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2023-12-31-accounts

Company Registration Number - 173908

The Charity Registration Number is :- 248192

The Welsh Baptist Union Corporation Limited

Report and Accounts

31 December 2023

Cross & Bowen Chartered Certified Accountants Riverside House Normandy Road Swansea SA1 2JA

The Welsh Baptist Union Corporation Limited

Report and accounts for the year ended 31 December 2023

Contents

Page
Charity information 1
Trustees' Annual Report 1
Statement of directors' responsibilities 9
Independent Accountant's Report 11
Funds Statements:-
Statement of Financial Activities 13
Statement of Financial Activities - Prior Year statement 14
Statement of total recognised gains and losses 15
Movements in funds 16
Revenue Funds 16
Income and Expenditure account 17
Summary of funds 16
Balance sheet 18
Cash flow statement 20
Notes to the accounts 22

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

The Trustees present their Report and Accounts for the year ended 31 December 2023, which also comprises the Directors' Report required by the Companies Act 2006.

Reference and administrative details

The charity name.

The legal name of the charity is:- The Welsh Baptist Union Corporation Limited.

The charity is also known by its operating name, Corfforaeth Undeb Bedyddwyr Cymru (Cyf). The charity's areas operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 248192. The charity does not operate in any overseas jurisdictions.

Legal structure of the charity

The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.

The governing document is dated 24 March 1921 There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are:-

Y Llwyfan Heol y Coleg, Caerfyrddin Sir Gâr, SA31 3EQ Telephone 0345 222 1514

Email Address post@ubc.cymru Web address www.buw.wales

The registered office of the charity for Companies Act purposes is the same as the operating address shown above.

1

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

The Trustees in office on the date the report was approved were:-

Rev. P.M. Thomas Mr. H.B. Tribe Rev. I.C. Roberts Rev. D.M. Owen Mr. F.H. Maull Mr. L. John Mr. W. Davies Rev. Judith A. Morris Mr. Glyndwr S. Prideaux Mr. David Evans Rev. I.E. Jones Rev. Susan J. Phillips Miss Aldyth Williams

The following persons served as Trustees during the year ended 31 December 2023 :-

The trustees who served as a trustee in the reporting period, and, if applicable, their dates of appointment or resignation during the year were:-.

Date appointed Date resigned Rev. P.M. Thomas Mr. H.B. Tribe Rev. I.C. Roberts Rev. D.M. Owen Mr. F.H. Maull Mr. L. John deceased August 2023 Mr, W. Davies Rev. Judith A. Morris Mr. Glyndwr S. Prideaux Mr. David Evans Rev. I.E. Jones Rev. Susan J. Phillips Miss Aldyth Williams

All the directors of the company are also trustees of the charity, and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Acts.

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

The object of the charity is the provision of administrative and custodial trustee support services to Baptist Union of Wales funds and member churches, thereby contributing to the furtherance of the Gospel of Christ in accordance with the principles of the Baptists.

2

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

The main activities undertaken in relation to those purposes during the year.

During 2023 the main activities have been:

Acting as Property trustee to a number of churches of the Baptist Union of Wales; provision of guidance and support in relation to deeds and and all aspects of church closures. Provision of a Treasury function to a number of the Baptist Union of Wales churches.

The short term and longer term aims and objectives.

The charity operates by providing legal and administrative support services to the Union and to its member churches. It provides the vehicle by which the Women's Movement (Mudiad y Chwiorydd) of the churches has realised its vision of providing residential care for the elderly at the Welsh Baptist home at Glyn Nest, Newcastle Emlyn.

In the course of their management of the charity, the directors have regard for the public benefit provided and supported by the charity's activities, and this is a feature both of the charity's work in support of member churches and of its own direct activities, as follows:

1. Through supporting Baptist Union of Wales member churches

Member churches provide public benefit through normal church activities, including (but not restricted to) provision of public worship opportunities, as well as other benefits such as provision of church halls for meetings of local groups, of cemeteries used by the wider community, children's holiday clubs, Sunday schools, youth work, group and personal acts of kindness in the community, including care of the sick, dying, and bereaved, counselling, debt counselling, provision of food banks, luncheon clubs and cafés. In addition, Union support to churches includes assisting churches in complying with statutory requirements for safeguarding vulnerable individuals, with a view to ensuring both the prevention of harm and adoption of good practice. Direct support to member churches takes the form of legal support, property trustee services, and, via the Baptist Building Fund for Wales, provision of discretionary interest-free loans to churches (and other Baptist Union of Wales causes) for building and other projects.

The charity provides support services to the Baptist Union of Wales.

a) Union support for churches, whether by direct financial grant towards ministerial stipends or specific projects, measured according to need, or by encouragement, or administrative and legal support, facilitates the public benefits provided by supported member churches. Payment of the member church contribution by a church for a year (set at £20.00 per reported member of a church in 2023) entitles that church to all the benefits of Union membership; and in practice, apart from the right to attend the annual conference, and to be considered for financial support, the general pastoral benefits of Union membership are not usually withheld solely because membership contributions have not been paid. The decision to exclude from b) The charity's support to the Union also contributes to the Union's direct acts in provision of public benefit by the advancement of the Gospel of Christ in accordance with the principles of the Baptists, by publishing resources, both printed and digital, suitable to enhance worship and teaching, both alone and with other Christian groups;

by supporting students in ministerial training; by supporting Ministers to undertake sabbaticals; by arranging ministerial and leadership retreats, conferences and meetings;

by contributing with other groups to Christian witness in matters of social justice.

3

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

How the activities undertaken during the year contributed to the achievement of the aims and objectives.

During 2023, the charity continued to consider the trusteeship arrangements with directly supported member churches, with a view to identifying churches which may benefit from discussions and general advice. During the year the charity was active in 74 property trusteeships including causes and trusteeship applications (2022 -54), 11 cemetrey trusts (202211) along with 12 property sale completions (2022-4). The WBUC acts as a trustee for 140 churches.

The contribution of volunteers during the year.

The Corporation relies heavily on volunteer committee members who contribute both general knowledge of church life and specialist expertise and without which it could not operate.

Grant making policies and how these contributed to the achievement of the charity's aims and objectives during the year.

The Corporation does not have a policy of making direct grants but will consider applications in relation to new ministry and mission initiatives and how it can support such initiatives. The services provided for churches and Union are not subject to a specific charge although the WBUC makes a contribution to the costs incurred by the BUW for undertaking the work.

The main achievements and performance of the charity during the year.

During 2023, the charity continued to consider the trusteeship arrangements with member churches, with a view to identifying churches which might benefit from discussions and general advice. The charity contined to be active in property trusteeships, cemetrey trusts and property sale completions. Work was undertaken with church officers who had decided to bring the cause to an end particularly in relation to trusteeship and all other associated practical considerations. This year saw the continued development of the policy whereby all redundant buildings (where the ultimate beneficiary was either the BUW, WBUC or BBFW) were assessed in relation to mission and commercial potential. The charity also continued to support the work of the Baptist Union of Wales during the year.Along with the Baptist Union of Wales, consideration has been given to the likely statistical picture of the Union's churches in around twenty years, the 2041 Report, and the ways in which the WBUC might respond to the challenge with which we are faced.

Fundraising activities during the year.

The charity relies on investment income and also receives gifts from other donors whose support is valued, and, on occasion, as ultimate beneficiary of trusts for chapel properties when finally closed for worship.

4

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

The difference the charity's performance during the year has made to the beneficiaries of the charity.

The performance of the Charity during the year has enabled it to continue to be able to advise and assist members in dealing with trusteeships, sale of properties along with consideration of future options for congregations.

The degree to which the achievements and performance during the year have benefited wider society.

The support and advice provided by the WBUC has enabled churches to take advantage of the trusteeship service. This has provided valuable practical support when individual property trustees have not been able to be appointed and thereby enabling a church to continue to make a prayerful and sometimes practical contribution to the wider society. The WBUC has also provided suppport and advice to churches who wish to continue to witness in their communities whilst at the same time wishing to relinquish a church building which can become a burden. This has enabled a church to continue its prayerful presence within the community. In addition, the WBUC has helped churches to consider future options for worship which benefits wider society through the continuation of churches and their witness to the values of the Christian faith in accordance with the principles of the Baptist denomination.

The significant charitable activities undertaken in the year.

During the year the charity developed further its policy for accepting trusteeships, and it gave consideration to registration of charity land and appropriate arrangements for cemetries. Further work was undertaken in relation to assessing the mission and commercial potential of redundant buildings.

Investment performance against the investment objectives.

In the financial review section of this report there is a description of the investment policies and objectives established by the trustees and the extent to which social environmental or ethical considerations are taken into account.

The charity reviewed its Investment Policy Statement during the year and agreed to exclude fossil fuels from its investments.

The investment performance achieved against the objectives set was satisfactory.

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

The Annual General Meeting of the Corporation appoints new trustees in accordance with the rules and regulations set down within its constitution.

The policies and procedures for the induction and training of trustees.

It is planned to review the governing document of the WBUC along with the arrangements for the induction and training of Trustees.

5

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

The organisational structure of the charity and how decisions are made.

The structure of the charity is as a charitable corporation, for the benefit of the Welsh Baptist Denomination, intricately connected with BUW, and governed in accordance with its Memorandum, and Articles of Association. The charity trustees meet regularly to progress the work of the Corporation; and day to day conduct of matters in hand is carried out by the General Secretary of BUW, Corporation Co-ordinator and the assistance of BUW staff.

The General Secretary to whom day to day management is delegated

The name of the General Secretary to whom day to day management of the charity is delegated by the charity trustees is Reverend Judith Anne Morris, BA, MPhil, MTh.

Relationships between the charity and related parties, including its subsidiaries

The charity provides property trusteeship and administrative services to its related parties as well as to member churches of the Baptist Union of Wales. The related parties are the Baptist Union of Wales and the Baptist Building Fund of Wales and the Glyn Nest Residential Care Home.

The charity as a part of a wider network.

Links between the charity and a wider network are through the associations fostered by the Baptist Union of Wales with Baptist associations throughout the world and with other churches in Wales, for example, the Baptist Partnership in Wales, Cytun (Churches Together in Wales), Free Church Council of Wales, Fellowship of Baptists in Britain and Ireland, European Baptist Fellowship and Baptist World Alliance.

The charity's relationships with related parties.

The work of the charity is intricately linked both with its own subsidiaries, and also with the Baptist Union of Wales.

National Westminster Bank PLC

Bankers National Westminster Bank PLC Solicitors Pothecary Witham Weld, 84 Eccleston Square, Pimlico, London SW1V 1PX Investment advisors Charles Stanley, 7/8 Park Place, Cardiff CF10 3DP Independent Examiners Cross & Bowen Chartered Accountants, 11 Calvert Terrace, Swansea SA1 6AT

6

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

Financial review

The charity's financial position at the end of the year ended 31 December 2023

The financial position of the charity at 31 December 2023 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Restricted Revenue Funds
Total Funds
Net income
Unrestricted Revenue Funds available for the general
purposes of the charity		 2023
£
41,311
746,886
650,031
1,396,917
 2022
£
(206,214)
729,448
626,158
1,355,606

Financial review of the position at the reporting date, 31 December 2023 .

The trustees consider the financial performance by the charity during the year to have been satisfactory. Specific changes in fixed assets are detailed in the notes to the accounts.

Policies on reserves.

The policy is to ensure that the Union has sufficient free and available funds to meet at least 3 months of annual budgeted expenditure. In addition the Trustees consider it is prudent to provide for a further 3 months for funding grants to churches and associations.

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Significant events which have affected the financial performance and the financial position.

Apart from the volatility of the stockmarket there have been no significant events during the year that have affected the financial performance or the financial position.

Investment policy and investment objectives.

The Charity has indicated to its investment advisors an attitude to investment balanced for capital and income, with risk limited as is appropriate for charity trustees, and with clear guidelines on sectors to be preferred or avoided because of ethical considerations.

7

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

The major risks to which the charity is exposed are those arising from trusteeship of buildings where there are no local trustees or other individuals both willing and able to take care of the building voluntarily. This risk is mitigated by contracting with a local agent where necessary to carry out regular attendances and inspections, and also by managing down as far as is prudent the length of time during which properties are held. The appointment of two part-time Corporation Co-ordinators has been a key factor in dealing with many churches who seek advice as they face an uncertain future.

Factors likely to affect future financial performance .

Due to the charity being heavily reliant on investment income, the major factor likely to affect future financial performance is the volatility of the stock market.

Principal funding sources in the year and how these support the key objectives of the charity.

The principal funding sources for the year under review have been Resources from charitable activities, Voluntary income, and Investment income.

Plans For the Future

Summary of plans for the future and the trustees' perspective of the future direction of the charity.

The Union plans to instigate and promote the propagation of the Christian Gospel through ministry and mission, and to implement existing strategies as well as setting in place new developments for the future. It is also planned to provide guidance to churches in relation to trusteeships and their responsibilities. Further to the discussion commenced with the Board in relation to developing a strategic response to closed chapels so as to maximise mission opportunities for the future along with identifying new streams of income, potential properties for devleopment were identified. It is hoped that this initative will help secure Baptist witnesss for the future.

Funds held as custodian trustees on behalf of others

The Corporation is custodian trustee for trust investments of £13,222,819 (2022 - £12,319,364).

Details of The Independent Examiner

Mr. N. Davies

Member of Chartered Association of Certified Accountants

Cross & Bowen Riverside House Normandy Road Swansea SA1 2JA

8

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

Statement of the Directors Trustees' Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .

In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

9

The Welsh Baptist Union Corporation Limited

Company Registration Number - 173908

Trustees' Annual Report for the year ended 31 December 2023

Method of preparation of accounts - Small company provisions

The financial statements are set out on pages 13 to 38.

The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)

These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

This report was approved by the board of trustees on 23 May 2024.

REVD JUDITH MORRIS, BA, MPHIL, MTH Director and Trustee

10

The Welsh Baptist Union Corporation Limited

Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 December 2023

I report to the Trustees on my examination of the financial statements of the charitable company on pages 13 to 38 for the year ended 31 December 2023 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , and under the historical cost convention and the accounting policies set out on page 22.

Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report

As described on page 9, you, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Section 476 of the Companies Act 2006. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.

Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:-

a) examine the financial statements of the charity under Section 145 of the Act;

b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of Independent Examiner's Statement and scope of work undertaken

I report in respect of my examination of the charity's financial statements carried out under s145 of the Act. In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charitable company and of the accounting systems employed by the charitable company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.

The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide

11

The Welsh Baptist Union Corporation Limited

Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.

I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.

Independent Examiner's Statement, Report and Opinion

Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:-

The accounts of this charitable company are not required to be audited under Part 16 of the Companies Act 2006;

This is a report in respect of an examination carried out under 145 of the Act and in accordance with Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;

and that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:-

accounting records were not kept in respect of the charity as required by Section 386 of the Companies Act 2006 and Section 130 of The Charities Act 2011;

the financial statements do not accord with those records; or

the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair' view, which is not a matter considered as part of an independent examination;

have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Signed:-

Mr. N. Davies - Independent Examiner

Chartered Certified Accountant

Cross & Bowen Riverside House Normandy Road Swansea SA1 2JA

This report was signed on 24 May 2024

12

The Welsh Baptist Union Corporation Limited - Statement of Financial Activities for the year ended 31 December 2023

Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 December 2023, as required by the Companies Act 2006)

Current year
Unrestricted
Funds
2023
£
Income & Endowments from:
Donations & Legacies
A1
803
Charitable activities
A2
103,879
Investments
A4
25,559
Other
A5
205
Total income
A
130,446
Expenditure on:
Charitable activities
B2
125,677
Total expenditure
B
125,677
Net gains on investments
B4
12,669
Net income for the year
17,438
Net income after transfers
A-B-C
17,438
17,438
Reconciliation of funds:-
E
Total funds brought forward
729,448
Total funds carried forward
746,886
SORP
Ref
Net movement in funds		 Current year
Restricted
Funds
2023
£
-
-
17,300
-
17,300
2,428
2,428
9,001
23,873
23,873
23,873
626,158
650,031		 Current year
Total Funds
2023
£
803
103,879
42,859
205
147,746
128,105
128,105
21,670
41,311
41,311
41,311
1,355,606
1,396,917		 Prior Year
Total Funds
2022
£
-
25,276
35,419
875
61,570
132,314
132,314
(135,470)
(206,214)
(206,214)
(206,214)
1,561,820
1,355,606

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts.

All activities derive from continuing operations

The notes attached on pages 22 to 38 form an integral part of these accounts.

13

The Welsh Baptist Union Corporation Limited - Statement of Financial Activities for the year ended 31 December 2023

The Welsh Baptist Union Corporation Limited - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP

Income & Endowments from:
Donations & Legacies
A1
Charitable activities
A2
Investments
A4
Other
A5
Total income
A
Expenditure on:
Charitable activities
B2
Total expenditure
B
B4
Net income for the year
Transfers between funds
C
Net income after transfers
Reconciliation of funds:-
E
Total funds brought forward
Total funds carried forward
Net movement in funds
SORP
Ref
Net gains on investments		 Prior Year
Unrestricted
Funds
2022
£
-
25,276
18,787
875
44,938
129,821
129,821
(79,200)
(164,083)
-
(164,083)
(164,083)
893,531
729,448

 Prior Year
Restricted
Funds
2022
£
-
-
16,632
-
-
16,632
2,493
2,493
(56,270)
(42,131)
-
(42,131)
(42,131)
668,289
626,158		 Prior Year
Total Funds
2022
£
-
25,276
35,419
875
61,570
132,314
132,314
(135,470)
(206,214)
-
(206,214)
(206,214)
1,561,820
1,355,606

All activities derive from continuing operations

A Statement of Total Recognised Gains and Losses is included in these accounts as a separate primary statement

The notes attached on pages 22 to 38 form an integral part of these accounts.

14

The Welsh Baptist Union Corporation Limited - Statement of Financial Activities for the year ended 31 December 2023

Statement of Total Recognised Gains and Losses for the year ended 31 December 2023

Surplus for the year :-
Realised gains on disposals of social investments which are programme related
Income from operations before tax in the Statement of Financial Activites
Add/(deduct) non income and expenditure items:-
Unrealised gains on investments
Net Movement in funds before taxation
Funds generated in the year as shown on Statement of Financial Activities
Net excess of income over expenditure from operations before tax		 2023
£
19,641
-
19,641
21,670
41,311
41,311		 2022
£
(70,744)
-
(70,744)
(135,470)
(206,214)
(206,214)

The notes attached on pages 22 to 38 form an integral part of these accounts.

The Welsh Baptist Union Corporation Limited - Resources applied in the year ended 31 December 2023 towards fixed assets for Charity use:-

Funds generated in the year as detailed in the SOFA
Net resources available to fund charitable activities		 2023
£
41,311
41,311		 2022
£
(206,214)
(206,214)

The notes attached on pages 22 to 38 form an integral part of these accounts.

15

The Welsh Baptist Union Corporation Limited - Statement of Financial Activities for the year ended 31 December 2023

Movements in revenue and capital funds for the year ended 31 December 2023

Revenue accumulated funds

Accumulated funds brought forward
Closing revenue funds
Summary of funds
Revenue accumulated funds
Recognised gains and losses before
transfers		 Unrestricted
Funds
2023
£
729,448
17,438
746,886
746,886
Unrestricted
and
Designated funds
2023
£
746,886		 Restricted
Funds
2023
£
626,158
23,873
650,031
650,031
Restricted
Funds
2023
£
650,031		 Total
Funds
2023
£
1,355,606
41,311
1,396,917
1,396,917
Total
Funds
2023
£
1,396,917		 Last year
Total Funds
2022
£
1,561,820
(206,214)
1,355,606
1,355,606
Last Year
Total Funds
2022
£
1,355,606

The notes attached on pages 22 to 38 form an integral part of these accounts.

16

The Welsh Baptist Union Corporation Limited - Statement of Financial Activities for the year ended 31 December 2023

The Welsh Baptist Union Corporation Limited

Income and Expenditure Account for the year ended 31 December 2023 as required by the Companies Act 2006

Income
Income from operations
Income from investments, other than interest receivable
Other operating income
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Governance costs
Realised losses on disposals of social investments which are programme related
Total expenditure in the year
Tax on surplus on ordinary activities
Retained surplus for the financial year
Net income after tax in the financial year
Net income before tax in the financial year
Investment income		 2023
£
104,682
42,859
205
147,746
147,746
123,425
4,680
-
128,105
19,641
-
19,641
19,641		 2022
£
25,276
35,419
875
61,570
61,570
127,868
4,446
-
132,314
(70,744)
-
(70,744)
(70,744)

All activities derive from continuing operations

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 22 to 38 form an integral part of these accounts.

17

The Welsh Baptist Union Corporation Limited - Balance Sheet as at 31 December 2023

Note
SORP
Ref
Fixed assets
A
Tangible assets
6
A2
Investments held as fixed assets
7
A4
Total fixed assets
Current assets
B
Debtors
8
B2
Cash at bank and in hand
B4
Total current assets
Creditors: amounts falling due within one
year
9
C1
Net current assets
The total net assets of the charity
Restricted funds
Restricted Revenue Funds
12
D2
Unrestricted Funds
Unrestricted Revenue Funds
12
D3
Total charity funds
The total net assets of the charity are funded by the funds		 2023
£
180,000
829,938
1,009,938
113,401
297,690
411,091
(24,112)
386,979
1,396,917
650,031
650,031
746,886
746,886
1,396,917
of the charity, as follows:-		 2022
£
180,000
808,268
988,268
143,055
299,711
442,766
(75,428)
367,338
1,355,606
626,158
626,158
729,448
729,448
1,355,606

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

18

The Welsh Baptist Union Corporation Limited - Balance Sheet as at 31 December 2023

The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 12.

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

REVD JUDITH MORRIS, BA, MPHIL, MTH

Trustee Approved by the board of trustees on 23 May 2024

The notes attached on pages 22 to 38 form an integral part of these accounts.

19

The Welsh Baptist Union Corporation Limited

Cash Flow Statement for the year ended 31 December 2023

Cash flows from operating activities
A
Cash flows from investing activities
Other investment income, including rents from investments
Cash flows from financing activities
Net cash provided by operating activities as shown below		 2023
£
(44,880)
42,859		 2022
£
(122,993)
35,419
Net cash provided by financing activities
C
Overall cash provided by all activities
Cash movements
Change in cash and cash equivalents from activities in the year
ended 31 December 2023
Cash and cash equivalents at 1 January 2023
Change in cash and cash equivalents due to exchange rate movements
A+B+C
Cash at bank and in hand less overdrafts at 31 December		 -
(2,021)
(2,021)
299,711
-
297,690		 -
(87,574)
(87,574)
387,285
-
299,711

20

The Welsh Baptist Union Corporation Limited

Cash Flow Statement for the year ended 31 December 2023

The Welsh Baptist Union Corporation Limited

Cash Flow Statement for the year ended 31 December 2023 - Continued

Reconciliation of net income to net cash flow from operating activities

Net income(expenditure) as shown in the Statement of Financial Activities
Adjustments for :-
Write downs of investments
Net unrealised losses on investment assets
Dividends, interest and rents from investments
Decrease in debtors
Increase in creditors, excluding loans
Net cash provided by operating activities
A
Analysis of cash and cash equivalents
Cash in hand at for the year ended 31 December 2023
Notice deposits - (less than 3 months)
Total cash and cash equivalents		 41,311
-
(21,670)
(42,859)
29,654
(51,316)
(44,880)
2023
£
297,690
-
297,690		 (206,214)
-
135,470
(35,419)
(85,131)
68,301
(122,993)
2022
£
299,711
-
299,711

The Welsh Baptist Union Corporation Limited

Cash Flow Statement for the year ended 31 December 2023 - Continued

Analysis of change in net debt

Cash
Total		 At start
of year
299,711
299,711		 Cash
Flows
(2,021)
(2,021)		 At end
of year
297,690
297,690

21

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Going Concern

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 December 2020, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.

Risks and future assumptions

The accounts have been prepared on a going concern basis and the Trustees confirm that there are no key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Nature of income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.

Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

22

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Dividends are accrued when the shareholder’s right to receive payment is established.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Income from legacies

Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met.

Where a payment is received from an estate or is notified as receivable by the executors after the reporting date and before the accounts are authorised for issue but it is clear that the payment had been agreed by the executors prior to the end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as income in the accounting period if receipt is probable.

Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the payment, details of the legacy aredisclosed as a contingent asset until the criteria for income recognition are met. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.

If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce the amount of the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Financial Activities

23

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

Donated goods, facilities and services

Donated fixed assets are recognised at the current fair value. All such donations are recognised as donation income, and debited to fixed assets.

Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably measure the value of the donated items.

In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of the item to the donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any anticipated costs of sales.

If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh the benefits, the donated goods are recognised as income when sold, with an equivalent amount being recognised as an expense.

The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upon receipt. When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at the time of sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made.

Donated services and facilities (including seconded staff and use of property) are included in the accounts on the basis of the value of the gift to the charity.

All donated services and facilities are recognised as donation income when received,(provided the value of the gift can be measured reliably) and recognised as an expense with an equivalent value.

Membership subscriptions

The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.

The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

24

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-

Staffing - on the basis of time spent in connection with any particular activity.

Staffing - on a per capita basis, based on the number of of people employed within any partiular activity. Premises related costs - on the proportion of floor area occupied by a particular activity.

Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures

Estimation techniques used in apportioning costs - give details

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note0.

Policies relating to assets, liabilities and provisions and other matters.

Fixed Asset Investments

Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period. Investment properties are not depreciated.

Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their market value, where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trustees, the costs outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down.

All gains on fixed asset investments, whether realised or unrealised, are included in row B4 of the Statement of Financial Activities.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose.

25

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

4 Investment gains

Unrealised gains /(losses) and writing down of carrying values

Listed investments - Unrealised
Total unrealised gains/(losses) etc
Total realised and unrealised gains
Unrealised gains /(losses) and writing down of carrying values
Listed investments - Unrealised
Total unrealised gains/(losses) etc
Total realised and unrealised gains		 12,669
12,669
12,669
(79,200)
(79,200)
(79,200)		 9,001
9,001
9,001
(56,270)
(56,270)
(56,270)		 21,670
21,670
21,670
(135,470)
(135,470)
(135,470)		 (135,470)
(135,470)
(135,470)

5 Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

26

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

6 Tangible fixed assets

Current Year
Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Prior Year
Cost
01 January 2022
Disposals
31 December 2022
Depreciation
Net book value
31 December 2022
31 December 2021		 Land and
Buildings
£
180,000
180,000
-
180,000
180,000
Land and
Buildings
£
299,621
(119,621)
180,000
180,000
299,621		 Plant &
Machinery
£
-
-
-
-
-
Plant &
Machinery
£
-
-
-
-
-		 Motor
Vehicles
£
-
-
-
-
-
Motor
Vehicles
£
-
-
-
-
-		 Total
£
180,000
180,000
-
180,000
180,000
Total
£
299,621
(119,621)
180,000
180,000
299,621

27

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

7 Investments held as fixed assets

Carrying values of investments
At 1 January 2023
Revaluation at 31 December 2023
At 31 December 2023
Analysis between fair value and historical cost
Investments as above held at fair value
8
Debtors
Other debtors
9
Creditors: amounts falling due within one year
Accruals
Other creditors
10 Income and Expenditure account summary
At 1 January 2023
Surplus after tax for the year
At 31 December 2023		 Investments in
subsidiaries
£
23
-
23
23		 Listed
investments
£
808,245
21,670
829,915
829,915		 Other Classes
of Investment
£
-
-
-
-
2023
£
113,401
2023
£
570
23,542
24,112
2023
£
1,491,076
19,641
1,510,717		 Total
£
808,268
21,670
829,938
829,938
2022
£
143,055
2022
£
540
74,888
75,428
2022
£
1,561,820
(70,744)
1,491,076

28

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

11 Particulars of how particular funds are represented by assets and liabilities

At 31 December 2023
Tangible Fixed Assets
Fixed asset investments
Current Assets
Current Liabilities
At 1 January 2023
Tangible Fixed Assets
Fixed asset investments
Current Assets
Current Liabilities		 Unrestricted
funds
£
-
485,216
285,212
(23,542)
746,886
Unrestricted
funds
£
-
472,547
331,789
(74,888)
729,448		 Designated
funds
£
-
Designated
funds
£
-		 Restricted
funds
£
180,000
344,722
125,879
(570)
650,031
Restricted
funds
£
180,000
335,721
110,977
(540)
626,158		 Total
Funds
£
180,000
829,938
411,091
(24,112)
1,396,917
Total
Funds
£
180,000
808,268
442,766
(75,428)
1,355,606

12[Change in total funds over the year as shown in Note 11 , analysed by individual funds]

Unrestricted and designated funds:-
Unrestricted Revenue Funds
Total unrestricted and designated funds
Restricted funds:-
Retirement Homes Fund
Total restricted funds
Total charity funds		 Funds brought
forward from
2022
£
729,448
729,448
626,158
626,158
1,355,606		 Movement in
funds in 2023
See Note 13
£
17,438
17,438
23,873
23,873
41,311		 £
-
-
-
-
-
Transfers
between funds
in 2023		 Funds carried
forward to
2024
£
746,886
746,886
650,031
650,031
1,396,917

29

The Welsh Baptist Union Corporation Limited

Notes to the Accounts for the year ended 31 December 2023

13 Analysis of movements in funds over the year as shown in Note 12

Unrestricted and designated funds:-
Unrestricted Revenue Funds
Restricted funds:-
Retirement Homes Fund		 Income
2023
£
130,446
17,300
147,746		 Expenditure
2023
£
(125,677)
(2,428)
(128,105)		 Other
Gains &
Losses
2023
£
12,669
9,001
21,670		 Movement
in funds
2023
£
17,438
23,873
41,311

14 The purposes for which the funds as

Unrestricted and designated funds:-

The Welsh Baptist Union Corporation

This fund has arisen from gifts and of proceeds of sale of church property in accordance with title deed provisions. The fund exists to facilitate all the work of the Union particularly with reference to legal services in accordance with the constitution, but without formal restriction.

Restricted funds:-

The RG Thomas Fund

Matilda Williams, Y Faenol Fund

The A.G. Jones, Godrebryn Fund

This fund arose by bequest and exists to provide accommodation for retired Welsh Baptist ministers.

This is a restricted fund which arose by bequest and exists to subsidise the cost of provision of a particular property as accommodation for a retired Welsh Baptist This is a restricted fund which arose by bequest and exists to provide accommodation for a retired Welsh Baptist Minister.

15 Ultimate controlling party

The charity is incorporated under the Companies Act and is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter.

30

The Welsh Baptist Union Corporation Limited

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

This analysis is classsified by conventional nominal descriptions and not by activity.

16 Donations, Grants and Legacies

Donations and gifts from individuals
Total Donations, Grants and Legacies
Total Donations, Grants and
Legacies
A1
Income from charitable activities - Trading Activities
Current year
Primary purpose and ancillary trading
Total Primary purpose and ancillary trading
Commission Received - charitable activities
Total donations and gifts from individuals
Legacies and gifts received		 Current year
Unrestricted
Funds
2023
£
803
803		 Current year
Restricted
Funds
2023
£
-
-		 Current year
Total Funds
2023
£
803
803		 Prior Year
Total Funds
2022
£
-
-
-
Prior Year
Total funds
2022
£
25,276
25,276
803
Current year
Unrestricted
Funds
2023
£
103,879
103,879		 -
Current year
Restricted
Funds
2023
£
-
-		 803
Current year
Total Funds
2023
£
103,879
103,879

17 Income from charitable activities - Trading Activities

31

The Welsh Baptist Union Corporation Limited

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

18 Total Income from charitable activities

Current year
Total income from charitable trading
Total from charitable activities
A2
Income from charitable activities - Prior Year analysis
Prior year
Total income from charitable trading
19 Investment income
Property Rental Income
Other Investment Income
Total investment income
A4
Investment income - Prior Year analysis
Prior Year		 Current year
Unrestricted
Funds
2023
£
103,879
103,879
Prior Year
Unrestricted
Funds
2022
£
25,276
25,276
Current year
Unrestricted
Funds
2023
£
-
25,559
25,559
Unrestricted
Funds
18,787		 Current year
Restricted
Funds
2023
£
-
-
Prior Year
Restricted
Funds
2022
£
-
-
Current year
Restricted
Funds
2023
£
-
17,300
17,300
Restricted
Funds
16,632		 Current year
Total Funds
2023
£
103,879
103,879
Prior Year
Total Funds
2022
£
25,276
25,276
Current year
Total Funds
2023
£
-
42,859
42,859
Total Funds
35,419		 Prior Year
Total Funds
2022
£
25,276
25,276
Prior Year
Total Funds
2022
£
3,800
31,619
35,419

32

The Welsh Baptist Union Corporation Limited

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

20 Other income and gains

Current year
Total other income
A5
Sundry other income
Proceeds from closed chapels		 Current year
Unrestricted
Funds
2023
£
-
205
205		 Current year
Restricted
Funds
2023
£
-
-
-		 Current year
Total Funds
2023
£
-
205
205		 Prior Year
Total Funds
2022
£
229
646
875

21 Expenditure on charitable activities - Direct spending

Current Year
Total direct spending
B2a
Other donations and subscriptions
Travel and Subsistence - Charitable
Activities		 Current year
Unrestricted
Funds
2023
£
447
62,461
62,908		 Current year
Restricted
Funds
2023
£
-
-
-		 Current year
Total Funds
2023
£
447
62,461
62,908		 Prior Year
Total Funds
2022
£
-
59,493
59,493

33

The Welsh Baptist Union Corporation Limited

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

22 Support costs for charitable activities

Current Year
Employee costs not included in direct costs
Premises Expenses
Administrative overheads
Professional fees paid to advisors other than the auditor
Financial costs
Support costs before reallocation
Total support costs - Current Year
Prior Year
Property insurance
General administration costs
Other legal and professional
Total support costs - Prior Year
Bank charges
Support costs before reallocation
Legal fees
Professional fees paid to advisors other
Property insurance
Travel and subsistence - staff
Premises repairs, renewals and
maintenance
Cemetery costs
General administration costs
Co-ordinator funding
Sundry expenses
Other legal and professional
Premises repairs, renewals and
maintenance		 Current year
Unrestricted
Funds
2023
£
1,448
50,580
-
-
285
1,248
-
or examiner
4,176
-
352
58,089
58,089
Prior Year
Unrestricted
Funds
2,021
£
-
-
-
-
65,882
65,882		 Current year
Restricted
Funds
2023
£
-
-
30
322
-
-
1,506
-
570
-
2,428
2,428
Prior Year
Restricted
Funds
2,021
£
210
284
1,384
615
2,493
2,493		 Current year
Total Funds
2023
£
1,448
50,580
30
322
285
1,248
1,506
4,176
570
352
60,517
60,517
Prior Year
Total Funds
2022
£
210
284
1,384
615
68,375
68,375		 Prior Year
Total Funds
2022
£
1,123
46,948
210
284
5,542
35
1,384
11,936
615
298
68,375
68,375
-

34

The Welsh Baptist Union Corporation Limited

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

23 Other Expenditure - Governance costs
Current Year
Independent Examiner's fees
Total Governance costs
24 Total Charitable expenditure
Current Year
Total direct spending
B2a
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2
Prior Year
Total direct spending
B2a
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2		 Current year
Unrestricted
Funds
2023
£
4,680
4,680
Current year
Unrestricted
Funds
2023
£
62,908
58,089
4,680
125,677
Prior Year
Unrestricted
Funds
2022
£
59,493
65,882
4,446
129,821		 Current year
Restricted
Funds
2023
£
-
-
Current year
Restricted
Funds
2023
£
-
2,428
-
2,428
Prior Year
Restricted
Funds
2022
£
-
2,493
-
2,493		 Current year
Total Funds
2023
£
4,680
4,680
Current year
Total Funds
2023
£
62,908
60,517
4,680
128,105
Prior Year
Total Funds
2022
£
59,493
68,375
4,446
132,314		 Prior Year
Total Funds
2022
£
4,446
4,446
Prior Year
Total Funds
2022
£
59,493
68,375
4,446
132,314

35

The Welsh Baptist Union Corporation Limited

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

25 Total of other expenditure

Prior Year
Total other expenses and costs
Total other expenditure
B3		 Prior Year
Unrestricted
Funds
2022
£
-
-		 Prior Year
Restricted
Funds
2022
£
9,243
9,243		 Prior Year
Total Funds
2022
£
-
-

36

The Welsh Baptist Union Corporation Limited

Activity analysis of Income and expenditure for the for the year ended 31 December 2023

This analysis is classsified by activity and not by conventional nominal descriptions.

26 Analysis of income by activity
SOFA ref
Fee re sale of Chapels
Summary of Total Income, including the items above
Charitable activities
A2
Donations & Legacies
A1
Investment income
A4
Other income
A5
Total income as shown in the SOFA
A
Categories of income
Income from exchange transactions
Income from charitable activities
Activity		 2023
£
103,879
103,879
803
42,859
205
147,746
147,746		 2022
-
25,276
25,276
-
35,419
875
61,570
61,570

37

The Welsh Baptist Union Corporation Limited

Activity analysis of Income and expenditure for the for the year ended 31 December 2023 27 Analysis of charitable expenditure by activity

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Activity| |Direct costs|Support|Grant| |costs|funding of|Total|Total| |activities| |2023|2023|2023|2023|2022| |£|£|£|£|£| |Religious activities| |Direct costs|62,908|-|-|62,908|59,493| |-|-| |Employee costs not included in direct costs|52,028|52,028|48,071| |Premises expenses|-|637|-|637|6,036| |Administrative overheads|-|2,754|-|2,754|1,419| |Professional fees|-|4,746|-|4,746|12,551| |Financial costs|-|352|-|352|298| |Total Religious activities|62,908|60,517|-|123,425|127,868| |Summary of charitable costs by activity| |Direct costs|Support|Grant| |costs|funding of|Total|Total| |activities| |2023|2023|2023|2023|2022| |£|£|£|£|£| |-| |Total Religious activities|62,908|60,517|123,425|127,868| |Total Governance costs as detailed in Note|-|4,680|-|4,680|4,446| |23|Total charitable expenditure|62,908|65,197|-|128,105|132,314| |Analysis of support and governance costs by charitable activities| |Governance|Finance|Human|Other|Total| |Activity|Resources|Overheads| |Religious activities|4,680|352|52,028|8,137|65,197|

----- End of picture text -----

28 Analysis of non charitable expenditure by activity

Activity

----- Start of picture text -----
|||| |---|---|---| |Religious activities| |Governance|Governance| |Governance costs| |costs|costs| |2023|2022| |£|£| |Other Expenditure - Governance costs as detailed in Note 23|4,680|4,446|

----- End of picture text -----

38