2023-12-31-accounts

Cb2rity Reg No. 240979 www.pbfund.org.uk Particular Baptist Fund Report and Financial Statements 31 December 2023

PARTICUI,AR BAPTIST FUND Report and Fln%inclal Statsments 2023 Contents P*go Report of tbe Executive Committee Independekt Auditor'y report ststemeTrt of fiT￿ne￿al aetivities io BalADce gbeet Ca&h Fjtsiy Statsmtnt 12 Notes to the fin&n¢i&l $tat¢ments 13

PARTICULAR BAPTIST FUND Report of the Executive Committee For the year ended 31 Decen]ber 2023 The lixteutivt Committte $ub]llit5 11$ report and the fmantI￿ stalemellts of the Particular Bapiist Fund I'mhe Fund") for the Ye￿ enda4 31 2023. Th¢ f￿ancial 5tatGm¢tL15 COD]ply )vith Sw¢m¢rLI of R¢GoU]]]￿ded Pl￿tiCe (FRS102) "Acwwitill8 èlld ReporLiJJ8 by CJw]tie3" Issued by the Chanty LoM￿sSIOn. . Relerthee an milli5tr rma l.l The T￿￿tee The Trusiees 8eJve on the Executive Con￿lli￿. The Tpjslees who 8erYed durAttgthe year ond the Tn>stets who se￿ill8 At the dat¢ of the report (uDle53 QttLeTwise stat¢dl were". P Barton C H Jcsne8 M O'M•a M Trjce Vi¢¢ ChairtrLan K JobiL8 Ir¢signed 21 Sq)ttmb¢r 2023) Kerth Jobns retsred trom Ibe LoJJ)mittee 21 bepttmlxr 2U23 bavtng relo¢aied and joined a ctlurch which i% not a MellLb¢r ot'the Furd and therefo￿ feelymg him$e]f ntr longerable to CDntinue Js 8 Member's Representstive attd hence#É a memberof the Executive C0￿MIttee. The ¢ivC Col?￿¥11￿¢¢ hila foi hi5 dili8qlt %TriGC. 2 The Mcmbcrs Tht xn¢nTrb6rs iertain Churthu i1￿1VidUAl3. Th¢ aiwGh¢s S￿VIO8 at 31 D(k"eJkilkn 2023, ElJg¢dkn With Eiitu J)uJ)Jb¢J vfJK¥isiHI rep￿SeJ]￿tiveS (including the Minister), each holding one voTr. are as follov¢ry'. B￿￿rfOrIL EaliD8 Road L¢yton. I{￿1>aUlt Road Broml¢y. Haye$ L￿¢ New Cross Road Cambenvell. Denrn8￿ Pl8ce Toiienhfjm High Road Cat¢riw Tring Croydon We8t I'unbndge WelW PanW¢s rrTeenwieh. VillA8e Chureh WilthAmtow Hyde Heath Walworth. Fa81 Street Islington, Tollingron Park Wand8wonh, Wesr Hill L¢wisham. College Park Warford Derby Road 121 121 12) 12) 2} (21 121 121 121 {2} 12} 1.3 Princi l Offjce 5 Sandalw(MNI Road Wpslbury Wiltshit¢ BA13 3UP 1.4 Profe&%ional Advisers and A The principal profrssio￿l athi8eTh and agcnls tmploy¢d by th¢ Fund a8 at the date of this report are ￿ follo￿.. Poih¢oory Witham Weld 70 St George's Square London SWIV 3RD Tnv¢3tment Manag¢ Tnv¢gl¢c W¢olth And TnY¢gim¢nt BartkG 30 GrCtha￿ st￿cL London EC2V 7QN CAF B&nk Lirni*d 25 Kin¥% Hill Avenue Kin¥% Hill Wesl Mullits¥ Keni MLI9 4JQ Audito 3bcob CaYenaEh & Skeet S Robin Hood Lane Sutton Surrey bMI 2bW Secretary Johj) f.dwords 5 S#ndAlwood k(>Ad We$tbury wiltshi￿ IJA13 3UP

PARTICULAR BAPTLST FufgD Report of the Exécutive Committee For the year ended 31 December 2023 2. Structurt Governattct & Matta emellt 2.1 Chantablo Status The Fund wasestabli%hediR 1717 by Baptist Churche% itl LondonhtsldingthedoctrinesofPartLcuJaT RedemptioTr and BelievÈrg' Baptism. The Furtd is registetred as a chatj.ty with the Charity Comltiission no. 240979. 2.2 The Gov The FutLd is govethed by q Chity Cl)￿1￿14￿n Scbeme dated 27 August 2004. 2.3 The T The TN5tee5 of tbe Fund ate the ffleJnbEts cf the Ex￿1Ve Co]Mmiftee I'%he Executive'j. The ￿ecUtiVe is apwinted by ttle membe￿ ill general tneeting. Ex￿￿tIVe members serve three-year tertns. The Executive currently meets up to $ix time$ per annum #nd meets with itle MetrtberÈ' RepTe$etststtves t￿ee pet Atllll￿. The iftdu¢iion prtste￿ for 8nyllewly-appointed memberof the Exe¢utive ¢oTn￿lSe8 #tl initial rneeting wsth the Chairand the Board. folloivtd by a Seri￿ of short meetillgB V12th th¢ S¢crctary on investrrLeDts, th¢ Sralltjnak￿BProUS£. powers attd te6ponÈibilti¢:.f the Executive. Tht w¢l¢omt Infont￿tion pack in¢ludes'. a brief hisiory of the Fund copi¢s of r¢c¢nl Execu¢iv¢ 0￿j Memb¢r5' m¢¢iiTrg minul¢s copic8 ot the tsst tbree years ot annuaj retM)rL8 2nd accounts A topy tsf the Sthethe of Atr2ngemertt buyy vrit￿ Rul¢s X¢gulaiiouS dtid a copv of the Chanlv Cojnmission's kuidance'The Essential Trustee.. 2.4 The M￿nber8 Thc me￿beT$ tsf thc FuThl art the Chur¢hes. Individuals may bc M¢mb¢¥s. but ¢uJretLily therc are no Individual Membct5. orc both docrrSa21 and flDaDcial r¢qulrcmenrs for Membership. Doctrlnalty, Members musl bold ro Tkne dc¢[rln￿ of ParTi¢ular baptixs. FinaDGially. Member5 makt an initial contribution to Ihe Fund's pemanent cwiial and thcreatler make continuing contri￿tiO[L8 by way of a]J 3nnual 4)ffaing or dcnation. Memberg. dutièg are lo.. atttnd Members. meetingF elea members to the Executive eive reports from fhe EX￿￿tile.. and ]nake retomtnendations to theExe¢utiYe reg￿lft￿the makFng ofgrants and loans. ¢ll￿lI P¥Lwt]u 2.i KY Tr¢ Kcy mana￿￿￿￿1 Personnel of the Pund con8iSt5 of thc SErraary. John EdTward8 ￿c￿con) TO V¢1Jom a]1 theday w ¢J8y admInis￿&t1Ve and a¢¢owJting funett<>n$ of the Fund art d¢lwted. The Se¢retary's role is part-time and is Twrded as a vocation 8nd a¢cor(tingly remunelatiort is ealculated wsth Teference to one third of the Bfyptist L'nion of Gre4t Brittyin gtiwd $¢410 and 16 reviwed tsDnwlly tow&rds the end of eaoh yoDrby the TnL3tceg itt o m¢dinS, who th 5Ct thc remuncrntion forthc coming YUT. 2.ti Risk Mat Thc fujjd's ptithary cthjcorn attd objGCtiVC is th¢ ¥loryof God. Whil< it is thc fund's to trUSt wholly in th¢ Loid th&t 11¢ will WOLk out his pU￿oSe 10 Ihi8 end. the Fund also ackLwwied¥es thai Ll has a responsibility for thc proper tnttthgemelll of the Fund in gccordancc wilh applicAhle laws and Aecepleil ¥oDd praetice and far en%urin¥ Ihai the ri%kg fAeed hy the Fiind In Achieving Tt% pnmnry AITn SI￿. Ad[Irp￿lI AnA managed AS be$1 as tx)ssible. The fxe¢ulii'e Committee has IhertfoT¢ conducied its own review of the major risks io ￿hiCh thc Fund is exposed aT￿ systejns and proceduJL% hav¢ been ¢stablIsh￿ in OTderto ihosr ri8k$. This Teiicw is Tq)eatcd anTrually. The mos( si￿1r1¢an1 risks identifiedand actions widertakett w mittgate theTn are.. The 1rusieei￿d¥ ceascto has'e a 8ufficien¢ ranRe of skElls and abil>liesdue to a de¢linknR tru$teebase. This ig being athlrek%ed by seeking n¢w churchegto join the fund And invitittg 5Uttable officersof churches in the increased memEeYship t0￿corne TA￿tees. D¢elin¢ in investment Yalues. This is b¢jng jadr￿cl[bY th¢ oppointment of PTOQCtiY¢ in¥"c5tm¢nt monr¢Bcr5 wlth ihstru¢tiony to mi¥Trtayn a balanQ￿p0rtfollo and monitoring th¢iT Perforr￿n¢t though awo8Tam of Trustee meetings with them. Incapacity of Key ManagemeniP¢rsonn¢l thro￿gh long terni illne55, resulting 12) failure to Continue grani-makingprocedures and tOTnpliATre& AiliiTP< ThTQ ig AaArpq<e.rf hy thp. ThihA'* p.Iprtranir rRenTh4o hetng MA1ntAIn￿ ()n r.laiid_hA%+rt plarfnTm¢4 tli whie.h kry Trust¢ex hove access enoblingthun to inter¥Ene if n¢ce&w.

PARTICULAR BAPTIST FtiND Report of the Executive Committee For the year ¢nd¢d 31 December 2023 5 & StrAte The object of die chariry 1$ st8ted as'.'Ihe odvanG¢tnentofthe Christian r¢Jwn in Qreat Britai￿ IreiaDd, the Channel 131gndsond the Isleof Mk ill accordance with the doctritses of Particular Baptist5" The Tnjstees aim to ¥hiev¢ this objective by.. supponing sele¢tt¥l projects which seek to revive or estsblish new P2rticllLgr Baptist Churches ¥upportiug th¢ thwlo8iG)l th¢atjOL dnd ptèctitsal trtinills of iiit¢lldii18 to JllithSl¢J Iv sisting ivith the constructioa, ma2ntenave aThY repair ot'tbe fabiic. fitttn%s and fiuniThwe of the i￿ald1￿ of Churches wher¢ the doctiine8 of the Pgrticuiar BapiJsts' are preached rdievJn8 mitiisters ajjd rttired minisiers alld th¢ir dtp¢Ddattts wbo are iu ne¢d. b8rdship or dtstress swh other means being cth"Mbl¢aDd ￿ pursuance of the object as th¢ Ex¢£utii'e CoAMllittee sball from tilne to tj.me th￿L fjt Alongside the governing dtscument. the tsf the FiityA rn9D8gd iiDder a %er7e5 of Rules 4tLd Regulatity￿S formulkted by the B71wutsv¢ Committcc. Within thi3 fArtV¥ork, thc Futd 3¢¢k8 to make.. granis foT Churcaes ivith 2 cleatTrision toi mission lo thcircommumty Brallts to tUTr¢nl Baplisl ministers artd mittisttrs in traiTJin8 for educational needs t to the A4us Libtary of Re8eui's Pa￿ ColleBe, Oxfor¢L the repository in the Brii]sti Isle& of P&nicul8r L38PUSt historical mat¢ri81 lottg to Chwehes for th¢ PUT¢ha8¢ of. and i)uildin8 worf(% to. Chur¢h buildings ts ts) preseut fonnerBaptist ministers attd rettred miD25rers' widows for the￿￿ef of hard8htp Th¢ Fund is con)￿ltted to distributing its unrestrJ¢l¢d reserv&% in accordance ith its %tÉted obje¢tEves and also in accotdante with sts uJJr¢stri¢led reserves policy. It is also wmmiii¢d to ill¢reasitL8 it8 IfltsnPQrtfolio. To these uxds the Executiv¢ i5 fQItLmiited to.. id¢ntifjq"n8 D¢W b¢tLtficiarits by.. appointsng. wher¢ pr2Ctieabldpossibl¢. individuals ro the Executive with etrnsive cotltacts within the Parti¢ular Baptist mmunity eiJiOUia8iii8 raili EX￿Ul1￿¥ IllfTltiKr4LTwJ ¥lbU thy Fwmi's I￿[nbe[S to bc ￿er[￿Charl￿ble opponuniTic8Thithin the Part￿[&￿ Baptist community advertisin¥ throush awebsite IWww.pb￿nd?r&ukl and the distribution of upttrdare promotional liTeAture to th¢ PaTts¢uJaT Baptist coIIittlllnity, notonly diTectly to ChuLhesbui alw via local a55OCittions regularly reviewing the £urreni rage of and loans lo cheek whetherthty Tneetthe cllrrent neai8 of Churehe$ revJqlTrins grnnt ond loan lev¢ts at l¢ogt on¢e p¢r4TKLum reportsng halt-awjually to the members

PARTICULAR BAPTIST FUIYD Report of the Executive Committee For the year ended 31 December 2023 ¢kl¢vt htsa d PErfo bL Thtrin8 thp. yPAr thp. Fijnd ennt1ni￿I tn mske grants and l(YanA in sccnrdance with the Fiind'g ahjectives and in 2clnrd￿nee with the grants and loan5 poSici¢5 CStabli5h¢d by th¢ EXc￿tIVe. The Fund contw to reptrrt perfor[[￿￿¢< in tertns of numbers of iDdividutt15, instilUtiofj$ and Churches who h&ve br¢tL a55i5red, Together wsth tnonewy atnounls d5sulbuted by ¢aiegory tsf gtsftT. Th¢ Fund's Erant-Jnth'tLg exp¢lldittre of £378,375 ￿ 30 diff¢r¢ni paw¢s sbows a decrease (attributabl¢ almost ¢ntirely to the Rle8seof the CanthDurne fi]Dd in 2022) agaiDSt the ￿loUS yeèr'5 expeDdsture of £650.962 to 22 differentparties, 45 follows.. 2023 2021 21122 Education￿ Grattts {￿stitUtiOnS) Lapitsl til￿r- LaDTrb¢)um¢ Conseuts to Chap¢L Tra￿t¢[s. ￿lated COSL8 Thvologi¢sl Ed￿￿tiOn Sllp￿rt Gr&rtts inT4teMAI Tntp.rnghip fifAntg Home Mission PastOTal fvts Spectal Project thzn¢¥ Rdit¢d mitti91erilll 8mt9 Benevolent fJThnts 15,000 15,0(K) ,2?3 62.5 .tfh7 126,050 l82,5O0 12.0(k) 116,575 10 49,900 ?,4nfl 49.900 Total 30 378J75 22 650.1102 Th¢ Fund's lom protlle. dtscLose(I ￿ ￿08rdEn￿e retsted ttlvebvllen￿ withkn nxed (notr 51 currcni ass￿ (llo￿ 61 illYesrneDt4 ￿ as follows. 2•23 2023 2022 2&22 New loon5 Totsl loatss 46,456 85,079 The Fund'5 inTre5meRt pTrlicy L5 bw vurTn￿ fully at 0.1 ￿luW. Th¢ inv¢8tmcn13 Producd divithnd in¢tyM¢ thf £192.825 12022. £203J93} Ncl gains. re81isc41 and unre81ised,ot£81.816 (2022. (los&esl£(244.832llJ¢¢tued to IbeEndowttntFulld tthD8 the valueoftheEndowment rund to £2.194,881 ot 31 DKcTnbcr 202J. inGf&i&¢ of 3.gh M'cr thc year whi£h is di6appointitt8 a¥ain51 a¢hievjTh8 thc objcctiv¢ of prolccting Ihc Endowment Fund winst inflation whi¢h unusually high in the ye8r (Jnd gen¢raiÈng incomel, bui musi ￿ se¢n in the tontext Of m3Tket efyects of on-going world ei'ents from FebTuary 2022. Net %ain9. realisixl and unrutlised, of £350.102 (2022.. (losses} £INOO,6311}) accrued to G¢nml funds, so tothl wurns on investm¢nty gains and di¥idcnds. arno￿ted to a of £431.918 plu$ divid¢JMJg of £192.825. tot#11￿￿% £624,743. 9.10/4 of the vxlue fif ihVCSlrnents at the start ofily v¢ar 4.2 Future Develo Ihe I tostecs ¢o]JiinuaUy reviewmg ceryaiD ¥raLts ro makc them more appropriatr and relevani. men15

PARTICULAR BAPTIST FUND Report of the Executive Committee For the year end¢d 31 December 2023 The Ksults of the FuniL kn8e1kn￿W1th conwative figwes for 2022, canb¢ found iu the Statemeniof Finpneial A¢tivities ¢)n p&ge 10. Totsi ebsntRble ¢xp¢ndituregTllQUlltqd to £446,791. The fijnd benefited from pr¢xe¢l$ wmch ¢ould be quants"fi¢d bv the end of 2023 of chapels whith Closed UJ 21)22 an)Du￿1 to £495JlS. dividend and itite]Egt of £199,551 other don*ions of £10289. (iaLtL8 on mvesttwtts weTe t431,YIi¢12V22'. lossesUL.U45,47U) due to workl ¢V¢Dts of that ywl, so the Fulld sknows a surplus of£690,282 for thè yeAr(2(1?_2.. dp.fir.it ¥{9R511?JII) 31 Dettmber :023, the Fundm assets of £7370.7t4 I￿22, £7,280.4221, piryeeds be qu8atitie41 by the end of 2023 of chapels w￿.£b clo8ed iti 2022 gJnDUnttt￿ to £564,595 had not then been receiv￿ were llot th•tfoTe #vailable for ￿ttt- maksttg putytyse¥ at that dato. The. tinallrial p)lieiegrelxtJtt8 to Futo 9re Hs follows.. Thechariivs p)ftlolio is divided into two Funds and oi'er the medium lern) the investment strategy in re8pecl of each Fund IR.. Endowtn¢ni Fu)yJ.. to maximiÈe ￿E￿me whi16t majntllining th¢ rcol voluc of thc copitul. b. UJJrL'striLlYd Fund." to e5tabli5h a balanced portfolio toprofrct the real value of capital and income. The tftvesbllellt Policy has been extensively ￿VIewed and precludes invegttneni incompaoies which ¢le2tly 8enernte $￿ifiCantprOfits from amiamenty. a]cohcpl. 8omblin& high interest Icndin& porno8raphy and toba¢¢o. For detalls of ijjvesurnjis held see no￿ 5 2nd6. made w Churche5 sharing the doctrinal b&81$ of the Membtrs for the purcthe of, and building work$ to. Chur¢h buildings. i ¥cordance wilh the Fund'$ Rules and Regulations. Currently theM￿lmuM loan IB £1￿.￿0. Reptyment te[fi￿ 9re norm&lly ten yeÈr8 and 9re Énterest fre& Loang to unincorporated tha￿ti¢$ in England and Wales IdiffeJEnt anongements opply in other jurisdictions in tht Bjiliyji Ibly￿] u]iS¢LLEt￿L bul Iuanb tv inwrpotut¢d rhaTiuts are guaranteed a6 4)proprtsr. Fordernils tsf loans, vthich 8r¢ 4¢COiUltvJ for as programme rclated investttJeDL& see tLoies S 6. 6.3 Grant5 Pobcy GranL8 orc made 10 ed￿all￿nal establishmeDts, Churcbcs and lltdividuals embra¢xÈ)8 the doetTi￿al basis of the Members Ind in aceordattc¢ with (he Rules ond ReElll2tions. Detsi14 are intlllded below.. Educuiioiial. Grants are also made to indivithjaj ttJini5ter5 ill training and 10 full ts"n)e mitiisters 5ttkin# to folloiv fi3rther studies rel￿an1 lo the ministry. A grant 15 also made to the Angus Library of Regent's Park College. Oxford. the main rep05tlory in the ritish Isltt of Pafticular Bapti$thi5torical tnaterial MiY.¥inn. GTrnL% ar¢ made to Churches and Chur¢h-Plants whi¢h ar¢ culturally T¢l¢i'ani as well as being in Itme with th¢ Fund's th¢ological posiiion. Sinc¢ 2023 such grants have bc¢n given for up 10 nme wears. Special PniJe¢i fjrants are giwen to mll h￿￿h￿ ¢owards capitsl empendiiure on ¢v2ngelisii¢ projEet5 BeKevnléKI. Grnnt5 are givell to ￿lTed ministers With a low OTMI occasionally to serving PA8tors in siBnific&ni nEed

PARTICULAR BAPTIST FUND Report of the Exeeutive Committee For the yegr ended 31 Detember 2023 6.4 R¢seTV¢ Poli¢i¢s.' Cate 6.4.1 R¢s¢rrfE Cts¢¢sori¢s The Fijnrf'g TP.sprveA Are trlxg%sfiprt fnllawg. ori¢s ¥nd UnrestiTrcl¢d Reserve5 This tomprigei those wht& miistbe held permatsèntly bytheFuryd. Fncorae 9r1S￿ csn beused in a¢cord#nce Wlt the objecis of the ¢hatityasLd t$ itL¢luded as ULrestti¢ted illGo]ne. Any capital gaiD¥ or1055¢$ ari$ingon tb¢ EudowA)ent Fulld ftstmpart of the Eudowmelli Fund. The Bttrhf()rd Fund. This arose frotD the proc¢ed$ of the ¢ba￿l 2t BathfoTd, Sotnerset. Inconx ari6inE on the B•thford Fu￿] could b¢ ustd itt gccordatsc£ with objects of the eh2Kity ftsr the benefit of SW Ett8lAnd been gccounted gs restricted income. The LaPitl of the B•thford Fund wgs in th¢ tlature of an eiLdowm¢nt futld. Any capiial 8ai]Js or losses arising on the Bathford FuJ)d part of th¢ Puttd. itte0ll￿ denved from the isathford Trulld bcjng very t[￿est. duryng IlPlO the ￿K¢Cu￿Ve resolved io apply the ¢apiiaJ ot'the tijnd * if it ivere incnme rffld na ahjectinn rec￿￿ed The Te$trittiDn thAi the. Rxlhfnrd Fiind Èhrnild iiVJl frt thp bpnpfJ of .SW Engiajjd rematng. Th6 ivhole of th• Fulld ss llow aceountsd for as restricted attd tkn E%ewtiiTè int¢md to us¢ il in eonnection with proj¢cts lor￿d 88 near as possible to Bathlord. tu 2020 it wes u$ed itl M¢lksharD, less 10 fftile5 away. Restrkted Fund5 aDiOIIDtsd to: 2011 3032 Endowmeyrt Fund 2.194.881 2.112.865 Bathtord FuDd- In¢om¢ Unreslritf¥dFtsnd&.. These ￿MprISe those Fund8 which The knutive LB fiv to us¢ ￿ acwTda￿ with ¢he Ob3￿ts of the Fund and are.. Th¢ Gtncral Pr4 The L￿ff Fynd. This Fund is for the provision of loans ￿ CiWrcl￿ for the purchase ond extension of buddingy aJKI major repair Costs. The IY¢715h This Fvttd was up in 2012 from the pr(K¢eds of the sal¢ of Zkon Chap¢l, Scleajau, Fishsuayd. On a request frotn the Welsh B2piisI UJJion Cor[M)￿tio0. the Trustees •greed to d¢signai¢ this aEtLount to provide MissioJJ grants to Welsh rkniTehp.q Thiq Fijnd qdded tn diiiing ?_nis qnrf ?.QIA thp. nf ye￿inAl￿t pmwhpg in fhliw Blly Thjiing 2019 the proceed8 of Blaendulais chBpel were added to the fund, South Dairy (Nr. HaN'erfor(tw¢stl and Tal¥arth in )021. and Siloam. KidwellyB1a¢ngsnvaJ￿ Partrygog,8ndTrerio. SLDavid'$in2022. andLittleNewca8tie. nr. HaNerfordww Hephzibah nr. Milford Haven. and Si.Cleats in 2023. Thc ￿￿<￿rn¢Pl￿. tknnÉ ?016 th¢Ex¢wuv¢ tsgrced thoi, when rcttivcd, thoprowcdoof Caxton th￿IdbCtranSf￿rtd Christ Church Camlx)um& Cambridgeshir4 for the p￿￿Ose of ￿]StillE in at4uiting a 5uitsbl¢ manse. the Fund To conrinue to be the ultimate beneficity of i proportion of that property commensurate with the ptt)cee(L% of f.2KtoD thxpel. DurFng thp. PWLwdg of C8xtr>n chapel wer¢ rec#iv¢d. but 2 long F¢Tiod elapsed b¢for¢ a suitable property Could be acquired. $0 as At 31 December 2021 (he Procttds were h¢l(f as CoDtsourne FuL(S pcndlng 8uiiable srr2ngements for rhelr applieaiion. which were conrludeil in Suly 2022 For more dotsils on restp￿S tegcrve b￿kn￿e5. gee the bal•Dce gheet on pa8e I l #ttd 10. 6.4.2 Un¢rsÉnc(ed Ke9e¢veg Volicy The Fund'$ unredrsctrd Tesernes amount￿£5,774,05l ai 31 fJe¢ember202312022.. £5,138,785). TheExecutive seeks ￿diSt￿￿Ulelhe entire intiom¢ 8¢n￿at￿ by Ih¢so funds, t0geth¢r iyith tht inwmc ftwn Endow[￿rt fuDd. TheExe¢ulive ht$4gteryaan unrtsiTiCtEdpolicy Whe￿bY apptOAiTnat¢ly£l,iXI0,O￿ wi11 beg¢tasid¢ formaking loans kn Chuwhes r￿T¥paIIS 10 c￿￿[ch buJMiu¥5 (the"tksi¥Th&d LORD The Execulivc consid¢ts thtst to the Fund tontinues ￿ opernte in the case ola substantial dccline in its income. the baJ8ttce orth¢ nrestrlcled reserves should nOt£￿belOW£1e0.0o0. Inllddition, the Executive is eDncerned no¢tn un&rtake Corn[￿ts￿entE Ihal de￿nd¢llt upon capital ¥aiDSOll investments. as those gaittscould be reverd iD futyre years. Ith8$ a rollirt¥ t¢tL-y¢arpl*n that seeks kn teduce re8etVe5 to £300.OUD and thereaft¢¥ to balance extwditurc with income. 6.4.3 Primary FttndinE Source8 The main SOUTC¢ of th¢ Fund'5 incom¢ is its inv¢5tmcEII5.

PARTJCULAR BAPTIST FUND Report of the Executive ComJnAttee For the year ended 31 December 2023 TIublrTh huv¢ lkn IDIU the pubJi5hed by the Ch8[j￿ Comml&8kn on thc provisi¢)n olpublic b¢n¢tit. Jhey cont that Public Bentfil is proyidol thtoug supporhng turrent 2nd retired mittitéf4in fiThanci21 need. thp. yptt. onpl￿W Award wag made t¢ * Church.PlaDt12022.. 11 and two ChUr¢h￿ {2022..21 had their gfanls renewed. At 31 DeceiDber 2023 wen12022..91 ch￿￿￿¢$ were re¢eiviry8 on-g02ng 8rantS IOW8nls their￿]￿l￿¢￿' stipends. al￿ ten retired ministers ortheir widows weTe tselp￿ durtng the ye8r12022..101 heJpin8 Churches by me￿5 of loalls io upgrade their premi, enablsng them to ser¥e their cotLm￿liIe$ bet￿. At JI ￿ember 2fj21 Aix chiirtrhp.g l?n??.91 Ivup tA}nti￿[￿s to benefit from fitlldg wkniéh have knelped them ettbAtsce IhetrpNnis¢È 8upptsrtiti8 projectF th4¢ sttk to r¢a¢h out to attd help theit 00mmuniti￿ by providitt8 Cbrijtido t¢4¢hth8 #ttd S￿)dI support. N ttew one-off PToj¢¢ts iv¢r¢ approv￿ forhtjp duritt8 tbe ytrdr12022'.nollel ID to indii'idual minisiers and churches leadlng io the I￿prOVemenT of the abiliiy QI ChuJrhe5 to 5ervc the communiiies. Durini the yeaT olle educauonal instiNtiott (2022.11 and (me trxinee pa%inr l?.il??.I l ptteivpA 8ratttg. alld 21 31 December 2023 sevellteen ¥b￿ellI pastors {2022..111 were ¥upPOrt￿ itt contsnuitt8 tbeirsEudies lyS]ltie¥ of the Ei ¢il St&tquJ The Ex¢cutiv¢ is rtsponsible for pr¢paring the An]]ual Repotr and the fina0¢121 staterlltnts irj accordance with applicxhle lllw aDd United Kin8dom Generally AccEPted Arcowitins Pra¢ti¢e. Charity luw r<qUi￿ the EK¢cutivc to Pre￿ fJrtEncial Jthtcrnfjnts for ¢adJ fittdncJa] yearwhich 8iTr¢ a truc and fair vi¢w of Lh¢ S￿1¢ ot'affair3 of the chatiry and of lis f￿￿tIal acti￿tits for thai period. In prep8rJn8 thoge financial stalem¢nts. the Executive is required io.. $eleol wit9ble gccountllJ8 policies attd apply them éonsistffjily bsent the method$ ond pri)￿lpleS sei vut in ihE ChaTities SORP [[￿e judgements aJ)d estimates that are reasonable and pn]dent state whether applicable accounting srandard8 have be¢n follow¢d subj¢ct to any nJat¢rial dyrniF￿ disc105ed and explained iD th¥ financial 51atements PT¢paF¢ the financial Staren￿)ts o the going concern ba8is unless li 18 itw)propti8te to presume that the Activitie$ of the ch4rity will tontim The Exceutivf i¥ ￿￿pOnsIbl¢ for ktepirt8 proper a¢¢owitin8 ￿￿01th wliicli di$clvse Willi iraJviJubl¥ aLvurdLy 4LI titne Ih¢ tln8nclal posiliott of the charity and ¢nablts it to engute that ihE financial stst¢ments comply with p8rt 8 of the Charjties Art 2011. It is also resoonsible for safeguarding the of the tharity and hen￿ fm tAkine TesgonHble gteps for the prevthtion and dkntion of fiud And other it7ewlaritieg. The report olthe Execllhve eomTDitteewas approved by the Exeeutive Cotnmittec otl Ilth September2024 ￿ Si￿ed on ils bebalf by.. Eric Couslfjs Treasurer

VAK'J'ILULAR LIAYJ'lb'l VUND Independent auditor's report to the trustees of Particular Baptist Fund For the year ended 31 December 2023 Opinlon We have audtted the £DAtt¢itiI 9tateft￿rtll of Particular baptist Futyl (the £ortbe yeAteniled 31 Decemkn 2023 which COmpr￿e th¢ Ststun6nt of Fin3nGial Artiviti¢s, the Balanc¢ Sheet, th¢ Statem¢t2t of Cash FIoiYs and notes to tht financial stat¢mcnts. including a summary ot si￿11]can1 accountmg policies. llie tllwjc￿I rq)orttng trame%York that has bceD applied in tttelT prtparatson Is applicable law xttA I IniTpd KstheAfkm Atfnijniing qtsnd%rA. inTr.IiJdin8 Finsffltial Reynrtine RtxrtdArA In?. Thp. FinAlltiAI Rq)Th•tihe Appli(Yhl. in the UK and Republic of Irelnd (United Kirt£do￿ Generally AecountiD8 PActi¢el. I￿O￿rOP]n$t￿￿ the fJJ)snciAi stAtett￿ts.. giv¢ a true alld view ofthe strat¥ of the Chatity's affairs as At 31 Dec¢tnber 2023 and of5 incoming rcsourtts and li¢atiott of re￿￿1¢¢5 forthè yè8r thèrt ¢ttdèd: hwe beeu Properlyprep￿e￿ w4)rJgnce with United KiD8dom QeThernllyAccepted AccowJtin8 PT4Ctice' hbve beuj prepAred 2tt accordance with the W￿￿entS ofthe Chmties Act 2011. B$iS for opiDioD W¢¥vuJuLINI ouditiJ] a(Widauc¢with Illl￿1￿&1[￿a[ StthlthsoJiAudili118(UKI(1SAs (UK)lak￿ aypliiable Jaw. OUL I¥syvu$ib&lili under those slalld)rds are further described ill the Audilor'g responsibijilies for the audii of the fmanoal st2oments se¢tio]J of Qur r¢p)rt. We ￿ indePend￿t of the Chgrity iti &eeDrdanee With the ethieal reqiiireJ￿tttr that sre relei'Attt to our au&tof the kn#Dci#l #tat¢ments irL theUK tncludlng theFRC'$ Ethical St3lldardat￿ w¢have fulfJll¢d owother¢thicairesponsibilities inaccordancewiih thtse requIr￿￿ents. We beli¢v¢ that the audjt eTridellce we ttaTr'e obtajrleii ￿ sufficient a]Jd app￿pnatC to proi'ide a b&￿￿ for ouropullon. In auditing the fJJ)ancial ststements, we have conc1t￿ed th#t th¢ tTU8tees' use of going concern basLS of accounting in the preparatson orth¢ fjnancidl s￿l￿]IlLIll5 Ib aPPtuptiair. Based ott thc wotk wc have peitotmc>l we have not identified any tMt¢riai Ul￿ertaI￿￿¢S ￿1&11￿8 10 events or¢onditi¢Trns thal indiVid￿LlY or collectively, may casi s]￿lfiCant doubt on (he Chanty's ability ty continw &s a going concern for a pcrtod of at Ica￿ 12 months from when the financial slatemetLts' ait authoTised lor issue. Our ￿SpOnSIbl]IneS and the responsibilities of the rNsiee5 wilh respe￿ ￿ goin8 concern are described iti the reEevatst se¢ti0ft8 of this rep()rt. Other inform2tlon The oth¢r inform&tion ¢omprise th¢ infoTtnation includ¢d in the annv41 r¢p(prt, inGluding th¢ m]S¢¢S' T¢PK>rt oth¢r than the finatt¢ial Sfatements and ourauditor'5 rew7n thereon. Tb¢ ￿slee& are Teswnsible lor the other infornurion conmined Wit￿.￿ the annual rep)rt. Our opinion on the fjjj￿¢ia1 slalemellts does norcover the other infornuiion and. ex¢epl 10 the extelll otherwise exp]ieitly stakd illourreport. we do not ¢xpietss attv fonllof &sbuianc¢ coll¢lusiOll t1￿cOu. OUT responsibility is to reRd th¢other ijth0Tn￿tIon in doiD8 w, considerwhether the other iThfokTh&ti¢m is mglerially ill¢onsi8tenl with iv fiiiuiiviul blai¢iIJ¥iil¥ uruw kJivwltxly¥ubtsiiitxl iii ww¥¥vfili¥ duibi. vt UL1]ri￿1￿ ¥pur6 wb¥ ITiuluially lJllSblat¥LI. If wi ilivntify s￿h m&t¢rial Inconsistencie5 or apparent tllaterial mi&8tatements. we are required to d¢termin¢ wh￿h¢T this Rive8 to a Ma￿rial miÈ&titernetst in the financi￿ statements themselve8. If. based on the WO￿ we have performed. we conclude that there is a material mi5mt¢m¢nt of thi5 Othw iDfornwtion. w¢ rrquir¢d to teportthat fact. Wc have rK>thing to ￿pOrt in this reg&rd. Mstt¢r5 on whl¢h we ire Nlllred to ￿￿pOrt b). èiteptloD In the light of Ibc knowlcdg¢ and underttsnding ol the Cjwi'ty WKI its envsronment obtaincd ￿ the couThc of tk audiL we hav¢ nol identified maierial misstaien]ents in the tNs'ttts' report. Ive have nothing to report In r¢$￿t ot.tbe lollowiog matters m relaÉioiJ to which the LThariknes A¢t 2UI l Tequires u$ 10 r¢pcrt to you if, in our opinithb.. a(kquat¢ atld proper eounting mrds have ￿01 becn kept. OT Tcturns adeqmte for our audit hav¢ Tro( been received from bTaJ)che8 not visiied by us; OT the fin#ntial siaiemenls IQ not agreemenl with the a¢tt>unling rttords Ind Tel￿r￿s. or certain disc105ures of trustees, reTnuneTation specified by law are not Tnade.. or we hJvc lloL tttctved all the ￿tOrMa￿On and cxp12nalioo8 Wt requwc ti)r our audit. Kespofjsibilities oftke trustets AS explained more ￿llY ￿ thetrustees. responsibilities stalemenl, theirustees areresponsible for the preparationof the fin8nci21 statementy and for being sJtisfJed that thcy give a tDJc and fair vi¢w. and for Such iDt¢rnal control as th¢y d¢l¢rTrine i5 nece55ary to enable th¢ preparation of financiHI statements tharaTe free fvom material misststemenL whether dueto fraud oreTTOT. In preparing the financial srarement& the irusit£s are rwon5ibl¢ foT a$5e55ing ttJB Chariry-s ability ro con15nue as a going concern, digclosino 8s applirAble. rnatters Telated 10 goillg concern aJ%l usingthegoing concern basis ofaceounting unlessthe trustees either intend to liquidtste the Chamty or to operations. OT hai-e no realiEtic alternativg but ro do so.

PARTICULAR BAPTIST Fuf4D Independent auditor's report to the trustees of P4rticular Baptl8t Fund For the year ended 31 December 2023 Audltor's responsibilities for tbt Audit of the finwnciHI statements We have been appolti￿d auditor und¢r section 145 and report in accordan¢¢ with the Aei 2nd relevant regu18tion£ m2de tsrhavTng pffe theTeunder. Our obj¢aivcs ar¢ to obtain re&wtthle assuran¢e 8tx)ui whether the financi￿ statemenis gs a whole are fret from material mi%%t#tem¢rt whetherdue to frxud or error. and to issue an audiioT'S repprtthat in¢lud¢s our opinion. RpAJson4bl¢ ￿5￿rr￿ce ig a high l¢v¢l of a33uriincc, but is not a guarantee that an audit condu¢i¢d in ac¢oTdtn¢c with ISAS IUK) will alivayb del￿t a Tnttrrial misaiemeni when it exa￿5. hlisstaternents can ètige frotn fr9ud or ¢m>r and are considèreo m4t¢rid if, individually ot in thc aggrc8at4 thcy could r¢osonably b¢ expt¢ted to iDflu¢iic¢ the ¢conomii d￿]sIonS uf taken on the ￿lS of ihese financial statetn¢ni5. The ¢Ktènt to which ourprocedurett copoblc of d¢tc¢ting irrcgularitic4 includitt8 fTaud is d¢tailcd bcloiv. R￿￿ed an nlir IindpTRtAnilinB thp rh>rity. we identified that the ￿￿tIPal T15kts of non-compliAnce with regulation" related to ¢mployment gnd financial reporting legislation ￿.¢ considered the ¢xtent to which non-compliance n)ighthave a matrrial effeci tsn th¢ flllanc1￿ statemenrs. We also considered Ihose laws and r¢gulationb that have adIrect Impaa on tht preparntioll Ot'the financial %tat¥ments such as the Charities Aci 2011. We assessed the su%¢¢piibility of the cotnpany's financial statrments io material tni55tat¢men¢ including obtaining an undersiandEng of how fraud inighi occur. by making eRguiries of manB8ement, Considering the internal controls in place 8ttd discussion amongsi the on8a8¢m¢nt team. Wp dptÈrmineA that the princtpAi risks were reld to pregcntation of sep&TAtel? diwlosed items. thc recognition of gront ¢xp¢nditur¢ tsnd ¢xGeptional income. and managctncnt ov¢rrid¢ of controls. In response to ihe risks identified we desiBned proccdureg ivhtch included. but w¢r• not limitèd to revivving trustX3' minLItC3, ¢Yuluoting the inicrnal ¢onlri)14 agT¢¢ill8financial siatemeni disl10suT￿ io underl)ing supwniiig dviurn¢ntation. andiesiingjournal enTries. A fi)nh¢r d¢s¢ription of our re5pon51bl1its￿ tor lh¢ audil ot" the tinancial 5tatem¢Dts 18 I￿aled on ihe Financi￿ Rewrtlljg Council's w¢bsite at.. www.frc.or&uklauditorsre%pon%ihilitie.4 This des¢ripiion fomis part of our auditor's report. Use of our report Thi% t¥pon iSTnud¢ 5DltlytOiht Charifi'%TfusTees, a$a￿d￿. in accordanccTh'ith Part 4 of the Lhariti¢slAccounls and Reports) R¢gulations 2008. 1)uraudit work h05 b¢¢n undertaken so thai we might *tatc iothc Charity's Irustee5 those matters we are r¢quired 10 slate to them in pn 8udTtor's report and for no other pu￿08￿. To the fullest extent permitted by luw. we do not èc¢¢pt or t453urnc rcspon%ibility to 4nyOt2¢ otherthan the charity and the charity'slThst¢¢5 as a body, for our audil WOTk, for this repor( or forthe opinions Th'e hav¢ fonned. Jacob Cxvénagh & Skeet stat￿tsry Auditor Chartered Attnunt#n S Robin Hood L4nt Siitto Surrey SMI 25W JuLvb Cuvgnu¥h & ts ellglbleforappolnintenr t7$ audliorofihe chorlly by vinme oJrfS eligibility JorqppolnlmÈni amdilorofa undersectlon 1212 ofihe ConwaniuAa2110

ia 11 I

0￿¢C 8 &

PARTICULAR BAPTIST fuND Cash Tr'low ￿•￿tement For the year ended 31 December 2023 2023 2022 Csts from operatkng acdvltles C#sh flows knvestlng attlvltles Intcre5t received DiNidends reeeiv¢d (PAyJneut intr)) fjxed •BBet ioveBtments tnanBed potrfojio Repaym¢llt from fJx¢d 885¢t investnxjt nmllag￿F￿0jlu Repayjlleut of programme relaied investtnenis- loan repayments Net Cash 8eneraled by investJn8 activitieg 0.720 192.112_S (S￿.1￿)0) 300,IKKI 1,5511 2n.4,.lQ.I 3(PO,000 IDecre25eylncreAs¢ ¢4sh eA$h eouivalents during the 65.139 (02.483) C•stL and ca8h equivalenLq as at l January Cash and ea$h e4Mivaients as al 31 D¢eember RecorteMition of nel moveolent kn fwids to etssh optrlillg a¢llvffitles 2023 2022 Net movement in hndg 690.282 88,3.'8) Adlustmtnts f•r: Ilnleresi rec*vedl {Dividend$ received) InYeStsll￿t los5¢sI(gallJ51 Mana8¢metti charges borne within D)allaged l￿follO ncreagel debttsra- In¢om¢ r¢r¢ivgble In¢r¢asd(D#rea8el in CTditoi 16.7261 1192.825) 1431,918) 36,764 176.1501 {J.558} (203.393) 1.045,470 37.733 (502.090) 21 Net cA8h lutilistdyprovided by oper&tin% Adivitst5 12

PARTICULAR BAPTIST FUND Lyotes to fhe Financial Statements For the year cnded 31 December 2023 .l('(-uIINI'I￿(: p()i.Ic-Iri. The principal accounting policies adopted. judgements Ind k2y nf eRtimatinn iincErtAifiry in fv. prepArntion of tlLe fuLgn¢ial staiemènts are as follow&.' Accountlng co￿1.¢￿11￿ The fin￿￿181 ststetnents have been prepAted undeT the Ch8ri1i¢B A¢1 Il￿d itt a¢r on an accrualg b2aiS. Gtants otberespendlture Grdnts yayabl¢ are cknrged irt th¥ whEll the offer i5 ronvcyed to the recipient exeept irt th05e cL5es where the offer is conth"ioftal. such gTrllts bein¢ TtcogiLi5ed as expenditure when theconditlOD5 attachingare flllfjlled. GTant8 offered Aubject to ¢ondition8ththich have notbeen met at the ye8f-ertd are noted as a ¢ommithnent. not xcNed 06 expEnititvre. A prowigiOJJ ftrr ll Tnulti-y¢8rgTalll is re¢ogDi6ed al its prèa<tttvalue wh¢r¢ sciilemcnl 15 dtsc ol'cr rtk)Te than onc yur fro the date of tbe award. the￿ art no uJjfuifill￿ perfoTttLanC¢ Gonditions Ulld￿ the £ontrol ofrhe Fund to Mvoid making the tiitvrep8yn]enllsl. settlement Is probable. and the effectofdiseounling Is malenal. The di￿O￿ntrateUSed is therar¢ offered on goverDTnetLt bods IGiits) for a eommensura or sAmilar time pviod otyered in the year irt whith the grnnt Jward is Ottm exyrii%bLwr i¥ awruyd suuH ¥ d liability i¥ CODlid¢red probable, dIsct)￿l￿j io pres¢nr i'aiue for longer terni liabilitie$. Exp¢nditti¢ in¢lud¢5 atiTibutabl¢ VAT which c&nnot b¢ recoNcred. GoNernance cttts 2r¢ tttsw allocated 10 gfdnt Artivitieg I￿Ve￿¢MentS Listed ￿V¢s#￿¢￿tsart stattd at quoted thet v4lue. R¢ali8¢d U￿rea￿Eal￿5 alld ioss¢¥ ¢Jn invesiments retl¢cr¢d through the Stalcment ofFllwi¢tsl Actsi'Iu￿. Prowamme related iiivesth]ents. being 102ns ¢0 Churches. are stated at the gmount ltsied. Jdiustd fi)r anyTepaymeLts. lltctued illterest and ally tttecfjverable ay[￿Unt. DebtOTS AmotJnL fiweA tn the chgrity fny 8rtiths oth& dEbtor$ 4re inchukd * the gettlEmeJlt WTnoBnt due. l¥epayments are ialued at the BTnouN prepaid. Ca5b at bA#k and in hattd Cysh &t bank and in hand inGludoÉ and short kn hi¥bly liquid irtYcotKttFnts witlL 4 ahort maiurity ofth]tG moJJth5 Q[ fn)m th¢ dukufopEnin¥ of the de￿SIL Crtdltors PToi4slon5 Credits)JS aiid piuFiSiuiiS air Iwiiib￿ wliu¥ Lhv Lhyriry ha¥ a p￿Sent obligaiion th31n8 Itom a pasi event ihat will probably result In the transfer of fund5 lo a Ihird pam and the amouni due lo settle the obliketion ran be me8SUTd or stimthed Telisbly. C.reditOTS and provisions 8rt ￿to￿niSed at their settlement an￿u￿1. F]"nAncial iustrnments The charily 0￿Y has fu￿r￿jaI Hssets 2nd ligbilitic% tsf a kind that qualify as bHsic fmaryciaj ins￿]Ments. Basic fjrtthll¢ial iJ¥stn1m￿ts are iJJitally re¢oBtissed at ttatl8ac￿ vdue th sub$¢qutntly measured al their setdrni Yalu¢. 13

PARTICULAR BAFfisT FUND Notes to the Flnanefial Sthtements For the year ended 31 December 2023 2023 Geknerli Fund 2023 Lohn Fund 2023 Wel8h 2023 Endow ment Fund 2023 2022 Toiol Donallo115 aad 1¢ acits Collectiolls & donatiotts Members fjtfts frotn b¢ll¢firigTi¢S 850 1.050 1,025 5.6.$0 .0.$0 I￿Y 0.44 Uther yjfts i¥y 1,114 4.4.19 5.650 200 10289 8.587 IhveglmM15 Dividends 166.638 0,726 19.473 0.714 192.825 203.393 J.551f Bonk M￿reSt 6,726 173.364 19.473 6.714 199.551 204.951 het incomc Redu]Jdaftt Churebes 364.040 131275 495.315 562.740 T•lal lll¢ome 2S123 137,989 70%155 776,271 14

PARTICULAR BAPTIST FUPID otes to the Financial Slalements For the ycar endcd 31 December 2023 FXPFNfiiTI IRF 2023 2Q22 Cknritable Activities Grt7nts tsJ4Y5hlulions Allgus Library EducoiloBulgrqm 13,( J5,1) Minsteriallntsrnship Grani Abingdou Bajlymetvd DundoDald {3,333) io.o(hJ Paytoral SupportGiwnts Aberdeen DldLOT FAlleshnmiJ8h Hydc H￿th Melkshatn Wakefield Wick 6,375 14,800 68.400 72,900 27.(kn) J5,000 38.750 yliql fjroni 58¢022 G¢fj ill Spei(E Redw￿e￿ CtLUJLh Splvii Chap¥l 2.225 GranLv lo 'IlieoloÈical Eth]c2tson SuppDrtQrants Erfts¢atioifrolgranis Retire¢1M￿lsÈerI￿Js￿r¢¥nl 182.500 49,900 62.5 49.900 378J75 11,696 654962 JQ,906 -47.4$7 2.138 2.007 1,665 4,J57 5,300 5,202 f?? (y¢v belvwl Invesiment Managernent Ad%'¢rtising Otlice Runnmg Costs TTsvel eo&t$ itgal & proft6WOtMI Audit 1,130 1,953 2,794 4.641 4.840 3.813 477 Other Totsl eXwdJ￿re 440.79J 719,130 lrtLludtxi Witli&ii TIHv¥l ivbts WIWUTlib ￿￿1]111¥ £701 K2Q".. £ 70) which four (20".. i) members ofthe Execu￿￿¢ r¢¢tiv¢d for costs irtcuned in ￿Tth¢rance of the Fund'8 a¢tll'lt>es other than in wnnection with governance. Also included in Ttavel Appn¥e$ are Att)tsimts to1￿[￿ll8 £1.013 (202?: £891) which six (2012.. 6) membeTS of the Bxecutsve roc¢ivod for costs i ¢Ortn￿(lOn with 8overnanLe. In total six members of th¢ Ex¢cuiiv¢ Claimed travelliJJ¥ exp￿￿ toiallinx £1,714 (2022.. 6 Members clai￿e￿a lotulo[1901J. No member ot the Pxtcuiii'e received rrmunrr&tsLin ￿ thc year ur preceding ye41r. Totol Cwts •mou74t¢d t• 9,702 9.550 Thtre Iv#i one employee {11122.. JJ-' BS Galury I￿0. sry ljeu PgnsionContributiono} Employer's National Insuwc¢ 11,&16 JQ.900 Ilh96 Itl.9Q6 15

PARTICULAR BAYfisT FUND Notes to the Flnancial Statements For the year ended .11 December 2023 DurÈttEthc yearatransfcrof £76.32% fromthe Des1￿Jated tnan Fut￿ tothe Geu¢EAI Fund12022.. £96,942 totheDesignated LoaEt rtwd frotn the Gwwal fund) wtts rd¢¢t th¢ wishcs of th¢ EA¢GUtiYe to keep the D￿ls￿at& L(pa kund at Ll,(MMI.UW. Commtrei#i lTrve$tmetsts at ProEramme rEknted valut Totsl 2023 Tffl412832 At l Jalluary 2023 Additions withij 1118D&ged portfolio DlsposBI procccds within maiLaged PDnfolio Ca8h recycled in manag&l trfo]io RatsA4 su￿1￿5/(J¢rl[1tsTr ab3QtbtsJ iti llJana8¢d portfolio r.hAYBP.¢ within MAY*A￿ pirtfnltn Cash introduced to Inanaged portfolio Cash wittulAwm from managed porttolio Ncl burp1￿31(dcfI¢itI on rcvaluaiion 6246,097 2.435.715 (2,IOJ,2541 {270.464} 57,862 47,746 6.293.843 1435.715 12.1053541 1270,4641 57,862 7.739,299 J.163.230 fl,2JO,J14J 52.B75 (J43.482J (IA.74$11 500,000 131jo.lh￿} 374,056 (IA 7611 500,000 {300.0001 374.056 l2I.6231 (37 71OJ {300.fJOO) <902.432} (ts2,235J [21,6231 At 31 Decembtt 2023 6.841251 26,123 6.867.374 6,293,843 Commcfcsil snvestsneots at m&rkd value in¢lud¢ ca8handush¢quivaler￿heldWll￿invts[Me￿I￿￿S part of a managed portfolio 2023 2022 Cotnmercial ittvesimertts ot origittal cost Quoted SecuAtie$ Portfolio mattaBed by tttveste¢ 6.37J,088 079,J66 6.371.088 6.079.166 Programme related investment5 are loans made to ChurchK forbutldinewo￿s to Churches. All itivestments are h¢ld withijj the UIL Pro8rAmth rel•ted Investments At ¢￿t 2023 2022 At l January 2023 "Ir8ll8fers from tlxcd asset illves(tDents Disposals 37J33 21,623 138.6231 29,135 62.355 (54.053} At 11 ftreA%.PmhÈ.r%)?I 2023 21122 A¢¢n￿d dividend ￿COrne Accnwd redundant ¢h8pel proc¢¢ds 50,708 47,496 16

PARTICULAR BAPTIST FUND Notes to the Finallclal Statemenls For the )'ear cnded 31 December 2023 2023 2022 Aiiivuuts lullill¥ fjluv un¥ vexi- Cthstwctive Obligatiibns Pcmnai GTaIlt5 Prnje¢i Grattt8.' F.llahler Hojne Mi$5ion P&*oral Grarlts Aberdeen CknrtEford 130 5.6J5 19,115 Didcot Edle8borough Gran￿et0￿M Hvde Heath elksl]aJJl Sp¢n Valky 9250 22,8fK) 4.575 24,3(XJ 8250 Jn,919rf 18.300 24,300 2.JJJ 4.82f 7.200 22.-SQO J8.6L70 Q2.7fj0 1.800 18,750 4.650 124,100 Walthamsww Wick FdIle￿Ill￿l frfAtyts 2J9,675 IJ7 14,4fj0 23d296 J24 14.289 OthtrtaA¢5 aT￿ SQGIAI JcE4ltity Accnjab Bnd otheT creditors 234J72 254709 Arnounts falllng due ift¢rone year: P￿ter￿ Support Cjfdnts 4J,6(A) G¥attBe￿WrA Hyde Hellth M¢lksham Wakefield W&lthamstow Wi¢k Ethi¢ational Grni 4.575 48,600 24,3QO 1.800 J&750 4,650 21,050 41.500 123,400 99,425 SPECIAL PROJECIE Mlssityn ENablerwa6 a project in Pernbrok¢shire. l¢dby P¢mbrok¢shirE Bupli5t Association (Ellglisli Wit)g) to cncourdgL Lnubly local commuJ)iti& to ¢ngagc In IKal ￿155¢0￿ actiTritlLY."lkne PToJeLI Staited in V¢tober 2UlJ tor three y¢ar5 and support way forannther rhrce yEarA in 2ft1fi. The grant wx< revFeWeA in ?nig onA slip￿rt IV•9 Agrppd for the rem&iniTr8 4 ye￿￿ of the ￿￿TiMUM 10 y¢or ienn of thJ$ %roni. Th¥ otnount uf ¥ranl allucoicd i¥ £73,500. ThL'rL wjll k, no furth<rxrant allocal¥d ￿ thi¥ PrnjeLI. 17

PARTICULAR BAPTIST FUND Notes to the Flnneixl Statsments For the ver ended 31 December 2U23 Siocc thc inccption of thesc Grdnls, awards &PPToa¢hing £1.6M hav¢ been atlocatedané will be paid as follows.. Pkld llp to eomnwAfed 31 Dee 20Z3 Total Due 2124 Due Z•25 Due 2026 Total gikncated lJ73.724 81.550 25 1.578.674 io. 2023 th¢ rnovetn¢ttts of th¢ varÉtsus Funds w¢r¢ 4$ followy.. General an We15b F￿nd Fllnd Ml$$lts Fumd 341,986 B&th19rd Fumd Total t Fuudy Bff)ught f(bN#rd rtserv 3.796,799 i.(x)o,o 2,111865 28.772 7.280,42 IDcomc Expettdjture TransleT5 beliveen FundÈ Invc5uncni 8aingllDsy¢y) 541,843 1413.4601 76.328 27J,912 25,123 13.9641 (76.3281 53.109 137.989 (2.3671 200 705.155 1446.7911 I27.(￿) 19,021 81,816 431.918 Total CaTried fonvard tesvtves 4,277.422 i.O(K).QOO 496,629 2,194,881 1,772 7.970.704 In 2022 theMOIYMe1115 ofthe various Funds aslollows.. BrO￿s￿lI0￿,0￿l ￿e￿S 4.:4U.163 254.(WO 5￿,021 ,357.697 2J.7r> . 708.150 776.278 nlQ.J_16) 607.276 24,546 144.450 Expeitdiiure bentryen FMn¢ls ljjl.354J 6.942) 1642.339) (3.774) dy42 (117,7J4) lJ5.481) 8¥.02.' 14Q.585) ¢J44.83? {1.fj15.470) 3.79&700 J.oortooo 34J.486 2.JJ2.965 29.77J 1.180.4Jl Th￿ty thots¢ Fwth whi¢k th¢ Ex¢¢utiv¢ is to Ug¢ in 4¢¢ordan¢0 tho thfyritabl¢ obj¢L7ts of the Fund and TC.. The CJetteral Fund The Loan Fund. This dts1gn4t￿F￿nd is for thc PTovr$ion of loans to Church&s forth¢ W%Tch8se a¥Jd extcnsion of b￿lIding5 and maj(kT repair c0815. Tlie Wel%h Fund. This deS1￿￿ted Fund was yet up in 2012 frorn the pr()eeeds nf tle sale of the %al¢ of 7.io Chapcl, S¢lcdaau. Fishgu4rd. On 4 Trqu￿t fron) th¢ W¢l$h Bapti3tUnion CoTrornlion, th¢ TTU31¢c8 agrccd 10 3CL a81d¢ihi8 atnouni LO PTovid¢ Mission grants lo Wclsh Churches. The Tru5¢e¢5 hai'¢deci(l¢d 10 increase the We15h FUEYJ to irlclude ihe PTorceds olTedundonl chapels in all port5 oIWale%. Durin¥ 2023 the proceeds of chapels at Liiil¢ N¢w¢8Stl¢, nr. HaverfoTdwest, Hwh74bah nT. Milford Hav¢￿ St.Cl¢ors hovc b¢¢n ￿d¢d to th¢ fund The Cgmboiime Fiind. DurirL¥ 2016 the Executive a¥reed thaL when received. the pn)cttds of Caxton chapel 61iould k l¥an&frLird Lo Clirist Church CaTnboutnc. CaTrbridBc5hirc, for tiic putposc nf &551stin¥ in aquiriiig $uilablt t[￿n5e. the Ftttrf to Continue 10 bc ¢knc uliin]ale bcneficiaryofh propotlion of thatPTopetty coffjmensurale With thp. pmtpl% nf faxtnn tha￿1 Thirin¥ 2019 the pmceodA t)f C.Axknn chapel were Teteived. knit A qiiitshle. property wa5 not acquired untLI July 2022, so the PFoceed5 were held as the Catttbourn¢ Fund pendiD¥ suitable rrangements for their application being concludcd were distributed in 2022 J8

PARTICULAR BAvfIsT FUND Notes to the Financial Statements For the ycar ended 31 December 2023 dowjnent Fun incom¢ ￿lSIng oll the Endowm￿1 Fulld £4ry be used In uccordance with ihe objec15 of the charity attd is included 2$ unresirickd i]Jcome. Any capitsl gain8 Dr AriRirtE on Fnknwmetst Fuy)d¥ forn7 pgn of the Endowtn¢nt FUJA. Whon ¢hurche$ berom¥ memb¢r chur¢h# ¢f th¢ Fund th¢y ar¢ rcquird to Jllake d ¥api&I ¥wJJknibutivR iv thE Fu]]d alld these ¢ollttibutiDns added to the Endowllmi Fund. athfoFd Fund IJ)tome grisIn8onthe BAthfoJdFund ¢anb¢ used irt a4cordon¢¢ with thcobjcctsof th¢ ¢h￿ltY Forthe ben¢fii of SW Ell8la¢i and wijl b¢ included as restricted ino)Ell¢. Atty ¢&pitui gains or l¢)sses arisitt8 ou th¢ Bathford Fund fom) part of the Fund. The ittcome derived from the Bathford Ftjnd being very modest. duriDg 2018. the Exetiitive r￿￿1V￿d in Apply the clPit91 of the fvnd a8 rfit ￿￿e It￿e. J)win8 2019 the ttsolution was duly notified to the Charity Commissioo aDd no obje¢rio r¢ceiv¥￿. The ￿striCtIon that the Bathford Fuod should bt us¥d fvitb¢ b¢llefit of SW Englattd ]rmaLll8. Accordingly. the wbol¢ of th¢ Js llow a¢counl¢d tor as restricl¢d income. The Execut&ve intend to use it ill coJlleLlioa with projects loc&ted neAT A% pnsgihle tn Rthford. so whets the Home missi<￿ Pg•oral Grafil to hltsIkd￿ ju a fuv JJJil¢& from Bathford, Iva￿ rettewed iu 2020, and a8aill io 2023, thi8 was kned th¢ BathfoAI FU￿￿. At 31 D#aDbcr2023 tb¢r¢were no programme T¢lawl investtnenty autborlsed but not yet tsk¢n up12023." rtone). Iz. PI ISI" BAL.INI"r. %1 Iri."T IIYFXI A& at 9 S¢pl¢mb¢r 20?4. the Inve61mettl& hAd o. 14. The Put￿ is an unincotporated tharity. governed by o Charity Commi&ion Sclwie da*d 27 August 21XM. The addtt8$ of thc ￿gister?93 otTi¢e 18 5 Sandalw£kod koad Westbury Wiltshire BA13 31JP 19