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$e]f ntr longerable to CDntinue Js 8 Member's Representstive attd hence#É a memberof the Executive C0￿MIttee. The ¢ivC Col?￿¥11￿¢¢ hila foi hi5 dili8qlt %TriGC. 2 The Mcmbcrs Tht xn¢nTrb6rs iertain Churthu i1￿1VidUAl3. Th¢ aiwGh¢s S￿VIO8 at 31 D(k"eJkilkn 2023, ElJg¢dkn With Eiitu J)uJ)Jb¢J vfJK¥is*iHI rep￿SeJ]￿tiveS (including the Minister), each holding one voTr. are as follov¢ry'. B￿￿rfOrIL EaliD8 Road L¢yton. I{￿1>aUlt Road Broml¢y. Haye$ L￿¢ New Cross Road Cambenvell. Denrn8￿ Pl8ce Toiienhfjm High Road Cat¢riw Tring Croydon We8t I'unbndge WelW PanW¢s rrTeenwieh. VillA8e Chureh WilthAm*tow 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 Ch*ity 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$etststtves t￿ee pet Atllll￿. The iftdu¢iion prtste￿ for 8nyllewly-appointed memberof the Exe¢utive ¢oTn￿lSe8 #tl initial rneeting wsth the Chairand the Board. folloivtd by a Seri￿ of short meetillgB V12th th¢ S¢crctary on investrrLeDts, th¢ Sralltjnak￿BProUS£. powers attd te6ponÈibil*ti¢:.f the Executive. Tht w¢l¢omt Infont￿tion pack in¢ludes'. a brief hisiory of the Fund copi¢s of r¢c¢nl Execu¢iv¢ 0￿j Memb¢r5' m¢¢iiTrg minul¢s copic8 ot the tsst tbree years ot annuaj retM)rL8 2nd accounts A topy tsf the Sthethe of Atr2ngemertt buyy vrit￿ Rul¢s X¢gulaiiouS dtid a copv of the Chanlv Cojnmission's kuidance'The Essential Trustee.. 2.4 The M￿nber8 Thc me￿beT$ 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 dc*nation. 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 AaArpqn 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$4gteryaan unrtsiTiCtEdpolicy Whe￿bY apptOAiTnat¢ly£l,iXI0,O￿ wi11 beg¢tasid¢ formaking loans kn Chuwhes r￿T¥paIIS 10 c￿￿[ch buJMiu¥5 (the"tksi¥Th&*d LORD The Execulivc consid¢ts thtst to the Fund tontinues ￿ opernte in the case ola substantial dccline in its income. the baJ8ttce orth¢ nrestrlcled reserves should nOt£￿belOW£1e0.0o0. Inllddition, the Executive is eDncerned no¢tn un&rtake Corn[￿ts￿entE Ihal de￿nd¢llt upon capital ¥aiDSOll investments. as those gaittscould be rever*d iD futyre years. Ith8$ 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 mitti*téf4in 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 ¢i*l 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 rl 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¢pc*rt 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 mis*aiemeni 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 rel*d 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 C*sts from operatkng acdvltles C#sh flows knvestlng attlvltles Intcre5t received DiNidends reeeiv¢d (PAyJneut intr)) fjxed •BBet ioveBtments tnan*Bed 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 RecorteMi*tion of nel moveolent kn fwids to etssh optr*lillg 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 prèaes 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$5ion P&*oral Grarlts Aberdeen CknrtEford 130 5.6J5 19,115 Didcot Edle8borough Gran￿et0￿M Hvde Heath elksl]aJJl Sp¢n Valky 9250 22,8fK) 4.575 24,3(XJ 8250 Jn,919rf 18.300 24,300 2.JJJ 4.82f 7.200 22.-SQO J8.6L70 Q2.7fj0 1.800 18,750 4.650 124,100 Walthamsww Wick FdIle￿Ill￿l frfAtyts 2J9,675 IJ7 14,4fj0 23d296 J24 14.289 OthtrtaA¢5 aT￿ SQGIAI JcE4ltity Accnjab Bnd otheT creditors 234J72 254709 Arnounts falllng due ift¢rone year: P￿ter￿ Support Cjfdnts 4J,6(A) G¥attBe￿WrA Hyde Hellth M¢lksham Wakefield W<hamstow Wi¢k Ethi¢ational Grni 4.575 48,600 24,3QO 1.800 J&750 4,650 21,050 41.500 123,400 99,425 SPECIAL PROJECIE Mlssityn ENablerwa6 a project in Pernbrok¢shire. l¢dby P¢mbrok¢shirE Bupli5t Association (Ellglisli Wit)g) to cncourdgL Lnubly local commuJ)iti& to ¢ngagc In IKal ￿155¢0￿ actiTritlLY."lkne PToJeLI Staited in V¢tober 2UlJ tor three y¢ar5 and support way forannther rhrce yEarA in 2ft1fi. The grant wx< revFeWeA in ?nig onA slip￿rt IV•9 Agrppd for the rem&iniTr8 4 ye￿￿ of the ￿￿TiMUM 10 y¢or ienn of thJ$ %roni. Th¥ otnount uf ¥ranl allucoicd i¥ £73,500. ThL'rL wjll k, no furth . 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 $uilablt t[￿n5e. the Ftttrf to Continue 10 bc ¢knc uliin]ale bcneficiaryofh propotlion of thatPTopetty coffjmensurale With thp. pmt*pl% nf faxtnn tha￿1 Thirin¥ 2019 the pmceodA t)f C.Axknn chapel were Teteived. knit A qiiitshle. property wa5 not acquired untLI July 2022, so the PFoceed5 were held as the Catttbourn¢ Fund pendiD¥ suitable rrangements for their application being concludcd were distributed in 2022 J8 PARTICULAR BAvfIsT FUND Notes to the Financial Statements For the ycar ended 31 December 2023 dowjnent Fun incom¢ ￿lSIng oll the Endowm￿1 Fulld £4ry be used In uccordance with ihe objec15 of the charity attd is included 2$ 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 R*thford. 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