#
##
##
##
|Contents|||||||Page|
|---|---|---|---|---|---|---|---|
|Report ofthe Directors
Directors at31"December|2022||||||1-5
6|
|Report ofthe Auditor|||||||7-9|
|Statement of Financial Activities||(including||Income|and Expenditure|Account)|10|
|Balance Sheet|||||||11|
|Statement ofCash Flows|||||||12|
|Notes to the Financial Statements|||||||13-20|
|Churches
and Associations|for which||the|||||
|Company acts as|Custodian||Trustee||||21-23|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||||2022||2021|
|---|---|---|---|---|---|---|---|---|
||||||General|Designated|2022|2021|
||||||Funds|Funds|Total|Total|
|||||Note|||R||
|Income from:|||||||||
|Charitable
activities - Loan|||interest||139,836||139,836|99,468|
|Investments||||2|208,207||208,207|128,492|
|Donations
and|legacies||||10,806||10806|10500|
|Total income|||||358849||358,849|238,460|
|Expenditure
on:|||||||||
|Raising funds|||||||||
|Investment
property||management||costs|11,637||11,637|18,580|
|Charitable
activities|||||||||
|Appropriation|to London||Baptist||||||
|Association|||||55,000||55,000|70,000|
|Interest payable on deposits|||||184,853||184,853|19,866|
|Support and|governance||costs|3|137746||137746|145377|
||||||377599||377599|235243|
|Total expenditure|||||389236||389236|253 823|
|Net gains on investments|||||43,082||43,082|160,999|
|Net income/(expenditure)|||||12,695||12,695|145,636|
|Transfers
between funds|||||||||
|Net movement|in funds||||12,695||12,695|145,636|
|Reconciliation|offunds||||||||
|Fund balances|brought|forward||9,10|1,507,019|2,316,401|3,823,420|3,677,784|
|Fund balances|carried|forward|||1,519,714|2316401|3,836,115|3,823420|
##
||||||2022||2021||
|---|---|---|---|---|---|---|---|---|
|||||Note|||||
|Fixed assets|||||||||
|Tangible assets||||||||1,391|
|Investments||||||3,064,059||3,020,977|
|||||||3,064,059||3,022,368|
|Current assets|||||||||
|Debtors||||6|3,065,461||3,811,394||
|(including
E2,236,907(2021:E2,570,099)|||||||||
|recoverable
after more than one year)|||||||||
|Short term deposits|- bank||||6,955,980||7,075,354||
|Cash at bank|||||6,430,855||2686,579||
||||||16,452,296||13,573,327||
|Creditors:
Amounts||falling|due||||||
|within one year||||7|15668 600||12760635||
|Net current assets||||||783 696||812692|
|Net assets||||13||3847 755||3,835,060|
|Capital and reserves|||||||||
|Called up share capital||||||11,640||11,640|
|General Funds:|||||||||
|Income and expenditure|||account||36,097||66,484||
|Revaluation
reserve|||||1 483617||1,440,535||
|||||||1,519,714||1,507,019|
|Designated
Funds:||||10|||||
|General investment|||||||||
|and contingencies|reserve||||2,313,186||2,313,186||
|Quinquennial
survey||support||fund|3215||3215||
|||||||2,316,401||2,316,401|
|Total shareholders'||funds||||3,847 755||3835060|
||||2022||2021|
|---|---|---|---|---|---|
||Note|||||
|Cash provided
by/(used
in)||||||
|operating
activities|||3,416,695||(1,337,219)|
|Cash flows from investing
activities||||||
|Interest received||137,595||62,128||
|Rental income from investment
properties||70,612||66,364||
|Proceeds on disposal oftangible fixed assets||||||
|Payments
to acquire tangible fixed assets||||||
|Cash provided
by investing
activities|||208 207||128,492|
|Net cash inflow/(outflow)|||3,624,902||(1,208,727)|
|Cash and cash equivalents
at 1stJanuary|||9761933||'I0,970660|
|Cash and cash equivalents
at 31st December|||13,386835||9,761,933|
|i)
Cash flows from operating
activities||||||
|Net income|||12,695||145,636|
|Adjustments
for:||||||
|Interest received shown
in investing|activities||(137,595)||(62,128)|
|Rental income received||||||
|shown
in investing
activities|||(70,612)||(66,364)|
|Depreciation|||1,391||1,518|
|(Gains)/losses
on investments|||(43,082)||(160,999)|
|Change
in provisions||||||
|Decrease/(increase)
in debtors|||745,933||(154,700)|
|Increase/(decrease)
in creditors|||2,907,965||(1,040,182)|
|Cash provided
by/(used
in)||||||
|operating
activities|||3416695||1 337219|
##
##
##
##
##
##
##
##
##
##
##
##
##
|2|INVESTMENT INCOME|||||2022|2021|
|---|---|---|---|---|---|---|---|
||Rental income from investment|||properties||70,612|66,364|
||Dividends
and interest received:|||||||
||Other investments|||||11,413|10,175|
||Interest receivable:|||||||
||Short term deposits|||||126 182|51 953|
|||||||208,207|128,492|
|3|SUPPORT AND GOVERNANCE COSTS|||||2022|2021|
||Employment
costs|||||58,881|62,303|
||Office rental and service|charge||||23,010|22,923|
||Professional fees|||||38,159|38,495|
||Other charges|||||10,125|14,378|
||Loss on disposal ofcomputer||8|office equipment||||
||Depreciation
ofcomputer|and|office equipment||(see note 4)|1,391|1,518|
||Auditor's
remuneration|||||6,180|5,760|
||Other governance
costs|||||||
|||||||137746|145377|
||Employment
costs comprise:|||||||
||Salaries|||||49,082|52,422|
||National
insurance|||||5,121|4,930|
||Pension contributions|||||4678|4 951|
|||||||58 881|62363|
##
##
|TANGIBLE FIXEDASSETS||||
|---|---|---|---|
|Computer
and office equipment||||
|Cost orvaluation||||
|At 1stJanuary 2022|||10,525|
|Additions||||
|Disposals||||
|At 31stDecember 2022|||10,525|
|Depreciation||||
|At 1stJanuary 2022|||9,134|
|Charge for year|||1,391|
|Released on disposal||||
|At 31stDecember 2022|||10525|
|Net book value||||
|At 31stDecember 2022||||
|At31stDecember 2021|||1391|
|INVESTMENTS||||
||Other|Freehold|Total|
||investment|investment||
|Valuation||||
|At 1stJanuary 2022|213,977|2,807,000|3,020,977|
|Revaluation
surplus|(11,918)|55,000|43,082|
|Additions||||
|At 31stDecember 2022|202 059|2662000|3064059|
|Historical cost||||
|At 31stDecember 2022|20 149|1 560292|1 580441|
|At 31stDecember 2021|20 149|1 560292|1 580441|
##
##
##
##
|||||||||
|---|---|---|---|---|---|---|---|
|6|DEBTORS|||||2022|2021|
|||||||R||
||Advances
(financial|assets measured||at amortised|cost)|||
||Churches|||||2,348,477|2,984,085|
||Manses|||||585,295|703,413|
||Denominational|societies||||124278|95427|
|||||||3,058,050|3,782,925|
||Prepay ments|||||5,140|3,617|
||Accrued income|||||2271|24,852|
|||||||3065461|3811394|
|7|CREDITORS: Amounts||falling due within one year|||2022|2021|
||7day notice deposits|||||||
||Churches|||||14,393,357|11,685,921|
||Denominational|societies||||1 265578|1 041 955|
|||||||15,658,935|12,727,876|
||Accruals|||||9665|32759|
|||||||15668 600|12760635|
|SHARE|CAPITAL||||||
|---|---|---|---|---|---|---|
|||Authorised|||Allotted, issued 8 fully paid||
|||2022|2021||2022|2021|
|||No.|No.||||
|Ordinary|shares of810each:||||||
|Ashares||411||411|4,110|4,110|
|Bshares||1 589|1|589|7530|7530|
|||2 000|2|000|11640|11 640|
##
||||||||||
|---|---|---|---|---|---|---|---|---|
|9|GENERAL FUNDS||||||||
|||||||Income and|Revaluation|Total|
|||||||Expenditure|Reserve|funds|
||||||||R||
||At 1stJanuary 2022|||||66,484|1,440,535|1,507,019|
||Net income/(expenditure)|before||investment|gains|(30,387)||(30,387)|
||Net gains on investments||||||43,082|43,082|
||Transfer to General Investment|||Reserve|||||
||At 31stDecember 2022|||||36,097|1,483,617|1,519,714|
||At 1stJanuary 2021|||||81,847|1,279,536|1,361,383|
||Netincome
before investment||gains|||(15,363)||(15,363)|
||(Losses) oninvestments||||||160,999|160,999|
||Transfer from General Reserve||||||||
||At 31stDecember 2021|||||66464|1440535|1507019|
|10|DESIGNATED FUNDS||||||||
||||||General investment||Quinquennial|Total|
||||||and contingencies||survey|funds|
|||||||reserve|supportfund
f||
||At 1stJanuary 2022|||||2,313,186|3,215|2,316,401|
||Transfer from income and Expenditure||||||||
||At 31stDecember 2022|||||2313186|3215|2316401|
||At 1stJanuary 2021|||||2,313,186|3,215|2,316,401|
||Transfer to Income and Expenditure||||||||
||At31stDecember 2021|||||2313186|3215|2316401|
##
|RECONCILIATION
OF|MOVEMENT
IN SH|AREHOLDERS'|FUNDS||
|---|---|---|---|---|
||||2022|2021|
|At 1stJanuary|||3,835,060|3,689,424|
|Net income/(expenditure)|before investment|gains|(30,387)|(15,363)|
|Gains on investments|||43082|160999|
|At 31stDecember|||3847755|3835060|
##
|12|COMMITMENTS|COMMITMENTS|COMMITMENTS|||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||f,|
||The company||has the following|||commitments||at 31stDecember||269,000|656,500|
|13|ANALYSIS|OF NET||ASSETS||BETWEEN FUNDS||||||
||2022||||||||Fixed|Net current|Total|
||||||||||assets|assets|assets|
||Unrestricted||and designated|||funds||||||
||Income and|expenditure||||||||36,097|36,097|
||Revaluation|reserve|||||||1,483,617||1,483,617|
||General investment|||and contingencies|||reserve||1,580,442|732,744|2,313,186|
||Quinquennial||survey|support|fund|||||3215|3215|
||||||||||3064059|772 056|3836115|
||Share capital|||||||||11640|11640|
||||||||||3064059|783696|3847755|
||2021||||||||Fixed|Net current|Total|
||||||||||assets|assets|assets|
||Unrestricted||and designated|||funds||||||
||Income and|expenditure||||||||66,484|66,484|
||Revaluation|reserve|||||||1,440,535||1,440,535|
||General investment|||and contingencies|||reser|ve|1,581,833|731,353|2,313,186|
||Quinquennial||survey|support|fund|||||3215|3215|
||||||||||3022368|801052|3823420|
||Share capital|||||||||11640|11640|
||||||||||3,022,368|812,692|3,835,060|
##
||2022|2021|
|---|---|---|
|Loans advanced|SM84|~Ã|
|Deposits held|||
##
##
##
##
##
##
##
##
##
##
##