Comp8Try registration number: 110542668 Charity regi5tratioD number.. 246126 D. F. and M. Welsh Baptist Corporation (A Company limited by share capital) Annual Report and Financial Statem¢nts for the Yesr Ended 31 March 2024 Aston Hughes Ltd for and on behalf of Aston Hughes Ltd Selby Towers 29 Princes Drive Colwyn Bay North Wa1¢5 LL29 8PE
D. F. and M. WeL8h Baptist Coryorydtion Contents Reference and Adtninistrative Details Tnte¢s, Rert 2to4 Ind¢p¢nd¢nt Examinels Report 5t06 Statement of Financial Activitles 7t08 Balan¢e She Notes to the Firtanciai Statemertts IOto21
D. F. and M. Webh Baptist Corporation Referenee and Administrative Details Trustees 14.W. Jone5 rERLloyd Mr A Williams Setrelary Mr A Williams Charity Registrntion Nurnber 246126 Complly Reglstritlon Nwnber 00542668 The ¢tMrity is incotporakd in End and Wal. Aston Hu8he5 Ltd Selby Towcrs 29 Princes Drive Colwyn Bay North Wales LL29 8PE Indepettdtnt ExAthitseTS Solicitors: GHP lgai 26-30 Grosvellor Rowl Wrexham North Wales LLII IBU B#uk¢rs Barclays Bank PIC 84 M05tyn Street Llandudno LL30 2SH Pag¢ I
D. F. and K Welsh Baptist Corporation Trustees. Report The trustees, who are directors for the purposes of company law, pre$t the annual report together with the fitIal Statements and auditors, report of the charitable eompany for the year ended 31 Marth 2024. Mrs H.W. Jones MrER Lltsyd Mr A Williams MrTRlfan Obj¢¢tiv¢$ •nd 8ttivities Objeets #nd oims The Corporation wa5 e5tabtished to promote the intertst of the Denbigh, Flint and Merioneth A580cialion of W¢l$h BaptLSt Churches. ObJeeaveJ, straletha aOivi& The policie5 whtch have been adopted in order to fiJrth¢r the above objectives are to inVt the monies of the CorrA)ration not immediately required for its PutSeS in or upon such inv#lments, securities or property as may be thoughi fJL but 50 that money5 subject to or representlll8 property subject to jurisdi¢tion of the Charity Comtnissioners for Euglwnd and Wales shwll only be inv¢5t¢d in sudk securities with such sanction (if any) as may for the time being be prescribed by14w. The Corp)ration rorttioued to lld the employment of Parchedi8 Tecw Rlrys Ifan, W'S work also includes Yarious projects which intended promote Baptist values. PMhli¢ buefit The trustees ¢onfitm that th¢y have complied with the requirements of sectiot) 17 of the CIMrities Act 2011 to have due regard to the pubLi¢ ben¢fit guidan¢¢ publish¢d by th¢ Charity com10 forEngland and Wales. Grant maknngpolicles The Corporatioii re¢eivin8 8fdnt applications frorn Chapel's in the region the decision to awaftl grants to these applications ar¢ mad¢ at the truste¢5' bi-annual meetings. Use of volunlee Ail of th¢ Council rnerttber and offL¢¢rs of th¢ Coryordtion wipaid vollmteers. Aehiev¢m¢nts perfonnanee Investment income has improved over the last 12 with Bank of England bw rate in¢reas¢s Tefl¢¢¢ed in bigher rettwns on $h balan¢es h¢ld on d¢posit acwunts. Dividend retunjs have also improved be¢ause of itnprovts wmpany profits. P48¢ 2
D. F. and M. Welsh Baptist Corpornlion Trn$tees' Report FinanfiAI review The corporation continues to hold the bulk of its assets ID wh, and this will cot)tinu¢. Total fvnds held at the reporting date wcre: - Unrestricted fd& £703,044 - Restricted funds £307,035 Pt)Ilq on reseryeJ The Or84nisation holds sufficiem unrestricted futlds to 5ervi¢¢ the ongoing wuirements for the fores¢¢abl¢ future. IhVotnTrlPIicY r¥ndobJe(thes The Tn]stees review investmtrtt PErformance on an annual basis. The Corporation tskes a low risk apprnR¢h investm¢nts. Rewms OA cash investments h&s improved over th¢ la51 12 tnonths with Bank of England base JBte tn¢reases refiected in higher returns on ¢wh ba]an¢e8 held on derA>sit accounts. To minimise the risk of ¢apitsl d¢valuation the organi5ation invest in seaye ¢ash deposits. this reduces the potential yield, however the organisation review the detx)sits on a regular basis to ensu they are obtaining th¢ best rern from the PTodu¢ts utilised. Stru¢lur6 goveruallce and m8n*zement Nathre ofgoverninz document The Corporation 1$ a MpanY limit¢d by guardntee and is governed by its memorandum and articles of association. Recnilim¢ni tindappointmenloftr451eeJ New tnW¢es are nomitthd b&8ed on candidatcs cxperience and voted in at the AGM. Organtsadomdlslrnethrt The Corporation is govemed by its CouE]cil wty) m¢¢t annudty, but may be called at any tim¢ should 1¢ be deemed necessary. Th¢ running ofthe CorpoTation is delegated to its Chainw Secretary and Tr¢psur¢r. Mojorrtsks ofthfAve rlskn The organisation in¢om¢ is dependent on the rate of interest available, in order to mt¥imi5e the level of income the trustees r¢view th¢ accounts available kn the organisation on a regular basis. To preserve the funds of thc organi5ation any regular grnhts are litlked to the level of interest received irt the perio Statement of truytee4' TPonsibl1]tieS The trustees (who are also the directors of D. F. and M. W¢lsh Baptist CoTpofdtion for the purposes of company lawl are responsiThle for preparing the trustees, report and the financial statements in aecordanee with appli¢abl¢ law and United KiDgdom Accounting StaDdard$ (Unit¢d Kingdom Genera]ly Accepted Accounting Pwti£¢X including FRS 102 'The Financial Rq>orting Standard applicabl¢ in the 9d Republic of Ir¢land" Page 3
D. F. And M. Webb Baptist Corporation Trustee8' Report Company low requires the twsttts to ppa finan¢ial statements for ¢a¢h firtan¢ial year. Under company law the trusttts must not approve the financial statements unless th¢y are satisfied that th¢y give a tru¢ and fair view of the statc of affairs of the charitable company and of the incomin8 resources and application of resouwes, includin8 its income and expenditur< of the chtritablc eompany for that period. In preparing these financial statements, the ttustees are required to.. 5¢1ect suitable accounting policies atLd apply them ¢onsis*#ily' obs¢rve th¢ methods 8nd principles in the Charities SORP.. make judgtments and estIllt¢S tbat are rea50nablE arld prud¢nL slale wh¢th¢r applicable acwuTh¢ing 5tand8rds. Comprisrng FRS 102 have been followed, subject to any material d¢p4rtures di5¢105ed 4nd ¢xplain¢d in the financi stst¢men¢5,' and prepare the financial statcrnents on the 8OLng concern knis uThlc5S It 15 inappropriate to presume that the charitable mmpany will ontinu¢ in busine5S. Th¢ lrnst¢¢s are r¢sponsibl¢ for k¢¢ping proper accounting records that can disclose with reasonable xcurdcy at ny titn¢ the fancial position of th¢ cFwitabl¢ wtnpany 8d enable them to ensure that the fthatKi21 statements comply with the Companie5 Act 21)06. They are a150 r¢5ponsiblc for 5&feguarding thc 455¢ts 0( the ¢haritRbl¢ ¢ompany and henee for takiEhg reasonable steps for the prevethion attd deteetion of fraud and other ittegularities. The ttu$¢e¢s are responsible for th¢ rnatntellance and integrity of the corporate and financial informatL4)n in¢lud¢d on the ¢haritabl¢ ¢ompathy's websit¢. Legislation governing the preparation and dissemination of financia] statemcnts may differ frorn legislation in other jurisdiciions. The &tU#l report was approved by the trustees of the Charity on 8 May 2024 and signed on its behalf by: Mrs H.W. Jones Trust¢¢ PAge 4
D. F. and M. Welsh Baptist Corporgtion Independent Examiner's Report to the trustees of D. F. and M. Welsh Baptist Corporation ('the Company,) I rep)rt to thc charity tru5tecs on rny exarnination of the accounts of the Company for th¢ year ¢lld¢d 3 1 .lrfar¢h 2024. Responslbffilid¢$ and Imsls of r¢port As the ¢hariry's trustees of the Compatty (and also it5 director5 for th¢ PUTPQS¢S of MpanY law) you re5pon5ibl¢ for the prepardtion of the accounts in accordance with the r4uirem¢nts of the Companies Act 2006 {'the 2006 AL'). Having satisfied myself that the accounts of ihe C<)mpany are not required tr¥ be &jIted und¢r Part 16 of the 2006 Act and are eligible for independellt examination. I report in respect of my ¢xaminalion of your charity's accounts caITLed out under section 145 of th¢ Chariti¢s Act 2011 ('the 2011 Act.). In Ing out my examination I have followed the Directions given by the Charity Commission under section 145(5Xb) of the 2011 Act. Independent examiner'g ststetnent Since th¢ C¢)mp4nl$ gr05s in¢om¢ ex¢¢¢d¢d £250,000 your examiner must be a member of & i)dy listed in sectton 145 of the 2011 Act I confirni that 1am qualified to underrake the examination because T am a tnember of Charter¢d Acrthntsnts, which is one of the listed bodies. I have completed my exatnination. I conflnn that no matters have coJn¢ to my att¢n¢ion in connection with the examiDation giving me cause to believ¢.. l. accounting records were not kept in resp¢¢t of D. F. and M. Welsh Baptist Corporation as qUired by s¢rtion 386 of the 2006 Act. or 2. the a¢wunts do not a¢¢ord with those records. or 3. th¢ Ounts do not wmply with th¢ CoUnting requirements of se¢tion 396 of the 2006 A¢t other thall any requir¢mertt that the ac¢ounts giY¢ a'tr and fair view, which 15 not a matter considered part of an independent examinatton- or 4. the accounts have not been prepared in accordanc¢ with the methods and prin¢ipl¢s of the Stat¢m¢nt of Rewmmettd¢d Practic¢ for aw)unting at)d pOrting by GhATiti¢5 lapplicable to charities preparing their a¢wunts in accordan¢¢ with the Financial REPOrting Standard applicable in the UK and Republic of Iyeland (FRS 102)]. I have no concerns and have come across no other matters in corethi0n with the examination to which attention shoul drawi in this report in ord¢r ¢0 ¢nable a proper understanding of the a¢¢ounts to be reached. Ir GarethLowe Bsc ACA r ond on b¢half ofAston Hu8h¢s Ltd art¢red Accountants Se by Towers 29 Prin¢¢s Drive Colvyn Bay North Wales LL29 8PE PAge 5
D. F. and K Welsh Baptist Corporr4tion Independellt Examiner's Report to the trustee5 of D. F. and M. Webh Baptist CorporatlOD {'the Company,) Pag¢ 6
D. F. and M. Welsh Baptist Corporation Statemcnt of Fingncial Activities for the Year Ended 31 March 2024 (Including Ineome aDd Expenditure Aecount and Statement of Total Recognised Gains and Losses) Tot•1 2024 Total 2023 UDre8tri£ted Restrlded Note tncome aDd EDdowments from: Dottatiolls and legacies Investment income 249.888 7.596 249.888 11,317 3,721 2,686 Tots] Ittcome 257,484 3,721 261,205 2.686 Exp¢ndi¢ure on: Char%table aetivities 30.063) (30.063) (25.149) Total Expellditure Net in¢omel(exp¢nditure) 30,063) (30,063 25,149 227,421 3.721 231,142 (22,463 let movement in fiu 227,421 3.721 231.142 (22.463) Re¢oDciliation of fun Total funds brought forward Totsl fimds wried fotwnl 475.623 303.314 778.937 801,401 14 703,044 307.035 1,010,079 778,938 The notes on pages 10 to 21 forni an int¢gral part of thes¢ finan¢ia] stat¢m¢nts. Page 7
D. F. And K Welsh Baplist Corporation Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and IMses) iinres¢rlrt•J funds Restrlcted fuDds Total 2023 Investment income 2,075 2,686 Total income 2.075 2.686 Exp¢ndi¢ure on: Charitable activities 25.149) 25,149) Total expenditurc Net {expenditLW¢)fllKome 25.149 {25.149 23.074 611 22,4631 Net movement in fund8 {23.074) 611 (22.463) Re¢oMelli*iioll of fud9 Total funds brought fonvard 498.698 302 703 801,401 Tolal f¢u]d8 Carried forward 14 475.624 303.314 778,93S All of the charity's activitie5 derive from continuÈng operations during the above iwo periods. The fvniLs breakdown for 2023 15 shown in note 14. The notes on pages 10 to 21 fomi an Integr part of these finartcial Atatcfflet. Pag¢ 8
D. F. and M. Welsh Baptist Corporation (Registration number: 00542668) Balance Sheet as at 31 March 2024 21124 2023 Flxed assets Lnvc5tments 55.432 55.421 Current a55ets Cash at bank and in hand 12 956,823 725,693 Creditors.. Amounts fallthg due wIthS one year 13 2,176) 2,176) ,Y¢t current assets 954,647 723,517 et u$ets 1,010,079 775,938 Funds of the ebarity.. Elldowment fvnds 22.493 22.493 Restricted iDCOmt funth R¢strict¢d funds 14 284.541 280,821 Unrestricted iTr¢ome funds uteStrIl%ed fvnds 703,045 475,624 Total funds 14 1,010.079 778,938 For the finaDGial year ending 31 March 2024 thc Charity cntitlcd to excmption from audit under section 477 of the Companies Act 2006 relating to small eomphnies. Directors. r¢sp)n3ibiliti¢s.' The members bave nol required the charity to obtsin all audit of its accounts for the year in questLOD in accordance with section 476.. and The dire¢tors acknowledge their responsibilities for ¢omptying with the requirements of the Act with respect to a¢£ounting r¢¢ords and the preparation of a¢counts. The finattcial statemellts on pages 7 to 21 were approved by the trustee& and authorised for tssue on 8 May 2024 aTHI siywed on their behalf by.. Mrs H.W. Jones Trnstee The notes on pages 10 to 21 forni an integral part of these fujancial statements. Pa8e 9
D. F. and M. Welsh Baptist CorrAton Note8 to the Finydncial Statements for the Year Ended 31 March 2024 I Chrlty ststlls The ¢Ilty is limited by slwe capi, iOorated in England and Wales. Th¢ addr¢ss of its regist¢T¢d office is.. 6 Lhwi GÉbwst tknbigh Denbi8h5hire LL16 5HQ These financi stAt¢ments were authoris¢d for Assu¢ by the ttvstees on 8 May 2024. 2 AecouDtlng polkles Smry of significallt policies ind key #ceountittg ¢¥tinut¢s The principal accountin8 liCIeS applied in the preparation of these financial statements are set out IKIOW. These p)licies have been consistently applied to all the years presented, unless otherwtse stated. Sttemeot of ¢ompllne¢ Th¢ fJnan¢i¥l stat¢ments have been pr¢pared Èn accordance with Accountin8 and Reporting by Charities: Statement of ReCOtnmend Practice applicable to charities preparin8 their accounts in accordance with the Finan¢ial Reporting Stsndard applicable in the UK and R¢public of Ireknd (FRS 102) (effective l January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Standard appli¢abl¢ in the UK and Republic of Ireland (FRS 102} atsd the Compomies Act 2006. Bssls of prepartloD D. F. and M. Welsh Baptist Corp)ra¢ion meets the definiuon of a publi¢ benefit entity under FRS 102. As5¢ts
nd liabilities are initially recogtiised at historical cost or tsansaction value wiless otherwis¢ stst¢d in the
relevant accounting policy note5. Goin8 Concern The ttvsie¢s ¢onsid¢r that th¢r¢ ar¢ no mat¢Tiai un¢¢rtaiDti¢s about th¢ charity's ability to ¢ontinue as a goin8 ¢on¢em nor any significant areas of uncertainty that affKt th¢ carying value of ass¢ts held by the charity. lrteome And endowJntnt8 All income is reco8nised ODrx the chwtty bas ¢ntitlement to th¢ Èncom¢. it is probabl¢ that the Income will be rxeived and the amount of the income receivable calh be me&8ured reliably. Page 10
D. F. and M. Webh Baptist Corporation NO to the Financial Statements for the Year Ended 31 March 2024 Don4rtons andlÉgtheld L¢ga¢i¢s are reLognised wh¢r¢ ther¢ is entiil¢menL ¢¢rtainty of r¢¢¢ipt and th¢ amount ¢at) be measured with suificlent reliability. Donatioll5 ar¢ r¢¢ogDised when th¢ eharity has been notified in WTiting of both the amount and settlem¢Trt date. In the event that a dvrtation is subject to ¢ondiiions that requir¢ g lev¢1 of performallc¢ by the charity before the charity is entitled to the fimds. the income is deferred and not recognised until either those ¢onditions are fully met. or the fi]lfilment of those eonditioris is wholly wthin the cotrtrol of the charity and it is probable that these conditions will be fulfilled in the reporting period. Income re¢eived from ¢hap¢l Sal is re¢ogJis¢d when the sale h&5 ¢ompl¢t¢d ond 811 tenns and ISSUES S50ciatrd with thr di5EK)5al and use of the disp)sal proceeds have been aglyed with all relevant parties. InvulmeRÉlnrne Intcrcst on fimd5 held on deptssit is included when e1v&ble and th¢ amouni Can b¢ measured reliably by the charity. this is nomially upon notification of the interest paid or payable by the bank. Dividends regniSed e the dividend h&8 been declared and notifiGation been received of the dividelld due. Exptudithre Liabilitie5 are recOls¢d &9 500n as there T5 a legal OT COIlStructive obligation ¢omrnitting the charity to the expenditure. All expendithre is accounted for on #n aceruals b&8is and h&8 been cl&ssified under headings that aggr¢gat¢ all costs r¢18ted to the category. Costs of genernting fid$ are the costs aSsla¢a with attrarting voluntary inwm¢. Charitabl¢ tXFtnditure ¢ompris¢s thos¢ costs incurred by the charity in the d¢livery of its activities and servÈces for its beneficiaries. It include5 Ith costs that Can be allocated directly to such a¢tiviiies and those of an indirect nature necessary to 5UPPOrt them. It 8150 includes all costs associated with cELapel sales. Grants payable are payments to third parties in the furtherdnce of the chatitable objectivcs. Where the Charity gives a 8Tant with wnditioD5 for its pa)Thent being a specifie level of service or output to be provided $u¢h grants are only r¢¢ognis¢d in the SOFA on¢¢ the ffcipient of the grant has provided the specifi¢ s¢rvt¢¢ or output. Grants payable without perfomianee conditions are only 0g]Sed in the accounts when a commitinent h& been made and there are no conditions to be met reknting to th¢ grant which rernain ill tht cotLtroI of th¢ ¢harity. Provisions for grants ar¢ made when the intention to tnake a grant tw been commullicat¢d to the recipient but th¢r¢ 15 uncertainty about either the timin8 of the 8rant orthe amount of 8fdllt payable. Charithble Adiwiiies Charitable cxpenditure comprtses thos¢ colts incunyd by the charity in the deliyery of its activities and 5¢ryices for its b¢neficiarie5. It tncludes both costs that can be allocated direcdy to such activities and those costs of an indirect nature necessary to support th¢m. Gmnlpr•visions Provision5 for grants are made when the int¢ntion to mak¢ a grant has been commwii¢a¢ed to the recipient but there 15 uncertainty atout either the timin8 of the grant or the amount of grant payable. Governance costs Tl&e5e include the costs attributsble to the Charity's complianc¢ with c0nstittrtion and statutory r¢quir¢rnents, i]Al[l& audiL 5tr4tegi¢ maDagernent and trustees, meing$ and r¢imburs¢d expens¢s. Page 11
D. F. and M. Welsh Baptist Corporation Notes to the Financial Statements for the YeAr Ended 31 March 2024 Taxation The charity is consRdered to p&ss the tests set in Paragraph I Schedule 6 of the Finance Ad 2010 and therefore it m¢¢ts th¢ derltiOn of a charitable company for tJK ¢orw)ratior] t&x purEM)ses. Accordingly, the chanry is potentially exernpt from laxation in respect of income or capital gains received withit) categories covered by Chawer 3 Part 11 of th¢ Corporation Tax Aci 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, lothe extentthat such income or gaills are applied exclusively to charitable purposes. Fixed gss¢1 inv¢strnents Fixed asset investhjents. other than programme related investtnents, are in¢lud¢d at market valu¢ at the bolance sh¢¢t date. Realised gains and losses on inves¢m¢nts are ¢al¢ulated as the differ¢¢ between sales proceeds and their m8Tket value at the start of the year, or their subsequent cosL and are Charged or ¢redit&l to th¢ Statemetkt of FiDancial A¢tivi¢i¢s in the period of diSsaI. Unreaii5ed gains and 1055¢5 reprE5¢trt the movement in mw*¢t V81u¢s during the year and are credited or charged to the Statement of Fin8ncial Activities based on the mark¢t value at the year end. Caih and cash equivAltnts Cash and ¢ash equivalents MprISe ¢ash on hand and call deposits. and other short.tenn highly liquid investments that are readily convertible to & known amount of cash and ar¢ subjKt to an insigttificant risk of chan8e in VUe. Fund strutthre Unrestricted InMe funds ar¢ general funds that are available for se at the trustees, di5crction in furtherath¢e of the objectivc5 of the chartty. Restricted income filnds are thos¢ donatrd for w5¢ parti¢ular area or for spe¢ifi¢ purposes. th¢ use of which 15 restri¢t¢d to that area or purFx)s¢. Flnandil lTrstrnments CthsslJ7cÈYrtoM Financial assets fJnan¢ial liabiliti¢s ore rewgnised when the charity becomes a party to the conlra¢tual provisiorts of the instNment. Financial liabiliti¢s ¢quity itistruments are Classified aw)rding to the substanc¢ of the corttractual mg¢m¢nts enttitd inlo. An tquity in5trum¢nt is any ¢ontra¢t that eyidences a residual interest in the assets of the Charity after d¢ducting ail of its liabilities. Pag¢ 12
D. F. and M. Welsh Baptist Corporation Notes to the Financial Statements for the Year Ended 31 March 2024 Recoynldon andMreMenff All fiTrtaneiai &gsets and liabilities are initia]ly me85ur¢d at transaction pri¢e (including transaction costs), ¢x¢¢pt for those fmancial assets Classifi as at fair value through profit or loss, which are initia]ly measurEd at fair value (whieh is nomally the transaction price excluditig transactioll costs). untess the arrangement constitutes a financing transartion. If an arrangement COll5titut¢s a financin8 traDsaction, the finallciat &4set or fllwicial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debi ]tnIMenI. Fi]rattcial assets and liabilities are ojdy offset iti the ststemeDt of financi position when. and only when there exists a le8ally enforceable right to Set off the reeo8ni5ed amounts and the clwity illtends ¢ither to settle on a nct b]5, or to reaiise the asset and settle the liability simultaneously. Fin8mcial assets are derecognlwl when alld only when a) the contrxttthl rights tt> th¢ c&sh flows from the rthanGial asset expire or are settled. bl the ¢lthrity transfers to anoth¢r party subst4Dtiatly all of tlke risks and rewards of ownership of the financial asset, or c) the charity, despite havin8 retained some, but not ail. signifieant risks and r¢waTds of o*ryTreTship, has trawf¢rred Control of the asset w another paty. Fin8mcial liabilities are detegniSed only when the obligation spccifLed in the contratt is dischtrge& cancell¢d or expires. Page 13
D. F. and M. We15h Baptist Corporation Notes to the Finan¢lal Ststements for the Year Ended 31 Mareh 2024 Debt inslrmments Debt instnllnents which meei the following ¢otrJitions are Subsequently me&sured at amortised ¢ost using the cffective interest method.. (a) The ¢ontractual return tt) th¢ hold¢r is (i) a fjxed amount; (ii) a positiwe fLx¢d rat¢ or a posilive variable rate" or(iii) a combination of a positive OT a negative fixed rne and a positive variable re. Ibl The contrnct may provide for repayments of the principal or the retum to the holdeT (but ttot both) to be lit]ked to 8 single relevant observable index of genera] price inflation of the currency in whith the debt instrument 15 denomiDated, provided such links are not leveraged. (c) The contract rnay provide for a detemiinable variation of the rekn to the holder during the life of the ijmmenl provided that (i) th¢ new rat¢ satisfies condition {a) and th¢ v8riuion is not contingent on fjMr¢ events other thall11} a challge of a Contractu variable rate" (2} to protect the holder agatnst crcdit deteriorntio of the issuer" (3) thanges in levie5 applied by a central bank or aTi5in8 from ehan8es in televant taxatton or law; or (li) the new rate is a market rate of interest and satisfies condition (a). (d) Th¢r¢ is no contractual provision that wul(L by its ternis. result in the holder losing the principal anx)unt or y intsrest Attnlyutable to ihe current period or prior periods. (E} Contractual provi510D5 that pennit the issuer to prepay a debt instrument or pcrniit the holder to put il back to the issuer before maturity are not contingent on firture events, other than to protect the holder against the crcdit deterioration of the issuer or a ehan8e Én conlrol of the IS5uer. or to proted the holder or issuer against changes in levi¢s oppli¢d by a ¢entrai bank or aTi5ing from ¢h8ng¢s in r¢l¢vant taxation or law. (fj Contra¢tua] provisions may p¢mit the ext¢nsion of th¢ t¢mi of the debt instnun¢ni. provid that the return the holder and any other contraGtual prtsvi5ion5 applicable during th¢ extended ternl satisfy the conditiort$ of paragraphs {8) to {c). Debt in5trumeDts that are ¢1&8sified payable or t¢c¢ivable within i)n¢ year on initial r¢w8Ditiott and which meet the above wnditions are measured at the UDdis¢ound amount of th¢ ¢ash or other ¢QDSLd¢rdtion expKted to be paid or reeeived, n¢t of impairment. With the exception of some hBIng instsiJm¢nts, other d¢bi instti]m¢nts not m¢¢iing thes¢ conditions ar¢ measured at fair value througtrL profit or loss. Commilments to make and receive loans which meet thc conditions mcntioned aknve arc measured at cost (which may be nil) less impairtnent. Inve5lunts Investments in non-convertible preferenc¢ shores and non-puttable ordinary or prefetEnce sh8tts (whwe sh8xes are publicly trad¢d or their fair value is reliably measurabl¢) are m¢asw¢d at fair valu¥ through profit or loss. Wher¢ fair value thmoi b¢ m¢a5urd reliably, inY¢5tmtnts are measured ai CO$115 itllpairTneDt. Falr value vw4wrement The besi evidence of fair value is a quoted price for an identieal &sset in an active markeL When quoted prtces ar¢ unavailabl¢, th¢ pri¢¢ of a r¢¢¢nt transa¢tton for an identi¢al 8ss¢¢ provid¢s ¢vid¢n¢¢ of fair value Is long as there has not been a signifi1 change in e¢onomic ciwumstan¢es or vl significant lapse of tim¢ since the Iran5a¢tion t¢)ok pix¢. If th¢ maTk¢t is no¢ active and r¢c¢nl transactions of an id¢nti¢al asset on their own ate not a good esiimate of fair valu< the fair yU¢ is estimated by using avaiuation technique. Pa8e 14
D. F. and M. Welsh Bydptist Corporation Not¢8 to the Financial Statements for the Year Eaded 31 March 2024 3 IneoDW from thn•tioAs ind l¢gA¢ies Ullrestrlcted General 1024 Lknnations ¥nd legacie5', Chapel S¢$ 249,888 249,888 249,888 249,888 4 Investment intome Unrestrieted fuDds G¢n¢r4l Restricted nds Total 2024 Totsl 2023 In¢om¢ from divid¢nds' Dividends reeeivable from group undertakings Interest r¢¢eivable and similar incom< ItLtere5t receivable on bank deposits Oth¢r investsnent income 7,578 li 3,721 11,299 2.272 408 7,596 3,721 11,317 1686 5 An%ly5is of governaDce and support Cogts GoverDgnce eosts Unre$trieted fuDds Gener81 Total 2024 Totsl 2023 Independent examTner fee5 EXamin10n of the fUl¢la1 stat¢ments Other f¢¢5 paid to examin¢rs Other governance ¢osts 679 670 400 679 670 400 $97 670 400 1.749 ,749 ,667 P¥8¢ 15
D. F. and M. Welsh Baptist Corporntioll Notes to the Financial Statements for the Year Ended 31 March 2024 6 Gr#ttt-makirtg ADalysis of graDts Grants to institutions 2024 2023 Analysls Distribution for the ben¢fii of Baptist Chur¢h¢$ 17.785 12,953 The support wsts a5so¢iated with gt7nt-rnokin8 ar¢ £Nil (31 Mrch 2023 - £Nil). Grants made are to Support th¢ upktep and running Costs of Chapels. Below are detsils of material grants made to institutions 21)24 2023 Name of istitUtiOn Llansilin Chapel Work LlaDgadwaJkn Church Seion Glyn Ceiriog Cymanf& Bedyddwyr Bethel Treffynnon Seion Fforddl&4 Cap¢1 Sal¢ Activity Capel maintenancc Capel rnaintenance Capel maintettaAce CApel maiDtsnAnce Capel Anaintellatsc¢ Capel maittttnance CapBI mpiEttenane¢ 360 1,090 4.183 5,000 340 12,613 7,052 100 17.785 12,953 7 Expenditur¢ fb&ritsbl¢ artivities Unrestricted ds Gen¢rl Totsl 21124 Total 2023 Clwity admit)islration Provision of Parchedeg Grant fiulding of a¢tiviti¢s G)verJhomce (*ists 133 10.396 17.785 1,749 133 IOJ96 17,785 1.749 133 10,396 12,953 1,667 30.063 30,063 25,149 Pag¢ 16
D. F. and M. Welsh Baptist Coryoratio Notes to the Finallcial Statements for the Year Ended 31 March 2024 8 Truthes remuneratio aDd eAPtll5es During the y¢ar the charity made the following transactions with ttustees.. .MrT R Iran Mr T R Ifan received remuneration of £10,000 (2023.. £10.OIXI} during the yeaT. The remunerntion and expenses paid to Mr Ifan were in respect of fidfilling his role as Porchedi8. 9 lttdependent txanDer'S remuneration 2024 2023 Examination of the financial statw)ents 679 597 Other fee8 to examlners All other serviees 670 670 10 Taxatlon The charity is a registered charity and is therefore ¢x¢mpt from taxation. Page 17
D. F. and M. Welsh Baptist Corporation Notes to the Financial Statements for the Year Ended 31 March 2024 11 Flxed Asset Investments 2024 2023 Other investments 55,432 55,421 Other lllve8tments investments Totsl Cost or Valuation At I ApTiI 2023 55.421 55.421 Revaluation At 31 Mardj 2024 55.432 55,432 Net book value At 31 Marth 2024 55.432 55,432 At 31 Mh 2023 55.421 55,421 12 Cash and ush ¢quiv4l¢nts 2024 2023 Cash at b8nk 956,823 725,693 13 Creditors: #mounts fallint dllt within one year 2024 21)23 Accruals 2,176 2,176 Page 18
D. F. and NL Welsh Baptist Corporation Notes to the Finan¢ial Ststements for thc Year Ended 31 March 2024 14 Fun Balattc¢ ¢ I April 2023 IncorniD¥ resources Resource$ expeDded BAinee at 31 M*rch 2024 Unr¢5trirted fud$ Generol Unrestrirted in¢om¢ fid 475,624 257,484 (30.063) 703.045 Restrieted funds 23,733 619 26,922 9,898 16,772 12,653 7,052 43,947 43,387 l7.375 28,683 23,470 12,139 2.867 LI,304 314 24.047 627 27,279 10,029 16,994 12,821 7,145 H,529 43,962 17.605 29,063 23,781 12JOO 2,905 11.454 taura Williams Bequestfill Rthyl fid Cefnbychan fund Liansilin fund Holywell fijnd Bglpysbach chwch fund Milwr fid Llangollen church fund Tallygri5tau chapel fvnd Llallfyllin chapel fid TalsThu fiu Pandy chapel fiuld Salem chapel fforddl&s Llanb¢dr fiu 357 131 222 168 93 582 575 230 380 311 161 38 150 Total rtstrieted fund5 280,821 3,720 284.541 Ewndahle B¢thania baptist ¢hap¢l graveyard fimd 22.493 22,493 21493 22,493 Totsl fundg 778.938 261,204 (30.063) 1.010.079 Pag¢ 19
D. F. and M. Webh Baptist Coryor2tion Notes to the Financial Statements for the Year Ended 31 Mareb 2024 BglAncÈ Xt I April 2022 Incoming resour Balance at 31 March 2023 expellded UDreJtricted funds Gener41 L'nrestriaed iD¢ome fill 498,697 2,074 (25,147) 475,624 Res¢rirt¢d Corwi fjjnd Laura Williams Bequ¢sthmd Rhyl fid Cethbychan fund Llansiiin fimd HOlell fund Eglwysbach chUb fimd Milwr fund Llan8oll¢n churGh fund Tanygri5iau chapel fund Llanfyllin chapel fid Tatsamau fund Pandy ¢hAp¢l fvnd Salem chapel fforddl Llanbedr fund 23,681 618 26,863 9,876 16.735 12,625 7,037 43.851 43,293 17.337 28.621 23,419 12.113 2.861 11,279 52 23,733 619 59 22 37 28 15 26,922 9,898 16,772 12.653 7,052 43.947 43 J87 17.375 28,683 23,470 12,139 2,867 11.304 38 62 51 26 25 Totgl res¢rl¢¢ed fvnd8 280,209 612 280.821 £Ypendable Bethania baptist chapEI gt&veygrd fund 22.493 21493 22,493 22,493 Total fllDds 801.399 778,938 Page 20
D. F. and Welsh Baptist Corporation Notes to the Financial Statements for the Year Ended 31 March 2024 IS All•tysis olnd assets Ixtween funds bnrestTleted funds General Elldowmcllt funds PeTm4Dent Totsl funds •t 31 IIAr¢h 21124 Restrieted Dds Fixed asset investments Current assets Current liabilities 55,432 649,789 (2,176) 55.432 956,823 2,1761 284,541 22,493 Total nct &Ssets 703.045 284,541 22,493 1,010,079 nrestrleted fuDds GeneThl Endowment futtds Permantnt Tolgl funth at 31 MArth 2023 funds Fed asset investments CutTent a55ets Current liabiliti& 55,421 422,379 2.176) 55,421 725,693 2,1761 280,821 22,493 T(trtst net aqsets 475,624 280,821 22,493 778,938 16 Related party trtss*rti(•ms There were no related party transactions in tbc year. Page 21