2022-12-31-accounts

Charity number: 205094 & 223171

ST ANDREW'S STREET BAPTIST CHURCH

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

ST ANDREW'S STREET BAPTIST CHURCH

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 5
Independent examiner's report	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 30

ST ANDREW'S STREET BAPTIST CHURCH

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees	Dr Kenjiro Hori, Church Treasurer
	Christine Thomason, Church Secretary
	Rev'd Dr Stephen Langford, Interim Minister
	Jack Boyns, Deacon
	Alison Brock, Deacon (appointed 15 May 2022)
	Elizabeth Rademeyer, Deacon (appointed 15 May 2022)
Charity registered number 205094 & 223171 Principal office St Andrew's Street Baptist Church St Andrew's Street Cambridge Cambridgeshire CB2 3AR Independent examiner Whitings LLP Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY Bankers Lloyds Bank plc 3 Sidney Street Cambridge CB2 3HQ Solicitors Nockolds Market Square Bishop's Stortford Hertfordshire CM23 3UZ

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ST ANDREW'S STREET BAPTIST CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report together with the financial statements of the Charity for the year ended 31 December 2022.

Structure, governance and management

a. CONSTITUTION

The Church has charitable status registered with the Charity Commission, under references 205094; "Non Ecclesiastical Charities of St Andrew's Street Baptist Church" and 223171; "St Andrew's Street Baptist Church Trust Funds And Property Held In Connexion With."

The Church, its assets and activities comprise one unit for reporting purposes.

The principal object of the charity is to provide a site "to be used, enjoyed and occupied, as and for an assembly, or place of meeting for religious worship by the church society or congregation of protest and dissenters of the Baptist denomination, and by such others as hereafter shall come into the said society, or attend the worship of God in that place".

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

A trust deed of 1764 provided for a body of trustees who were responsible for the custody and management of all land and buildings held by the trust.

On 4th May 2021 the property trustees' responsibilities were transferred to the Baptist Union Corporation (BUC), a trust company formed in 1890 which take on the role of property trustee for many 'local' baptist churches throughout the country. The BUC respect the autonomy of the local church and recognise that the priority for the church "is to be engaged in vital mission work". The BUC therefore view its purpose as helping to facilitate this by absorbing most of the burden and distraction that comes with being property trustees, such as property transactions and building alterations. Their advice covers legal, property finance and charity law matters.

The day to day management of the Church and its affairs is the responsibility of the Managing Trustees which comprises the Ministers, Church Officers, the Secretary and Treasurer, and the Church Deacons.

Ministers hold office for the duration of the appointment. Church officers are re-elected each year. Deacons hold office for 4 years and are eligible for reappointment after a year of absence. The Members coming together in general Church Meeting, carry ultimate responsibility for decisions of the Church.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

All new trustees are drawn from the membership of the Church and are already familiar with the aims and objectives of the Charity. They are given information and training in their duties and responsibilities as trustees of a registered charity.

d. PUBLIC BENEFIT

The Trustees confirm that they have complied with their duty under Section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance, and are satisfied that the activities of the Church meet these requirements.

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ST ANDREW'S STREET BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management (continued)

e. RELATED PARTY RELATIONSHIPS

None of the Trustees received remuneration or other benefits from their work with the charity as Trustees. The Interim Church Minister is remunerated as an office holder of the charity. Details of transactions with Trustees and members of the Diaconate are fully disclosed in note 22. There are no related parties under common control, or under the control of the Trust, nor is the Trust under the control of any other party.

f. RISK MANAGEMENT

The Trustees regularly assess the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate any exposure to the major risks.

Objectives and Activities

a. POLICIES AND OBJECTIVES

The central objective of the church is the spreading of the Gospel of Our Lord Jesus Christ. Policies adopted to achieve this objective are spiritual support for the membership, encouraging and equipping members to spread the Gospel within the local community and active support to mission and outreach in the wider world. The Church Meeting adopted a written constitution in 2001, confirming its long-established policies. There has been no change in the past year.

b. ACTIVITIES FOR ACHIEVING OBJECTIVES

Normally, one service of worship takes place each Sunday, together with activities for children and young people. On occasions the Church organises, or hosts, specific events aimed at a wider audience. Various activities take place during the week, meeting the needs of specific groups, for example men, women, older age groups, youth, parents, young families, and more recently, the rough sleepers and Ukrainian refugees.

Achievements and performance

a. GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. REVIEW OF ACTIVITIES

During the year the Church has continued to undertake a wide range of activities in pursuit of its objectives, in particular an involvement in a number of 'outreach' activities with the local and wider community of Cambridge.

LivingStones Cafe, a subsidiary of the Church (note 24) ceased to trade during 2021. It was deemed by the Church to have carried out primary purpose trading, in that its aims were basically the same as the 'parent' body, namely, it was a hands on outreach to the community in the Cambridge area. The Christian nature of its activities are prominently displayed, with information, advice and counselling upon Christian matters being readily available.

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ST ANDREW'S STREET BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

St Andrew’s Street Baptist’s kitchen became part of a partnership of organisations to provide food for those who had been rough sleeping and were accommodated in hotels under covid. At most there were 120 in accommodation at any one time. The Church worked with Cambridge Salvation Army and rough sleeper charity Wintercomfort to provide 3 meals a day throughout the winter months. More recently, the Church has become a hub for Ukrainian refugees. On a busy day there are over 100 Ukrainians present in the building, using it as a 'warm hub', having refreshments, joining in English conversation groups or formally taking part in English language classes.

40 St Andrew's Street, now known as 'No.40', was for many years rented out to Blue Arrow, owned by Impellam. Once Covid struck they moved their business online, and in October 2020 they finally decided to end their lease. In 2022 the Church voted to welcome Cambridge Youth for Christ into the building, fulfilling a long-held desire to use the premises in the mission of God. The renovation of the building is currently underway to make the premises more appropriate for its use, as well as making it more accessible.

c. INVESTMENT POLICY AND PERFORMANCE

The Trustees, having regard to the liquidity requirements of operating the Church, have kept the majority of available funds in interest bearing deposit accounts. The invested funds held on deposit achieved an average rate of 0.58% for the year. The Church has also invested in an Equity Fund managed by Epworth Investment Manager which manages investments consistent with Christian ethical principles.

Financial review

Net gain for the year from ordinary activities before investment gains / (losses) were £59,259 (2021 - net deficit of £19,362).

Direct charitable giving was almost entirely in relation to the Church's policy of mission, with substantial amounts towards the support of Baptist churches in the UK, and to BMS World Mission. A significant proportion also went directly to a number of individuals who are working in the mission field and on missionary projects.

Providing for the needs of the membership, other organisations and the use of premises, via lettings, as an additional source of income, means that a significant proportion of expenditure is taken up by the upkeep and maintenance of the Church, Manses and the very extensive buildings known collectively as the Stoneyard Centre.

a. RESERVES POLICY

The Trustees' policy on Reserves involves planning to achieve and maintain levels that are necessary and reasonable in respect of the aims and objectives of the Church, including maintenance of the fabric and equipment. The policy is reviewed annually when the budget is presented. The trustees are satisfied that the present level of uncommitted reserves is adequate to meet the Churches needs in the forthcoming period.

Plans for future periods

a. FUTURE DEVELOPMENTS

The church plans to continue with a range of activities to meet its purpose as a Christian church and as a member of the Baptist Union of Great Britain.

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ST ANDREW'S STREET BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of Trustees' responsibilities

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP 2019 (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

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

Dr K Hori Church Treasurer

C Thomason Church Secretary

Date: 15 May 2023

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ST ANDREW'S STREET BAPTIST CHURCH

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Independent examiner's report to the Trustees of St Andrew's Street Baptist Church ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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 that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. 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.

Signed: Dated: 15 May 2023 Jonathan Moore FCCA Whitings LLP Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY

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ST ANDREW'S STREET BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note Income from: Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 80,893 145,174 509 226,576 170,680 170,680 55,896 (19,702) 36,194 3,623,027 36,194 3,659,221	Restricted funds 2022 £ 9,732 - - 9,732 6,369 6,369 3,363 - 3,363 2,982,533 3,363 2,985,896	Total funds 2022 £ 90,625 145,174 509 236,308 177,049 177,049 59,259 (19,702) 39,557 6,605,561 39,557 6,645,117	Total funds 2021 £ 70,695 134,439 86 205,220 224,582 224,582 (19,362) 336,500 317,138 6,288,423 317,138 6,605,561

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

The notes on pages 9 to 30 form part of these financial statements.

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ST ANDREW'S STREET BAPTIST CHURCH

BALANCE SHEET AS AT 31 DECEMBER 2022

Note Fixed assets Tangible assets 10 Investment property 11 Investments 12 Current assets Debtors: amounts falling due after more than one year 13 Debtors: amounts falling due within one year 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Defined benefit pension scheme liability 21 Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds	5,000 39,249 134,756 687,549 866,554 (33,743)	2022 £ 5,529,344 282,857 105 5,812,306 832,811 6,645,117 - 6,645,117 2,985,896 3,659,221 6,645,117	7,500 14,995 154,458 649,421 826,374 (13,612)	2021 £ 4,542,537 1,272,857 105 5,815,499 812,762 6,628,261 (22,700) 6,605,561 2,982,533 3,623,028 6,605,561

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Dr K Hori Church Treasurer

C Thomason Church Secretary

Date: 15 May 2023

The notes on pages 9 to 30 form part of these financial statements.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. General information

St Andrews' Street Baptist Church is a charity incorporated in England and Wales, charity numbers 205094 & 223171. The principal office is St Andrews' Street Baptist Church, St Andrews' Street, Cambridge, Cambridgeshire, CB2 3AR.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

St Andrew's Street Baptist Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 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 and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.4 Expenditure (continued)

Costs of raising funds - these comprise of costs incurred by the charity in generating funds to support its charitable activities and includes directly attributable costs and appropriate indirect costs.

Staff costs - these have been allocated between charitable expenditure, governance costs and support costs on the basis of employee time spent on each activity.

Governance costs - these compromise costs associated with meeting the constitutional and statutory requirements of the charity, including independent exam and accountancy fees and costs associated with the AGM and similar board meetings.

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

2.5 Tangible fixed assets and depreciation

Land and buildings are stated at insurance valuation, representing replacement cost, purchase price (including improvements) or probate value (in respect of legacies of properties), in accordance with available historical information. An annual impairment review is carried out to assess whether the recoverable amount of land and buildings is at least as much as the carrying value in the accounts. On this basis, no depreciation is deemed necessary in respect of land and buildings. A provision would be made for any permanent diminution in value.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Heritage property includes the Church and is classified as heritage property based on the contribution of the Church to knowledge and culture which is ancillary to faith and other purposes.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

• Freehold property no depreciation charged - Heritage property no depreciation charged - Office equipment 20% straight line

2.6 Investment Properties

Investment properties are included in the balance sheet at fair value (open market value) and are not depreciated.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.12 Financial instruments

The charity enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investment in non puttable ordinary shares.

Debt instruments other than those wholly repayable or receivable within one year, including loans and other accounts receivable are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. If the arrangement of a short term instrument constitutes a financing transaction (such as a trade debt deferred beyond normal terms or financed at a non market rate of interest) the financial asset or liability is measured initially at the present value of future cashflows discounted at a market rate for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities. The impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cashflows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective rate determined under the contract.

2.13 Pensions

The charity operates two defined contribution pension schemes and the pension charge represents the amounts payable by the charity to the funds in respect of the year.

The charity also contributes to its share of the deficit arising on the 'Baptist Ministers Pension Fund' which is a closed defined benefit scheme. The obligation under the scheme is measured on a discounted present value basis using appropriate discount rates applicable to the charity's circumstances. Contributions are based on the employee pensionable salary.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.14 Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are based on historical experience and other factors, including expectations of future events, that are believed to be reasonable under the circumstances and are subject to continuous monitoring.

The Charity makes estimates and assumptions relating to future events which will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives and residual values of tangible assets.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii. Impairment of tangible assets.

The Charity conducts an annual impairment review by comparing the carrying amount of tangible fixed assets with their value in use. The value in use is calculated as an estimate of the present value of the future cash flows obtainable as a result of the asset's continued use, including those resulting from its subsequent disposal.

iii. Carrying value of investment properties.

The fair value of investment properties held for rental purposes is determined by the Trustees based on an assessment of capitalised market rental yields having regard to current and anticipated market conditions.

iv. Provision for deficit funding.

The trustees are required to determine appropriate discount rates to calculate discounted present values in respect of future liabilities arising under defined benefit pension arrangements and deficit funding.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Income from donations and legacies

	Unrestricted funds	Restricted funds	Total funds	Total funds
	2022	2022	2022	2021
	£	£	£	£
Donations	71,370	4,960	76,330	57,624
Tax reclaimed on Gift Aid	9,523	-	9,523	9,315
Grants	-	4,772	4,772	3,756
Total 2022	80,893	9,732	90,625	70,695
Total 2021	66,434	4,261	70,695
Investment income	Unrestricted funds	Restricted funds	Total funds	Total funds
	2022	2022	2022	2021
	£	£	£	£
Rental income	140,202	-	140,202	130,895
Interest	4,972	-	4,972	3,544
Total 2022	145,174	-	145,174	134,439
Total 2021	134,439	-	134,439

4. Investment income

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5. Other income

	Unrestricted funds	Restricted funds	Total funds	Total funds
	2022	2022	2022	2021
	£	£	£	£
Sizewell	509	-	509	(459)
Government grants receivable	-	-	-	545
Total 2022	509	-	509	86
Total 2021	86	-	86

Sizewell income represents the net income/(expenditure) on the annual trip held by the Church.

Government grants receivable consist of Coronavirus Job Retention Scheme grants received.

6. Charitable expenditure

	Unrestricted funds	Restricted funds	Total funds	Total funds
	2022	2022	2022	2021
	£	£	£	£
Staff costs	54,265	-	54,265	61,450
Premises costs	68,550	-	68,550	93,711
Missions and giving	21,710	6,369	28,079	37,855
Services and activities	10,986	-	10,986	11,460
Total 2022	155,511	6,369	161,880	204,476
Total 2021	191,741	12,735	204,476

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. Charitable expenditure (continued)

Governance and support costs

	Governance Costs 2022	Support Costs 2022	Total funds 2022	Total funds 2021
	£	£	£	£
Professional fees	-	2,450	2,450	1,745
Accountancy fees	-	2,331	2,331	5,769
Independent exam fees	5,400	-	5,400	5,450
Wages and salaries	1,247	3,741	4,988	7,142
Total 2021	6,647	8,522	15,169	20,106
Total 2021	6,684	13,422	20,106
Total expenditure	Unrestricted funds	Restricted funds	Total funds	Total funds
	2022	2022	2022	2021
	£	£	£	£
Charitable expenditure	155,511	6,369	161,880	204,476
Governance and support costs	15,169	-	15,169	20,106
Total 2022	170,680	6,369	177,049	224,582
Total 2021	211,847	12,735	224,582

. Total expenditure

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Net income/(expenditure)

This is stated after charging:

	2022	2021
	£	£
Depreciation of tangible fixed assets	3,193	3,293
Independent examiners remuneration	5,400	5,450

During the year, the Interim Minister Rev'd Dr S Langford, who was a trustee during the year, received a salary and pension benefits as an employee of the charity. Details of salaries and expenses paid are disclosed in note 22.

8. Staff costs

	2022	2021
	£	£
Wages and salaries	65,649	62,020
Social security costs	8,729	5,005
Employer's contribution to defined contribution pension schemes	7,575	7,512
Defined benefit pension deficit provision movement-note 21	(22,700)	(5,945)
	59,253	68,592

The average number of persons employed by the Charity during the year was as follows:

	2022	2021
	No.	No.
Charitable Activities	3	3

No employee received remuneration amounting to more than £60,000 in either year.

9. Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 and section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. Tangible fixed assets

Cost or valuation At 1 January 2022 Transfers between classes At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Land & Buildings £ 1,062,036 - 1,062,036 - - - 1,062,036 1,062,036	Office equipment £ 114,078 - 114,078 102,613 3,193 105,806 8,272 11,465	Heritage property £ 3,469,036 990,000 4,459,036 - - - 4,459,036 3,469,036	Total £ 4,645,150 990,000
				5,635,150
				102,613 3,193
				105,806
				5,529,344
				4,542,537

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. Tangible fixed assets (continued)

Land and buildings are stated at cost which comprises purchase price and probate value as follows:

Purchase price Probate value	2022 £ 992,036 70,000 1,062,036	2021 £ 992,036 70,000
		1,062,036

The actual historical cost of heritage property cannot be readily ascertained other than more recent purchases or subsequent expenditure. The main Church site was included in heritage property at notional replacement cost based on an insurance valuation obtained in 1990. There has been no change to the carrying value of heritage property in the past five years.

The main Church site comprises both freehold and leasehold interest, however, it is not practical to apportion the insurance valuation between the two elements.

During the year, an investment property was vacated and redesignated by the Trustees to be used primarily for charitable purpose. As such this asset has been reclassified at fair value to tangible fixed assets within heritage property. The historic cost of this property was £410,773. The revaluation gains up to the date of transfer, related to this asset, remain within the restricted building fund. The fair value at date of transfer becomes deemed cost.

Page 20

ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. Investment property

Valuation At 1 January 2022 Transfers between classes At 31 December 2022	Freehold investment property £ 1,272,857 (990,000)
	282,857

Properties held for investment purposes were revalued during the year by the Trustees on an estimated rental yield basis. Unrealised revaluation gains and losses are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

During the year, an investment property was transferred to tangible fixed assets. Further information can be found in note 10.

The historical cost of investment properties at the balance sheet date is £152,664 (2021 - £563,437).

12. Fixed asset investments

Cost or valuation At 1 January 2022 At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Other fixed asset investments £ 105
	105
	105
	105

The Trustee's consider that there is no material difference between cost and fair value.

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Debtors

	2022	2021
	£	£
Due after more than one year
Other debtors	5,000	7,500

Other debtors consist of a loan provided to a Church with a perpetual term and an interest rate of nil.

Due within one year Trade debtors Other debtors Prepayments and accrued income	2022 £ 7,113 1,549 30,587 39,249	2021 £ 6,785 1,500 6,710
		14,995

14. Current asset investments

	2022	2021
	£	£
Listed investments	134,756	154,458

The market value of the listed investments at 31st December 2022 was £134,756.

The fair value of the listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

15. Creditors: Amounts falling due within one year

Other creditors Accruals and deferred income	2022 £ 6,975 26,768 33,743	2021 £ 2,325 11,287
		13,612

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16. Provisions

	2022	2021
	£	£
Defined benefit pension scheme deficit funding obligation:
Brought forward	22,700	28,645
Released to income and expenditure	(22,700)	(5,945)
Carried forward	-	22,700

17. Financial instruments

	2022	2021
	£	£
Financial assets
Financial assets measured at fair value through income and expenditure	417,613	1,427,315

Financial assets measured at fair value through income and expenditure comprise current asset investments and investment property.

Page 23

ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. Statement of funds

Statement of funds - current year

Designated funds Property repairs General funds General Funds - all funds Revaluation reserve Total Unrestricted Restricted funds Nutter Parsons Manse Building Church building development Other restricted funds Castle End Janet Andrews It Takes A City Total of funds	Balance at 1 January 2022 £ 125,793 3,367,042 130,193 3,623,028 31,072 1,564 1,294,162 1,541,910 11,377 2,229 93,336 6,883 - 2,982,533 6,605,561	Income £ 5,495 221,080 - 226,575 - - - - 3,000 1,960 - - 4,772 9,732 236,307	Expenditure £ (50) (170,630) - (170,680) (1,059) - - - - (3,147) - - (2,163) (6,369) (177,049)	Gains/ (Losses) £ - (19,702) - (19,702) - - - - - - - - - - (19,702)	Balance at 31 December 2022 £ 131,238
					3,397,790 130,193
					3,659,221
					30,013 1,564 1,294,162 1,541,910 14,377 1,042 93,336 6,883 2,609
					2,985,896
					6,645,117

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. Statement of funds (continued)

Statement of funds - prior year

Designated funds Property repairs General funds General Funds - all funds Revaluation reserve Total Unrestricted Restricted funds Nutter Parsons Manse Building Church building development Other restricted funds Castle End Janet Andrews It Takes A City Total restricted funds Total of funds	Balance at 1 January 2021 £ 93,976 3,394,783 57,336 3,546,095 31,072 1,564 1,294,162 1,301,910 11,377 2,024 93,336 6,883 - 2,742,328 6,288,423	Income £ 31,817 169,142 - 200,959 - - - - - 505 - - 3,756 4,261 205,220	Expenditure £ - (211,847) - (211,847) - - - - - (300) - - (12,435) (12,735) (224,582)	Transfers in/out £ - (8,679) - (8,679) - - - - - - - - 8,679 8,679 -	Gains/ (Losses) £ - 23,643 72,857 96,500 - - - 240,000 - - - - - 240,000 336,500	Balance at 31 December 2021 £ 125,793
						3,367,042 130,193
						3,623,028
						31,072 1,564 1,294,162 1,541,910 11,377 2,229 93,336 6,883 -
						2,982,533
						6,605,561

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Designated Funds:

The property repairs fund represents funds set aside by the trustees to meet planned future repairs and refurbishment expenditure.

General Unrestricted Fund:

The General Unrestricted Fund relates to funds retained and available for the general purposes of the Church.

Restricted Funds:

The Nutter fund relates to a donation to be applied for the purposes of supporting older members of the Church.

The Parsons fund relates to a donation received for the purposes of maintaining the Church's archive records.

The Manse fund represents three freehold residential properties owned by the Church in Cambridge which are held primarily for the use by the Church Ministers. Properties have either been donated or acquired from funds specifically donated for the purposes of acquiring a Manse.

The building fund represents the funds received and applied in extending the main site in St Andrew’s Street.

The Church Development fund relates to donations received for the purposes of acquiring new sanctuary chairs for the Church, heating system and new flooring.

Other restricted funds relate to collections from Church members at meetings to be applied for nominated causes.

The Castle End fund relates to a donation received from the Castle End Mission, to be used for the purposes of holding educational and other classes and meetings of a religious and philanthropic character.

The Janet Andrews fund relates to a legacy received for the purposes of Outreach, Mission and backing of an individual in those fields. This fund was transferred from designated to restricted in 2019.

The It Takes A City fund represents the funds received and applied with the aim to end rough sleeping in Cambridge due to homelessness

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ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

19. Summary of funds

Summary of funds - current year

Designated funds General funds Restricted funds	Balance at 1 January 2022 £ 125,793 3,497,235 2,982,533 6,605,561	Income £ 5,495 221,080 9,732 236,307	Expenditure £ (50) (170,630) (6,369) (177,049)	Gains/ (Losses) £ - (19,702) - (19,702)	Balance at 31 December 2022 £ 131,238 3,527,983 2,985,896
					6,645,117

Summary of funds - prior year

Designated funds General funds Restricted funds	Balance at 1 January 2021 £ 93,976 3,452,119 2,742,328 6,288,423	Income £ 31,817 169,142 4,261 205,220	Expenditure £ - (211,847) (12,735) (224,582)	Transfers in/out £ - (8,679) 8,679 -	Gains/ (Losses) £ - 96,500 240,000 336,500	Balance at 31 December 2021 £ 125,793 3,497,235 2,982,533
						6,605,561

Page 27

ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2022 £ Tangible fixed assets 2,910,046 Fixed asset investments - Investment property 282,857 Debtors due after more than one year 5,000 Current assets 495,061 Creditors due within one year (33,743) Total 3,659,221 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Tangible fixed assets 2,913,239 Fixed asset investments - Investment property 282,857 Debtors due after more than one year 7,500 Current assets 455,744 Creditors due within one year (13,612) Provisions for liabilities and charges (22,700) Total 3,623,028	Restricted funds 2022 £ 2,619,298 105 - - 366,493 - 2,985,896 Restricted funds 2021 £ 1,629,298 105 990,000 - 363,130 - - 2,982,533	Total funds 2022 £ 5,529,344 105 282,857 5,000 861,554 (33,743) 6,645,117 Total funds 2021 £ 4,542,537 105 1,272,857 7,500 818,874 (13,612) (22,700) 6,605,561

Page 28

ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. Pension commitments

The charity contributes to two defined contribution pension schemes. The assets of the schemes are held separately from those of the charity in independently administered funds. The pension costs charge represents contributions payable by the charity to the funds and amounted to £7,575 (2021 - £7,512). Contributions due to the funds at the balance sheet date were £Nil (2021 - £Nil).

The Church contributes to the 'Baptist Pension Scheme' previously known as the 'Baptist Ministers' Pension Fund' which until 31st December 2011 was a defined benefit scheme. The scheme was closed to new members and any further contributions in respect of active service for existing members from that date. From January 2012, pension provision is being made through the defined contribution plan within the scheme. The scheme is a multi-employer pension scheme and the Church has not been advised of the assets and liabilities of the scheme which are attributable to employees of the Church. Contributions are accounted for as if the scheme were a defined contribution scheme. The pensions costs charged to income and expenditure in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficiency contributions.

Historically, the Church has recognised a liability due to the defined benefit scheme, due to the overall fund operating at a deficit.

In July 2022, the defined benefit scheme entered into an arrangement with an insurance company to guarantee members future benefits. As a result, the Church is now only required to contribute £1 per month from August 2022 until June 2026. No provision has been made and contributions to this defined benefit plan will be recognised in the SOFA as they're incurred.

The defined contribution plan continues to operate as normal.

Balance sheet liability at start of year Deficiency contributions paid Interest cost Actuarial gains Balance sheet liability at end of year	2022 £ 22,700 (2,916) 425 (20,209) -	2021 £ 28,645 (4,917) 359 (1,387) 22,700

Page 29

ST ANDREW'S STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. Transactions with trustees and other related parties

Payment is made to the Baptist Union in respect of indemnity insurance for trustees. This is included within the public liability cover and is not separately identifiable.

Trustees, as members of the congregation, make personal donations to the Church.

During the year, Trustees who were employees of the charity received total salaries and pension benefits of £28,600 (2021 - £32,081). These salaries and pension benefits relate to their employment and not their Trustee roles.

The Interim Minister occupied one of the manses rent free during the year.

Trustees were reimbursed for expenses paid during the year. The expenses related to various Church expenditure paid privately by the trustees and totalled £1,651 (2021 - £953).

There were no other related party transactions.

23. Controlling party

The charity is under the control of the Board of Trustees, the Diaconate and Church Members.

24. Subsidiary undertakings

The Trustees consider that The Stoneyard Centre (Livingstones) Limited, a company incorporated in the United Kingdom, is a subsidiary undertaking. The Stoneyard Centre (Livingstones) Limited ceased trading on 1st February 2021 and the company was dissolved on 13th September 2022.

Page 30