RICHMOND- SALETrI BAPTIST CHAPEL CHARITY Administered bv Grace Bapt15t Chariti¢5 Limit FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1023 Charity number.. 1201410 CoAt¢nts P*ge Report ot'the TIv51cc5 Report of the Indepeiideni Exaniiiier StJtetnenl ot FindnLial Aciiviiies Balaiic¢ Sheet Sthtemenl ot Cash FIoiv5 Notes io die Ac¢ouiiis
RICHMOND- SALE41 BAPTIST CHAPEL CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDFD 31 DECEMBER ?0?3 The tru5tee5 have pleasure in submittiiig tlieii" report and the independently-examined financial staieliien for the Salem Baptisi Chapel IRiLhn)ondl Charit), for the year ended 31 December ?0:. 3. They have been prepared in tlie fomat preslribed by the St31em¢nr of Recoinmended Practice. 'Accoiintin8 ajid Rortillg by Charities. IFRS 1021 issued by ilie Chariry Commissioner5. Obje¢tiv¢s 9nd A¢tivitie$ The objects ot-the chaiity are 10 eontribuie toivai'ds the DpK'£ep and repair of ilie Grace Baptisi Chapel. Wiiidsor Road. Kew. aiid ancillary buildiiig and the mainlcnaiiLe ot'ser¥'ices in Ilie Cliapel,. also foi. fvrtheriii8 the relioious and o¢her ¢hariiable work of the Association of Grace Baptisi ChLITch¢s (South East) elseh¢re in Greater Loiidoii aiid in ihe Counties of Surrey. Buckiiighamshire and Hetrfordshir¢. Services at 012ce Bapiist Chapel. Wiii(Jsvr Road. iver¢ suspended iji Decembei. ?O?O. A decision wa.% made not to seek to reviialise tlie church and the buildinu was sold in Api'il 903. Tlie proLeeds of sale liave been added to tli¢ permanent cndolvi¢TrI aiid 111¢ in¢oine therefore will be available to rth¢r il)¢ ivork of tlie Trust The trusLees' policy is io iiivest origiiial funds iu provide for both ¥apital grow'ih and iiicoiiie. Ilie iiiiome to be disiribiiied os above. Tlie ¢apital inv¢stmei)rs of the fuiid coniinue to bt held in a ¢ombiiiatioi) of property and balanced sto¢k exchan¥e portfolio. Giuiit mukniigpolic).. The chariry invites applications for funding froni PariiLulai' Baptisi Churches ivlio are affiliated 10 the Asso¢iation of Grdce Raptist Churche5 (South East). The applica110115 are reviewed against specific critei'ia and objectives that are set by the Board of Direclors. All funded projects are nionitored and ievieived on ai) aiinual ba51S. Piiblic bL'iJefii Thc trustees confinn that (hev hav¢ had due reuard to Ihe guidance issued by the Cliariry Commissioli oil public beiiefit when plannin8 tlieir activitie5 for tlie yeai.. Tl)e main activitie.s Lindei1aken by ihe charii! to turthei. Its charilable Purposes for Ilie publiL beiiefil are ihe i5suingJ of graiiis 10 cliurches i%'hich pruvide a raiige of aciiviiies incliidin8 weekly publi¢ worsliip s¢rviees. atid the issue of a w'ani to AGBCISE) Hvfiie Nli5sioii i¥hi¢li provides support to such cl)urclies. Athievements and Performante Grants w'¢re disiribut¢d io s¢v¢n churches ro the value of £54.500 (20?: £58.500) for rharitsble work ¢onnecied with Ilie A550ciation of Ciwace Bapiisi Churches ISo(ith East) and a grdni of £24.000 1?0?? £.?O.000) was made to AGBCISF.) Home MIs5ion. In addition. a grant af£4i.QOO ivas n)adc to tlie ACJBCISE) Traiiiin8 Fund io fijnd trainin Grace Baptist Pastor5 W Serve in our churches. FlnAnelal Revltw Exceptioiial Incoiiie ot. £1.1¥3.5?O was reLeived froni die Sale of tlie K¢iv Chapel and added to tlie Permanent EndoiNnienl. lliis meaiii thai lh¢ in¢oin¢ fron) Ihe yvdr exie¢ded the audit Ilire51iold. hOw¢er the chai.ity Conin)Ission graiired a di5pen5ation froni Audit iii litshi of tlie exceptional and oiie-off Iiaiure of ihe weipt which triatred the n¢¢d for an audit. "fhc a¢¢ounts have therefore been siibjeci to an liidependent Exalliination instead. Income from inveslmcnts iiicreased by £29.6i9 I2J.91 ID) on the previous year, This was because income fi'om ilie new proLeeds ot ihe sale of the Kew Chapel wliicli have been iiiv¢5ted in a new portfolio niaiiaged by Rathbones Iiives¢rti¢nl Manab7ers. The al[l¢ of the invesiments thrrefore rose bj i11creased b) 4? 19/0 0ft5el by ali unrealistd loss of 7.44Yo on the investmeni propeny. Th¢ valiie of the endoivment fund increased by £ I,-118,?94 in ?0?3 as a resuli of the investment of the proceeds of tlie ew Cliapel.
RICHMOND- SALEM BAPTIST CHAPEL CHARTrY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 20?] (¢oniinuedl Resgiryes polic'v The charity had Lotal reserves of £5.180.229 al the year ¢iid. £5.100.365 of th¢ reserves are iii ai) endowm¢iit fund It is tlie poli¢y of (lie charity to mainTain uiiresiricled flmds. which are fr¢¢ reserves of ilie Charity. ai a level thai uate.s to approximaielv six monihs uni"estricted expendimre wliich is about £75.000. This provides sutTicient filnds io cover supp011 costs. Inaiiagciiieiii and adin11St[all0 aiid to respond to emei'geiicy aiJpli¢aiions for ants Iliat arise fi'om iiine io time. The cUrr¢t free re5¢rve5 are £79.864. Th¢ Tru$re¢s anticipate hIle grant regLle51S over the nexi fcw ye&TS aiid are Ilierefore expecr tlie Ir5eiwes to siaduallv ieduce ovcr the ncxt fivc year5 toivards a level which reflects thc ¢urrenl r¢5erves policy. 5trutture, Govei'Trance and ManaeMent The Sdleni BapiisL Chapel (Richmoiidl Chai'ity was constituted a Sclieme of ilie Chariry Coiiiiiii55ioner5 dal¢d 18th Api'il 1975 10 adminisi¢r and nianage the Saletti Bapiisi Cliapel ID¢ed of Trusi 29th No¥eiiiber 18871. Tru51 properly adniiiiistered iii Gonnectioii will) thar ¢l)ariry (Deed ofTriisi dated 17th June 18961. the charity ofThonias Robiiisoii for the Lhapel (will proved 011 711) NovcTnbcr 19381 and the charity of Thomas Rnbiiison for building a ll¢. chapel (w'ill proved 011 7tli Noveinber 1938). Th¢ trusiees ar¢ Gra¢¢ Bap(ist Cliarities Liiniied. Risk MaiiciAYniel The triistees have assessed the principal risks io which the ch2riN is e.Yposed. in particiilar Ihosc related to the operdlion5 and finaiice of Ilie cliariiy. and are satisfied tliai procedures are ii) plaLe lo enable rep)[L lo b¢ produ¢¢d 50 that necessary steps 11 be takeii 10 nii[jiTaie 115 exposLITe to the niajur risks. Key risks and the steps taken its mitigate tliese include liquidity due to iiicorne beiiits in5ufi41¢1)t to Loer coiiimiued grants Iiiiitigaied by graiirs being agreed aThiiuallyl aiid iiiv¢siment risk Iniitigalcd by use of professional inv¢stmeiit advisers). IIivLisinieAI powtrrs Trp In¢&1<111 pourr5 ¢)t ilie trustees are subj¢wl io die Tnjsiee Inve51iiienis AcL5 1961. as ametided. The Lrusiees 5tek to refleci a evanoelical p05iiion in exer¢isiiiu eihical ¢onsu'aints with invesimeiits. Tlie Ir1151¢¢s' poli¢v is to invest origiiial fiinds io provide for botli capital 8roiTrth aiid iiicoine. Ilie iiicomi ith he dis(iibllted as above. Reference and Admini5ti'ative Detai15 The charity was adiiiinisiered b), the trLlStee5. Grace Baptisi Chai'ities LimiLed IGBCLI. Ihroughout Ihr year. The quoted inve%tmenrs are held in a portfolio in Ilie naine of ilie Tru5te¢5. GBCL'S re¥istei'ed office is 6? Bride Streei. London. N7 8AZ Tlie compaii). rcg15tratlOll IlULnber is 960*5. The directors ofGBCL ai thc dale of this report were.. A A Ottlcy (resigned Sept ?02_31: A Cr¢¢dy IChairma11 I.. P Fug8le', .4 Gai'dn¢i' (Finance Officer).. B Jones (Appointed Nov ?0?31. A King . D J fvloiiimer.. Miss hl O, MarR: P Smiili: J SouihL0ibe I"l-Irasuirrl.. P M W'oodley The principL21 advisei's of tlie charity, are as follows.. A¢countaiits Jacob CaTrcnagli & Skeet: 5 Robin Flood l.ane. Suttc)n. Surrey SMI )SW Invesiec Wealth and Invesiment Lid. ? Gresham Sireet. London EC? 7QP Raihboiie5 Iiivestmeiit ManagemeiiL 8 Finsbury Cl$, Londoii, EC2M 7AZ Prii)cip&l IneStMent fvlanau¢T5'.
RICHMONO. SALEM eAPTIST CHAPEL CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 20?3 {continuedl Tru$te¢s Re$ponsibillties The trLlStee5 are responsible for Preparing the TTUStee5' Report and the fiiiancial stsiements in ac¢ordance with applicable law and United ngdorn Generally Accepied Accounting Prdaic¢. Law applicable to chariti¢s iii England and Wales requires the tnistees to prepar¢ financial ststements for each fjnancial year whicli give a irue and fair view of the charity's financial activitics in thc yrar and ofits financial posiiion at the end ot the >var. In pr¢paring flnancial stst¢m¢nts giving a Irue and fair view. the (Tustees are qUired w.. 5elecL suitable accountlll8 policies aiid then apply them con51Stendy' obsekve ilie meihods and prin¢iples in the Cliarities SORP make judgemeiits and e5timate5 that are reasonable and pnen1,. siaie wliether applicable UK Accouniing StandArds liav¢ b¢¢n follow¢d. subject to any niaterial dartures,. &nd prepare the financial statements on the ¥oin8 concern ba515. un1¢55 It is inappropriate io presume that the charity will continue in operaiion. The Iruslee5 are T¢5ponsible for k¢epin(T proper accouDtin¥ records ivliich disclose with reasonable accurdcy at any time the financial positioii of the charity and which lable tliem to ertsure that the financial statements coniply with the Charities Act 201 l. Tliey are also responsible for safeguarding the &ssets of the charity and hence for tsking reasonoble steps for thc prtveniion and detection of fraud and odier itTe8ulariiies. FOR AND Oli BEHALF OFTHE TRUSTEES 6? Bride Streei London 78A2 J. Southcoiiibe, Director Grace B4ptiSt Charities Limit¢d 1st July ?014
RICHMOND- SALEM BAPTIST CHAPEL CHARITY 141 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RICHMOND- SALEM BAPTIST CHAPEL CHARITY T report to the charity trustee5 on my examination of the accounts of the Ch)nd - Salern Baptist Chapel Charity I'the Tnjst'l for the year ended 31 Decembcr 202i set out pages 5 to 12. Re5P0115ibililies and basi5 of repDrt As the ¢l)arity's iteeS you are responsible for di¢ preparaiion of Ihe accounts in acrordance ivith the requirements of the C11ariti¢s Acl ?01 l {'th¢ Act,). I repoll in respect of my examination of the Trust's accounts as carried out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions 8iven by die Charity Commission under section 145(5)Ib) of Lhe Act. The Trust's income exceeded the audit threshold for the year. The Charity Commissioii granted a dispensation fro audit on 2) February ?0?4. Indppettdent eiaminey's statement Sinr¢ ihr Tnjsi's gross income exceeded £?50.(M)O your exarniner be a member of a body listed in section 145 of the 2011 Aa. l ¢onfirm that l am qualified to undeitake the examiiiatioii b¢¢ause l am a member of tlie Tn511tuie of Cliartered Accounthnts in EnglAnd and Woles. which is one of the listed bodies. I hav¢ ¢ompl¢ted my ¢xaminaiion. I confirni ihat no matter5 have com¢ io rtiy atiention in connection with tl)e examination ¥ivin¥ nie ¢ause ro believe Ihat in any material respect.. accouniillg record5 %ver¢ not kept in respeit ot'the Trust as required by seciion 130 of Illc Act,. or the ac¢ounts do noi accord wilh those reccYd5: or die a¢¢ouiits do not comply with the applicable reqLiirements coiicerning ih¢ fomi and conieni of accounts set oiil ill the Charitle5 IA¢counts and Report) Regulations 2008 other than ai)y reoiiirenient that di¢ a¢counLS give 'true and fair view, which 15 noi a matter consid¢red a5 part of an independent examination. or the accounL8 have not been prepared iits accordaiice with the methods and principl¢s of A¢¢ouniing and Reportin8 by Charities.. Staiemeni of Recommended PLa¢ti¢e applicable to chai'itie5 pIEpai'ints their a¢¢ounts in aCLordance willi Lhe Financial Reportiiig Standard appliiable In the UK and the Republic of Irelaiid IFRS I O?) I have Do concerns and have come a¢ross no other Mar$ in coniieciion with the examination Lo which attention should be drawn in this Irpoi1 in order to enable a proper undersiandtng of the accounts to be rtached. R l Haffenden CTA FCA Jacob Cavenagh & Skeei, 5 Robin Hood tane. Suttoii, Surrey SNf l ?SW IS
RICHMOND- SALEM BAPTIST CHAPEL CHARITY 151 STATEMENT OF FfN.4NCI.4L ACTTVITIES F()R TIIF. YEAR ENDED )1 DEC-F.MBER ?OI" Uwreslric¢ed Enflownienl Fiiiirf FIIN 20?3 2022 To¢ulfi•n(Is Tvl4lfiiii Nole Income and endowments from: Investnieiits Proceed5 froin Sale ot. Kcdundani Chapel l-otgl incorne and endowment5 153.615 153,615 1,183,5ti0 123,976 1.18.7.520 1 $3,615 1.183,.520 l ! J.976 Expenditure on: Raising fund5 5.965 147.i99 153,364 17.024 24,929 147,399 170,388 Total expenditure 17.024 139220 Opernting Surplus / {d¢fi¢iti 251 1,106,496 1,166.747 (1$2441 gJii)s I Il¢N¢s) on inNesimeiits 151,798 151.798 1478.103) Net luc0¢ I lexpendiiur¢l •nd Net mThvement in Funds 251 1.318.294 lJ18.$45 1493J47) R¢tontiliation of funds.. Fuiids broiiglii fonvai'd Fund8 carried fonvrd 79.61 ? 3.78? 071 79 864 5 100 i,861.684 4.J55.031 7.180 229 3J61.684 Prioryfji anulythi5.' EndowDieMI 2022 TolalJiiN Fmmd In¢om¢ and ¢ndowin¢nts (rom: InvesiTn¢nlb Tolal income and endowments l? J.976 123 976 123.976 Exptnditure on.. Raising fvnds Charitable activities TntAI expenditure 9,407 ?4,9?9 123,698 15,522 139,2211 Operating Surplus Ildcfieiti 278 li.5221 {li,2441 N¢1 {lossesl on invesrments 1478.1031 1478.1 Oil N¢t intDme l (txpenditurel And Net rnoTrement in Funds 278 {493.62il 1493,3471 Reconcilialion of fund5'. Fuiids broiLght forward Fuid$ Carried fornard 79.3jj 4.?75.696 7961J 3 782071 4.3i5.031 3.861.6
RICHAIONO- SALÉM BAPTIST CHAPEL CHARITY BALANCE SHEET AT 31ST DECEMBER 2013 2023 2022 Nol¢ Fixed 9&8tts- Investmenls Quoted Invesirnen Investment Property 4.516.098 596.450 5,11?548 3.176.057 611.349 3.787.406 Current aets Deblors Cash deposited with Grace Baptist Charities Ltsl 22,360 64,347 86,707 Liabiliti¢$ Credirs.. ,4mounts falling due withill one year 6.6661 {1? 429) Net current a55ets Ci7.C)81 Total net gS8tts 3.861.684 The lunds of the Charity: Eiidowmeni Fuiid PTopem Revaluation R¢s¢rve (Endowment) Total endoivinent 14 4,879.691 ??0.674 5,100.365 3.546.498 23i.571 3.782.071 Unrestricied Fund Total ndS 79.864 5 180??9 79.613 3.861.684 Signed on behalf of ilie Board of Trustees on ISL luly ?014 by.. J. Souihconibe, Director Grace Baptist Chyritie5 Limited
RICHAIOND- SALEM BAPTIST CHAPEL CHARITY STATEMENTOFCASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 20?3 2033 To11 2(P22 Statem¢nt of tash 11(trws: F¥nds T8ble Cash flows from operAting activitie5'. Net cash provided by (used inl operaiitig activities 1,026.247 109.803 Casb flows from investing #ctivities: Dividends. int¢re5t and rent from investsnenLS Pted$ from sale of iiivesrments Purihas¢ of invesinients Net ca51i proTrided by (used in) inve5tin¥ artivilies 133.683 96.11? 1.530.849 674.057 11.704.194) 1657.970) 11.039.662) 112.194 chlge eash gnd ¢4$h equlwalents in the reportiog period C&sh and cash equivalents at the btoin1ng of the reportin¥ p¢riod Cash #nd esh equivalents it the ettd of ihe reporting period (13,415) 64.347 2J91 61.956 Table A- Reconciliation of net income l {expenditure) to ttet cash flow Irom operAting aetivities: 2D23 2022 Net inconie l (expenditure) for tlie reporting period (as per Ilie statement of financial activities) (Gains) I losses on invesrments Dividends, interest and reni froni iiivtstnients (Increa5eVdecreas¢ in debtors IDecTe85elliThcrease in crcdi1015 Net cash yrovided by Iu5ed in) opernting xttivities 1.318,545 Ilil.7981 1133,6831 11,0551 15,76?) 1493.3471 478.103 {96.11? 12,3731 3,9?6 109803 Table B- AnAlysis of cash and cAsh equivglent5'. Cash in hand with GBCL Noiice deposits (less than 3 moiiihsl Total cash nd cash equiYAlents 50.93? 64 47
RHmoND- SALeM BAPTIST CPIAPEL CHARITY NOTES TO THE ACCOUNI"S FOR THE I-EAR ENDED 31 DECEIBER 20*3 .4C.COUNTIP4C POLICIES The priThcipal aruntIn& polici¢s adopted, judgem¢nts and key SOLirces of c5tirnaiion uiicertainty in the preparation of tlie fjnancial statement5 are as follows.. 141 Accounting tonventiDn The finaiicial staiements have been prepared under the Cliarifies ALI 2011 and in at¢otdance with the Cliorities Statement ot- Recom1ended PractiLe Icharities SORP IFRS 10?)) and Fiiiancial RepoTfili&tr S¢aiidar IO? IFRS 10?). The fiiidllLial 5ta¢em¢nt5 are di'awn up on the historiczl cost ba515 of accounting, a5 modified by the reviilLiaiioii of investm¢iii pi'operties. Tl)¢re are no material unreitainiies about ihe cliarity's 2bility to coiiiinue iii operation. The finath¢ial statements al'e pitpai'ed In pounds sterling roiinded to ilie nearest pound. Richmi)nd Salein Baptist Chapel c.harity m¢ets rlie definition of a publi¢ benefiL eiiiity under FRS I O? It is an unillcorporat¢d chai'ithble trLlSI Wtth re8lSteird addi"e8s of 6? Bride Street. Lundon. N7 8AZ. Ib) Golng concern Ther¢ are 110 1112terial Linc¢rtainties about thr chai'ity'5 4Lbility to rontinue. InN'¢slnieni income is I'eco8ni5ed on an accTuals basis. Idl Exptnditure All expendittjre Is IllLluded on an aicruals basis. Chai'it&ble expcndituie Coinprises all expei)diture dircctl}' relared to Ilie obj¢L(s of Ili¢ charity. fiiis Iiiilud¢5 &JoveriiaiiLe Losts ivhich rei)re5ent the cost Df comp11211ce with consiitutional aiid statutory requirements. le} Investments and iMve5tmtnt pmpertits Inves(Meiiis aiid invesiiiienl properties are staled al n)ai-kel Yaluc. The trustees revteiTr the value LTrf iiivesuiieiii prupenies annually avd obtaill cxlern&l valuation5 every fiv¢ years. Realised uain.% and losses arisins oli the di5P05HI of invesiinenis and investmeiii pi'opc111ts ale Included in the Stsicmenl of Firtaiicial Aitiviiies. Ui)reali5ed tsaiiis or loss¢s arisiiiu frorn ¢lianges iii niarket valiie are also recognised tn (lie Stalein£nt of Fiiiancial Activities. 10 Debtors Loaiis 10 churLhe5 aiid tru515 aiid other debiors are itiiluded al ilic settlemeiil ainouiii due. Prcpayments ale valued at the amouiii prep2L Id. i.) Cash deposlted with Gr#ee B#pti%t Charities Ltd Casli deposited with Grace Bapt15t Cli&rities Ltd is a Short terni highly liqiiid iiivestmeni with a short maruri of thr¢E months or less from the dale of op¥niDg of Ihe deposir. Ihl creditr5 and provi51Q115 Creditors and provisions are re¢ognised i¥here th¢ chHriTr' has a piEseni obligation arising fvom a past cvenl thai Ivill probably result iii tlie Iransfer of funds io a third party and tli¢ aiiiouiit du¢ to S¢tile Ilie obli4Jation ¢an b¢ nieasured or esiimaied relial)l>'. CreditOl'5 and provisions arc recounised aL their settlement amounL
RICHMOND- SALEM BAPTIST CHAPEL CHARITY NOTES TO TPIC.4CCOIINTS roR TFIE I'EAR ENDED 31 DECEMBER ?0?3 {COnlinu¢d) ? INCOME FROM INVESTMENTS UTrre5tricied Fuiid Investinents listed in recognised stock ex¢liange Invc5tin¢nt pioperties Baiik and ller inieiEsi Tolal incorne frorn investm¢nts 2023 21122 103.937 ?j,183 16.495 15?,615 105,351 17,7?4 899 PROCEEDS FROM SALE OF REDuf4DAKf CHAPEL 2023 2021 Proceeds trom Sale of Chapel (after Selling costs) 1,18).57D Services at Grace Baptisi Chapel. Windsor Road. Kew wcre sii.speiided ill Decetnbei. ?020. A decisioii w&s made not to Seek" ID rewita115¢ the rhurkh and die buildin¥ was sold in Api'il ?02i. "fhe piDceeds of sale have been added io tlie p¢i'llliiiienL endowmeiii and ihe inLome ilierefore will b¢ availabl¢ to fvrtli¢r the ivork of ¢h¢ Ti'u5t. This nieaiit IliaL the iiicomc fi'om th¢ y¢ar exceeded t]ie audii tliresliold. however tlie Cliarity Coinmission granted a dispensaiion from Alidit in lioht nf the exceptioiial aiid oiic-off iiaiure of the receipt Tht accou11ts liave therefore been subject to an Iiidependeni Exaniination instead. 4 EXPENDITURE ON RAISING FUNDS Iri4l¥d FiiTrd rnve.stment property expendiwre 2023 2022 5.96) 9.407 Endoii.'nient Fund Infve5tsneiii managemeiit eliarges 15.51? Tnl%l eYp¢ndilure raising fund5 5 EXPENDITIIRTr- ON C.HARITABLL AC'I'IVITIES UnrestlT¢tcil FL4Lid Graiits io.. Association of Grace Bapiists (South Eastl- Training F(In(I Si John's Ivood Ruad Bdplisi Chvrch Grdee Churih. W31thatnstu Monnoiv Road Baprisi Cliuyeli. Beiinondsei. Ealin¥ Road Bapiisi Church. Brenttord HILih Road Bapiist ChurLh. Finchle> Th¢ Villa&¥t Church, Greenwich Grace Baptlsr Cliurcli, High IVy¢ombe Kingis Road Bapiisi ChuiLh, Chiiiuford GrRre Church. Bexle)heath AGBCISE} Hom¢ fvlissioii To¢al granis 2023 21122 4.000 4.500 ?.500 i ?.000 12,000 i ?.000 i ?.000 4.500 4,000 7,000 4,000 7,iOO 14,000 l!j.50 30.000 88.500 Odler expeiidiwre.. TNste¢ managenieiit Lhai'LTes Independeiit ¢xamiiiation f¢ts Legal f¢¢5 Baiik cliarge5 Total othtr expenditu 16,-B8 876 6.600 840 7.8(Ml ?3.899 25,791 Total ¢xpenditure on Lharilable artivitit5 147 99 114291
RICHMOND- SALEM BAPTIST CHAPEL CHARITY iioi NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 20?3 (coniinued) 6 NET GAINS I (LOSSES) ON INVESTMENTS 21nJ 2022 Endowmeni Fund Realis¢d gains on investments Unrealised gains / {lossesl on investments Totil ffjet gxins l Ooss¢sl on invtstment8 34,3S? 117.446 1$1.798 81.009 (559,112 478,103 7 FIXED ASSET INVESTMENTS 2023 21)22 Quoted inve51ments Marker value at 1st January 20?3 Additions Dispos8ls Unrealised gains / (losses) Market valiie at 31st December 20?3 3.176.057 3.694,291 7 704,194 657.970 (1.496,497} 1f93,043) 132.344 583,161 4.516.098 3.176.11*7 Equity share in Property: 2A Baalbec Road, London N5 Market valts¢ at I st Januaiy 2023 Unrealised I1¢$) l 8aii)s Market value at 315r Decenibcr 20?3 611,349 587.301 596.4fO 611.i49 Total investments 5 112548 3.787 406 Tlie irustees obtaiiied a professioiial Ialuatioii of die investinent propety in December ?O?l. The trustee5 have used Ihis as the basi5 for the current valuatioii and have adjusied it by ref¢renc¢ to (he national Iiou5e pricc index AII qLlOt¢d inv¢sim¢nrs are lisLed and deali wilh on a re¢o¥nised stock. exchang¢ in the LIK. There were tt¥o individual quoted investments valued al more than 5Q4 naffl¢ly l anguard Fund5 PIC S&P 500 Ucits Eif USD Di5 at 6.45Q/o, Charity Propew Fund ai 5.9°/i and JP Nlor8an Liquidity at 5.160/0 of the total investnient portfolio. No oiher individual qiiot¢d inve5tmcnt is valued a¢ 5% or morc of the total invesiment ponfolio.
RICHMOND. SALEM BAPTIST CHAPEL CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER ?0fj3 (continued) 21123 2022 8 DEFfoRS tkbwr for InveSent income due ?3,415 9 NET ASSETS Nei emffefvi 2023 IRvestnients CMrrentye4r Unrestricted Eiidowed 79.864 12.183 79,864 5.100.i65 5,180,2?9 5 112,548 5 112.543 curremt INvesthttts assets 2022 Tolal FigMresAftrprevloH5yeWforconipftrj 79.335 79.3i5 (5.896} 4,275,696 4.355 OJ I UnreMricd Etidowed 4281.5 4281.599 The trustees. poli¢y is invest original funds to pi'ovide both capitsl funds and income. I O RELATED PARTY TRANSACTIONS Grace Baplist Chariiies Limited is th¢ corporate Trustee for the charity. the course of its performance as trusi¢e. die company holds operating cash funds of the charity. Durins 20?.l. the interest Tale paid to tlie chariry on the eash balaiices held wa5 1.75O/D p.a. for 1st January lo 31 st March. 1.250/. froiii 1st April 10 30111 June. 3.?5 /• froni l si July to 30 Sepieniber and.1.75¢ from Isl October lo 31 Deeember, ¢redi*d quarnerly. The balancr of cash funds held ai 3 1st Dernber was £50,93? The directors of the company Iwiih ihe ¢x¢epiion of the Finaiice Officer and Association Secretary) Hre also the Execuiii'e Committ¢e meiiibers ot the A550ciation of Gizcc Bap115t Churclies (Soudi Ea5tl. During ?0?3. 8raiits or £74,000 wer¢ niadc to AGBC.(SEI Home M¢55ion. Ivliich is a resLricled fund withiii ihe Association. AGBC(SE) Home Mi55ion provides mission support for indep¢nd¢nt evangelical Grac¢ Baptist churclies in the Association. A grant of £45.000 was made to ihe AGBCSE Training Fund to support rnsni5ters training for the mini5ty. RePts on the activiiies of both Fund5 are pr¢5enled at AssoLiation Committee Klceiings lield four limes a year. The M]$te¢ provided adI[nistration 5erviie5 to the cliarity for a charge of £16,J851?0??: £17,li l ).
RICHMOND- SALEM BAPTIST CHAPEL CHARrrY 1121 NOTES TO THE ACcOUs FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued) I I TRUSTEES, REMUNERATION AND EXPENSES No r¢mwieration or reimbursement of exnseS directly or indirecdy out of the fvnds of the charity Wd5 wdid or payable for the year to arty or to any person or persons known to be connected wth any of ihem. I? TRUSTEES, DONATIONS There were no dona¢ions ¢0 the charity by th¢ Trustees in 2023. li STAFF COSTS ATr4D EMPLOYEE BENEFfTS The charity did not employ any stsff during th¢ year. 14 ENDowMETr FUND The Endowment Fund is held to 8enerate income for the support for the work of the A&8ociation of Grace Bawisi chllhes (South East).