| INDEX | PAGE |
|---|---|
| Trustees'AnnualReport | 1 - 8 |
| IndependentAuditor'sReport | 9-12 |
| StatementofFinancialActivities | 13 |
| BalanceSheet | 14 |
| StatementofCashFlows | 15 |
| NotestotheFinancialStatements | 16-25 |
| Note | General | Designated | Capital | Total | Total | |
|---|---|---|---|---|---|---|
| Fund | Fund | Fund | 2023 | 2022 | ||
| £ | £ |
£ | £ | £ | ||
| Income and endowments from: | ||||||
| Donations and legacies | 2 | 41,330 | 0 | 0 | 41,330 | 35,115 |
| Investments | 3 | 117,628 | 0 | 0 | 117,628 | 19,439 |
| Other | ||||||
| - Proceedsofultimate trusts | 4 | 0 | 0 | 56,849 | 56,849 | 240 |
| Total income | 158,958 | 0 | 56,849 | 215,807 | 54,794I | |
| Expenditure on: | ||||||
| Charitable activities | ||||||
| Costofloan and grant making | 5 | 32,866 | 92,438 | 0 | 125,304 | 68,463 |
| Total expenditure | 32,866 | 92,438 | 0 | 125,304 | 68,463I | |
| Net income | 126,092 | (92,438) | 56,849 | 90,503 | (13,669) | |
| Transfers between Funds | (125,000) | 15,860 |
109,140 | 0 | 0 | |
| Net Movement in Funds | 1,092 | (76,578) | 165,989 | 90,503 | (13,669) | |
| Reconciliationoffunds: | ||||||
| Total funds brought forward | 17 | 21,423 | 150,673 | 5,501,499 | 5,673,595 | 5,687,264 |
| Total funds carried forward | 17 | 22,515 | 74,095 | 5,667,488 | 5,764,098 | 5,673,595I |
| Note | 2023 |
2022 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed Assets | |||||||
| Investments | 9 | 3,071,179 | 2,254,165 | ||||
| Capital equipment | 10 | 0 | 0 | ||||
| Current Assets | |||||||
| Debtors | 11 | 4,028 | 3,361 | ||||
| Investments | 12 | 2,218,485 | 519,226 | ||||
| Cashatbank and in hand | 479,313 | 2,904,752 | |||||
| 2,701,826 | 3,427,339 | ||||||
| Creditors: Amounts falling due | 13 | 8,907 | 7,909 | ||||
| within one year | |||||||
| 2,692,919 | 3,419,430 | ||||||
| Net Current Assets | |||||||
| Total Assets less Current Liabilities being | 5,764,098! | 5,673,595i | |||||
| Net Assets | |||||||
| Charity Funds | |||||||
| Unrestricted funds | 17 | 22,515 | 21,423 | ||||
| General Fund | 17 | 74,095 | 150,673 | ||||
| Designated Fund | 17 | 5,667,488 | 5,501,499 | ||||
| Capital Fund | |||||||
| 5,764,098! | 5,673,595i | ||||||
| Thefinancial statements were approved and authorised for issue by the Trustees on | 19June | 2024 | |||||
| Signed on behalfofthe BoardofTrustees: | |||||||
| D M Leverett | |||||||
| Trustee |
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Reconciliationofnet movementinfunds to net cash flow from operating activities | ||
| Net movement in funds | 90,503 | {13,669) |
| Adjustments for: | ||
| Interest received | (117,628) | {19,439) |
| Depreciation | 0 | 919 |
| Decrease/{increase)indebtors | (667) | 116,713 |
| (Decrease )/increaseincreditors | 998 | {35,010) |
| Net cash provided by /(used in) operating activities | (26,794}! | 49,s14I |
| Cash flow from investing activities | ||
| Interest received | 117,628 | 19,439 |
| Movements in loans to Churches | ||
| Loans made | (1,275,000) | (250,000) |
| Loans repaid | 457,986 | 725,330 |
| Purchaseoffixed assets | 0 | 0 |
| Net cash flow from investing activities | (699,386)! | 494,769! |
| Changeincash and cash equivalentsinthe reporting period | (726,180) | 544,283 |
| Cashandcash equivalents at31December 2022 | 3,423,978 | 2,879,695 |
| Cash andcashequivalents at31December2023 | 2,697,798! | 3,423,978I |
| Cash and cash equivalents consists of: | ||
| Cashatbank and in hand | 2,697,798 | 3,423,978 |
| Cash and cash equivalentsat31December 2023 | 2,697,798! | 3,423,978! |
| 2 | INCOME FROM DONATIONS AND LEGACIES | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Thank-offerings from Churches (see below) | 41,200 | 35,000 | |
| Church Donations | 130 | 115 | |
| 41,330! | 35,115! | ||
| Thank-offerings from Churches | £ | £ | |
| Andover | 0 | 10,000 | |
| Beckenham | 5,600 | 0 | |
| Chipping Sodbury | 0 | 12,000 | |
| Croes-Y-Parc | 3,000 | 0 | |
| Dumfries | 15,000 | 0 | |
| Farnworth | 0 | 3,000 | |
| Johnstone | 5,000 | 0 | |
| StMary's, Dundee | 2,000 | 2,000 | |
| Sevenoaks, Vine | 0 | 5,000 | |
| Sheringham | 10,000 | 0 | |
| Swansea, Aenon | 600 | 0 | |
| Tarporley | 0 | 3,000 | |
| 41,200! | 35,000! | ||
| 3 | INCOME FROM INVESTMENTS | 2023 | 2022 |
| £ | £ | ||
| Bank Interest | 117,628 | 19,439 | |
| 117,628! | 19,439! | ||
| 4 | PROCEEDSOFULTIMATE TRUSTS | 2023 | 2022 |
| £ | £ | ||
| Beulah, Rhymney | 38,327 | 0 | |
| Coxall | 16,325 | 0 | |
| Preston, Fishergate (balance) | 0 | 240 | |
| Waunarlwydd | 2,197 | 0 | |
| 56,849! | 2401 |
| 5 | CHARITABLE ACTIVITIES | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| GeneralFund-Supportcosts | |||
| Administrator's salary/fees (see note 7) | 15,792 | 14,274 | |
| Travel costs (excluding Trustee Meetings) | 1,300 | 1,084 | |
| Computer consultancy | 0 | 185 | |
| Printing, stationery, postage and telephone | 274 | 249 | |
| Bank charges | 191 | 220 | |
| Insurance | 3,704 | 3,448 | |
| General publicity | 1,201 | 20 | |
| Website | 32 | 249 | |
| Governance costs (see note 6) | 10,122 | 11,025 | |
| Depreciation on fixed assets | 0 | 919 | |
| Charitable Donations | 250 32,866I |
250 31,923j |
|
| Support costs are all attributable to the charity's loan and grant making activity. | |||
| Designated Fund-Grants | £ | £ | |
| 57West & Clarence Road | 10,000 | 0 | |
| Coatbridge | 0 | 10,090 | |
| Crown Road Sutton | 10,000 | 0 | |
| Darkhouse | 12,000 | 0 | |
| Ebenezer, Coalville | 0 | 7,000 | |
| Ewhurst | 0 | 6,850 | |
| Harbour Mission, Wick | 6,500 | 0 | |
| Headland | 6,000 | 0 | |
| Mount Pleasant | 7,000 | 0 | |
| Oxgangs | 8,402 | 0 | |
| Rainham | 0 | 12,600 | |
| Somers ham | 5,000 | 0 | |
| Stradbroke | 9,476 | 0 | |
| Winter Gardens | 18,060 | 0 | |
| 92,4381 | 36,540! | ||
| 125,3041 | 68,463! | ||
| All grants were paid to Baptist Churches as contributions towards small building projects for missional | |||
| activities. Without this work being carriedout, each Church would have to restrict their community ministry. | |||
| CapitalFund-Grants | £ | £ | |
| N/A | 0 | 0 | |
| 01 | oj |
| 6 | GOVERNANCE COSTS | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Trustees' Meetings (including travel costs) | 1,503 | 2,030 | |
| Audit fees (BBCIO) and Independent Examination (BBF) | 7,680 | 7,320 | |
| Legal fees | 939 | 1,675 | |
| 10,1221 | 11,0251 | ||
| 7 | EMPLOYEES | 2023 | 2022 |
| £ | £ | ||
| Staff costs during the year wereasfollows: | |||
| Wages and salaries | 15,332 | 13,859 | |
| National Insurance costs | 0 | 0 | |
| Pension costs (NEST - see note 22) | 460 | 415 | |
| 1s,192I | 14,274J |
| SOCIAL INVESTMENTS | ||
|---|---|---|
| LOANS TO CHURCHES | Programme related investments | |
| 2023 | 2022 | |
| £ | £ | |
| Costat1 January2023 | 2,254,165 | 2,729,495 |
| Loans made (see below) | 1,275,000 | 250,000 |
| Loans repaid | (457,986) | (725,330) |
| At31December | 3,071,179! | 2,254,165! |
| The following loans were advanced during the period:- | The following loans were advanced during the period:- | 2023 | 2022 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Carleton Rode | 40,000 | 0 | ||||
| Custom House | 435,000 | 0 | ||||
| Evesham | 400,000 | 0 | ||||
| Fressingfield | 0 | 250,000 | ||||
| Rayleigh | 400,000 | 0 | ||||
| I | 1,21s,oooI | 2so,oooI | ||||
| 10 | FIXED ASSETS | Office | 2023 | 2022 | ||
| equipment | Total | Total | ||||
| £ | £ | £ | ||||
| Cost brought forward | 1,837 | 1,837 | 1,837 | |||
| Additions | 0 | 0 | 0 | |||
| Costat31December 2023 | 1,837! | 1,837! |
1,8371 | |||
| Depreciation brought forward | 1,837 | 1,837 | 918 | |||
| Chargeforthe year | 0 | 0 | 919 | |||
| Depreciationat31December 2023 | 1,837! | 1,837! |
1,837 1 | |||
| Netbook valueat31December 2023 | 01 | 01 | 01 |
| 11 | DEBTORS | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Other debtors | 1 | 3 | |
| Prepayments | 4,027 | 3,358 | |
| 4,0281 | 3,361I | ||
| Debtors amounting to nil (2022: nil) may not be recoverable within one year. | |||
| 12 | CURRENT ASSET INVESTMENTS | 2023 | 2022 |
| £ | £ | ||
| Unlisted investments | 2,218,485 | 519,226 | |
| 2,218,4851 | 519,2261 | ||
| 13 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade creditors | 1,185 | 589 | |
| Accruals and deferred income | 7,722 | 7,320 | |
| 8,9071 | 7,9091 |
| Analysisoffundmovements2023 | |||||
|---|---|---|---|---|---|
| Balance | Income | Expenditure | Transfers | Balance | |
| brought forward | carried forward | ||||
| £ | £ | £ | £ | £ | |
| Unrestrictedfunds | |||||
| GeneralFund | 21,423 | 158,958 | 32,866 | (125,000) | 22,515 |
| DesignatedFund | 150,673 | 0 | 92,438 | 15,860 | 74,095 |
| Capital Fund | 5,501,499 | 56,849 | 0 | 109,140 | 5,667,488 |
| 5,673,595 | 215,807 | 125,304 | 0 | 5,764,0981 | |
| Analysisoffund movements 2022 | |||||
| Balance b/f | Income | Expenditure | Transfers | Balance_elf_ | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Fund | 23,792 | 54,554 | 31,923 | (25,000) | 21,423 |
| Designated Fund | 67,622 | 0 | 36,540 | 119,591 | 150,673 |
| Capital Fund | 5,595,850 | 240 | 0 | (94,591) | 5,501,499 |
| 5,687,264 | 54,794 | 68,463 | 0 | 5,673,5951 |
| Analysisofnet assets between funds 2023 | ||||
|---|---|---|---|---|
| General | Designated | Capital | Total | |
| fund | fund | fund | ||
| £ | £ | £ | £ | |
| Fixed Assets | 0 | 0 | 3,071,719 | 3,071,719 |
| Current assets | 31,422 | 74,095 | 2,595,769 | 2,701,286 |
| 31,422 | 74,095 | 5,667,488 | 5,773,005 | |
| Current liabilities | 8,907 | 0 | 0 | 8,907 |
| 22,515 | 74,095 | 5,667,488 | s,1s4,osaI | |
| Analysisofnet assets between funds 2022 | ||||
| General | Designated | Capital | Total | |
| fund | fund | fund | ||
| £ | £ | £ | £ | |
| Fixed Assets | 0 | 0 | 2,254,165 | 2,254,165 |
| Current assets | 29,332 | 150,673 | 3,247,334 | 3,427,339 |
| 29,332 | 150,673 | 5,501,499 | 5,681,504 | |
| Current liabilities | 7,909 | 0 | 0 | 7,909 |
| 21,423 | 150,673 | 5,501,499 | 5,673,595I |
| At | 1 | January 2023 | Cashflow | At31December 2023 | |
|---|---|---|---|---|---|
| £ | £ | £ | |||
| Cashatbank and in hand | 3,423,978 | (726,180) | 2,697,798 |