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2024-12-31-accounts

Charity Reg No. 240979

www.pbfund.org.uk

Report and Financial Statements 31 December 2024

Report and Financial Statements 2024 Contents

Page
Report of the Executive Committee 1
Independent Auditor’s report 7
Statement of financial activities 9
Balance sheet 10
Cash Flow Statement 11
Notes to the financial statements 12

Report of the Executive Committee For the year ended 31 December 2024

The Executive Committee submits its report and the financial statements of the Particular Baptist Fund (“the Fund”) for the year ended 31 December 2024. The financial statements comply with Statement of Recommended Practice (FRS102) “Accounting and Reporting by Charities” issued by the Charity Commission.

1. Reference and Administrative Information

1.1 The Trustees

The Trustees serve on the Executive Committee. The Trustees who served during the year and the Trustees who were serving at the date of the report (unless otherwise stated) were:

G H Jones Chairman P Barton G M Trice Chairman (Resigned 30/04/2025) D Jones (Appointed 30/04/2025) M O’Mara Vice Chair S Creedy (Appointed 10/09/2025) E Cousins Treasurer

1.2 The Members

The members are certain Churches. The Churches serving at 31 December 2024, together with their number of registered representatives (including the Minister), each holding one vote, are as follows:

Abbey Baptist Church (2) Grace Church Walthamstow (2)
Akeman Street Baptist Church (2) Hainault Road Baptist Church (2)
Caterham Baptist Church (2) Hayes Lane Baptist Church (2)
College Park Baptist Church (2) Hyde Heath Baptist Church (2)
Denmark Place Baptist Church (2) Linslade Baptist Church (2)
Derby Road Baptist Church (2) New Cross Baptist Church (2)
Ealing Road Baptist Church (2) Pantiles Baptist Church (2)
East Street Baptist Church (2) Tollington Park Baptist Church (1)
Edlesborough Baptist Church (2) Tottenham Baptist Church (1)
Enon Baptist Church (2) West Croydon Baptist Church (2)
Grace Baptist Church, Bexleyheath (1) West Hill Baptist Church (2)
Grace Church Guildford (2)

1.3 Principal Office

25 Riversdale Road Ashford Kent TN23 7TP

1.4 Professional Advisers and Agents

The principal professional advisers and agents employed by the Fund as at the date of this report are as follows:

Solicitors Pothecary Witham Weld Investment Rathbones Bankers CAF Bank Limited 70 St George’s Square Managers 30 Gresham Street 25 Kings Hill London SW1V 3RD London Avenue EC2V 7QN Kings Hill West Malling Kent ME19 4JQ Auditors Xeinadin Audit Limited Secretary Fiona Strasser 5 Robin Hood Lane 25 Riversdale Road Sutton Ashford Surrey SM1 2SW Kent TN23 7TP

1

Report of the Executive Committee For the year ended 31 December 2024

2. Structure, Governance & Management

2.1 Charitable Status

The Fund was established in 1717 by six Baptist Churches in London holding the doctrines of Particular Redemption and Believers’ Baptism. The Fund is registered as a charity with the Charity Commission no. 240979.

2.2 The Governing Document

The Fund is governed by a Charity Commission Scheme dated 27 August 2004.

2.3 The Trustees

The Trustees of the Fund are the members of the Executive Committee (“the Executive”). The Executive is appointed by the Members in general meeting. Executive members serve three-year terms. The Executive currently meets up to six times per annum and meets with the Members’ Representatives twice per annum.

The induction process for any newly-appointed member of the Executive comprises an initial meeting with the Chair and the Board, followed by a series of short meetings with the Secretary on investments, the grant making process, powers and responsibilities of the Executive. The welcome information pack includes:

2.4 The Members

The Members of the Fund are the Churches. Individuals may be Members, but currently there are no Individual Members. There are both doctrinal and financial requirements for Membership. Doctrinally, Members must hold to the doctrines of Particular Baptists. Financially, Members make an initial contribution to the Fund’s permanent capital and thereafter make continuing contributions by way of an annual offering or donation.

Members’ duties are to:

2.5 Key Management Personnel

The Key Management Personnel of the Fund consists of the Secretary to whom all the administrative functions of the Fund are delegated. John Edwards was the Secretary until his retirement in October 2024. Fiona Strasser was employed as the new Secretary in September 2024.

The Secretary’s role is part-time and is regarded as a vocation and accordingly remuneration is calculated with reference to the Baptist Union of Great Britain Stipend Scale and is reviewed annually towards the end of each year by the Trustees in a meeting, who then set the remuneration for the coming year.

2.6 Risk Management

The Fund’s primary concern and objective is the glory of God. While it is the Fund’s policy to trust wholly in the Lord that he will work out his purpose to this end, the Fund also acknowledges that it has a responsibility for the proper management of the Fund in accordance with applicable laws and accepted good practice and for ensuring that the risks faced by the Fund in achieving its primary aim are addressed and managed as best as possible. The Executive Committee has therefore conducted its own review of the major risks to which the Fund is exposed, and systems and procedures have been established in order to manage those risks. This review is repeated annually.

2

Report of the Executive Committee For the year ended 31 December 2024

3. Objectives, Activities & Strategies

3.1 Objective

The object of the charity is stated as: “the advancement of the Christian religion in Great Britain, Ireland, the Channel Islands and the Isle of Man in accordance with the doctrines of Particular Baptists”.

3.2 Aim

The Trustees aim to achieve this objective by:

3.3 Activities

Alongside the governing document, the activities of the Fund are managed under a series of Rules and Regulations formulated by the Executive Committee. Within this framework, the Fund seeks to make:

3.4 Strategies

The Fund is committed to distributing its unrestricted reserves in accordance with its stated objectives and also in accordance with its unrestricted reserves policy. It is also committed to increasing its loan portfolio. To these ends the Executive is committed to:

4. Achievements and Performance

During the year, the Fund continued to make grants and loans in accordance with the Fund’s objectives and in accordance with the grants and loans policies established by the Executive. The Fund continues to report performance in terms of numbers of individuals, institutions and Churches who have been assisted, together with monetary amounts distributed by category of grant.

The Fund’s grant-making expenditure of £342,782 to 33 different parties shows a decrease against the previous year’s expenditure of £378,375 to 30 different parties, as follows:

Angus Library, Oxford
Theological Education Support Grants
Ministerial Internship Grants
Home Mission Pastoral Grants
Retired ministerial grants
Benevolent Grants
Total		 2024
No.
1
11
-
11
9
1
33		 2024
£
15,000
106,314
-
170,718
41,750
9,000
342,782		 2023
No.
1
12
1
4
10
2
30		 2023
£
15,000
182,500
12,000
116,575
49,900
2,400
378,375

3

Report of the Executive Committee For the year ended 31 December 2024

The Fund’s loan profile, disclosed as programme related investments within fixed asset (note 6) and current asset (note 7) investments, is as follows:

ments, is as follows:
New loans
Total loans		 2024 2024 2023 2023
No. £ No. £
1 78,000 - -
6 104,122 6 46,456

4.1 Investment Performance against objectives

The Fund’s investment policy is set out more fully at 6.1 below.

The investments produced dividend income of £201,421 (2023: £192,825).

Net gains, realised and unrealised, of £70,050 (2023: £81,816) accrued to the Endowment Fund taking the value of the Endowment Fund to £2,265,231 at 31 December 2024, an increase of 3.2% over the year.

Net gains, realised and unrealised, of £366,117 (2023: £350,102) accrued to General Funds, so total returns on investments, gains and dividends, amounted to a surplus of £436,167 plus dividends of £201,421, totalling £637,588, 9.3% of the value of investments at the start of the year.

4.2 Future Developments

The Trustees are continually reviewing certain grants to make them more appropriate and relevant.

5. Financial Review

The results of the Fund, together with comparative figures for 2024, can be found in the Statement of Financial Activities on page 10.

Total charitable expenditure amounted to £419,688.

The fund benefitted from proceeds which could be quantified by the end of 2024 of chapels which closed in 2024 amounting to £22,731, dividend and interest income of £210,910 and other donations of £1,660.

Gains on investments were £436,167 (2023: £431,918), so the Fund shows a surplus of £251,780 for the year (2023: £690,282).

At 31 December 2024, the Fund had net assets of £8,222,484 (2023: £7,970,704), including proceeds which could be quantified by the end of 2024 of chapels which closed in 2024 amounting to £22,496 which had not then been received and were not therefore available for grant-making purposes at that date.

6. Financial Policies

The financial policies relating to the Fund are as follows:

6.1 Investment Policy

The Charity's portfolio is divided into two Funds and over the medium term the investment strategy in respect of each fund is:

a. Endowment Fund: to maximise income whilst maintaining the real value of the capital.

b. Unrestricted Fund: to establish a balanced portfolio to protect the real value of capital and income. The Investment Policy has been extensively reviewed and precludes investment in companies which clearly generate significant profits from armaments, alcohol, gambling, high interest lending, pornography and tobacco.

For details of investments held see notes 6 and 7.

6.2 Loan Policy

Loans are made to Churches sharing the doctrinal basis of the Members for the purchase of, and building works to, Church buildings, in accordance with the Fund’s Rules and Regulations. Currently the maximum loan is £100,000. Repayment terms are normally ten years and are interest free. Loans to unincorporated charities in England and Wales (different arrangements may apply in other jurisdictions in the British Isles) are unsecured, but loans to incorporated charities are guaranteed as appropriate. For details of loans, which are accounted for as programme related investments, see notes 6 and 7.

4

Report of the Executive Committee For the year ended 31 December 2024

6.3 Grants Policy

Grants are made to educational establishments, Churches and individuals embracing the doctrinal basis of the Members and in accordance with the Rules and Regulations. Details are included below:

The Fund’s aim is to devote 40% of Funds income to Educational Grants, 40% to Mission Grants and 20% to Benevolent Grants with a 5 percentage points tolerance on all three classes. (For details of grants made, see note 4).

6.4 Reserve Policies: Categories and Unrestricted Reserves

6.4.1 Reserve Categories

The Fund’s reserves are classified as follows:

Endowment Fund . This comprises those Funds which must be held permanently by the Fund. Income arising can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on general Endowment Fund form part of the Endowment Fund.

The Bathford Fund. This arose from the proceeds of the chapel at Bathford, Somerset. Income arising on the Bathford Fund could be used in accordance with the objects of the charity for the benefit of SW England and has been accounted for as restricted income. The capital of the Bathford Fund was in the nature of an endowment fund. Any capital gains or losses arising on the Bathford Fund formed part of the Fund. The income derived from the Bathford Fund being very modest, during 2018 the Executive resolved to apply the capital of the fund as if it were income and no objection was received. The restriction that the Bathford Fund should be used for the benefit of SW England remains. The whole of the Fund is now accounted for as restricted income and the Executive intend to use it in connection with projects located as near as possible to Bathford. In 2020 it was used in Melksham, less than 10 miles away.

Restricted Funds amounted to:
Endowment Fund
Bathford Fund -		 2024
£
2,265,231
1,772
2,267,003		 2023
£
2,194,881
1,772
2,196,653

Unrestricted Funds . These comprise those Funds which the Executive is free to use in accordance with the objects of the Fund and are:

For more details on reserves and reserve balances, see the balance sheet on page 10 and note 10.

5

Rep¢Yt of the Execullve Commlttee For the year ended 31 December 2024 Particular Baptist Fund 6.4.2 Unreslricted Reserves Pc1￿Y e Fund'5 uNestricted reserves amounl to £5.955.4810131 tjecember 21)2413Y23". £5.774,0511. The Execullve $6aks to di51ribute the enthre income generaled by these ￿)nd5. together wth the inco￿￿ from the Endowment Fund. The ExeculNe hos ogreed uNeslri¢ted poky whereby oPFY￿rnotefy £l.CO).th) be set ¢] for moknng loans lo Churches for repa￿ to Church lyJiklings Ilhe'De5>Jr￿ted Loan Fund'l. The Ex&cvlive consider5 thot to ensure ￿jnd continves to operale in the case ofa wbslantial decfine in 115 income. the balance ol Ihe urfestricled reserv&s shoukl nol go bebw £￿}.(￿). In additlon. the Executive is con¢emed not lo undertake commitmentsthot are dependent upon cotxtal gans on investments, as those gains could b8 reversed in future yeor5. It h05 a roling le￿ve(￿ plan Ihat seeks to reduce reserves to £3(K).¢XKJ andtherealler to balunce $xpenditLKe with incom8. 6.4.3 Prfmary Fundiw Sources The main source ol the Fund's income is its investments. Thg Trustees have taken into occount the guidonce p￿4￿18￿ by the Choity Commi15ion on tha proVi￿n ol publi benefit. They c<)nfirm that PUb￿C B&n8fit is tw0V￿ed 1Fw￿gh'. supporting cU￿ent ¢Jnd rel￿d mini%tws in financial nged. helping Churches by meons ol l)ans lo vpgrode trhew premises. enobh)g I￿rn lo $efve thew eemmunityas better. 5UPPOrting projts¢15 thol seek lo reach wt to ond h th8tr comnKJni￿s by providlng Chthion teaching and social support. Irolnlng grants lo educalh)tvJl knsfitulk)ns and to ndbwdLtd ffirw51w5 k￿d￿9 to improvement ol th& obilily ol ch￿¢t￿ to serve their Cc￿munit￿s The Executive is responsible for [￿e[￿ng the Annual Report ond the firbOnc￿￿I slat8rr￿ts In occNdonce with applicoble low and United Kingdom Genertsl￿ Accepted Accounlr¥J Pract￿e. Charity law requires the Ex&c¢Jlive to yepare linunciol stalemenls l¢J each linonc￿l year which gwe a true and low view ol Ihe stale ol affairs ol the chority and of ils tinonciol otlNities lorthat p8fth. In yoporiw those linc￿￿101 $tol8menls, the Execvlive L% required lo.. Sa￿et suitab￿ accwnh'ng pol￿1e$ ond Ihem cuiystenlly observe the mathods ond prinCip￿S set oul In Ihe Ch¢Jrtles SORP moke judgements and estimoles thol are reasonokje and slate wh&lher apF￿1cO￿e occounling storKlords have been lolhJved. subJ'•¢l lo ony moteTi05 d8POrtures d15closed and ewoined in the fmanchjl slotements prepore the financh￿ slot¢ment5 on the gow concem basi5 unbss il i4 inoppropriate to sye$ume that the acllvtlies ol the chuity wl continue The Executive is responsit4e lor keeping proper accounting rec(Kd5 wh￿h dsck)s8 wth reasonable accvrocy al ony time the financtol pw"l￿n ofthe chrty ond ￿0￿e$ il to ensure Ihot the finoncial statements Comply with pul 8 01 the Charittes Acl 2011. 116 dso responsii)le 5alegJarding the assels of tt)e chority and hence for toking feawatr￿e steps for the prevenlion and delection of froud on¢J olhar Vrewlarrt￿. The rewt ol the Execulive Ccrnwltee wos owoved by the Execulwe Con￿￿￿ee on 8th October 2￿25 and signed on ils beha￿ by.. Erlc Couslns TreasLrer

Independent auditor’s report to the trustees of Particular Baptist Fund For the year ended 31 December 2024

Opinion

We have audited the financial statements of Particular Baptist Fund (the “Charity”) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 Financial Reporting Standard 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.

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 12 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, including the trustees’ 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 the 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 Act 2011 requires us to report to you if, in our opinion:

7

Independent avdttor's report to the Irustees of Porticulor Baplisl Fund For Ihe year ended 31 December 2024 F3 'articular Elaptist Fund Re5ponsibllilles of th• Irust••s As exploined more fLJlly in the trustees. re5ponthlitie5 5tolement. the tru51ees a￿ responsible lor the preporation ol the financial slalements ond for being salisfied Ihot they give o true ond faK VEW. ond lor such inlernal control os they determine is necessory to enoble the preparat￿n ol financial statements thot ore free from material misstatement. whether due to fraud or errcrf. In preporin9 the finoncitsl stolements. the InJ3tee5 are re5ponstilè for assessing Ihe Charity's obility to continve u5 a going concern. disclosing. 05 opplicoble. motter5 rebled to going concem ond vsing Ihe going concem tiasis ol occounling unless Ihe trustees either intend to liqvthte the Charity or to cease operotion5. or huve no reoli5tic alternolive bul to do so. Aud￿,8 ieiponslblllNes tor the oudll ollh• Ilnonclal stalements We hove been oppointed os ovditor vnder ￿lIOn 145 and report in occordonce with the Act tsnd relevant regulolions mode or hovin9 eflecl Ihoreunder. Ovr objectives are lo obloin reosonotje cs5uronce ot>)ul whettter the finonciol slotements 05 0 whole are Irge from material mi55totemenl. whether due to fraud orerror. ond to 155ue on oudilor's report that includes our opinion. Reosonoble assuronce is o high level ol ossuronce. but is not o guoronlee thol on oudit conau¢led in occordonco with ISA5 IUKI will aNvoys detect o mate￿01 rriwtalement when il exists. Misslolements con ori5e from Iroud Of errof ond ore con5Klered molerial if. individuolly or in the oggregote. Ihev could reasonably be expected to infivence the economic decisions ol users loken on the b0515 ol these linonciol statements. The extenl to which our pr¢xedvres ore ¢opoble ol delecting wreguloritie5. including Iroud is detoiled below.. 805ed on our understanding ol the chority. we identif￿d thal the princigal risks ol non-compliunce with lows ond regulolion5 related lo employmenl ond linonciol reporting le9islotJn ond we conswjered Ihe exlenl lo which non- complionce mighl hove o moteriol ellecl on ltte finonciol stotemen15. We olso considefed those law5 and reguloli¢ns Ih¢t hove o direct impoct on Ihe preporati￿ ol the linanciol slotemen15 such 05 the Chorities Act ￿1 i. We assessed Ihe 5Usceptibilily ol the compony's linoncwjl stotements to moteriol misslotemenl. including otslaining on un¢Jerslonaing ol how fraud might occur. by mokin9 enqu¥ies ol manogemenl. considering Ihe internul controls in ploce ond di5cvssi¢n omongst Ihe engogemenl leom. We determined thot Ihe principol risks were rekjted to presenlotion ol seporotew discbsed items. the recognition of gronl expentjiture ond exceplsonol income. cnd monogement override ol controls. In response lo the risks identili$d we desoned procedures wh£h included. but were not limited lo ieviewing trustees, minutes. evoluating the inlemol controls. 09reeing financiol statement d15closvres to underfying supp¢rting documentation. end testing joumol entrEs. A further description ol our responsibilities lor the audit of Ihe linonciol stotèmenls is located on the Finonciol Rèportiro Council's ￿eb￿le ot.. WV4W.trc.org.uklouditorsrasF>onsibilities. This description foms ptsrt ol our ouditor's report. Ui• of our r•port Tris report is made solely lo the Chority'5 tru51ees. as a body. in accordonce wth Port 4 of the Chorities (Accounts and Report51 Regvlotions 2CQ8. Our oudit wort hos been undertaken so thol we might state to the Chority'5 trustee5 those mollers we ore req￿￿Èd lo slale to l*em in on oudilor's report ond for no othèr purpose. To Ihe fullest extent permitted by law. we do not occept IY 055ume responsibility to anyone ottter Ihan the chorily ond the charity's trustees 05 0 boov. for ovr oudil wth. lor Ihis repul. (K lor the opinions we hove formed. Xelnodln Avdit Umll•d slalulory AudHor Chart•r•d Accounlants 5 RobSn H¢>od Lone Sulton Surrey SMI 2SW Daled.. q ..QthAber Zol Xèinodrn Audll Umlled Is e&gible for oppoinlm•nlos oudhor of Ihe charty by ¥lrtue ollts eligrbilty fv oppoifttmènl os audhor olo company under section 1212 ollh• Componi•s Act 2006.

Statement of Financial Activities For the year ended 31 December 2024

Note
Income from:
2
Donations and legacies
Investments
Other income
Total income
Expenditure on:
Charitable activities
3
Total expenditure
Gains on investment assets
Net income/(expenditure)
Transfers between funds
Net movement in funds
Balance brought forward
Balance carried forward		 Unrestricted
Funds
£
1,360
184,882
-
186,242
390,063
390,063
291,832
88,011
70,439
158,450
4,277,422
4,435,872		 Designated
Funds
£
-
26,028
22,731
48,759
29,625
29,625
74,285
93,419
(70,439)
22,980
1,496,629
1,519,609		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
1,772
1,772		 Endowment
Funds
£
300
-
-
300
-
-
70,050
70,350
-
70,350
2,194,881
2,265,231		 Total 2024
£
1,660
210,910
22,731
235,301
419,688
419,688
436,167
251,780
-
251,780
7,970,704
8,222,484		 Unrestricted
Funds
£
4,439
173,364
364,040
541,843
413,460
413,460
275,912
404,295
76,328
480,623
3,796,799
4,277,422		 Designated
Funds
£
5,650
26,187
131,275
163,112
6,331
6,331
74,190
230,971
(76,328)
154,643
1,341,986
1,496,629		 Restricted
Funds
£
-
-
-
-
27,000
27,000
-
(27,000)
-
(27,000)
28,772
1,772		 Endowment
Funds
£
200
-
-
200
-
-
81,816
82,016
-
82,016
2,112,865
2,194,881		 Total 2023
£
10,289
199,551
495,315
705,155
446,791
446,791
431,918
690,282
-
690,282
7,280,422
7,970,704

9

Particular Baptist Fund Balance Sheet As at 31 December 2024 G•nwol 0•¥1qn￿ It•4lrfcted Endo￿onI Fund F￿d Fund 2023 FIXED A55ETS Inve5tment5 4,296.7￿2 1.105.658 2.194.991 7.597.351 3.749.7T2 9￿.627 2.136,961 6,867.374 CVRRENT ASSETS Investments Debtorg- l¢lling due within one year Cwh al bank oncj in 21.9T2 22.496 21.922 436.865 .333 20.333 615.303 399,[ 15.369 414.748 374.IC 13.022 54.871 486.449 445.729 299.695 57.920 825,366 443,448 418.526 13.(Y22 70.240 945.236 860.477 520.583 22,022 57,920 1,461 L102 cr¢etXTORS Faling due wlthln oné y•or IZ23.5781 14.5751 18.2501 1236.4031 Ir21.4471 14.5751 18.2501 1234.2721 Nef CURRENT ASSETS 21?￿10 413.951 4.772 70.240 7C49.8S3 639.03) SI o.cK 13,772 57,920 1,226,730 CREDifoRS Fdling duo ofter cne yeLY 180.7CQI 183,7CQI 1111.4C()I 112.OWI 1123.4001 NET ASSETS 4.435.872 I J19.609 1.772 2.265.231 8221484 4,277,422 1.496.12Y 1.772 2,194.881 7,970.704 FUNDS Unre51ricted Funds Restrict¢d Funds Endowment Fund io 4.435,872 1.519.609 5.9SS.481 1.772 2.265.231 4.277.422 1.496.629 5,774.051 1.772 2.194.881 1.772 1.772 2.265.231 2,194.881 4,435.872 I,$19.1509 1.772 2,265.231 8.222,484 4.277.422 1.496.629 1.772 1194.881 7.970.704 The tinancDI statements were apFyoved by the ExeculNe Corrffiitlee on 81h Oclotrv ond sfraned on Its beholF by.. Erfc CousSns Treosurer Jo

Cash Flow Statement For the year ended 31 December 2024

Cash flows (used in)/from operating activities
Cash flows (used in)/from investing activities
Interest received
Dividends received
(Payment into) fixed asset investments managed portfolio
Repayment from fixed asset investment managed portfolio
Repayment of programme related investments – loan repayments
Additions to programme related investments – loans
Net cash (used in)/generated by investing activities
(Decrease)/increase in cash and cash equivalents during the year
Cash and cash equivalents as at 1 January
Cash and cash equivalents as at 31 December
Reconciliation of net movement in funds to cash used in operating
activities
Net movement in funds
Adjustments for:
Interest received
Dividends received
Investment (gains)
Management charges borne within managed portfolio
Decrease/(increase) in debtors – income receivable
(Decrease)/increase in creditors
Net cash (used in)/provided by operating activities		 2024
£
(216,160)
9,489
201,421
(501,000)
225,000
20,333
(78,000)
(122,757)
(338,917)
825,366
486,449
2024
£
251,780
(9,489)
(201,421)
(436,167)
38,546
178,438
( 37,847)
(216,160)		 2023
£
26,965
6,726
192,825
(500,000)
300,000
38,623
-
38,174
65,139
760,227
825,366
2023
£
690,282
(6,726)
(192,825)
(431,918)
36,764
(76,150)
7,538
26,965

11

Notes to the Financial Statements For the year ended 31 December 2024

1. ACCOUNTING POLICIES.

The Fund is an unincorporated charity, governed by a Charity Commission Scheme dated 27 August 2004. The address of the registered office is 25 Riversdale Road, Ashford, Kent, TN23 7TP

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Accounting convention

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments. There are no material uncertainties about the charity’s ability to continue in operation. The accounts are stated in pounds sterling and rounded to the nearest pound. The Particular Baptist Fund meets the definition of a public benefit entity under FRS 102.

Fund accounting

The General Fund is an unrestricted fund which is available for use at the discretion of the Executive in furtherance of the general objectives of the charity and which has not been designated for other purposes. The Designated Loan Fund is an unrestricted fund which has been set aside by the Executive for particular purposes. The Endowment Fund represents those funds which must be held permanently by the Fund. Investment income is allocated to the General Fund. Gains and losses held by the General and Designated Funds are allocated proportionally to the appropriate fund. Gains and losses on Endowment Fund investments are allocated directly to the Endowment Fund.

Income

Voluntary income and donations (including collections and legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Investment income is accounted for on an accruals basis.

Grants and other expenditure

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

A provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Fund to avoid making the future payment(s), settlement is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds (Gilts) for a commensurate or similar time period offered in the year in which the grant award is made

Other expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure includes attributable VAT which cannot be recovered. Governance costs are now allocated to grant activities.

Investments

Listed investments are stated at quoted market value. Realised and unrealised gains and losses on investments are reflected through the Statement of Financial Activities. Programme related investments, being loans to Churches, are stated at the amount loaned, adjusted for any repayments, accrued interest and any irrecoverable amount.

Debtors

Amounts owed to the charity for goods and services and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

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

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

12

Notes to the Financial Statements For the year ended 31 December 2024

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. **INCOME. ** **INCOME. **
2024 2024 2024 2024 2024
2023
General Loan Welsh Endowment Total
Total
Fund Fund Fund Fund
£ £ £ £ £
£
Donations and legacies
Collections & donations from 1,000 - - 300 1,300 1,050
Members
Gifts from beneficiaries 360 - - - 360 9,050
Other gifts - - - - - 189
1,360 - - 300 1,660 10,289
Investments
Dividends 175,656 19,159 6,606 -
201,421		 192,825
Bank interest 9,226 - 263 - 9,489 6,726
184,882 19,159 6,869 -
210,910		 199,551
Other income
Redundant Churches - - 22,731 - 22,731 495,315
Total income 186,242 19,159 29,600 300
235,301		 705,155
3. **EXPENDITURE. **
Charitable activities 2024 2023
£ £
Grants Note 4 342,782 378,375
Secretary’s honorarium Note 5 17,706 11,696
Investment Management 38,546 37,072
Advertising 2,357 1,130
Office Running Costs 1,088 1,953
Travel costs 3,504 2,794
Legal & professional 600 4,641
Audit 5,160 4,840
Accountancy 2,220 -
Meetings expense 5,234 3,813
Other 491 477
Total expenditure 419,688 446,791
Total Governance Costs amounted to 8,456 9,702

13

Notes to the Financial Statements For the year ended 31 December 2024

4.
GRANTS
Grants to Institutions
Educational grants
Angus Library
Minsterial Internship Grant
Dundonald
Lisburn
Bradford
Pastoral Support Grants
Aberdeen
Chingford
Didcot
Edlesborough
Grangetown
Haslemere
Maidstone
Melksham
Wakefield
Walthamstow
Wick
Special Project Grants
Tunbridge Wells
Grants to Individuals
Educational grants
Theological Education Support Grants
Retired ministerial grants
Benevolent Grants
5.
STAFF COSTS		 4.
GRANTS
Grants to Institutions
Educational grants
Angus Library
Minsterial Internship Grant
Dundonald
Lisburn
Bradford
Pastoral Support Grants
Aberdeen
Chingford
Didcot
Edlesborough
Grangetown
Haslemere
Maidstone
Melksham
Wakefield
Walthamstow
Wick
Special Project Grants
Tunbridge Wells
Grants to Individuals
Educational grants
Theological Education Support Grants
Retired ministerial grants
Benevolent Grants
5.
STAFF COSTS		 2024
£
15,000
-
12,000
6,000
-
16,200
18,500
-
18,300
46,800
24,970
-
3,600
3,750
14,600
5,998
106,314
41,750
9,000
342,782
2024
£
2023
£		 2024
£
15,000
-
12,000
6,000
-
16,200
18,500
-
18,300
46,800
24,970
-
3,600
3,750
14,600
5,998
106,314
41,750
9,000
342,782
2024
£
2023
£		 2023
£
15,000
12,000
-
-
6,375
-
14,800
68,400
-
-
-
27,000
-
-
-
-
182,500
49,900
2,400		 2023
£
15,000
12,000
-
-
6,375
-
14,800
68,400
-
-
-
27,000
-
-
-
-
182,500
49,900
2,400
Gross salary (inc. in lieu Pension
Contributions)
Pensions		 17,621
85
17,706

There was an average of one employee during the year (2023: 1).

Included within Travel costs are amounts totalling £1,253 (2023: £ 701) which four ( 2023: 4) members of the Executive received for costs incurred in furtherance of the Fund’s activities other than in connection with governance. Also included in Travel expenses are amounts totalling £1,076 (2023: £ 1,013 ) which four (2023: 6) members of the Executive received for costs in connection with governance. In total four members of the Executive claimed travelling expenses totalling £2,329 (2023: 6 members claimed a total of £1,714) . No member of the Executive received remuneration in the year or preceding year.

14

Notes to the Financial Statements For the year ended 31 December 2024

6.
FIXED ASSET INVESTMENTS
Commercial
Investments
at market
value
Programme
related
investments
at cost
£
£
At 1 January 2024
6,841,252
26,122
Additions
1,511,507
78,000
Disposals
(1,280,554)
-
Unrealised gains
442,946
-
Transfers to current asset investments
-
(21,922)
At 31 December 2024
7,515,151
82,200
Commercial investments at original cost
Quoted Securities Portfolio managed
by Rathbones		 Total 2024
£
6,867,374
1,589,507
(1,280,554)
442,946
(21,922)
7,597,351
2024
£
6,501,826
6,501,826		 Total 2023
£
6,293,843
2,324,949
(2,103,851)
374,056
(21,623)
6,867,374
2023
£
6,371,088
6,371,088

Programme related investments are loans made to Churches for building works to Churches and Church manses.

All investments are held within the UK.

7.
CURRENT ASSET INVESTMENTS
Programme related investments at cost
At 1 January 2024
Transfers from fixed asset investments
Disposals
At 31 December 2024		 2024
£
20,333
21,922
(20,333)
21,922		 2023
£
37,333
21,623
(38,623)
20,333
8.
DEBTORS
Accrued dividend income
Accrued redundant chapel proceeds		 2024
£
50,330
386,535
436,865		 2023
£
50,708
564,595
615,303

15

Notes to the Financial Statements For the year ended 31 December 2024

9 . CREDITORS

9.CREDITORS
2024
£		 2023
£
-
1,200
-
9,250
22,800
4,575
-
24,300
-
8,250
1,800
18,750
4,650
-
124,100
219,675
137
14,460
234,272
Amounts falling due within one year:
Constructive Obligations
Angus Library, Oxford
Personal Grants
Project Grants:
Chingford
Didcot
Edlesborough
Grangetown
Haslemere
Hyde Heath
Maidstone
Melksham
Wakefield
Walthamstow
Wick
Ministerial Internship Grants:
Lisburn
Educational Grants
Other taxes and social security
Accruals and other creditors
Amounts falling due after one year:
Pastoral Support Grants
Chingford
Didcot
Edlesborough
Hyde Heath
Melksham
Educational Grants		 15,000
-
5,400
11,100
22,800
4,575
23,400
24,300
2,270
8,250
-
-
3,850
6,000
92,500
219,445
-
16,958
236,403
10,350
5,550
22,800
-
3,000
42,000
83,700
-
-
45,600
24,300
12,000
41,500
123,400

16

Notes to the Financial Statements For the year ended 31 December 2024

10. FUND MOVEMENTS

In2024 the movements of the
Brought forward reserves
Income
Expenditure
Transfers between Funds
Investment gains
Carried forward reserves
In 2023 the movements of the
Brought forward reserves
Income
Expenditure
Transfers between Funds
Investment gains/(losses)
Carried forward reserves		 various Funds were as follows:
General
Fund
Loan
Fund
Welsh
Mission
Fund
4,277,422
1,000,000
496,629
186,242
19,159
29,600
(390,063)
(3,960)
(25,665)
70,439
(70,439)
-
291,832
55,240
19,045
4,435,872
1,000,000
519,609
various Funds were as follows:
General
Fund
Loan
Fund
Welsh
Mission
Fund
3,796,799
1,000,000
341,986
541,843
25,123
137,989
(413,460)
(3,964)
(2,367)
76,328
(76,328)
-
275,912
55,169
19,021
4,277,422
1,000,000
496,629		 Endowm
ent
Funds
2,194,881
300
-
-
70,050
2,265,231
Endowme
nt Funds
2,112,865
200
-
-
81,816
2,194,881		 Bathford
Fund
1,772
-
-
-
-
1,772
Bathford
Fund
28,772
-
(27,000)
-
-
1,772		 Total
7,970,704
235,301
(419,688)
-
436,167
8,222,484
Total
7,280,422
705,155
(446,791)
-
431,918
7,970,704

During the year a transfer of £70,439 from the Designated Loan Fund to the General Fund (2023: £76,328) was made in order to reflect the wishes of the Executive to keep the Designated Loan Fund at £1,000,000.

Unrestricted Funds

These comprise those Funds which the Executive is free to use in accordance with the charitable objects of the Fund and are:

Endowment Fund

Income arising on the general endowment Fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on general endowment Funds form part of the endowment Fund. When churches become member churches of the fund they are required to make a capital contribution to the Fund and these contributions are added to the Endowment Fund.

Bathford Fund

Income arising on the Bathford Fund can be used in accordance with the objects of the charity for the benefit of SW England and will be included as restricted income. Any capital gains or losses arising on the Bathford Funds form part of the Fund. The income derived from the Bathford Fund being very modest, during 2018, the Executive resolved to apply the capital of the fund as if it were income. During 2019 the resolution was duly notified to the Charity Commission and no objection received. The restriction that the Bathford Fund should be used for the benefit of SW England remains. Accordingly, the whole of the Fund is now accounted for as restricted income. The Executive intend to use it in connection with projects located as near as possible to Bathford, so when the Home Mission Pastoral Grant to Melksham, just a few miles from Bathford, was renewed in 2020, and again in 2023, this was funded from the Bathford Fund.

17

Notes to the Financial Statements For the year ended 31 December 2024

11. FINANCIAL COMMITMENTS

At 31 December 2024 there were no programme related investments authorised but not yet taken up (2023: none).

12. RELATED PARTY TRANSACTIONS

Paul Barton is the Pastor of Hyde Heath Baptist Church. Hyde Heath Baptist Church was awarded, as permitted by clause 13(2) of the Fund’s Constitution, a Home Mission Pastoral Grant during 2022. The amount awarded in 2022, payable over 3 years, was £72,900.

Gareth Jones is the Pastor of Pantiles Baptist Church, Tunbridge Wells. Pantiles Baptist Church, Tunbridge was awarded, as permitted by clause 13(2) of the Fund’s Constitution, a Special Project Grant during 2024. The amount awarded was £5,998.

18