JVMCarey Bapti5tChuKh CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES, REPORT ANDACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Chaiity No. 1183896
CAREY BAPTIST CHURCH, READING LEGAL AND ADMINISTRATIVE INFORMATION Current Managing Trustees (Elders) tkmke tknies Treasurer Mr Graeme Powell Church Administrators Mrs Dorothy Yuille, Mrs Jude Bullock Registered Charity Number 1183896 Carey Centre Anstey Road Reading Bethshire RG17JR Georye Street Reading Bethshire RG1 8LS Bank5 HSBC 26 Broad Street Reading Bethshi RG12BU
CAREY BAPTIST CHURCH, READING CONTENTS Pag• Managing TrLJStees' report Independent examinerfs report 12 Statement of financial activities Balance sheet 14 Statement of cash flows 15 Notes lo the accounts 16-28
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Managing Trustees present their report and accounts for the year ended 31 Decernber 2024. The accounts have been prepared on a going concern basis and in accordan with the accounting policies set out in note 1 to the accounts. They comply wth the Church's Conslilution, the Charities Act 2011 and the requirements of Accounting and Reporting by Charities.. Slalemenl of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211. tru manc andm na eman Carey Baptist Church, Reading is an Independent Baptist Church originally founded on 10 February 1867 with the main chapel building located in Carey Street, Reading, RG1 7JS. The Church was first registered as a ¢harily under charitable trust deed, the Church Constitution, adopted on 16 September 2008. A minor revision to the Constitution was adopted by the Managing Trustees and the whole Church Membership on 21 July 2015. Following the decision in 2018 by the Church to change our Constitution to become a Charitable Incorporated Organisation ICIOI, a new Constitution and Church Handbook were produced during 2019. These were submitted lo the Charity Commission and CIO status was granted lo the Church on 14 June 2019 (Registration Number 11838961. The process of transferring the stsff. the properties and all the assets of the Unincorporated Charity (Registration Number 11264881 lo the CIO was Completed on 31 December 2022 and the Church Commenced operation as a CIO on 1 JanLJary 2023. The Unincorporated Charity was merged with the CIO on 1 January 2023 and confirmation of the registration of the merger was reiVed from the Charity Commission on 10 June 2025. The Constitution of the Church rnakes clear that the ultimate authority for all matters and decisions affecting the Church, its activities and ils ministries rests with the members of the Church as agreed al Church meetings frorn lime to lime. However, this authority is delegated lo the Elders, as the Managing Trustees, the designated Officers of the Chur¢h, lor routine and day-104ay decisions affecting the operations of the Church. These include the normal activities such as worship, pastoral care, teaching, OLJtreach, fi'nancial management, health and safety, welfare and safegLJarding matters as well as engagement with extemal bodies. The work of the Managing Trustees is reported back to the membership at the regular meetings of the Members during the year. Mana in Trustees & Staffin The Managing TrLJStees who served durin9 2024 were'.- Dr Andrew Barnett Mr Simon Butler Dr Mike Davies Dr Graham Machin Pastor James Muldoon, resigned 14 April 2024 Mr David Rimes, from 19 March 2024 Mr Richard Webb Pastor Richard Baxter Dr James Cordle Pastor John Heron, from 1 February 2024 Pastor David Magowan Dr Alistair Murdoch Dr Amit Sharma, from 24 September 2024 The Pastr)rs are Elders whose gifts in preaching, teaching and pastr)ral care have bn recognised by the Church and who have bn appcmnted by the Churth to exercise such a ministy. For the eady months of 2024 David Magowan and James Muldoon served as full ti£ Cpastor8 ofthe ChLJrch until James Muldoon resign1 from Carey arKJ twk up the Senior Pastor role at Duke Strl Church, Richmond. John Heron was appointed as an Asswate Pastor from 1 February 2024, initially for a 2-year term. Al a Church meeting on 19 Noverllber 2024 this 2-year term was extended and John was gwen an ¢Jpenended appointment as a Pastor. David Magowan's job tille was a0 ¢hanged to 'Paslorf. Richard Baxter served as our Pastor for Outreach nth a fow% on evangelism and
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 sprea eg news nslian oca ¢ommunrty an more w omsett ¢ontsn serve the Church as our full-time Youth Wotker and Hugh Thresher continued as our Operations Manager. Hden Yuilk has ¢ontinued as our part-lime Intemational Worker with paClar responsiknlity for ministry to those from overseas and for'Bridges', our English Language School. In this ministry il has bn helpful to have Maryalis RhardsOn ting as an Intemational Integration Worker to assist with sharing the Christian Gospd with the large number of asylum seekeT3 and other intemationals who have come to Reading over rnt years. Dorothy Yu11 and Jude Bull0 suptx>rted the church as our Office Adminislralors. Essi BoalerKJ was employed part time as our Bridges Crèche W0er. Jonathan Kent has kEen continuing his BA Theology StlieS 8108k Hill College in Southgate, London during the year. Il's n a joy lo have Jack mcFen as a Ministy Trainee during 2024 and Noah Parker also joined us as a Ministry Trainee in September 2024. Both young men attended the helpftjl Ministry Training Course in Oxford on Tuesdays. The Managing Trustees are required by the ¢onslilulion to meet at 8$1 in a twelv&monlh tÈri(Kl, and have met lo aldress specific issues on three occasions during the year, On in January, in April and in July. Any matter requiring a decisK)n of the Managing Trustees nessitateS asIMp majorityof those presentand voting ata properfy convened Mting, either physically or electronically. The apIntment of new Managing Trustees is effected after careful consideration of the grfts, theologul convictions and abilities of potential candidates. The dutEs, responsibilitses and requirements of tSthIp are explained and a protK)sal for an appoirrtment is brought, with the recommendats.on of the exisb"rvJ Managing Trust, to a meeting of the Church membership for a vole. A iwo thirds majorty of members present and voting is required for an appintmenl. During 2024 three new Managing Trustees have appointed and one has reSvjn. In addition to thework carried out by the Elders, the Church has a finan¢eteam led by the honorary treasurer, Graeme Powell. The work of the finan team inclLles producing an annual prediction of our estimated income and expenditure, collecting and allocating gifts to the Church, redaiming tax from HMRC on gift-aided irme, pawng staff members, receiving, checking and paying approved invoices, maintaining the financial accounts, pr(yJucing the annual accounts, interacting wth examiners or auditors and dislribuling monÈs to those in need in ¥CLordance with the wshes of the Managing Trustees. This considerabk bad of financial adminislralion is rried out mainly by volunteers in Collaboration with the office stsff. The majority of the other admin work of the Church is carri1 out by oui office adminislralors and oc£asK)nal volunteers. The Managing Trust have continued lo keep in mind during 2024 the major risks to which the Church is expos1. The Ttustees are salisfi&l that systems are in place lo mits.gate exposure lo the rnajor risks Identif. These measures include having a comprehensive child protection policy, a youth team policy, heahh and safety policEs and procedures, focKJ and hygiene policies, a safeguarding adulis policy, data protection Oicies cOmLnt rith the GDPR requirements and well- publvIed and rehearsed ewergency evacuation prceSSes. The Church has also expanded its cOnM for those with Jditional needs and a small team has been fomied to ensure that everyone wth whorn we have contact feels loved and wdcomed and is able to hearand understand the good news about Jesus andlorgrow in their Christian faith. The ManagirvJ Trustees perioKlicalty assess the fina[la1 posth.on of the church in collaboralK)n with the Treasurer lo ensure that our pOs"0n is consistent with our reseTves policy. The Church has appropriate insuran(E for its assets arKI for risks associated with ils operations. In ld1110n, the Church produces and maintains rBk assessments covering most of the actwities of the Church lo ensure that identnSable risks are minimised or eliminated. The BLJilding Risk Assessments have b*n revEwed during the year. We're very thankful that another year has passed without any serious incidents and we continue to remain vigilant and pray that all our ministries will be conducted safely and that all our ministy leaders and helpers will keep safety as one of thr prime requirements. S8feguatding is a priorityforthe Church and we are wmmitted to providing a safe and ¢2riTYJ environmènlforeveryone. We have a safegLJarding team which ensures that ouracts'vities are in linewrth statuiory guiddines on gocKJ wort(ing practice. The team has arranged trainirvJ during the yearand LI13ted oursafeguarding poliaes. All our staff and volunteers whowork with
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ren an young peop e an vu nera Is avea¢ ar is¢ osure an amng etvi e¢ Pur oses and Activities The purposes oflhe Church are the advancement of the Christian faith in accordance wlh the DoctrinJ Basis of Faith and in line wth the defined PLJrposes in our ConstitLJtion, primarily bul not ex¢lusively within Reading and the surrounding neighbourhood, and such other charitable purposes as shall, in the opinion of the members of the Church in general meeting, further the work of the Church. We take very seriously the command of Jesus Christ to his followers to spread the good news of the Christian gospel, the need for repentan for sin and faith in the Lord Jesus. In consequence, the Church has been concerned that there are some parts of the wder Reading conurbation which are not well served by 8 local evangelical Christian church. Al the beginning of 2023 we fell constrained lo pray and ask the Lord lo guide us with a clear vision of where we might reach out helpfully to provide such a facility. After a few months of prayer, discussion and enquiries it was decided that the Church should fomi a congregation in Woodley on the east side of Reading. The progress of this outreach initiative during 2024 is described on page 8 of this report. Our regular Sunday worship and biblical preaching ministry have continued with two services each Sunday at our chapel in Carey Str1 and one Sunday service for the congregation al Woodley. Our main church services a available on our Web sile and are video live-streamed through Facebook and YouTube. This means that our rnini5try is available lo members, visitors and the public generally, as well as older people and families who live locally bul may not be able lo attend every service in person. On-line StarnIng ofthe Church worship servi$ ¢ontinues to be a help to a much wider audience than our normal congregation in our chapel bLJilding. People have bn able lo listen to Ihe ServIS from several countries as well as from other parts of the UK. Typically on a Sunday moming there have been over 60 live connections lo our streaming platforms, mostly via YouTube. We intend lo continue to live-stream our Sunday services and other meetings when possible throughout 2025. A small team of skilled operaloTS Wlthin our church membership has been responsible for developing and managing our on-line ¢apability and has produced the high-qualily live-streaming of our services which has continued lo be such a blessing to many people during the year. This has necessitated some capital expenditure on new eqLJipment and sofhvare to improve the quality of the video. It has been very encouraging that several of ouryoungerchurch members have been keen to be trained and have setved in these ministries competenuy and with enthusiasm. Our IT team has worked hard behind the scenes to SUPPDrt multiple systems and ministries. We have maintained several wired and wireless networks across 4 buildings that give people fast, secure and reliable asS to the Intemet and devi such as printers, cameras, back-up drives and temperature sensors. We have 20 computers which support the AV team, Offi staff, music team, CCTV and heating systems. NeSSary upgrading and replament of equipment and software have been carried out. We are very ConMed that our servi8 of worship should be a¢Sible lo everyone who attends induding those who are unfamiliar with the Christian faith and those for whom English is not Iheirfirst language. The simultaneous translation facility of our Sunday Servi has now been provided in a number of languages. We expe¢t that this service can be developed fvrther in the future. Our Web site continues to be a key pla for people to find out information about the church and the ministries that we run. The number of visitors to the website has bn steady during 2024 with people from both the UK and overseas frequently accessing the sile. During 2024 we have maintained a comprehensive programme of age-appropriate teaching and activities for children, young people and students on Sundays and during the week lo help them understand the Bible and the way in which ils teaching should affect their lives.
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ¢re¢ e Is provi or ies an young C ren age or unng our un ay moming Sel¢e$ an al vanous other meetings. There are separate Sunday School classes from aged 3 up to year 8 when children are taughl from the Bible and enjoy various activities lo cement the Bible's leaching in their memories. A meeting for young people in school years g to 13 tskes pla on Sunday evenings when discussions are held on a wde variety of topical Issues wlh a view to helping young people develop a Clear Biblic41 perspective. During the week, sessions are held for pre-school children with their parents or carers. These have bn very popular including for those who have no other connections with the Church. Meetings have also been held during the week for children in the various age groups. We've been privileged to be able to lake assemblies in local primary schools during the year. This has strengthened our relationships with the local schools and has been much appreciated by the staff. We have enjoyed a rewarding association with several students from the local Reading University during the year and have organised a variety of activities in addition to their attending our Sunday worship services. In the Spring and Summer terms there were fortnightly MtingS al the home of of our members when the students considered the teaching and implications of 1 Thessalonians. We ended the academic year with a Sucsful BBQ. In the new academic year in September, we welcomed firsl-year students and started up our more regular programme. We provided Sunday lunch during the first 3 Sundays ofterm and Ihereafier students were invited lo have Sunday lunch with various members of the church lo help them feel more integrated with church families. Every other Wednesday oflhe Autumn term we mel logelherwilh the students fora rneal, talk, Bible study, time of prayer and songs of worship. We worked through studies in 2 Thessalonians. The students come from a range of church backgrounds, or no ¢hur¢h background. and we've been encouraged by their eagerness lo engage wth these studies. Up to 20 students, including several very enthusiasti¢ first-year students benefited from these Wednesday evening sessions. The day away in November was a highlight and the Christmas lunch to which friends were invited was also a great success. Our prayer is that the students would graduate having been encouraged by their interaction with Carey members and be better equipped to glorify God in all areas of their lives, whatever path in life they take. During the year we have supported the Reading Schools Christian workers owraling locally under the name 'Reach'. Our SLJPPOrt has been financial and with prayer as the Reach personnel have interacted and helped both school staff and pupils with RE lessons, by mentoring students and with moral issues. Reach also has a valuable ministry in supporting Christian Unions in the local schcx)Is and during 2024 the Reach team have been involved regularfy with 12 secondary schools and a number of primary schools. In addition, 6 more secondary schools have asked for assistance wrth teaching RE lessons or with helping schwl Christian Union groups. An additional Servi for Reach during 2024 has been the request from some schools for support with the mental health of some pupils. This has ne¢essitsled additional training for some oflhe Rea¢h volunteers, who now number neady 100. Another seNice has been providing practical help and advice for pupils intending to leave home and go to Ljniversity for the first time. The ¢hurch is anxious lo en¢ourage and support not only Children, teenagers and sttjdenls bul also young adults. To this end we have a groLJP called 1830's, specrfically catering for anyone aged bettn 18 and 39. The objective of the Group is lo build up the Church members and visitors in this age group, pointing them to the Lord Jesus and enabling friendships and encouragement lo flourish, The group meets regularfy on Sunday evenings and has also met for a wide range of events, some with a spiritual focus and others with a fun-aclivty focus bul always with the objective of building a sense of belonging and fellowship. A total of 17 events were held in 2024 and these included a Q&A session on dating, Dine and Discuss evenings, a discussion on abortion, testimony evenings and social events SLJch as a pancake night, a craft aftemoon, a firepitevening, a SLJmmer barbecue and an 1830's breakfast as well as a profitable and enjoyable Away Day in November.
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 In one o e purposes o e group Is lo eepen rien emem ers e group are een to e ourd looking and want to encourage anyone who is in the age range 18-39 andlor is new to the church to get in touch. The social interaction in the group during 2024 has been a real help lo those young adults who attend our Church ServIS and who would like lo extend their circle of friends and ment friendships. The Church has held regular, usually at least weekly, meetings for prayer, worship, Bible study and fellowship as well as promoting informal contact between members and others for mutual help and encouragement. All these meetings have been open to the public, both whole Church meetings and OLJr smaller local Life Group meetings. Our meetings for Church members only have been ¢ondu¢led every Iwo months as usual. The Oasis building adja¢enl lo the chapel has been well used for various outreach a¢tivilies in serving the Church members and the wider local ¢ommunity. The Tuesday cafe has been well patronised, the women's craft evenings on Tuesdays have continued fortnightly and Friday lunches remain popular, catering for 45-50 people, including several asylum seekers to whom we provide free meals. Friday community night had a lower attendance for part of the year bul numbers picked up towards the end of the year. The community night opening was also useful as a café for parents bringing children lo the youth meetings on Friday evenings. The Oasis has also been used as a venue for teaching English and for holding various wurses and other a¢iivilies during 2024. Our Church has ¢onlinued lo have a solid objective lo reach out lo others by'showing Love and Speaking about Jesus, both throLJgh 'formal' Church activibes and throLJgh individual relationships. We have held some evangelistic and discipleship events and also organised regLJlar, normally monthly, Sunday services specifically designed to be acSSible to those who are not yet Christians. We have also invited guests who have been able lo explain the key ingredients of the Christian faith through their lives having been transformed by meeting Jesus. Easter and Christmas provided opportunities lo rerNind non-christians of the birth, death and resurrection of Jesus and help them undeT31and the relevance of these historical events to their own lives. Our major outreach initiative al the Reading Music Festival during the August late sumrner Bank Holiday weekend look place as normal in 2024, with our giving out maps. free refieshments and literature and conducting numerous conversations with festival goers. Many people were shown love and heard about the Lord Jesus Christ, some for the first time, and others professed faith in Him for the first time. Our prayer is that those people would continue to live as Christian believers and also thatthe literature and conversations will be a source of spiritual blessing and help to everyone we encountered and lead to many festival goers having a better undeT3tanding of their need for repentance and trust in Jesus. We have ¢onlinued lo demonstrate our nM for the seniors in our ¢ommunty in a number of ways. In addition to home visits and helping with varioLJS practical needs, the seniors, lunches on Wednesdays, three times a month have been a great blessing to our elderfy guests, usually numbering about 70 -75. That amounts to over 2,300 lunches prepared, cooked and eaten during 20241 The purpose of the lunches is two-fold. Fir3lly, lo provide a nourishing meal and friendship lo people who may live alone and be lonely, and secondly, to share the good news of the saving work of the Lord Jesus Christ, particularly with those who have no church wnnections and may never have heard the Christian Gospel. Our desire is to foster good friendships and to see older people CDming to faith in our Lord Jesus Christ. Other highlights during the year were a delighfful aftemoon 'high lea, in July, rith games, scones, jams and sausage rolls. And in November we were treated to a COLJple of hoLJrs of Christmas songs sung beautifully by Jonathan Veira and his wife Sue, together with stories, testimonies and much laughter. A few weeks later we had our popular Christmas lunch, a combination of delicious Christmas fare, singing Christmas carols and a goody bag to take home. Il's aayS sad to announce the deaths of some of our regular senior'lunchers, and this year has been no eXpIlon. In addition, one of our key helpeT3 passed away during the year leaving a hole In our staff resources and we trust that other volunteers wll be able lo share in this valuable ministry.
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ave some urc rsan visitors wit Iliona nee ey norma e an active part In Church and we're grateftjl for the contribLJtions which they make to our meetings for worship, fellowship, prayer and Bible study. mem A Pro-Life Group, drawn from our members together with leaders and members from four other local churches has continued to advocate for the rights of the unbom. The Group aims to help educate churches and the wider public on the humanity and value of unborn children and save the lives of unwanted babies. The Group has engaged in street work in Reading Town Centre and monitored legislation and Government activity. During the year our ministry lo those who are frorn an ovetseas background has continued. 'Bridges', our English language school, al which we teach English lo those for whom English is not their mother tongue. operated on Wednesdays and Thursdays throughout the year. We provided 6 classes from Beginner to Upper Intermediate, and we had more than 100 students on our register throughout the year with 25- 40 attending on any one morning. A creche for the young children of students was also provided. We were pleased to have among our students a number ofasylum seekeTS. More than 20 volunteers served as qualified teachers and supporting helpers in this rninistry. We were saddened that three of our volunteer helpers went to be with the Lord during the year bul this did give us the opportunity lo invite our students lo the thanksgiving services for the lives of each of those who had died. In this way our students were able lo gain an appreciation and understanding of the rtaintY of the Christian hope after death - to be with the Lord Jesus for ever. Easter and Christmas provided opportunities for lessons particularfy explaining the importan¢e of these events in the life of Jesus and His reason for coming into the world. We also had the privilege of running a mixed-level Easy English Bible class and a Christianity Explored course followed by some Bible leaching from the book of Acts to those who expressed an interest The other major component of our ministry to those from overseas is our International Integration Ministry. This was stsrted in 2022 and has developed during 2024. The objective is to welcome into our church community forworship and fellowship those who have limited English andlor are in diffi¢ull ¢ir¢LJmstsn¢es, such as in the asylum process or those who are refugees. We have a number of chLJrch members who serve as translators and with the aid of wreless transmitters and receivers we can provide a simuttaneous translation service in Spanish, Russianlukrainian and Romanian lo speakers of these languages sitting anywhere in our church building during the Sunday services. We were also able lo offer Cantonese translation, when required. In addib"on, practical help and a variety of social events were arranged for our overseas friends during the year which have strengthened friendships with our members. We were delighted to host the wedding of members of our congregation from NicaragLJa who have been granted asylum in the UK. During 2024 our worf( in other countries has been maintsined with full-time and part-time missionaries working in Peru, Eurasia, Poland, Central and Eastern Europe, Latin America, India, Italy, Spain and Ireland supported in part by the Church. Our mission strategy as a local church was reviewed al the beginning of the year in order to clarify our role in the urgent work of proclaiming the Christian gospel worfdwide. We need every member of our church lo be Involved in an appropriate way by being up-Io-d8te with aclivilies, supporting, praying orgoing. The work of mission is local, national and global. Each of our mission partners who is working overseas has a link person within the d)ur¢h who is responsible for keeping the membership informed of their activities, successes, needs and challenges so that prayer can be relevant. We have also formed a Mission Ideas Team wilh a responsibility for developing action plans when necessary. During the year there have been 24 rllembers ofthe church who have taken lime out lo be involved in short-term outreach and mission work, mostly overseas.
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Inancia prayer support as Continu ort e peop ean esin raine since I e Invasion o country in February 2023. We were able to give ftjnds for various practs'cal and spiritual needs in response to information which we received from visits to our church by those with on the ground experien in the areas of conflict. an Carey has also continued to support a church in a multicultural community near Heathrow Airport. The pastor of this church is also a chaplain al a local irnmigration detention centre, is very active in providing spiritual supportto an asylum- seeker ntre and lo local schools as well as leading his own church services on Sundays and during the week. Our Church has provided financial and personnel assistance lo some local villagellown churches. This has included preaching and conducting the worship services from time lo lime. We have continued lo give sUPPOrt lo Coley Park Baptist Church during their period without a pastor. We have also supported the ¢hur¢h at Binfield Heath. One of our members, although not supported financially by the Chur¢h, has a ministry to the women who have leadership responsibilities in the Fellowship of Independent Evangelical Churches throughout the UK. We have supported Christian outreach work amng students in the UK and also contributed to the work of Friends Intemational, an organisation with a speafic ministy to overseas students studying in the UK. Our WklY football evening at which local young people join with OLJr ChLJrch members for an evening of sport and an opportunity for discussion about the Christian faith, has run throughout the year with increased attendance. During the discussion limes, the opportunity has been taken lo address some of the questions raised by those who have had no previous experience of or contact with the chrisb.an faith and who have had no previous knowledge of Jesus Christ. The Church has been able lo give finanually in resFK)nse lo several UK and overseas needs which have aNsen during the year. We have supported Caring for Lrfe in Leeds, UFM Woddwide, Open Doors, Ukraine Christian Ministries and Yeldall Manor. a rehabilitation centre on the outskirts of Reading. These gifts have been made with the recommendation of the Managing TrUSts. The Trustees have paid dLJe regard to the Charity Commission's gLJidance on public benefit and dLJring the year the Church has sought to provide a distinct public benefit in our activities. A spiritual or practical benefit has been provided to members ofthe public in the activities outlined above. The benefits have induded some People coming to a personal faith In the Lord Jesus Christ as their Saviour and a Iransfotmed direction for their lives. There have been tangible benefits in personal and family relationships as a consequenc* of the application of Bible leaching. Support has also been given lo people with personal and relationship problems, those SLJffering from health issues and those Coping with bereavement. There has also been a significant focus on emergency humanitarian aid and support this year and members have given very generously. In addition, a considerable effort has bn directed towards developing different means of providing education and facilities for young people as well as promoting friendship and good community relations to all, including those from overseas and eldedy people. The skill, gifts and expertise of our staff and Church members and our facilities have been well used in the service of the local people. Our vision for providing public benefit is not limited to our UK activities and we have contributed both financially and through our members working as missionaries promoting the Christian faith, providing education, developing clean water resources, impioving medical facilities and the ielief of poverty and hardship in several parts of the wodd. Achievements and Performance We are very grateful lo God for the ¢onsislenl and helpful biblical ministy from our pastors, other Church members and occasional visrting preachers during the year. This has been a gat help to many people, some of whom have understood their need of repentan and of putting their trust in the Lord Jesus Christ as their Saviour and Lord. We are very pleased to report that during 2024 five people were baplized on profession of Iheirfaith in the Lord Jesus Christ and we welcomed 29 new members into the Church fellowship and one new associate member. A few members were either released from membership lo the care of other churches because they had moved house, or were removed. Three
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 mem rs went to members. unng een urc mem ers an asso¢iale As part of our vision for extending the Christian faith we are Committed lo helping to train people for seNing the Lord Jesus Christ in Christian ministry. To this end we have employed tr0 young men as ministry trainees. These men have been mentored and given training in ministry, in theological studies and pastoral work during the year in order lo develop theirgtfts which may or may not ultimately be used in full-b.me pastoral work. In addition, we have supported one married man to train for a BA in theology al a Bible college in preparation for full time Christian ministry. We feel that il is necessary th81 the Church should make provision for younger people lo lake on leadership roles so we held a numberof training courses during the previous year. These courses included an on-line Eldership Training course, and we were very pleased to be able to appoint two new EldersrusteeS during 2024 from among the existing church membership. The expansion of the simultaneous translation facility of our Sunday morning services has been a great help to our Spanish, Ukrainian, Russian, Romanian and Cantonese speaking friends and visitors. As mentioned on page 3 of this report the Church decided at the Winning of 2023 to consider reaching OLJt by planting a new Sunday morning congregation in Woodley, on the East of Reading. The Church committed the project to the Lord with much earnest prayer. After careful investigation and several enquiries, a most suitable meeting venue was found at Riveimead Primary Schwl in Woodley. and our proposal rnet with the wholehearted support and cooperation of the stsff al the school. The first service ofthe Carey Woodley Congregation was held on 17 September2023 when 69 people attended, including children. During 2024 the ministry, ¢ommitsnenl and fellowship of this congregation has expanded and consolidated significanfjy for which we're immensely thankful to God. Several 'newcomers' have joined the fellowship and have come into membership at Carey. The consistent Bible teaching ministry of David Magowan and a few others has been a great blessing and the group now numbers regularfy about 1W on Sunday mornings. We're also thankfLJI to the Lord that we continue to have an exlIent relationship with the staff at the school and that we've had opportunits.es to interact with the wider community al Woodley through weekly contributions lo the Woodley foodbank, organising ladies, craft evenings and open-air caiol singing at Christmas time, for example. The start of Carey Woodley nesSitated additional pastoral support as Pastor David Magowan had committed lo leading the congiegalion for 500/0 of his lime, al least initially. After a brief search John Heron was appointed as an Associate Pastor at a special Church meeting in October 2023 and tcK>k up the appointment on 1 February 2024. John and his wife Philly have been a WDnderful blessing to the Church during 2024 and we're so pleased that John has accepted the request from the Church to serve as a Pastor, without a time commitment. A very significant component of the outreach of the Church has been the many activities which have taken place in 'The Oasis., a former public house situated adjacent to the chapel property in Carey Street. The vision for the use of this property is lo make it available as a community resour and a meeting place for local people with the Church members. 11 has been used as a café, for craft activities, for Friday lunches, for a weekly community night. for craft evenings and for English language tea¢hing. These activities have been able to run for most of the year. In addition. the use of the building as a base for Rahab, supporting needy people suffering frDm exploitation in various forms was able to continue throughout the year. The flats on the first floor of the Oasis building have been cccupied as required by trainees, missionaries retuming for short term breaks and others in need. A very helpful ministry of support, Bible study, prayer meetings and occasional coffee momings has operated during the year amongst the ladies associated wrth the Church. There have also been several 'book groups,, meeting informally. Our work among the young people and the elderfy has continued during the year. We have provided slimulaling and engaging aclivrties for the young, both on Sundays and during the week. For our seniors, our focus has been on regular individual contacts, meeting practical needs when possible, and providing a weekly lunch on most Wednesdays of the
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 year or ows Ipan gospe ministy. anyo our senior rien sarea so lo our n involved in our regular small group meetings for Bible study, prayer and fellowship. oca roups an ave We have a vibrant 1830's group of young adults who have continued to develop friendships and serve the Church and the community in a variety of ways. The financial and practical help to the people of Ukraine provided by the church has helped in some small way to alleviate the suffering and hardship caused by the ongoing war in the country. The Church has continued to work with several other biblically-based churches in the vicinity contributing to a local help hub called TORCH. The vision is to offer both help and hope to anybTrlywho's in need. The hub operates with volunteers who have assisted with shopping, picking up prescriptions, gardening, DIY, form filling, transport lo hosprtal appoinlmenls, moving house, tidying up and befriending as well as sharing the Christi8n faith. The hub has been increasingly well used and people are being referred to il by Reading Borough Social Services and GP surgeries. During 2024 TORCH had 517 requesis for help from 330 individualslfamilies and the 70+ volunleers provided Dver 7,000 hours of fr assistan. TORCH now has over 40 church connections and is also valued by several local charities and councils. The Church has a policy of using its funds to support ministries to people as a first priority and it attempts to keep the costs of adminislralion, Maintenan and other overheads to a minimum. To this end the proportion of planned expenditure of the Church which is directly people-relaled was about T10 during 2024. A large capital expense was incurred when our previous pastor, James Muldoon, resigned. He and his family had been living in a property owned jointly by Carey Baptist Church and Mr & Mrs Muldoon with the terms defined in a Dedaration of Trust. The Church decided that il would be wise lo purchase the Muldwn's share of the property on his leaving the Church, an option permitted Ljnder the Trust. This purchase was made in April 2024, so that the Church now has sole ownership of the property. Various maintenance worf( and practical improvements have bn carried out on several ofthe seven Church properties during the year to ensure that the assets remain in good condition. The two large boilers serviang the chapel building were replaced and all the boilers in the other properties were serviced regularfy. The fire alarms and security lighting were serviced and tested. Various decoration work has been started on the Oasis building and it is hoped will be completed in 2025. An evacuation drill exercise from the chapel was carried OLJI one Sunday moming dLJring a service. The building was evacLJated in just over three minutes. Statèmènt of Trusts8s' Rès nsibiliti8s The Trustees are responsible for preparing the Trustees, Report and the a¢¢ounts in a¢¢ordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales reqLJires the Trustees lo prepare a¢¢ounls for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required lo:_ select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts., prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 rustees are responsi or eeping proper a¢counting re¢or at Isc ose ¥Mt reasona e a¢¢ura¢y al any lime the financial position of the charity and enable them to ensure that the accounts comply wilh the Charilies Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed and Constitution. They are also responsible for safeguarding the assets of the charity and he for taking reasonable steps for the prevention and detection of fraud and other itregularities. Financial review The Church had a surplus for the year of £16,145. The Managing Trustees consider the financial position al the balan sheet dale lo be salisfactory, considering the currenl reserves. The Managing Trustees review Ihe level of reserves each year lo ensure that it is sufficient for ongoing day-to-day purposes. There are no investment restrictions on the Managing Truslees. The unrestricted and restricted funds may be invested in any type of investment. The investment strategy is reviewed annually. During the year the Church has banked with HSBC and fund balances have been invested with this bank. Detai of transactions wlh related parties are set out in Note 21 to the accounts. The main source of funds comes from donations and legacies. These funds enable the Managing Trustees to fulfil their aims and objectives as slated above. 11 is the current policy of the Church that unrestricted fvnds which have not been designated for a specific use should be maintained al a level equivalent lo between three and six months, expenditure. The Managing Trustees consider that reserves al this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the Church's ¢urrenl activities while consideration is given lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At 31 Dember 2024, the balance on these reserves was £60,137. A budget for 2025 has been set based on the ChLJrch's ongoing and projected activities. In setting Ihe budget, the Managing Trustees have considered the possible impact of the economic climate on donations. They have also considered the change ofstsffing requirements and extra costs necessitated by the expansion of the work in Woodley. They are optimistic both that their assumptions are reasonable and also that there is adequate capacity to accommodate any shortf811. Inde endent Examiner James Cowper Kreslon, Reading Bridge House, George Street, Reading, Berkshire, RG18LS was appointed as the independent examiner for the year. Plans for future eriods We are strongly committed lo the imperatives of Worship, Bible Teaching, Prayer, Outreach, Discipleship, Fellowship and Youth and Community Engagement and Support. During 2024, some progress has been made in each of these areas bul over the coming year(sl we would like lo see further significant proj$$ made. We have been greatly blessed with an increase in numbers of those attending our Sunday rlloming worship and we wsh to consolidate our Church membership into the united, cohesive, inclusive and loving Church fellowship which we klieve the Lord requires, and we're Ihankftjl lo say that we've enjoyed for so many years. We are hoping and praying lo this end and look foward to bein9 able to continue our regular worship, Bible teaching ministry and prayer, 9iving spiritual and practical support to Church members and visitors. The Church has implemented the vision to plant an evangelical congregation and Christian ministry in Woodley, to the east of Reading. This is in line with one of our primary purposes- to spread the Christian Gospel in Reading. We are thankful lo the Lord for the significant steps taken and the PlCMJress and consolidation during 2024 and during 2025 10 date. We need lo nurture the relationship wth Rivermead School and trust that il will grow stronger and deeper. 10
CAREY BAPTIST CHURCH, READING MANAGING TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 e are praying or p,wi oman gui an asa an as a congregation al eysot al we continue lo disciple new believers and reach out to others so Ihat they also come to realise the joy of committing themselves to Jesus Christ as their Saviour and Lord, and thereby extend God's kingdom. 00 sin the Lord has evidently been blessing the work at Woodley we believe that it's right to establish an independent church al Woodley, probably as a CIO. This will take lime and we need wisdom to proceed al the correct rate, considering every aspect, including the financial position for both the new Woodley church and the existing Church. We're expecting that this might be achieved during 2026 Since one of our pastors will be transferring 1000A of his ministy and service lo the Woodley congregation once il becomes an independent ¢hur¢h there will be a need for more pastoral staff at Carey Central. We're thankful that a new pastor has been appointed and will take up his dLJties on 1 September 2025. The Land Transfer Forms for the transfer of the propety share of 28 Barrington Way. Reading, RG1 6EG, which the Church bought on 15 April 2024 were sent to the Land Registy on 20 May 2024. We are hoping to receive the updated Title shOY to confirm that the property in now registered in the sole name of the Church. We are intending to develop further our outreach and evangelism with initiatives designed to engage with those who are not currently Christians, so that more people in Reading and beyond are able to hear, understand and be given an opportunity to respond lo the Christian gospel. One focus for our outreach during the coming years will be by continuing to extend the use of the Oasis. We are keen lo support our overseas mission partners and lo encourage more of our members lo wnsider serving in mission overseas as they feel called by the Lord. either for the short or long tem. We intend to fvrther our work among people with overseas backgrounds by establishing strong links through our English language school and through the use of small group Bib studies. We will also continue to provide and if neSSary to extend the simultaneous translation of our Sunday morning services in other languages. There is a need for continuing pastoral help and support for families, men and ladies in our fellowship and more widely in the community. We intend lo address these needs by various initiatives giving practical and spiritual help in line with our primary purpose of seeking to advance the Christian faith in the lives ol people in our community and beyond. We also expect to maintain contacts with local like-minded, Bible-based, Church fellowships during the coming years. On tthawoftre Man1 Tr(Etees." Dr James E Cordle Mr David T Magowan Trustee Trustee Dated.. 8 September 2025 Dated.. 8 September 2025
CAREY BAPTIST CHURCH, READING INDEPENDENT EXAMINER'S REPORT TO THE MANAGING TRUSTEES OF CAREY BAPTIST CHURCH, READING I report to the charity trustees on rny examination of the accounts of the charity for the year ended 31 December 2024 which are sel out on pages 13 10 28. Responsibilities and basis of report As Ihe charity's trustees you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Gharilies Act 2011 I'lhe Acl'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confi'rm that no material matters have Come lo my attention in ¢onne¢tion with the examination giving me cause to believe that in any material respect.. aCuntIng records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accoid with those records., or the accounts do not comply with the applicable requirements concerning the fonn 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 ol an independent examination. I have no ¢on¢ems and have Come across no other matters in ¢onne¢lion 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. This report is made solely to the Charity's Members, as a body, in accordance with Part 4 of the Charities IA¢¢ounts and Reports) RegLJlations 2008. My work has been undertaken so that I might state lo the Charity's Members those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assurne responsibility lo anyone other than the Charity and the Charity's Members as a body, for my work or for this report. Signed IP, Alexander Peal BSclHonsl FCA DChA Chartèr8d Accountant Address- Gwrge Street Reading. RG1 8LS Date 09 September 2025 12
CAREY BAPTIST CHURCH, READING STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrostrlctod Doslgnatsd Rgstrl¢t&d Funds funds Funds Totsl 2024 Total 2023 Notss Income from: Donations and leg8cie8 Charitable activities Investments Other 526,685 23,174 8,042 3.184 52.367 579.052 23,174 8,042 3.184 640,295 19,693 4,371 2,585 Total income 561.085 52.367 613.452 666,944 Ex enditure on: Charitable activities Support forAway Missions Support for Home Missions Charitable activities 65.813 370.119 54,414 24.713 10,392 90.526 440.814 54,414 123,490 473,677 56,668 60,303 Total charitable expenditure 490.346 60.303 35.105 585.754 653,835 Goveman¢e ¢osls 11.553 11.553 11,145 Total expenditure 501,899 60,303 35.105 597.307 664,980 Net income I lexpenditurel 59,186 160.3031 17.262 16.145 1,964 Transfers between funds 120,0401 17,000 3.040 Net movement in funds 39.146 143,303} 20,302 16.145 1,964 Reconciliation of funds Total funds at 1 January 2024 1.550,797 192,599 14.178 1.757.574 1,755,610 Totsl funds at 31 December 2024 1,589,943 149,296 34.480 1,773,719 1,757,574 The Charity has no recognised gains or losses oth&r than the results for the wriod as set out above. Fund comparatives are disclosed in note 20. The notes on pages 15 to 27 form part of these financial statements.
CAREY BAPTIST CHURCH, READING BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Flxod assgts: Tangible assets 10 1.612,959 1,367,137 Current assets- Debtors Cash at bank and in hand 11 78,504 94,599 81,202 321,055 173,103 402,257 Liabilities: Creditors.. amounts falling dLJe within one year 12 112,3431 111,8201 Net ¢urrent assets 160,760 390,437 Total assets less current liabilities 1.773.719 1,757,574 Total net assets 1,773,719 1,757,574 The funds of the charity: Unrestricted funds Free reserves 1.589,943 149,296 1,550,797 192,599 Designated funds 1.739.239 1,743,396 Restricted funds 14 34,480 14,178 1.773,719 1,757,574 The accounts were approved by the Managing Trustees on 8 September 2025 and are signed on their behalf by.. Dr James E Cordle Trustee Mr David T Magowan Trustee The notes on pages 15 to 27 form part of these financial Statements. 14
CAREY BAPTIST CHURCH, READING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Total funds 2024 Total funds 2023 Notes Cash flows from operating activities: Net Gash provided by operating activities 22a 25,278 9,628 Cash flows from investing activiti¢s= Purchase of property, plant and equipment 1251,7341 111,6101 Net cash used In Investlng a¢tlvltles 1251,7341 111,6101 Cash flows from financing activities: Repayment of loans Plet cash used in financing activities Changg in cash and cash oquivalonts in the year 1226,4561 11,9821 Cash and ¢ash equlvalents at the beginning of thè y•ar 321,055 323,037 Cash and cash equivalents at the end of the year 22b 94,599 321,055 The notes on pages 15 to 27 form part of th888 financial statements.
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of preparation The financial stslemenls have been prepared on a going ¢oncem basis and in accordan¢e with Accounting and Reporting by Charities.. Statement of Recommended Practi¢e applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211 and the Charities Act 2011 and applicable regulations. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. Unrestricted funds are the general funds of the Church that are not subject lo any restrictions regarding their use and are available for application on the general purposes of the Church. Funds designated for a particular purpose by the Managing Trustees are also unreslricled. The accounts include all transactions, assets and liabilities for which the Church is responsible in law. They do not include the accounts of other groups that owe their main affiliation lo another body or those that are informal gatherings of church members. The Charity constitutes a public benefit enlily as defined by FRS 102. The Slalemenl of Cash Flows has been prepared on the gross I direct basis, as permitted by the Charities SORP. 1.2 Income All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, when the amount can be quantified with reasonable accuracy and reIpl is probable. The following specific policies are applied to particular categories of income.. Legacies are recognised in the accounts when the money is receivable. Income from donations and gifts arose from giving by church members and where applicable gift aid relief is recognised on an accruals basis at the same point as the original donation. Donated assets which are capilalised are included in the accounts al fair value. In accordance with the Statement of Recommended Practi no amounts are included in the financial slalements for services donated by volunteers. 1.3 Expenditure Expenditure is recognised on an a[ualS basis as and when a legal or consttuclive obligation arises. The Church's objects are the advancement of the Christian faith and other such charitable purposes. All grants and any expenditure are made in line with these objects and are Charged lo the Statement of Financial Activities in the year they are approved. Siaff costs are allocated beeen Away Missions and Home Missions on the basis of salaries paid to staff and the lime spent with each mission. Other costs relate to Home Missions and are not apportioned. Governan costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the indepèndent review fees. 16
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies Icontinuedl 1.4 Tangible fixed assets and depreciation Tangible fixed assets other than freehold land are slated al cost less depreciation. Expenditure on assets costing less than £1,000 is written off in the year of purchase. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows.. Fixtures, fittings & equipment 25Q/o Straight line basis Depre¢ialion on fixed asset properties has not been provided for in these accounts as any Charge is Considered not lo be rnalerial, on the basis that the asset has a very long useful life, andlor a residual value, based on its CLJrrent value, which is substantially in excess of its carrying value. Fixed Assets are reviewed on an annual basis to confirm that the net realisable value (whether through Dngoing use or resale) is not less than book value. sin the vast majority of fixed assets comprise land and buildings that were PLJrchased a long time ago and have a book value below their market value, such a review is not detailed. Land and Buildings are held for ongoing use within the charity and, as such, the Managing Trustees do not believe il appropriate lo revalue such assets to their current market value. Donated properties have been included in the Balance Sheet al their current value al the dale of the gift. 1.5 Debtors Trade and other debtors are recognised 81 the settlement amount after any trade discount offered. Prepayments are valued al the amount repaid nel of any trade discounts due. 1.6 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Liabilities Creditors and provisions are re¢ognised where the ¢harily has a present obligation resulting from a past event that will probably sUIt in the transfer of funds to a third paty and the amount due to settle the obligation ¢an be measured or estimated reliably. Creditors and provisions are normally re¢ognised al their settlement amount after allowing for any trade discoLJnts due. The charity makes grants to financially support missionaries and mission organisations overseas and in the UK. Where an individual or organisation has bèen supported by the charity for a nLJmber of yèars, strict Compliance with the Charities Statement of Recommended Practice may règard some arrangements as constituting constructive obligations such that future years, SLJPPOrt is accounted immediately as a liability. The Trustees are confident that the individuals and organisations supported would not view their SLJPPOrt as an open-ended obligation on the part of the charity as they are aware that all support is reviewable annually. 1.8 Leasing and hire purchase commitments Rentals payable under operating leases ale charged against income on a straighl-line basis over the peri(MJ of the lease. 1.9 Government grants Government grants, including Covid-19 related grants, are credited to the Statement of financial activities as the related expendilure is incLJrred. 17
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies Icontinuedl 1.10 Accumulated funds Restricted funds are funds subject lo specific Irusls, which may be declared bytheirdonors, orwith the authority such as in a public appeal, or created through legal process, but still wthin the wider objects of the charity. Restricted funds may be restricted income funds, which are expendable at the discrelion of the Managing Trustees in furtherance of particular aspects of the objects of the charity. They may also be capital funds where the assets are required to be invested, or retained for actLJal use, rather than expended. Fellowship Fund - this is designated to meet the financial needs of people connected with the Church who experien unusual financial needs. Members occasionally give directly to this fund and transfers are also made from the General Fund to ensure needs are able lo be met on an ongoing basis. Earmarked Gifts from time to b'me members give money and request that it be passed on to a particular organisalion. These are many and varied and as such are treated as one reslricled fund. The balance on this fund usually relates lo a special ChrislrNas offering which is kept open for a couple of weeks lo ensure the full amount Can be transferred in one payment. Designated funds are part of unrestricted funds that are expendable at the discretion of the Managing Trustees in furtheran of the Church's charitable objects. A part of the Unrestricted funds that is earmarked for a particular project may be designated as a separate fund, bul these Designated funds have an administrative purpose only, and do not restrict the Managing Trustees, discretion lo apply the fLJnd. The Repair FLJnd was designated lo ensure that ftjnds were put aside to cover significant repair bills which may arise and lo a¢¢rue for such expenditure over time. 2 Donations and legacies Unrestricted Restricted funds Funds Total 2024 Total 2023 Donations and gifts Legacies reiVed 526,685 52.367 579.052 575,714 64,581 526,685 52,367 579,052 640,295 In 2023, of total income from donations and legacies, £552,556 was lo unreslricled funds and £87,739 was lo restricted funds.
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 3 Invg$tment Income 2024 2023 Interest receivable 8,042 4,371 4 Income from charitable activities 2024 2023 Charitsble activity receipts 23,174 19,693 Income from charitable activities relates directly to social and church events during the year. In 2024 and 2023 all income from charitable activities was to unrestricted funds. 5 Other income Unrestricted Restrictsd funds funds Totsl 2024 Total 2023 Other income 3,184 3,184 2,585 In 2023, all other income was to unrestricted funds.
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 6 Total •xpondlturg Staff Daprèciation Costs Oihar Grant funding Total 2024 Total 2023 costs Charitable activities Su ortforAwa Missions Activities undertaken directly Grant funding of activities 90,526 90.526 123,490 Total 90,526 90.526 123,490 ort for Home Missions Activities undertaken directly 201,324 201.324 185,938 Grant funding of activities Admin and Premises costs 20,876 20,876 59,957 55,225 5,912 157,477 218,614 227,782 Total 256,549 5.912 157,477 20,876 440,814 473,677 Charitable actiwties ies un directly en 2,648 51.766 54.414 56,668 259,197 5,912 209,243 111,402 585.754 653,835 Governance costs 11,553 11.553 11,145 259,197 5,912 220,796 111,402 597,307 664,980 Governance costs include payments to the auditor of £2,960 including VAT for examination fees 12023.. £1,584) and £nil12023'. £nill for other servIs. 20
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payablg Unrestricted Restricted funds funds Total 2024 Total 2023 Grants lo inslilulions Grants to individuals 9.493 66,804 6.943 28,162 16,436 94,966 52,484 130,963 76.297 35.105 111.402 183,447 Grants to Grants to Instltutlons Indlvlduals Total 2024 Total 2023 Support forAway Missions Support for Home Missions 7.943 8,493 82.583 12,383 90.526 20,876 123,490 59,957 16.436 94.966 111.402 183,447 8 Managing Trustees None of the Managing Trustees lor any persons connected with them) received any remuneration in return for their services as Trustees during the year. Four Managing Trustees12023.' three) were also ministers of the Church and were remunerated for their services as agreed. Remuneration is authorised under section 10 of the Constitution in respect of the Pastors and any assistant Pastors who are engaged as Ministers of Religion. They may receive reasonable remuneration for their work in the service of the Church notwithstsnding that they are Managing Trustees of the Church. The Pastors must be absent from the part of any meeting where the performance, remuneration or other terms and conditions of their engagemenl are discussed, and may not vote on any such matter. In line with the published practice of other non-conformist churches, remuneration of trusteeemployees is required to be disclosed by the Charities SORP IFRS 1021, with the exception Df the Ministers of Religion for whom special arrangements are deemed to exist. In the year £123,45712023'. £109,886) was paid in respect of remuneration and pension contributions to four Pastors and assistant Paslors12023'. three) who were also Managing Trustees. Further details of employment and pastoral ¢osts are shown in note 9. None of the Trustees was paid or reimbursed for expenses relating lo their services during the year12023.. nill. Trustees and employees alike are reimbursed for routine oul-of-pockel expenses on behalf of the Church that are unrelated lo their services. 21
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Employees & Ministers Number of employees & ministers The average monthly number of employees and ministers during the year was.. 2024 Number 2023 Number Pastoral and Ministry Worker3 Adminislration 12 13 Employment and ministerial costs 2024 2023 Wages and salaries Social security costs other pension costs 223,911 13.270 22,016 206.835 11,079 21,111 259,197 239,025 There were no employees or ministers whose annual emoluments were £60,000 or more. 10 Tangible fixed assets Land and buildings Fixtures. fittings & ¢quipm&nt Total Cost Al 1 January 2024 Additions Disposals 1,351,703 249,120 86,317 2,614 1,438,020 251,734 At 31 Dac8mb&r 2024 1,600,823 88,931 1,689,754 Depreciation Al 1 January 2024 Charge for the year 70,883 5,912 70,883 5,912 At 31 December 2024 76,795 76,795 Net book value At 31 December 2024 1.600.823 12,136 1.612.959 Al 31 December 2023 1,351,703 15,434 1,367,137 22
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 10 Tangible fixed assets Icontinuedl In accordance with the Charities SORP IFRS 1021 the Church's freehold properties and other interest in land were capitalised in a previous year's financial statements at their original historical cost. A figure for the historical cost of each property has been ascertained by reference lo the property deeds, land registry records, minutes of Church meetings and other financial documents and records. This valuation is regarded as the asset's initial carrying amount and is not regarded as a revalLJation. The details of the propeeS and their arrying values are shown below.. Carey Baptist Chapel was acquired in 1870. The cost of the land and Ihe construclion of the chapel building and galleries totalled £3,039. The Carey Centre was transferred lo the Church in 1992 from the Congregational Melhodisl Chapel and Trust Property for nil consideration. The Centre has been capilalised al a cost of £1. 32 Western Elms Avenue was purchased in 1959 al a cost of £3,175 and it was resolved by the church in July 2009 to be held and used for the general purposes of the Church. 5 Carey Street was purchased in 1997 and was subject to considerable renovation bringing the lolal cost lo £97,000. The propety was purchased for accommodation needs of the Church. The Trustees consider it impractical lo revalue the Church buildings but the Church-owned buildings are insured for £9,926,191 12023.. £8,458,290). All of the tangible fixed assets of the Church so recognised have been placed in a separate designated fund named the Carey Property & Equipment Fund. The fund is part of the Unrestricted funds and the designation is for administrative purposes only, and does not restrict the Managing Trustees discretion to apply the fund. 28 B8rringlon Way was jointly pur¢h8sed with Pastor & Mrs Muldoon in 2008. The Church's share of the property at acquisition was 61.71°/D that was acquired at a cost of £187,896. Either party had the option under a written agreement to make Capital payments to the other and alter their share in the property up lo and including 1000/D ownership. In 2012, Pastor & Mrs Muldoon purchased an additional 3.23010 of the property from the Church. On 15 April 2024 the Church purchased the remaining 41.52 /0 from Mr & Mrs Muldoon for £249,120. As a result, at 31 December 2023 the Church's share of the property was 58.480/0 and at 31 December 2024 the share was 100°A. During 2009 the Church purchased The Oasis, 21 Baker Street, Reading. a former public house al a price of £322,900. Application for planning pemiission to change the use of the property from a Public House to a Place of Worship with ancillary residential accommodation was made during 2011 and full planning permission was granted on 28 March 2011. Building Regulations approval of the development plans was received on 4 August 2011. Development of the property commenced in November 2011 and was completed in 2012. During 2017 the Church received a legacy of a property al 203 Caversham Road. This propety was valued at £400,000. The hoLJse was refurbished during 2018. During 2024 the propety was used for ancillary residential accommodation lo meet the needs of the Church. 23
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 11 Dgbtors 2024 2023 Income lax recoverable Prepayments and accrued income 64,899 13,605 68,592 12,610 78,504 81,202 12 Creditor5- amounts falling due within one year 2024 2023 Taxes and social security costs Accruals 4,170 8,173 3,205 8,615 12,343 11,820 13 Pension and other post-retirement benefit commitments The Church does not operate a pension scheme. The pension cost charge represents contributions paid by the Church into the personal pension schemes of certain employees. Outstanding contribLJtions totalling £1,111 were payable at the year end12023'. £8161. 14 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Incoming Resources r•$our¢o$ •xpended Balance at 1 January 2024 Transfers Balance at 31 D•cember 2024 Fellowship FLJnd Earmarked Gifts 893 13,285 10,000 42,367 12,6751 132,4301 3,040 11,258 23.222 14,178 52,367 135,1051 3,040 34.480 24
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 14 Rostricted funds {continu•dl Movement in funds Incoming Resources rèsourcès exp8nd8d Balance at 1 January 2023 Transfers Balance at 31 Dècombor 2023 Fellowship Fund Eamarked Gtfts 4,693 31,456 14,8001 1105,9101 1,000 893 13.285 87,739 36,149 87,739 1110,7101 1,000 14,17B 15 Deslgnated funds The inwme funds of the charity include the following designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes". Movement in funds Incomlng Resoureo$ resources expended Balance at 1 January 2024 Transfors Balancè at 31 December 2024 Repairs Fund Carey Property Fund Carey Woodley Fund 11,533 103,215 77,851 127,9961 17,000 537 103,215 45,544 132,3071 192,599 160,3031 17,000 149,296 Movomgnt In funds Incoming Resources resources expended Balance at 1 January 2023 Transfers Balance at 31 December 2023 Repairs Fund Carey Property Fund Carey Woodley Fund 52,969 103,215 90,000 155,1861 13,750 11,533 103,215 77,851 112,1491 246,184 167,3351 13.750 192,599 The Carey Property and Equipment Fund arose from the inclusion in the a¢¢ounls of the carrying value of assets previously excluded and are not regarded as a revaluation. Further detsils are shown in note 10. 25
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 16 Movement in funds Balan¢e at 1 January 2024 In¢oming Resources resources expended Transfers Balan¢e at 31 December 2024 Free Reserves Designated funds Restricted funds 1,550,797 192,599 14,178 561,085 1501,8991 160,3031 135,1051 120,0401 17,000 3,040 1.589.943 149,296 34,480 52,367 1,757,574 613,452 1597,3071 1,773,719 Balance at l January 2023 In¢oming Resources resources expended Transfers Balan¢e at 31 December 2023 Free Reserves Designated funds Restricted funds 1,473,277 246,184 36,149 579,205 1486,9351 167,3351 1110,7101 114,7501 13,750 1,000 1,550.797 192,599 14,178 87,739 1,755,610 666,944 1664,9801 1,757,S74 17 Analysls of net assets betw&•n funds Unrestricted Designated funds funds Restricted Funds Total Fund balances at 31 December 2024 are represented by.. Tangible fixed assets Current assets Creditors.. amoLJnts falling due within one year 1,509,744 92,560 103,215 46,081 1,612,959 173,103 34,462 {12,3431 112,3431 1,589,961 149,296 34,462 1,773,719 Fund balances at 31 December 2023 are represented by.. Tangible fixed assets Current assets Creditors.. amounts falling due within one year 1,263,922 298,695 103,215 89,384 1,367,137 402,257 14,178 111,8201 111.8201 1,550,797 192,599 14,178 1,757,574 26
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 18 Contingent liabilities There were no contingent liabilities oulslanding al the balance sheet dale. 19 Commitments under operating leases Al 31 December 2024 the charity had no annual commitments under non-cancellable operating leases. 20 Prior year fund comparatives for the Statement of Financial Activities Unrestricted Dèsignated Restricted Funds funds Funds Total 2023 Notes In¢om¢ from: Donations and legacies Charitable activities Investments Other 552,556 19,693 4,371 2,585 87,739 840,295 19,693 4,371 2,585 Total income 579,205 87,739 666,944 Ex endlture on.. Charitable activities Support for Away Missions Support for Home Missions Charitable activits'es 62,693 356,429 56,668 60,797 49,913 123,490 473,677 56,668 67.335 Total charitable expenditure 475,790 67.335 110,710 653,835 Governance Costs 11,145 11.145 Total expenditure 486,935 67,335 110,710 664,980 Net income I lexpenditure) 92,270 167,335) 22.9711 1,964 Transfers between funds 114,7501 13,750 1,000 Net movement in funds 77,520 153,5851 21.9711 1,964 Reconciliation of funds Total funds al 1 January 2023 1,473,277 246.184 36,149 1.755,610 Total funds at 31 December 2023 1,550,797 192,599 14,178 1,757,574 27
CAREY BAPTIST CHURCH, READING NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 21 Related party transactions The Church reimburses ils employees for incidental expenses incurred in connection with ils normal activities. DLJring the year the four Trustees who are engaged as Ministers of Religion were reimbursed £15,357 {2023'. three Trustees reimbursed £15,505) for expenses incurred. During the year the Church paid £6,000 12023.. £6,050) to Cranford Support Trust of which Pastor David Magowan is a trustee. During the year the ChLJrch paid £2,00012023'. £2,000) to the South Central Gospel Partnership of which Pastor Richard Baxter has been a trustee from 6 March 2024 and ex Pastor James Muldoon was a trustee to 1 April 2024. During the year earmarked gifts to trustees and their related parties totalled £nil12023'. £20,000). The aggregate donations received from Trustees and their related parties were £78,95612023.. £64.9751. 22 a R¢¢on¢lllatlon of net In¢ome to net ¢ash flow from operatlng a¢tlvltles 2024 2023 Net income for the year las per the ststsment of financial activities) Adjustments for: Depreciation charges Decrease I Ilncreasel in debtors Prepayments and accrued income Creditors and accruals 16,145 1,964 5,912 3,693 19951 523 4,813 1,672 {3981 1,577 25,278 9,628 b Analysis of cash and cash equivalents 2024 2023 Cash in hand 94,599 321.055 28