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2023-12-31-accounts

Woodstock Road Baptist Church CIO

Report and Accounts Year ended 31 December 2023

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

WOODSTOCK ROAD BAPTIST CHURCH CIO

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees David Shaw (Pastor and Elder) (appointed September 2023) Andrew Robinson (Elder and Chair) (resigned July 2023) Thomas Finerty (Elder) Benjamin Goldenberg (Pastor, Elder and Chair of Trustees (from June 2023)) Voon Loh (Elder) John Severn (Elder) David Trebilcock (Elder) (resigned March 2023) James Wilkinson (Elder) Jenny Reid (Deacon and Joint Treasurer) David Birds (Deacon) (resigned June 2023) Anna Coles (Deacon) Johnathan Davys (Deacon and Joint Treasurer) Richard Dorey (Deacon) (appointed June 2023) Jonathan Rabbitt (Deacon)

CIO Constitution dated 27 July 2021

Governing Document CIO Constitution dated 27 July 2021 Charity Registration Number 1195315 Principal Address Woodstock Road Baptist Church 198 Woodstock Road Oxford OX2 7NQ Independent Examiner Ajay Rajani FCIE Stewardship 1 Lamb's Passage London EC1Y 8AB Bankers Barclays Bank plc, Leicester, LE87 2BB

Solicitors

Edward Connor Solicitors, Market Harborough, LE16 7QU

Contents Page
Charity Information 1
Trustees' Annual Report 2-4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8 - 15
Detailed Statement of Financial Activities with Comparatives 16

Page 1

WOODSTOCK ROAD BAPTIST CHURCH CIO

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report together with the financial statements of Woodstock Road Baptist Church (“the church”) for the year ended 31[st] December 2023.

Reference & administrative details

The name and address of the church is

Woodstock Road Baptist Church 198 Woodstock Road Oxford OX2 7NQ

Structure, governance & management

Constitution

The church is a registered charity, registration number 1195315. It is a charitable incorporated organisation (CIO) governed by a Constitution. Its aim is to build up Christians in their faith and to seek to bring others to know Jesus Christ as Lord and Saviour.

Governance & Management

The church membership is the church’s decision-making body and meets at least four times a year.

The spiritual leadership of the church is in the hands of Elders, who generally meet fortnightly during the year. Elders are appointed by a 75% majority of a quorate church meeting and are elected for life or until resignation.

The Deacons are responsible for the practical aspects of church organisation. They meet about six times during the year. Deacons are elected at the AGM by a simple majority and serve for three years or until resignation.

The Trustees comprise the members of the Elders and Deacons and meet a minimum of four times a year.

Key risks and uncertainties

The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.

Financial review

During the year the charity’s income exceeded £250,000, which is the threshold for preparing receipts and payments accounts, and this year the charity was obliged to prepare accounts on an accruals basis in accordance with the Charities SORP. The comparatives quoted in these accounts have been re-stated so that they are also presented on an accruals basis. Details of the re-statement can be found in note 18 ‘Reconciliation with previously reported funds’ in the accounts.

We are thankful to God that He has provided all we have needed financially for 2023. Setting aside His wonderful provision for a house purchase, we have also seen His generosity with our general fund giving. In 2022, the Lord providentially gave the church substantial legacy income. This was able to be ‘banked’ ready to be utilised as part of a house purchase in 2023. With legacy income (2022) and direct fundraising for the house purchase (2023) stripped out, we still saw a notable increase in general fund income. This was supplemented by increased rental income, substantial interest income and rental income from the manse flat.

Unrestricted funds

Page 2

At the year-end unrestricted funds comprised a net investment of £271,773 in the new house, which is held in a separate designated fund and unrestricted general funds of £47,177, which includes cash of £36,805.

The church continues to benefit, as a charity, from being able to claim gift aid; this amounted to £48,100 (2022: £21,433). There was nothing claimed under the GASDS scheme on anonymous cash gifts as we did not collect any cash gifts during the year.

Reserves policy

In line with the requirements of our mortgage covenant, the charity must always hold reserves of at least 20% of committed annual expenditure in our unrestricted general fund (i.e. amounts held in designated and restricted funds are excluded). This calculation is made annually using the following year’s budgeted figures. So that we don’t breach this covenant if there are unexpected costs, we will be aiming to hold at least an extra £5,000 above the minimum required by the covenant. For 2024, that is £29,081 (being £24,081 plus £5,000). At the end of the year, we held unrestricted cash of £36,805– comfortably above the reserve threshold we have set.

Objective & Activities

The constitution of the church defines our purposes in these terms:

(1) the advancement of the Christian faith in accordance with the Basis of Faith primarily but not exclusively within Oxford and the surrounding neighbourhood; and

(2) such other charitable purposes as shall, in the opinion of the members of the Church in general meeting further the work of the Church.

The trustees are committed to making the church open and welcoming to all those interested in exploring the Christian faith. Our aim is that our regular services on a Sunday will be accessible and understandable to all those who come. In addition we seek to provide other activities that will be of benefit to the local neighbourhood and provide opportunity for individuals to explore the Christian faith. In carrying out its activities in the year under review, the trustees have had regard to the public benefit guidance issued by the Charity Commission, and are satisfied that the activities mentioned in this report have all been for the public benefit.

Achievements and Performance

2023 was marked by significant change in the life of the church. As mentioned in last year’s report, David Shaw was appointed to start as co-pastor in September 2023. This appointment took place as planned and he has settled in well to the life of the church.

The main activity of the church continues to be the proclamation of the good news of Jesus Christ. Sunday-bySunday, that good news is proclaimed and celebrated as we gather for corporate worship. The good news of Jesus forms communities of people who worship Him and as a church, we have sought to intentionally foster that community as we gather together, whether on a Sunday, in midweek homegroups, or at other times. That community is called to be a community that cares for one another and we have continued to do that, albeit imperfectly, in both structured and unstructured ways. Finally, we have sought to continue to see this good news advance amongst those who would not call themselves Christians. We have done this through our regular Sunday ministry, along with midweek events like a toddler group and a community coffee shop. Individuals within the church have also been equipped to make Jesus known in their workplaces, households and neighbourhoods.

Overall, the year was filled with great blessings as we were able to continue our part in God’s great plan for the world. Over the year, the church grew both in number and in maturity.

Page 3

Responsibilities of trustees under charity law

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are 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.

Approval

This report was approved by the trustees and signed on their behalf by:

Benjamin Goldenberg

Benjamin Goldenberg

Chair

Date: 20 May 2024

Page 4

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

WOODSTOCK ROAD BAPTIST CHURCH CIO

('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2023 on pages 6 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 8 and 9.

Responsibilities and basis of report

As the charity’s trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

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 145(5)(b) of the Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

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

Ajay Rajani

Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiners Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 21 May 2024

Page 5

WOODSTOCK ROAD BAPTIST CHURCH CIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments: bank interest
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Raising funds
7
Total expenditure
Net income/(expenditure)
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
16		 Unrestricted
Funds
£
146,172
11,498
7,200
6,214
171,084
214,575
2,967
217,542
(46,457)
157,025
110,568
208,383
318,950		 Restricted
Funds
£
196,521
-
-
-
196,521
17,333
-
17,333
179,188
(157,025)
22,163
5,076
27,240		 Endowment
Funds
£
-
-
-
-
-
8,752
-
8,752
(8,752)
-
(8,752)
1,460,450
1,451,698		 Total
Funds
2023
£
342,693
11,498
7,200
6,214
367,605
240,659
2,967
243,626
123,979
-
123,979
1,673,909
1,797,888		 Total
Funds
2022
£
304,298
8,716
-
850
313,864
214,626
-
214,626
99,238
-
99,238
1,574,671
1,673,909

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on pages 8 to 16 form part of these accounts.

Page 6

WOODSTOCK ROAD BAPTIST CHURCH CIO

BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
11
CREDITORS: Amounts falling
due within one year
12
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
13
after more than one year
TOTAL NET ASSETS
FUND BALANCES
16
Unrestricted Funds
General funds
Designated funds
Restricted Funds
Endowment Funds		 Unrestricted
Funds
£
546,691
546,691
8,910
36,805
45,715
(9,213)
36,503
583,194
(264,244)
318,950
47,177
271,773
318,950
-
-
318,950		 Restricted
Funds
£
-
-
-
27,240
27,240
-
27,240
27,240
-
27,240
-
-
-
27,240
-
27,240		 Endowment
Funds
£
1,451,698
1,451,698
-
-
-
-
-
1,451,698
-
1,451,698
-
-
-
-
1,451,698
1,451,698		 Total
Funds
2023
£
1,998,389
1,998,389
8,910
64,046
72,956
(9,213)
63,743
2,062,132
(264,244)
1,797,888
47,177
271,773
318,950
27,240
1,451,698
1,797,888		 Total
Funds
2022
£
1,471,151
1,471,151
86,067
122,988
209,055
(6,298)
202,758
1,673,909
-
1,673,909
194,340
14,042
208,382
5,077
1,460,450
1,673,909

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

Benjamin Goldenberg

--------------------------------------Benjamin Goldenberg - Chair of Trustees

Charity number: 1195315

The notes on pages 8 to 16 form part of these accounts.

Page 7

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Statutory Information

The charity is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The previous year's accounts were prepared using the receipts and payments basis but, this year, the charity was obliged to prepare its accounts using the accruals basis. The results for 2022, which are comparatives quoted in these accounts, have been restated using the accruals basis (see note 18 for details).

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor. ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats, events and courses and from letting facilities for community benefit.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It includes income from letting property that, temporarily, is not being used for charitable activities.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

Expenditure on raising funds comprises the expenses incurred in respect of letting a property, that temporarily, is not being used for charitable activities.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 8

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Fixtures, fittings and equipment Over 5 to 10 years

The residual value of the charity's residential properties is considered to be very high. Any related provision for depreciation is judged to be immaterial and therefore no depreciation has been charged in these accounts in respect of these properties.

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises a liability for the principal of the Kingdom Bank mortgage that remains outstanding at the year end (i.e. the liability excludes any interest chargeable on the loan in future years). The charity recognises a liability at fair value for the equity linked loan received from a minister.

i) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

j) Critical accounting estimates and areas of judgement

ln preparing financial statements certain significant judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider that the fair value of the equity linked loan received from a minister is sensitive to changes in the market value of the property that was purchased with the help of the loan. The fair value of this loan is re-assessed annually after taking into account changes in the market value of the related property.

3 Donations and legacies

3
Donations and legacies
Donations of cash and similar
Legacies receivable
Income tax recoverable
4
Income from charitable activities
Church retreats and events
Letting of facilities for community benefit		 2023
£
294,594
-
48,100
342,693
2023
£
6,077
5,421
11,498		 2022
£
132,865
150,000
21,433
304,298
2022
£
4,538
4,178
8,716

Page 9

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

5 Income from other trading activities

Letting of a property that, temporarily, is not used for charitable activities
6
Charitable expenditure
a
Costs incurred directly on specific activities
Employment costs
Pastoral ministries
Local ministries
Retreats and camps
Property expenses including utilities, routine maintenance, insurance and cleaning
Flat refurbishment
Grants payable (note 6c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee for preparing and examining the accounts
Professional fees
Administration
Depreciation
Mortgage arrangement fees and interest
Total expenditure		 2023
£
7,200
7,200
2023
£
68,399
1,575
4,619
8,488
31,566
23,573
138,221
62,516
200,736
4,200
11,250
3,776
13,944
6,753
39,923
240,659		 2022
£
-
-
2022
£
69,205
1,220
2,414
8,491
26,260
-
107,591
84,976
192,566
1,770
1,631
3,819
14,840
-
22,060
214,626

The fee payable to the independent examiner for preparing and examining the accounts was £4,200 (2022: £1,650); in addition the charity paid £600 (2022: £nil) to Stewardship for compliance fees in respect of this year's property purchase.

c Grants payable

Grants for UK and overseas mission
Grants for the relief of poverty
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty
The charity's principal grants to institutions comprised:
Wycliffe Bible Translators
OMF
United for Mission
Fellowship of Independent Evangelical Churches
Oxford Schools Chaplaincy
Christians Against Poverty
South Central Gospel Partnership
GCH Trust
Open Doors
Fundación Pontea
Campus Crusade for Christ in Austria
Grace Church Kidlington
Grants to institutions for less than £500 each		 Institutions
£
45,851
800
46,651
Institutions
£
62,206
800
63,006		 Individuals
£
7,623
8,241
15,864
Individuals
£
15,598
6,372
21,970
2023
£
19,323
4,934
1,650
1,980
1,896
800
750
7,599
7,537
-
-
-
183
46,651		 2023
£
53,474
9,041
62,516
2022
£
77,804
7,172
84,976
2022
£
20,053
4,934
3,074
2,129
1,896
800
750
-
-
14,385
14,385
600
-
63,006

Page 10

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Cost of raising funds

t of raising funds
Flat letting expenses 2023
£
2,967
2,967		 2022
£
-
-

8 Analysis of staff costs, the cost of key management personnel and trustee remuneration

The average monthly number of employees during the year was 3.3 (2022: 4.2). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the trustees and the key staff named on the Charity Information page. Total employment benefits payable to key management (who were also all trustees) for the year were as follows:

Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Benjamin Goldenberg
37,154
-
2,346
David Shaw (employment commenced in September 2023)
9,000
-
749
The following amounts were payable in the previous year:
Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Benjamin Goldenberg
30,398
-
2,301
Andrew Robinson (employment ended July 2022)
7,758
-
1,091
David Trebilcock (employment ended September 2022)
11,539
-
1,796		 2023
£
39,499
9,749
49,249
2022
£
32,699
8,849
13,335
54,883

The above named individuals served as church ministers and received the above payments for serving in that capacity, not for serving as trustees; these payments are permitted by the charity's governing document.

In addition the charity incurred expenses in respect of the customary provision of accommodation to some of the above named individuals so that they could better perform their duties.

9 Tangible fixed assets

Cost
At 1 January 2023
Additions in year
At 31 December 2023
Accumulated depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
property
£
1,993,087
538,000
2,531,087
532,637
8,752
541,389
1,989,698
1,460,450		 Fixtures,
fittings and
equipment
£
100,037
3,181
103,218
89,335
5,192
94,527
8,691
10,702		 Total
2023
£
2,093,124
541,181
2,634,305
621,972
13,944
635,916
1,998,389
1,471,151

Freehold property comprises the church building, a flat used usually as a manse located on the same site and a residential property purchased during the year to provide accommodation to an incoming minister.

Page 11

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

10 Debtors

10
Debtors
Legacies receivable
Gift aid recoverable
Other debtors and prepayments
11
Cash at Bank and in Hand
Cash in bank current accounts
Cash in bank deposit accounts
12
Creditors: liabilities falling due within one year
Other creditors and accrued expenses
Taxation and social security
Deferred income
Mortgage with Kingdom Bank		 2023
£
-
6,976
1,934
8,910
2023
£
27,210
36,835
64,046
2023
£
6,184
1,045
-
1,984
9,213		 2022
£
75,000
7,220
3,847
86,067
2022
£
8,902
114,086
122,988
2022
£
4,528
536
1,234
-
6,298

The previous year's deferred income comprised fees received in advance for a church retreat that took place in 2023 when it was recognised as income.

13 Creditors: amounts falling due after more than one year

Mortgage with Kingdom Bank
Equity linked loan from a church member		 2023
£
159,244
105,000
264,244		 2022
£
-
-
-

14 Loans

The liability for the mortgage referred to in notes 12 and 13 falls due for repayment as follows:

Repayable:
Within one year
Between one and five years
After five years		 By
instalments
1,984
9,224
150,020
161,227		 2023
2022
£
£
1,984
-
9,224
-
150,020
-
161,227
-
Mortgage		 2023
2022
£
£
1,984
-
9,224
-
150,020
-
161,227
-
Mortgage
-

The mortgage referred to in the above is secured on the residential property purchased with the help of the loan. Property with a carrying value of £530,000 has been pledged as security for loan. Interest is payable at a variable rate, which at the year end was 6.15%. The loan is being repaid in monthly instalments and must be repaid in full by 2053.

David Shaw (who is the church's new pastor and a trustee) and his wife have lent the charity £105,000 to help purchase a new house that he lives in. The loan represents 19.81% of the purchase price (excluding acquisition costs) and the amount repayable is 19.81% of the value of the property when any one of the events described in the loan agreement takes place or, if later, in 2053. Technically some of the events that would trigger a loan repayment could take place within one year but, in substance, it is intended to be long term arrangement and the loan has therefore been disclosed as falling due after one year. The loan is secured by way of a second charge on the related property (which has a carrying value of £530,000). The value of the property is not believed to have changed significantly since it was purchased and, at the balance sheet date, the fair value of the amount repayable is believed to be £105,000 (being the amount that was borrowed).

15 Pension commitments

During the year employer’s pension contributions totalling £3,306 (2022: £5,629) were payable to defined contribution personal pension schemes. At the balance sheet date pension contributions amounting to £230 (2022: £230) were owed.

Page 12

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

16 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
Pastor’s Accommodation fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Mission support fund
Relief fund
Christmas Appeal fund
Church Retreat fund
Manse fund
Other small funds
Endowment Funds
Chapel and manse property fund
Aggregate of funds		 Opening
balance
2023
£
14,042
194,340
208,382
-
183
4,651
235
-
8
5,077
1,460,450
1,673,909		 Incoming
resources
2023
£
-
171,084
171,084
1,250
-
37,717
529
157,025
-
196,521
-
367,605		 Outgoing
resources
2023
£
-
(217,542)
(217,542)
(1,250)
(183)
(15,136)
(764)
-
-
(17,333)
(8,752)
(243,626)		 Transfers
in the year
2023
£
257,731
(100,706)
157,025
-
-
-
-
(157,025)
-
(157,025)
-
-
 Closing
balance
2023
£
271,773
47,177
318,950
-
-

27,232
-

-
8
27,240
1,451,698
1,797,888

During the year the following transfers were made:

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
8,691
538,000
8,910
-
36,805
-
(7,229)
(1,984)
-
(264,244)
47,177
271,773
Unrestricted Funds		 Restricted
funds
£
-
-
27,240
-
-
27,240		 Endowment
funds
£
1,451,698
-
-
-
-
1,451,698		 2023
£
1,998,389
8,910
64,046
(9,213)
(264,244)
General
funds
£
8,691
8,910
36,805
(7,229)
-
47,177
1,797,888

Page 13

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

16 Funds continued

In the previous year the movements in the charity's funds were as follows:

Designated Funds
Pastor’s Accommodation fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Mission support fund
Relief fund
Christmas Appeal fund
Church Retreat fund
Other small funds
Endowment Funds
Chapel and manse property fund
Aggregate of funds
Analysis of net assets by fund		 Opening
balance
2022
£
16,500
56,967
73,467
623
2,021
28,748
602
8
32,002
1,469,202
1,574,671		 Incoming
resources
2022
£
-
292,775
292,775
14,670
1,534
4,650
235
-
21,089
-
313,864		 Outgoing
resources
2022
£
-
(157,837)
(157,837)
(15,293)
(3,372)
(28,770)
(602)
-
(48,037)
(8,752)
(214,626)		 Transfers
in the year
2022
£
(2,458)
2,435
(23)
-
-
23
-
-
23
-
-		 Closing
balance
2022
£
14,042
194,340
208,382
-
183
4,651
235
8
5,077
1,460,450
1,673,909

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
10,702
-
86,067
103,869
14,042
(6,298)
-
194,340
14,042
Unrestricted Funds		 Restricted
funds
£
-
-
5,077
-
5,077		 Endowment
funds
£
1,460,450
-
-
1,460,450		 2022
£
1,471,151
86,067
122,988
(6,298)
1,673,909

The designated Pastor's Accommodation fund represents resources set aside to help provide accommodation to the church's ministers. At the year end the balance on this fund represent the charity's net investment in a new manse that was purchased during the year for an incoming minister. It comprises the cost of the manse less related year end obligations for a mortgage and for an equity linked loan.

The restricted Mission Support fund was created from donations received to help support mission both in the UK and overseas, principally through grant making.

The restricted Relief fund was created from donations received to help relief hardship.

The restricted Christmas Appeal fund was created from the proceeds of special appeals made each Christmas, normally to support mission both in the UK and overseas usually through grant making.

The restricted Church Retreat fund was created from donations received to help individuals attend a church retreat.

The restricted Manse fund was created from donations received to help purchase a new property that is being used to provide accommodation to the church's new senior minister.

Page 14

WOODSTOCK ROAD BAPTIST CHURCH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

17 Transactions with related parties During the year the charity:

Except for the reimbursement of expenses incurred when acting as agent for the charity or when undertaking employment duties, no expenses were paid to (or for) trustees.

Except as disclosed in note 8 'Analysis of staff costs' and note 14 'Loans', there have been no other transactions with related parties during the year.

18 Reconciliation with previously reported funds

In the previous year the charity prepared its accounts using the receipts and payments basis; in the current year the charity's income exceeded £250,000 and so it is now obliged to use the accruals basis for the preparation of its accounts. The comparatives presented in these accounts have been re-stated using the accruals basis and a reconciliation with the reserves and results reported previously follows:

Reconciliation of reserves
Previously reported reserves, at 31 December
Adjustments arising from use of accruals basis:
Inclusion of previously excluded fixed assets
Inclusion of previously excluded debtors
Inclusion of previously excluded creditors
Re-stated reserves, at 31 December		 2022
£
122,988
1,471,151
86,067
(6,298)
1,673,909		 2021
£
102,703
1,485,991
14,930
(28,953)
1,574,671

Reconciliation of results

onciliation of results
Previously reported results
Adjustments arising from use of accruals basis:
Capitalised expenditure less depreciation
Movements in debtors resulting in the recognition of more / (less) income
Movements in creditors resulting in the recognition of less / (more) expenditure
Re-stated results		 2022
£
20,285
(14,840)
71,137
22,656
99,238

Page 15

WOODSTOCK ROAD BAPTIST CHURCH CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments: bank interest
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Raising funds
7
Total Expenditure
Net income/(expenditure)
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
16		 General
2023
£
146,172
11,498
7,200
6,214
171,084
214,575
2,967
217,542
(46,457)
(100,706)
(147,163)
194,340
47,177
Unrestric		 Unrestric Designated
2023
£
-

-
-
-
-
-
-
257,731
257,731
14,042
271,773
ted funds		 Restricted
2023
£
196,521
-
-
-

196,521
17,333
17,333
179,188
(157,025)
22,163
5,077
27,240		 Endowment
2023
£
-
-
-
-
-
8,752
8,752
(8,752)
-

(8,752)
1,460,450
1,451,698		 Total
2023
£
342,693
11,498
7,200
6,214
367,605
240,659
2,967
243,626
123,979
-

123,979
1,673,909
1,797,888		 General
2022
£
283,210
8,716
-

850
292,775
157,837
-
157,837
134,938
2,435
137,373
56,967
194,340
Unrestric		 Unrestric Designated
2022
£
-

-
-

(2,458)
(2,458)
16,500
14,042
ted funds		 Restricted
2022
£
21,089
21,089
48,037
48,037
(26,948)
23
(26,925)
32,002
5,077		 Endowment
2022
£
-
8,752
8,752
(8,752)
-
(8,752)
1,469,202
1,460,450		 Total
2022
£
304,298
8,716
-
850
313,864
214,626
-
214,626
99,238
-
99,238
1,574,671
1,673,909

Page 16