**Draft Financial Statements at 15 October 2024 at 13:51:04**
**Charity Registration No. 1180106**
## **WORCESTER BAPTIST CHURCH CIO**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Darren Smith||
|---|---|---|
||Fiona Forth||
||Hannah Celia||
||Christine Baker||
||Claire Findon|(Appointed 17 April 2024)|
|**Charity number**|1180106||
|**Principal address**|Sansome Walk||
||Worcester||
||WR1 1LN||
|**Independent examiner**|Kendall Wadley LLP||
||Granta Lodge||
||71 Graham Road||
||Malvern||
||Worcestershire||
||WR14 2JS||
|**Investment advisors**|Charles Stanley & Co Limited||
||55 Calthorpe Road,||
||Edgbaston,||
||Birmingham||
||B15 1TH||
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Statement of financial position|7|
|Statement of cash flows|8|
|Notes to the financial statements|9 - 18|
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Church's constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)
On 30 November 2018, funds were received from the Avery-Overall Baptist Trust Fund, Charity Number 509056 on the cessation of its activities.
On 1 May 2021, the undertaking, liabilities, staff and assets of the unincorporated charity Worcester Baptist Church were transferred to Worcester Baptist CIO, a Charitable Incorporated Organisation.
## **Objectives and activities**
The principal purposes of the Church are:
- 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.
- Nothing in this constitution shall authorise an application of the property of the Church for purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 or section 2 of the Charities Act (Northern Ireland) 2008.
## **Beliefs**
As a member of the Baptist Union the Church subscribes to the Baptist Union's Declaration of Principle:
"That our Lord and Saviour Jesus Christ, God manifest in the flesh, is the sole and absolute authority in all matters pertaining to faith and practice, as revealed in the Holy Scriptures, and that each church has liberty, under the guidance of the Holy Spirit, to interpret and administer His laws.
That Christian Baptism is the immersion in water into the name of the Father, the Son and Holy Spirit, of those who have professed repentance towards God and faith in our Lord Jesus Christ who 'died for our sins according to the Scriptures; was buried, and rose again on the third day.'
That it is the duty of every discipline to bear personal witness to the gospel of Jesus Christ, and to take part in the evangelisation of the world."
## **Public benefit**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Church should undertake and are satisfied that those described below provide public benefit.
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**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Activities**
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.
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 disciples;
- giving and encouraging pastoral care;
- supporting and encouraging charitable social action in the United Kingdom and abroad;
- encouraging relationships with and supporting Baptists and other Christians
## **Achievements and performance**
During the year, we again took part in the community event ‘Love the Arbo’, where local residents decorate and light up their windows. The mayor of Worcester opened the event in the church hall and the church provided refreshments and a space for a live band who performed 3 sets in the main church building. This led to a throughput of around 400 people during the evening.
In July, the church meeting unanimously agreed on an Inclusion Statement for the church and also voted to become a member of the Inclusive Church network. It begun running some Sunday evening sessions exploring different areas of life where inclusion is important and how it can do better as a church. It is important that now the church has chosen an inclusive direction to continue to make itself the best safe space it can be.
The church has grown in number during the past 12 months with a range of nationalities becoming part of the church community. It held a first ‘newcomers lunch’ to help folk get to know each other and also to explain a bit about the church. Likewise, it has also welcomed into membership a number of folk with more already going through the membership process.
A highlight this year has been the increasing number of members who stay for lunch on our ‘Sharing Sunday’ on the first Sunday of each month. It really is wonderful to see everyone chatting with others over the meal table. The Church is blessed to have those who are willing to prepare the lunches for us.
## **Financial review**
The net outgoing resources for the year is £89,427 (2022 outgoing £199,100) of which outgoings of £84,034 is in connection with unrestricted activities and £5,393 outgoing in relation to restricted activities.
Total reserves at the reporting date are £894,241 (2022 £983,668) of which £224,225 is restricted. Full details of the restricted funds can be found in the notes accompanying the financial statements. After extracting fixed assets this leaves £626,344 available for unrestricted activities, this includes fixed investments which are readily convertible.
It is the policy of the Church that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Church’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the Church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Plans for future**
Being an inclusive church is not only the right and Biblical thing to be but it also opens up new missional opportunities. To that end the Church intends to back up this decision by action in its welcome and inclusion of others and making it known that the church is a safe space for all.
A plan for this coming year is to run an evangelistic course called ‘Being with’ which takes the form of a small group meeting to discuss various topics over a 10-week period. It runs in a similar way to Alpha with initial input from the course leaders and then open discussion for all. The hope is that those with an evangelistic heart within the church will be willing to be involved in helping to run the course which we can promote through the various groups and contacts we have.
The Church will continue to be open to things working out differently to as expected and will be ready to respond to how God may direct us, as individuals and as a church. What helps with that is the knowledge that WBC continues to be one big family, journeying together and looking out for each other!
## **Structure, governance and management**
The Church is a charitable incorporated organisation, governed by a Constitution registered with the Charity Commission dated 27 September 2018.
The trustees who served during the year and up to the date of signature of the financial statements were: Darren Smith Graham Baker (Resigned 23 April 2023) Timothy Prince (Resigned 1 June 2023) Fiona Forth Hannah Celia Christine Baker Claire Findon (Appointed 17 April 2024)
The trustees are responsible for the management and administration of the Church's property and funds in accordance with its constitution. Day to day management of activities is delegated to Darren Smith the minister of the church. The remuneration of key management personnel is set by the board.
Upon appointment appropriate training and guidance is given as to the role and responsibilities of a trustee within
the organisation.
Meetings are required to be held at every two months, at which the CIO and financial aspects of the organisation are considered and actions to be taken determined as necessary. This includes the setting of remuneration for those employed having due regard to legislative requirements and rates of remuneration paid by similar organisations.
Interests in transactions by virtue of related parties are declared at meetings and reported in the notes to the financial statements.
The trustees' report was approved by the Board of Trustees.
..............................
## **Darren Smith**
Trustee Dated: .........................
- 3 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England 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 Church and of the incoming resources and application of resources of the Church for that year.
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;
- 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WORCESTER BAPTIST CHURCH CIO**
I report to the trustees on my examination of the financial statements of Worcester Baptist Church CIO (the Church) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the trustees of the Church you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Church’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Church as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Sarah Morley BA (Hons) ACA**
Kendall Wadley LLP Granta Lodge 71 Graham Road Malvern Worcestershire WR14 2JS
Dated: .........................
- 5 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
28,803
-
Charitable activities
**4**
81,887
-
Other trading activities
**5**
5,309
-
Investments
**6**
19,629
-
**Total income**
135,628
-
**Expenditure on:**
Charitable activities
**7**
202,982
5,393
**Total expenditure**
202,982
5,393
Net gains/(losses) on
investments
**13**
(16,680)
-
**Net expenditure and**
**movement in funds**
(84,034)
(5,393)
**Reconciliation of funds:**
Fund balances at 1 January
2023
754,050
229,618
**Fund balances at 31**
**December 2023**
670,016
224,225|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
28,803
37,275
-
81,887
80,535
-
5,309
7,294
-
19,629
19,797
-
135,628
144,901
-
208,375
257,789
5,393
208,375
257,789
5,393
(16,680)
(80,819)
-
(89,427)
(193,707)
(5,393)
983,668
947,757
235,011
894,241
754,050
229,618|**Total**
**2022**
**£**
37,275
80,535
7,294
19,797
144,901
263,182
263,182
(80,819)
(199,100)
1,182,768
983,668|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 6 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 DECEMBER 2023**_
|**Notes**
**Fixed assets**
Property, plant and equipment
**14**
Investments
**15**
**Current assets**
Trade and other receivables
**16**
Cash at bank and in hand
**Current liabilities**
**17**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**18**
Unrestricted funds|**2023**
**£**
5,055
16,088
21,143
(4,386)|**£**
237,559
639,925
877,484
16,757
894,241
224,225
670,016
894,241|**2022**
**£**
2,976
78,643
81,619
(5,817)|**£**
252,400
655,466|
|---|---|---|---|---|
|||||907,866
75,802|
|||||983,668|
|||||229,618
754,050|
|||||983,668|
The accounts were approved by the Trustees on .........................
.............................. Darren Smith **Trustee**
- 7 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**2023**
**Notes**
**£**
**Cash flows from operating activities**
Cash absorbed by operations
**22**
**Investing activities**
Purchase of property, plant and equipment
(369)
Purchase of listed investments
(419,189)
Proceeds on disposal of listed investments
418,050
Interest received
19,629
**Net cash generated from investing**
**activities**
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**£**
**£**
**£**
(80,676)
(124,414)
-
(452,754)
567,063
19,797
18,121
134,106
-
-
(62,555)
9,692
78,644
68,951
16,089
78,643|
|---|---|
- 8 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **STATEMENT OF CASH FLOWS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 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.
## **2 Accounting policies**
## **Charity information**
Worcester Baptist Church is a charitable incorporated organisation and its office is Sansome Walk, Worcester, WR1 1LN.
## **2.1 Accounting convention**
The financial statements have been prepared in accordance with the Church's constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Church is a Public Benefit Entity as defined by FRS 102.
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 of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **2.2 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.
## **2.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **2.4 Incoming resources**
Income is recognised when the Church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 9 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **2 Accounting policies**
**(Continued)**
## **2.5 Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services of its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Creditors represent the amount the charity anticipates it will pay to settle a debt or a provision for goods and services it has received not yet invoiced, measured at settlement amount.
## **2.6 Property, plant and equipment**
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% of cost Fixtures and fittings 20% of cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **2.7 Non-current investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **2.8 Impairment of non-current 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).
## **2.9 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.
- 10 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **2 Accounting policies**
## **(Continued)**
## **2.10 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Church’s contractual obligations expire or are discharged or cancelled.
## **2.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Church is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Donations and gifts|23,803|35,275|
|Legacies|5,000|2,000|
||28,803|37,275|
## **4 Charitable activities**
|Offerings
Other income
Rental income|**2023**
**£**
44,155
20,214
17,518
81,887|**2022**
**£**
56,030
6,268
18,237|
|---|---|---|
|||80,535|
## **5 Income from other trading activities**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Fundraising events|5,309|7,294|
|**6**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Income from listed investments|18,851|19,778|
||Interest receivable|778|19|
|||19,629|19,797|
- 12 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **7 Charitable activities**
|Staff costs
Depreciation and impairment
Church premises upkeep
Missions
Ministry
Other expenses
Donations
Investment management fees
Grant funding of activities (see note 8)
Share of support costs (see note 9)
Share of governance costs (see note 9)
**Analysis by fund**
Unrestricted funds
Restricted funds
**For the year ended 31 December 2022**
Unrestricted funds
Restricted funds|**2023**
**£**
66,944
15,210
28,446
31,869
4,431
10,046
2,967
8,460
168,373
11,713
24,777
3,512
208,375
202,982
5,393
208,375|**2022**
**£**
71,506
15,358
36,748
32,836
7,640
7,994
3,389
10,106|
|---|---|---|
|||185,577
54,027
20,350
3,228|
|||263,182|
|||257,789
5,393|
|||263,182|
- 13 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **8 Grants payable**
|Grants to institutions:
Two Pennies
MAF Uk
St Richard's Hospice
M Rankin - Uganda project
Worcester Street pastors
BMS
Food Bank
Freeset
Bridge councilling
Other
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
11,448
-
Computer
724
-
Advertising
171
-
Print and stationery
2,156
-
Subscriptions
1,715
-
Telephone
1,183
-
Sundry
60
-
Legal and professional
7,320
-
Independent exam and
accountancy
-
3,512
24,777
3,512
Analysed between
Charitable activities
24,777
3,512|**2023**
**£**
-
-
49
-
-
5,476
738
3,850
1,500
100
11,713
**2023**Support costs Governance
costs
**£**
£
£
11,448
14,466
-
724
1,081
-
171
35
-
2,156
1,957
-
1,715
1,320
-
1,183
1,409
-
60
82
-
7,320
-
-
3,512
-
3,228
28,289
20,350
3,228
28,289
20,350
3,228|2022
£
2,000
5,000
50
15,000
2,000
18,577
5,550
4,250
1,500
100|
|---|---|---|
|||54,027|
|||2022
£
14,466
1,081
35
1,957
1,320
1,409
82
-
3,228|
|||23,578|
|||23,578|
**9 Support costs**
Governance costs includes payments to the independent examiners of £3,512 (2022 - £3,228) for accountancy fees.
## **10 Trustees**
During the year Darren Smith and Timothy Prince, trustees and also employees of the church were remunerated a total amount of £42,541 for their roles as Minister and Minister in training respectively.
- 14 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **11 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Minister|3|3|
|Administration|1|1|
|Premises|1|1|
||5|5|
|**Employment costs**|**2023**|**2022**|
||**£**|**£**|
|Wages and salaries|70,442|78,483|
|Social security costs|280|92|
|Other pension costs|7,670|7,397|
||78,392|85,972|
There were no employees whose annual remuneration was £60,000 or more.
## **12 Retirement benefit schemes**
## **Defined contribution schemes**
The Church operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Church in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £7,670 (2022 - £7,397).
## **13 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|(1,734)|(29,612)|
|Sale of investments|(14,946)|(51,207)|
||(16,680)|(80,819)|
- 15 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**14**|**Property, plant and equipment**||||
|---|---|---|---|---|
|||**Freehold land**|**Fixtures and**|**Total**|
|||**and buildings**|**fittings**||
|||**£**|**£**|**£**|
||**Cost**||||
||At 1 January 2023|269,680|54,540|324,220|
||Additions|-|369|369|
||At 31 December 2023|269,680|54,909|324,589|
||**Depreciation and impairment**||||
||At 1 January 2023|36,199|35,621|71,820|
||Depreciation charged in the year|5,393|9,817|15,210|
||At 31 December 2023|41,592|45,438|87,030|
||**Carrying amount**||||
||At 31 December 2023|228,088|9,471|237,559|
||At 31 December 2022|233,481|18,919|252,400|
|**15**|**Fixed asset investments**||||
|||||**Listed**|
|||||**investments**|
|||||**£**|
||**Cost or valuation**||||
||At 1 January 2023|||655,466|
||Additions|||419,189|
||Valuation changes|||(16,680)|
||Disposals|||(418,050)|
||At 31 December 2023|||639,925|
||**Carrying amount**||||
||At 31 December 2023|||639,925|
||At 31 December 2022|||655,466|
- 16 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **16 Trade and other receivables**
|**Trade and other receivables**|||
|---|---|---|
|**Amounts falling due within one year:**
Trade receivables
Other receivables
Prepayments and accrued income|**2023**
**£**
2,300
2,171
584
5,055|**2022**
**£**
2,300
-
676|
|||2,976|
## **17 Current liabilities**
|Other taxation and social security
Other payables
Accruals and deferred income|**2023**
**£**
-
553
3,833
4,386|**2022**
**£**
742
-
5,075|
|---|---|---|
|||5,817|
## **18 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**Balance at**|**Resources**|**Balance at**|**Resources**|**Balance at**|
|---|---|---|---|---|---|
||**1 January 2022**|**expended**
**1**|**January 2023**|**expended**|**31 December**|
||||||**2023**|
||**£**|**£**|**£**|**£**|**£**|
|Avery-Overall Baptist Trust Fund|205,835|(4,616)|201,219|(4,616)|196,603|
|New boiler donation|29,176|(777)|28,399|(777)|27,622|
||235,011|(5,393)|229,618|(5,393)|224,225|
Avery-Overall Baptist Trust fund - funds received in connection to the Hall refurbishment.
New boiler - funds were received from the Avery-Overall Baptist Trust fund for the purposes of a new boiler for the church.
- 17 -
**Draft Financial Statements at 15 October 2024 at 13:51:04 WORCESTER BAPTIST CHURCH CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**19**
**Analysis of net assets between funds**
**Unrestricted**
**Restricted**
**2023**
**2023**
**£**
**£**
Fund balances at 31
December 2023 are
represented by:
Property, plant and
equipment
43,672
193,887
Investments
639,925
-
Current assets/(liabilities)
(13,581)
30,338
670,016
224,225|**Total**
Unrestricted
Restricted
**2023**
2022
2022
**£**
£
£
237,559
53,897
198,503
639,925
655,466
-
16,757
44,687
31,115
894,241
754,050
229,618|Total
2022
£
252,400
655,466
75,802|
|---|---|---|
|||983,668|
## **20 Related party transactions**
There were no disclosable related party transactions during the year (2022 - none).
## **21 Non-monetary assets held for Church's own use**
The church is the beneficial owner of the following assets which are not included within the balance sheet, the legal title to which is held by the Church's custodian trustee (The Baptist Union Corporation Ltd). These assets are shown at their insured value:
## **22**
|Church premises at Sansome walk to include Hall and Bungalow|10,202,516|||
|---|---|---|---|
|Manse at 2 Amery Close|185,000|||
|The Church also owns equipment, fixtures and fittings||75,100||
|**Cash generated from operations**||**2023**|**2022**|
|||**£**|**£**|
|Deficit for the year||(89,427)|(199,100)|
|Adjustments for:||||
|Investment income recognised in statement of financial activities||(19,629)|(19,797)|
|Loss on disposal of investments||14,946|51,207|
|Fair value gains and losses on investments||1,734|29,612|
|Depreciation and impairment of property, plant and equipment||15,210|15,358|
|Movements in working capital:||||
|(Increase)/decrease in trade and other receivables||(2,079)|278|
|(Decrease) in trade and other payables||(1,431)|(1,972)|
|**Cash absorbed by operations**||(80,676)|(124,414)|
- 18 -