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 R￿ortillg 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) else￿h¢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 90*3. 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 tria￿tred 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 adin1￿1St[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 hI￿le￿ 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 Mana￿eMent
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 MaiiciAYnie￿l
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 Lo￿er 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 SouihL0i￿be 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 In￿eStMent 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 pn￿en1,.
siaie wliether applicable UK Accouniing StandArds liav¢ b¢¢n follow¢d. subject to any niaterial d￿artures,.
&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 i￿￿teeS 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 Ma￿r$ 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.$45
1493J47)
R¢tontiliation of funds..
Fuiids broiiglii fonvai'd
Fund8 carried fonv*rd
79.61 ? 3.78? 071
79 864 5 100
i,861.684 4.J55.031
7.180 229
3J61.684
*Priory*fji anulythi5.'
EndowDieMI
2022
TolalJiiN
Fmmd
In¢om¢ and ¢ndowin¢nts (rom:
InvesiTn¢nlb
Tolal income and endowments
l? J.976
123 976
123.976
Exptnditure on..
Raising fvnds
Charitable activities
TntAI expenditure
9,407
?4,9?9
123,698
15,522
139,2211
Operating Surplus Ildcfieiti
278
li.5221
{li,2441
N¢1 {lossesl on invesrments
1478.1031
1478.1 Oil
N¢t intDme l (txpenditurel And Net rnoTrement in Funds
278
{493.62il 1493,3471
Reconcilialion of fund5'.
Fuiids broiLght forward
Fuid$ 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 a￿ets
Deblors
Cash deposited with Grace Baptist Charities Ltsl
22,360
64,347
86,707
Liabiliti¢$
Credi￿rs.. ,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
To1￿1
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
P￿ted$ 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
chl￿ge eash gnd ¢4$h equlwalents in the reportiog period
C&sh and cash equivalents at the btoin￿1ng of the reportin¥ p¢riod
Cash #nd e*sh 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

R￿HmoND- SALeM BAPTIST CPIAPEL CHARITY
NOTES TO THE ACCOUNI"S
FOR THE I-EAR ENDED 31 DECE￿IBER 20*3
.4C.COUNTIP4C POLICIES
The priThcipal ar￿untIn& 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- Recom1￿ended 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 credit￿r5 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 InveS￿ent 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
INvesth￿ttts assets
2022
Tolal
FigMresAftrprevloH5yeWforconipftr￿￿j
79.335
79.3i5
(5.896} 4,275,696
4.355 OJ I
UnreMric*d
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 D￿ernber 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. ReP￿ts
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 ACcOU￿s
FOR THE YEAR ENDED 31 DECEMBER 2023
(Continued)
I I TRUSTEES, REMUNERATION AND EXPENSES
No r¢mwieration or reimbursement of ex￿nseS 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
chll￿hes (South East).