		──────────	──────────	──────────
	Total Expenditure	181,389	949	182,338
		──────────	──────────	──────────
4	Independent Examination Fees
	Fees payable to the independent examiner for:
			2023	2022
			£	£
	Independent examination and preparation of the financial statements		1,500	750

5 Volunteers

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

6 Staff Costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2023	2022
	£	£
Wages and salaries	65,440	14,552
Social security costs	206	145
Employer contributions to pension plans	6,538	3,923
	──────────	──────────
	72,183	18,620
	──────────	──────────

The average head count of employees during the year was as follows:

	2023	2022
Average headcount	3	1

No employees received employee benefits of more than £60,000 during the year.

Key Management Personnel

The charity considers its key management personnel to be the Pastor, Youth and Families Worker and Centre manager. The total remuneration received by key management were as follows:

	2023
	£
Key management personnel employee benefit	72,183

7 Trustee Remuneration and Expenses

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

8 Tangible Fixed Assets

Tangible Fixed Assets
		Furniture &
	Property	Equipment	Total
	£	£	£
Cost / Valuation
At 1 January 2023	2,043,811	53,845	2,097,656
Additions	-	6,716	6,716
	──────────	──────────	──────────
At 31 December 2023	2,043,811	60,561	2,104,372
	──────────	──────────	──────────
Depreciation
At 1 January 2023	147,361	30,470	177,831
Charge for this year	40,876	14,087	54,963
	──────────	──────────	──────────
At 31 December 2023	188,237	44,557	232,794
	──────────	──────────	──────────
Carrying amount
At 31 December 2023	1,855,574	16,004	1,871,578
	──────────	──────────	──────────
At 31 December 2022	1,896,450	23,375	1,919,825
	──────────	──────────	──────────

All of the fixed assets are used for direct charitable purposes.

The Towcester Manse was valued in September 2017 at market value of £358,782.

The Tove Valley Centre also known as the New Christian Centre was valued at £1,506,146 when built in 2021.

Tove Valley Baptist Fellowship also have ownership of Weston Church, which is held at the deemed cost of £178,879

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

9	Debtors
		2023	2022
		£	£
	Trade debtors	3,820	-
	Prepayments and accrued income	12,495	-
		──────────	──────────
		16,315	-
		──────────	──────────
10	Creditors: Amounts Falling Due Within One Year
		2023	2022
		£	£
	Accruals	6,860	1,096
	Loans	43,051	68,051
		──────────	──────────
		49,911	69,147
		──────────	──────────
11	Creditors: amounts falling due after one year
		2023	2022
		£	£
	Baptist Union Loan	486,173	509,223
		──────────	──────────
		486,173	509,223
		──────────	──────────

12 Pensions and Other Post-retirement Benefits

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,538.

Pension cost for the year

Pension cost for the year
	2023	2022
	£	£
Defined contribution ministers	3,685	3,923
Defined contribution for staff	2,853	-
	──────────	──────────
	6,538	3,923
	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

13 Analysis of Charitable Funds

	1 Jan 2023	Income	Expenditure	Transfers	31 Dec 2023
	£	£	£	£	£
Unrestricted Funds
General funds	43,997	155,847	(156,069)	1,361,157	1,404,932
Fixed asset & loans fund	1,342,551	-	(54,963)	(1,287,588)	-
	──────────	──────────	──────────	──────────	──────────
	1,386,548	155,847	(211,032)	73,569	1,404,932
Designated Funds
Mission fund	9,048	-	(17,351)	8,637	334
Reserves	27,191	-	-	-	27,191
Members loan
repayments	38,989	-	-	(18,989)	20,000
Youth work activities	2,800	894	(1,074)	-	2,620
TVBF building	22,537	1,333	-	-	23,870
Weston building repairs i	79,339	3,342	-	-	82,681
	──────────	──────────	──────────	──────────	──────────
	179,904	5,569	(18,425)	(10,352)	156,696
	──────────	──────────	──────────	──────────	──────────
Total Unrestricted	1,566,452	161,416	(229,457)	63,217	1,561,628
	──────────	──────────	──────────	──────────	──────────
Restricted Funds
Benevolent fund	2,826	-	(2,370)	-	456
PA equipment	2,722	1,850	(927)	(1,111)	2,534
Wellbeing fund	624	-	-	-	624
Weston income	2,028	201	-	-	2,229
Ukraine fund	2,490	1,190	(1,440)	-	2,240
WNC time for tea	-	1,359	(234)	-	1,125
Breakfast club co-op	313	-	(306)	-	7
TVC building loan repayments	854	62,174	-	(63,028)	-
TVC building	-	212	(2,095)	2,790	907
Specific collections	-	1,004	(1,136)	132	-
Sudborough landscaping	2,000	-	-	(2,000)	-
	──────────	──────────	──────────	──────────	──────────
Total Restricted	13,857	67,990	(8,508)	(63,217)	10,122
	──────────	──────────	──────────	──────────	──────────
	──────────	──────────	──────────	──────────	──────────
Total Funds	1,580,309	229,406	(237,965)	-	1,571,750
	──────────	──────────	──────────	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Fund Descriptions

Designated Funds

Mission fund

Reserves Members loan repayments Youth work activities

TVBF building repairs

Weston building repairs

Funds to be distributed to various Charities as decided by church mission team

3 months funds for emergency use

Part of funds held with the Baptist Union which for Weston building repairs

Restricted Funds

Benevolent fund

PA equipment

Wellbeing fund Weston income

Ukraine fund WNC time for tea Breakfast club co-op

Money donated by church members to be used to help other members or family in financial difficulty

Money donated by church members to be used to buy equipment for the TVC

Grant that was given to provide a quiet space on the new land Income from the Timson Trust which was set up by a former Weston member

Grants to be used for Ukraine guests and families Grant from WNC for warm spaces

Grant from Coop towards Breakfast clubs that are run by the church

TVC building loan repayments Bank account that members pay into where the income is used to pay the BU loan each month

TVC building Specific collections

Sudborough landscaping

A grant from the Sudborough Foundation to improve the facilities for the youth and tots groups

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Material Fund Transfers

14 Analysis of Net Assets Between Funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	1,871,578	-	1,871,578
Current assets	226,133	10,122	236,255
Creditors less than 1 year	(49,911)	-	(49,911)
Creditors more than 1 year	(486,173)	-	(486,173)
	──────────	──────────	──────────
	1,561,628	10,122	1,571,750
	──────────	──────────	──────────
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	1,919,825	-	1,919,825
Current assets	238,854	13,857	238,854
Creditors less than 1 year	(69,147)	-	(69,147)
Creditors more than 1 year	(509,223)	-	(509,223)
	──────────	──────────	──────────
	1,580,309	13,857	1,580,309
	──────────	──────────	──────────

15 Related Party Transactions

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

16 Prior Year Adjustment

After the church's review of the signed accounts a number of material changes were required. The changes to the accounts for the year ending 31st December 2022 are as follows:

Debtor: In 2022 Accounts the funds held by the Baptist Union was represented on the accounts as a debtor, however the £100,229 was held as Cash at Bank with Baptist Together.

Creditor: The Baptist Union, Baptist Together Loan was not separated into amount falling due with in one year, and after one year.

Fixed assets: Assets purchased in 2022 were not recognised as additions and depreciated in 2022 original accounts.

Statement of Financial Position	Original	Restated
	£	£
Fixed assets	1,896,523	1,919,825
Cash at Bank	135,283	238,854
Debtors	100,229	-
Other monetary assets	3,343	-
Creditors: amount falling due with one year	(586,359)	(69,147)
Creditors: amount falling due after one year	-	(509,223)
	──────────	──────────
Net Assets	1,549,019	1,580,309
	──────────	──────────
Statement of Financial Activity	Original	Restated
	£	£
Funds of The Charity
Unrestricted funds	597,256	1,566,452
Revaluation reserve	204,535	-
Endowment funds	734,736	-
Restricted funds	12,492	13,857
	──────────	──────────
Total Charity Funds	1,549,019	1,580,309
	──────────	──────────

Tove Valley Baptist Fellowship

Year Ended 31st December 2023

Notes to the Financial Statements

Prior Year Adjustment cont.

Tangible Fixed Assets

Original

		Furniture &
	Property	Equipment	Total
	£	£	£
Cost / Valuation
At 1 January 2022	2,043,811	4,510	2,048,321
Additions	-	-	-
	──────────	──────────	──────────
At 31 December 2022	2,043,811	4,510	2,048,321
	──────────	──────────	──────────
Depreciation
At 1 January 2022	108,658	4,412	113,070
Charge for this year	38,703	25	38,728
	──────────	──────────	──────────
At 31 December 2022	147,361	4,437	151,798
	──────────	──────────	──────────
Carrying amount
At 31 December 2022	1,896,450	73	1,896,523
	──────────	──────────	──────────
At 31 December 2021	1,935,153	98	1,935,251
	──────────	──────────	──────────
Restated
		Furniture &
	Property	Equipment	Total
	£	£	£
Cost / Valuation
At 1 January 2022	2,043,811	4,510	2,048,321
Additions	-	49,335	49,335
	──────────	──────────	──────────
At 31 December 2022	2,043,811	53,845	2,097,656
	──────────	──────────	──────────
Depreciation
At 1 January 2022	108,658	4,437	113,095
Charge for this year	38,703	26,033	64,736
	──────────	──────────	──────────
At 31 December 2022	147,361	30,470	177,831
	──────────	──────────	──────────
Carrying amount
At 31 December 2022	1,896,450	23,375	1,919,825
	──────────	──────────	──────────
At 31 December 2021	1,935,153	98	1,935,251
	──────────	──────────	──────────