L3 London Baptist Property Board REPORT OF THE DIRECTORS and FINANCIAL STATEMENTS for the year ended 31st December 2024 Gompany No. 88218 registered in England Registered Office and Principal Office UNIT C2, 15 DOCK STREET LONDON E18JN THE LONDON BAPTIST PROPERTY BOARD LIMITED REPORT OF THE DIRECTORS and FINANCIAL STATEMENTS for the year ended 31*t DECEMBER 2024 Offic•r• and K•y Alanag•m•Tht P•rnonn•l: Chaim18n.' Mr DAVID K READER 8A PGCE ACIB TTrasurer.' Mr ANTHONY J A PIKE. MA FIA FCSI Trnst Officer Mr J MARTIN SHAW. JP Dip LS Cart BFM Soltwtors.. Carter L•mon C8meron8 LLP, 3rf Floor, 20 Klng Strtèl, London, EC2V BEG Surveyors.. Rap￿Y8 LLP, 66 Sl J•me8'$ Stro01. St Jam•8'8. Lon*Jon, SW1A INE 8ankors.' B8rdays B8nk plc. B•rcl8y$ Commgroal Bank. 1 Churchill Pla￿, London. E14 5HP Auditor.. Xeinadin Audit Limiled, Chartered Accountants S Robin Hood Lana, Sutton. SM1 2SW Conl•nts Pa90 Report of the Diroctors Di￿¢10r$ at 3151 De¢ombor 2024 Report of the Auditor ststémenl of Financial A¢tNitffjs (induding Income and E￿ndItUre Aoxunt> Balance Sheet Statement of Cash Flows Notes to the Financial Statemerrts Churches and Associations for which the Company acts as Custodian Trustee 10 11 12 13-20 21-23 THE LONDON BAPTIST PROPERTY BOARD LIMITED REPORT OF THE DIRECTORS The directors present their annual report and the audited financial stslements for the year ended 31st December 2024, which have been prepared in accordance wth the Companies Act 2006 and in accordance with the Charities Statement of Recommended Pra¢ti¢e (Charitie$ SORP {FRS 102)) and Financial Reporting Standard 102 IFRS 102). AIMS and OBJECTIVES The principal object for which the company was fonned in 1906 is set out in the company's Memorandum and Articles of A550ciation'. The advancement ofthe Christian religion in particular by the means and in accordance with th8 prlnciples of the Baptist donomination. In furthering this aim. the company seNes the work of the Baptigt denomination by (a) acting as custodian or holding trustee for churches and other organisations associated with thé Bap115t denomination: and Ib) op8rating a deposit and loan fund in order to make loans availabl8 to ¢hur¢hes in memb&rship with the London Baptist Association and churches and or9anisalions in tnjst with th8 company for the purpose of the purchase, repair or improvements of church property. The company operate$ principally. but not exdusivety. in London. The company has continued to focus on Its core tssks throughout th8 year. Indudlng off8rlng support to ¢hurGhe3 with an annual income of over £100.000 as they have registered with the Charity Commission. HOW THE COMPANY'S ACTivrriES DELIVER PUBLIC BENEFIT The directors are aware of and have regard lo the Chanly Commission's published guidance on public bgnefil. The company delivgrs a public benefit by offering services to local Baptist churches that facilitate the provision of places for public worship and promises from which local ¢hur¢hos aro able lo $eNe the needs ofthe community In Christian outreach. The company also offers support and guidance lo th& trustees of local Baptist churches lo help them lo comply with the requirements of charity law and to follow best practice in their responsibilities as charity trustees. In addition to this any surplus that does not need to be rotained by the company for Its contlnuing work is given by way of grant lo the London Baptist Association ('LBA'I, with a r8commendation to designate a proportion to the Baptist Union Home Mission appeal. Both the LBA and Baptssl Union are registered charities and serve the public benefit by the promotion of the Christian faith. The company as holdlng trustee The company acts as custodian Injslee for 310 churches and certain other oryanisations as listed at the back of this document. A rec¢xd of the deeds is maintained lo ensure that these assets are segregated from the cornpany's own assets. In most instances. a trust deed will establish the role of the Company as the custodian or holding Iruslee. Churches began to resume rn0￿ normal levels of operalions following Ihe di$wption caused by the COVID 19 pandemic. However, the cost-of-living ¢ri$is and in parti¢ular energy price inflatson has affected all churches to a greater or lesser extent. During the year under review. one church closed as a result of dwindling numbers. four propertlgs were Sold. four properties We￿ purchased and taken into Trust. A further nine Leases were sealed in relation to properties held in Trust. In addition to this the company continues lo give approval for alterations to ¢hur¢h pTrmises and its stsff offer supportto churches on an increasingly wide range of matters as the regulatory environment around property ownership and charity management continues lo evolve. Page 1 THE LONDON BAPTIST PROPERTY BOARD LIMITED REPORT OF THE DIRECTORS (continued) The Deposlt and Loan Funds The deposit and loan funds operated by the company serve a public benefit by enabling churches to have access lo loan funding in order lo purchase, repair or improve premises that are used for public worship or that further the Charitable objects of the churches. Two new loans were agreed by the director5 during the year. Loans are advance to enable churches lo rafurblgh and purchase manses and generally develop church buildings. Political uncertainty was a key factor for the global economy during 2024. with electlon$ COVeTing more than half of the world's population. including the UK and US. Global economic growth slow8d and company profftable came under pressure. On the plus side. inflationary pressure eased, with oil prices falling further from their peak al the start of the conflict in Ukraine. As a result, interest rates started lo fall, bul only by small amounls. The coming year should again see modest growth. with the possibility of interest rates gradually falling further, but the outlook is clouded by uncertainty about US economic policy under the Trump administration and ongoing conflids In UkTaine and the Middle East. The directors continue lo monitor closely the company's Investments. with a view lo maximising retum5 without undue risk. and seek to set appropriate and equitable rates of interest payable both to depositors and by borrowers. tsking into account the genaral Int6r&sl rale environment and alternative funding and invèslrnenls available to our Baptist chur¢hgs in London. Dunng the year, tho deposit fund increased by £1.863.893 to £19.469,792 at 31 December 2024. Th8 Increase was attributable lo increased deposits by churches. offset by a large withdrawal by the LBA tt> fvnd a propety purchase. Many churches also allow Ihelr interest income lo roll up within their deposit account. With interest rates al higher levels, this also contributed lo the in¢reas• in Ihe dewsit fund. In the same period, th8 loan fund reduced by £754.32310 £1,991,632. The fall was in large part th8 result of repayment of a bridging loan, with only one new loan drawn down. Churches cnntinue to repay their loans on time. and for the present there appears lo be little appelile for debt given the increased ¢o$ts of finance and a degree of wariness around th8 overall aconomi environment. Future Plans The company intends lo contsnue its present activities as it supports the work of Baptist churches in and around London and to carry out Ils duli6s a$ cuslodiaD Iruslee of such thurches. For some years, the LBPB Directors hav¢ worked on Ihelr strategic objectives and, during 2024. we were ablg lo implement some of these objectives In practical ways by involving ourselves with the training of leaders in $ki115 in govemance and oversight. Wg expg¢t this lo continue during 2025. We conts'nu6 to review our pjrtfolio of property held in tnjsl and have an even better understanding of those churches requiring assistance. The extra eapa¢ity given by additsonal members of the Regional Ministy Team has increased our abilty to work alongside churches seeking lo refurbish or redevelop their siles. There are a number of churches now engaging wrth us and our professional advisers on these kinds of projects and anticipate further vffjrk in this area during 2025. FINANCIAL REVIEW The finan¢4al Trsulls of tho company for Ihe year 2024 are set out in the accompanying financial statements. There was a positive movement of funds in the year, after revaluation adjustments, of £93.241 (2023.- positiv8 movement of £7,800). The directors resdved during the year to make a n appropriats'on of £80.000 lo thg LBA (2023." £25,000). The directors have also resolved to make an appropriation of £90.000 lo the LBA in the year 2025. The company does not measure its success in le￿$ of its financial results bul by the measure of how well it serves the needs of the churches held ID trust. The financial objectFVe of the company is primarily lo cover the costs of Fts activities through the operatb¢)n of the deposit and loan funds. and out of any surplus to make appToprialions to the LBA. This objecti've was mel in the year. Page 2 THE LONDON BAPTIST PROPERTY BOARD LIMITED REPORT OF THE DIRECTORS (continued) Investment Poll¢y and Fln•ncl•l Controls The diT8clors maintain a cautious approach lo investmenc Seeking both to safeguard tho capital held on behalf of churches and to retain sulficienl short term funds to meet potential demands by depositors or borrowers. With regard to longer term investments. the company holds Charifund income units with the intention of providing both income and capital growth. Inve$lmenls have also been made in propety with the dual aim of assisting the LBA or particular Churches and bringing longer-temi capital growth for the company. The short lerrn d8POSlts are currently spread a¢ross four financial institutions, with returns being kept under regular review. The ￿ncentratIOn risk is mitigated because depostts with of the institutions are in money market funds wtlh substantial diversification of credit risk. The dlreclors receive monthty reports monltorlng cash flow and key financial ratios as a control procedure. The directors reviewed and amended their inveslmenl policy and financial control procedures during 2024. Capltal •nd Reserves As the principal financial activity of the company is lo mako loans available lo churches and organisations (see 'Obj8cls andActivilies' above) and appropriations arg usuaty only made out of operating profits, the policy is lo accumulate surpluses realised from the disposal of tangible assets and inveslmenls in the General Investmenl and Contingency Reserve. This reseNe was £2.656.284 at the ond of the year. The accumulated reserve is used lo support the expansion of the fvtuffj lending business of the Company and Is ￿nSIdered adequate 10 support the ongoing activities of the company. Fundrnlslng pollcy The company asks all churchos Ihal are invofved in a propoty transactlon to make a donatlon towards the expenses incurred by the Company. The company also requ8sts a small annual donation to cover ￿$ts from churches for whom the company holds investments as nominee. 0th8r than this, Ihe company does not actively seek third paty donations. GOVERNANCE and MANAGEMENT Gov•rnlng doeument The company was created In 1￿6 by the Council of the LBA The company is Incorporated under the Companles Acts {Registered No.. 88218). Is a registered charity (Charity Registration No.. 2497681 and is govemed by Ils Memorandum and Articles of Association. The current Memorandum and Articles of As$o¢ialion were adopted by the company on 23 July 2002. Amendments to the Artlcles of Asgociallon we adopted on 25 November 2003 and on 24 January 2006. Further am8ndmenls were adopted in 2009 to make Provision relating to directors, conflicts of inler8St. Its registered office is Unit C2, 15 Dock Street, London, E1 8JN. Wlth effect from 1° January 2002. all tho 'A' Shares in The London Baptist prO￿ty Board Limited wero ITansferred lo the ownership of the LBA. so that the company is a who11y￿Wned subsidiary of the LBA. The Board ol Dlr•ctors The directors of the Company ar8 appointed by the LBA. The d1￿clOr5 who have served during the year and lo the dale of this report a￿ listed on page 6. In the year 2024. the directors met on el8ven occasions. The directors continue lo be grateful for the attendance and assistsnce of representatives of Carter Lemon Camerons {$olicitors) and Rapleys (surveyDrs). Rev Paul Winchestsr resigned as a directoy in March 2025. hawng seNed the Board as a director for 23 years, 10 of those years as Chaimian. The directors wish to express their deep gratitude to him for his seNice, expertise, wisdom and guidance during that peri(xJ. Page 3 THE LONDON BAPTIST PROPERTY BOARD LIMITED REPORT OF THE DIRECTORS {¢ontinued) The directors have received formal training on their legal responsibilities as d1￿Clor$ of a charitable company. In addition, the presence of professional advisers at all meetings continues lo ensure that the diredors have access lo help and guidance where necessary in the exercise of their responsibilities. In dealing with loan applications, the directors are indebted to two honorary Loans Officers: Mr David Golder and Mr Paul Scott-Evans. No director of the ¢ompany received remuneration of any kind by vlrtue of holding thal office. Rlsk Management The company has conducted an asse$srnent ol the major risks to which il 18 exposed and has rovlewed these risk$ during the course of the year. The main risks identified and managed are: Inability to recruit and rnaintain Directors and staff wlth appropriate skills to manage the company &ff&clively. Providing incorrect or inadequat6 advice to churches in trust with the Board. Loss of trust or reputation as a result of aclions takon by the Directors, staff or the wider Bapllsl family, leading to a significant and rapid loss of deposits. Los5 of data through failure of IT systems or financial loss as result of IT system errors. Loss of ¢ompotitiv6n8$s in deposit rates leading to a slgnificanl and rapid loss of deposits. Failure lo antScip818 or identify a deterioration in financial perfomiance. Churches operating outside the lem)$ ol their tnjst deeds. leading to exce$slve Ilmo and cost Implications for the Board. The Directors have assessed th¢$e risks and, where possible. taken measures have been lakon to mits'gate risk5, including taking of financial appropriate professional advice, through insurance cover and through regular monilofing and reporting performance. The Directors recognise that some risks identified are oulsido their direct control. Stafflnq The key management personnel ol the company as listed at the front of the report ao in Charge of directing, onlrolling, running and operating the charity on a day to day basis. Remunaralion of key management P8r$onnel is set with reference to available market infomation for similar roles, including within the Baptist denomlnation. The LBA Directors have formal responsibility to agree senior management salaries. The day lo day work of the company is conducted by its staff. who havo continued to serve the company effectively and efficiantly through the course of the year: Mr Martin Shaw (Trust Offi¢erl. and MS Deborah Scott (Finance Manager). The company benefits from the support of the full-lime LB Association Administrator. During 2024, for a short lime Ihis was M$. Laura Tomlinson, and then Mr. Nigel Redford. The Company also bonefits from the support of the LB Regional Ministry Team, of which three act as Company Directors. Relat•d p•rtl•s The company is a whollyvowned Subsidiary of the LBA. The stsff working for the company are employed by the LBA bul undertake duties by agreement for the company. All their costs for work for the company are fully reirnbursed lo the LBA. The company provide$ financial SUPFM)rt to the LBA through an annual appropriation from available surpluses. The work of the company is viewed by th8 directors of the LBA as an integral part of the support and guidance that the Association 1$ able to offer to its member churches. Page 4 THE LONDON BAPTIST PROPERTY BOARD LIMITED REPORT OF THE DIRECTORS (Continued) DIRECTORS, RESPONSIBILITIES The diTectors are responsible for p￿paring the annual report and the finanaal statements in accordance with applicable law and United Kingdom Ac¢ounting Stsndards (United Kingdom Generally Accepted Accounting Policies). Company law requires the directors to preparg finanaal statements for each financial year. Under that law the dir8Ctors must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of incoming resources and application of resources, including the in¢ome and expenditure of the charitable company for that period. In preparing Ihese financial slalernents the directors are required to: select suitsble accounting policies and apply them ¢onsistenty- observe the methods and principles in the Charities SORP- make judgements and eslimales that are reasonable and pwdent- slate whether appIl￿ble UK Accounting Stsndards have been fdlowed, subject to 8ny material departures disclosed and explained in the financial statements- and prepare the financial ststements on the going concern basis unl8ss il is inappropriate to presume that tha company will continu6 in its opgralj'ons. The director9 are responsible for keeping proper accountsng records which disclose with reasonable accuracy al any time the financial position of the charitable company and enable them lo ensure that the financial 5taknents comply with charity law and the Companies Act 2006. They are also responsible for safeguarding the assot5 of the charitable ¢ompany and hence for laking roasonablo stops for the prevèntion of fraud and othor I￿&gularitIeS. Th& dlrectors are re$pon$ible for the maintènance and inlegrlty of the corporate and financial infr)￿all0￿ ft)r the ompany included on the LBA website. DISCLOSURE OF INFORMATION TO THE AUDITORS In so far as the Oireclors are aware at the time of approving our Directors, Annual Report.. There is no relevant information. being infomalion neèdèd by the auditor in connection wlth praparing Ih8ir report, of which the charity's auditor is unaware.. and The TrLrslee$. having made enquiries of18llow directors and the charity's auditor that they ought to have Individually taken. have each laken all steps that helshe is obliged to lake as a Dir8Ctor in order lo mak8 Ihem$glves aware of any relevant audit infomialion and lo establish that the auditor is aware of that Infomialion. AUDITORS The dlrectors Intend to re-appoint Xeinadin Audtl Limited 8$ auditor5 of the company for the 6n5uing year. SMALL COMPANY The above report has been prepared in accord8nce with the special provisions of Part 15 of the Companies Act 2006 r laling lo small companies. Slgnod n behalf of the Dlroctors Anthony J A Plke Director 6 May 2025 Page 5 THE LONDON BAPTIST PROPERTY BOARD LIMITED DIRECTORS DURING THE YEAR ENDED 31st DECEMBER 2024 AND TO THE DATE OF THIS REPORT The following Directors seThed throughoul the year and to th8 date of this r8Wrt. except as shown.. Mr Davld K Reader BA PGCE ACIB (Chairman) Formedy Regional Director. Transaction Se￿￿$ ,' National Westminster Bank PLC. Managing Dlre¢tor DKR Trade Training & Support Limited. Member of Edmonton 8aptist Churth Rov Phlllp E Barnard 8Th Regional Minister (Team Leader), London Baptist Association. M6mb8r of Baptists Together Core Leadership Team and Baptist Union Council. Member of Mitcham Lane Baptist Church. Rov Jo•hua J K•n• BA MA Regional Minister, London Baptist Assouation. ￿PastOr Mill Hlll East Church. Dlrector of Dod(yard Collective R•v Cl•lr• Nlcholls Bsc PGCE MA Regional Minister. London Baptist AssociatM)n. Member of Joint Public Issues Team Strategy and Policy Group18apti$l Union, M•thodi5t Church a￿j URC). Member of Trinity Baptist Church. Bexleyhoath. Rov Ml¢hao1 B Mensah MS¢ ACCA (from 16 March 2024) Minister, Brockiey Bapts'sl Church Mr Olu•ogun O Obldlpo ACMA MBA Chartered Managernenl Accounlant. Senior Partner of Graceolu & Co. Director of Baptist Union Corporation Ltd. Dire¢lorrrr6a$urer of Canning Hall Tnjst. Member of Harringay United Church-Baptist Mr Anthony J A PSk• MA FIA FCSI {Treasurerl Fellow of the Insblule of A¢tuari8s. Chartered FCSI. Foryner Head of Investments, BP Investment Management Limitèd. Dir¢¢tor of 8optist Pension Trust Ltd and Moderator of the Investrnenl Committee. Trustee of Scripture Gift Mission Pension Fund. Fomi8r Treasurer land TDJsleel of Croham Road Baptist Church. South Croydon. Treasurer (and Trust8?) of the Parochial Church Council of Al Saints. Otley Mrs Sylvla C Salamanca￿8P5n Bsc MNAEA Acquisitions & Disposal Manager, London Cty M¢ssion. Formerty 8usines8 Manager, Vanet Prop8ty Asset Management Ltd. Setrelary land Trustee) of the London Spanish-speaking Charismatic Baptist Church. Mrs MonlrA 81•lmayl {n•• Much•na) BA, FCCA Accountant. T￿asurer (and Twstee) of Stoke NewThJton Baptist Church. Rev Paul A Wln¢h••t•f BD ACIB FCT (until 10 March 20251 Former Region81 Managing Director. UK and Europe. National Westminster Bank plc. Former Minislor {and Trustee) of Stone Baptist Church, Dartford. Member of Crayford Baptist Church. Page 6 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BAPTIST PROPERTY BOARD LIMITED Opinion We have audited the financial statements of The Baptist Property Board Limited (the'chanty'} for the year ended 31 December 2024 which comprise the Stslement of Finanaal Activities. the Balance Sheet, the Statement of Cash Flows and the notes lo the financial statements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uni18d Kingdom Accounting Standards, induding Financial Reporting Slandard 102 The Financial Reporting Stand8￿ applicable in the UK and Republic of Ir91and (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give 8 true and fair view of the stste ofthe Charitable eJ)mpanYs affairs as at 31 December 2024 and of its incoming resources and application of Trsources for the year than ended. have been properly prepared in accordanc* with United Kirydom G8n8rally Accepted A￿UntIng Practice,. and have been prepared in accordance with the requirements of the Compan￿8 Act 2006. Bas1• for oplnlon We conducted our audit in ac£ordance vthh Intemational Standards on Auditing IUKI IISAS (UK}l and applicable law. Our responslbllities under Ihosa standards af6 futh6r dèscrTrW in the AUdit0￿S r&sponsibilitses for the audit of thg financial statements section of i)ur report. We are independent of the charitable company in accordance with the ethical requir6m8nl$ that ar• relovanl to our audit of the finanryal statements in the UK. InclLtding the FRC'$ Ethical Stsndard. and we have fu￿118d our 0th6r ethical r6sponsibilits'6s in accordance with thesa requirements. We believe that the audit evidence we have obtained is suffi¢Tr?nl and appropriate to provide a basis for our opinion. Conclu•lon• r•latlng to golng conc•rn In auditing the financial statements, we have concluded that the directors, use of thè going o)ncem basis of accounting in the preparation of the finan￿81 ststements is approkxiate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or ¢ondition$ that. individually Of collectively. may ¢ast $ignifi¢anl doubl on the Charity'$ abillty lo continue as a going con¢em for a period of at18asl 12 mnths from when the financial ststements are authorised for issue. Our Tesponsibililies and tho resF4Jnsibiliti8s of the directors with respéct to going ￿nCern are descrlbed in Ihe relevant sections of this report. Other Informatlon The other information compris88 th8 InfO￿allOn included in the annual report, induding the diredors. report, olh$r than the finanual statements and our auditorfs report Ihereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial stalemenls does nol cover the other information and, except lo Ihe extent otherwse expliutly stated in our r8POrt. we do not express any fom of assurance condusion thereon. Our responsibilty Is io read the other infomiatiM arbj. in dcing so. Cons￿ler whether the other infomiatson is materially in¢onsistent with the financial statements or our kno%￿edge obtain8d in the course of the audit, or otherwise appears lo be materially rnisstated. If w8 identfy such material inconsi5tenoes or apparant material misstatements, we are required lo determine whether this gives rise lo a material rnisstatement in the financial slalements themselves. If. based on the work we have performed, we condude that there is a material misstatement of this other Informat￿￿, we are required to report that fact. We have nothing to report in this regard. Page 7 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BAPTIST PROPERTY BOARD LIMITED (continued) Oplnlon$ on other matters pr8¥¢rI￿d by th• Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit. the information given in the trustees. report, which incfudes the director5. rewrt prepared for the purposes of company law, for the finanual year for which the finanoal statements are prepared is consistent with the financial statements.. and the directors, reFort induded wthin tho trustees. reF*>1 has been prepared In a￿OrdanCe with applicable legal requirements. Mattors on whlch we are requlr•d lo report by •xc•ptlon In th8 light of the knowledge and understsnding of the charity and its environment obtsinèd In the course of tha audll, we have not identified material misstatements in the directors. report induded ¥￿1h lh& director8. report. We have nothing to report in respect of the fdlowng matters in relat￿ to which the Companies Act 2006 requlres us to report lo you if. in our opinion.. adequate and proper accounting records hav8 not been kept, or relums adequate for our audit have not been received from branche5 not visited by us.. or the financial statements are not in agreement wth the accounlirKJ re￿d¥ and retums: or certain disdosures of directors. remuneration specified by law are not made: or we have not received all the info￿¥tion and oxplanations we require for Our audit: or the directors were not entitled lo prepare the ffinancial stslements In ac¢thanc8 with the small companies regime and take advantage of the small companies exemptions in preparing the direclors, report and from the requirement lo prep8re a strategic report. Responslbllltlej of dlr•ctors As explained more lully in the direciors, resrM)nsibilities statement, the trustees, {who are also the d1￿ctorS of th8 charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair wew, and for such inlemal control as the Iruslees detemine is nec&ssary to enable the preparaknon of financial statements that are free frryn material mis$latamenl, whether due to fraud or error. In pr8p8ring the financlal statemnts, th8 directors ar8 responsible for 888W88ing the company's abillty to contlnua as a going concern, disdosing, as applicable. matters related lo going c>)ncem and using the going concem basis of accounting unless the directors either intend to Ihiuidale the company orto cease 0￿ratiOnS. or have no realistic all8rnalive but to do so. Audltorfs ro•ponslbllltlv4 for the audlt of th• flnantSal stat•m•nts Our objectives are lo obtain reasonatAe assurance about whether the finanaal statements as a whole are free from material misstatement. whether due lo fraud or error, and lo issue an audit0￿S report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaran18e that an audit ¢onducted in accordance with ISA9 IUK) will always detect a material misslatement Nthen il exists. Misstatoments can arise from fraud or errorand are considered matenal rf, indiwdually or in the aggregalg. they could Tra$onabty be expected to influence the economi¢ decision$ of users tsken on the basis of Ihese finanaal statements. The exlent to whl¢h our procadures are ￿pable of detectiw irTegularth8s, induding fraud is detailed below.. Based on our understanding of the charity. we identified that the principal risks of non 57,332 685,857 1,868,952 210,791 1.945,555 Ca•h provldod byl{used In) opernllng actlvltlos 1702 142 1 507 797 Page 12 THE LONDON BAPTIST PROPERTY BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3161 DECEMBER 2024 ACCOUNTING POLICIES The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. 1.1 Accountlng convèntion The financial statements havè b&6n prepared under the Companies Act 2006 and in a¢¢ordance with the Charities Statement of Recommended Practice (Charities SORP IFRS 1021} and Financial Reporting Standard 102 {FRS 102)- The financial stalem8nts are drawn up on the historical cost basis of accounting. as modified by the revaluation of investment properties and other investments. The financial statements are prepared in sterllng rounded lo the nearest pound. There are no material uncertainties about the charity's ability to continue in operation. The London Baptlsl Property Board meets the definition of a publi¢ benefil entity under FRS 102. 11 is an incorporated Company with share capital. registered in England with registered offlce at Unit C2, 15 Dock Street London. E1 8JN. 1.2 Inv•$tffl•nts Investment pmpertlgs Investment properties are shown al fair value at tho balanco sheet date and surpluseslldeficienciesl arising on the rèvaluation aTr treated as unrealised surplu888lllossesl which are creditedlldebiledl directly lo the revaluats'on resenrfe. Other investments Olher investments are stated al market valu6. 1.3 Flx•d a*sol8 Tangible fixed assets are included at cost less depreciation. The useful lifo of the office equipment is estimated to b6 4 years and of ¢omputeT equipment is eslimaled to be 3 years. Depreciation is provided al rates calculated to write off the cost, less estimated residual value. of each asset over ilg useful lrfe. Computer and office equipment with a cost of over £500 is capltslised. 1.4 DlvldeThd• and Int•r•st recelvable Dividand$ and interest receNaL￿e on govemment and commorcial securities are recognlsed on an accruals ba$l$. 1.5 Grants and approprlatlon• payabl• Grants and approprfations payable are r8cognis8d once paymenl has been made. 1.6 Expense allocation The company carries oul no separate furKlraising acttvities. In wew of the companV5 principal activities, all administrative support costs and govemance costs are regarded as charitable expenditure. (Note continued on next pagel Page 13 THE LONDON BAPTIST PROPERTY BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 2024 (continued) ACCOUNTING POLICIES (continued} 1.7 Incomo Voluntary income and donations (including legacies} are accounted for once the charity has entillemenl to the income, il is probable the income will be received and the arnounl of income receivable can be reliabty measured. Loan interest receivable and interest payable on deposits is recognised on an accruals basis. 1.8 Dobtors Grant$ receivable and other debtors are included at the settlement 8mounl due. Prepayments are valued al the amount prepaid. 1.9 Cash at bank Cash at bank includes cash and short tem hlghly liquid investments wlth a short maturity of three months or18$s from tho date of oponing of th$ doPOSIt. 1.10 Credltor• and provl•lon$ Crèditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably r8sull in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provislons ar8 recognised al their settlement amount. 1.11 Flnanclal Inltrumonts The charity only has financial assets and liabilities of a kind that qualify as baslc financlal inslrumenls. Basic financial instruments are initially recognized at transaction value and Subsequently m8asured using amortised c05t on the effective interest rata mothod. 1.12 Fund a¢¢ounllng 06lails of the nature and purpose of each fijnd is given in Note 10. 1.13 Ponslons The charity contributes to the Bapts'st Pension Scheme. via Ihe London 8aptigt Association. In respect of its employee$. This is a defined ¢ontribulion $¢heme and conlribuliong are accounted for as they fall due. 1.14 Crltlcal accountlng estlmates and areas of Judg•m•nt In preparing financial slalements it is necessary to make certain judgemonts, estimates and assumptions that affect the amounts recognised in the financial stst¢ments. The followlng judgements and estimates are Considered by the Trustee5 to have most Signifi￿nt effect on amounts recognized in tho financial statoments.. 1. The judgement in the valuation of properties 2. The presumed economic life of propertie$ and the depreciation or lack thereof 1.15 Going concern The trustees have prepared detailed forecasts and ￿$h flow projections which they believe are based upon reasonable assumptions with no matérial uncèrtainties. The foracasls ghow that the charity should be able to operate for the foreseeable future and thus the truslees consider il appropriate to prepare the financial statements on a going concem basis. Page 14 THE LONDON BAPTIST PROPERTh BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st OECEM8ER 2024 {continued) 2 INVESTMENT INCOME 2024 2023 Rental income from investment propeths Div￿￿endS and witeresl receNed: Other investments Interest receivab￿.. Slx)rt term deposts 72.210 69.399 12,375 11,756 810 179 894.764 626,526 707 681 3 SUPPORT AND GOVERNANCE COSTS 2024 2023 Empk)ym8nt costs Ofte rental and serv￿8 charge Prof8ssb)nal fe88 Other charges Auditor's remuneratK)n Othgr governance costs 63,524 28,906 50,880 11,981 60,647 25,690 43,201 12,196 6.720 182 091 Emptyment costs comprtse.. SaL9r￿s Nat•)nal insurance PensK)n contr*wtk)ns 52,688 5,567 50,544 5,094 There were tsvo ern￿OYeeS1èqu1valent to Iwo full-time employees) during the year. There were no employees who received érnployee benefits of more than £60,000. The key management personnel received employee benefits of £49.323 (2023: £45,612) during the year and were reimbursed travel expenses of £2.278 (2023.. £1.412). Page 15 THE LONDON BAPTIST PROPERTY BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 2024 {continuedl 4 TANGIBLE FIXED ASSErs Compuler and offlce equlpm•nl Cost or valuatlon At 1 st January 2024 Addit￿nS DisposaL8 At 31 st December 2024 10,525 Depr•clatlon At 1st January 2024 Charge for year At 31 st December 2024 10.525 N•t book value At 31st December 2024 At 31st December 2023 5 INvesTMENTS Other InvMtm•nts Frnehold Inveslrnent propertlas Total Valuatlon At 1 sl January 2024 RevaluatK)n surplus DisposaLs At 31st D￿ember 2024 197,310 5,144 2,164,500 46,000 2,361,810 51,144 2 210 500 2 412 954 Hlslorlcal cost At 31st December 2024 At 31st December 2023 1258 389 1258 389 1278 538 1278 538 The freehold investment properties were professionally valued at 31 December 2020 by independent valuers who held recognised and relevant professional qualifications and have experience in the location and type of Ihe properties being valued. The Directors have taken professional advice conceming the changes in values in the year and have adopted revised valuations at 31 December 2024 totalling £2.210,500 in these accounts. Page 16 THE LONDON BAPTIST PROPERTY BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3111 DECEMBER 2024 (continued) 6 DEBTORS 2024 2023 AAJvances {r￿ancial assets measured at amortks8d cost) Churches Manses D8n1Jrn￿8t￿)n8l SOC￿1189 1,441.995 418,168 131469 1.991,632 1,755.737 461.259 528 959 2,745,955 Prepayments Ao¢rued inccffie 2,928 105787 2 854 670 173 181 2 168813 7 CREDITORS: Amounts falkng due withn on8 year 2024 2023 7 day nOt￿e deposts Churches DenOmInat￿n￿ socititss 17,5￿,032 1879 760 19,469,792 14.848,794 2 757 105 17.605,899 Accruals 19 483 107 17614 155 8 SHARE CAPITAL Authorfs 2024 2023 Allotted, l•¥ued a fully pald 2024 2023 Ordlnary shares of £10 each: A shares B shares 411 411 4,110 4,110 The A shares carry one votè per share. The B shares have no voting rights. Pag8 17 THE LONDON BAPTIST PROPERTY BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31* DECEMBER 2024 (continued) 9 GENERAL FUNDS Income and Exp0ndltur• Revaluatlon Resem Total funds At Isl January 2024 Nel income before ￿VeStr￿nt gains Nel gains on investments Al 31 st December 2024 95.145 42,097 1.083,271 1.178,416 42.097 137.242 1134415 1271657 At 1st January 2023 N8t income b8foré iiivestm￿l g8nS Ngt ga￿S on investments Transfer to General Investment Reserve At 31st December 2023 36,097 59, 132 1,916 1,483.617 1,519,714 59. 132 (57,332) 343 098 7 178 416 (59,248) 1083 271 10 DESIGNATED FUNDS Gonornl Inv•stm•nt Qulnquennlal •nd contlngencl•* survey roserv• Support fund Total funds At 1st January 2024 Transfer from Income and Expenditure At 31st December 2024 2,656,284 3,215 2,659,499 2 659 499 At 1st January 2023 Tr8nsl8r to Incom8 and Expendlture At 31st December 2023 2,313.186 3.215 2,316,401 343 098 2 659 499 The general investment and contingencies resetve has arlsen from the realised gains on investment disposals over a number of years. It is held lo support the continuir*J operations ol the charlty. The quinquennial survey support fund has arisen from transfers made from the income and exp8nditure account. The funds are available to provide financial support to churches requiring a survey of their premises. 11 RECONCILIATION OF MOVEMENT IN SHAREHOLDERS, FUNDS 2024 2023 At 1st January Nel income before ￿veStrnent gains Gains lknss6s)on ￿Vestrnents At 31st December 3,849,555 42.097 3,847,755 59,132 3 849 555 Page 18 THE LONDON BAPTIST PROPERTY BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315t DECEMBER 2024 (continued) 12 COMMrrMENTS 2024 2023 The company has the ccvnmitments at 31st December 531000 13 ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS 2024 Flxod Not curront ass•ta Total asséts Unrostrfctod and deslgnated funds Incomè and expenditure RevabJal*)n reserve General inv8Stmenl and Contingenc￿ reserve Quinquennk81 survey support fund 137,242 137.242 1.134.415 2,656,284 1.134.415 1.278.$39 1,377,745 2 412 954 1518 202 3 931 156 Sharo capltal 2412 954 1529 842 3 942 796 2023 Flxed assots Not curnnt •ss•ts Total •ssets Unrnstrfcted and d￿19n*t•d funds Income and expendtture ReValUatA￿ reserve General investment and contff7genci&s reserv Qu￿q￿enn￿I survey SUPPOrt fvnd 95, 145 95, 145 1.083,271 2,656,284 1,083,271 1,278,539 1.377, 745 2361810 1476 105 3837915 Sharn capltal 2 361810 1487 745 3 849 555 Page 19 THE LONDON BAPTIST PROPERTh BOARD LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31•1 DECEMBER 2024 (continued) 14 RELATED PARTIES The key manag&menl personn81 of the charity are considered to be related partles and the totsl employee benefits are sel out in note 3 above. The directors receive no remuneration in respect of their services as direclors. No expen$e$ were paid to any director during the year (2023.. £8) for eXP8ns8s incurred in carryin9 Out their dulles. AS disclosed on page 6. the Directors ar8 variously Officers andlor members of churche¥ which are affiliated to the London Baptist Association. and those churches rnay place deposits from lime to time with the LBPB. The rates payable on such deposits are identical lo those off8red to 811 churches. The 'A" shares are wholly owned by the London Baptist Association {LBA) (registered charily number 1091160. company number 04325272). The object of the LBA is the advancement of Christianity in and through its member churches individually and acting together, in accordance wth the principles of the B8plist denornination. The LBA is affiliated lo the Baptist Union of Great Britsin. The LBA seeks to fulfil its purpose through r650urcing, supporting and en¢ouraging the life and mission of its member churches. The company's results have been included in the consolidated accounts which are available from the registered offlce. At the year end, tha company had the folknMng 108n and deposit baLanc8S Wth the LBA.. 2024 2023 Lo8n8 advancéd Deposits held Inter8St is received on the loans and paid on the deposits at the standard ralos. Page 20 THE LONDON BAPTIST PROPERTY BOARD LIMITED CHURCHES AND ASSOCIATIONS FOR WHICH THE COMPANY WAS ACTING AS CUSTODIAN TRUSTEE at 31* DECEMBER 2024 IA} CHURCHES IN MEMBERSHIP Y•TfH THE LONDON BAPTIST ASSOCIATION Abbey Road Baptlst Church ntral Baptist Church, Stratlc*d G￿lMayeS Baptlst Church Acton 8apt15t Church Chadwell Heath Baptist Chufth Grange Park Baptist Church Albany Park 8aptist Church Chalk Farm 8aptist Church Green Street Green Baptist Church Aldèrsbrook Baptist Church Charis Baptist Church GreenfLYd Baptist ChLbrch All Nations Baptist Church iaapham Park Chatsworth Baptist Church Greenleaf Road Baptist Church All Nations Church. Manor Park Chelsea CNnmunity (Jwrch Haddon Hall Baptist thurch Alperton Bapt15t Church Christ Church. New Southgate Hainault Baptlst Churth Amott Road 8aptist Church ty ￿ the Hill R¢)manian Baptist Churth Ham Christian Centre Ashf￿d Baptist Church aapharn Bapt15t Church Hampstead Garden Suburb Free Ashf￿d Q)mmon Baptist Churth aaremont Free Church Hampton Mlssion Partnershlp A5hurst Drive Baptist Church Ilford Cddhartrthr Lane Baptlst Church Hampton Wick Baptist Church Avenue Baptist Church c￿eV Hill 8apt15t Churth Hartington Baptist Church Baldwyns Park Baptist Church CrantKook Baptist Church Harringay United Church-BaptSst Balham Baptist thurch cra￿Ord B3Oist Church OO Harrow Baptist Church Baptist chm Tamil Co￿re£atIon Cn'¢klewo¢d Baptist Church Hatch End Free Church Bar￿ng Baptlsi Church Crofton Park Baptist Church Haven Green Baptist Church Barne5 Baptist Church Croham Road Baptist Church ao Heath Street baptist Church Battersea Chapel Baptist Churth Cross Street baptist Church Hendon Baptist Church Beckenham Baptist Church Crossharb)ur Community thurch Herne Hill Baptist Church Bedford Hlll 6aptist Church Cr05sway Re￿Val 8aptist thurch Hersham Baptist Church ao Belvedere Baptist Church Crown Road Baptist Churth Hi8hams Park Baptist Church 8ethel Baptist Church Custtyn House 83ptist Church ao Hi8hfield Road Bapt15t Church 81ackheath and Charlton Baptisi Church Oenmark Pla￿ Baptist thurth Hillingdon Park Baptist Church 81a¢khoT5e Road Baptist Church llisciples Baptist Church 8CHURCH ao 81oomsbury Central Baptist Churth Earlslièld Baptist Church ao Honor Oak 8aptist Church Bonny Downs Baptlst Church ao East Barnet 8aptist Church Homsey Rise Baptist Church 80ston Rtsad Baptist Church East Ham 8aptist Ilford High Road 8aptlst Church Bow Baptist Church East Hlll Baptist Church J¢* Christian cent￿ Iniernatlty)al Braemar Avenue Baptist Church Easi Plumstead Baptist Church Kensal Rise Baptist Tabernacle Brandon Baptlst Church East Sheen Baptist (hurch Kenton Baptist Church Brentf¢xd Free Church Eastern A¥&Enue Baptist thurch Kln8sbury 8aptist Church Brighton Road Baptist thurch Edm￿tOn Baoist Churth Kin85wcod C(Nnmunlty Church Brixton 8aptist Church Eldon Road Baptist Church Leytonstone United Free Church 8roadmead Baptist Church Eltham Park Baptist Church Likewlse Christian Ministrtes Bromley Baptist thurch Emmanuel Baptist Church. Hounslow Lindsay Park Baptist Churth Bromley Common Baptist Church Emm•nuel Church lThame5meadl ttle Ilf(Yd Bapt15t Church 8rondesbury Christian Church Enfield BaFrtist Church tiving Flames Baptist Church, New Cross Brownhill Road Baptist Church Epsom Baptist Church Centre LiMn8 Waters Baptist O)ur¢h Buckhurst Hill Baptist thurch ao Ele￿3Y Church ￿n8St lcrfxk￿ Arakn'c Evangelical Church Camden Road Baptist thurch Everway Church Southfield5 London Network Church Campsbourne Baptist Churth Faith Baptist thurch ILondonl London Spanish-speaklng Baptlst Church Camrose Baptist Church Finchley Baptist Churth Longheath Baptist Church Cann Hall & Hattow Green 8aptlst Church Ft¥XS Cray Baptt5t Church Lordship Lane Baptist Church Carshalton Baptist Chur¢h Frampton Park Baptist thurch Major Road 8aptist (hurch Carshalton Beeches Baptist Free (hurch Fulham Baptist church Manor Park Christian Centre Page 21 THE LONDON BAPTIST PROPERTY BOARD LIMITED CHURCHES AND ASSOCIATIONS FOR WHICH THE COMPANY WAS ACTING AS CUSTODIAN TRUSTEE at 31# DECEMBER 2024 Memorial Community Church R(xnford 8aptiSt Churth Merton Park Baptist Church oyBI Docks Community Church Mill Hill East Church Ruislip Baptist thurch Mitcham Bapt15t Church Lane Baoist Chapel Morden 8apt15t Church Salem Baptist Church Morden Park Baptist Church Selsdon Baptist thuTth Muswell Hill Baptist Church Sh￿editCh Tabernacle Bapt*St Churth Myanmar Christian Fellowship ShrUt￿and$ Christian Fellowship New Addin8ton Baptist Church Sidcup Baptist Church New Life Church Slade Green Chrbslian Fellowship New River Baptist Church S¢xrth Hanwell 83ptist Church Norbury Bapli5t Church South Harrow BaptTrst Church North Chearn 8aptist Church Stxrth London Tabernacle North Hanwell Baptist Church S¢)uth NorwctyJd Baptist Church North Pectham Bapt15t Church 5¢)uth Street Bapti51 Church North¢ote Road 8aptist Church $￿t￿lI Baptisi Churth Northolt Grange 6aptlst Church ScyJthb0r￿h Lane Bamist thurth Northolt Park Baptist Church Sprlngfield Baptlst Church Northumberland Heaih Baptlst Church Sprtsce Hlll 8aptisi Churth Oakn¥¢)od Baptlst Church St Andrew's Church. Walthamstc Oasls CharStable Trust Stanmore Baptist Church Oasis Church C(Jlliers Wood Stoke NeWin&t￿ Baptist Church Old Lcllge Lane Baptist Church Stone Baptist thurch Oldfleld Free Chureh18aptlstl Stonelel8h Baoist Church Open Doors Baptlst thurch st￿athèM Baptist Church Pawsons Road Baptist Churth Streatham Vale 8aptist Church Peckham Park Road Baptist Church ao strwd Green 8aptist Church Penge Baptist Church Sudbury Baptist (hurch Pentecost Baptist thurch Suffdks Baptist thurch Perry Rise Baptlst Church SurbIt￿ New Life Baptist thurch Pirnnef Baptist (hurch Sutton Baptist thurch Pollards Hill Baptist thurch Tasso Baptist Churth Purley Baptist Church TeddTrn8ton Baptist Church ao Queen Street Baptist thurch Tern￿e Hill Baptist Church Raven5COUrt Baptist Church The Kin8's Qo55 83pti5t Churth Ra￿eT5 Lane 8aptsst Church The Vine Christian Fellowship Roding Lane Free Church The Well Community Church Tcrf)tin8 lunrtion Baptist thurch Tottenham Bapt45t Church Totteridge Road Baptist Chur¢h Trinity Boptist Church, Woolwich Trinity 8aptist thurch {West Norwoc#Jl Trinity 8aptist Church 8exleyheath True life Baptist Church Twickenham Green Baptist Church Underhill Baptist Church Union Church and Q)mmunity Centre Upper Hdloway 8aptlst Chur¢h Virtoria Park 8aptist thurch Victory Baptist Church, Tootlng Virtory Lift 8aptist Church walli￿tOn Baptist Church Waltham Abbey Baptist a)urch Walton Baptist Church Wanstead Baptist Church Wealdstone 8aptist Church West Crftydon 8aptlst Church West Dra￿On Baptist Church West Green Baptist Church West Hendon Baptist Church West Wickham & Shirley Baptlst thurch Westbury A¥enue Baptist Church Whitton eaptist Church Willesden Green 8apti5t thufch Wimbledon & District Korean 8apti5t Chui Winchmore Hill Baptist Church Woodlord 8aptiSt thur¢h Wood8ran8e BJpti5t Church W¢xKlrnansterne Baptist Chur¢h Wocd5ide Baptist Church Wodwich Central Baptist a)ureh Worcester Park 8aptist a)ur¢h Yiewsley Baptist Church Page 22 THE LONDON BAPTIST PROPERTY BOARD LIMITED CHURCHES AND ASSOCIATIONS FOR WHICH THE COMPANY WAS ACTING AS CUSTODIAN TRUSTEE at 31# DECEMBER 2024 (¢onlinuedl (BI CHURCHES IN MEMBERSHIP WITH THE EASTERN BAPTIST ASSOCIATION Be¢ontree Avenue Baptist Churth Benfleet Baptist Church Brentwc*d Baptist Church Canvey Island Baptist Church Chase Cr05s Baptist Church Cranham Bapt15t Church Dagenham Baptist Church Earf5 Hall Baptist thurth. Westdiff Elm Park Baptist Churth Friars Baptist Church Hadleigh Baptist thurch HawkMell Baptist Churth Oxlow Lane Baptist thurch Pilgrims Hatch Baptist Chufth Ramsden 8ellhouse Baptist Church Shoeburyness and Thorpe Bay Baptist Shotgate Baptist Church Upminister Baptist Church Winter Gardens Baptist thurch Wood Lane 8aptist Church (C) CHURCHes IN MEMBERSHIP Vrnl OTHER ASSOCIATIONS Oppenham Baptist Church Oormansland 8aptSst Churth Godsti￿ Baptist Church fe Church, CLrfflev Potters Bar Baptist Church ID) CHURCHES NOT IN MEMBERSHIP WITH AN ASSOCIATION Beulah Church Biggin HS11 Christlan Fellowship Trust Central 8aptl$t Church, Waltham5tow Cheam Baptist Church Childs Hlll Baptist Church ChSswick 8apti5t Church Clty Hope Church London Clement5wood Baptist Church Commsjnity Church. Putney Cranfwd Baptlst Church Day5 Lane Baptist Church Ealing Road Baptist Church East Dulwich Tabemade East FI￿hleY Baptist Church East London Tabemacle 8aOist East Street Baptist Church Elmstead eaptist Church Everyday Church WimlAedon 6￿ShaM 8aoi5t Church Gunnersbury Baptist Church Harmondsworth Baptist Church Hatton Road Baptist Church Hi8h 8amet Baptist thuf¢h Hitherfield Road Baptlst (hurch Icthus New Life Centre, Greenwich King's Church14*r r4's thurch London Leghorn Road Baptist Church Le￿On 8aptist Church Li8hthoLrse Baptist Chufth MetroOit3n Tabernacle OIIN*t Baptist Church Twynholm Baptist Church Vpney Baptist Church West Kilburn Bapt15t thurch We5tlhJume Grove Church Westminster Baptist Church (EI QTHER ORGANISATIONS Regent's Park Cdlege Spur8eM's Cdleie The Baptlst Asso¢lati Page 23