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2021-12-31-accounts

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

OF THE

GOSPEL STANDARD AID AND POOR RELIEF SOCIETY

INCORPORATING

The Gospel Standard Aid and Poor Relief Society The Gadsby Memorial Christmas Fund The Gospel Standard Magazine Fund

Registered Charity No. 209373

NOTICE is hereby given that if the Lord will the Annual General Meeting of the Gospel Standard Aid and Poor Relief Society will be held at

CLIFTON CHAPEL, BROAD STREET, CLIFTON, SHEFFORD, BEDFORDSHIRE, SG17 5RJ

ON

FRIDAY 8 APRIL 2022, at 1.45 p.m.

______

PRAYER MEETING at 11.00 a.m.

EVENING SERVICE to commence at 5.30 p.m. Mr. G. D. BUSS is expected to preach

_____ Please bring this Report with you to the meeting_

Legal and Adminis trative Information

Name of the Charity

The Gospel Standard Aid and Poor Relief Society

Registered Charity Number 209373

Trustees

The members of the Committee of the Gospel Standard Aid and Poor Relief Society are the Trustees of the Charity.

Those serving during the financial year and since the year end:

G D Buss, (Chairman) “Bethany“, 7 Laines Head, Chippenham, Wilts. SN15 1PH A J Collins, 26 Gimble Way, Pembury, Tunbridge Wells, Kent, TN2 4BX J H Cottington, 6 Lansdowne Crescent, Hailsham, East Sussex BN27 1LN

G W Hyde, 5 Hawthorn Cottages, Appledore, Ashford, Kent TN26 2AH

B E Izzard, “Chiswells“, 4 Westbrook Close, Hilton, Huntingdon, Cambs. PE28 9PE

D W Kerley, “Bethany“, 49 Station Road, Over, Cambs. CB4 5NJ

B P Mercer, Manor Acre, Little London Road, Horam, Heathfield, East Sussex. TN21 0BL T J Parish, 17 Juliet Close, Nuneaton, Warwicks, CV11 6NS

P J Pocoock, 14A Appleford Road, Sutton Courtenay, Abingdon, Oxon, ON14 4NQ T H W Scott, 6 Orchard Avenue, Harpenden, Herts. AL5 2DP

D F Stevens, 8 Percy Road, Guildford, Surrey, GU2 9PA (appointed 14 January 2022) A F Wilderspin, 101 Byng Drive, Potters Bar, Herts. EN6 1UJ (appointed 14 January 2022)

Fund Trustees

Editor of “ The Gospel Standard ”

G D Buss, “Bethany“, 7 Laines Head, Chippenham, Wilts. SN15 1PH

Editor of “The Friendly Companion”

G TenBroeke, 1725 Plainwood Drive, Sheboygan, Wisconsin 53081, USA

Editor of “Perception”

T H W Scott, 6 Orchard Avenue, Harpenden, Herts. AL5 2DP

Secretary

D J Christian, 5 Roundwood Gardens, Harpenden, Hertfordshire, AL5 3AJ

Treasurer

T H W Scott, 6 Orchard Avenue, Harpenden, Hertfordshire, AL5 2DP

2

Address of principal office of the Charity

5 Roundwood Gardens, Harpenden, Hertfordshire, AL5 3AJ Tel: 01582 762717

Connected Charities

The Gospel Standard Aid and Poor Relief Society is a merger of The Gospel Standard Aid Society founded in 1875, The Gospel Standard Poor Relief Society founded in 1878, and The Gospel Standard Convalescent Fund. The Gadsby Memorial Christmas Fund founded in 1894 and The Gospel Standard Magazine Fund which is governed by an indenture dated 27 June 1879, are funds also governed by the provisions of the Charity Commission scheme dated 15 October 2007.

Auditors

Mazars LLP, 2[nd] Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey SM1 4FS

Bankers

NatWest Bank Plc, 30 High Street, Chippenham, Wilts SN15 3HB

Solicitors

BDB Pitmans, One Bartholomew Close, London EC1A 7BL

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ANNUAL GENERAL MEETING

8 April 2022 at 1.45 p.m.

Agenda

  1. Reading and prayer.

  2. Chairman’s remarks.

  3. To ratify the decisions made at the Annual General Meeting held on Zoom on 9 April 2021: Minutes of the Annual General Meeting held on 12 April 2019, Annual Report and Accounts of the Gospel Standard Aid and Poor Relief Society for the year ended 31 December 2019, Annual Report and Accounts of the Gospel Standard Aid and Poor Relief Society for the year ended 31 December 2020.

  4. To approve the Minutes of the Annual General Meeting held on 9 April 2021.

  5. To introduce the Annual Report and Accounts of the Gospel Standard Aid and Poor Relief Society for the year ended 31 December 2021.

  6. To approve and adopt the Annual Report and Accounts of the Gospel Standard Aid and Poor Relief Society for the year ended 31 December 2021.

  7. To announce the result of the secret ballot to re-elect three members of the Committee of the Gospel Standard Aid and Poor Relief Society, Mr. J. H. Cottington, Mr. G. W. Hyde, and Mr. T. H. W. Scott.

  8. To announce the result of the secret ballot to confirm the appointments of Mr. D. F. Stevens and Dr. A. F. Wilderspin to serve on the Committee of the Gospel Standard Aid and Poor Relief Society for three years.

  9. To elect a new Fund Trustee.

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GOSPEL STANARD AID AND POOR RELIEF SOCIETY ANNUAL REPORT 2021

We are reminded of the swift passage of time as we prepare another Annual Report and the solemn realisation that some who began the year are no longer with us. How important are the words of the Lord Jesus to us each: “Be ye also ready.”

While with ceaseless course the sun

Hasted through the former year, Many souls their race have run, Never more to meet us here: Fixed in an eternal state, They have done with all below; We a little longer wait, But how little – none can know. (John Newton)

In January Mr. Michael Pickett, Pastor at The Old Paths, Choteau, Montana, U.S.A. passed away and in September Mr. Norman Roe, Pastor at Ossett and Birkenhead also passed away. Many friends have been affected by the Covid pandemic but among our ministers we are thankful that the lives of Mr. Richard Woodhams and Mr. Gary TenBroeke have been spared and we extend our sympathy to those who have lost loved ones. We feel it is the Lord’s hand in judgment upon the nations but are saddened that so few acknowledge this.

The main purpose of the Aid and Poor Relief Society is to help those who attend our chapels and who may be in need. Any subscriber can notify the Secretary of cases of need so that enquiries can be made. The total amount given in grants in 2021 was lower than in 2020 despite many grants from the Gadsby Memorial Christmas Fund being increased but this was because there were no car grants made in 2021. It is touching to receive letters of thanks for grants that have been received in a particular time of need.

But when the Lord’s people have need, His goodness will find out a way. (John Newton)

Overall, in 2021 there was a surplus of £277,759 over expenditure, largely due to the proceeds of sale of Zoar Chapel, Romford and a legacy from Mrs. Jessie Painter who passed away in Studley Bethesda Home. Income for the Society was £475,509 against £99,715 in 2021 while expenditure was lower at £197,750 against £204,445. The income for the individual funds was Aid Society £418,706, Gadsby Memorial Christmas Fund £5,957 and Magazine Fund £50,846 and there was also an unrealised gain of £359. The expenditure was £102,276, £33,176 and £62,298 respectively giving a surplus in the Aid Society of £316,789, and excess of expenditure over income in the Gadsby Memorial Christmas Fund of £27,219 and £11,452 in the Magazine Fund.

5

At the Annual Meeting in 2021 mention was made of an unexpected large increase in the cost of printing the magazines. This was after the prices for 2021 had been set but in June 2021 Olive Press Limited, who had printed the magazines for several years, informed the Society that they could no longer carry on. It was decided to accept quotations from Orphans Press Limited and this has resulted in lower costs, especially for the Gospel Standard. The costs for the bound volumes are substantially higher as previously extra sheets were printed each month and then bound at the year end. This was not possible due to the involvement of two different printers but in future years we will revert to the original system. Our Editors have been helped through another year and the magazines made a blessing. Mr. Buss has edited the Gospel Standard and with the Lord’s help will continue for the time being. Mr. TenBroeke has continued his editorship of the Friendly Companion despite his ill health and Mr. Scott with Perception. Thanks are also due to those who help in various ways, particularly Mrs. Alison Kingham with the Gospel Standard and Miss Cori Legemaat with the Friendly Companion. We welcome new subscribers to our magazines, and we offer a year’s free subscription to newly married couples who order either direct or through the chapel parcels. Please contact the Secretary if you wish to take up this offer.

We are thankful that in recent years there have been a number of younger men raised up to preach the gospel and we pray that the Lord will bless their labours and the labours of all His servants, many who are now in old age. No ministers’ names were added to the list of Gospel Standard ministers during the year, and we would remind our churches that they can recommend those whose ministry is in power and in the Holy Ghost, and who have been preaching for three years.

It is encouraging that here and there we hear of those constrained to follow the Lord in the ordinance of Believers’ baptism but generally there seems to be a solemn withholding of the Holy Spirit.

May it be our prayer:

Saviour, visit Thy plantation, Grant us, Lord, a gracious rain! All will come to desolation, Unless Thou return again: Keep no longer at a distance, Shine upon us from on high; Lest for want of Thy assistance Every plant should droop and die. (John Newton)

It is sad and solemn that there are divisions over various issues among our churches and among the Lord’s people.

“My brethren, these things ought not so to be.”

The Annual Meetings were broadcast electronically in April from Clifton Chapel, with a limited number of friends gathering for the evening service.

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A Prayer Meeting for the Nation and the Churches was held at Clifton in November and, if the Lord will, another Prayer Meeting has been arranged for Friday November 25[th] 2022.

We think of our churches in Australia, Canada and the United States. No overseas visits were possible in 2021 due to the travel restrictions in place in the early part of the year as the result of the pandemic. However, using the livestreaming facility, several Ministers have preached week evening services and a few Lord’s Day services for the churches in Australia, although with the time difference it is early morning in England.

A number of our elderly friends and subscribers passed away during the year and we would welcome new subscribers, particularly among our younger friends. The minimum subscription is £5 and is open to all those who attend our churches regularly and can subscribe to the Articles of Faith of the Gospel Standard Society.

The Gospel Standard Library is not part of the Society, but the Annual Report and Accounts have again been included at the end of the booklet to bring this especially useful resource to the attention of our friends and subscribers.

Since the end of the year two new members have been co-opted on to the Committee, Mr. David Stevens (Ripley) and Dr. Andrew Wilderspin (Luton, Bethel).

Finally, brethren, the members of the Committee seek your prayers that the Lord will grant wisdom in conducting the business of the Society and that His blessing may rest upon our churches.

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GOSPEL STANDARD AID AND POOR RELIEF SOCIETY (Charity number 209373)

Report of the Trustees for the year ended 31 December 2021

The Trustees have pleasure in submitting their report and the financial statements of the Gospel Standard Aid and Poor Relief Society for the year ended 31 December 2021.

Trustees

The names of the Trustees are listed on page 2.

Statement of Trustees’ Responsibilities

The responsibilities of the Trustees under the Charities Act 2011 are as follows:

In preparing these financial statements the Trustees will:

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Structure Governance and Management

The Charity consists of three separate funds and is governed by a Committee who are the Trustees of the Charity. The three funds are The Gospel Standard Aid and Poor Relief Society, The Gadsby Memorial Christmas Fund and The Gospel Standard Magazine Fund. The Gadsby Memorial Christmas Fund is governed by a Declaration of Trust dated 5 November 1908, and The Gospel Standard Magazine Fund is governed by an indenture dated 27 June 1879. The Charity registration number is 209373. The Charity is an unincorporated association. Previously there were five funds but on 15 October 2007 a scheme was issued by the Charity Commission merging The Gospel Standard Aid Society, The Gospel Standard Poor Relief Society and The Gospel Standard Convalescent Fund.

How our activities deliver public benefit

The Trustees are conversant with the guidance issued by the Charity Commission on public benefit and seek at all times to fulfil their obligations. The Society is an organisation that seeks to advance the Protestant Christian religion in a way that reflects the doctrines and beliefs of Gospel Standard Baptists and it also encourages adherents to conduct themselves in a socially responsible way in the wider community. The values held and expressed by Gospel Standard Baptists are put into practice in a socially responsible way and the Trustees seek that the practices they observe lead to the improvement of the moral and spiritual welfare of society.

One of the prime charitable activities of the Society is to provide financial assistance to needy persons who qualify under the rules of the Charity Commission scheme dated 15 October 2007 or under the provisions of the Trust Deed of the Gadsby Memorial Christmas Fund. Financial assistance is also given to chapels for the support of the ministry in those chapels and it is hoped that this will be for the benefit of whoever comes to the services that are held. The Trustees’ objectives are that there might be spiritual benefit in addition to the financial support that is given to those in need.

Another prime objective of the Trustees is the publication of monthly magazines which are subscribed for by readers in all parts of the British Isles and overseas and it is hoped that the material in the magazines is beneficial to the readers.

The activities of the Society are undertaken to promote our charitable purposes for the public benefit within the areas in which the Charity operates.

9

Management

The method for recruitment and appointment of new Trustees is by nomination of these Trustees and appointment of them by the Committee, subject to the approval of that appointment at the next annual general meeting. New Trustees are given a brief introduction to the work and responsibilities of the Committee. On appointment the responsibilities of being a Trustee are discussed and, if they are not clearly in possession of a copy of the Charity Commission Scheme of 15 October 2007, one is provided. The governance of the Charity is explained as the Trustees deal with various issues at their regular quarterly meeting and the Chairman or Secretary is always available to give advice and guidance. The Trustees realise the requirements of the Charity law to provide an induction program and to ensure that the Trustees are aware of the changes in the Charity Sector. More attention will be given to this in future.

Under the scheme dated 15 October 2007 Trustees are elected to serve for a period of three years, and one third of the Committee will retire each year on a revolving basis and seek re-election.

Decisions are taken by a simple majority except in matters of particular significance when a 75% majority of the Trustees is required. The Secretary has delegated powers but the authority of the Committee is obtained in respect of all financial matters and actions in pursuit of the objectives of the Charity.

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that sufficient safeguards are in place to manage those risks. Detailed financial statements are provided to the Trustees at each quarterly meeting. The Trustees have considered the withdrawal from the European Union in 2020 and do not expect that it will have any impact on the Charity.

The remuneration paid to key management personnel is decided by the Trustees and is reviewed periodically taking into account inflation and minimum wage legislation.

Objectives and Activities

Subscribers to the Society pay annual subscriptions, and donations are received from individuals and from chapels. In addition a number of chapels take collections for the support of the work of the Society.

10

Any subscriber may recommend to the Trustees that financial assistance is considered for any needy case of which they are aware. A number of recipients receive quarterly grants which are subject to regular review and a number receive annual payments which are made at the discretion of the Trustees. Any grant awarded is given in accordance with the formula agreed by the Trustees. Before making a grant the Trustees assess the financial needs of cases that are brought to their attention.

Achievements and Performance

The normal income arising is not sufficient to meet the outgoings at present due to the low interest rates but the Society is able to draw on its reserves.

The Trustees acknowledge their responsibility to fulfil the objects of the Charity: - by distributing the income arising, if necessary supplemented by reserves, to all eligible needy cases. To help achieve this objective any subscriber may bring to the notice of the Trustees the need of any person or chapel. That need is then determined and an appropriate grant is made.

The Trustees review the attainment of these objectives at their regular quarterly meetings and enquire into the circumstances of any need that is brought to their attention.

Investment Policy

The Society’s investments are included in the financial statements at market value at the balance sheet date (see note 12). The change in value over the year is included in the financial statements. The Trustees review from time to time the policy for investment and are aware of their responsibility to take advice. The Trustees acknowledge the requirement of the Charity Commission to maximise income by investment in a range of securities. The policy of the Trustees is not to invest in quoted companies owing to the difficulty in identifying companies whose ethical and moral standards accord with the principles of the Society. The investments which are in Government stocks are of comparatively small value and have risen in value during the year. The security of invested capital is of prime importance and the Trustees have therefore used cash deposits to achieve the security which is their objective. This policy has proved very beneficial in the current financial climate although interest rates have declined considerably.

11

Financial Review

The financial statements on pages 18 to 27 set out the excess of expenditure over income for the year ended 31 December 2021. The Trustees consider the state of the Society’s funds to be satisfactory. As will be seen from the financial statements the Society is heavily dependent upon all its sources of income, as well as its reserves, to meet the payment of grants and operating expenses. The voluntary contributions received are comparatively small and the Trustees therefore consider that maintaining the income stream from invested funds is material to the fulfilment of the objectives of the Charity.

The Society reserves of £2,746,417 are invested to provide the greater part of the income from which grants are paid. One of the responsibilities of the Trustees is to make effective use of these funds and they examine ways whereby this can be done. The Trustees consider it prudent to hold reserves at the existing level to ensure sufficient resources to meet outgoings and also to provide a safeguard should interest rates decline and income therefore be reduced.

Plans for future period

At the present time the Trustees have no plans to alter the way in which the Charity operates because the aims and key objectives are fulfilled. They will however continually review this policy and adapt to any changes which occur.

On behalf of the Trustees

G D Buss 8 March 2022

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Independent auditor’s report to the trustees of Gospel Standard Aid and Poor Relief Society

Opinion

We have audited the financial statements of Gospel Standard Aid and Poor Relief Society (the ‘charity’) for the year ended 31 December 2021 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation and health and safety regulation, antibribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Charities Act 2011.

15

We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to fund accounting, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Use of the audit report

This report is made solely to the charity’s trustees as a body in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Mazars LLP Chartered Accountants and Statutory Auditor

6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS

Date 9th March 2022

Mazars LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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GOSPEL STANDARD AID AND POOR RELIEF SOCIETY Statement of Financial Activities for the year ended 31 December 2021

Total Total

Notes
Income and endowments from:
Donations, legacies and other income
2
Charitable activities
3
Investments
4
Proceeds from the sale of “Zoar” chapel, Romford
2
Total
Expenditure on:
Raising funds
5
Charitable activities
6
Total
Net surplus (expenditure)
Unrealised gains on investments
12
Net movement of funds for the year
Reconciliation of funds:
Total funds brought forward 1 January 2021
Total funds carried forward 31 December 2021		 Restricted
Funds
2021
£
167,369
43,104
24,416
240,620
£475,509
8,331
189,419
£197,750
277,759
359
£278,118)
£2,468,299

£2,746,417		 Restricted
Funds
2020
£
24,480
41,123
34,112
-
£99,715
8,597
195,848
£204,445
(104,730)
152
(£104,578)
£2,572,877
£2,468,299

The statement of financial activities includes all gains and losses recognised during the year. All income and expenditure relate to continuing operations.

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GOSPEL STANDARD AID AND POOR RELIEF SOCIETY Balance Sheet as at 31 December 2021

Notes

Fixed Assets
Investments
12
Current Assets
Stocks
13

Debtors
14
Short term deposits
15
Cash at Bank and in hand

Creditors: amounts falling due within
one year
16
Net Current Assets
Net Assets

Funds
Restricted funds 17 & 18
 2021
£
2,443,694
1,336
13,946
124,035
200,272
339,589
(36,866)
302,723
£2,746,417

£2,746,417
 2020
£
2,027,767
2,299
22,925
124,015
332,378
471,617
(31,085)
440,532
£2,468,299
£2,468,299

These financial statements were approved on behalf of the Committee of the Gospel Standard Aid and Poor Relief Society on 8 March 2022 and signed on their behalf by:

G D Buss (Trustee)

8 March 2022

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GOSPEL STANDARD AID AND POOR RELIEF SOCIETY

Notes to the Financial Statements for the year ended 31 December 2021

Note 1 - Accounting Policies

1.1 Introduction

The financial statements are prepared under the historical cost convention as modified by the valuation of investments at market value and in accordance with applicable accounting standards. In preparing the financial statements the Charity follows best practice as set out in the Charities Act 2011 and the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP-FRS 102). The Charity meets the definition of a public benefit entity under the Charities Act 2011. The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate and have identified no material uncertainties relating to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of 12 months from the date of the approval of the financial statements.

1.2 Fund accounting

Funds held by the Charity are restricted by the particular rules of each Fund and hence are restricted funds as detailed in Note 17.

1.3 Fixed Asset Investments

Investments held as fixed assets are re-valued at market value at the balance sheet date and the gain or loss is taken to the Statement of Financial Activities.

1.4 Income tax recoverable

The Society is a registered Charity and is exempt from income tax under section 505 of the Income and Corporation Taxes Act 1988. The Society is not registered for VAT. Income tax to be reclaimed from HM Revenue & Customs on subscriptions and donations made under gift aid and income tax deducted from income received net of tax has been brought into these financial statements as a debtor.

1.5 Income

Income is recognised on a receivable basis. At the year end there were no legacies which the Charity had been notified of.

1.6 Stock

The value of stocks of books, stamps, envelopes and labels and the basis of valuation are referred to in Note 13 to the Financial statements.

1.7 Expenditure

All expenditure other than grants (see below) is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.

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1.8 Grants

Grants payable are dealt with on a cash basis when paid and there are no long term commitments entered into.

Grants are given at the discretion of the Trustees in the case of proven need to ministers and adherents who qualify under the Society’s rules and also to chapels for the support of the ministry of the gospel. The Trustees enquire from time to time about the circumstances of recipients and review payment of grants on the basis of information received.

1.9 Charitable Activities

Costs of charitable activities include grants made as well as costs related to the publishing of magazines, and an apportionment of support costs as shown in Note 6. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the grants made and other direct costs.

1.10 Governance Costs

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

1.11 Related Party Transactions

The Trustees complete details of other Trusteeships and declare their interest if grants are proposed for any chapels affected. Trustees declare any related party transactions over the value of £500 and any transactions are disclosed in the annual report. There was one related party transaction in 2020 (details given in the Annual report). There are two common Trustees between the Society and the Gospel Standard Trust. The Trust assist with printing, despatch and sales and in 2021 income generated on behalf of the Society was £234 and expenditure was £15,487.

Note 2 – Donations and legacies

Collections and donations from chapels ............................................
Personal donations ...........................................................................
Personal donations made under gift aid ...........................................
Subscriptions ....................................................................................
Miscellaneous other income - Bath ...................................................
Estate of Mrs J Painter deceased .......................................................
Estate of Miss D Gibb deceased .......................................................
Note 3 – Charitable activities
Sales of magazines ...........................................................................
Sales of books ..................................................................................
Postage collected ..............................................................................
Advertisements ................................................................................
 2021
£
9,929
9,151
625
6,522
4,223
135,988
931
£167,369
2021
£
19,813
584
17,931

4,776
£43,104		 2021
£
9,929
9,151
625
6,522
4,223
135,988
931
£167,369
2021
£
19,813
584
17,931

4,776
£43,104









£

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Note 4 – Investment income
2021
£
Interest received on deposits .............................................................
24,391
Interest received on National Savings Bond Investment ..................
22
Dividends on COIF Charities Investment Fund Shares ....................
3
£24,416
Note 5 – Raising Funds
GrantsDirectSupportTotal Costs
CostsCosts2021
(see Note 7)
£ £ £ £
Cost of raising funds
Fund raising
-
-
8,331
£8,331
Note 6 – Expenditure Grants Direct Support Total Costs
(see note 8)Costs Costs2021
(see note 7)
£ £ £ £
Charitable Activities
Grant making
113,071
-
9,860
122,931
Cost of publishing magazines
-
41,029
25,459
66,488
£113,071
£41,029
£35,319
£189,419		 2020
£
33,342
715
55
£34,112
Total costs
2020
£
£8,597
Total Costs
2020
£
130,867
64,981
£195,848

22

Note 7 – Support Costs Staff Other Governance Total
Costs Costs Costs Costs
(see note 10) (see below) (see note 9) 2021
£ £ £ £
Cost of raising funds
Fundraising
6,100
825
1,406
8,331
Charitable Activities
Grant making
5,400 1,649
2,811
9,860
Cost of publishing magazines18,823 3,825
2,811
25,459
£30,323
£6,299
£7,028
£43,650
Other costs comprise
2021
£
Postage ..............................................................................................
468
Stationery ..........................................................................................
400
Telephone .........................................................................................
334
Honoraria .........................................................................................
1,250
Cost of books sold ............................................................................
3,308
Calendars .........................................................................................
163
Committee expenses ........................................................................
-
Travelling expenses .........................................................................
148
Bank charges ....................................................................................228
£6,299
Note 8 – Grants Payable
2021
£
Payments to 167 individuals (2020 – 182) ........................................
71,820
Payments to 87 chapels (2020 – 91) .................................................
41,250
Payment to Ludgershall Parish Council ...........................................1
£113,071









There were no payments to charitable bodies of £1,000 or more during the year.

23

Note 9 - Governance Costs


Printing ............................................................................................
Postage .............................................................................................
Committee expenses .........................................................................
Auditors’ remuneration ....................................................................
Legal fees .........................................................................................
Telephone ........................................................................................
Annual General Meeting expenses ...................................................
Stationery .........................................................................................

Staff costs..........................................................................................		 2021
£
371
319
-
5,482
-
120
350
386

7,028
10,725
£17,753
 2020
£
323
395
1,634
5,460
-
100
-
357
8,269
10,725
£18,994

Note 10 – Staff Costs and Trustees’ Remuneration

No Trustee received any remuneration for his services as Trustee. No members of the Committee of the Gospel Standard Aid and Poor Relief Society and of Gadsby Memorial Christmas Fund were reimbursed expenses incurred in travelling. (2020 – Ten members - £1,990).

No employees received remuneration or benefits of more than £60,000.

Salaries were paid to the editors of the Gospel Standard and Friendly Companion as follows:

2021 2020
£ £
T J Rosier .................................................................................... - 3,500
S P Rosier.................................................................................... - 2,000
G D Buss ..................................................................................... 6,000 1,000
G TenBroeke ............................................................................... 3,023 3,010

Staff Costs

Salaries were paid to 2 (2020 - 2) part-time staff in addition to the editors. Total remuneration paid to key management personnel (including Editors) £30,323 (2020 - £30,810)


Salaries .......................................................................................
Social security costs ...................................................................
Split as follows:
Costs of generating funds
Fundraising ................................................................................
Charitable activities
Grant making ..............................................................................
Cost of publishing magazines .....................................................
Governance .......................................................................................
 £
30,810
-
£30,810

3,300
1,650
14,648
10,725
£30,323		 £
30,810
-
£30,810
3,300
1,650
15,135
10,725
£30,810

24

Note 11 – Net movement of funds

The net movement of funds represents the deficit on the charitable activities and is stated after charging:

2021
£
Auditors
Audit – current ..................................................................................
5,676
Audit – Audit – previous (over) provision .......................................
(194)
£5,482
Note 12 – Investments
2021
£
Balance as at 1 January 2021 ............................................................ 2,027,767
Acquisitions during the year ............................................................. 1,140,588
Disposals during the year .................................................................. (725,020)
Unrealised gain during the year ........................................................359
Balance as at 31 December 2021 ......................................................£2,443,694
Investments at Cost
2021
£
COIF Charities Investment Fund Shares ...........................................
1,011
Cambridge and Counties Bank..........................................................
626,605
Close Brothers...................................................................................
283,379
Hampshire Trust Bank .....................................................................
500,000
United Trust Bank ............................................................................. 1,030,832
Shawbrook Bank ............................................................................... -
£2,436,000

2020
£
5,500
(140)
£5,460
2020
£
2,412,977
1,039,643
(1,425,005)
152
£2,027,767
2020
£
1,011
520,410
279,833
200,000
1,025,005
-
£2,026,259

The investment in COIF Charities Investment Fund is managed by an independent body of Trustees with experience in investing on behalf of Charities and is readily realisable. Investments in United Trust Bank and Hampshire Trust Bank mature during 2022.

Note 13 - Stocks

The Society no longer purchases a supply of paper but Orphans Press Limited purchase the paper and charge an inclusive price for the magazines.

Envelopes and labels used to dispatch the magazines are purchased in bulk and a stock remains on hand at the end of the year. This is valued at cost.

The bound volumes of the Gospel Standard and Friendly Companion are purchased in December of each year. Unsold copies for 2021 and 2020 which are held in stock are valued at cost, and copies for 2019 are valued at one half of cost. Copies of earlier years remaining unsold are not valued. Copies of What Gospel Standard Baptists Believe printed in 2014 are valued at 50% of cost and copies of The Eternal Sonship printed in 2017 are valued 50% of cost.

25

Note 13 – Stocks (continued)

Stock of envelopes and labels ...........................................................
Stock of books ..................................................................................
Stock of stamps …… ........................................................................
Note 14 – Debtors
Income tax repayable ........................................................................
Interest receivable ............................................................................
Prepayment ......................................................................................
Gospel Standard Trust .......................................................................

Note 15 – Short Term Deposits
National Savings Income Bond .........................................................
Nationwide Building Society ............................................................
COIF Charities Deposit ....................................................................

Note 16 – Creditors: amounts falling due within
one year
Accrued expenses .............................................................................
Magazine subscriptions for 2021 ......................................................
Income received in advance ..............................................................
Deferred Income – Magazine subscriptions for 2021
Balance brought forward at 1 January 2021 ......................................
Amounts released during the year ....................................................
Total income received during the year to be deferred ......................
Balance carried forward at 31 December 2021 .................................		 2021
£
412
815
109
£1,336

2021
£
1,243
9,249
1,975
1,479
£13,946
2021
£
70,000
31,035
23,000

£124,035
£
2021
£
8,395
24,527
3,944
£36,866

2021
£
21,838
(21,838)
24,527
£24,527
 2020
£
807
1,340
152
£2,299
2020
£
2,677
11,866
3,235
5,147
£22,925
2020
£
70,000
31,015
23,000
124,015
2020
£
5,838
21,838
3,409
£31,085
2020
£
20,115
(20,115)
21,838
£21,838



26

Note 17 – Restricted Funds



Gadsby Memorial Christmas Fund
Gospel Standard Magazine Fund
Gospel Standard Aid & Poor Relief
Society
 Balance at
01.01.2021
£
141,611
83,057
2,243,631


£2,468,299		 Income Expenditure Unrealised Balance at

gain 31.12.21
£
£
£
£
5,957
33,176
-
114,392
50,846
62,298
-
71,605
418,706
102,276 359
2,560,420
____
£475,509
£197,750 359 £2,746,417

Gospel Standard Aid and Poor Relief Society

The purpose of this fund which is an amalgamation of The Gospel Standard Aid Society, The Gospel Standard Poor Relief Society and The Gospel Standard Convalescent Fund, is the relief in need, whether occasioned by financial hardship, sickness, infirmity, disability or of old age of Strict Baptist Ministers, their widows and dependents; and or persons who have regularly attended religious worship for at least three years at Strict Baptist Chapels. Also the augmentation of the working funds of needy Strict Baptist Churches in furtherance of their religious and other charitable purposes.

Gadsby Memorial Christmas Fund

The purpose of this fund is to:

Gospel Standard Magazine Fund

The fund is responsible for the publication of the Gospel Standard magazine, the Friendly Companion magazine and Perception magazine.

Note 18 – Analysis of net assets by fund


Gadsby Memorial Christmas Fund
Gospel Standard Magazine Fund
Gospel Standard Aid & Poor Relief

Society
 Investments
£
108,371
71,218
2,264,105


£2,443,694		 Current Current
Assets
Liabilities
£
£
7,297
(1,276)
32,950
(32,563)
299,342
(3,027)

£339,589
(£36,866)
2021
£
114,392
71,605
2,560,420
__
£2,746,417		 2020
£
141,611
83,057
2,243,631

£2,468,299

27

GOSPEL STANDARD BAPTIST LIBRARY

REPORT FOR 2021

This year again has been affected by the Covid 19 pandemic and the accompanying restrictions – Bethesda continued to have limits on visitors and this in turn meant less footfall at the Library. In addition, Miss Muriel Stonelake moved to Bedfordshire at the end of March after sixteen years of valuable work which was much appreciated. The Library continued to be open two or three mornings a week and in May Geoffrey Main, who was retiring from teaching that month, felt led to join us as a volunteer and has proved very helpful. Marion Hyde’s mobility was becoming increasingly limited due to arthritis but despite this with the on-going support of Gordon Dadswell the Library continued to be open two days a week. Necessary work continued; books were still borrowed, mainly by post, and various enquiries for information dealt with by post.

Gordon continued scanning the Church records of Ebenezer Chapel, Luton and Providence Chapel, Croydon, prior to depositing them with the relevant Record Offices in due course. He has also scanned seventy-two typed sermons preached at Providence Croydon by various ministers, which will be available to borrow or download.

The total number of books loaned over the year was four hundred and twelve – seventy-two more than last year partly due to a Bethesda resident borrowing regularly. We were pleased to welcome some new borrowers too.

Only one Newsletter has been possible this year which drew attention to the Library over the past year and also referred to publications which were relevant to plagues and pandemics in previous generations and what the reactions had been We hope to return to two in 2022.

There were ninety-seven new accessions this year, and in addition there were twenty-five duplicates. As previously we are grateful to those who donate new publications and other titles which are new to the Library. A considerable number of books came from a loyal supporter who is reducing his own library as age increases; also from Mr & Mrs Goodge, who moved to Bethesda, and from the closure of Studley Bethesda. Some made useful additions to our collection or were sold if not required, but the majority were sorted into categories by Geoffrey and then circulated to all on our email list. This generated quite a good response which has trebled the income from the sales of surplus books to £2,215.

In the newsletter reference was made to the financial position of the Library which was running at a deficit. This resulted in a number of donations, some quite generous, totalling over £6,000 for which we were very grateful particularly where Gift Aid could also be claimed. We are thankful to report that the Library’s financial

28

position is considerably improved although there is no room for complacency and donations are always welcome.

In September a new computer was purchased and installed since the Library computer had been causing problems, was very slow, failing and over ten years old. John Kingham kindly took our ‘old’ one and rebuilt it with an SSD drive so that the Library now has two PC’s which are linked with Icedrive. This is very useful when two volunteers are working at the same time.

Repair and rebinding of books continued where necessary and as time permitted.

Marion had shoulder surgery in June and a knee replacement in December both of which were successful. She awaits surgery on the other knee in 2022 DV. We trust she will be able to continue and also Gordon and Geoffrey and we pray that the Lord will yet go before and give wisdom and guidance in all the concerns and decisions which may be made in the coming year.

Chairman: Mr J H Cottington 22[nd] February 2022

Trustees:

Messrs: J H Cottington; A J Collins; G W Hyde; M J Hyde; B E Izzard; B P Mercer; H. Sant; G S Trust.

29

GOSPEL STANDARD BAPTIST LIBRARY

.

Statement of Financial activities For the year ended 31 December 2021

Income and expenditure
Incoming Resources
Book Sales .......................................................................................
Gospel Standard Trust Grants ..........................................................
Providence Croydon Charity Grant ..................................................
Rye Chapel Grant .............................................................................
Donations and Subscriptions ...........................................................
Donations Received under Gift Aid .................................................
Gift Aid Receipts .............................................................................
Interest Received ..............................................................................
Total Income
Expenditure
Direct Charitable Expenditure
Book purchases ................................................................................
Bookbinding and Picture Framing ...................................................
Rates and Insurance ..........................................................................
Water, Gas and Electricity ................................................................
Telephone ........................................................................................
Postage and Carriage ........................................................................
Office Stationery and Sundries ........................................................
Office Equipment Repairs and Renewals ..........................................
Advertising ......................................................................................
Librarians Travel and Other Expenses .............................................
Building Repairs & Renewals ..........................................................
Subscriptions and Donations ............................................................
Miscellaneous Expenses ..................................................................
Depreciation - Building ....................................................................
Depreciation - Equipment .................................................................
Total Expenditure
Net Income for the Year
Fund Balance at 1stJanuary 2021

Fund Balance at 31st December 2021
 2021
£
2,237
249
-
153
4,203
2,116
502
5
£9,465
60
30
1,317
757
468
390
153
260
113
1,139
-
71
-
1,436
461
£6,655
£2,810
£24,044

£26,854		 2020
£
712
198
7,000
-
525
1,292
383
17
£10,127
161
-
1,158
758
440
495
174
120
165
1,362
581
70
250
1,436
323
£7,493
£2,634
£21,410
£24,044

Accounting Policy Note

Depreciation is being provided on the cost of the Library building and extension on a straight-line basis at 3% per annum. Depreciation is being provided on Office equipment on a straight-line basis at 20%.

30

GOSPEL STANDARD BAPTIST LIBRARY

Balance Sheet as at 31 December 2021


Fixed Assets
Building at Cost (1980)

Extension at Cost (2003)
Less: Depreciation to date

Office equipment

Document Scanner Copier Printer (2017)
HP Desktop Computer (2021)
Less: Depreciation to date

Total

Current Assets
Debtors and Accrued Income

Prepayments
Providence Chapel Grant advance
Cash in Melton Mowbray Building Society
Cash at Bank and in hand
Creditors: amounts falling due within
one year
Net Current Assets

Net Assets

Funds - General Fund
 2021

£
23,675

24,192
47,867
(36,514)
11,353
1,613
700
2,313
(1,753)
560
11,913

6
237
-
2,073
12,625
14,941
-
14,941
£26,854

£26,854
 2020
£
23,675
24,192
47,867
(35,078)
12,789
1,613
-
1,613
(1292)
321
13,110
159
361
3,000
2,068
5,346
10,934
-
10,934
£24,044
£24,044

31