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2021-12-31-accounts

The Gospel Standard Trust

•

2021

ANNUAL REPORT

OF THE EXECUTIVE COMMITTEE AND UNAUDITED

FINANCIAL STATEMENTS

•

The Gospel Standard Trust

Annual Report

2021

Table of contents

Page

The following pages are for information only and do not form part of the financial statements

The Gospel Standard Baptist Library Fund

The Gospel Standard Trust

Reference and administrative details

Company registration no. 00884708 (England). Registered charity no. 249781

Registered office

One Bartholomew Close, London, EC1A 7BL

Executive committee since 1 January 2021 D J Christian (Chairman) E R C Buss A Crowter M J Hyde S A Hyde J A Kingham (Publications) T J Parish P J Pocock H Sant R A Saunders (resigned 20 May 2021)

Administrative offices

General matters

D J Playfoot (Secretary), Cavepits House, Marle Place Road, Brenchley, Tonbridge, Kent TN12 7HS. Telephone: 01892 722184, email: gstrust@playfoot.net

Trust Publications (at 31 December 2021)

P E Skelton (Publications Manager), 12(b) Roundwood Lane, Harpenden, Herts AL5 3BZ. Telephone: 01582 765448, email: gstrust@btconnect.com

UK subscriptions

Mrs L J Buss, 10 High Street, Oakington, Cambridgeshire, CB24 3AG. Telephone: 01223 237031, email: lydia@thebusses.co.uk

Subscriptions North America

G L TenBroeke, 1725 Plainwood Drive, Sheboygan, Wisconsin, WI 53081, USA.

Website

General, chapels & trusteeships: www.gospelstandard.org.uk/Assistance/Overview Trust Publications: www.gospelstandard.org.uk/Publications/Home

Bankers

General

National Westminster Bank plc, High Street, Cranbrook, Kent TN17 3EJ

Trust Publications

Lloyds Bank plc, 18 High Street, Harpenden, Herts AL5 2TA

Solicitors

BDB Pitmans LLP, One Bartholomew Close, London, EC1A 7BL

Independent examiners

Nicola Wakefield, Mazars LLP, Chartered Accountants 2[nd] Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, SM1 4FS

4

The Gospel Standard Trust

Report of the executive committee

for the year ended 31 December 2021

The executive committee has pleasure in presenting the report and the financial statements for the year ended 31 December 2021 which have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Achievements and performance Review of activities

General

The Lord has faithfully helped us through another busy year on the General side for which we are thankful. Assistance and advice has been provided in a variety of cases including chapel improvements or repairs, trust deed requirements and changes, appointment and retirement of trustees, first registrations with the Land Registry, maintenance of graveyards, and applications to the Charity Commission. Loans have been provided to help with chapel and chapel house renovations. A Trust representative, either a committee member or the secretary, has attended trustee meetings during the year where the Trust is a trustee.

Continued help and guidance has been given on compliance matters. A one-page health and safety checklist was circulated to all chapels where The Gospel Standard Trust is trustee in April 2021. The completion of this checklist prompted an electrical check at one chapel which resulted in loose burnt wires being found. That could have been expensive if a fire had broken out. It is therefore recommended that electrical installations are inspected every five years by a competent person. Insurance of the correct rebuild figure is another area of importance as reimbursement of part only of the loss may be received in the event of a claim. Access Insurance Services provide a valuation service which prepares rebuild valuations at reasonable cost. A further circular was sent round to correspondents of graveyards in November 2021 with information and suggested responses to the DEFRA consultation on changes affecting burial grounds. We also submitted a response on behalf of The Gospel Standard Trust.

Administering the Providence Chapel Croydon Charity has continued. By the end of 2021 total grants of almost £800,000 had been approved to support the advancement of the Christian religion through chapels, charities and other organisations in various ways including works to chapel facilities, online ministry, and production and

5

distribution of Bibles, books, DVDs, and sermons. Currently under 15% of the fund is still uncommitted.

The sale of Zoar Chapel, Romford completed in April 2021. After deduction of necessary expenses the sale proceeds were paid over to the sole beneficiary, the Gospel Standard Aid and Poor Relief Society, which will no doubt be a help as they seek to provide financial assistance where needed. Lengthy correspondence with the Charity Commission relating to the sale of Ebenezer Chapel, Luton is ongoing and it is hoped the relevant power will be given shortly to enable the sale to proceed. Responsibility continues for the management of the funds dealt with on pages 29 and 30, the maintenance of graveyards retained after chapels were sold and the management of chapels occupied by other groups.

In the July 2021 Gospel Standard we reported that the 31 March 2021 date for registration of church working funds had been put back by ten years to 31 March 2031. Unless income is above the £100,000 registration limit we suggested that churches simply note the position. In due time it is still hoped to agree the format of our draft Model Constitution with the Charity Commission and we hope to provide further information in due time.

The revised Articles of Association were presented to the members at our annual general meeting on 11 September and accepted without dissent. This was the culmination of several years’ work with considerable advice obtained from our solicitors and accountants. A copy of these revised Articles can be found on our website. The positive impact of the revision was realised as we were then able to proceed with a loan to assist the Lamberhurst pastor who is one of our members.

Trust Publications

After many years’ loyal service our Publications Manager Philip Skelton has reduced his involvement from 1 January 2022. During 2021 Dr Matthew Hyde’s research work came to an end and the Committee felt this was an opportunity to employ him as a writer and editor. The Charity Commission gave their approval to the employment of a Committee member (trustee). This is a venture in faith based on Dr Hyde’s knowledge of church history and expertise. Management of publications and marketing is being transferred to him and the necessary changes to accounting and management systems are being implemented.

We thank the Lord for his goodness in maintaining the work of Publications. The return to more normal activities in churches and commerce has been reflected in sales increasing considerably although not yet returning to the level of 2019. In value terms about 61% of sales were to United Kingdom customers and 34% to North America. Orders have been received from Christian bookshops which are now fully open again. A good proportion of private purchases are now made through our website. We do now take card payments and this has proved particularly helpful for those placing orders over the telephone.

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The table below provides an analysis of book sales by title. The “various biographies and short accounts” cover about forty titles. “Various books of sermons and daily portions” includes 122 copies of J C Philpot’s books Ears from Harvested Sheaves and Through Baca’s Vale which continue to be in demand .

Miracles Series
Bible Doctrines Simply Explained
Gadsby’s Hymns and Young People’s Hymnal
Various books of sermons and daily portions
When God made the World
Pilgrim’s Progress and Christiana’s Journey
Kept Safely in the Darkest Night
Olney and other Hymn and Tune Books
Mary Jones and her Bible
Various biographies and short accounts
Other titles including Bibles
New titles:
Sermons of Ernest Roe 1917-1931, Vol 1 & 2
An Exposition of John Seventeen (Martin Luther)
An Exposition of the Last Words of David (Martin Luther)
Human Rights and the Christian (G Charmley)
David – Shepherd, Soldier, King (B A Ramsbottom / M H
Philpott)
Elijah – Prophet of God and Elisha – Man of God
Mordecai – The Man with a Secret
Rahab – Woman of Faith
The First World War – Faithful under Fire
Sketches (colouring books) for David, Elijah and Elisha,
Mordecai and Faithful under Fire
Servants of the Living God (G Chewter)
Total numbers of books sold		 2021
1,146
706
347
347
169
146
163
74
50
420
735
25
36
47
67
264
441
404
621
30
461
207
6,906		 2020
1,295
434
311
349
66
84
125
48
35
322
654
59
44
-
98
215
174
119
52
53
402
-
5,007

We have managed a small publications programme over the year which has been well received. We published Servants of the Living God by Graham Chewter, which is a collection of biographical and semi-biographical articles of some who served the Lord – not all ministers - originally published in the Gospel Advocate magazine. Also published was the third book in the series of Martin Luther’s expositions. This was on The Last Words of David – an exposition of David’s dying words in 2 Samuel 23:17. A new venture has been the publishing of a board book for small children which should be available for purchase in the early part of 2022. Successful book stalls were held in the latter half of the year.

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During the year we reprinted David – Shepherd, Soldier, King (1,500 copies) and The Birth of Jesus (1,500 copies). Reprints of Elijah, Prophet of God and Bible Doctrines Simply Explained (to fulfil an order for 700 copies from Nigeria) were in hand at the end of the year. Reprints of further titles are expected to be needed soon. It is always rewarding when the need for a reprint arises though it can be difficult to discern when likely demand justifies this step.

For those who like e-books, there are twelve titles available free of charge on the Ossett Christian Book Shop website. There are also four e-books Stranger Than Fiction , The Life and Letters of James Bourne, Luther’s Exposition of Psalm 51 and Luther’s Exposition of John Seventeen on sale in e-format on Amazon for a nominal charge.

It is also hoped to publish a book by Graham Chewter to commemorate the 250[th] anniversary of the first singing of John Newton’s hymn Amazing Grace which took place 1 January 1773. It is encouraging that the Faithful Footsteps series continues to be well received. Work on the sixth book in the Faithful Footsteps series, this time on Joshua , is well advanced. May the Lord’s blessing rest on these ventures and readers receive profit.

All the efforts of our regional agents as well as the help received in the Bookroom is acknowledged with gratitude. The assistance of Mr John Kingham (Publications Director), over many years with both publications and IT matters including the website, has continued although at a reduced level in recent months owing to his illness and is much appreciated.

Financial review

The total income amounted to £100,635 (page 15) which compares with £52,162 in 2020. The increase is largely made up of a legacy of £38,800 from the estate of the late David Keeling, which is much appreciated, and higher book sales.

Total expenses were £110,100 compared with £115,926 in 2020. Costs relating to grant-making and advisory were lower. Grants paid (page 21) were lower by £30,566 whilst legal costs were lower by £3,621 (page 22). The net inflow of funds on page 15 was £535 compared with an outflow of £53,764 in 2020. Total reserves at 31 December 2021 stood at £1,340,576 (page 17) compared with £1,340,041 at 31 December 2020. The major part is held in bank deposits.

Reserves policy . The Trust needs reserves to fund the investments in freehold property and the book stock which are used for the Objects of the Trust and to provide working capital. Otherwise the committee, believing that all power is committed unto the Lord Jesus Christ in heaven and in earth, and that our God will supply all our need

8

according to his riches in glory by Christ Jesus, will seek to lay out the remaining funds for the permitted Objects of the Trust as the needs are brought before the committee and opportunity arises. The level of free reserves at 31 December 2021 was £535,845 (2020: £509,612).

Investment policy and performance . The policy regarding investment is to retain funds on deposit partly to meet requests from chapels for financial support (which is a principal purpose) and partly because of concern over equity investments and the receipt of shares in profit from unacceptable activities. The funds are spread between immediate access and term deposits in accordance with a periodic review of the access needs and allocated to a number of deposit takers to spread risk and to achieve competitive interest rates.

Plans for the future

If the Lord will, the Trust will continue to publish Christian books in accordance with the Truth in the Scriptures which we love and in accordance with the Articles of Faith of the Gospel Standard Baptists and distribute within the United Kingdom and overseas for the benefit of our congregations and the church of Christ at large of all ages. The Trust will further seek to use its funds amongst the Gospel Standard chapels as opportunity arises for the repair and improvement of buildings and otherwise. The provision of guidance and help to churches and trustees on legal and compliance responsibilities does feature prominently in our activities and this will continue as we are enabled. Brethren, pray for us.

Structure, governance and management

Legal status

The Gospel Standard Trust (“the Trust”) is a company limited by guarantee and not having a share capital which was founded in 1966. Its governing document is its articles of association. The Trust acts as a trust corporation under a certificate granted in 2006 by the Department for Constitutional Affairs (now the Ministry of Justice) and the Trust can therefore act as a sole trustee. It is also a registered charity. The members of the executive committee are the directors for Companies Act purposes and trustees under charity legislation.

Executive committee

The maximum number permitted by the articles of association is 12 and those who have acted as members of the committee during the year are shown on page 4. In accordance with the articles of association only male members of a Gospel Standard Baptist Church who subscribe to the Articles of Faith of the Gospel Standard Strict and Particular Baptists are eligible to hold office as a member of the executive committee. Mr R Saunders resigned from May 2021 owing to his added responsibilities on Bethesda. The committee has power to appoint a new committee

9

member but the appointment is subject to confirmation at the following annual general meeting. Three members of the committee retire in rotation at the annual general meeting each year but are eligible for re-election. Messrs Buss, S A Hyde and Parish retire in rotation this year. They have all expressed their willingness to stand for reelection.

Organisational structure

The activities of the Trust are managed by the executive committee which meets at least three times a year. These meetings deal with all aspects of the Trust’s activities. Further meetings are held as necessary to deal with Publications matters. The activities and the funds are divided between General matters and Publications. Aspects of the management of Publications are being transferred from Mr Skelton to Dr M J Hyde and for the time being still operates from the book room in Harpenden. Subscriptions are dealt with by Mrs L J Buss and by Mr G L TenBroeke who is responsible for those who are resident in North America. Other matters are dealt with by the Trust secretary who continues as health and strength is given. May the Lord lay the burden of this work in the heart of one or another with a desire to help the churches in this way.

Remuneration

Remuneration for key management personnel is negotiated with the individuals concerned and is set at the National Living Wage or higher depending on the activities undertaken. Dr M J Hyde is remunerated for his services as an author and editor.

Trustees’ induction and training

New executive committee members (trustees) with the appropriate knowledge, experience and abilities for the Trust’s activities are selected from the male members of Gospel Standard churches as required by article of association number 21. The appointment of a new trustee (executive committee member), who will be provided with an induction pack, will be subject to the prospective trustee attending a mutually satisfactory induction meeting with executive committee members and the secretary. Continuing briefing and support is provided as necessary.

Risk management

The committee regularly considers the major risks to which the Trust is exposed and updates the risk register and the policy for mitigating those risks. A major risk is anything that could have an adverse impact on achieving the Trust’s objects or could bring the Trust into disrepute or is illegal advice or action or could bring financial or property loss. Such risks are addressed either by, if possible, eliminating the risk by ceasing the related activity, or transferring the risk to a third party or by taking action to reduce or control the risk. The two key concerns to the committee are the risks as a chapel trustee and the risks from advice given. The committee’s strategy for managing those risks is to make regular contact with the churches and review their own compliance and wherever possible to ensure that advice given is supported by professional advice or other authority or covered by disclaimer.

10

Objectives and activities

The objects for which the Trust was established are set out in the objects clauses of its articles of association. Primarily these are to assist Gospel Standard churches and congregations in the furtherance of their religion and charitable work, to assist with the appointment of trustees, legal advice, repairs and maintenance of church property and to support denominational charities and any other charitable trust or fund approved by the executive committee. In the furtherance of these objects the Trust has ancillary powers which include acting as trustee or co-trustee (including as custodian trustee) of denominational property and charitable funds, making grants and loans, assisting pastors (including former and prospective pastors) of Gospel Standard churches in the provision of living accommodation and to print and publish literature approved by the committee.

Public Benefit

The executive committee has considered the public benefit guidance issued by the Charity Commission. The work carried out by the Trust in fulfilling the Objects summarised in the preceding paragraph assists churches and trustees to continue with the regular provision of services for the public worship of God in accordance with the Holy Scriptures and the Articles of Faith of The Gospel Standard Baptists. Further, under the blessing of Almighty God, Father, Son and Holy Spirit, this work together with the publication of good books and electronic communication will bring sinners from darkness to light and establish them in the truth with the consequent benefits to themselves and others. Man’s first responsibility is to God, to worship and to serve Him. Further, as it is recorded in New Testament teaching, for example Galatians Chapter 6, the result for the benefit of all should be “Let us not be weary in well doing: for in due season we shall reap, if we faint not. As we have therefore opportunity, let us do good unto all men, especially unto them who are of the household of faith.”

Membership

The recorded membership stood at 257 at 31 December 2021, an increase of two on the previous year. A warm welcome is extended to the six new members who joined in 2021. Four members passed away. The continuing loyal support of the members and the churches is greatly appreciated.

Statement of executive committee responsibilities

Company law requires the executive committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the executive committee is required to:

11

The executive committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable it to ensure that the financial statements comply with the Companies Act 2006. The financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies. The executive committee is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent examiners

Mazars LLP were re-appointed at the annual general meeting on 11 September 2021 as independent examiners. The executive committee has continued to take advantage of Section 480 of the Companies Act 2006 which entitles the Trust to be exempted from having an audit.

On behalf of the executive committee 30 March 2022

D J Playfoot Secretary

12

Independent Examiner’s Report to the Trustees of The Gospel Standard Trust

I report on the financial statements of the charity for the year ended 31 December 2021, which are set out on pages 15 to 28.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(b) of the 2011 Act.

This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:

13

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

Signed: N J Wakefield

Nicola Wakefield

Member of the Institute of Chartered Accountants in England and Wales Mazars LLP, 2nd Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, SM1 4FS

Date: 31 March 2022

14

The Gospel Standard Trust

Statement of financial activities

for the year ended 31 December 2021

Unrestricted
Note
fund
£
Income from
2
45,851
Investments
5,265
Charitable activities
Sales of publications
8
27,992
Share in chapel sale proceeds
Providence Chapel, Croydon
5,000
Other
13,199
Total income
97,307
Expenditure
Charitable activities
Grant-making and advisory
42,327
Cost of publications
65,191
Total expenditure
3
107,518
Transfers between funds
3,328
11
10,000
3,117
977,269
£980,386
Balance brought forward at
1 January 2021
Balance carried forward
at 31 December 2021
Subscriptions, legacies
chapel collections, etc
Net movement
in funds for the year
Surplus on revaluation of
fixed assets		 Unrestricted
Note
fund
£
Income from
2
45,851
Investments
5,265
Charitable activities
Sales of publications
8
27,992
Share in chapel sale proceeds
Providence Chapel, Croydon
5,000
Other
13,199
Total income
97,307
Expenditure
Charitable activities
Grant-making and advisory
42,327
Cost of publications
65,191
Total expenditure
3
107,518
Transfers between funds
3,328
11
10,000
3,117
977,269
£980,386
Balance brought forward at
1 January 2021
Balance carried forward
at 31 December 2021
Subscriptions, legacies
chapel collections, etc
Net movement
in funds for the year
Surplus on revaluation of
fixed assets		 Restricted
fund
£
-
-
-
-		 Endowment
fund
£
-
3,328
-
-		 2021
Total
£
45,851
8,593
27,992
5,000
13,199
100,635
44,909
65,191
110,100
-
10,000
535
1,340,041
£1,340,576		 2020
Total
(details see
page 16)
£
7,186
13,182
18,798
-
12,996
97,307 - 3,328 52,162
42,327
65,191		 2,582
-		 -
-		 77,119
38,807
107,518 2,582 - 115,926
3,328
10,000
3,117
977,269		 -
-
(2,582)
71,199		 (3,328)
-
-
291,573		 -
10,000
(53,764)
1,393,805
£980,386 £68,617 £291,573 £1,340,041

The company’s income and expenses all relate to continuing operations.

The company has no recognised gains or losses other than the net movement in funds for the year.

15

The Gospel Standard Trust

Statement of financial activities

Comparative figures for the year ended 31 December 2020

Note
Income from
2
Investments
Charitable activities
Sales of publications
8
Share in chapel sale proceeds
Hope Chapel, Rochdale
Zoar Chapel, Canterbury
Other
Total income
Expenditure
Charitable activities
Grant-making and advisory
Cost of publications
Total expenditure
3
Transfers between funds
11
Subscriptions, legacies
chapel collections, etc
Net movement
in funds for the year
Balance brought forward at
1 January 2020
Balance carried forward at
31 December 2020
Surplus on revaluation of
fixed assets		 Unrestricted
fund
£
7,186
8,758
18,798
-
-
12,996		 Restricted
fund
£
-
-
-
-
-
-		 Endowment
fund
£
-
4,424
-
-
-
-		 2020
Total
£
7,186
13,182
18,798
-
-
-
12,996
47,738 - 4,424 52,162
62,590
38,807		 14,529
-		 -
-		 77,119
38,807
101,397 14,529 - 115,926
4,424
10,000
(39,235)
1,016,504		 -
-
(14,529)
85,728		 (4,424)
-
-
291,573		 -
10,000
(53,764)
1,393,805
£977,269 £71,199 £291,573 £1,340,041

16

The Gospel Standard Trust

Balance sheet

As at 31 December 2021

Note
Fixed assets
Tangible fixed assets
11
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
14
Creditors:amounts falling due
within one year
15
Net current assets
Net assets
Funds
Unrestricted - General
16
Unrestricted - Publications
16
Restricted
16
Endowment
16		 2021
£
160,800
36,710
210,973
947,893
1,195,576
15,800
1,179,776
£1,340,576
696,645
283,741
68,617
291,573
£1,340,576		 2020
£
150,000
40,306
104,293
1,069,319
1,213,918
23,877
1,190,041
£1,340,041
659,612
317,657
71,199
291,573
£1,340,041

For the year ended 31 December 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006. Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The executive committee acknowledge their responsibilities for:

(i) ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006, and

(ii) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its surplus for the financial year, in accordance with the requirements of section 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies.

The financial statements were approved by the executive committee and signed on its behalf by:

D J Christian 30 March 2022

17

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

1 Accounting policies

Basis of accounting

The financial statements have been prepared on a going concern basis in accordance with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (2nd edition effective 1 January 2019). The Gospel Standard Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Assets held in trust are not included in the balance sheet, but are set out in a separate schedule attached to the financial statements.

Freehold property

This comprises a share in a chapel pastor's house. No depreciation is being provided from 2015 as the property has been revalued and will be revalued each year.

Furniture and office equipment

Depreciation is calculated to write off the cost less estimated residual value of office equipment over three years on a straight line basis.

Stocks

Stocks, which are of publications, are stated at the lower of cost and net realisable value. Cost comprises the direct cost of publications with no addition for overheads. Provision for depreciation has been made in accordance with note 9 in determining net realisable value.

Income

Interest income is accounted for on an accruals basis whilst legacies are accounted for as income either upon receipt or where receipt is virtually certain.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

18

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

1 Accounting policies continued

Grants payable

Grants payable are payments made in furtherance of the charitable objectives of the charity. Grants are recognised upon an obligation being created.

Charitable activities

Costs of charitable activities includes grants made and direct costs in relation to publications, and an apportionment of overhead and support costs.

Support costs

Support costs have been allocated as a direct cost or allocated between charitable activities and governance. The analysis of overhead and support costs is shown in note 5.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to a statutory independent examination together with trustees' expenses and an apportionment of overhead and support costs.

Funds held and their purpose

The General fund is used principally for the support of Gospel Standard chapels by way of grants and loans. The committee considers individually each application for assistance and provides a grant or loan or both depending on circumstances. The Publications fund is used for the publishing and distribution of Christian books. Legacies, donations and proceeds from chapel sales received specifically for either of those two funds are credited accordingly, otherwise such income is allocated under the discretion of the committee. The Endowment fund cannot be spent and the income is to be used for the general purposes of the Trust. The Restricted fund derives from chapel sale proceeds which are to be used for repairs and improvements to chapel premises.

19

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

General Publications Total Total
fund fund 2021 2020
£ £ £ £
**2 ** Subscriptions, legacies,
chapel collections, etc
Donations - 603 603 1,573
Legacies 38,800 - 38,800 -
Subscriptions 5,876 - 5,876 5,363
Chapel collections 572 - 572 250
£45,248 £603 £45,851 £7,186
During the year 12% of income (2020: 19%) arose from sources outside the United
Kingdom.
**3 ** Expenditure
Grants & Direct Support Total Total
advisory costs costs 2021 2020
(see note 4) (see note 5)
£ £ £ £ £
Charitable activities
Grant-making
and advisory 3,556 - 29,542 33,098 61,827
Cost of publications - 26,414 38,777 65,191 38,577
(see note 8)
Governance - 7,983 3,828 11,811 15,522
(see notes 5 & 6)
£3,556 £34,397 £72,147 £110,100 £115,926

20

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

General
Restricted
fund
fund
£
£
4 Grants(all to institutions except as stated)
To assist with books and publications:
Gospel Standard Library
249
-
To assist with chapel repairs and improvements:
Ebenezer Chapel, Matfield
12,000
-
Kirkland Chapel
-
2,582
Providence Chapel, Birkenhead
725
-
St David's Bridge, Cranbrook
-
-
Zoar Chapel, Dicker
-
-
Mount Zion, Leatherhead
(Pastor's house)
-
-
Oakington Chapel
-
-
Grants paid
12,974
2,582
Grants authorised (all to institutions)
but unpaid as at:
31 December 2021
200
-
31 December 2020
(12,200)
-
Total grants
£974
£2,582
Allocation between funds for 2020
General (unrestricted) fund
Restricted fund		 Total
2021
£
249
12,000
2,582
725
-
-
-
-
15,556
200
(12,200)
£3,556		 Total
2020
£
198
-
14,529
-
3,000
7,750
645
20,000
46,122
12,200
(27,968)
£30,354
15,825
14,529
£30,354

21

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

5 Support costs
Staff
costs
Charitable activities
£
Grant-making & advisory
-
Cost of publications
21,710
Governance
-
£21,710
Other costs comprise:
Advertising
Rent, rates and insurance
Light and heat
Postage and telephone
Stationery and printing
Travelling
Royalties
Legal expenses
Office services and sundry
Depreciation
Committee expenses
6 Governance
Independent examiner's fees
Legal and professional expenses
AGM expenses
Committee expenses
Office services		 Other
costs
(see below)
£
29,542
17,067
3,828
£50,437		 Total
2021
£
29,542
38,777
3,828
£72,147
2021
£
363
14,025
297
1,432
2,178
90
572
13,713
17,367
400
-
£50,437
2021
£
1,808
5,925
250
-
3,828
£11,811		 Total
2020
£
31,473
31,186
4,907
£67,566
2020
£
268
14,123
88
1,309
1,854
376
150
15,015
19,053
-
604
£52,840
2020
£
1,796
8,244
575
604
4,303
£15,522

22

The Gospel Standard Trust

Notes to the financial statements for the year ended 31 December 2021

7 Employees and executive committee

The total remuneration paid to key management personnel amounted to £21,339 (2020 £14,726). These amounts include one member of the executive committee who received remuneration in the year. No other members of the committee received reimbursement of expenses (six in 2020). The details that follow include amounts relating to trustee activities.

2021 2020
Number £ Number £
Remuneration & expenses 1 7,410 1 2,041
Travel expenses - - 6 605

23

The Gospel Standard Trust

Notes to the financial statements for the year ended 31 December 2021

Note
8 Publications fund
Sales of publications
United Kingdom and elsewhere
U S A
Less: Direct costs
Cost of sales
9
Change in stock depreciation
9
Distribution costs
Advertising
Balance after direct costs
Less: other costs
Support costs
5
Governance
Add: Donations, legacies, interest etc
Investment income
Transfer from General fund
Operating deficit
Book subsidy fund, no movements in year
Net outgoings on Publications
Results from other funds
General - unrestricted
General - restricted
Net movement in funds for the year - page 15		 2021
£
18,613
9,379
27,992
16,689
3,753
5,472
500
26,414
£1,578
38,777
-
38,777
(37,199)
784
2,499
-
(33,916)
-
£(33,916)
37,033
(2,582)
£535
page 16		 2020
£
11,006
7,792
18,798
11,265
(8,912)
4,538
500
7,391
£11,407
31,186
230
31,416
(20,009)
1,155
3,565
-
(15,289)
-
£(15,289)
(23,946)
(14,529)
£(53,764)

24

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

Note
2021
£
9 Publications fund - cost of publications
Stock at 1 January 2021 at cost
120,585
Purchases
16,846
137,431
Stock at 31 December 2021 at cost
(120,742)
Cost of sales
8
£16,689
Provision for depreciation of stock
1 January 2021
80,279
31 December 2021
84,032
Increase/(Decrease)
8
£3,753
10 Book subsidy fund (within the publications fund, page 24)
Balance at 1 January and
31 December 2021
£19,522
There were no movements during the year.		 2020
£
125,065
6,785
131,850
(120,585)
£11,265
89,191
80,279
£(8,912)
£19,522

25

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

11 Tangible fixed assets
Freehold
Furniture
Total
which are all used for charitable
land and
and
purposes
buildings
equipment
£
£
£
Cost or valuation
At 1 January 2021
150,000
6,616
156,616
Increase on revaluation
10,000
-
10,000
Addition
-
1,200
1,200
Cost of items scrapped
-
(118)
(118)
At 31 December 2021
£160,000
£7,698
£167,698
Depreciation
At 1 January 2021
-
6,616
6,616
Charge for the year
-
400
400
Depreciation on disposals
-
(118)
(118)
At 31 December 2021
£-
£6,898
£6,898
Net book value
At 31 December 2020
£150,000
£-
£150,000
At 31 December 2021
£160,000
£800
£160,800
Revaluation surplus for share
2021
2020
in chapel pastor's house
£
£
Increase on revaluation
10,000
10,000
Total to page 15
£10,000
£10,000
2021
2020
£
£
12 Stocks
Goods for resale
£36,710
£40,306
Freehold land and buildings relate to a share in a chapel pastor's house.
In
accordance with Charities SORP (FRS 102) the Trust's one-third share has been
revalued by the directors at the estimated net realisable value at 31 December 2021
based on sales of other properties in the area. The estimated value relating to the
land is £55,000.		 Freehold
land and
buildings
£
150,000
10,000
-
-
£160,000
-
-
-
£-
£150,000
£160,000		 Furniture
and
equipment
£
6,616
-
1,200
(118)
£7,698
6,616
400
(118)
£6,898
£-
£800		 Total
£
156,616
10,000
1,200
(118)
£167,698
6,616
400
(118)
£6,898
£150,000
£160,800
2021
£
10,000
£10,000
2021
£
£36,710		 2020
£
10,000
£10,000
2020
£
£40,306

26

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

13 Debtors
Due within one year
Trade debtors
Other debtors
Interest free loans to chapels
Interest free loans to Ministers
VAT
Prepayments
Due after more than one year
Interest free loans to chapels
Interest free loans to Ministers
14 Cash at bank and in hand
Cash at bank and in hand
NSB Investment account
COIF Fund deposit account
Other Investment accounts
15 Creditors
Grants approved
Accruals
VAT
Other creditors		 2021
£
11,319
25,826
9,395
15,400
27
1,045
63,012
30,000
117,961
£210,973
54,704
3,927
58,728
830,534
£947,893
200
9,357
-
6,243
£15,800		 2020
£
6,526
23,763
1,000
8,400
250
1,042
40,981
-
63,312
£104,293
205,559
3,899
118,728
741,133
£1,069,319
12,200
3,734
951
6,992
£23,877

27

The Gospel Standard Trust

Notes to the financial statements

for the year ended 31 December 2021

16 Analysis of net assets between funds

Fixed assets
Stock
Debtors
Cash
Creditors		 Unrestricted
fund
£
160,800
36,710
210,973
587,703
(15,800)
£980,386		 Restricted
fund
£
-
-
-
68,617
-
£68,617		 Endowment
funds
£
-
-
-
291,573
-
£291,573		 Total
2021
£
160,800
36,710
210,973
947,893
(15,800)
£1,340,576
Allocation of the Unrestricted fund Allocation of the Unrestricted fund
General fund 696,645
Publications fund 283,741
£980,386

The balance on the Restricted fund is to be used for repairs and improvements to chapel premises.

17 Taxation

The Trust is exempt from corporation tax on its charitable activities only by virtue of Part 11 Corporation Tax Act 2010.

18 Capital commitments

At 31 December 2021 the Trust had authorised no capital expenditure commitments (2020: Nil).

28

Assets held in trust 31 December 2021

Pages 29 and 30 do not form part of the financial statements

Rent and Balances with Interest Distributions Deposit Takers

1 Bath Chapel charity

2021 100 4,223 600
2020 111 - 4,723

The chapel is let for £100 per annum. Accumulated income was paid over to the beneficiary, the Gospel Standard Aid & Poor Relief Society in 2021.

2 Mount Zion, Bournemouth

2021 7,372 13,240 745,995
2020 9,427 9,250 751,863

The chapel was sold in 2008 and distributions (which include trustees' expenses) are being made to the church.

3 Providence Chapel Croydon Charity

2021 22 610,063 20,428
2020 2,423 392,189 630,469

The chapel was sold in 2019 for £1.1m less expenses of sale producing £1,079,290. Distributions comprise trustees' legal and other expenses and some grants to chapels and other charity beneficiaries. Most grants are being made from the charity's own bank account to which £600,000 was transferred during 2021 (£355,000 in 2020) and which is included in distributions.

4 Rehoboth Strict Baptist Chapel, Goodshawfold

2021 1,287 1,140 71,739
2020 1,295 1,107 71,592

A fund of £70,000 is to be retained to provide the income to maintain the graveyard.

5 Albert Street Chapel, Oxford

2021 6,254 4,103 23,250
2020 3,362 2,932 21,099

The chapel is let for £3,250 per annum plus insurance and recoveries of legal costs. Distributions include insurance and ex gratia repayment of rent due to lockdowns.

29

The Gospel Standard Trust

Assets held in trust 31 December 2021

Pages 29 and 30 do not form part of the financial statements

Rent and Balances with Interest Distributions Deposit Takers

6 Zion Chapel, Prestwood

2021 3,234 1,001 165,915 2020 3,194 995 163,682

The permanent endowment comprises £150,000, which the Charity Commission authorised from the sale proceeds, plus an earlier legacy of £8,000. The fund of £158,000 is to provide income for the upkeep of the retained burial ground.

7 Bethel Chapel, Rye

2021 - 153 - 2020 6 190,051 153

The chapel was sold in 2020 for £201,075 less expenses of sale producing £190,198. The final distribution was made in 2021 and the charity closed.

8 Other funds

ther funds
2021 22 245,072 18,190
2020 - - 24,476

These funds were held for Zoar church, Romford, the friends at Uckfield, trustees of Minety Chapel Graveyard and the Ebenezer Chapel Smallfield Charity. Romford chapel was sold in 2021 for £252,000 less expenses of sale, which was distributed to the beneficiary, the Gospel Standard Aid & Poor Relief Society along with the remaining Romford funds held. Distributions include legal and other expenses.

30

The Gospel Standard Baptist Library Fund

5 Hove Park Gardens, Hove, BN3 6HN

Charity Commission Registered No 247869

Trustees Report for 2021

This year again has been affected by the Covid 19 pandemic and the accompanying restrictions - Bethesda continued to have limits on visitors and this in turn meant less footfall at the Library. In addition, Muriel Stonelake moved to Bedfordshire at the end of March after 16 years of valuable work which has been much appreciated. The Library continued to be open 2 or 3 mornings a week and in May, Geoffrey Main, who was retiring from teaching that month, felt led to join us as a volunteer and has proved very helpful. Marion Hyde's mobility was becoming increasingly limited due to arthritis but despite this and with the on-going support of Gordon Dadswell, the Library continued to be open two days a week. Necessary work continued; books were still borrowed, mainly by post, and various enquiries for information dealt with by email.

Gordon continued with scanning the Church records of Ebenezer Chapel Luton and Providence Chapel Croydon prior to depositing them with the relevant Record Offices in due course. He has also scanned 72 typed sermons preached at Providence, Croydon by various ministers, which will be available to borrow or download.

The total number of books loaned over the year was 412 - 72 more than last year partly due to a Bethesda resident borrowing regularly. We were pleased to welcome some new borrowers too. Only one Newsletter has been possible this year which drew attention to the additions to the Library over the past year and also referred to publications which were relevant to plagues and pandemics in previous generations and what the reactions had been. We hope to return to two in 2022.

There were 97 new Accessions this year, and in addition there were 25 duplicates. As previously we are grateful to those who donate new publications and other titles which are new to the Library. A considerable number of books came from a loyal supporter who is reducing his own library as age increases; also from Mr & Mrs Goodge, who moved to Bethesda, and from the closure of Studley Bethesda. Some made useful additions to our collection or were sold if not required, but the majority were sorted and listed into categories by Geoffrey and then circulated to all on our email list. This generated quite a good response which has trebled the income from the sale of surplus books to £2,215.

31

The Gospel Standard Baptist Library Fund

5 Hove Park Gardens, Hove, BN3 6HN

Charity Commission Registered No 247869

Trustees Report for 2021 continued

In the newsletter reference was made to the financial position of the Library which was running at a deficit. This resulted in a number of donations, some quite generous totalling over £6,000 for which we were very grateful particularly where Gift aid could also be claimed. We are thankful to report that the Library's financial position is considerably improved although there is no room for complacency and donations are always welcome.

In September a new computer was purchased and installed since the Library PC had been causing problems, was very slow, failing and over 10 years old. John Kingham kindly took our 'old' one and rebuilt it with an SSD drive so that the Library now has two PCs which are linked with Icedrive allowing shared storage. This is very useful when two volunteers are working at the same time.

Repair and rebinding of books continued where necessary and as time permitted.

Marion had shoulder surgery in June and a knee replacement in December both of which were successful. She awaits surgery on the other knee in 2022 DV. We trust she will be able to continue and also Gordon and Geoffrey and we pray that the Lord will yet go before and give wisdom and guidance in all the concerns and decisions which may be made in the coming year.

Chairman: John H Cottington

Date: February 22[nd] 2022

The Gospel Standard Baptist Library Fund is governed by Deed of Trust dated 24 May 1949 as amended by the Charity Commission Scheme of 25 November 1971. The trustees for the time being have the power to appoint new trustees who, apart from The Gospel Standard Trust, must be members of a Gospel Standard Church and at least twothirds of the trustees shall be members of the Committee of The Gospel Standard Aid and Poor Relief Society.

Trustees:

J H Cottington, A J Collins, G W Hyde, M J Hyde, B E Izzard, B P Mercer, H Sant, The Gospel Standard Trust.

32

The Gospel Standard Baptist Library Fund

Statement of financial activities

for the year ended 31 December 2021

Income and expenditure
Income
Book sales
Gospel Standard Trust Grants
Providence Chapel Croydon Charity Grant
Bethel Chapel Rye Grant
Donations and subscriptions
Donations received under Gift Aid
Gift aid receipts
Interest received
Total income
Resources expended
Direct charitable expenditure
Book purchases
Bookbinding and picture framing
Rates and insurance
Water, gas & electricity
Telephone
Postage and carriage
Office stationery and sundries
Office equipment repairs and renewals
Advertising
Trustees travel & other expenses
Librarians' travel & other expenses
Buildings repairs and renewals
Subscriptions and donations
Miscellaneous expenses
Depreciation - building
Depreciation - equipment
Total resources expended
Net income for the year
Fund balance at 1 January 2021
Fund balance at 31 December 2021		 2021
£
2,237
249
-
153
4,203
2,116
502
5
9,465
60
30
1,317
757
468
390
153
260
113
-
1,139
-
71
-
1,436
461
6,655
2,810
24,044
£26,854		 2020
£
712
198
7,000
-
525
1,292
383
17
10,127
161
-
1,158
758
440
495
174
120
165
-
1,362
581
70
250
1,436
323
7,493
2,634
21,410
£24,044

Accounting Policy Note: Depreciation is being provided on the cost of the Library building and extension on a straight line basis at 3% per annum. Depreciation is being provided on office and other equipment on a straight line basis at 20% per annum.

33

The Gospel Standard Baptist Library Fund

Balance sheet

As at 31 December 2021

Fixed assets
Building at cost (1980)
Extension at cost (2003)
Less: Depreciation to date
Office Equipment
Scanner Copier Printer (2017)
HP Desktop Computer (2021)
Less: Depreciation to date
Current assets
Debtors and accrued income
Prepayments
Providence Chapel grant advance
Cash in Melton Mowbray Building Society
Cash in hand and at bank
Less: Current liabilities
Creditors
Net current assets
NET ASSETS
General fund		 2021
£
23,675
24,192
47,867
(36,514)
11,353
1,613
700
2,313
(1,753)
560
11,913
6
237
-
2,073
12,625
14,941
-
14,941
£26,854
£26,854		 2020
£
23,675
24,192
47,867
(35,078)
12,789
1,613
-
1,613
(1,292)
321
13,110
159
361
3,000
2,068
5,346
10,934
-
10,934
£24,044
£24,044

34

Gospel Standard Trust Publications

A SELECTION OF BOOKS

Price excluding postage

Doctrinal and Devotional £
Consider Him……………………..……………………….… R Hawker ……… 4.50
Contemplations on the God of Israel………………………… W Huntington ……… 8.00
The Doctrines of Grace……………………………………… K Matrunola ……… 4.50
Magazine Collection (GS, FC & Perception on USB flash drive) ……… 45.00
For previous purchaser of DVD (FC or GS) ……… 21.00
The Christian Remembrancer………………………………… Ambrose Serle ……… 13.00
Baptism……………………………………………………… J Norcott ……… 5.75
Christiana’s Journey (illustrated)…………………………… J Bunyan ……… 18.00
Hymns on Various Passages of Scripture…………………… Thomas Kelly ……… 12.00
The Nazarene’s Songs………………………...……….…...… William Gadsby ……… 15.00
Brought Unto the King………………………...……….…... Rhoda A Gosden ……… 6.50
Pastoral Counsel……………………………………………… George Rose ……… 5.00
An Exposition of Psalm 51………………………………… Martin Luther ……… 9.00
An Exposition of John 17…………………………………… Martin Luther ……… 9.50
An Exposition of the Last Words of David………………… Martin Luther ……… 11.00
Glimpses of Grace (daily readings selected by J North)…… J K Popham ……… 16.00
Children and Young People
Elijah, Prophet of God ……………………………………… B A Ramsbottom ……… 5.00
Elisha, Man of God………………………………………… B A Ramsbottom ……… 5.00
David, Shepherd, Soldier, King……………………………… B A Ramsbottom ……… 5.00
Mordecai, The Man with a Secret…………………………… B A Ramsbottom ……… 5.00
Rahab, Woman of Faith……………………………………… M Philpott ……… 5.00
When God Made the World…………………….…………… D & N Sayers ……… 1.95
Miracles of Jesus Series:Miracles, Parables, People Jesus Met,
Birth of Jesus, Resurrection of Jesus, Crucifixion of Jesus,
Paul Follower of Jesus, Peter Disciple of Jesus…………..…… B A Ramsbottom ……… 4.75
World War I - Faithful Under Fire…………………………… M Philpott ……… 7.50
Sketches - World War I……………………………………… M Philpott ……… 2.50
Sketches - Elijah and Elisha………………………………… M Philpott ……… 2.50

35

Gospel Standard Trust Publications

A SELECTION OF BOOKS CONTINUED
A SELECTION OF BOOKS CONTINUED Price
excluding postage
Sketches - David…………………………………………… M Philpott ……… 2.50
Sketches - Mordecai……………………………………………… M Philpott ……… 2.50
History and Biography
Sing Aloud in Jesus’ Name(Lesser Known Hymnwriters)………… B A Ramsbottom ……… 3.50
Six Remarkable Ministers …………………………………… B A Ramsbottom ……… 8.95
Some Welsh Ministers……………………………………… J R Broome ……… 5.00
Some Eighteenth Century Hymnwriters…………………… J R Broome ……… 4.25
Some Puritan Divines………………………………………… J R Broome ……… 4.75
Some Scots Worthies………………………………………… J R Broome ……… 4.50
History of the Gospel Standard Magazine…………………… B A Ramsbottom ……… 6.50
William Gadsby……………………………………………… B A Ramsbottom ……… 12.00
With Mercy & With Judgement (Strict Baptists and WW1)…… M Hyde ……… 13.00
The Hidden Pathway(Elsie Dawson)………………………… G D Buss ……… 6.95
Remembered Mercies Recorded…………………………… George Rose ……… 16.00
Forty Years in the Wilderness……………………………… John Chandler ……… 12.00
A Bruised Reed - Anne Steele……………………………… J R Broome ……… 17.50
When God Works (Thomas Bradbury)………………………… Ed. J Kingham ……… 9.50
Servants of the Living God………………………………… G Chewter ……… 11.00
By Faith - John Kemp of Biddenden(autobiography + sermons etc.) ……… 14.00
Sermons
Expositions of Holy Scripture…………...………….……… J C Philpot ……… 13.00
William Gadsby……………………………………………… ……… 9.95
John Kershaw………………………………………………… ……… 7.95
John Green…………………………………………………… ……… 7.50
Sermons of a Seceder………………………………………… William Tiptaft ……… 9.00
Ernest Roe, Volumes 1 & 2 (both volumes purchased together £28.00) (per volume)…… 16.00

All obtainable from: Gospel Standard Trust Publications, 12b Roundwood Lane, Harpenden, Herts, AL5 3BZ; Tel: 01582 765448; on-line at www.gospelstandard.org.uk or from Trust Book Agents (see Gospel Standard magazine for details). Books collected from Agents or the Publications Centre, Harpenden, are charged at the normal retail prices as listed above, except for a 10% discount on books for Sunday Schools. Please do not send money with order - an invoice will be sent with the books; we can now take card payments including over the telephone.

36