RICHfvIOND- SALEM BAPTIST CHAPEL CHARITY Adiiiiiilsteiyd by Grw¢t Baptist Charititt Limited FINANCIAL sfA T]ENTs FOR TH YEAR ENDED JI DECEMBER 2024 Cliarlty kumbei.: 1201410 Contents Page Repart of the Trustees Reporl ofihe Independent Examiner Statement of Finl)cial Activities Balantt Shccl Noies to tlieAeeounts
RICHMOND_SALEM 8APllST CHAPEL CHARITY REPORT OF THE I'RUSTEE FOR THE YEAR ENDED 3 1 DLCEM8ER 2024 The trust¢ei liavl ple4sure in submiLting tlieii. rLPOrt £1nd the iiidtptndentlykumined finan¢ial staierll¥nls foi. the Salem Baptist Chapel (Ricliirondl f.hai'ity foi. the s'eat. elided 31 Decemb¢t 2024. They liavt been prepayed in tlie ronna¢ i)i'&%LI'ibed b}. the StateiiTr¢nl of Recomnended Practi, 'A¢c(kunting and Repoiting by Cli1£ I'lties, {FRS 1021 i%5ued by the Chai'ily CoininissiotJeiT. Obje¢tivts and Activitie5 lThe object% of Iht cliaiity are tu coniiibute tow41$ the upkeep aiid i'epair ot the Gtace Bi£ Ptist Chapel, Winkni. Road, KeNv, and artcillL?ry biiilding und the tnatntenance of seiwites in the Chapel: a150 lor lurthei'ing the IEligiou8 an41 otlier LarLble ii'ork ot. the A.%50ciation of Gi?ce Bapiist Churches ISoLltli Fasil else)vhete in Gi'eater Londott aiid in th¢ Counties of Surrey, Buckiiigham5hire and Hertfoi'd5hiie. SeiviLes al G17ce Baptisi Chupel, Wiiidsor Road, Keiv vtre Susnded in December 2020. A dLcisioJi ivos niade noi to &cek to revilalise the chuvch and tlie buildiiig was 501d in Apiil 2023. 'lkne pix)ceeds ot. sale was addeil to tlie peniiaiien( endoiviiieiit and Ihe irtcoii)e tlieiElor¢ ii'ill bL available to fyrth¢i' Ihe work ol-thc Trust. 'riie trustees, poli¢y is to invest original fuiids to provtde foi. boili ¢apiiol gitsh and incanie, the income lo be disii'ibÈited above. Tlie capilal inve%tinent8 ol. the fund continLie to be lield in a ¢on)bination of pro]Kriy and balanced stock e.Kchatige poi'Lfolio. GI¥iAI Fiiokingpolrcy The chdriiy invites applicaiions for fundin8 tiDm PR11iculai' Baptist Churche5 are aftilialed 10 the A%so¢iation ol. Graee Baptist Chui'clies (Sollth FAstl. The applications are ieirieived against specific ci"iieria and objeLtive5 that at? ct by the Board ot. Dire¢tors. All funded piDjecLs are moniiored and revleii'ed on an annual basis. The IrusteLS Contiriii il)a¢ they haire had duc iEgaiYJ lo ilie gtiidancc issued by the Chai'ity C.oniinission ort iiublic ¢fJt ii,hen plaiiiii tlieii. activiiie% tor the yeai.. The niain actil'ities unde11Jken by the ehai'il}' to further its charitable purposes for tlie publi¢ benefit air the is511ing of grants 10 cliurches iYhi¢h PYQiiide a ranoe ot- activities including weekly public iTrviship Services, and Il)e iSSLie ot a wnt to AGBC{Sf) Hutne Mi83ion ii'hieli plVIde5 support to such Lliurches. Acliievenients Perfoi'njante Giants iveie di8wibut¢d to seven chuirlies to ihe iwalue ol. £57,500 12023- £54,500) tor charithble iii)i'k cMne¢ied Itl) the A530ciation ot Gl'ace Baplisl Churclies {Soiitli En5tl and a grant of £20.000 120?.1 £24.0001 niad¢ to AGIJCISEI Home fvfissioIi. In addilion, a giwnt of £40:000 12023.- £45,000) was niade ts) the AGBCISE! Ti2iniiig Fund fund trL1ining Grace Baptist Pastors to seiwe in our ehiirches. FlnAntlal RtviiY 111 202J, ExLepIEoiial Income of £1:183520 ivas ieceii'ed froiii the le of ilie K#¥ Chapel and added ts) the Pei'manen( Cndoivineiii. Income fi'oni invesimeiits increosed by £18,856112.27 %) on the pieirious yeav, Thi5 Iva5 b£¢au5r of iiiconie troi)I tlie neiv pyoceeds of rlie siile of Ihc Kthy Chai)el ivhich hdve been ini'ested in a n¢iv portfolio mana¥ed by Rs1htnes Tnves¢ment Managers. Tlie alue Iii die quoied inv¢5ttllent5 inciEased by 2.98% and tlieiE li'a% ao unrealised sui'plus ot 2.020/0 on the iiivestsiiLnt piDpwty. The Yalue ot the endoivinenL lund increased by £151.185 in 2024 as a result af the investment gi'owth.
RICHMOND- SALEM BAPTIST CHAPEL CHARITY
RfPORT OF THE TRUSTEE FOR THE
YEAR ENDED31 DELEl%4BER 2024
Icontinuedl
Reseri'espolicji
The c17arii)t had toial reserves of £5,356.513 at the year end. £5,2il.550 of tlie irseives are in Ilie eTrdoiiTrent tund.
The charity lias amended ils polic), on reserves to ensuiy tliat it has siil'li¢ient reseiwes to ¢oveT any graiils agieed pliis
six nioiiihi of t)on.giant expcnditiire. A5 grants are agreed in Noveimbei. and paid out over the folloiviiig yeai., Ihis
vill ensuir that Il)e cliarity siifticient fiittds to pay the granis should income un
RICHM0140-SALEM BAPTIST CHAPEL CHARITY REPORT OF TI.IE TRUS'FEE F'OR TFIE YF.AR F.NDED 31 DCCEMBLR 2024 {eontinuedl Trustees Resyonslbllltles The ti'ustees are responsible foi. prep.InS tlie Trustees, Repori and Ihe financial siatenients in a¢cordanc¢ with applicable lakv and Uniled Kingdoin Generally Accepted Aclounting Practice. Lam, applicable lo cliai'ities in Fnglaiid and Wales requiics the trustees 10 y'epaiE titt&ncial stalLments foi. Cli rjnancial year iiliich give a true ond frail- vieii. ol- the ¢hai-iiy's lii)an¢ial aetiVilie5 111 the year and ol it3 tiiiall¢ial pohition thi thc end ot thc ycar. In prepai'ing fjnancial staknie*Ets gii'ing a irue and fa. ir illieiv, tli¢ Iiwstees ale Irquired to.. belect suitable a¢¢ouniing policies and tlien apply thein eunsi5tently..' i)bsei3'e the Inetl)ods ai)d prii)cii)les in die Cliai'iiies SORP illake judgements and e%tirnatt5 that al'e reasanable Jnd prudeiit., statc wlieihci. applicable UK Aceouniin8 Srandaixd% have been tollowed, subjec( io any material d¢pLqltures- and pIEpair die fin)C1a1 stateJnLnts on tlie going concern ls15, unl&%s it is inappi'opriate to piEsume tl)at tlie cliarity ivill conllrtue in oper&tioii. The trustees are i'esponsible for keepiii8 proper accounting reL1'd8 ii,hieh disclose Ni'itli Irlwnable accuiacy at any tinie Ilie financial Posilion ol'tjie Lharily and wliitli enable Ilicni to ensure Ihal tlie financial slaLemEiilS Cotnply ivitli the Chai'i11¢5 Act 2011. Tliey &ir also Irsponsible foi. sat¢guarding the ussels ot. the chaiity and hence tor taking reasonable sieps fo¥ th¢ prei'¢nliun and deteLtion i)t fiaud aiid othei. iiYe8ularities. FOR AND ON IIEHALF OF THE TRUEE 62 Bride Ststet tA)ndon N7 8AZ .v) D Idoi'linitt, DiiEtior Grace Bfiptist ClIArities Limited Joili June 20?5
RICHMOND- SALEM BAPTIST CHAPEL CHARITY INDEPENDEM. EXAMINER'S REPORT .10 rHE fRUSTEE OF RICHMOND- SALE1 BAPTIST CHAPEL CHARITY I JEPOlt 10 the chai'i(y truslee ott niy exanTrinutioTr of tli¢ accounts of the Riclimond- Saletji Baptist Chapel Ch8rit)' I'the Tiu%t'l for the year ended 31 Decembei. ?024 set oiilon pages 5 10 1? Respo$1b1]i1le and b#$ls (bf repoi't As tlie Lliai'ity's trustee you aiE r£%ponsible tor the prepaiation ot the accounts in accolance H'ith tlie quIt.en7Cnts ot the Charities Act 2011 (-the Act'l. I repoit in r&%pe¢( ot my eiDinaLl0 of the 'fru5t's accounLs as eai'ried out under section 145 01. tlie Act and in cw'jysng out m), exan]inatii)t) J have folloi%'ed all tlie applitable Directions given b} ¢lie Chaiiiy Conimission under seclion 145{5)16) ol'lhe ALL Iiidepelldellt eiAmiller's statenjent have complEttd niy £xainin8tion. I coiitirill Ihal no iiiatteis liave conie ro Iny auention sn coniie¢£ion ivith Uie cxaminatioti givi8 te tause to helieiie tliat iii arty muierial i'espect.. accouiiLing rccords ivere not kepi in It%peet oftlie Tyust as YequiTLd by seL'tion 130 ot. Ilie ALt' or the accouiitb do iiot accord with tliose Ircaix4s'. or ihe acLounts do not eoniply il'ith Ihe &ppl(¢able reouiiemLnt5 conceining the form and conlenl of accouttts sei OUL iii ilie Charities IAccuunls and RepDIl1 Re8ulalions 2008 oilier Ihan any requii-enJ¢nt tliat Ihe accounts 8iife a '-tse and tail. vieii" Ivliich is not a In8ttei' considered as part of an independeal examination,. oi. the accounts hi2ve not beet) prepared itt acLx)17eC witli Ilie nieiliods and principle.8 ot. Accounting aiid R¢poi'ljnO by Chille5-. Stateillent of Recoinniendtd P1CtIce applicable lo thL1&e5 PJLparing (heir accounts iii accoilaiice iviili tlie Financial ReFX)rting Siandard api)licable in tlie IIK and tlle R¢pulilic ot Ireland {FRS I liave iio cojicems aiid have coine a¢TOSS no other m&tteJ's in connectioii with the examination to kthich attention shoiild k diwn in this ieport in ordei. to enable a piDper understandiElQ ol'the aLCoLm 10 b¢ ieached. R l FlaffLnden cfA fcA .FCS AL¢oLlntanlS l.imited. 5 Robin Hood TJ£ine, Sutton, Suiiry SMI 2SW
RICHMOND. SALEM BAPTIST CHAPEL CHARITY SI'ATEMENT OF fiNANCIAL AcfIviTIES FOII THF YF,AR ENDED 31 DECEMBER 21124 2024 2025 Fuiid Ineoine gild etidoivinejits fvoiij.. Irjvestmertts Pi'oeeeds liom Sale ot Reduiidallt c.hapel Total income endowillellts 172,471 172,471 li3,615 ,183.520 F J37,135 172.471 172,471 Expendltua'e oil: Rai.8iog I'und8 Chai'itqble aLtIVllies Total expenditure 7,780 139.592 147372 24.455 ??,989 147.399 170,388 139,592 171,827 24,455 Operatlllg surplus 2S,099 124,4551 644 1,166,747 Net gaiiis un investments 175.640 175,640 151.798 N¢t iii¢oni¢ Net xnoveiiiellt iii Fund5 25,099 151,18S 176,284 1 J18,545 Re¢tsiiciliatioM of funds: Fund8 byought ti)Ili11 Fuuds eai'i'i¢d forworil 79.1¢64 5.100,305 104 963 5 2.515.50 5.180.229 3,861,684 S6 SJ3 5 180 29 PrioryeKr ¢ipialy51S.' Uiiieslrlrtgrf Eiirfoiviiieiil Fiilid Fiipid 21123 Toléil[iiii¢ls IneoTMe and enilowiiiettts fi'oin: Invesiixeiits P1CeedS fiDin Salc ot-Rcdundant Chapel Tot81 iiicomc and eiidoivinellts 153,615 153.615 1513,-f20 1337 IJ5 1.18.1.-520 AS3 615 1 183520 Exptmditui't oil: R1< Isins funds C.ha'itable actii'ities Total e.xpendltur¢ 5,965 147.399 k53J64 17,024 22.989 47,J99 170J88 17,024 Operstlttg surplus 251 1,166,496 ,166,747 Net gains 011 inve5till¢ntS 151,798 151,798 N¢¢ iNcoi]A¢ Net nioveinent iij Fund5 141 lu18,294 1,318,fj4£ Reconciliation of fujids: E.'unds bi'ought toyiiwrd Fund$ tai'ried forwAI'd 79.613 3.782,071 3.861,684 79 64 5,100 365 5 180,229
RICHIAOND. SALEM BAPMST CHAPEL CHARITY rJALANCE SFIEET AT 3 ISI" DECLfvIBER 2024 2024 2023 Nnle Filed a55¢t5- Iiive5tiiiell¢$ Quolcd InvestincJil& li)veslment Piupcrty 4.650,733 608,49) 5259,228 4,516,098 596.450 i.112.548 Cui'rent assets Debtoi's Cash deSited ivith Grnce Baplist Cliaiitie5 1.ld 23,305 81,036 104.341 23.415 JO I)32 Liabilities Crcditors.. Atnouii(s talling due ivithin one year 17,Oi61 6,666 Net ¢uYrent h$$¢ts 97,285 67,681 Totftl net gssets i 3)6.513 5 1802?9 The funds of tlie thai'lly: Endowinent Fund Pvopei'ty Revaluauun Reseviie {EndoivineiiL} Total endownient 14 5.018,831 232.719 5.251,550 4,879.691 220,674 i,100,365 UniEstricted Fund Total tuiids 104.963 i 3)6 513 79.864 5 180229 Signed ot) behalf of tlie Board of Trustees on 3011) Jlltte 2025 by.. D Mortiimei., Dil'e¢r Grate BAptist Chxi'ities Liiiilted
RICHMOND- SALEM BAPTIST CHAPEL CHARITY NOTFS TO TFIE ACCOUN'rs FOR THF. YEAR FNDED 31 fJECLMBER 2024 ACCOUNTENC POLICIES Tlie E)I'ii)cipal accountin policies adopted, judgem¢nLs aiid key sources of estirnation uncertaiiity in the pi'epai?lioii of the tinancial slateineiiis are as folloM?S: (a) Accounting conventÈo The financial st8tenients have been prepared undei. the Chai'ilies Act 201 l aiid in aLcordance ii'ith tjie Chai'ities StatLniint of Rtci)mniended Piactice Ichaiilies SORP IFRS 1021) and Financial RLpoi'l1g Staiidai'd 102 IFRS 1021. The finaiicial slalements are diau'n up on d)e liistoi'ical cost basis of aLcountjii& as modified by tlie I'evaluation of ini'eslmenls. L'lic finanLial statenienls are piEpared in pounds stLI'ling 1undLd lo tlie nearesl wund. Richniond Saleni Baptist Cliapel Ch&i'ily nieets Ihe definition of a piiblic benefit entity linder FRS 102. It is an unin¢orporal¢d irgi5teird charitabl¢ tivst IchariÉ)' nuinl)ei' 12014101 Ivith registered address of 62 Bride Stsrct, London, N7 8AZ. Ib) Goiiig eoiieei. Tliei'c air no Inaterial unceitainlies abolit the chai'ity's ability to cotttinue. {c) In¢oin¢ IDvestment ineome is recogfiised oli ali accruals basis. Idl EpendI(le All expendiiure is it)¢luded on an Iccruals basis. Charitable eXnditu1'e ColpriSeS all expendilure dir¢ctly ¥elated to the objects ot the ch2rit}'. Tliis irJ¢ludes govemance ¢ost5 11.hich Irpre%ellt ili¢ cost ol. compliance i¥ith cort$tiiutional alid slatutori r¢qiiiirmtnts. lel Investiiitn¢s #lld inv¢5tmeiit pi'oi)erties Inve5tllTrenls and IneStn]ent properties are sknted dt niai'ket illalue. The trustees rrvicw the value of investment pioperiies aiiiiually and obtain ektern81 valuations every live }'cars. Realised gains and losses aiising ott the diswbal ol. investments and ini'uiment piDpei'ties arL' in¢liid¢d in the tatemeni of Finaiicial Actiiijijcs. UIiiEalised gains oi. lasses arisiiig troni changcs in market value are also l'ec00 ised in the Siaieineni ol. Finan¢ial A¢tii'i(ie& {t) DebtOl'5 Loans to Lhui'ches and ti'usls and oiher debiors air tiieluded at Ilie s¢ttlemet)t aniount due. Piepaynienls ai valued at the amouni prepaid. 181 Caslj deiiosited Ivith GYAce BAPtEst ClIArltles Ltd Cash depusitLd ivitl) Gvace Bapiisi Chai'i¢ies l.ld is a shoi'l term liiglily liqiiid inve%tmenl iiilh a short maliiri(y of (h iiionilis oi. Icss froin the dale of opeiiin8 of tlie deposil. Ihl Ci'edltors 4nd pi'ovlsions Creditots and plvisIOnS are i'eco8lii8ed ivheie the ¢l)aYity hds a i)Irscnt obligation aiising fil a pa%1 ev¢iit that ii-.ill probabl>r I'esuli in tlie tramster ot luiid5 10 a tli11 pai'ty and tlie aniounL due to setile LIIL obligauon ean be m¢asuiLd or estimated reliabl}. Ci'editors and proirisions al'e iecognised at their seiileimeni cimourtl.
RICHMOND-SALEM BAPTIST CHAPEL CHARITY NO'ILS'fo i'i.IE ACCOUNTS FOR THE YURCNDLD 31 DLCEMBER 2024 Icoiitinutdl 2 INCOME FROfvI INVESTMENTS es[liCie Fiind_ Invtsln1ents listed in Jrcog)i5ed slock exchange Tt)veststiertt properties Bank and otljei. inteirsi Total lJi¢oirt¢ froiii inv¢stiiients 2024 2023 145.027 24,616 2,R?8 172471 103.937 23,183 ?6,495 153 615 3 PROCEEDS FROM SALE OF REDUNDANT CHAPF.L 2024 2023 Pvoeeeds trom S&le ot Cha1 laftei. selling cosisl 183 520 Sei'vices al Glace Baptist Chapel. Windsor Ri)ail. K, Ivei'e suspEnded in Decenibei. 2020. A decision iyas made not to %eek to JYYi1glise Ihe chuirh and the building was )Id in April 2023, The proceed$ of sgle have be¥n added to the pei'nian¢nt ei7doivJneiit and tlie incorne tlierefore ii'ill be available to fuithei. the ivort( otr tIiL Trust. 4 EXPENDITURE ON IL4ISING fuNDS Llnirsti'icled Fund Invesimeni pIDperly expendiliire 2024 2023 7,780 5,965 Endoivmei)L Fuod Inve5Lnient mana8eineiit cliai'ges 24,4i5 17,024 Total expeii(Iltui'¢ oil i*l$iiig fuiids 22.989 5 EXPENDITURE ON CHARITABLE AcfiviTIES Ilni'Esli'icttd Fund CTr8nt% 10: AssLKiation of CJi2ce Baptists Isoiiili Eastl- Ti2inin8 Fiind Si John's Woud Road Raptist Lliurch clice C.huich, Waltliainsloiv M0111101If Road Baptist Church, Bei"mondsey Ealiiig Rdad Baptist ChLircli. Brerttfthi-d High Road Baptist Cliui'Lh, FinLhley The Villoge ChuY¢li, GYeenii'i¢h (irace Baptist Cliui'cli, Higli Wycoinbe Kings Road Baptisi Cliuirh, Chiiigford G12ce Chu¥di. BexleYlit1] AGBCISE) Home Mission Totgl grgnis 2Q24 2023 40.000 4>,UOO 4,000 4,500 2,500 12.000 8,400 5,000 10,000 12,000 6,000 9,600 6,500 12,000 7,500 20,000 117,500 24,(X)O 12J,iOO Othcr expoiditurc.. Ti'iisiee Dianagenient charge5 Indepeiideiit exaniinaiion fees Legal lees Bank charg¢s Total otlier expenditure 21,168 92dt 16.385 876 6,60CI 38 23,899 22.092 Total exi)etidttllre on ehAI.It#ble rÈe(Ivltlts 139 592 147
RICHMOND- SALEM BAPTIST CHApeL CHARITY NOTES TO THE ACCOUNTS FOR I'FIE YEAR ENDED 31 DECEMBER 20?4 Ic¢)ntinuedl 6 NET GAINS I (LOSSES) ON INVESTfvIENTS 2024 2023 Rtalised Eains on inirestixents Uni'ealibed gains on invlinents TotRI litt tsaiiis on iiiveslrneaits 47.740 127.900 175,640 17,446 151,798 7 FIXED ASSET INvEsTlENTs 2024 2023 Quoted InvestJDtiEts Mdi'kct value at 1st Januaiy 2024 Addilions DisposJ15 4,516,098 3,176,057 I,Q73,52? 2,704.194 11.054,7421 11,496.4971 13?,344 4 650 73J 4,516 098 Market valtse at 31st DeLenibeT 2024 Eqult> $11g1'e In Pi'oi)erty.' 2A Bahljjee Road, Lonilou N5 ItLt'kel valLie &L I SL Jaiiuaiy 20?4 Unrealised gaiD5 1 Ilossesl Mai'ket lue at 3 Isi December 2024 596,450 L2,04) 608,495 611.349 {14.899} 596,450 Totsl investsnenls 5 259.228 5.112.548 Tlie tswslees obtaiiied a protessioiial valiiation ot tlie iiivestiment property in December 2021. Tlie Irustees have used Ihis os the basis fot Ilie CueTht iialiiatioii aiid Iiave adjusted it by refeitnce to tlie iiational Iiousc price illdcx AII qLioled investments al'e listed and dealt with on a recogni%ed %tock exchange in the UK. Theie wos one individual quoted investments iralued ai moir th811 5¥0 n&iiely Polar c.ap Fds PIC Globul TechOlo at i. IW/ts of the loial irtvestnient pvrtfolio. No othei. individual qu¢)led investtneiil 1% valued at 5W• oi. iiiore ot the loL11 investment portfDIio.
RICHMOND. SALEM BAPTIST CHAPEL CHARITY NOTES TO THE ACCOUN"I'S roR TFIE YEAR ENDED J l DECF.MBER 2024 Icontlllued) 2024 21J25 8 DEBTORS Debtoi. tor iniiestinent income duc 23,415 9 NET ASSETS Nel ciirrenl 11552ls 21124 Jiiveslnieiits Ciii'renljiefir Unirsti'icled Fdidoived 104,963 104,963 17,6781 i,25 1,550 97.28) 5356.513 5,259,228 5,259.?28 Nel ciiriÉiil els 21123 Tolffil Ipive51nienl.v Figiireslorpreviou5yeiirAor coijwurlsoii 79.864 79.864 5.100,365 i,180,2)9 UniE%ts'icted F.ndoived 5,119,548 5,112.548 67,681 'I'he trustces, poliLy IS to iiivest original tutids to pi'ovide bolh capital tunds aiid incoine. 10 RELATED PARTY TRANSACTIONS GY&¢e Baptisi Chartties Liii)iied is Ihe corw>r&ie Trustee tor the Lhai'iry. Ett tlie eour.ge ot ILS perfoi'manee as Irustee, the enmpany holds operatiiig cash tunds ot thc LtiariLy. Dui'ing 2024, the interest rate paid to the cliai'ity oli the cash balanccs hel(l Klras 3.750/0. Litdited quatieAy. The balance of casl) tunds lield at 3 1st Decenibei. il'as £81.036. Tlie dii'eciors of Ilie coinpany IMrj(li Ihe exceptioii of ilie Fiiiaiicc OftiLer alld A55ociation Sccretaryl are also the Execiiiive Coitlmiiiee membets ol. Ilie A*8ociaiion of Grace Baptist Chuirhes Isoiilli &ts't). Dui'ing 2024, giant% ot L?O.000 ivere tnade to AGBCISFI l-lorne Mission. Ivl)i¢li is a Te%tricied futtd wilhiij Ilie Associatioii. AGBCISEI Home Missioi) pjvvides Inission suppoit foi. ittdependent evan8elieal Glat Baptist chuiches in the Association. A gi?Trt of t40.000 H'as Inade to Ilie AGBCSE Trai111T Fui)d to siipport mitiisteys Iraiiiing for Ilie iiiinistry. Reports oi) the actii'ities ol. both Funds al'e pre5ellted at Association CoiiiJiiitt¢¢ Meeliiig5 held toiir liines a ye. -rhe trustee proiyided admini5ti.ation seivices to Ihe chaiity lor chai¥t ot £21,168 {2023.. £16,385).
RICHMOND- SALEM BAPT18T CHAPEL CHARITY NOTES TO THE ACCOUNTS roR THE YEAR F.NDED il DECEMBER 2024 IconiiDued) I I TRUSTEES, RLMUNERATION AND EXPENSES No i'emiineiEtion oi. ieimbLtrsemeni ot- expenses dirLctly or indirectly oiit ol. Illl funds of the cliai'ity Iva5 paid or payable foi. the yeav to llrty trusiee oi. 10 any pcrson oi. peiyons kno1 ¢0 be COT)Ject¢d ii'ilh any of theni, except as diselosed in Noie 10. 12 TRUSTEES, DONATIONS Iljtte ivere no donations to Ilie charity by the Tiustee in 2024. IJ STAFF COSTS AND EMPLOYEE BENEFITS I'lie charity did not ejnploy any staff dui'iiig the yeai-. 14 EiYDOWfvIENT FUND Tlie Endoii'm¢llt Fund is held to generate tncome lor the siipport for tIiL iwrk of the A&%)¢i.qlion ol. Gracc Baptist ChuiLhes (so1 SlI.