EAST MIDLAND BAPTIST TRUST COMPANY LIMITED IA Company Limited by Guaranteel REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 ChaTity Number.. 250068 ompany Number.. 00178555
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED Company Limited By Guarantee} CONTENTS Page Company Infomialion Annu81 Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balarn Sheet Notes to the Accounts 8-16
EAST MIDLAND BAPnST TRUST COMPANY LIMITED (Company Limited by Guarantee COMPANY INFORMATION TRUSTEES Dr C D Hanning Mr T D Jackson Revd M Fegredo Mr G N Anderson Revd M Clay (Chairman) (Treasurer) COMPANY SECRETARY Mrs R Nitholls KEY MANAGEMENT All Trustees REGISTERED OFFICE Baptist House PO Box 44 129 Broadway Didcol Oxfordshire OX118RT REGISTERED NUMBER OQ1178555 CHARITY NUM8ER 25D068 BANKERS Lloyds TSB 43 Irongzte Derby DEI 3FT INDEPENDENT EK4MINER A R R Price FCA A R R Price Limited Chartered Accounlanls 17 Newslead Grove Nollingham NG1 4GZ
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) ANNUAL REPORT OF THE TRUSTEES The trustees prèsent their report wllh the financial statements of the charitablè company for the year ended 31st December 2023. OBJECTS AND ACTIVITIES Alms and objectlves The Ea51 Midland Baptist Trust Company Limited is a company IiTnite(I by guarantee and also a registered ch8rrty and ils obje¢ts are as set out in the Memorandum and Articles of Association dated 1 sl January 2002 and include provision as lo. The promotion of Evangelical religion in the East Midlands or els8where according to the principles and usage for the time being of Protestants of the Baptist Denomination, Promote, or asstst in promoting, or assist in the building, repairing and restoring places or cenlres of worship, Ministers, houses, Halls, Schools. Colleges, Institutions and other buildings. Provide monies required foi all or any of such purposes. The exercising of corporate trusteeship over those churches in trust with the company. ACHIEVEMENTS AND PERFORMANCE Achievements In furthering ils primary objective cluring 2023 the Company conlinu8d to act as Custodian Trust88 for the churches in Trust wrth rt and as Management Trustee for a few property related Trust Funds. The duties carried out included". a. Accounting lo individual churches for interest earned on funds held. b. Approving plans submitted where alterations were proposed. ensuring that SLrfFicienl funds were available to setvice any loans taken out and that the correct procedures had been followed in the use of archilecls and quanllly surveyors. Aggregating fund5 held on beha of churches and the East Midland Association in order to secure the best rates of Interest al minimum risk through a spread of inveslmenls. This aclivf(y was ceased in March 2023 and Churches invested their funds in the Baptist Union cash invèslmenl accounts or opened their own investment accounts. d. Making grants to loc81 churches from various Reslrieled Funds. Financial Reviaw Total In¢oming resources for the year wer? £65,06412022- £33,869). Total resources expended for the year were £ 40,564 12022.. £28,260). Where ¢o$1s 8re shared belween unreslricled 8nd restricted aclivfties they have been apportioned by the Trustees on the basis of amount used, The funds at 31 st Decembei 2D23 were £1,162,36612022- £1.113,1551 of which £ 88,01012022.. £66,602) were unrestricted £339,674{2022.. £328,549} were restricted and £734,68212022.. £720,004} were endowed lunds. Rgservès Policy In order lo provide a quality, effective and efficient service lo 11$ beneficiaries the Trustees are aware of the desirabilty of setting a level of reserves that, in th8 evènt of funding not being suffici8nl to COV8r eXnsaS in the future. a smooth transition can be made to a lower level of servi. However, the running costs ofthe company gre generally quite modest and 8lways capable of being covered by a Gorresponding level of investment income. The Tru51ees do not therefore consider that any level of reserves is required bul will rèview this policy on an annual basis. Total general reserves at 31 sl December 2023 are £88,01012022. £56,602).
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee} ANNUAL REPORT OF THE TRUSTEES Investment Pollcy From March 2023. following an investment review, the policy was changed. From this date surplus funds weie deposited in a Baptist Union Corporation cash deposit ac¢ounl. The interest Dn this account tracks the Base Rate and in is on one year notice. STRUUURE, GOVERNANCE AND MANAGEMENT Constitution The main decision-making body of the Company during the year end8d 31 st December 2023 wa5 the Board of Directors has appointed by the Parent Company, the East Midland Baptist Association Limited. wi(h effect from 1st January 2002. In addition to the Directors (the Trusleesl the Company was served by a Trust Officer and employee Df the Baptist Union Corporation Limited, to whorn the Company paid an appropriate fee. The Trust Comp8ny is wholly owned subsidiary of the East Midlands Baptist Association. Recruitment to fill vacancy for a directof is notrfied by the Trust to the Association Bts8ré, who then seeks a suitable replacement from the churches of the assc)ciation and, after discussion al their board meeting makes the appoinlrment lo the EMBTC board. In conn8Ction with the cofporale tiusleeship of those churches in trust with the Association. the EMBTC boaié has delegated ils responsibilities lo a specialist Trusteeship Committee, urider the guidance of the Manager of the Baptist Union Corpor81ion Ltd, for whose services a fee is paid. The company has continued to provide financial support for cap(tal purposes tD various chur¢h¢s within the East Midland Association. These have been by way of loans on terms agreed by the Trustees. The company has also provided expert advice on legal and property issues lo churches involved in extensive building work or in the buying and selling of m8nse properties_ Trustees The trustees of the company during the year and at the year-end were those appointed by the Parent Company, the East Mid5and Baptist Association Limited, as detailed bek)w". Chairman Company Secretary Dr C D Hanning Mrs R Nicholls Treasurer Mr T D Jackson Revd M Fegredo Revd M Clay Mr G N Anderson Rlsk Review The ttustees have examined the major risks which the charity faces and confirm that systems have been established so that the necessary steps can be taken lo redu these risks. Statemfrnt on Public Benefit The objectives and aclivf(ies, and achievement and perfomiance sections of this report clearly set out the activities which the charity undertakes for the public benerrt The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have du8 regard to public benefit guidanGe published by the Commission in determining the activities undertaken by the charity.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED Icompany Limited by Guarantee) ANNUAL REPORT OF THE TRUSTEES STATEMENT OF TRUSTEES, RESPONSIBILITIES Th8 trustees (who are also directors of East Midland Baptist Trust Company Limited for the purposes of company lawl are re5tK)n5Fble for preparlng the Councils, Annual Report and the financlal statements In accordance wh applicable law and United Kingdom Accounting Standards (United Kingdom (*nerally Accepted Accounting Pract1). Company law requlres the trustees to prepare financial siaterrEnts for each financial year, which give a true and fair v of the state of affairs of the Charitable cofftpany and of the incomlng resources and application of resourc, IncIlIng the income and expenditure, of the charitswe companyfor that Ferlcxj, In preparing these financial 5tatetnents, the trustees are required to.. select 5uiiable accounting policie5 and then apply them consistendyi observe the method5 and principles in the Charitles SORP 2015 (FRS 102},' make judgements and eskn.mat that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, sjbj'ect to any tnaterial dertureS disc105ed and explained in the finandal statements; prepare the financial statements on the going COnM basls unless 6t Is Inappropriats to esume that the charitable company will continue in operation. The trustees are resWns1b for keeping adequate accounting records that dEclose with reasonable accuracy at any time the financial position of the charftable company and enable thern to ensure that the flnancial ststements comply with the Companies Act 2006. They are also r2sponsible for safeguarding the assets orthe charitsble company and hence for tsking reasonable steps for the pvenOn and detection of foud and other IrregularteS. In so far as the trustees are aware.. the is no relevant information of which the chaikable tompanrfg independent examiner is unaware,. and the tNStees have taken all Steps that they ought to have tsken to make themselves aware of any relevant informatlon and to estsblish that the independent examlner Is aware of that informatson. The rep)rt has Èeen prepared hayiThJ taken advaThtsge of the small companies exernption in the C0tnpanS Art 2(K)6 Approv ylhe slees on d si9ned on their behalf by.. Drch Hanning
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report on the accounts of thè Charitable company for the year endecl 31 st December 2023 which are s81 out on pages 6 10 16. This report is made solety lo the Charity's Trustees as a body. in accordance with Section 145 of the Charities Act 2011. My independent examination work has be@n undertaken so that I might slate to the Charities Trustees those matters18m required to slate lo them in an Independent Examiner's Report and for no other purpose. To the fullest extent permilled by18w, I do not accept, 01 assume iesponsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my Independent examination work, for this report. or for the opinions I have found Responsibilities and basis of the report As the charity's Trustees ofthe wmpany land also its Directors for the purposes of company18wI ?re responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061 the 20 Act"). Having satisfied mysew that the accounts of th8 Company are not required lo be audited undèr Part 16 of the 2006 Act and are eligibl8 for independent examination. I report in respect of my ex8min8tion of your charity's accounts as carried out under seclion 145 of the Charities act 2011 1.the 2011 Act.). In carrying out my examination I have followed the Dir8Ctions gDien by the Charity Commission under sectlon 14515llbl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection wrfth the examination giving me cause to believe,. accounting records were not kept in resp1 of the cornpany as required by s8clion 386 of the 2006 Act.. or 2. the accounts do not accord with those rewrds., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the a¢¢ounts give a true and fair view which is not a matter Gon5Klered as part of the independent examination.. or 4. the accounts have not been prepared in 8c¢ordance wf(h the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by Charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK {FRS1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a propor understanding of the accounts to be reached. Alam8 A R R PRICE FCA Chartered ACGOU ant Forand on behalf of A R R Price Limitgd l T Nowslead Grove Nottingham NGI 4GZ
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantaol STATEMENT OF FINANCIAL ACTIVITES lincluding incom8 and èxpenditure account} FOR THE YEAR ENDED 31ST DECEMBER 2023 Unrestricted Restricted Endowed Funds Funds Funds Totsl Funds 2023 Total Funds 2022 Notes Income from.. Donations Bank and investment InMe Trustee fees and other Income 5,30Q 25,811 10,203 5,300 49,561 10,203 6.889 17,061 32,462 1,407 Total income 6,889 17.061 65 064 Exp8nditure on. Raising funds Charitsble aclivi(ies 1.126 18,580 1,126 39,438 10,043 18.217 20,858 Totsl expenditure 19,706 20,858 40,564 Nel Incominglloulgoingl resources Net gainslllossesl on investmènts 21,4Q8 6,889 6,236 13,7971 18,475 24,500 5,609 24,711 1119,5861 Nèt movement in funds 21,408 14,678 49,211 113,977 R8con¢iliatlon of funds Total funds brought fOnard 68,602 326,549 720.OCA 1.113,155 1,227,132 Totsl funds Caled forward 14 88.010 339 674 734 682 1162 366 1,113,155 All transactkjns are derived from continuing aCtiVe$. All recognised gain5 and losses are IKluded in the StstÈrnent of Tinandal ALtJvldes.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) COMPANY NUMBER 00178555 BAL4NCE SHEET AS AT 31ST DECEMBER 2023 Notss 2023 2022 Fixed Assets Tangible assets Investments 453,250 4,967 458217 453,250 1,481,216 1934 466 Current Assets Debtors Cash al bank and in hand 16,575 1,282.876 23,779 903,312 1,299,451 927,091 Creditors-. amounts falling due within one year 12 595,302 1,748.402 Net Current As5etsllLiabilities} 704,149 1821,311} Net Assets 1 162 366 1.113 155 Represented by.. Endowment funds Restricted income funds Unrestricted funds 734,682 339,674 88,010 720,004 326,549 66,602 14 Total Charity Funds 1,162,366 1,113.155 Tre charitable cornpany Is enb.ded to exemOon fmm audrf( under Sethon 477 ofthe Comthlnies Act 2006 for the year ended 31st December 2023. The rnember5 have not required the chariiable company to obtaln an audlt of Its flnanclal siatements for the year ended 31st Decefflber 2023 in accordan with Section 476 of the Compan5 Act 2006. The Trustees acknowledge thr reS[x)nsilitles for.. (a) ensuring that the CDmpany keeps accounting records whlch comply with Sections 386 and 387 of the Q)rnpanies Act 2006,. afid Ib) preparing financial statements whith give a true and fair Mew of the stste of affalrs of the company as at the end of each financial year and of its profrfc or loss for each financial year in accordan with the requirements of Sections 394 and 395 and which otherwi* LDtnpty with the requirements of the Companles Att 2006 reLiting to financial strAternents, si far as applicable to the company. The account5 have been prepared in accDrdance wfth the provisions picable to cornpanies subjett to the small cOmnIeS regime. Approved by the 8oard of Trustees on and sNJned on their behalf by.. T Jackson Treasurer Dr Truslèe The notes on pages 8 10 16 form part of these financial stalemenls.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED Icompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES Basis of preparation East Midland Baptist Trust Company Limited is a company limited by guaranteè in the United Kingdom. In thè èv8nl of the charity being wound up, the liability in iespect of the guarantee is limtted to £1 per member of the charity. The address of the registered office is given in the charity Information on page 1 of these financial statements. The nature of the charity'5 oper8tions and principal activities are set out on pag8 3. The charity conslrtutes a public beneff( entity as defined by FRS 102. The financial statements have been prepared in ac¢ordance with Accounting and Reporting by Charities.. Statèment of Recommended Practic8 applicable to charities preparing their accounts in aGGOfdance with the Financial Reporting Standard applicable in the UK IFRS 1021 issued on 16 July 2014, Ihe Financial Reporting Standard applicable in the United Kingdom IFRS 1021, the Charities Act 2011, the Companies act 2006 and UK Generally Accepted practi a5 i( applie5 from 1 January 2015. The financial slalements are prepared on a going concern basis under the historical cost convention, modified to include certaln items al fair value. The financial statements are prepare in sterling which is the functional currency of the charty. The signtfiGanl accounting policies applied in the preparation of these financlal slalements are sèt out below. These policies h8ve beèn consisl8ntly applied lo all years presented unless otherwise stated. Incoming and endowments All incoming resources are included in the Statement of Fin8n¢i81 Activities ISOFAI when the Charity is legally entitled lo the income after any performance conditions have been met, the anUnt can be measured reliably and il is probable that the income will be received_ Donation and legacy income are included in fvll in the Statement Cjf Financial Activities when receivable. Investment income iy included when receivable. Expenditure All expenditure is accounted for on an accruals basls and has been classified under heading5 that aggregate all costs related to the ealegory. Expenditure is recognised wh8r8 th8re is a legal or conslruclive obligation to make payments to third partie5, It is probable that the settlement will be reqUId and the amount of the obligation can be measured reliably. 11 is calegorised under the following headings.. Raising funds includes inveslmerbt management fees. Charitable activities comprise those costs incurred by the charitable company in the delivery of its activities and services for rts beneficiaries. It includes both costs allocated direclty lo such aGtivities and those costs of an indirect nature nècessary lo support them.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 Support costs allocation Support costs ale those Ihal assist the work of the GhatY bul do not diieclly repr8sent charitable activitS and include office costs, governance costs, administrative payroll costs. They are Incurred direGtly in support of expenditure on the objects of the Gharity and include project management carrled out at Headquartèrs. Where support costs Cannot bè dlrectly attributed to particular headin9s they have been allocated lo charitable aclNities on a basis consislenl with use of the resources. The analysis of these SIS is included in note 4. Tangible assets Depreciation has not been provided on the pioperties owned by the charitable company. as in the opinion of the trustees, the disposal value of the assets is not expected lo be less than the carrying value. Investments Investments are reeognised initially al their transaction value which is normally the transaction price le55 transactlDn costs. Subsequently, they are measured at fair value with changes recognised in 'nel gains Illossesl on invesiments. in the SOFA rfthe shares are publicly traded or their fair value can otherwise be measured reliably. Debtors and creditQTS receivablplpay4ble within one year Debtors and creditors with no stated interest rale and receivable or payable within one year are recorded al transaction price. Any losses arising Irom impairmenl are recognised in expenditure. Taxation Thé comp8ny is a rlstered eh8rity and is therefore enlTtled lo the exemptions from corporation lax afforded by section 505 of the Incomè and Corporation Taxes Act 1988. Accordingly, there is no corporation lax charge in these financial slatemenls. Custodian trustee funds The charitable Gompany holds funds on beh81f of churches wlhin the East Midlands Association as Custodian Trustee. Responslbilily for managing these funds rests w(th the management Iruslees of the respeclive churches, 8nd details of these assets should appear in their own accounts. As Custodian Trustee we have a duly lo disclose the information relating to assets held and details appear on pages 15 and 16. Funds Permonent endowment funds are capital funds where there is no power lo convert capital into income. They musl generally be held indefinitely except where the Charity Commission has agreed otherwise. Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charitsble company. Reslriclions arise when donors specify the purpose for which thè incomé can bé used
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 Funds Icontlnuedl Unrestricted funds are donations and other illcoming resources receivable or generated for the objects of the charitable company wilhoul specified purpose and are available as gener81 funds. Endowment funds representthose assets which must be held peMianerrtly by th8 Gharily. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment managemtrnt charges and legal advice relating lo the fund are charged against the fund. Going Concern The linancial statements have been prepared on a going concern basis as the trustees bèlieve that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected 18V81 of income and expenditure for 12 months from aulhorising these financial slaternenls. The budgeted inwme and expenditure is suffi¢ient w((h the level of reserves for the charty lo be able lo continue as 8 going concern Judgements and key sources of estlmatlon uncertalnty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expeclalioris of future events that are believed lo be reasonable under the circumstances_ There are no k8y assumptions conc8rning th8 futur8 and other key sources of estimation uncertainty 31 the reporting dale that have a s1gnffint risk of causing a material odjuslmenl to the carrying amounts of assèts And liabilitiès within the next financial year. INCOME FROM INVESTMENTS Unrestricted Restrscted Endowed Funds Funds Funds 2023 Total 2022 Total Bank and investment income Th8 comparative figure for 2022 has been adjusted by £1.407 now shown as other income on the SOFA EXPENDITURE ON RAISING FUNDS Unrestricted Restricted Endowed Funds Funds Funds 2023 Total 2022 Total Investment management 10
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Direct Costs Support Costs Total Costs 2023 Total Costs 2022 Grants and gifts Propertyllegal eosl8 TnJslÈeship fe ChurGh loans written off Printing, postage and telephone Independent examinefs fee 25,000 25,000 696 8,200 4,359 103 1,080 8,700 308 8,0L13 696 8,200 4,359 103 1,080 186 1.020 25,000 14,438 39,438 18,217 Grants of £25,OOQ are to five Baptist churches for building improvernenls. INDEPENDENT EXAMINERS REMUNERATION The independent examiners remuneration amounts to £1,08012022'. £1,020). EMPLOYEES, TRUSTEES AND KEY MANAGEMENT None of the trustees or key management reseive any remuneration and there are no staff cos1812022.. No tfftvelling, conference and other expenses w8r& reimbursed lo directors12022.' nil}. TANGIBLE ASSETS Unrestricted Restricted Endowed Funds Funds Funds 2023 Totsl 2022 Total Freehold Propety COST AND NET BOOK VALUE Ag 411st January 2023 Disposals 408.250 45,000 453,250 453,250 As At 31st DécembÈr 2023 408,250 45,000 453.250 453,250 Represented by the following freehold Pfoperties". 178 Oxclose Lane, Arnold, Notts, 40 Trueway Driv8, Shepshed, Leics 408,250 45,000 453.250 453,250
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 INVESTMENTS As50Giation Restricted Endowed Funds Funds Funds 2023 Total 2022 Total UK Listed shares and securities Market value as al 1st January 2023 Addrtions Disposals Net realiseélunrealised GainsllLossesl ILos5esllGains attributable lo EMBA Re-apportionmanl to current 8SSOts 692,588 199,OQ6 589,622 1,481,216 1,701,635 30,975 1714,2901 12E15,242} 1608,0971 11,527,629) 127,5391 6.236 18,475 24,711 1119,5861 21,701 1104,2691 4,g68 21,701 4,968 Market value as al 31st Dernber 2023 4,967 4,967 1,481,216 DEBTORS Unrestricted Restricted Endowed Fund$ Funds Funds 2023 Total 2022 Total Loans to churches {see note 101 Other debtors Accrued income 4,359 19,420 16,575 16,575 16,575 16,575 23,779 LOANS TO CHURCHES As al 31st DeGember 2023. the amount on loan from each fund was as follows". 2023 2022 EMBA Loan Fund Swanwick 759 Capital Prolects Greenhills 3,600 4.9 The amounl of loans to Churches rewverable after more than one year is £Nil12022." £3,852} 12
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Lim5ted by Guarantepl NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 11 CASH AT BANK AND IN HAND Association Restricted Endowed Funds Funds Funds 2023 Total 2022 Total COIF and Lloyds Accounts 324,875 275,570 682,431 1,282.876 903,312 12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Associatlon Rgstricted Endowed Funds Funds Funds 2023 Total 2022 Total Inter-company account Creditors and accruals 594,3Q2 1,000 595,302 594,302 1,715,011 1.000 3,391 595,302 1,748,402 13 RESTRICTED AND ENDOWED FUNDS Balance at 1st January 2023 Balanc8 at 31st December 2023 In¢oming Outgoing Funds Funds Other recognisèd gains Restricted Loan funds {al Association fund Ibl 258,876 67,673 326,549 6,889 265,765 73 909 339,674 6,236 6,236 6,889 Endowed Castle Gresley Ic Capital project fund {d) 20,858 699,146 720.004 120,8581 17,Q61 17,061 18,475 734,682 734,682 120,8581 1.046,553 23,950 (20,858) 24.711 1,074,356 Restricted lal Both the Association Loan Fund and the Emrnanuol Trust Loan Fund have been used lo make low interest loans to churches usually up lo £30,000 can be borrowed repayable over 10 years al hall the Base Rate, bul variable up to a maximum of 5 /4. The amounts on loan to churches are detailed in nole10. These loans are no longer Offed. Ibl Nel interest earned on Association Fund, is available for use by the Trust Company. Endowments Ic) The proceeds from the Sale of the Castle GSleY Church are available for loan or investment in an Association property. 13
EAST MIDLAND BAPTIST TRUST COMPANY UMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 Endowments {continuadl Idl Consolidalion of funds from the sale of closed churches under a Charty Cornmission Scheme dated 19th January 2004. The Charity Commission has now agreed lo this fund being used for all purposes that advanGe the woik of the East Midland Association. The balance includes a total of £28, 151 being the cumulativé Unr8alis6d Gains that have accrued since 2003. 14 RESERVES 2023 Unrostri¢- R8stri¢tsd Endowed Total ad 2022 Total As at 1 sl January 2023 66,802 326,549 720,004 1,113,155 1,227,132 Nel Movement in funds for the year 21,408 13,125 14,678 49.211 1113.9771 As At 31 st December 2023 88,010 339,674 734,682 1,162,366 1,113,155 15 ALLOCATION OF CHARITY NET ASSETS The nel assets of the Charty are held for the vallous funds as follows". Unrestricted Rèstrlcted Endowed Funds Funds Funds 2023 Total 2022 Total Tangiblè fixed assets Investments Current assets Current liabilitie8 408,250 4,967 270,095 595,302 88,010 45,000 453,250 453,250 4,967 1,481,216 734.682 1,299,451 927.091 595,3021 11,748,402) 1,162,366 1,113.155 294,674 339,674 734.682 16 RELATED PARTIES The charitable company is a wholly owned SLJbsidiary of the East Midland Baptist Association Ltd Ilimiled by guarantee) No. 4302466 incorporated in England & Wales and a registered charty (No. 10944571. 17 CUSTODIAN TRUST FUNDS The charitable cornpany holds, as Custodian TTuslee. certain assets being UK listed shares 8nd securities and cash deposits for or for the benefit of the churches and associated charities w¥thin the AssoGt8tion. The trustees do not have any directly trtle lo these funds bul administers them within the genÈral framework of the Charilies Act 2011 and the objectives of the individual churches. The funds 14
EAST MIDLAND BAPTIST TRUST COMPANY UMITED {Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 17 CUSTODIAN TRUST FUNDS (continued} are gener8lly'reslricted' as lo their use. and the trustees try lo ensure that these restrictions are complied with. Under current legislation the Iruslees are only required lo gnie a description of th8 assèts which they hold in thi5 capacity. The following schedule shows the assets of each ¢uslodian fund and how IhEse are held on behalf of each church or Gharity. Investments are included al Market V8lue. 2023 2022 Specific Investments Aggregated Investments Total Total Restricted Funds Burgh Trust Christchurch IMan5el Trust Coningsby Trust Cook Memorial Fund Eastwood Hugglescote Church Trust Ilkeston, Queen St Bc Trust Kirkby Forest st Long Eaton Long Eatori Taylor Trust Loscoe BC Nottingham Thomas Helwy5 Ruddington Trust 47,735 164,186 56,884 13,487 39,771 3S,118 8,851 6,437 15,288 77,857 31,231 744 10,000 1,712 87,868 194,521 762,114 8,851 6,437 15,288 Unrestricted Funds Bretton 109,237 16,621 73,460 770 Bulwell Daybrook Derby Osma5ton Epworth Eyres Monsall Fleet Gosberton Investments Heanor 770 770 33,921 26,835 9.686 92,506 29,623 15
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED Icompany Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 Unrestricted Funds Icontinuedl Kegworth Langley Mill Littlèover Loughborough MilfDrd Newark Nottingham Mansfield Road Nottingham New Whitemoor Skegness Smalley BC Sutton in Ashfield Wirk5WOrth & Bonsall BC Trust 15,177 12,197 45,814 234,329 108,749 9,038 90,731 120,716 18,728 32,781 13,437 767 770 770 1,095,213 Ternporary unrealised 834n on aggregate funds 229,156 16.058 2,086.483 9,621 6.417 16