**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: - a brief history of the Fund - copies of recent Executive and Members’ meeting minutes - copies of the last three years of annual reports and accounts - a copy of the Scheme of Arrangement - a copy of the Rules and Regulations and - a copy of the Charity Commission’s guidance ‘The Essential Trustee’. ## 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: - attend Members’ meetings - elect members to the Executive - receive reports from the Executive; and - make recommendations to the Executive regarding the making of grants and loans. ## 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. - Relationship with providers of legal services does not provide good value. This is being addressed by reviewing the current relationship at an Executive Committee meeting. - Personal / confidential information disclosed on disposal/theft/hack of IT equipment. This is being mitigated by controlled disposal of hard drives, encrypted software and password protected files and devices. _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: - supporting selected projects which seek to revive or establish new Particular Baptist Churches - supporting the theological education of persons intending to minister to others - assisting with the construction, maintenance and repair of the fabric, fittings and furniture of the buildings of Churches where the doctrines of the Particular Baptists are preached - relieving ministers and retired ministers and their dependants who are in need, hardship or distress - such other means being charitable and in pursuance of the object as the Executive Committee shall from time to time think fit ## 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: - grants for Churches with a clear vision for mission to their community - grants to current Baptist ministers and ministers in training for educational needs - loans to Churches for the purchase of, and building works to, Church buildings - grants to present and former Baptist ministers and retired ministers’ widows for the relief of hardship ## 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: - identifying new beneficiaries by: - appointing, where practicable/possible, individuals to the Executive with extensive contacts within the Particular Baptist community - encouraging each Executive member and also the Fund’s members to be alert to charitable opportunities within the Particular Baptist community - advertising through a website (www.pbfund.org.uk) and the distribution of up-to-date promotional literature to the Particular Baptist community, not only directly to Churches but also via local associations - reviewing grant and loan levels at least once per annum - reporting half-annually to the members ## **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: - _Educational_ . The fund supports the work of Angus Library annually. Grants are also made to individual ministers in training and to full time ministers seeking to follow further studies relevant to the ministry. - _Mission_ . Grants are made to Churches and Church-Plants which are culturally relevant as well as being in tune with the Fund’s theological position. Such grants are given for up to nine years. Special Project Grants are given to small churches towards the capital expenditure on evangelistic projects. - _Benevolent._ Grants are given to retired ministers with a low income, and occasionally to serving pastors in significant need. 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: - _The General Fund_ - _The Designated Loan Fund._ This Fund arose from a decision made in 1951 to set aside exceptional income (mainly arising from chapel sales where the Fund was the ultimate beneficiary) in order to purchase sites for new chapels. Originally denominated the Special Funds Account, it was renamed the Loan Fund in 1978, its application being changed to the provision of loans to Churches for the purchase of manses, extension of buildings and major repair costs. This purpose was confirmed by the Executive in a minute dated 3 October 1990. - _The Welsh Mission Fund_ . This Fund was set up in 2012 from the proceeds of the sale of Zion Chapel, Scleddau, Fishguard. On a request from the Welsh Baptist Union Corporation, the Trustees agreed to set aside this amount to provide Mission grants to Welsh Churches. This Fund was added to during 2015 and 2016 by the proceeds of redundant properties in Colwyn Bay. During 2019 the proceeds of Blaendulais chapel were added to the fund, South Dairy (Nr. Haverfordwest) and Talgarth in 2021, and Siloam, Kidwelly Blaengarw and Pantygog, and Tretio. St.David’s in 2022, and Little Newcastle, nr. Haverfordwest, Hephzibah nr. Milford Haven, and St.Clears in 2023. 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: - give a true and fair view of the state of the Charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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: - adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. _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 le9islot*Jn 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: - The General Fund. - The Loan Fund. This designated Fund arose from a decision made in 1951 to set aside exceptional income (mainly arising from chapel sales where the Fund was the ultimate beneficiary) in order to purchase sites for new chapels. Originally denominated the Special Funds Account, it was renamed the Loan Fund in 1978, its application being changed to the provision of loans to Churches for the purchase of manses, extension of buildings and major repair costs. This purpose was confirmed by the Executive in a minute dated 3 October 1990. - The Welsh Mission Fund. This designated Fund was set up in 2012 from the proceeds of the sale of the sale of Zion Chapel, Scleddau, Fishguard. On a request from the Welsh Baptist Union Corporation, the Trustees agreed to set aside this amount to provide Mission grants to Welsh Churches. The Trustees have decided to increase the Welsh Fund to include the proceeds of redundant chapels in all parts of Wales. ## 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_