BAPTISTS
TOGETHER
INANCIAL
STATEMENTS
2023
BAPTIST UNION CORPORATION LTD
YEAR ENDED 31 DECEMBER 2023

BAPTIST UNION CORPORATION LTD
INTRODUCTION
The Directors of the Baptist Union Corporation Ltd I'The Corporation") present their Annual Report together
with the audited financial statements for the year ended 31 December 2023 which comply with the Companies
Act 2{￿6, Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice
ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS1021.
The Annual Report arKI Financial Statements are structured as follows:
Section
Description
What we set outto do
Howwe do things
Page Reference
Page 2
Page 3-5
Page 6
Page 7
Page 8
Page 9-10
Page 11
Page 12-15
Page 16-26
Objectives and Activities
Structure. Governance and Management
Achievements and Performance
What we have done so far
Financial Review
Who We Are
Directorg Responsibilities
Auditor5, Report
Financial Statements
About our finances
Directors and key stsff
Our Finances in detail

BAPT5ST UNION CORPORATION LTD
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION I- OUR OBJEcfivES AND A￿1VITIEs
Our Objectives
The principal object of the Corporation is the advancement of Christian Faith and its Practice, especially by the
means of and in accordance with the principles of the Baptist Denomination. Its activity is directed towards
helping Baptist thurches in their work, not least through encouraging the effective management of their assets
and resources.
The Corporation's principal actiwties are to att as custodian/holding trustee of many Baptist Churches,
administering the Baptist Union Loan Fund and operating the 8aptist Union Gift Aid Scheme. It also helps
churches with guidance on legal, property and charity matters as well as having responsibility for various funds
and investments.
The charitable Corporation is part of the family of Bapt15t organi5ations setwing the needs of many of the Baptist
Churches in Great Britain and work5 especially closely with the Baptist Union of Great Brf(ain.
Public 8enePrt
Having regard to the guidante published by the Charity Commission IPB21, the Charity Trustees Continued to
provide public benefit by seeking to advance the Christian Faith and Prartice in accordance with the principles
of the Baptist Denomination.
Throughout 2023 the Corporation continued to support the Baptist Union and its member churches, Regional
A5$0tiations and Colleges in a wide fange of activities including:
Providlng a wlde ranBe of support services, Including legal and general advice and acting as custodian
trustees.
Making Loans to thurches for new buildings, for extensions andlor refurbishment of churth premises
as well as the sale and purchase of church manses.
Helping churches generate income with a range of interest-bearinB dep051tS.
Supporting the Baptist denomination through the provision of a £20m loan to 5UPPOrt the Familv
Solution to reduce the deficit in the Baptist Pension Scheme.
Our Strategies to achleve success
The Corporation continues to operate within the core areas of its work settinR objectives, measurable goals and
assessing achievements year on year against these. Key features of the strategic plan are
Delivering high quality legal support to churches
SupportinB churches in property transactions
Equipping churches and other Bapt55t bodies through offerln8 loans Ind deposits that offer market
leading rates of interest.
Managlng the Corporation's artivities in line with good practice.

BAPTIST UNION CORPORATION LTD
REPORT OF THE DIRE￿OR5 FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 2- STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Corporation is governed by its Memorandum and Articles of Association dated 14. November 1890, as
nd
amended by Special Resolutions dated 14, April 1950, 12, March 1963, 22 November 2001, 15, March
2(K)5, 20, March 2006, 3 May 2013, 24, June 2014, and 30, June 2016.
Recruitment and Training of Direttors
The Corporation is run by a Board of Directors who act as directors of the Corporation, and who met six times
in 2023. The Board of Directors consists of:
Up to two senior staff chosen by the Baptist Union of Great Britain, and the Treasurerforthe time being
of the Baptist Union of Great Britain,. who setve ex-officio.
The Moderator of the Corporation; appointed by the members in the Annual General Meeting.
Thirteen Association Directors,. one appointed by each of the thirteen Associations designated by the
Baptist Union of Great Britain, as set out below.
Up to five Directors,. co-opted by the remaining Directors.
Prospective Directors are asked to confirm they are not disqualified from Se￿ing as charity trvstees. After
appointment they are provided with information about governance and the Corporatlon's principal activities
and processes. Updates on current legal issues are regularly provided to the Directors.
For the purposes of good governance, the Memorandum and Articles of Association of the Corporation had
previously been amended by a Speclal Resolution of the members to provide term limits for the Dirertors.
Dirertors may be appointed for a rnaximum of three terms of three years.
The Direttors also completed a Skills Survey to identify the specific contribution they could bring to the Board
and to enable the Corporation to identify areas where the experience of the Board coukl be strengthened and
recruit to the Boar(l accordingly.
During 2018, the Directors established a governance subcommittee to review the governance of the
Corporation against the recommendations of the Charity Governance Code. The subcommittee produced an
initial report to Directors in December 2019. The resultin8 action plan was agreed by the board in 2020 and a
number of improvements have been implemented in a number of areas including recruitment of directors, the
induction process for new directors and the setting of the agenda for board meetings. Following the refresh of
the Charity Governance Code in December 2020 the directors rolled some Stems Into the Strategic Plan
framework so they are part of the revlew of governance undertaken for that Plan.
Directors, interests
No D1￿ctOr had any beneficial interest in the Corporation or in anycontrad or arrangement of a material nature
with the Corporation during the year under review, although two churches12022'. two) of whlch a Director is a
member, have loans from the Corporation in the ordinary course of their business. Expenses were paid to 14
Directors12022- 111 amounting to £2,96612022: £1,755).
Related Parties
The members of the Corporation are the members of the Trustee Board of the Baptist Union of Great Britain.
The Home Mission Fund is the principal working fund of that Union. The Home Mission Fund provides staff,
offices and ancillary support to the Corporation, as well as substantial capital. Details of these costs and interest
paid are set out in note 17 of these financial statements.

BAPTIST UNION CORPORAMON LTD
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 2-STRUCTURE. GOVERNANCE AND MANAGEMENT
Key management personnel remuneration
Key management personnel are considered to be:
The Board of Directors for the Corporation- as detailed below under the sertion'who we are"
Support Services Team Leader and Company Secretary Mr Richard Wilson (until 3 Feb 20231
Support SeTvice5 Teom Leader and Company Secretary Mr Chris lones Ifrom 30 Aug 20231
8aptist Union Corporation Ltd Manager
Mrs Caroline Sanderson (until 9 Feb 20241
Commercial and Church Support Manager
Mrfim Chowns
Baptist Union Corporation Ltd Finance Officer
Lord lan Wakeham
All staff of the Corporation are employed by the Baptist Union of Great Britain and the arrangementsfor setting
the pay and remuneration is the responsibility of the Tnjstee 6oard of the Bapt15t Union. There is a management
fee in place whereby the Corporation reimburses staff costs to BUGB in proportion to the work done on behalf
of the Corporation and the Union.
Risk Man88ement
The Corporation maintains a Risk Management Matrix which is reviewed annually by the Directors and key
management personnel as a means of identifying the risks, financial and non-financial that might affect the
work and reputation of the Corporation. The aim is to establish and operate appropriate and adequate controls.
A full review of the Matrix is presented to the Directors annually. and highlights are also given every meeting.
The key risks identified in the most recent review were..
Risk
Approach to monltorlng and management of the risk
A requirement to comply with a new set of Advice has been taken from Leading Counsel on the
banking laws or regulations that is of such high regulatory environment faced by the Corporation for its
cost as to be a threat to the BUC business financial SeN1￿$. The Corporation's solicitors actively
model.
monitor developments in banking regulation and any
relevant changes will be reported to the board promptly.
Breach of statutory regulations leading to The Corporation's 501icitors artively monitor relevant legal
reputational damage
andlor
external developments and report to the board onnually.
enforcement action
Failure of governance and control of the The Corporation's solicltors provlde regular Input to the
Corpordtion.
board to ensure good governance is followed.
A long term significant economic decline Lending policy in place with balance of loans tracked and
causing a collapse of loan applications with an reviewed. Appropriate level of capital held to absorb
increased number of loan defaults
borrower defaults.

BAPTIST UNION CORPORATION LTD
REPORT OF THE DIRE￿OR5 FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 2- STRUCTURE, GOVERNANCE AND MANAGEMENT
Funds and Property Held as Custodian Trustee on Behalf of Other5
The charity holds financial assets as Custodian Trustee for 17 Baptist organisations which have objects
that are compatible with the charitable objects of the Corporation. The Corporation acts solely as an
Agent and carries no decision-making capècity.
Type of Assets Held
Cash Deposits
£'ooo
263
Organisations
Income Units
National Savlngs Income Bonds
UK Equlties
Total
442
13
2,165
2.883
17
The Charity also arts as property trustee for 1013 churches and charity orEanisations. Arrangements are
made forthe safe custodyof deeds and documents, with each set stored in a labelled packet, and included
in an index system. For all financial accounts a separate accoLsnt is kept for each beneficial owner and
spreadsheet is maintained of the beneficial owner of each account.
The names of the churches and other charities for whom the Corporation acts as a Custodian Trijstee are
available at www.ba
tist.or
CUStodianlist2023. The org3nisations a￿ all Baptist organisations and
therefore have objects that are compatible wlth the charitable objects of the Corporation.

BAPTIST UNION CORPORATION LTD
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 3- ACHIEVEMENTS AND PERFORMANCE
The CorporatSon contlnued to offer legal and practlcal Information on trusteeship. property and other Issues,
provide churches with access to funding and offer deposit facilities.
The Corporation made available £9CM)k12022 £4,283kl in loans to 4 churches12022.. 19 churches), of whith
£700k12022.. £3,972kl was to support churth acquisition and development of church property, £200k12022'.
£311kl was in connertion with manses. A loan facility of up to £3.8m ha5 been made available to the Pension
Trustees as port of Buy-out process, however. this remains undrawn. There were no loans approved for paying
off pension deficits12021.' £NILI. All qualifying applications were met as required. The total loans outstsnding
decreased from £39.4m120221 to £37.4m.
The Corporation assisted many churches to buy, sell, let or alter their property. In 2023 property transactions
totalling over £15.9m12022: £9.7ml were completed.
The directors were able to make from the Corporation's surplus a donation of £399k12022: £319kl to the
Baptist Home Mission Fund and £550k12022'. £550kl to the Baptist Union Pension ReseNe.
The Corporation continues to publish leaflets and other information for churches, all of which are available
from the Baptist Union of Great Britain website at www.baptist.org.uk. An expanded proBramme of webinars
was delivered to support churches with prattical and technical matters.
Two members of staff of the Baptist Union hold Practising Certificates from the SollcStors Regulation Authority
to undertake reserved activity legal work on behalf of the Corporation.
During the year the Corporation undertook trust work on an agency basis on behalf of the East Midland Baptist
Trust Company.
The Directors continued to oversee the Baptist Union Listed Building Advisory Committee which deals with
consent for alterations to Baptlst liste(I buildings under the ecclesiastical exemption scheme.

BAPTIST UNION CORPORATION LTO
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 4- WHAT WE HAVE DONE SO FAR
The Corporation intends to continue to Tespond to the needs of Baptist churches and to offer guidance to them
on legislative and other statutory developments affecting churches. The Corporation will continue to maintain
and develop its suite of guidance leaflets available to churches and will offer training, including webinars, to
support churches on varioijs topics of interest.
The Corporation continues to develop its offering of loans and deposits for churches and plans to grow both its
portfolio loans and deposits in the cominE year.

BAPTIST UNION CORPORATION LTD
REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 5- FINANCIAL REVIEW
Review of Financial Results
Overall deposits (excluding from the Baptist Union of Great Britain) grew during the year from £68.7m to
£79.Im, an increase of £10.4m,115.7%1, demonstrating the continued value of the deposit offering to Baptist
or8anisations. Due to increases in the Bank of England base rate, total interest paid to Baptist depositors
increased from £1,036k to £2,688k, an increase of 159% due to the continued low Bank of England base rates.
Excluding the loans to the Retired Baptist Ministerfs Housing Organi5ation IRBMHO, charity no. 11776491, loans
decreased from £17.4m to £15.4m. a decrease of £2.Om113.0%l. The balance on the RBMHO loans remained
unchanged at £22.Om12022.. £22.Oml.
Support Costs increased from £411k to £498k, an increase of 21.2%.
Overall, the operating result lincome less expenditure other than gifts to the Baptist Union of Great Britain as
disclosed in note 71 was a surplus of £0.95m compared to a surplus of £0.87m In 2022, an Increase of 9.2%.
Policy on Reserves
One of the principal ways of meeting its charitable objective is for the Corporation to operate the Baptist Union
Loan Fund. The Corporation needs to ensure it has sufficient capital available in the form of reserves in order
to be In a position to absorb bad debts on loans without damaging its ability to repay depositors.
At the end of the year, the total ReseNes remains at £4.39m12022.. £4.39ml as a result of gifting the yearfs
profit to the Baptist Union of Great Britain. This compares to an estimate of minimum required reserves of £4.1
Isee analysis below). The current level of reserves is considered by the directors to be appropriate as the
Corporation wishes to operate with a level of prudence and have reseNes capacity to support growth in loans
Sn 2024 and beyond.
Estimate of Minirnurn Requlred Reserves Level
Area
6 month< operating expenses
Winding up costs
Deposit risk
Lendin
Risk
Estimated Reserves Required
Actual Reserves Available
Basls for reseNes
243 Bosed on budgeted operoting expenditure (exd gifts to BUG8J
l(J) Redundoncy costs plus other
1,754 11% of risk-weighted deposits withfincjncial institutions
2,051 11% of risk-wel hted loons
4,148
4,387

BAPTIST UNION CORPORATION LTD
REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 6- WHO WE ARE
The 8aptist Union Corporation Ltd
Company Number
00032743
Charity Registration No
249635
Registered and
Prlnclpal Offlce
Baptist House, 129 Broadway, Didcot, OXII 8RT
Directors
Moderator and Dlrertor
Ms K Martindale luntil 31.8.20231
Dr C Hanning (from 01.09.20231
Ex-officio
Mr J Levick (until 31.08.20231
Mr R Wilson luntil 03.02.20231
Mr C Jones Ifrom 01.09.20231
Mr M Pandian (from 01.09.20231
Treasurer
Team Leader Support Se￿ice$
Team Leader Support Services
T￿aSurer
Appointed by Associations
Mr P Walls
Mr R English
Mr J Ponsford
Mr S Powney (until 06.02.20231
Voconcy Ifrom 06.02.20231
The Revd A Che5WOrth
Mr T Walker Ifrom 16.05.20231
Rev J Lennox
Rev C Lewis
Mr J Levick lfrom 01.09.20231
Mr O Obidipe
Dr C Hanning (from 01.09.20231
Mr M Southcombe
MrA Hawk5WOrth
Central Baptist Association
West of England BaptlSt Association
Southern Counties Baptist A55ociation
Eastern Baptist Association
Eastern Baptist Association
Yorkshire Baptist Associatlon
South West Baptist Association
Northern Baptist A550ciation
South Wales Baptist Association
Heart of England Baptist Association
London Baptist Association
East Midlands Baptist Association
South Eastern Baptist Association
North West Baptist Association
Staff Members
Mr T Chowns (from 03.02.20231
Mrs C Sanderson lfrom 03.02.2023 until
29.09.20231
Mr C Jones Ifrom 31.01.20241
Co-opted
Mrswelth
Mr G Ward
Ms K Martindale (from 01.09.20231

BAPTIST UNION CORPORATION LTD
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023
SECTION 6- WHO WE ARE (Cont)
Key Management Personnel
Secretary
Secretary
Mr R Wilson Iresigned 3, Feb 20231
Mrs C Sanderson (from 3 Feb 2023. resigned 9, Feb 20241
Mr C Jones (from 31" lan 20241
Mrs C Sanderson (resigned 9, Feb 20241
MrTChowns
Lord l D Wakeham (resigned S Apr 20241
Manager
Commercial Manager
Finance Officer
Audltor
Moore Kingston Smith LLP,
9 Appold Street,
London,
EC2A 2AP
Bankers
HSBC,
6 High Street
Abingdon
OX14 5AZ
Sollcltors
Anthony Collins Solicitrjrs LLP.
134 Edmund Street,
Birmingham,
B2 2EF
Surveyo
5avills,
Exchange House,
Petworth.
GU280BF
io

BAPTIST UNION CORPORATION LTD
DIRECTORS. RESPONSIBILITIES
The Directors of the Baptist Uniori Corporation Limited are responsible for preparing the Directors, Report and
the financial statements in atcordance with applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & WaleslNorthern Ireland requires the Direttors as Trustees to
prepa￿ financial statements for each financial year which give a true and fair view of the state of affairs of the
charity and of the incoming resources and application of resources of the charity for that period. In preparing
these financial statements. the Directors as Trustees are required to:
Select suitable acc04Jnting policies and then apply them consistently,.
Observe the methods and principles in the Charities SORP 2015 IFRS 1021,.
Make judgements and estimates that are reasonable and prudent,.
State whether applicable accounting standards have been followed. subject to any material departure5
disclosed and explained in the financial statements,.
Prepare the financial Statements on the goinE concern basis unless it is inappropriate to presume that
the charity will continue in operation.
The Directors as Trustees are responsible for keeping accounting records that disclose wlth reasonable accuracy
at anytime the financial position of the charity and enable them to ensure that the financial statements comply
with the Companies Act 2CM)6. They 2re also responsible for safeguaidinE the asset5 of the charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Directors as Trustees are aware..
There is no relevant audit information of whith the Corporation's auditor is unaware,.
The Directors as Trustees have taken all steps thèt they ought to have taken to make themselves aware
of any relevant audit information and to establish that the auditor is aware of that infomiation.
half
e board
Dr C Hanning
Moderator
li

BAPTIST UNION CORPORATION LTD
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BAPTIST UNION
CORPORATION LTD
Oplnlon
We have audited the financial statements of The 8aptist Union Corporation I'the Corporation'l for the year
ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the
statement of Cash Flows and notes to the financial statements, includinB significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accovnting Standards, including FRS 102 Yhe Financial Reporting Standard Applicable in the UK and
Republic of Ireland, (United Kingdom Generally Accepted Accounting Prarticel-
In our opink)n the financial statements:
give a true and fair view of the state of the Corporation's affairs as at 31 December 2023 and of its
intoming resources and application of resour￿5, intIL￿ing its income and expenditure, for the year then
ended,.
have been properly prepared In accordante with United Kingdom Generally Accepted Accounting
Practice.. and
have been prepared in accordance with the reqU1￿MentS of the Companies Act 2CIJ6.
Basis for opinion
We conducted our audit in accordance wtth International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditorfs
Responsibilities for the audit of the financial statements section of our report. We are independent of the
Corporation in aceordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRCS Ethical Standard, and we have fulfilleLI our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
Is sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to golng concern
In auditing the financial statements, we have concluded that the directors, use of the going concern basis of
accoLÈnting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events
oi conditions that, individually or collectively, may cast significant doubt on the Corporation's ability to
continue as a going concem for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are deKribed in the
relevant sections of this report.
Other Informatlon
The other information comprises the infomiation included in the annual report, other than the financial
statements and our auditor's report thereon. The dlrectors are ￿sponsIble for the other information
contained within the annual report. Our opinion on the financial statements does not cover the other
information and, except to the ertent otherwise explicitly stated in our report, we do nol empress •ny fomi of
assurance conclusion thereon.
Our responsibility is to read the other information and, In doing $0, consider whether the other informatlon is
materially inconsistent with the financlal statements or our knowledge obtained in the course of the audit or
otherwise appear5 to be materialty misstated. If we identify such material inconsistencies or apparent
materlal mlsstatements, we are requlred to determine whether the￿ is a materlal mlsstatement in the
12

BAPTIST UNION CORPORATION LTD
INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE BAPTIST UNION
CORPORATION LTD
financial statements themselve5. If. based on the work we have performed. we conclude that there is a
material mi55t3tement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinrons on other matter5 prescrlbed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Directors report for the financial year for which the financial statements are
prepared is tonsistent with the financial statements,. and
the Directors, report has been prepared in accordance with applicable legal requlrements.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the Corporation and its environment obtained in the
course of the audit. we have not identified material misstatements Directors, report.
We have nothing to report in respect of the following matters where the Companies Art 2006 requires us to
report to you if, in our opinion..
dequate acttsunting records have not been kept, or returns adequate for our audlt have not been
received from blanches not visited by us; or
the financial statements are not in agreement wlth the accounting records and returns- or
certain disclosures of direttors, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit.
Responslbllitles of dlrertors
As explained more fully in the directors, responsibilities statement set out on page 11, the dirertors are
sponsible for the preparation of the financial statements and for being satisfied that they give a true and
fair view. and for such internal control as the dirertors determine is necessary to enable the preparation of
financial statements that are free from material misstaternent, whether due to fraud or error.
In preparing the financial statements, the dirertors are responsible for assessing the Corporation's ability to
continue as a goinE concern, disclosing, as applicable, matters related to going concern an(J using the going
concern basis of atcounting unless the directors either intend to liquidate the Corporation or to cease
operation5, or have no realistic alternative but to do so.
Audltorfs Responslbllltles for the audit of the financlal ststements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or èrror, and to issue an auditorfs report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a Suarantee that an audit conducted in
accor(Jance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if. individually or in aggregate, they could reasonably be
expected to inflL5ence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in attordar¥ce with ISAS IUKI we exercise professional judgement and malntain
professional scepticism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial ststements. whether due to frau(I
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not deterting a material
13

BAPTIST UNION CORPORATION LTD
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BAPTIST UNION
CORPORATION LTD
misstatement resulting from fraud is higher than for one resulting fmm error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. but not for the purposes of expressinE an opinion on the
effectiveness of the Corporation's internal control.
Evaluate the appropriateness of accounting policie5 used anij the reasonableness of accounting estimates
and related disclosures made by the directors.
Conclude on the appropriateness of the directors, use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conijitions thal may cast signIf￿cant doubt on the Corporation's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report.
However, future events or conditions may cause the Corporation to cease to continue as a going contern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned stope
and timing of the audit and significant audit findings, including any significant deficiencies In intemal control
that we identify during our audit.
Explanatlon as to what extent the audit was considered capable of detectlng Irregularltles, includin8 fraud
Irregularities, including fraud, are instan￿5 of non-compliance with laws and reEulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respert of
irregularities, including fraud. The extent to which our protedures are capable of detecting irregularities,
includlng fraud Is detsiled below.
The objectives of our aLfdit in respert of fraud, are,. to identify and assess the risks of material misstatement
of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence fegarding the
assessed risks of material misstatement due to fraud, through designing and implementing appropriate
responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud
identified during the audit. However, the primary responsibility for the prevention and detection of fraud
rests with both management and those charged with governance of the Corporation.
Our approach was as follows:
We obtained an vnderstanding of the legal and ￿gulatOry requirements applicable to the Corporation
and considered that the most signiflcant are the Companies Act 21]16, the Charitie5 Act 2011, the Charlty
SORP, and UK financial reporting standards as issued by the Financial Reporting Countil
We obtained an understanding of how the Corporation complies with these requirements by discussions
with management and those charged with governance.
We assessed the risk of material misstatement of the financlal statements, includinB the risk of m¥terial
misstatement due to fraud and how it mlght occur, by holding dlscussions with management and those
charged with governance.
We inquired of management and those tharged with governance 35 to any known instances of non-
compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we desi8ned specific appropriate audit procedures to identify instantes of
non-compliance with laws and regulations. This inclvded makin8 enquiries of management and those
charged with governance and obtaining additional corroborative evidence as required.
14

BAPTIST UNION CORPORATION LTD
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BAPTIST UNION
CORPORATION LTD
There are inherent limitations in the audit procedures described above. We are less likely to become aware of
instances of non-compliance with laws and regulatlons that are not closely related to events 3nd tran￿ctiOnS
reflected in the financial statements. Alx>, the risk of not detecting a material misstatement due to fraud is
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment
by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report 15 made solely to the Corporation's members. as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we miEht state to the company's
members those matters we are required to state to them in an auditorfs report and for no other purpose. To
the fullest extent permttted by law, we do not accept or assume responsibility to any party other than the
Corporation and Corporation's members as a body, for our audit work, for this report, or for the opinions we
have formed.
Ykne LLF
Date 8 May 2024
Andrew Stickland (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP. Statuiory Auditor
9 Appold Street
London
EC2A 2AP
15

BAPTIST UNION CORPORATION LTD
STATEMENT OF FINANCIAL A￿1VITIEs YEAR IINCLUDING INCOME AND
EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
Unrestricted
Endowment
2023
TOTAL
2023
TOTAL
2022
2023
Income
Donations and legacles
Cliaritable activities
Investment income
Other income
800
2,870,092
1,263,992
800
2,870.092
1,263,992
32,144
2,014.530
304,175
Totsl Income
4,134,884
4,134.884
2,350,849
Expendlture
Raising funds
Charitable activities
Other expenditure
4,134,884
4,134,884
2,350,849
Total Expenditure
4.134,884
4,134,884
2,350,849
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
3,386,677
I,000,(N)o
4,386.677
4,386,677
Tot31 funds Carried forward
3,386,677
i.000,￿0
4,386,677
4,386,677
The notes on pages 19 to 26 form an integral part of these financial statements
16

BAPTIST UNION CORPORATION LTD
BALANCE SHEET AT 31 DECEMBER 2023
Notes
2023
2022
as restated
Current assets
Debtors
Short-term Cash Investments
Cash and Bank
12
15
13
45,493,862
26,951,641
11,463,322
83,908,825
44,4LK),499
19,658,418
9.117,378
73,176,29J
Current liabilities
Creditors..
Amounts falling due within one year
14
79.522,148
68.789,618
Net assets
4,386,677
4,386,677
FUNDS OF THE CHARITY
Unrestricted funds
Expendable Endowment funds
3,386,677
I,￿)0,0￿￿)
3,386,677
1,000,000
16
Total funds
4,386,677
4,386,677
Inanc
statements were approved by the Directors on 26 March 2024 and signed on their behalf by
Dr C Hanning
Moderator
The notes on pages 19 to 26 fom) an integral part of these financial statements
17

BAPTIST UNION CORPORATION LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
2023
2022
-as reststed
Net Income for the reporting perSod
Adjustments for..
Dividends and interest from investments
Ilncreaselldecrease in debtors
Increase in creditors and provisions
11,263,992)
11,093,363)
10.732,530
1304,1751
13,387,347)
7,919,405
Net cash provlded by operating 3CtlvltÈes
8.375.175
4.227.883
Cash flows from investing actlvities
Amounts invested in short term deposits
Amounts withdrawn from short term deposits
Dividends and interest from investments
113,955,219)
6,661,997
1.263,991
112,297,508)
7,466,738
304,175
Net cash used in investing activities
16,029,231)
{4,526,5951
Changes in cash and cash equlvalents in the year
2,345,944
1298,712)
Cash and cash equtvalents brought forward
9,117,378
9,416,090
Cash and cash equivalents carrled lorward
11,463,322
9,117,378
The notes on pages 19 to 26form an integral part of these financial statements.
18

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
I. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the
preparation of the financial ststements are as follows..
131 Basis of Accountlng
The financial statements have been prepared in accordance with the Charities Statement of
Recommended Pr3Ctice (Charities SORP IFRS 10211. Financial Reporting Standard 102 and the
Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 and the Companies Act 2(Kl6.
Baptist Union Corporation Limited is a reEistered charity, no. 249635, and meets the definition
of a public benefit entity under FRS102. A55ets and liabilities are initially recognised at historical
cost or transaction value unless otherwise stated in the relevant accounting policy notes.
(bl Preparation of the financlal ststements on a 80in8 contern basls
The Trustees consider that there are sufficient reserves held at year end to manage anv
stagnation or foreseeable downturn in the etonomy in the UK. The Trustees have a reasonable
expectation that the Corporation has adequate resources to Continue in operational existence
for the foreseeable future. The Corporation has therefore continued to adopt the going concern
basis in preparing its financial statements.
Ic) Funds Accountlng
Unrestrirted Funds: General unrestricted funds represent funds which are expendable at the
discretion of the Corporation in the furtherance of the objects of the charity and which have not
been designated for other purposes.
(dl Income
Income is recognised in the Statement of Financial Activities when the Corporation has
entitlement to the fijnds, any performance conditions attached to the itemlsl of income have
been met, it is pmbable that income will be received and the amount can be measured reliably.
Donations a￿ accounted for gross when reteived.
Legacies are accounted for at the eorfier of the Estate accounts being finalised and notified,
and tash received.
Inteiest receivable from loans Is accounted for on an accruals ba515.
Expenses re￿iVed on trusts are included during the period in which they are received.
The gift aid scheme is administered as agent on behalf of churches and other Baptist
organisations, and the charitvs fee is ￿COgnised on receipt of HMRCS tax ￿bate for
remittance to the church.
Investment income is accounted for on an attruals basis where the amount can be
measured reliably.
{e) Expendfture
Expenditure is recognised in the Statement of Financial Activbties once there is a legal or
constructive obliÈation to make a payment to a third party, it 15 probable that settlement will be
required and the amount of the obligation can be measured reliably.
Charitsble activities represent expenditure in the furtherance of the object of the cor￿ration,
and include5 illterest payable on deposits, supportingthe Baptist Home Mission Fund, interest
payable to the Baptist Union of Great Britain, management tharges payable to Baptist Union
of Great Britain and general support costs
19

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
Support costs rep￿sent governance. central finance and computer facilities, togetherwiih
an appropriate allowance for salaries and other office cost5.
Irrecoveiable VAT is charged as a cost against the activityforwhich the expenditure was incurred.
(h) Debtors
Accrued Income is recoEnised in the period to which it rel3te5.
Loans are considered concessionary108ns made as they are made by the Corporation to further
its purposes. Loans are initially measured at the amount paid, with the carrying amount adjusted
Subsequently to reflect repayments and any interest recewable. Where any loan made 15
considered to be irrecoverable an impairnient loss is recognised.
Prepayments and other debtors are recognised at the settlement amount due.
Debtors are measured at their recoverable amount.
Cash at bank and short.term Investments
Cash at bank relates to short-term deposits, and is available within 3 months.
Notice deposits relate to monies available between 3 and 12 months.
Cash at bank and short-term deposit balances have been restated as at 31 December 2022 to
more accurately reflect the maturity terms on short-term deposits held at that date.
ti) Credttovs
Creditors are recognised where the Corporation has a present obligation resulting from a past
event that will probably result in the transfer of fund5 to a third party and the amount due to
settle the obligation can lje measured or estimated reliably.
Accruals and other creditors are recognised at their settlement amount due.
Trust acmunts and loan fund deposits are reco8nlsed where held at the amount recelved and
the carrying amount is adjusted to reflect any interest payable.
Loans are Considered concessionary loans received as they are made to the Corporation to
further its purwses and any interest charged is below the prevailing market rates.
Ik) Flnanclal Instruments
The Corporation only has financial assets and liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are Initially recognised at transaction value and
subsequently measured at their settlement value.
(l) Assets held as Custodlan trustee
These financlal statements do not include any assets held by the Charity as Custodian Trustee
with the exception of assets held on Miscellaneou5 Trust Accounts and Covenant Trust Accounts
shown below.
2023
2021
Mlscellaneous Trust Account Assets
Covenant Trust Account Assets
Miscellaneous Trust Account Creditor5
Covenant Trust Account Creditors
Total
2,882,626
266
12,882,626)
12661
1.548,945
375
11,548,945)
13751
20

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
(m) Taxatoon
The Corporation is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act
2010 and therefore meet the definition of a Corporation 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 Corporation Tax Act 2010 or Section 256
of the Taxation of Chargeable Gains Art 1992, to the extent that such income orgains are applied
exclusively to charitable purposes.
(n) Legal ststus of the Corporation
The charity is a company limited by guarantee and has no share capital. The liability of each
member in the event of winding-up is limited to £0.25p
(o) Judgement and Key Sources of Estlmatlons Uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, incluiling expectations of future events that are believed to be reasonable under
the circumstances.
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 financial year.
21

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
2. DONATIONS AND LEGACIES
Unrestrlcted
2023
Endowment
2023
TOTAL
2023
TOTAL
2022
Donations
Legaties
81XJ
800
32,144
800
32,144
3. CHARITABLE AcfiviTIES
Unrestrlcted
2023
Endowment
2023
TOTAL
2023
TOTAL
2022
Interest receivable from loans
Expenses receivable on trusts
Fee for operating gift aid scheme
Accommodation fees
other Income
2,754,168
107.513
2,286
6,000
125
2.870,092
2,754,168
107,513
2,286
1.919,743
66,114
3,167
125
2.870,092
19,506
2,014,530
4. INVESTMENT INCOME
Unrestrfcted
2023
Endowment
2023
TOTAL
2023
TOTAL
2022
Interest on Cash
1,263,992
1,263,992
1,263,992
304,175
304,175
5. OTHER INCOME
There was no other income in 2023 or 2022
6. RAISING FUNDS
There was no expenditure on raising fijnds in 2023 or 2022.
22

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
7. CHARITABLE AcfiviTIES
Unrestrirted
2023
Endowment
2023
TOTAL
2023
TOTAL
2022
Interest paid..
Deposits and trust accounts
Bad Debt & Doubtful Debts
Giftto
Baptist Union Home Mission
Baptist Union Pension Reserve
Support Costs Inote 81
2,687,885
2,687,885
1,035,8111
34,331
399.136
550,(K)O
497,863
4.134,884
399.136
550,000
497,863
4.134.884
319,174
550,(XK)
411,503
2.350,849
8. SUPPORT COSTS
Unrestricted
2023
Endowment
2023
TOTAL
2023
TOTAL
2022
Costs
Management tharges
Office facilities
Computer expenses
Other support cost5
Total
309,777
63.750
16,752
27,482
417,761
309,777
63,750
16,752
27.482
417,761
241.218
51,000
16,123
28,096
336.437
Governance Costs
Auditors, Remuneration
(note 101
Legal & Professional
Insurance
Total Governance costs
28,890
23,486
27,726
80.102
28,890
23,486
27,726
80,102
23,249
32,679
19,137
75,065
Total Support Cost5
497.863
497.863
411,503
g. OTHER EXPENDrruRE
Theie wos no other expenditure in 2023 or 2022
10. INCOME FOR THE YEAR
2023
2022
This is stated after
AuditOf5' remuneralion..
Audit work
28,890
23,249
23

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
11. EMPLOYEES AND DIREcfoRS
No director as trustee wived any emoluments from the Corporation during the year (2022: £nil).
A total of £2,966 {2022'. £1,755) was to 14 DI￿torS as trustees (2022: 11) in reiMburS￿ent of travellir¥J
and ￿b9'stenCe expenses.
The￿ are no dlrett employees of the Corp)ration.
12. DEBTORS
2023
2022
Loans:
Manses
Churches
Pensions
RBMHO
Other
Total Loans
4,269,084
10,534,247
263,012
22,022,2(K)
333 367
37,421,910
4,544,175
12,202,277
330,493
21.991,778
328 274
39.396.997
Provision for doubtful debts
Prepayments and other debtors
Interest due but unpaid
Amounts due from closed churches
Baptist Union of Great Britain
6,451
593.874
81,193
7,390,434
3.735
180.465
111,104
4,708,197
Total Debtors
45.493,862
4,440,498
In respect of the outstanding loans of £37,421,910 12022.. £39,396.9971. £20.423.586 12022:
£478,816) is due to be repaid within 12 months, £90,88812022: £439,4511 is due to be paid between
12 & 24 months, £246,08112022'. £1,146,8471 is due to be repaid between three and five years, and
£16,661,35512022- £37.331,8831 is due to be repaid in more than five years.
Loans totalling £4.235m12022.. £1.103ml have been èpproved but noi taken up a5 at 31 December
2023.
13. CJSH AND BANK BALANCES
2023
2022
4s restated
Short-term dewslts
Total
11,463,322
11,463,322
9,117,378
9,117.378
Short-term deposlts are avallable in less than three months.
24

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
14. CREDITORS
2023
2022
Loan fund deposits
General Deposits
Deposits from Trust Accounts
Baptist Union of Great Britain
Total Deposits
65,883,631
12,121,873
1,107,372
79,112,876
54,399.308
13,865,400
413,203
68,678,911
Amounts falling due within one year..
Accruals and othef creditors
Covenant Trust Account assets
Total Creditors
409,LKJ6
266
79,522,148
110,432
375
68,789,618
IS. ANALYSIS OF CASH AND C4SH INVESWENTS
l Jan 2023
-as reststed
Cash Flow
31 Dec 2023
Notice deposits
Cash at bank
19,658,418
9,117,378
28,775.796
7,293,223
2,345,944
9,639.167
26,951,641
11,463,322
38.414,963
Notice deposits are available between 3 and 12 months, short-term deposits are available in le55 than
three months.
16. ENDOWMENT
ljan
2023
Income
Expenditure Galns and
(Losses)
Transfers
31 Dec
2023
Capital Fund
i.000,L
1,000,000
Fljted Assets Investment
Current
Total
Capital Fund
1.000.000 i,000,(x)o
The Capital Fund is an expendable endowment fund provided by the Baptist Union of Great Britain to
support the on80ing operatior¢ and growth of the Ltsan Fun(J.
25

BAPTIST UNION CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
17. RELATED PARTY TRANSAcfioNS
The members of the Corporation are the Trustees of Baptist Union of Great Britain Icharity registration
number 11813921,. therefore the Baptist Union of Great Britain is a related party to the Corporation
and its Ultimate Controlling Party.
al During the year ended 31 December 2023, the Corporation:
a. Incurred management charges and office and ancillary costs totallinE £390,27912022:
£308.3401 from the Baptist Home Mission Fund
b. Gifted £550,00012022= £550,(KJOI to the Baptist Union Pension Reserve.
c. Allocated the total year's Unrestricted surplus of £339,13612022- £319,174) for the
Baptist Union Home Mission Fund
bl At 31 December 2023 the Baptist Unlon of Great Britain Corporation owed the Corporation
£7,390,43412022: Corporation owed the Baptist Union £4,708,197) in connection with these
transactions.
cl In December 2018, a long-temi loan was provided to RBMHO, who have a common controlling
party in Baptist Union of Great Britain, of £20m and secured on properties held within their
property portfollo as a fixed charge. This loan formed part of the assets ond liabilities
transferred to RBMHO on 31 December 2018. This loan is interest only so the balance remains
at £20m. RBMHO also has a working capital loan with an outstanding balance of £2,022,200
and a deposit account with a balance of £1,137,960 at 31 December 2023.
dl During the year, £2,10512022: £1,625) was paid to the Christian Conference Trust, a charity
with a trustee in common with the Baptist Union Corporation, for tonferen¢inB facilities
provided.
26