**Charity registration number NIC106654** **Company registration number NI000152 (Northern Ireland)** ## **NORTHERN BAPTIST CORPORATION LIMITED** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr S Glasgow Mr R Millar Mr D Nicholl Mr J McCluskey Mr P Smyth Pastor E Ewart Pastor S Curry (Appointed 10 May 2025) **Secretary** Mr D Ramsey **Charity number** NIC106654 **Company number** NI000152 **Registered office** The Baptist Centre 19 Hillsborough Road Moira BT67 0HG **Auditor** GMcG BELFAST Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Belfast BT2 8EQ **Bankers** Danske Bank Donegall Square West Belfast BT1 6JS **Solicitors** Johnsons Johnson House 50/56 Wellington Place Belfast BT1 6GF ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 4| |Independent auditor's report|5 - 10| |Statement of financial activities|11| |Balance sheet|12| |Notes to the financial statements|13 - 26| ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements of Northern Baptist Corporation Limited ('the Corporation') for the year ended 31 December 2024. 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 and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Objectives and activities** The Trustees have taken cognisance of the Charity Commission for Northern Ireland's guidance on public benefit as defined in the Charities Act (Northern Ireland) 2008. Northern Baptist Corporation Limited is established to advance the Christian faith for the public benefit by promoting the interests of Baptist Churches in Ireland. This benefit extends to the public through the member churches of the Association of Baptist Churches in Ireland (Association) and through the work they do together as an Association by making known the Christian Gospel of the Lord Jesus Christ and through the provision of premises for public worship, the provision of opportunity for education of those entering ministry, engagement in Christian mission and delivery of a variety of Christian ministries. ## **Achievements and performance** Throughout the year the Corporation continued its work on behalf of the churches in the Association, providing trustee, financial and legal services. ## _Trustee Services_ Northern Baptist Corporation Limited continues to operate as property holding trustee for Baptist Churches. One property sale took place during the year. ## _Guarantees_ The Corporation continues to assist seven churches by way of guarantee over debt. No new guarantees were issued during the year. ## _Church Loans_ The Corporation has provided loans to eight churches to assist with the purchase or renovation of buildings. One new loan was issued during the year. ## _Retired Ministers Housing Scheme_ Six properties continue to be employed in the Scheme providing housing to retired ministers. No property disposals were made during the year. The Corporation purchased a 50% share of a property previously held by a retired minister. ## _Investment_ Interest rates improved significantly during the year, allowing the Corporation to resume earning investment income for churches and departments of the Association. During the year the Corporation placed funds in deposit accounts on behalf of seven churches. - 1 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Achievements and performance (continued)** ## _Support to Association of Baptist Churches in Ireland_ The Corporation continued to promote the interests of Baptist Churches in Ireland through supporting the work they do together as an Association in a variety of ways during the year. Financial support was given to the Insight Magazine and to assist with administration costs associated to the ABCI 2013 Retirement Benefits Scheme. The Corporation continues to allow the Association the use of the Baptist Centre as a facility in which to undertake its work. ## _Association of Baptist Churches in Ireland Ministry Support_ During the year the Corporation provided financial support to sustain the work of the Association Ministry Support. Throughout the year this vital function has provided counsel and guidance to over 50 individuals involved in Pastoral Ministry and also support of churches that are without a pastor. This Scheme has proven to be a great help as assistance and advice is given for a variety of settings. ## _Income Protection Scheme_ This valuable Scheme continued to operate on behalf of the churches. This Scheme provides an insurance for churches whose pastor experiences a period of long term illness. There are currently no ongoing claims under this Scheme. _ABCI 2013 Retirement Benefits Scheme (“the Scheme”)_ The Corporation continues to provide a guarantee in favour of the Trustee of the Scheme over the Deficit Reduction Contributions to the Scheme as detailed in the schedule of contributions dated 2 December 2022. The Corporation remains in Contingent Assets agreements with the Trustee of the Scheme under which there will be a charge over two properties owned by Northern Baptist Corporation with carrying value of £332,000 and a charge over £175,000 of funds held in escrow. ## **Financial review** The results for the year are set out in detail on pages 11 to 26. The Corporation recorded net income for the year of £21,705 (2023 – £244,788). At the year end cash at bank and in hand was £4,014,725 (2023 - £3,780,028). It should be noted that the majority of this balance is represented by deposits held on behalf of Churches, Trusts and Association Departments. - At 31 December 2024, the total funds of the Corporation amounted to £5,702,896 (2023 £5,681,191). All of the - funds of the Corporation are unrestricted funds. However, funds totaling £4,361,073 (2023 £4,377,665) have been designated by the directors for specific purposes, which are explained in more detail in note 17. Unrestricted funds are considered to be essential to support the work of the Corporation in promoting the interests of Baptist churches in Ireland, which includes providing financial support to the Association of Baptist Churches in Ireland as required. Unrestricted funds are also essential to provide sufficient funds to cover any unforeseen costs which may arise and to fulfil the legal obligations of the Corporation. The free reserves of the charity at 31 December 2024 are represented by unrestricted and undesignated net current assets and amount to £901,783 (2023 - £867,148). - 2 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Structure, governance and management** Northern Baptist Corporation Limited is a company limited by guarantee and does not have a share capital. It is governed by its Memorandum and Articles of Association, which were most recently updated in February 2018. The liability of each member of the company is limited to an amount not exceeding £1. The Corporation is controlled by the Executive Committee of the Churches' Council of the Association of Baptist Churches in Ireland. Directors are sought according to the needs of the Corporation. New directors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process and recent financial performance of the charity. Responsibility for the day to day running of the charity is delegated to the company secretary, Mr D Ramsey. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr S Glasgow Mr R Millar Mr D Nicholl Mr J McCluskey Mr P Smyth Mr I Grant (Resigned 11 May 2024) Pastor E Ewart Pastor N Watson (Appointed 20 May 2024 and resigned 10 May 2025) Pastor S Curry (Appointed 10 May 2025) ## **Statement of Trustees' responsibilities** The directors, who are also the trustees of Northern Baptist Corporation Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 3 - NORTHERN BAPTIST CORPORATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 Audltor In accordanc8 wlth the company$ articles, a resolution proposing that GMCG BELFAST be reappointed as audrtor of tho company will be put at a General Meetlng. Small C¢)mpanle8 Ex•mpllon In preparing this report, the directors have taken advantage of the Small, compani8s exemptions provkled by section 415A of the Companles Act 2006. Dl8cIo8ur• of Inlornmtlon to audltor Each of the Trusto•s has confirmed thal Ihere Is no information of which they are awar8 which is relevant to the audlt. bul of which the auditor is unaware. They have further confirmed Ihal they have taken appropriate step8 to identlfy such relevant infwmalion and to estsblish Ihat the auditor is aware of such Information. The Trustees, report was approved by the Board of Trustees. Ll (Jr Mr D Ml¢holl Trusl•g L•7J CHARTERED ACCOUNTANTS NORTHERN BAPTIST CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHERN BAPTIST CORPORATION LIMITED Oplnlon W8 have audtted the finanual slatem8nts ol Norlh8m Baptist Corporatlon LSmited (the 'charity') for the year ended 31 Dec8mber 2024 which compfiS8 th8 Statement of financial actlvilies, the balance sheet and the noles lo the financial statements, Includlng a summary of significant accounting polici&$. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounling Standards. Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unrted Kingdom Generally Accepted Accountlng Practice). In ¢)ur opinion, the financial statements.. give a Irue and fair view of Ihe slate of Ihe charitable Company's affairs as at 31 December 2024 and of its incoming resources and application of fesoufces, for the year Ihen ended., have been Pfoperly prepared in accA)rdance with United Klngdom Generally Accepted Accounting Practlce., and have been prepared in accordance with the requirem•n(s of the Companles Act 2006. Ba•1$ for opinion hle conducted our audll In accordance wlth Internalional Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responslbilities under those standards are further described in the Audilofs responslbllllles for Ihe audit ol the financial slatements seclion of our report. We are independent of the charity in accofdance with the elhlcal requirements that are relevant lo our audit of the a¢￿untS in the UK, induding the FRC'S Elhical Standard, and we hava fulfilled our other ethical responsibilities in accordance with Ihese requirements. INe belleve that Ihe audit evidence we have obtained is sufficient and appropriale to provide a basis for our oplnlon. Conclu8lon$ r•latlng to golng concom In auditing th8 financial statements, we have concluded that the Trustees, use of Ihe going concern basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have performed, we have not identified any malerial unc8rtainlies relatlng to events or conditions thal, individually or collectivety. may cast significant doubl on the charily's ablllty to continue as a golng concem for a perlod of at least twelve months from when Iho financial slalements are authorised for issue. Our responsibilities and the responsibilities of the TTU5tees wllh respect to going concern are de$crlbed In the relevant secllons of Ihls report. Alfred House 19 Alfred Street BELFAST BT2 8EQ DX39Ao NR Belfast so Cciitury House 40 Crescei)t Business Park i.ISllURN BI'28 2GN 17 Mandeville Sircet PORTADOWN Craigavon B'f62 3PB Tel: +44 (0)28 9031 1113 Fax: +44 (0)28 9031 07n Tel: +44 (0)28 926() 7355 Fox: +44 (0)28 9260 1656 Tel.- +4410)28 2801 '.IX-. +4410)28 3835 a293 GM¢Cis*tAdwrt*irthÈolCMeGGrwUmW. kryNwNI(6966ts. Ij￿OrD￿￿￿o￿￿V￿l1blt￿ire￿￿ey￿d Re&￿te￿o toc4rth¢IaudkM¥)Tktythelmthute￿O￿er¢dAtc0ufflInIsITr1[tI1￿J A MembEr¢fllAC AWvrlaMwloAlianc4ollThlepethThtAttounlJ￿￿ln￿5 NORTHERN BAPTIST CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NORTHERN BAPTIST CORPORATION LIMITED Other Informatlon The Trustees are responsible for the other infom)alion. The other Informalion comprises the Infomiation Induded in the annual report, olhar than the financial slatemenls and our audltor's report IheTeon. Our opinlon on Ihe financial statements does not COV81 the other Information and, excepl to the extenl otherwise explicitly slated in our report. we do not express any fom of assurance Condu￿On thereon. In connecth'on with our audlt of the financlal Statements, our responsibiltty is lo read tho other informatlon and, in doing so, consider whether Ihe olher Informatson is matenally inconsistent with the financial statemenls or our knowledge obtained in the audit or otherwise appears to be maleTially misstaled. If we idenlify such malerial inconsistencies or apparent material mlsstatements. we arè required to d&termin8 vtheth8r there is a malerial ml$slalement in the financial Slalements or a material msstatement of the other infolmalion. 11. based on the work we have perfomied, we conclude that there18 8 material misstatement of Ihis other information, w• are required to report that fact. We have nothing lo report In this iegard. Oplnlon8 on othor matt•r• pr•*crlb•d by th• Companlèa Act 2006 In our opknion, based on the work undertaken in the course of our audit,. the informal￿n given in the Trustees, report for the fnanclal year for whlch the financial stalemenls are prepared, which ¥icludes the director8. ieport prepared for the purposes of company law, 18 consistent with the financaal statements: and Ihe dlrectors, report Included wlthln the Trusl?e$' report has b8•n pr8par•d In attordance with applicable legal requiremenl8. Mattern on whl¢h w• aro roqulrnd to report by ox¢•ptlon In the light of the knowledge and understanding of the charity and it5 environment obtained In the course of the audit, we have not Identified material misstatements in Ihe (Jirectors, report included wilhln the Trustees, Report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2008 requlre us to weport to you il, in our oplnlon.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visrted by us; or the financial statements are not In agreement with the aceounling records and retums., or certain disclosures of trusteos. remuneration specified by law are not made,. or we have not received all the information and explanatlons we requlre for our audil: or the Trustees were not entitled to prepare the financial statements in accordance with Ihe small companies r8gime and take advantage of the small companles, exemptions In preparing the Trustees, Report and fTorn the requlrement to prepare a strategic report. NORTHERN BAPTIST CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF NORTHERN BAPTIST CORPORATION LIMITED Re8pon8lbllltle8 of Trust•e• A3 8xplained more fully in the statemenl of Trustees, responslbilities. Ihe Twstees. who are also the directors of Ihe ¢harlly for the purpose of company law, ar8 responsible for the prepafalion of the financial slalements and for being satisfied that they give a Irue and fair view. and for such internal control as th8 Truslees determine is necessary to enable the p￿paratIon of financial statemen15 that are frae from materlal misstatement. whether due to fraud or errol. In prèpaiing the financial stat8m8nts, the Trust88s are responsible for assesslng Ihe charity's ability to continue as golng concern. disclosing. as applicable, matters related lo golng concern and using the going concern basis of accounting unless the Trustees éither inténd to liquidate the charitable Company or to cease operalions. or have no reali81ic allernalive but lo do so. Audltorfs Mponslbllltles for tho audlt ol the flnanclal ststements Our objectives ale lo obtain reasonable assurance about whether the financial slalaments as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that indudes our opinion. Reasonable assurance Is a high level of assurance, bul is not a guarantee Ihal an audit conducted In accordance with ISAS (UK) will always delect a material misstatement when it exists. Misslalements can arlse from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expeded to influence the economlc dacislons of users laken on the basls of these financlal slalaments. The extent to vA)ich our procedures are capable of detecting irregularities, including Iraud, is detallad below. NORTHERN BAPTIST CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NORTHERN BAPTIST CORPORATION LIMITED Extant to whlch th• audtt was ¢on*ldernd capable of dotectlng Irregularftles. In¢ludlng fraud We Identify and assess the risk$ of matèrial misslat8ment of the financial slalem8nts. whether due to fiaud or error, and then design and perform audit procedures responslve to those fisks, including obtalning audit evidence that is sufficient and appropriale lo provide a basis for our opinion, In identifying and assessing potential risks of malerial misstatement in respeGt of irregularities, induding fraud and non-compllances with laws and regulatlons, we consider8d the following.. The nature of the Industry and sector, control environment and buslne38 performance, including the company's remuneration polia8s fol directors, bonus levels and performance targets, if any: Results of our enquiries of managernent about their own identification and assessment of the rlsks of Irregularib'es. Any matters we identlfied having obtained and revIev￿d the company's documentatlon of Iheir policies and procedures relatlng to: Idenlifying, evaluallng and complying with laws and regulations and whothor they We￿ aware of any instaneA of non-compliance; Oelecling and respondlng to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud., and The internal controls establlshed to mrtlgate rlsks of fraud or non-compliance with laws and regulations., Thé matters discussed among the audlt engagement team regarding how and where fraud might occur In the finandal slatemenls and potential indicalors of Iraud. As a result of these procedure3, we considered tho oppt)rtunrties and incentive$ that may exlst wllhln the Company for fraud and idenlffied the grealest potenlial for fraud In Income recognition. In common with all audits under ISAS (UK). we are also requlred lo perform specific procedures lo respond to the risk of management Override. We also obtained an understanding of the legal and regulatory frameworks that the company operales in, focusing on provisions of those laws and regulations that had a dlrect effect on the delerminatlon of material arnounls and dlsclosuTes in the finandal statements. The key laws and regulats'ons we considered In this context included the Companies Act 2006, and local tax legislalion. In addition, we considered provisions of other laws and ￿gUlationS that do not have a dlrect effect on the financial statements but compllance with which may be fundamental to the company's ability lo operate or to aKild a materlal Penalty. NORTHERN BAPTIST CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NORTHERN BAPTIST CORPORATION LIMITED Audlt ro8pon8e to rf8ks IdentllSed Our procedures lo respond to the Ilsks identffied Included Ihe following.. Revlewlng the financlal statement disdosures and testing to supporting d¢xumentatlon to assess compliance with provisions of relevant laws and Tegulalions descrlbed as having a direct effect on the financial statements; Enquiring of management concernlng actual and potential litigation and claims; Performing analylical procedures to Idenlify any unusual or unexpeded relationship5 that may indicate risks of material misslalemenl due to fraud, Reading minules of meetings of those charged wilh gov6rnanc• and rovlewlng correspondence with tax authorlties; and In addr&$slng the rlsk of fraud through management overrlde of controls, lesling the approprlaleness ol journal enlrles and other adjustments,. assessing whether th8 judgements made in making accounting estimates are indicative of a potential bias., and avalualing the buslness rats'onale of any signifiwt Iransadions Ihat are unusual or outside tha normal courso of buslness, We also communicated relevanl idenlified laws and regulations and potential fraud risks lo all engagement team members and remalned alert to any indications of fraud or n0￿Compliance with laws and regulations Ihioughout the audit. Owlng to the Inherent limllallons of an audit, there is an unavoidable risk that we may nol have delecled 80me material misstatements in the fin8nclal statements, even though we have property planned and performed our audlt in accordance with auditing slandards. In addition, as with any audit, th8r8 remains a higher risk ol non-delectlon of irregulafilies, as they may Involve ¢ollu8ion. forgery. intentional omissions, misraprgsentations, or tha overrlde of internal controls. We are not responsible for preventing non4ompliance and cannot be expected to delect non- compllance wlth all law¥ and regulations. A further description of our responslbililies is available on th8 Financial Raporting Council's webslte al.. https:11 www.frc.org.uklaudilorsresponslbilities, This description forms part of our auditor's roport. NORTHERN BAPTIST CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NORTHERN BAPTIST CORPORATION LIMITED Use of our report Thls report is made solely to the charitable ￿mpanY'S members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihal we might slate to the charltaLle company's members Ihose matters we are required to state to them In an auditols report and for no other purpose. To Ihe lullesl extent permitted by law, we do nol accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or forthe opinions we have fomied. Igel FCA (S•nlor Ststutory Audltor) for •nd on behalf ol GM¢G BELFAST Chart•r•d Accountants ststutory Audltor Alfred House 19 Alfred Street Belfast BT2 8EQ 10- ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |||**Unrestricted **|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income and endowments from:**|||| |Donations and legacies|**3**|-|198,740| |Charitable activities|**4**|167,878|184,584| |Investments|**5**|82,137|61,146| |Other income|**6**|20,820|12,547| |**Total income**||270,835|457,017| |**Expenditure on:**|||| |Charitable activities|**7**|249,130|212,229| |**Net income for the year/**|||| |**Net movement in funds**||21,705|244,788| |Fund balances at 1 January 2024||5,681,191|5,436,403| |**Fund balances at 31 December 2024**||5,702,896|5,681,191| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 11 - NORTHERN BAPTIST CORPORATION LIMITED BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tanglble assets Investmenls 13 14 3,835.595 105,952 3,923.549 105,952 3,941,547 4,029,501 Curr•nt ￿sets Debtors falllng due after one year Debtors falling due wilhin one year Cash at bank and in hand 970.656 240,130 4,014.725 863,776 158,429 3,780,028 16 5,225,511 4,802,233 Crodltor•: amounts falllng due wllhln on• yoar {3.464.162) (3,150,543) Net currant assats 1.761.349 1,651,690 Totsl asuts le*• current Ilabllltl 5.702,8 5,681.191 Incom• funds Designated funds General unreslricted funds 17 4.361,073 1.341,823 4,377,66S 1.303,526 5,702,898 5.681.191 5,702.898 5,681.191 These financlal statements have been prepared In accordance with the provisions applicable to companies subject to the small companies regime. The financlal statemenls were approved by the Trustees on . OW In&5 Mr Gla Trust•• Mr O I&d￿lI Company Registratlon No. Nll)00162 12- ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2024** |**Notes**
**£**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Debtors falling due after one year
**15**
970,656
Debtors falling due within one year
**15**
240,130
Cash at bank and in hand
4,014,725
5,225,511
**Creditors: amounts falling due within**
**one year**
**16**
(3,464,162)
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds
Designated funds
**17**
4,361,073
General unrestricted funds
1,341,823|**2024**
**£**
**£**
3,835,595
105,952
3,941,547
863,776
158,429
3,780,028
4,802,233
(3,150,543)
1,761,349
5,702,896
4,377,665
1,303,526
5,702,896
5,702,896|**2023**
**£**
3,923,549
105,952| |---|---|---| |||4,029,501
1,651,690| |||5,681,191| |||5,681,191| |||5,681,191| These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 2 June 2025 |Mr S Glasgow|Mr D Nicholl| |---|---| |**Trustee**|**Trustee**| |**Company Registration No. NI000152**|| - 12 - **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies** ## **Charity information** Northern Baptist Corporation Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is The Baptist Centre, 19 Hillsborough Road, Moira, Co Down, BT67 0HG. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** These financial statements have been prepared on a going concern basis. The charity has net assets of £5,702,896 at 31 December 2024, including free reserves of £901,783. The trustees are of the opinion that the charity has adequate resources to continue in operation for at least the next twelve months and that it is appropriate for the financial statements for the year ended 31 December 2024 to be prepared on a going concern basis. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes. - 13 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies (Continued)** Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Where funding is received and subsequently distributed to other organisations in accordance with the donor's instructions it is treated as conduit funding and, therefore, is not recognised in the Statement of financial activities. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank. ## **1.5 Resources expended** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and hared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |Freehold land and buildings|1 - 2% per annum straight line| |---|---| |Leasehold land and buildings|Nil| |Fixtures and fittings|10% per annum straight line| |Computer equipment|33% per annum straight line| |Motor vehicles|25% per annum straight line| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. No depreciation is charged on the company's long-term leasehold property. Due to the nature of the company's share in the ownership of the relevant properties the company is guaranteed to recover its cost of acquisition. Any depreciation charge is therefore considered to be immaterial. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. - 14 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies (Continued)** ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.11 Foreign exchange** Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period. - 15 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **Key sources of estimation uncertainty** ## **Fixed assets** The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies. ## **Debtors** Debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty. ## **3 Donations and legacies** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Donations and gifts|-|198,740| |**Donations and gifts**||| |Orangefield property|-|195,000| |Other|-|3,740| ||-|198,740| ## **4 Income from charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |**Charitable income**||| |Promoting the Interests of Baptist Churches in Ireland|167,878|184,584| - 16 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** - **5 Investments** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Investment income|82,137|61,146| ## **6 Other income** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Net gain on disposal of tangible fixed assets|20,420|12,408| |Other Income|400|139| ||20,820|12,547| - 17 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7 Charitable activities** |**Unrestricted**
**Funds**
**Unrestricted**
**Funds**
**2024**
**2023**
**£**
**£**
Depreciation and impairment
62,378
58,093
Retired Ministers' Housing Scheme expenses
13,923
2,650
Income protection premium
35,724
39,888
Baptist Centre repairs and maintenance
3,440
15,577
Printing, postage and stationery
341
323
Legal and professional fees
2,976
813
Motor expenses
812
-
Bank charges
417
442
North Belfast Christian Fellowship
16,230
14,900
Management charges
30,000
30,000
Other property expenses
13,519
8,560
Foreign exchange
6,381
3,814
Amounts donated to ABCI
52,787
23,879
Other charitable expenditure
6,939
9,870
245,867
208,809
Share of governance costs (see note 8)
3,263
3,420
249,130
212,229|**Unrestricted**
**Funds**
**Unrestricted**
**Funds**
**2024**
**2023**
**£**
**£**
Depreciation and impairment
62,378
58,093
Retired Ministers' Housing Scheme expenses
13,923
2,650
Income protection premium
35,724
39,888
Baptist Centre repairs and maintenance
3,440
15,577
Printing, postage and stationery
341
323
Legal and professional fees
2,976
813
Motor expenses
812
-
Bank charges
417
442
North Belfast Christian Fellowship
16,230
14,900
Management charges
30,000
30,000
Other property expenses
13,519
8,560
Foreign exchange
6,381
3,814
Amounts donated to ABCI
52,787
23,879
Other charitable expenditure
6,939
9,870
245,867
208,809
Share of governance costs (see note 8)
3,263
3,420
249,130
212,229|**Unrestricted**
**Funds**
**Unrestricted**
**Funds**
**2024**
**2023**
**£**
**£**
Depreciation and impairment
62,378
58,093
Retired Ministers' Housing Scheme expenses
13,923
2,650
Income protection premium
35,724
39,888
Baptist Centre repairs and maintenance
3,440
15,577
Printing, postage and stationery
341
323
Legal and professional fees
2,976
813
Motor expenses
812
-
Bank charges
417
442
North Belfast Christian Fellowship
16,230
14,900
Management charges
30,000
30,000
Other property expenses
13,519
8,560
Foreign exchange
6,381
3,814
Amounts donated to ABCI
52,787
23,879
Other charitable expenditure
6,939
9,870
245,867
208,809
Share of governance costs (see note 8)
3,263
3,420
249,130
212,229| |---|---|---| ||**2024**
**£**
62,378
13,923
35,724
3,440
341
2,976
812
417
16,230
30,000
13,519
6,381
52,787
6,939
245,867
3,263
249,130|**2023**
**£**
58,093
2,650
39,888
15,577
323
813
-
442
14,900
30,000
8,560
3,814
23,879
9,870| |||208,809
3,420| |||212,229| The nature of the charitable company is such that all expenditure on charitable activities supports the work of the Association of Baptist Churches in Ireland in promoting the interests of baptist churches in Ireland. There is no clear distinction between costs incurred directly and those incurred in support of charitable activities. ## **8 Governance costs** |**Governance costs**|||| |---|---|---|---| |Audit fees
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
3,263
-
3,263
-
3,263|**2024**
**£**
3,263
3,263
3,263|**2023**
**£**
3,420| ||||3,420| ||||3,420| - 18 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** |**9**|**Net movement in funds**|**2024**|**2023**| |---|---|---|---| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Fees payable for the audit of the charity's financial statements|3,263|3,420| ||Depreciation of owned tangible fixed assets|62,378|58,093| ||Profit on disposal of tangible fixed assets|(20,420)|(12,408)| ## **10 Trustees** None of the Trustees (or any persons connected with them) received any remuneration, benefits in kind or reimbursement of expenses from the charity during the year. ## **11 Employees** The average monthly number of employees during the year was: ||**2024**|**2023**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees whose annual remuneration was more than £60,000. ## **12 Taxation** The charity is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year. - 19 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** |**13**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**£**
**Cost**
At 1 January 2024
3,958,577
Additions
140,088
Disposals
(200,000)
At 31 December 2024
3,898,665
**Depreciation and**
**impairment**
At 1 January 2024
378,814
Depreciation charged in the
year
52,904
Eliminated in respect of
disposals
(17,333)
At 31 December 2024
414,385
**Carrying amount**
At 31 December 2024
3,484,280
At 31 December 2023
3,579,763|**Leasehold**
**land and**
**buildings**
**Fixtures and**
**fittings**
**£**
**£**
310,417
308,696
-
17,003
-
-
310,417
325,699
-
306,587
-
1,493
-
-
-
308,080
310,417
17,619
310,417
2,109|**Computer**
**equipment**
**£**
159,760
-
-
159,760
159,760
-
-
159,760
-
-|**Motor**
**vehicles**
**£**
31,925
-
-
31,925
665
7,981
-
8,646
23,279
31,260|**Total**
**£**
4,769,375
157,091
(200,000| |---|---|---|---|---| |||||4,726,466| |||||845,826
62,378
(17,333| |||||890,871| |||||3,835,595| |||||3,923,549| ## **14 Fixed asset investments** ||**Other**|| |---|---|---| ||**investments**|| ||**£**|| |**Cost or valuation**||| |At 1 January 2024 & 31 December 2024|105,952|| |**Carrying amount**||| |At 31 December 2024|105,952|| |At 31 December 2023|105,952|| ## **15 Debtors** |**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**2024**
**£**
105,582
134,548
240,130|**2023**
**£**
90,862
67,567| |---|---|---| |||158,429| - 20 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** |**15**
**Debtors (Continued)**
**Amounts falling due after more than one year:**
Other debtors
**Total debtors**
**16**
**Creditors: amounts falling due within one year**
Balances held for Trust funds, Departments and Churches
Accruals and deferred income|**2024**
**£**
970,656
1,210,786
**2024**
**£**
3,454,329
9,833
3,464,162|**2023**
**£**
863,776| |---|---|---| |||1,022,205| |||**2023**
**£**
3,147,968
2,575| |||3,150,543| - 21 - ## |**Unrestricted funds**|The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as|to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.|**At 1 January**
**Incoming**
**Resources**
**Transfers**
**At 31**|**2024**
**resources**
**expended**
**December**|**2024**|**£**
**£**
**£**
**£**
**£**|Corporation Churches Capital Fund
978,543
20,420
(9,621)
-
989,342|Corporation Baptist Centre Capital Fund
1,393,417
-
(30,996)
25,474
1,387,895|Corporation Baptist Centre Revenue|Fund
50,014
8,486
(5,489)
(25,474)
27,537|Corporation Churches Fund
139,125
34,627
(24,483)
-
149,269|Corporation Income Protection Fund
71,766
38,303
(60,724)
-
49,345|Corporation Property Capital Fund
290,477
-
(1,150)
-
289,327|Retired Ministers' Housing Revenue|Fund
159,484
22,116
(16,310)
-
165,290|Retired Ministers' Housing Capital Fund
1,149,008
9,856
(9,287)
-
1,149,577|Trust Fund Revenue Fund
123
-
-
-
123|Corporation Churches Loan Fund
145,708
7,660
-
-
153,368|General funds
1,303,526
129,367
(91,070)
-
1,341,823|5,681,191
270,835
(249,130)
-
5,702,896| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**17**||||||||||||||||||||| ## |||**At 31**|**December**|**2023**|**£**|978,543|1,393,417||50,014|139,125|71,766|290,477||159,484|1,149,008|123|145,708|1,303,526|5,681,191| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Transfers**|||**£**|-|-||-|-|-|-||-|-|-|-|-|-| |||**Resources**|**expended**||**£**|(9,338)|(30,000)||(17,641)|(15,351)|(49,888)|(1,779)||(5,468)|(8,027)|-|-|(74,737)|(212,229)| |||**Incoming**|**resources**||**£**|195,000|-||9,596|6,153|41,809|-||21,423|859|-|3,531|178,646|457,017| |||**At 1 January**|**2023**||**£**|792,881|1,423,417||58,059|148,323|79,845|292,256||143,529|1,156,176|123|142,177|1,199,617|5,436,403| |**Unrestricted funds (Continued)**||**Previous year:**||||Corporation Churches Capital Fund|Corporation Baptist Centre Capital Fund|Corporation Baptist Centre Revenue|Fund|Corporation Churches Fund|Corporation Income Protection Fund|Corporation Property Capital Fund|Retired Ministers' Housing Revenue|Fund|Retired Ministers' Housing Capital Fund|Trust Fund Revenue Fund|Corporation Churches Loan Fund|General funds|| |**17**|||||||||||||||||||| **NORTHERN BAPTIST CORPORATION LIMITED** **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **18 Explanatory note to the funds** ## **General funds** This fund is expendable at the discretion of the Directors for the general purposes of the charity. In addition, funds may be held in order to finance capital investment and essential working capital. ## **Designated Funds** ## Corporation Churches Capital Fund This fund enables the Corporation to hold and maintain church property. ## Corporation Baptist Centre Capital Fund This fund relates to the value of the Baptist Centre property. ## Corporation Baptist Centre Revenue Fund Funds designated for the maintenance and repair of the Baptist Centre. ## Corporation Churches Fund This fund represents church funds held by the Corporation that have been designated for use in gospel endeavours. ## Corporation Income Protection Fund This represents funds that are held as part of an Income Protection Scheme to provide cover for Pastors experiencing long term illness. ## Corporation Property Capital Fund This fund represents properties owned and held by the Corporation for Investment. ## Retired Ministers' Housing Revenue Fund The Retired Ministers' Housing Scheme provides housing for retired Pastors who have no accommodation. ## Retired Ministers' Housing Capital Fund The Retired Ministers' Housing Scheme provides housing for retired Pastors who have no accommodation. ## Trust Fund Revenue Fund This fund holds, as separate from the capital, the undisbursed interest and income held for Churches and the Association. ## Corporation Churches Loan Fund This fund represents funds held by the Corporation to provide loans to churches for capital projects. - 24 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **19 Financial commitments, guarantees and contingent liabilities** The company has given guarantees in relation to bank borrowings of member churches within the Association of Baptist Churches in Ireland. At 31 December 2024 the total amount of outstanding debt for which guarantees have been given was £1,994,091 (2023 - £2,303,360). The relevant churches have given Resolutions of Indemnity to the company in relation to these guarantees. The total value of the property over which the Resolution of Indemnities have been provided is in excess of the outstanding debt at the year end. The company is providing the Trustee of the ABCI 2013 Retirement Benefits Scheme with a Guarantee of Contributions to guarantee payment of the contributions required under the schedule of contributions dated 2 December 2022. In addition NBC has entered into a number of contingent asset agreements with the Trustee of the ABCI 2013 Retirement Benefits Scheme under which there is charge over two properties owned by Northern Baptist Corporation with carrying value of £332,200 and a charge over £175,000 of funds held in escrow. The value of the guarantee and properties in the contingent asset agreements remain included within Northern Baptist Corporation's tangible fixed assets on the balance sheet. ## **20 Analysis of net assets between funds** ||**Unrestricted**| |---|---| ||**funds**| ||**2024**| ||**£**| |**At 31 December 2024:**|| |Tangible assets|3,835,595| |Investments|105,952| |Current assets/(liabilities)|1,761,349| ||5,702,896| ||**Unrestricted**| ||**funds**| ||**2023**| ||**£**| |**At 31 December 2023:**|| |Tangible assets|3,923,549| |Investments|105,952| |Current assets/(liabilities)|1,651,690| ||5,681,191| - 25 - ## **NORTHERN BAPTIST CORPORATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **21 Related party transactions** ## **Trustees** No remuneration was paid to key management personnel in the current or prior year. ## **Association of Baptist Churches in Ireland** The charitable company is controlled by the Executive Committee of the Churches' Council of the Association of Baptist Churches in Ireland. During the year the company paid management charges, expenses and made - donations totalling £92,073 (2023 £65,952) to the Association of Baptist Churches in Ireland. The company also received £10,075 (2023 - £11,702) for expenses paid on behalf of the Association of Baptist Churches in Ireland. - Included in other creditors at the year end is a balance of £920,645 (2023 £860,546) due to the Association of Baptist Churches in Ireland. The balance has arisen due to funds that are held by NBC but are controlled by the Association. The balance is repayable on demand and no interest is charged on outstanding amounts. ## **Southern Baptist Corporation Company Limited by Guarantee** The charitable company is under common control with Southern Baptist Corporation Company Limited by Guarantee, a charitable company registered in the Republic of Ireland. During a prior year a loan of £190,020 was advanced to Southern Baptist Corporation Company Limited by Guarantee. At 31 December 2024 a balance of £133,970 (2023 - £141,398) remained due from Southern Baptist Corporation Company Limited by Guarantee. No interest is charged on the outstanding amount. - 26 -