The Charity Registration Number is :- 1191792
## _**The Baptist Building Fund For Wales**_
_**Report and Accounts**_
_**31 December 2024**_
_**Cross & Bowen Chartered Certified Accountants Riverside House Normandy Road Swansea SA1 2JA**_
## **The Baptist Building Fund For Wales**
## **Report and accounts for the year ended 31 December 2024**
## **Contents**
||**Page**||
|---|---|---|
|**Charity information**||1|
|**Trustees' Annual Report**||1|
|**Statement of Trustee's responsibilities**||7|
|**Auditors' report**||8|
|**_Funds Statements:-_**|||
|Statement of Financial Activities||12|
|**Balance sheet**||13|
|**Cash flow statement**||14|
|**Notes to the accounts**||16|
## **The Baptist Building Fund For Wales**
## **Trustees' Annual Report for the year ended 31 December 2024**
The Trustees present their Report and Accounts for the year ended 31 December 2024.
## **Reference and administrative details**
## _**The charity name.**_
The legal name of the charity is:- The Baptist Building Fund For Wales.
The charity is also known by its operating name, The Baptist Building Fund For Wales.
## _**The charity's areas operation and UK charitable registration.**_
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1191792.
The charity does not operate in any overseas jurisdictions.
The presentational currency of the financial statements is pound sterling and balances are rounded to the nearest pound.
## _**Legal structure of the charity**_
The charity is governed in accordance with a scheme established by the Charity Commission for England and Wales on 6th October 2020.
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
## **The principal operating address, telephone number, email and web addresses of the charity are:-**
Swyddfa UBC/BUW Office
Parc Dewi Sant
Heol Ffynnon Job Caerfyrddin
SA31 3HB
Telephone: 0345 2221514
Email Address judith@ubc.cymru Web address www.buw.wales
1
## **The Baptist Building Fund For Wales**
## **Trustees' Annual Report for the year ended 31 December 2024**
## **The Trustees in office on the date the report was approved were:-**
The Welsh Baptist Union Corporation Limited
The directors of the Welsh Baptist Union Corporation Limited are as follows:
Mr. H.B. Tribe Rev. I.C. Roberts Rev. D.M. Owen Mr. F.H. Maull Mr. W. Davies Rev. Judith A. Morris Mr. Glyndwr S. Prideaux Mr. David Evans Rev. I.E. Jones Rev. Susan J. Phillips Miss Aldyth Williams Professor Emeritus Iwan R. Davies - appointed 23/05/24 Mr. R.S. Scourfield - appointed 23/05/24 Mrs. Helen Mary Jones - appointed 13/11/24
The Welsh Baptist Union Corporation Limited holds the titles to the investment properties of the Baptist Building Fund for Wales and is custodian to its investments.
## **Objects and activities of the charity**
## _**The purposes of the charity as set out in its governing document.**_
The charitable object of the charity is primarily to assist churches by advancing loans normally on an interest free basis for constructing, extending, improving or renovating places of worship or other buildings belonging to, or used for the purpose of the Welsh Baptist Denomination and, subject thereto, for such other charitable purposes of the said Denomination as the trustee shall from time to time direct.
## _**The main activities undertaken in relation to those purposes during the year.**_
During 2024 the main activities have been:
1. Leasing of two properties for whom the BBFW is the ultimate beneficiary.
2. Consideration of future use of five properties for which the BBFW is the ultimate beneficiary.
- 3.Facilitation of a total of 8 loans to churches so as to undertake repairs and renew property and equipment.
4. Purchase and Management of properties for Ministers and Missional Workers.
## _**The short term and longer term aims and objectives.**_
To consider how best the Fund might assist churches strategically within the Baptist Union of Wales and to raise awareness about the availability of the Fund.
2
## **The Baptist Building Fund For Wales**
## **Trustees' Annual Report for the year ended 31 December 2024**
## **The main achievements and performance of the charity during the year.**
Facilitation of loans and management of properties.
## _**Fundraising activities during the year.**_
The charity relies on investment income and, on occasion, is the ultimate beneficiary of trusts for chapel properties when finally closed for worship.
## _**The difference the charity's performance during the year has made to the beneficiaries of the charity.**_
The performance of the Charity during the year has enabled it to continue to be able to offer interest free loans to its member churches.
## _**The degree to which the achievements and performance during the year have benefited wider society.**_
The trustee has had regard to the Charity Commission guidance on public benefit. The charity is a public benefit entity.
Interest free loans have enabled churches to improve their buildings so as to provide services to the community, for example lunch clubs, youth groups and playgroups. Loans have been facilitated so as to assist a fellowship to build a new church building and to purchase properties as manses. The fund had made a loan for the purposes of establishing a missional community but, unfortunately, due to factors related to Covid-19, the project closed and the outstanding loan was repaid in full.
## _**Investment performance against the investment objectives.**_
In the financial review section of this report there is a description of the investment policies and objectives established by the trustees and the extent to which social environmental or ethical considerations are taken into account.
The investment performance achieved against the objectives set was satisfactory.
## **Structure, governance and management of the charity**
The sole trustee is The Welsh Baptist Union Corporation Limited.
The charity is established, for the benefit of the Welsh Baptist Denomination, intricately connected with The Baptist Union of Wales (BUW), and governed in accordance with the Memorandum, and Articles of Association of its sole trustee. The trustees of the Welsh Baptist Union Corporation meet regularly to progress the work of the Corporation and the Baptist Building Fund for Wales; and day-to-day conduct of matters in hand is carried out by the General Secretary of BUW and Senior Corporation Co-ordinator.
3
## **The Baptist Building Fund For Wales**
## **Trustees' Annual Report for the year ended 31 December 2024**
## _**The charity as a part of a wider network.**_
Links between the charity and a wider network are through the associations fostered by the Baptist Union of Wales with Baptist associations throughout the world and with other churches in Wales, for example, the Baptist Partnership in Wales, Cytun (Churches Together in Wales), Free Church Council of Wales, Fellowship of Baptists in Britain and Ireland, European Baptist Fellowship and the Baptist World Alliance.
## _**The charity's relationships with related parties.**_
The work of the charity is intricately linked both with The Welsh Baptist Union Corporation Limited and also with the Baptist Union of Wales.
Bankers Natwest Bank PLC and CCLA Solicitors Pothecary Witham Weld, 84 Eccleston Square, Pimlico, London SW1V 1PX Investment advisors Charles Stanley Wealth, 7/8 Park Place, Cardiff CF10 3 DP Accountants Cross & Bowen, Chartered Certified Accountants, Riverside House, Normandy Road, Swansea, SA1 2JA Auditors Ellis Lloyd Jones Audit Limited, 11 Park Square, Newport, NP20 4EL
## **Financial review**
## _**The charity's financial performance for the year ended 31 December 2024**_
|Expenditure
Net gains on investments
**Surplus**
Income|**2024**
**£**
437,373
(83,539)
46,997
400,831|**2023**
**£**
519,645
(32,390)
76,188
563,443|
|---|---|---|
## _**Financial review of the performance for the year ended 31 December 2024**_
The trustee considers the financial performance by the charity during the year to have been satisfactory.
Investment income increased during the year and although no proceeds were received from closed churches, the charity acquired three properties under trust deeds, with a total value of £310,000.
## _**The charity's financial position at the end of the year ended 31 December 2024**_
The financial position of the charity at 31 December 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
|**Total Funds**
Unrestricted Revenue Funds available for the general
purposes of the charity|4,528,990
4,528,990
|4,128,159
4,128,159|
|---|---|---|
4
## **The Baptist Building Fund For Wales**
## **Trustees' Annual Report for the year ended 31 December 2024**
## _**Financial review of the position at the reporting date, 31 December 2024**_
Specific changes in fixed assets are detailed in the notes to the accounts.
At 31st December 2024 the market value of the investments of the charity was £3,842,761 (2023 - £3,150,136) and the cash reserves were £654,031 (2023 - £652,786). During the year, the listed investments increased in value by £107,625 (2023 - £76,188).
## _**Policies on reserves.**_
The policy is to ensure that the charity has sufficient free and available funds to meet at least 3 months of annual budgeted expenditure. In addition the Trustee considers it is prudent to provide for a further 3 months for funding loans to churches and associations.
## _**Availability and adequacy of assets of each of the funds**_
The Trustee is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations.
## _**Significant events which have affected the financial performance and the financial position.**_
During the year, no proceeds were received from sale of closed churches but properties were acquired under trust deeds. Rental proceeds from leased properties increased during the year. Apart from this, there have been no other significant events during the year that have affected the financial performance or the financial position other than the volatility of the stock market.
## _**Investment policy and investment objectives.**_
The charity has indicated to its investment advisors an attitude to investment balanced for capital and income, with risk limited as is appropriate , and with clear guidelines on sectors to be preferred or avoided because of ethical considerations.
## _**The major risks to which the Charity is exposed and reviews and systems to mitigate them.**_
The charity recognises that the main risk to which it is exposed is the risk to the value of investments held in global markets.
## _**Factors likely to affect future financial performance .**_
Due to the significant level of investment income, one factor likely to affect future financial performance is the volatility of the stock market.
The charity has reviewed major risks and systems and procedures have been established to manage these risks.
## _**Principal funding sources in the year and how these support the key objectives of the charity.**_
The charity does not carry out significant fundraising activities.
5
## **The Baptist Building Fund For Wales**
## **Trustees' Annual Report for the year ended 31 December 2024**
The charity's main funding during the year has been from investment income and proceeds from closed churches.
## _**Plans For the Future**_
## **Summary of plans for the future and the trustee's perspective of the future direction of the charity.**
The BBFW is a lasting testimony to those who established the fund for the benefit of Baptist Union of Wales churches. The Fund has assisted many churches to undertake improvements and hopes that it will be able to do so for many years to come. As the number of church closures is expected to increase in the coming years, the BBFW will play a key role in assessing each closure on a case-by-case basis to ensure that the assets are utilised in the most appropriate way. The Trustees are also aware of the need to find ways of making funds available for the furtherance of Christian work in the wider community.
## **Details of The Auditor**
Kara Williams BSc BFP FCA
Ellis Lloyd Jones Audit Limited Chartered accountants and statutory auditors 11 Park Square Newport NP20 4EL
6
## **The Baptist Building Fund For Wales**
**Trustees' Annual Report for the year ended 31 December 2024**
## **Statement of Trustee's Responsibilities**
The charity's trustee is responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustee determined to interpret this responsibility as requiring it to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .
In particular, charity law requires the Trustee, if it prepares accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustee is required to :-
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate
- to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of
- recommended practice have been followed, subject to any material
- departures disclosed and explained in the financial statements;
The law requires that the trustee must not approve the accounts unless it is satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustee is also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable it to ensure that the financial statements comply with regulations made under the Charities Act 2011. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
30/10/2025 This report was approved by the board of trustees on
Judith Morris (Oct 30, 2025 15:42:21 GMT)Judith Morris Glyndwr Prideaux (Oct 30, 2025 15:52:59 GMT)Glyndwr Prideaux REVD JUDITH MORRIS, BA, MPHIL, MTH MR. GLYNDWR S. PRIDEAUX
On behalf of The Welsh Baptist Union Corporation Limited
7
## **The Baptist Building Fund For Wales**
**Independent Auditors' Report to the Trustee of the charity on the accounts for the year ended 31 December 2024**
## **Opinion**
We have audited the financial statements of The Baptist Building Fund for Wales (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, statement of financial position, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
* give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011
## **Basis for our opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
8
## **The Baptist Building Fund For Wales**
**Independent Auditors' Report to the Trustee of the charity on the accounts for the year ended 31 December 2024**
## **Other Information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustee's report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the trustee's report is inconsistent in any material respect with the financial statements; or
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustee**
As explained more fully in the trustee's responsibilities statement, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
9
## **The Baptist Building Fund For Wales**
**Independent Auditors' Report to the Trustee of the charity on the accounts for the year ended 31 December 2024**
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www. frc.org. uk/auditorsresponsibilities. This description forms part of our auditor's report.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity its activities, its control environment, and likely future developments, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery and intentional misrepresentations, or through collusion.
We focussed on the laws and regulations which could result in a material misstatement in the financial statements, including but not limited to, the Charities Act 2011. As in all of our audits, we evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were misappropriation of assets and funds not being expended in line with the charity's objects. Audit procedures performed included:
* Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
* Selecting a sample of transactions and tracing to documentation to establish that they are bonafide transactions;
* Evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extend of our testing; and
* Agreeing the financial statement disclosures to underlying supporting documentation.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
10
## **The Baptist Building Fund For Wales**
## **Independent Auditors' Report to the Trustee of the charity on the accounts for the year ended 31 December 2024**
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee.
* Conclude on the appropriateness of the trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Use of our report**
This report is made solely to the charity's trustee, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee, for our audit work, for this report, or for the opinions we have formed.
## ~~Kara Williams~~
Kara Williams (Oct 30, 2025 15:54:33 GMT)
Kara Williams BSc FCA (Senior Statutory Auditor)
For and on behalf of Ellis Lloyd Jones Audit Limited Chartered accountants & statutory auditor 11 Park Square Newport South Wales NP20 4EL
30/10/2025
11
## **The Baptist Building Fund For Wales - Statement of Financial Activities for the year ended 31 December 2024**
## _**Statement of Financial Activities for the year ended 31 December 2024**_
|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
**Income & Endowments from:**
Donations & Legacies
A1
310,000
Investments
A4
127,373
Other
A5
-
**Total income**
**A**
**437,373**
**Expenditure on:**
Charitable activities
B2
83,539
**Total expenditure**
**B**
**83,539**
Net gains on investments
B4
46,997
**Net income for the year**
**400,831**
**Net income after transfers**
**A-B-C**
**400,831**
**Other recognised gains/(losses)**
**D1**
-
**400,831**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
4,339,621
**Total funds carried forward**
**4,740,452**
**SORP**
**Ref**
Net gains on revaluation of
investment properties
**Net movement in funds**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
-
**-**
-
**-**
-
**-**
**-**
-
**-**
-
**-**|**Current year**
**Total Funds**
**2024**
**£**
**310,000**
**127,373**
**-**
**437,373**
**83,539**
**83,539**
**46,997**
**400,831**
**400,831**
**-**
**400,831**
**4,339,621**
**4,740,452**|**Prior Year**
**Total Funds**
**2023**
**£**
-
101,471
418,174
**519,645**
32,390
**32,390**
76,188
**563,443**
**563,443**
211,462
**774,905**
3,564,716
**4,339,621**|
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
All the prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
**The notes attached on pages 16 to 28 form an integral part of these accounts.**
12
## **The Baptist Building Fund For Wales - Balance Sheet as at 31 December 2024**
|Note
**SORP**
**Ref**
**2024**
**£**
**Fixed assets**
A
Investment properties
9
A2
1,697,994
Investments held as fixed assets
10
A4
2,144,767
**Total fixed assets**
3,842,761
**Current assets**
B
Debtors
11
B2
254,918
Cash at bank and in hand
B4
654,031
**Total current assets**
908,949
**Creditors: amounts falling due within one**
**year**
12
C1
(11,258)
**Net current assets**
897,691
**The total net assets of the charity**
**4,740,452**
**Restricted funds**
-
**Unrestricted Funds**
Unrestricted Revenue Funds
16
D3
4,528,990
Unrestricted Revaluation Reserve
16
D4
211,462
4,740,452
**Designated Funds**
**Total charity funds**
**4,740,452**
**The total net assets of the charity are funded by the funds of the charity, as follows:-**|**2023**
**£**
1,112,994
2,037,142
3,150,136
547,267
652,786
1,200,053
(10,568)
1,189,485
**4,339,621**
-
4,128,159
211,462
4,339,621
**4,339,621**|
|---|---|
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
## Judith Morris
Judith Morris (Oct 30, 2025 15:42:21 GMT)
Glyndwr Prideaux Glyndwr Prideaux (Oct 30, 2025 15:52:59 GMT)
**REVD JUDITH MORRIS, BA, MPHIL, MTH MR. GLYNDWR S. PRIDEAUX** Trustee of Welsh Baptist Union Corporation Limited Trustee of Welsh Baptist Union Corporation Limited Approved by the board of trustees on 30/10/2025
**The notes attached on pages 16 to 28 form an integral part of these accounts.**
13
## **The Baptist Building Fund For Wales**
## **Cash Flow Statement for the year ended 31 December 2024**
|**Cash flows from operating activities**
**A**
**_Cash flows from investing activities_**
Interest received
Other investment income, including rents from investments
Purchase of investment property
Purchase of investments
**Net cash provided by investing activities**
**B**
**_Cash flows from financing activities_**
Net cash provided by operating activities as shown below|**2024**
**£**
519,500
30,077
97,296
(585,000)
(60,628)
**(518,255)**|**2023**
**£**
388,200
29,314
72,157
(292,294)
-
**(190,823)**|
|---|---|---|
||||
|**Net cash provided by financing activities**
**C**
**Overall cash provided by all activities**
**Cash movements**
Change in cash and cash equivalents from activities in the year
ended 31 December 2024
Cash and cash equivalents at 1 January 2024
**A+B+C**
**Cash at bank and in hand less overdrafts at 31 December**|**-**
**1,245**
1,245
652,786
**654,031**|**-**
**197,377**
197,377
455,409
**652,786**|
14
## **The Baptist Building Fund For Wales**
## **Cash Flow Statement for the year ended 31 December 2024 - Continued**
## **Reconciliation of net income to net cash flow from operating activities**
|Net income as shown in the Statement of Financial Activities
**_Adjustments for :-_**
Net unrealised (gains)losses on investment assets
Dividends, interest and rents from investments
(Increase)Decrease in debtors
Increase in creditors, excluding loans
**Net cash provided by operating activities**
**A**
**Analysis of cash and cash equivalents**
Cash in hand at for the year ended 31 December 2024
**Total cash and cash equivalents**|400,831
(46,997)
(127,373)
292,349
690
**519,500**
**2024**
**£**
654,031
**654,031**|563,443
(76,188)
(101,471)
(6,026)
8,442
**388,200**
**2023**
**£**
652,786
**652,786**|
|---|---|---|
## **Analysis of change in net debt**
|Cash
**Total**|**_At start_**
**_of year_**
652,786
652,786|**_Cash_**
**_Flows_**
1,245
1,245|**_At end_**
**_of year_**
654,031
654,031|
|---|---|---|---|
15
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
## **1 Accounting policies**
## _**Policies relating to the production of the accounts.**_
## **Basis of preparation and accounting convention**
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland, the Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(Charities SORP FRS102)) and the Charities Act 2011.
The presentational currency of the financial statements is pound sterling and balances are rounded to the nearest pound.
## **Going Concern**
The Trustee is satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements.The Trustee is not aware of any material uncertainites about the charity's ability to continue as a going concern.
## **Risks and future assumptions**
The accounts have been prepared on a going concern basis and the Trustee confirms that there are no key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. The charity is a public benefit entity
## _**Policies relating to categories of income and income recognition.**_
## **Categories of Income**
Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.
**Income from exchange transactions** is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.
**Income from a non-exchange transaction** is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.
## **Income recognition**
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Dividends are accrued when the shareholder’s right to receive payment is established.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
16
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
## **Income from legacies**
Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met.
Where a payment is received from an estate or is notified as receivable by the executors after the reporting date and before the accounts are authorised for issue but it is clear that the payment had been agreed by the executors prior to the end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as income in the accounting period if receipt is probable.
Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the payment, details of the legacy aredisclosed as a contingent asset until the criteria for income recognition are met. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.
If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce the amount of the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Financial Activities
## **Recognition of liabilities and expenditure**
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
## **Allocating costs to activities**
Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.
The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-
**Premises related costs** - on the proportion of floor area occupied by a particular activity.
**Non specific support costs** - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures
17
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
## _**Policies relating to assets, liabilities and provisions and other matters.**_
## **Fixed Asset Investments**
Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period.
Investment properties are shown at the balance sheet date at the best estimate of their market value, where practicable.
All gains on fixed asset investments, whether realised or unrealised, are included in row B4 of the Statement of Financial Activities.
## _**Tangible fixed assets**_
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
A regular annual review of the likelihood of asset impairment is undertaken.
## **Debtors**
Debtors are measured at their recoverable amounts at the balance sheet date.
## **Cash and bank balances**
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
## **Creditors and provisions**
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
## **2 Liability to taxation**
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose.
## **3 Winding up or dissolution of the charity**
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
18
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
|**4**
**Operating leases - future income**
Operating leases which expire:
within one year
within two to five years
in over five years
**5**
The net surplus before tax in the financial year is stated after charging:-
Auditors' remuneration
**6**
**Gains and losses on revaluation of fixed and intangible assets**
**_Current year_**
**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
**_Revaluation of :-_**
Investment property
-
-
**7**
**Investment gains**
**Current year**
**_Current Year_**
**Unrestricted**
**Funds**
**2024**
**£**
**_Unrealised gains /(losses) and writing down of carrying values_**
Listed investments - Unrealised
46,997
**Total unrealised gains/(losses) etc**
**46,997**
**Total realised and unrealised gains**
**46,997**
All the gains and losses in the prior year was unrestricted.
The future minimum lease payments receivable under non-
cancellable operating leases are as follows:
**Net surplus before tax in the financial year**||||
|---|---|---|---|
|||||
|||||
|||**2024**
**£**|**2023**
**£**|
|||||
|||24,328
100,467
67,264|4,200
-
-|
|||||
|||||
|||||
||**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
**-**
**-**|**2024**
**£**
8,943
**Current year**
**Total Funds**
**2024**
**£**
**-**
-
**Current year**
**Total Funds**
**2024**
**£**
**46,997**
**46,997**
**46,997**|**2023**
**£**
8,700
**Prior Year**
**Total Funds**
**2023**
**£**
211,462
211,462
**Prior Year**
**Total Funds**
**2023**
**£**
**76,188**
**76,188**
**76,188**|
## **8 Trustees' expenses**
No trustee expenses were incurred, either in the current or prior year.
19
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
## **9 Investment Properties**
|**Cost/Market Value**
At 1 January 2024
Additions
Surplus on revaluation
**At 31 December 2024**|**2024**
**£**
1,112,994
585,000
-
**1,697,994**|**2023**
**£**
609,238
292,294
211,462
**1,112,994**|
|---|---|---|
## **10 Investments held as fixed assets**
|**Carrying values of investments**
At 1 January 2024
Additions
Revaluation at 31 December 2024
**At 31 December 2024**
**11 Debtors**
Other debtors
**12 Creditors: amounts falling due within one year**
Accruals
Other creditors|**Listed**
**investments**
**£**
2,037,142
60,628
46,997
**2,144,767**
**2024**
**£**
254,918
**2024**
**£**
11,258
-
**11,258**|**Total**
**£**
2,037,142
60,628
46,997
**2,144,767**
**2023**
**£**
547,267
**2023**
**£**
10,502
66
**10,568**|
|---|---|---|
20
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
## **13 Investment Property revaluation reserve**
|**_Current year_**
**At 1 January 2024**
Arising on revaluation during the year
**At 31 December 2024**
All the revaluations in the prior year was unrestricted.
**Related party transactions**
**The Baptist Union of Wales**
Related charity
**SOFA**
Administration fee
**Glyn Nest Baptist Home**
Related charity
**Balance sheet**
Debtor - loan|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
211,462
-
**211,462**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
**-**|**Current year**
**Total Funds**
**2024**
**£**
**211,462**
**-**
**211,462**
**2024**
**£**
23,595
55,000|**Prior Year**
**Total Funds**
**2023**
**£**
**-**
**211,462**
**211,462**
**2023**
**£**
14,642
65,000|
|---|---|---|---|---|
## **14 Related party transactions**
21
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
**15 Particulars of how particular funds are represented by assets and liabilities**
|**At 31 December 2024**
Investment Properties
Investments at valuation:-
_Fixed asset investments_
Current Assets
Current Liabilities
**At 1 January 2024**
Investment Properties
Investments at valuation:-
_Fixed asset investments_
Current Assets
Current Liabilities|**Unrestricted**
**funds**
**£**
1,697,994
2,144,767
908,949
(11,258)
**4,740,452**
**Unrestricted**
**funds**
**£**
1,112,994
2,037,142
1,200,053
(10,568)
**4,339,621**|**Designated**
**funds**
**£**
-
-
-
**-**
**Designated**
**funds**
**£**
-
**-**|**Restricted**
**funds**
**£**
-
-
-
-
**-**
**Restricted**
**funds**
**£**
-
-
-
-
**-**|**Total**
**Funds**
**£**
**1,697,994**
**2,144,767**
**908,949**
**(11,258)**
**4,740,452**
**Total**
**Funds**
**£**
**1,112,994**
**2,037,142**
**1,200,053**
**(10,568)**
**4,339,621**|
|---|---|---|---|---|
**16[Change in total funds over the year as shown in Note 15 , analysed by individual funds]**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
Unrestricted Revaluation Reserve
**Total unrestricted and designated funds**
**Total charity funds**|**Funds brought**
**forward from**
**2023**
**£**
4,128,159
211,462
**4,339,621**
**4,339,621**|**Movement in**
**funds in 2024**
**See Note 17**
**£**
400,831
-
**400,831**
**400,831**|**£**
**-**
**-**
**-**
**-**
**Transfers**
**between funds**
**in 2024**|**Funds carried**
**forward to 2025**
**£**
**4,528,990**
**211,462**
**4,740,452**
**4,740,452**|
|---|---|---|---|---|
22
## **The Baptist Building Fund For Wales**
## **Notes to the Accounts for the year ended 31 December 2024**
## **17 Analysis of movements in funds over the year as shown in Note 16**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds|**Income**
**2024**
**£**
437,373
**437,373**|**Expenditure**
**2024**
**£**
(83,539)
**(83,539)**|**Other**
**Gains &**
**Losses**
**2024**
**£**
46,997
**46,997**|**Movement**
**in funds**
**2024**
**£**
**400,831**
**400,831**|
|---|---|---|---|---|
23
## **The Baptist Building Fund For Wales**
## **Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2015**
_**This analysis is classsified by conventional nominal descriptions and not by activity.**_
## **18 Donations, Grants and Legacies**
|**18**
**Donations, Grants and Legacies**|||||
|---|---|---|---|---|
|**Legacies receivable**
**Total Donations, Grants and**
**Legacies**
**A1**
**19 Investment income**
Property Rental Income
Bank Interest Receivable
Other Investment Income
**Total investment income**
**A4**
**20 Other income and gains**
**_Current year_**
**Total other income**
**A5**
**Total legacies receivable**
Tabor, Cross Hands
Bryn Seion, Ystrad Mynach
Y Babell, Pontarddulais
Proceeds from closed chapels|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
80,000
150,000
80,000
**310,000**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
-
**-**|**Current year**
**Total Funds**
**2024**
**£**
**80,000**
**150,000**
**80,000**
**310,000**|**Prior Year**
**Total Funds**
**2023**
**£**
-
-
-
**-**
**-**
**Prior Year**
**Total Funds**
**2023**
**£**
11,760
29,314
60,397
**101,471**
**Prior Year**
**Total Funds**
**2023**
**£**
418,174
**418,174**|
||||||
||**310,000**
**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
32,616
30,077
64,680
**127,373**
**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
-
**-**|**-**
**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
-
**-**
**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
**-**|**310,000**
**Current year**
**Total Funds**
**2024**
**£**
**32,616**
**30,077**
**64,680**
**127,373**
**Current year**
**Total Funds**
**2024**
**£**
**-**
**-**||
24
## **The Baptist Building Fund For Wales**
## **Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2015**
**21 Expenditure on charitable activities - Charitable trading**
|**Current year**
**Current year**
**_Current Year_**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
**42,268**
**-**
**Total charitable trading costs**
**B2b**
**42,268**
**-**
**22**
**Current year**
**Current year**
**_Current Year_**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**2024**
**£**
**£**
**_Administrative overheads_**
23,595
-
**_Professional fees paid to advisors other than the auditor or examiner_**
62
-
3,961
-
**Support costs before reallocation**
**27,618**
**-**
**Total support costs - Current Year**
**27,618**
**-**
The basis of allocation of costs between activities is described under accounting policies
All the expenditure in the prior year was unrestricted.
**_Administrative overheads_**
The basis of allocation of costs between activities is described under accounting policies
Legal fees
Cost of charitable letting of non investment
property
**Support costs for charitable activities**
Baptist Union of Wales, contribution to
administration costs
Other legal and professional|**Current year**
**Total Funds**
**2024**
**£**
**42,268**
**42,268**
**Current year**
**Total Funds**
**2024**
**£**
**23,595**
**62**
**3,961**
**27,618**
**27,618**|**Prior Year**
**Total Funds**
**2023**
**£**
**6,630**
**6,630**
**Prior Year**
**Total Funds**
**2023**
**£**
**14,642**
**54**
**-**
**14,696**
**14,696**|
|---|---|---|
25
## **The Baptist Building Fund For Wales**
## **Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2015**
|**23 Other Expenditure - Governance costs**
**_Current Year_**
Auditor's fees
Reporting Accountant fees
**Total Governance costs**|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
8,943
4,710
**13,653**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
**-**|**Current year**
**Total Funds**
**2024**
**£**
**8,943**
**4,710**
**13,653**|**Prior Year**
**Total Funds**
**2023**
**£**
**8,700**
**2,364**
**11,064**|
|---|---|---|---|---|
All the expenditure in the prior year was unrestricted.
**24 Total Charitable expenditure**
|**_Current Year_**
Total charitable trading costs
**B2b**
Total support costs
**B2d**
Total Governance costs
**B2e**
**Total charitable expenditure**
**B2**|**Current year**
**Unrestricted**
**Funds**
**2024**
**£**
42,268
27,618
13,653
**83,539**|**Current year**
**Restricted**
**Funds**
**2024**
**£**
-
-
-
**-**|**Current year**
**Total Funds**
**2024**
**£**
**42,268**
**27,618**
**13,653**
**83,539**|**Prior Year**
**Total Funds**
**2023**
**£**
**6,630**
**14,696**
**11,064**
**32,390**|
|---|---|---|---|---|
All the expenditure in the prior year was unrestricted.
26
## **The Baptist Building Fund For Wales**
## **Activity analysis of Income and expenditure for the for the year ended 31 December 2024**
_**This analysis is classsified by activity and not by conventional nominal descriptions.**_
## **25 Analysis of income by activity**
|**SOFA ref**
**_Summary of Total Income, including the items above_**
Donations & Legacies
**A1**
Investment income
**A4**
Other income
**A5**
**Total income as shown in the SOFA**
**A**
**_Categories of income_**
Income from exchange transactions
**Activity**|**2024**
**£**
310,000
127,373
-
**437,373**
437,373|**2023**
**-**
-
101,471
418,174
**519,645**
519,645|
|---|---|---|
## **26 Analysis of charitable expenditure by activity**
## **Activity**
**Summary of charitable costs by activity**
|Total Baptist Building Fund for Wales
**Total charitable expenditure**
Total Governance costs as detailed in Note
23|**Direct costs**
**2024**
**£**
42,268
-
**42,268**|**Support**
**costs**
**2024**
**£**
27,618
13,653
**41,271**|**Grant**
**funding of**
**activities**
**2024**
**£**
-
-
**-**|**Total**
**2024**
**£**
69,886
13,653
**83,539**|**Total**
**2023**
**£**
21,326
11,064
**32,390**|
|---|---|---|---|---|---|
The basis of allocation of costs between activities is described under accounting policies
The breakdown of this expenditure by type of spending (ie nominal classification) is detailed in note 24
## **Analysis of support and governance costs by charitable activities**
||**Governance**|**Finance**||**Human**||**Other**|**Total**|
|---|---|---|---|---|---|---|---|
|**Activity**||||**Resources**||**Overheads**||
|Baptist Building Fund for Wales|13,653||-||-|27,618|41,271|
27
## **The Baptist Building Fund For Wales**
**Activity analysis of Income and expenditure for the for the year ended 31 December 2024**
- **27 Analysis of non charitable expenditure by activity**
|**Activity**|||
|---|---|---|
|**_Governance costs_**|**Governance**|**Governance**|
||**costs**|**costs**|
||**2024**|**2023**|
||**£**|**£**|
|Other Expenditure - Governance costs as detailed in Note 23|13,653|11,064|
28