REGisfERED CHARifY NUMBER: 1198633 rt f the Trustees and d Financial Statements for the Peri 14A 2022 to 31 Dec mber 2022 Prin'S Drive Ba urch
Prince's Drive Ba tist Church ntents eriod I the Financial Statemen ril 2 22to l Dember 2022 for the Page Report of the Trustees I to 3 Independent Examiner's Report Ststement of Financial Acttvities Balance Sheet Notes to the Financial Statements Detsiled Ststement of Financial Activities 10 to 11
PrIn'S Drive Ba tist Church Re rtoftheTr for the Period 14 A 112022 Decem er 202 The trustees present their report Wtth the financial statements of the charity for the period 14 Apri12022 to 31 December 2022. OBJECTIVES AND AcfIvITIES Objectives and aims The aim of the church is that of the advancement of the Christian faith to the principles of the Baptist denomination. The church also aims to further educate and cary out other charitable purposes in the United Kingdom (UK) andlor other parts of the world. In fulfilling the purpose, the Chur(h will engage in a range of activities either on its own or with others that will vary from time to time. The activities may indude, but a not restricted to.. Regular public worshipi prayer, Bible Study, preaching and teaching; - The Communion of the Lord's Supper; Evangelism and mission, locally, regionally, nationally and internationallyi - Tre teaching, encouragement, welcome and Inclusion of young people. Nurture and growth of Christlan disciples. Education and training for Chrlstian and community service,. Giving and encouraging pastoral care; Supporting and cncouraging charitable social action. Encouraging relationships with and supporting Baptists and other Christians; FINANCIAL REVIEW Principal funding sources The primary source of revenue relates to amounts received from Church members and ittendees by way of direct and cash offerings and donations. Investment policy and objectives The Church offirS have considered the most appropriate policy for investing funds, which is, at present, to hold surplus funds on deposit at the Church's banks. Reserves policy The Church Officers have establlshed a policy whereby the unrestricted funds held by the charity should ensure the essential costs ( ) of a full tsme ministry for six to nine months. Based on the 2022 accounts, this equates to an amount from £51,147 to E76,720 in general funds. Should reseNe funds be drawn down as the result of an unforeseen emergency, measures will be taken to restore the reserves to the agreed level within five years. This policy will be reviewed again at the 2023 AGM. ( ) Essential costs equate to total annual unrestrirted expenditure minus expenditure on gifts and depreciation. Page I
Prince's Drive B tist Re d14A tees ri12022 to 31 December 2022 ftjr the Peri STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Recruitment and appointment of new trustees Five weeks (Sundays) before a Church Members meeting, considering a trustee appointment (re-appointment), nominations are invited from members for the roles. nominations must be submitted in writing with the supporting signature of tWD Other Church Members and the consent of the candidate, to the Church Secretary or equivalent. Three weeks {Sundays) before the meetlng the nomination5 are published to the members for prayer and consideration. Trustees are appointed for 1, 2 or 3 years after which they can be re-appointed by following the sarne procedure. In order to avoid the entire trustee body retiring at the same time, appointments are made for different durations of servlce. The exceptions are the Secretary and Treasurer positions which are for l year but can be re-nominated for as many years if they and the membership are content. Oryanisational strncture Prince's Drive Baptist Church is a Charitable Incorporated Organisation (CIO), registered with the Chartty Commission and operational from 14 Apri5 2022 when tt transferred the assets and responsibilities of its predecessor organisation, whidi was an expted charsty. Risk management The Church Officers have conducted their own review of the major risks to which the charity is exposed and SYSten have b&n established to mitigate those risks. The Churth Officers do not consider there to be significant external risks to funding. Intemal risks are minimised by the implementation of ProdureS for authorisation of all transactions and to ensure consisient quality of delivery for all operational asperts of the charity. These procedures are periodically reviewed to ensure that they still meet the needs of the charity REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charity number 1198633 Principal address Princes Drive Colwyn Bay Conwy LL29 8LA Trustees Revd Dr R L Beamish (appointed 141412022) Mrs L Beamish (appointed 2415/2022) P W Dutton (appointed 14/412022) J K Finch (appointed 141412022) K J Hewrinson (appointed 141412022) Ms R E Verghese (appointed 1414/2022) R W Evans (appointed 141412022) B Nuss (appointed 1511112022) M Coulton (appointed 15/1112022) Ms E CoLJlton {3ppointed 1511112022) R Evans (appointed 15/1112022) R Lander (appointed 15]1112022) Page 2
Prince's Drive Ba tist Church for he Perio 14A ril 2022 l Dember 202 REFERENCE AND ADMINISTRAnVE DEfAILS Independent Examiner Pritchett & Co Chartered Accountants and Chartered Tax Advisers 16 Wynnstay Road Colwyn Bay Conwy LL29 8NB Approved by order of the board of trustees on behalf by- t3 and signed on its ewinson - Trustee Page 3
In ndent Examiner's Re Prince's Drive B ti rt to the Trustees of hurch Independent examiner's report to the trustees of Prince's Drive Baptlst Church We report to the charity trustees on our examination of the accounts of Prince's Drive Baptist Church (the Trust) for the period 14 April 2022 to 31 December 2022. Responslbilities and basis of report As the cnarity trustees of the Trust you are responsible for the preparation of the accounts in accordan wlth the requlrements of the Charities Art 2011 ('the Act,). We report in respect of our examinatton of the Trust's accounts carried out under Section 145 of the Act and in carrying out our examination we have followed all applicable Directions given by the Charity Commission under Section 145(5)(b} of the Att. Independent examiner's Statement We have completed our exatnination. We confirm that no rnaterial matters have come to our attention in connection with the examination giving us cause to believe that in any material respett: accounting records were not kept in respeLt of the Trust as required by Section 130 of the the accounts do not accord with those record5,' or the accounts do not comply with the applicable requirements concerning the forrn and content of accounts set out in the Charities (Accounts and Reports) Regul¢ltions 2008 other than any requirement that the accounts give a true and fair vlew which is not a matter considered as part of an independent examination. We have no concerns and have come across no other matters in conneclion 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. Pritc.hett & Co Chartered Accountants and Chartered Tax Advisers 16 Wsfflnstay Road Colwyn Bèy Conwy LL29 8NB Date: 231oc12....a..................... Page 4
Prince's Drive Ba tist Church Statement f Fi ncial A no 14 A ril 2022 to 31 December 2022 Unrestricted Restricted fund fund Total funds Notes INCOME AND ENDOWMENTS FROM Donations and other 93,022 93,022 Investment income 282 282 Total EXPENDITURE ON Charitable activitses Gifts Missions Gifts other 8,530 500 8,530 500 Other Total 93,775 NET INCOME/(EXPENDrnIREI 1,974 (2,445) (471) RECONCILIATION OF FUNDS Total funds brought forward 118,664 464,756 583,420 TOTAL FUNDS CARRIED FORWARD 120.638 462311 582,949 The notes forni part of these financial statements Page 5
Prin '$ Drive B urc Balance Sheet mber 2022 Unrestricted Restricted fund fund Total funds Notss FIXED ASSETS Tangible assets 22,319 462,311 484,630 CURRENT ASSErs Cash at bank 2nd in hand 98,319 98,319 NET CURRENT ASSErs TOTAL ASSETS LESS CURRENT LIABILITIES 120,638 462,311 582,949 NET ASSETS 120 638 462 311 582,949 FUNDS Unrestrlcted funds Restricted funds 120,638 462,311 TOTAL FUNDS 582 949 The finanaal statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: ewin50n - Trustee The notes form part of these financial statetnents Page 6
Prince's Dnve Ba tist Church otes for the Perl th 14A in il 2022 to 31 Dember 2 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charty, which is a public beneftt entity, have been prepared in accordance with the Charities Act 2011. Tre financial statements have been prepared under the historical cost convention and include the resuits of the Churth's activities on a receipts and payments basls. Income All income is recognised in the Statement of Financial Activities Once the charity has received the funds. Expenditure Expenditure is recognised ontr incurred. ExpenditLfre has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible ffftd assets Depreciation is provided at the following annual te5 in order to write off each asset over its estimated useful life. Fixtures & fitiings - 20Qk reduang balan. No depreciation is accounted for on the freehold property. Taxation The chèrity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds cfjn be used in accordance with the charitable objectives at the discretion of the trustees. Restritted funds can only be used for parttcular restriLted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes, Further explanation of the nature and purpose of each fund Is included in the notes to the finsncial statements. Page 7
Prince's Drive B tist hurch es for the P th tinued er 022 ril 2022 to 31 De ACCOUNTING POLICIES - continued Pension costs and other post-retlrement benefits The charity operates a defined benefit pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Flnancial Activities in the period to which they relate. The Church has previously been notified of a potential deficit in the pension fvnd. As at 20 June 2022 this deficit, as advised by the Baptist Union was E9,100. However, the Church officers have subsequently received corresponde1 adwsing that there is no further shortfall debt. INVEsfMENT INCOME Deposit account interest 282 TRUStEES' REMUNERATION AND BENEFrrs Thefft were no trustees, remuneration or other benefits for the period ended 31 December 2022. Trustees, expenses There were no trustees, expenses paid for the period ended 31 December 2022. TANGIBLE FUED ASSETS Fixtures and fittings Freehold property Totals co Additions 452 532 492 655 DEPRECIATION Charge for year NET BOOK VALUE At 31 December 2022 452 532 32,098 Page 8
Prince's Drive Ba tist Church Notes ft)r e finan tements - continue erlod 14 A il 2022 to 31 December 2 22 MOVEMEHf IN FUNDS Net movement At in funds 31112122 At 1414122 Unrestricted fund5 General fund 118,664 1,974 120,638 Restricted funds Church Buildings 464,756 (2,445) 462,311 TOTAL FUNDS 583,420 582 949 Net movement in fiJnds, included in the above are as follows: Incoming Resources Movement resources expendedin funds Unrestricted funds General fund 93,304 (91,330) 1,974 Restricted funds Church Buildings (2,445) (2,445) TOTAL FUNDS 93,304 93 775) L471) RELATED PARTY D15CLOSURES Prince's DF&ve Baptist Church is a Charrtable Incorporated Organisation (CIO), registered with the Charity Commission and operational from 14 April 2022 when tt transferred the assets and responsibilitie5 of its predecessor organisation, which was an excepted charity. Tho value of the freehold propety transferred In was £452,532 and the value of the flxtures and fittings was £31,670. Page 9
ince's Drive Ba t Church De iled Statement of Financial A ivities r the Period 14 A ril 20 2 to 31 Decem er2 22 INCOME AND ENDOWMENTS Donations and other Freewill offering Income Tax refund Other income 61,210 9,672 93,022 Investment income Deposit account interest 282 Total incoming resources 93,304 EXPENDITURE Gifts Grants misslOn5 Grants other 8,530 500 9,030 Support costs Administration Subscriptions Event payments Catering Telephone Equipment Depreciation Expenw Ind bank charges 2,226 1,534 1,189 489 65 5,580 1,562 12,645 Human resources Wages Pensions 31,433 40,042 Property Rates and water Insurance Carried forward 171 2,272 2,443 This page does not form part of the 5t4tutory financial statements Page 10
Prince's Drive Ba tist Church etailed Statement for the Perio 14 A rll 2022 ivities l December 2022 Property Brought fomard Light and heat Repairs and maintenance Cleaning Depreaation 2,443 3,511 2,301 1,065 2,445 11,765 Missions Mission costs 4,736 Manses Rates and water Insurance Repairs and maintenan 10,992 894 12,971 Governan costs Independent examination Solicitor5 fee5 1,500 Total resources expended Net expenditure This page does not forni part of the statutory financial statements Page 11