EAST MIDLAND BAPTIST TRUST COMPANY LIMITED IA Company Limited by Guarantsel REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 Charity Number: 250068 Company Number.. 00178555
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED {Company Limited By Guarantee) CONTENTS Page Company Inbrmation Annu81 Report of the Trustees Independent Examinerfs Report statement ol Financial Acb'vilies Balance Sheet Notes to the Accounts 8-15
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarant981 COMPANY INFORMATION TRUSTEES Dr C D Hanning MrA D Srnalldge Mr G N Anderson Revd M Clay Revd D C Harvey (Chairman} (Treasurer) COMPANY SECRETARY Mrs R Nicholls KEY MANAGEMENT All Trustees REGISTERED OFFICE Baptist House PO Box 44 129 Broadway Didcol OXFORDSHIRE QX11 8RT REGISTERED NUMBER 00178555 CHARITY NUMBER 250068 BANKERS Lloyds TSB 43 Irongate DERBY DEI 3FT INDEPENDENT EXAMINER A R R Price FCA A R R Pric& Llmited Chartered Accounlanls 17 Newslead Grove NOTTINGHAM NGI 4GZ
EAST MIDLAND BAPTIST TRUST COMPANY LIIJIITED (Company Llmited by Guarantee) ANNUAL REPORT OF THE TRUSTEES The trustees present their report with the financial statements of the charitsble company for the year ended 31st December 2024. OWECTS AND ACTIVITIES Aim$ and objectives The East Midland Baptist TN81 Company Limited is a company limited by guarantee and also a registered charity and its objects are as sel out In the Memorandum and Articles of Associabon dated 1st January 2002 and include provision as to.. The prorTh)tion of Evangelical religion In the East Midlands or elsewhere according to the principles and usage for the time being of Protestants ot the Baptist Denomination. Promote, or assist in promoting, or assist in the building, repairing and restoring places or cenlres of worship, Minister5, houses, Halls, Schools, Colleges, Institutions and other buildings. Provide rnonies required for 811 or any of such purposes. The exercising of corporate twsteeship over those churehes in trust with the company. ACHIEVEMENTS AND PERFORMANCE Achievements In furthering its primary objective during 2024 the Company continued to act as Custodian Trustee for the churches in Trust with it and as Mar¢agemenl Trustee ft)r a few properties and Trust Funds. The duties carried out included.. Accounliny to individual churches for interest earned on fvnds held. b. Approving plans Submitted where alleralions were proposed, ensuring that sufficient funds were available lo setViGè any loans taken out and that the correct procedures had been followed in the use of architects and quantity surveyors. c. Aggregating funds held on behalf of churches and the East Midland A550ciation in order to secure the best rates of interest at minimtjm risk through a spread of investmen15. This activity was aSed In March 2023 and Churches invested their funds in the Baptist Union cash investment accounts or opened their own investment accounts. d. Making grants lo local churches from various Restricted Funds. Financial Review Total Incoming resources for the year were £39,84512023.' £65,064). Total resources expended for the year were £10,36912023". £40,564). Vvhere costs are shared between unreslrictecl and reslrlcted activities, they have been apportioned by the Trustees on the basis of amount used. The funds al 31st December 2024 were £1.191,82212023. £1,162,386) of which £ 523,30712023. £88,010) were unrestricled £322,50812023'. £311,674 as reststed} were restricted and £348,00712023." £762,682 as restated} were endowed funds. Reserves Policy In order to provide a quality, effective and efficient service to its beneficiaries the Trustees are aware of the desirability of setting a level of reseNes that. in the event of funding not being sufficient lo cover expenses in the future. a smooth transition ¢an be made to a lower level of service. However. the njnning costs of the company are generally quite rnodest and always capable of being covered by a ¢orresponding level ol investment income. The Trustees do not therefore consider that any level of reseivès is required but will review this policy on an annual basis. Total general reserves at 31 sl December 2024 are £523,30712023. £88.0101
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guaranteol ANNUAL REPORT OF THE TRUSTEES Investment Policy From March 2023, following an investment review, the policy was changed. From this date surplus funds were deposited in a Baptist Union Corporation cash deposit account. The interest on this account tracks the Base Rale and is on one year noti, STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The rnain decision-making body of the Company during the year ended 31st December 2024 was the Board of Directors has appointed by the Parent Company, the Eest Midland Baptist Association Limited, with effect from 1st January 2002. In addition to the Directors (the Trustees) the Company wa5 sefved by a Trust Officer and employee of the Baptist Union Corporation Limited, to whom the Company paid 8n appropriate fee. The Trust Company is wholly owned subsidiary of the East Midlands Baptist Association. Recruitment to fill a vacancy for a director 15 notified by the Trust lo the Association Board, who then seeks a Suitable replacement from the churches of the association and. after discussion al their board meeting makes Ihe appointment lo the EMBTC board. In connection with the corporate trusteeship ofthose churches in trustwith the Association. the EMBTC board has delegated its responsibilities to a specialist Trusteeship Committee. under the guidan¢e of the Manager of the Baptlsl Union Corporation Ltd, for whose seNice5 a fee is paid. The company has continued to provide financial support for capital PLJrposes to various churches within the East Midland Association. These have been by way of loans on terms ag ed 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 manse properties. Trustees The trustees of the company during the year and at the year-end were those appointed by the Parent Company, the East Midland Baptist Association Limited, as detailed below. Dr C D Hanning Mrs R Nicholls Chairman Company Secretary Treasurer Treasurer Mr T D dack50ll (Resigned 30.9.241 Mr A D Smallridge (Appointed 10.1 Q.241 Revd M Fegredo (Resigned 30 9.241 Revd M Clay Mr G N Anderson Revd Mr D C Harvey (Appointed 1.11.241 Risk Revlew The trustees have exaFnined the major risks which the Gharity faces and confirm that systems have been established so that the necessary steps can be taken to reduce these risks. Statement on Public Benefit The objectives and activities. and achievement and performance sections of this rerx)rt clearly sel out the activities which the charity undertakes for the public benefit The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due gard to public benefit guidance publishe by the Commission in determining the activities undertaken by the charity.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED {Company Limited by Guarant0el ANNUAL REPORT OF THE TRUSTEES STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees Iwh¢ are also directors ol East Midland Baptist Trust Company Limited for the purposes of company lawl are responsible for preparing the Councils. Annual Report and the financial statements in accordanGe with applicable law and United Kingdorn Accounting Standards (United Kingdorn Generally ACpIed Accounting Practice). Company law requires the trustees lo pr8pare financial statements for each fin8ncial year. which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, inclLJding the income and expenditure, of Ihe charitable Company for that period. In preparing these financial stalemenls, the trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2015 IFRS 1021., make judgements and estimates that are reasonable and PTudent', slate whether applicable UK Accounting Standards have been followed, subject to any Material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem Lsasis unless it is inapproprrate to presume that the charitable company will Continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lirne the financial position of the Charitable company arsd enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking rea80nable steps for the prevention and detection of fraud and other irregularities. In 50 far as the Iruslees are aware-. there is no relevant information of which the charitable company's independent examiner is unaware., and the trustees have taken all steps that they ought lo have laken lo make themselves aware of any relevant Information and lo establish that the independent examiner is aware of that information. The report has been prepared havlng taken acfvanlage of the small companips exemption in the Companies Act 2006 Approved by the Trustees on and signed on their behalf by.. Dr anning
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED Icompany Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I reFX)rt on the a¢¢ounts of the charitable company for the year ended 31st Decernber 2024 which are sel out on pages 6 to 15. This report is made solely to the Charity's Trustees as 8 bCy, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might stale to the Charities Trustees Ihose mallers l am required lo slate to them in an Independent Examiner's Report and for no other purpose. To the fvllest extent permitted by law, I do not aCp1, or assume responsibility to 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 of the company land 81so ils Dlreclors for the purposes of company law) are responsible for the preparation of the accounts in accordan wrth the quirementS of the Companies Act 2Tr)61 the 2006 Act,) Having satisfied myself that the accounts of the Company 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 examingtion of your charity's accounts as carried out under section 145 of the Charities act 2011 1 the 2011 A¢t'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Indgpendgnt examiner's statemenl I have completed my èxamination. I confirm that no matters have come to ry attention in connectlcn with the examination giving me cause lo believe.. accounting records were not kept in respert of the company as required by section 386 of the 2006 Act, or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act DlheT than any requirement that the accounts give a tme and fair vi8w which is not a matter considered as part of the independent examination.. or 4. the accoun15 have not been prepared in accordance with the methods and principles of the Statemerrt 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 IFRS1021 I have no concerns and have come across no other matters in connecb'on with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reaGhed. Name: A R R PRICE FCA Chartared Accountsnt For and on behalf of A R R Price Limited 17 Newstead Grove NortlNGHAM NG14GZ
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED {Company Limtied by Guarante8} STA TEMENT OF FINANCIAL ACTlVtTES Ilncluding income and expenditure accounti FOR THE YEAR ENDED 31ST DECEMBER 2024 Notes Unrestri¢t8d RestriGted Endowed Funds Funds Funds Total Funds 2024 Total Funds 2023 Income from.. Donatioris 5300 Bank and investment income Trustee fees and other Income 17.894 1.006 10,834 10.111 38,839 49,561 Total income 18,900 10,111 39,845 65,084 Expenditure on.. Raising funds Charrtable activities 1,126 39,438 10,389 10,389 Total expenditure 10,389 10,389 40,564 Nel Incominglloutgoingl resources Nel gainsjllossesl on investments 8,511 10,834 10.111 29,456 24,500 24.711 Transfers 426 786 426,788 Net movèment in funds 435.297 10.834 416,675 29,456 Reconcillatlon of funds Totsl funds brought lorward as reststed 13 88.010 311,674 762,682 1,162,366 1,113,155 Total funds carried fDrward 523.307 322,508 346.007 1,191,822 1.162 366 All transactions are derived from continuing activrties. All recognised gains and losses 8re inc5uded in the Statement of Financial Activities.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) BALANCE SHEET AS AT 31ST DECEMBER 2024 Notes 2024 2023 As restated Fixed Assets Tangible assets Investments 880,036 4,967 453,250 4,967 885,003 458217 Current A5Sgts Debtors Cash at bank and in hand 9.303 891.g55 16,575 1282,876 10 901,258 1.299,451 Creditors.. amounts fallirbg due within one year 594,439 595.302 Net Current AssetsllLiabilitiesl 306,819 704,149 Not Assets 1.191,822 1.162.366 Represented by: Endowment funds Reslricled income fLtnds Unrestricted funds 12113 12113 13 346,007 322,508 523 307 762,682 311,674 88.010 Total Charty Funds 1,191,822 1,162,366 The charitable company is enlilled to exemption from audil under Section 477 of the Companies Act 2006 for the year ended 31st Dember 2024 The members have not requir8d the charitable company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordanTr with Section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for.. {al ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 20Q6', and (bl preparing fin8ncial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of ils profft or loss for each financial year in accoldan with the requirements of Section$ 394 and 395 and which otherwise omply with the requirements of thè Companies Act 2006 relating to financial statements, so far as applicable lo the company. The accounts have been prepared in COrdanCe with the provisions applicable to companies SLEbject to the small companies regime. Approved by the Board of Tru5tÉes on . and signed on their behalf by.. Mr A D Smallridge Treasurer Drc Trustee ing 31Dg The notes on pages 8 to 15 form part of these financial statements.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES Basis of preparation East Midland Baptist Trust Company Limited is a company limited by guarantee in the United Kingdom_ In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the registered office 15 given in the charity information on page 1 of Ihestt financial statements. The nature of the charity's operations and principal activities are set out on pages 2 and 3. The charity constitutes a public benefit entity as defined by FRS 102. The financial Statements have been prepared In accordance with 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 IFRS 1021 issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom IFRS 102}, the Charities Act 2011, the Companies act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain iterns at fair value. The financial statements are prepared in sterling which is the ftjnctional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied ID all years presented unless Otherwise stated. Incoming and endowments All incoming resources are included in the Statement of Financial Activits"es ISOFAI when the charity is legally enlilled lo the income after any performan conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Donation and legacy incomè are included in full in the St8temenl of Financial Activities when receivable. Investment income is included when receivable. Expenditure All expenditure is accounted for on an accruals basis and has be8n classified under headings that aggregate all c051s related lo the category. Expenditure is recognised where there is a leg81 or constructive obligation to make payments to third parbes, il is probable that the settlement will be required and the amouT)t of the obligaliorb can be measured reliably. It is ¢alegorised under the following heading5". Raising funds includes investment management fees. Charitable activities comprise those costs incurred by the charitable company in the delivery of ts activities and services for its beneficiaries. 11 includes both costs allocated directly lo such activities and those costs of an indirect nature necessary lo support them.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED {Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 Support costs allocatlon Support Costs are those that assist the work of the charity but do not directly represent charitable activities and include offi'ce costs, governance costs, administrative p2yroll cost5. They are incurred directly in support of expenditure on the objects of the chafity and include project management carried out al Headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to charitable activities on a basis consistent with use of the resources_ The anatysis of these costs is included in note 4. Tangible assets Depreciation ha5 not been provided on the properties owned by the charitsble company, as in the opinion of the trustees, the dispo[ value of the assets is not expected to be less than the carrying value. Investm8nts Investments are recognised initially at their transaction value which is normally the trsnsaclion price less transaction costs. Subsequently, they are measured al fair value with changes recognised in 'net gains Illossesl on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Debtots and creditorn receivablelpayable wlthin one year Debtors and ¢dItorS with no stated interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Taxation The company is a registered charity and is therefore entitled to the exemptions from corporation tax afforded by section 505 of the Income and Corporation Taxes Act 1988. Accordingly, there is no corporation tsx charge in these financial statement5. Custodian trustee funds The charilable company holds funds on behalf of chur¢hes within the East Midlands Association as Custodian Trustee. Responsibility for managing these funds rests with the management trustees of the respective churches, and detsils of these assets should appear in their own accounts. As Custodian Trustee we have a duty to disclose the information relatin9 to assets held and details appear on page 15. Fund$ Permanent endowfflenl funds are capitsl funds where the is no power to convert capttal into income. They musl generally be held indefinitely except where the Charity Commission has agreed otherwise. Restricted funds 8re funds that can only be used for particular restricted purposes within the objects of the charitable company. Restrictions arise when don0 sp8cify the purpose for which the in¢ome can be used.
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Llmlt&d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 Funds (continued) Unrestricted funds are donation5 and other incoming resources receivable or geNer8ted for the objects of the charitable company without specified purpose arnd are availab18 a5 general funds. Endowment funds represent those assets which mLJSt be held permanently by the charity. Income arising on the end¢)wmenl 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 inve51m8nt5 form part of Ihe fund. Investment management charges and legal advice relating to the fvnd are charged against Ihe fund. Going Concern The financial statements have been prepared on a going concem basis as the Iruslees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 rnonths from authorising these financial stalemenls. The budgeted income and expenditure is sufficient with the level of reserves ft)r the Charity to be able to continue as a going cOnM. Judgements and key sources of estlmation uncertainty Accounting eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations ol future events that are believed to be reasonable under the circumstances. The are no key assumptions concerning the future and other key sources of estimation uncertainty al the reFX)rting date that have a Significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fin2nc1al year. INCOME FROM INVESTMENTS Unrestricted Restricted Endowed Funds Funds Funds 2024 Total 2023 Total Bank and investment income EXPENDITURE ON RAISING FUNDS Unrèstricted Rgstricted Endowed Fund8 Funds Funds 2024 Total 2023 Total Investment management 12
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED {Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 4 EXPENDITURE ON CHARITABLE ACTIVITIES Direct Costs Support Costs Total Costs 2024 Total Costs 2023 Grants and gifts Propetyllegal costs Trusteeship fee Church loans written off Printing, postage, telephone and sundry Independent examiner's fee 25,000 696 8,200 4,359 103 1,080 8,8D5 8,805 158 1,426 158 1.426 10,389 Grants in 2023 of £25,000 are lo five Baptist churohes for building improvements, 10.389 39,438 INDEPENDENT EXAMINERS REMUNERATION The independent examiners remuneration amounts to £1,42612023'. £1,080). EMPLOYEES, TRUSTEES AND KEY MANAGEMENT None of the trustees or key management receive any remuneration and there are no staff costs12023- No Iravelling, Gonference and other expenses were reimbursed to directors {2023.' nill. TANGIBLE ASSETS Unrestricted Restricted Endowed Funds Funds Funds 2024 Total 2023 Total Freehold Property As reststed re5taled COST AND NET BOOK VALUE As al 1 st Janusry 2024 Additions 408,250 426,788 17,000 28,000 453,250 426,786 453,250 As at 31st Oecember 2024 835,036 17,000 28.000 880.038 453,250 Represented by the following freehold properties.. 178 Oxclose Lane, Arnold, Notts, 40 Trueway Drivè, Shepshed, Leics 45 Worwood Drive, West Bridgford, Notts 835,036 17,000 28.000 880 036 453 250
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 INVESTMENTS Association Restrlcted Endowed Funds Funds Funds 2024 Totsl 2023 Total UK Listed shar8$ and securrties Market value as at 1 st January 2024 Additions 4,967 4.967 1.481,216 Disposals Net realisedlunrealised G8insllLosses) ILossesllGains attributable lo EMBA Re-apportionment lo currenl assets 11,527,629) 24,711 21,701 4.968 Market value as at 31st December 2024 4,967 4,967 4,967 DEBTORS Unrestricted Restrfcted Endowed Funds Funds Funds 2024 Total 2023 Total Accrued income 9,303 9,303 16,575 9,303 9,303 16,575 10 CASH AT BANK AND IN HAND Association Restricted Endowed Funds Funds Funds 2024 Total 2023 Total OIF and Lloyds Accounts 268.440 305.508 318,007 891.955 1,282,876 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Association Restricted Endowed Funds Funds Funds 2024 Total 2023 Total Inter-company awount Creditors and accruals 593,189 1.2SO 593,189 1,250 594,302 1.000 594,439 594,439 595.302
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 12 RESTRICTED AND ENDOWED FUNDS Balance at 1st January Incoming Outgoing 2024 Funds Funds As restated Balance at 31st Do¢ember 2024 Transfers Restricted Loan funds lal Associatior¢ fund (bl 265,765 45,909 311,674 1265.765) 265,765 10.834 10,834 322.508 322,508 Endowed Castle Gresley Chapel Trust Ic I Capital project fijnd Id) 28,000 734,682 28,000 318,007 10.111 1426.786 762,682 10,111 426,7861 346.007 1.074.356 20,945 (426,786 668.515 Restricted lal Association Loan Fund and Emmanuel Trust Loan Fund Both the Association Loan Fund and the Emmanuel Trust Loan Fund have been used to make low interest loans to churches usually up to £30,000 esn be borrowed repayable over 10 years at half the Base Rate, bul variable up to a maximum of 50/0. These loans are no longer offera. A resolution was passed that states there is no formal evidence of the loan fund being restricted or that the capital sums were over £10,000, il was resolved lo close this fund and add the fijnds lo the old nanEd capital projects fund that was renamed the Association fund in 2014. The Charity Commission are to be approached for their agreement to release the funds to general funds. Ibl Net interest earned on Association Fund, is available for use by the Trust Company. Endowments Icl Castle Gresley Chapel Trust The pro¢eeds from the sale of Castle Gresley Chapel are available for the purchase, extension of churGh propety or repayment of church property loans. In¢om& arising frorn the fund is aV8il2ble to make gifts and loans for the benefi't of churches as the Iruslees may decide. Idl Capital Project Fund Consolidation of funds from the sale of closed churches under a Charity Commission Scherne dated 19th January 2004. The Charity Commission has now agreed to this fvnd being used for all purposes that advance the work of the East Midland Association. Dunng the year a new Manse was purchased using the capital projects fund amounting lo £426,786. The acquisitlon has discharged the restriction and the asset will be held in unrestricted funds
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 13 RESERVES 2024 Unrestricted Restricted Endowed Total 2023 Total As at 1 st January 2024 88,010 339,674 734,682 1,162,366 1,113,155 Prior year adjustment note 14 128,0001 28,000 As at 1 st January 2024 as restated 88,010 311.674 762,682 1,162,366 1,113,165 Net Movement in fund5 for the year 8,511 10,834 10.111 29,456 49.211 Transfers note 12ldl 426,786 1426,7861 As At 31st December 2024 523,307 322,508 346,007 1.191,822 1.162.386 14. Prior Year Adjustment Th8 2023 cornparative figure for funds has been adjusted to reinstate the Castle Gresley Chapel Trust balance as at 31 st December2023 at £28 000, being the capital investment towards a property purchased in 20D1 with a corresponding reduction in the Association Fund. The reclassification of the freehold piopety note 7 reslricled fund included ll8,000 relating to the Castle Gresley Chapel Trust which is now shown separately in note 7. The 2023 comparative figures for the reslricled income funds and the endowments funds brought forward have been restated as shown in note 13 This adjustment does not alter the reported net movement in funds for 2023 of £49,211. 14
EAST MIDLAND BAPTIST TRUST COMPANY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2024 15 ALLOCATION OF CHARITY NET ASSETS The net assets of the Charity are held for the various fund5 as follow5.. Unrestricted Restsicted Endowed Funds Funds Fund$ 2024 Total 2023 Total Tangible fixed assets Investments Current assets Current liabilities 835,03 4,967 277,743 1594,439) 17,000 28,000 880,036 453,250 4,967 4,967 g01,258 1,299,451 1594,4391 1595,302 305,508 318,007 523.307 322,508 346,007 1.191,822 1,182,366 16 RELATED PARTIES The charitsble company is a wholly owned subsidiary of the East Midland Baptist Assoelatson Ltd (limited by guarantee) No. 4302466 incorporated in England & Wales and a registered charity (No. 10944571. 17 CUSTODIAN TRUST FUNDS The charilahle company holds, as Custodian Trusiee, certain assets being UK listed shares and securities and cash deposits for or for the benefit of the churches and associated charities within the Association. The trustees do not have any directly liUe lo these )inds but administers them within the general fr8mework ofthe Charities Act 2011 and the objectives of the individual churches. The funds are generally 'restricled' as to their use, and the trustees try to ensure that these reslriclions are complied wsth. Under current legislation the trustees are only required lo give a description of the assets which they hold in this capacity. The following schedule shows the assets of each custodian fund and how these are held on behalf of each church or charity. Investments are included at Market Value. Specific Aggregated Investments Investments 2024 Total 2023 Total Restricted Funds Cook Memorial Fund Unrestricted Funds Derby Osmaston 2,715 2,715 15,288 770 770 770 770 2.715