Charity registration number NIC107391
WINDSOR BAPTIST CHURCH
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
WINDSOR BAPTIST CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr Gordon Darragh | |
|---|---|---|
| Mr David Dunlop | ||
| Mr Mark Houston | ||
| Mr Nigel Younge | ||
| Mr Sale Ogbobi | ||
| Mr Brian Johnston | ||
| Mr Richard Greenwood | ||
| Mr Paul Johnston | ||
| Mr David Fleming | ||
| Mr Brian Allen | ||
| Mr Colin Johnston | ||
| Mr Timothy Warke | ||
| Mr Steven Alexander | ||
| Mr Andrew Dempster | ||
| Mr Daniel Gboloo-Teye | ||
| Mrs Alison Johnston | ||
| Mrs Mary Obgobi | ||
| Mrs Yolanda Thompson | ||
| Mrs Heather Johnston | ||
| Mr James McConkey | ||
| Miss Nicola Brown | ||
| Mrs Janet Darragh | ||
| Mrs Karen Mercer | ||
| Mr Stephen Moore | ||
| Mrs Sharon Parker | ||
| Mrs Gerlinde Scott | ||
| Mr Andrew McDowell | ||
| Mrs Jenny Harron | ||
| Mr Mike Griffith | ||
| Mr Paul Harron | (Appointed 16 November 2022) | |
| Mr Sotonye Frank | (Appointed 16 November 2022) | |
| Mrs Mercy Gboloo-Teye | (Appointed 16 November 2022) | |
| Charity number | NIC107391 | |
| Registered office | The Majestic | |
| 208-212 Lisburn Road | ||
| Belfast | ||
| BT9 6GD | ||
| Auditor | Harbinson Mulholland | |
| Centrepoint | ||
| 24 Ormeau Avenue | ||
| Belfast | ||
| Co. Antrim | ||
| Northern Ireland | ||
| BT2 8HS |
WINDSOR BAPTIST CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
Bankers
Danske Bank Donegall Square West Belfast Co. Antrim Northern Ireland BT1 6JS
AIB 78 Wellington Street Ballymena Co. Antrim BT43 6AF
WINDSOR BAPTIST CHURCH
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 - 18 |
WINDSOR BAPTIST CHURCH
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2008 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)".
Objectives and activities
Windsor Baptist Church is a local church and community of people who seek to love and worship God; follow Jesus & love to serve our neighbour.
Our vision ‘to be a church without walls’ includes the desired intention to be a place of BELONGING; MULTIPLYING; SERVING & GOING
We aim to be a church where:
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we welcome everyone and anyone, and encourage them to belong to God and to each other
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we grow as more people choose to love God, follow Jesus and join the Church
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we equip and empower people to serve (within our family and beyond)
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we encourage people to go and be Christ’s witnesses where they live, study, work and to the ends of the earth
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
The net gain for the year amounted to £560,517 (2021: £204,837), of which £471,792 is attributable to unrestricted reserves which now stand at £3,015,317 (2021: £2,543,525) and a net surplus of £88,725 is attributable to restricted reserves.
2022 has been a year of change in the church. A significant number of new people have begun to attend the church activities, many of them international arrivals in Belfast including a number of asylum seekers and refugees. The church building is in close proximity to a number of guest houses and hotels which are housing these new arrivals and the church has sought to respond, reaching out in friendship.
An activity, Friday Night Shine, for children and youth but also with a café time for parents has begun. Many of the children need help with the adjustment to school in a language not their own. Majestic Maths has been running twice weekly and aims to help with English and Mathematics. This is resourced by volunteers with teaching experience from the church. In addition, some of these guests are Christians and are benefitting from a bible study, The Tree of Life, specifically designed for those who have English as a second language. The church is working with a nationwide initiative called Welcome Churches which offers a welcome box to new arrivals along with advice and friendship during the initial 3-month period of adjustment. Other activities are also available, such as Parent and Toddler. A church meeting in November agreed that we should proceed with the recruitment of a Community Worker, partly to respond to these growing challenges.
The youth and children’s activities are active with approximately 110 in the youth department and 130 children. The children are now back in the Sunday Morning service for the first 20 minutes after a decision had been made, due to lack of space in our former building, that they spend the whole morning in their junior church activities. This is a welcome return to ‘normality’. Church membership was 247 at the end of the year.
Our associate pastor enjoyed a sabbatical this year and pursued some extra study and reflection on counselling. The senior pastor and the youth pastor are both also due sabbaticals in the coming year.
We are grateful to God for the generosity of individuals which enables the above to continue. The financial implications have been much eased by the eventual sale of the former premises in Malone Avenue. This has resulted in a significant reduction in the bank loan and hence repayments.
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WINDSOR BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were: Mr Gordon Darragh Mr Kok Diong (Resigned 16 November 2022) Mr David Dunlop Mr Mark Houston Mr Nigel Younge Mr Sale Ogbobi Mr Brian Johnston Mr Richard Greenwood Mr Paul Johnston Mr David Fleming Mr Brian Allen Mr Colin Johnston Mr Timothy Warke Mr Steven Alexander Mr Andrew Dempster Mr Daniel Gboloo-Teye Mrs Alison Johnston Mrs Mary Obgobi Mrs Yolanda Thompson Mrs Heather Johnston Mr James McConkey Miss Nicola Brown Mrs Janet Darragh Mrs Karen Mercer Mr Stephen Moore Mrs Sharon Parker Mrs Gerlinde Scott Mr Andrew McDowell Mrs Jenny Harron Mr Mike Griffith Mr Paul Harron (Appointed 16 November 2022) Mr Sotonye Frank (Appointed 16 November 2022) Mrs Mercy Gboloo-Teye (Appointed 16 November 2022)
Public Benefit
The Trustees believe that the public benefits from its Sunday services and weekly activities in the education on how to serve and glorify God and thereby serving their neighbour well. The community facilities offered through the use of the church building are also beneficial to the public.
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WINDSOR BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Statement of trustees' responsibilities
The trustees are required to prepare the Annual Report and financial statements for each financial year, which give a true and fair view of the state of the affairs and of the surplus or deficit of the Church for that year and have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice. In preparing these the trustees are required to: -
-
select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the church will continue in business.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Church. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
.............................. Mr David Dunlop Trustee Date: .............................................
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WINDSOR BAPTIST CHURCH
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WINDSOR BAPTIST CHURCH
Opinion
We have audited the financial statements of Windsor Baptist Church (the ‘Charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you were:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the Directors’ Report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
-
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WINDSOR BAPTIST CHURCH
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINDSOR BAPTIST CHURCH
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and/or senior management, and from our commercial knowledge and experience of the sector;
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC and the company’s legal advisors;
-
5 -
WINDSOR BAPTIST CHURCH
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINDSOR BAPTIST CHURCH
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Angela Craigan (Senior Statutory Auditor) for and on behalf of Harbinson Mulholland Chartered Accountants Statutory Auditor
Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS
22/03/2023 .........................
Harbinson Mulholland is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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WINDSOR BAPTIST CHURCH
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income and endowments from: Donations and legacies 3 469,944 182,458 Charitable activities 4 8,221 2,200 Investments 5 637 - Other income 6 539,761 - Total income 1,018,563 184,658 Expenditure on: Charitable activities 7 546,771 95,933 Gross transfers between funds - - Net income for the year/ Net movement in funds 471,792 88,725 Fund balances at 1 January 2022 2,543,525 313,462 Fund balances at 31 December 2022 3,015,317 402,187 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 652,402 447,899 302,100 10,421 7,300 405 637 590 - 539,761 - - 1,203,221 455,789 302,505 642,704 439,801 113,656 - 27,149 (27,149) 560,517 43,137 161,700 2,856,987 2,500,388 151,762 3,417,504 2,543,525 313,462 |
Total 2021 £ 749,999 7,705 590 - |
|---|---|---|
| 758,294 | ||
| 553,457 | ||
| - 204,837 2,652,150 |
||
| 2,856,987 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WINDSOR BAPTIST CHURCH
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
| 2022 Notes £ £ Fixed assets Tangible assets 10 4,842,363 Current assets Debtors 11 21,156 Cash at bank and in hand 230,489 251,645 Creditors: amounts falling due within one year 13 (616,608) Net current liabilities (364,963) Total assets less current liabilities 4,477,400 Creditors: amounts falling due after more than one year 14 (1,059,896) Net assets 3,417,504 Income funds Restricted funds 15 402,187 Unrestricted funds 3,015,317 3,417,504 The financial statements were approved by the Trustees on ......................... .............................. .............................. Mr David Dunlop Mr Nigel Younge Trustee Trustee |
2021 £ £ 5,781,124 13,331 295,776 309,107 (538,021) (228,914) 5,552,210 (2,695,223) 2,856,987 313,462 2,543,525 2,856,987 |
|---|---|
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WINDSOR BAPTIST CHURCH
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 Notes £ £ Cash flows from operating activities Cash generated from operations 17 143,936 Investing activities Purchase of tangible fixed assets (15,520) Proceeds from disposal of tangible fixed assets 1,372,761 Investment income received 637 Net cash generated from/(used in) investing activities 1,357,878 Financing activities Repayment of borrowings (81,000) Repayment of bank loans (1,486,101) Net cash (used in)/generated from financing activities (1,567,101) Net decrease in cash and cash equivalents (65,287) Cash and cash equivalents at beginning of year 295,776 Cash and cash equivalents at end of year 230,489 |
2021 £ £ 118,637 (540,267) - 590 (539,677) 100,000 221,653 321,653 (99,387) 395,163 295,776 |
|---|---|
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
Windsor Baptist Church is a registered charity in Northern Ireland. The registered office is The Majestic, 208212 Lisburn Road, Belfast, Co. Antrim, BT9 6GD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the "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)" as amended for accounting period commencing from 1 January 2016. The charity is a Public Benefit Entity as defined by FRS 102.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Investment income is allocated to the appropriate fund.
1.4 Income
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.
Donations, are recognised when the Trustee has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including unrestricted costs and restricted costs are allocated or apportioned to the applicable expenditure headings.
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
At each balance sheet date, the carrying amount of tangible assets are reviewed to determine whether there is an indication that those assets have suffered an impairment loss. Where the carrying value exceeds the estimated recoverable amount (being the greater of fair value less costs to sell and value-in-use), an impairment loss is recognised by writing down the assets’ cash-generating unites to their recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Activities. Any reversal of a previous impairment loss is similarly recognised immediately in the Statement of Financial Activities.
Buildings 2% straight line Fixtures and fittings 20% straight line
1.7 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).
1.8 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.
1.9 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Employees of the charity are entitled to join a defined contribution scheme. Contributions to defined contribution pension arrangements are charged to the Statement of Financial Activities as they fall due. The charity has no liability beyond making its contributions and paying across the deductions for employee’s contributions.
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
Useful Lives of Tangible and Intangible Fixed Assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £4,842,363 (2021: £5,781,124).
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 469,944 182,458 Donations and gifts Gift aid income 308,184 122,165 Sunday offerings 7,059 2,856 Other non-gift aid income 79,059 27,805 Gift aid recovered 75,642 29,632 Gift Day - - 469,944 182,458 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 652,402 447,899 302,100 430,349 307,195 132,437 9,915 933 270 106,864 69,833 30,286 105,274 69,000 48,444 - 938 90,663 652,402 447,899 302,100 |
Total 2021 £ 749,999 |
|---|---|---|
| 439,632 1,203 100,119 117,444 91,601 |
||
| 749,999 |
4 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2022 | 2021 | |
| £ | £ | |
| Letting hire | 8,221 | 7,300 |
| Grant income | 2,200 | 405 |
| 10,421 | 7,705 | |
| Analysis by fund | ||
| Unrestricted funds | 8,221 | 7,300 |
| Restricted funds | 2,200 | 405 |
| 10,421 | 7,705 | |
| Performance related grants | ||
| Other | 2,200 | 405 |
| 2,200 | 405 |
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
5 Investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Interest receivable | 637 | 590 | |
| 6 | Other income | ||
| Unrestricted | Total | ||
| funds | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Net gain on disposal of tangible fixed assets | 539,761 | - | |
| 7 | Charitable activities | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Staff costs | 189,998 | 179,600 | |
| Depreciation and impairment | 121,281 | 54,659 | |
| Other staff costs | 4,484 | 3,740 | |
| Association costs | 21,020 | 20,768 | |
| Missionary costs | 97,368 | 90,395 | |
| Ministry costs | 82,570 | 51,635 | |
| Bank fees and interest | 83,106 | 86,361 | |
| Development costs | 120 | 26,162 | |
| Property costs | 42,757 | 40,137 | |
| 642,704 | 553,457 | ||
| 642,704 | 553,457 | ||
| Analysis by fund | |||
| Unrestricted funds | 546,771 | 439,801 | |
| Restricted funds | 95,933 | 113,656 | |
| 642,704 | 553,457 |
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
8 Trustees
Trustees received a remuneration for their services as pastors, totalling £141,536 (2021: 136,683) during the financial year.
9 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs |
2022 Number 5 2022 £ 159,585 11,631 18,782 189,998 |
2021 Number 5 |
|---|---|---|
| 2021 £ 150,572 10,725 18,303 |
||
| 179,600 |
10 Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation and impairment At 1 January 2022 Depreciation charged in the year Eliminated in respect of disposals At 31 December 2022 Carrying amount At 31 December 2022 At 31 December 2021 |
Buildings Fixtures and fittings £ £ 5,733,890 122,691 - 15,520 (850,000) - 4,883,890 138,211 37,100 38,357 97,678 23,603 (17,000) - 117,778 61,960 4,766,112 76,251 5,696,790 84,334 |
Total £ 5,856,581 15,520 (850,000) |
| 5,022,101 | ||
| 75,457 121,281 (17,000) |
||
| 179,738 | ||
| 4,842,363 | ||
| 5,781,124 |
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 11 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 12 Loans and overdrafts Bank loans Other loans Payable within one year Payable after one year |
2022 £ 18,863 2,293 21,156 2022 £ 1,391,949 165,000 1,556,949 497,053 1,059,896 |
2021 £ 10,909 2,422 |
|---|---|---|
| 13,331 | ||
| 2021 £ 2,878,050 246,000 |
||
| 3,124,050 | ||
| 428,827 2,695,223 |
The long-term loans are secured by guarantee provided by Northern Baptist Corporation Limited.
13 Creditors: amounts falling due within one year
| Notes Bank loans 12 Other borrowings Trade creditors Sundry creditors Other creditors Accruals and deferred income Creditors: amounts falling due after more than one year Notes Bank loans 12 |
2022 £ 332,053 165,000 17,610 94,492 701 6,752 616,608 2022 £ 1,059,896 |
2021 £ 182,827 246,000 8,280 94,492 231 6,191 |
|---|---|---|
| 538,021 | ||
| 2021 £ 2,695,223 |
14 Creditors: amounts falling due after more than one year
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
15 Restricted funds
| Movement | in funds | ||||
|---|---|---|---|---|---|
| Balance at | Income | Expenditure | Balance at | ||
| 1 January 2022 | 31 December | ||||
| 2022 | |||||
| £ | £ | £ | £ | ||
| Development fund | 303,783 | 174,579 | (82,530) | 395,832 | |
| Grant fund | 1,405 | 2,200 | (2,595) | 1,010 | |
| Specific purpose gifts | 8,274 | 7,879 | (10,808) | 5,345 | |
| 313,462 | 184,658 | (95,933) | 402,187 | ||
| 16 | Analysis of net assets between funds | ||||
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Fund balances at 31 December 2022 are | |||||
| represented by: | |||||
| Tangible assets | 4,842,363 | - | 4,842,363 | 5,781,124 | |
| Current assets/(liabilities) | (767,150) | 402,187 | (364,963) | (228,914) | |
| Long term liabilities | (1,059,896) | - | (1,059,896) | (2,695,223) | |
| 3,015,317 | 402,187 | 3,417,504 | 2,856,987 | ||
| 17 | Cash generated from operations | 2022 | 2021 | ||
| £ | £ | ||||
| Surplus for the year | 560,517 | 204,837 | |||
| Adjustments for: | |||||
| Investment income recognised in statement of financial activities | (637) | (590) | |||
| Gain on disposal of tangible fixed assets | (539,761) | - | |||
| Depreciation and impairment of tangible fixed assets | 121,281 | 54,659 | |||
| Movements in working capital: | |||||
| (Increase)/decrease in debtors | (7,825) | 18,828 | |||
| Increase/(decrease) in creditors | 10,361 | (159,097) | |||
| Cash generated from operations | 143,936 | 118,637 |
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WINDSOR BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 18 Analysis of changes in net (debt)/funds At 1 January 2022 £ Cash at bank and in hand 295,776 Loans falling due within one year (428,827) Loans falling due after more than one year (2,695,223) (2,828,274) |
Cash flows At 31 December 2022 £ £ (65,287) 230,489 (68,226) (497,053) 1,635,327 (1,059,896) 1,501,814 (1,326,460) |
|---|---|
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