Scotlifh Charil)'.Vo. SCOJ3073 Adelaide Place Baptist Church Financial Statements Yeai" Elided 51 Deceiiibei. 2024
Adelaide Place Ba tist Church Coutellts of the Tr inancAal Statements for the)*ar ended 31 Llecember 2024 Page Church r)ctails and Professional Advig)TS Report of the Tntsttts Report of th¢ Independent Examin¢r io ihe Trustees StstLThcnt of Pinan¢ial A¢iiviii¢s and In¢om¢ and F.xpenditurc Account Ba14nLf Sheei Notes io the FInanL1 Ststemen15 8- 17
Adelaide Place Ba tist Church Chureh Details and ProCessionl Adi,15ers Core Le8ders PrincipAI Addre Adelaid¢ Pla¥e Baptist Church 209 Bath Srreei GL..ISGOW G2 4117. Bankers Clyd¢5d81¢ Bank 30 Si VitKLni Place tilasBOW GI ?HL lJ¥iik vf SLviland 1117 Balliestoii Road GI.ASCJOW G32 OTN Charlty no. SCO13073 Indep¢ndent Exmin¢rs A T.¢t8 Alt S¢rvi¢¢? Chort¢r¥d AL'¥ountants Tiitlnium I Kin5 lrt¢h Place GIps¥OW PA4 8WF Solici¢Drs laLRoberts Solicitors CapLII4 60 York Str<x't (i1¥5¥OW G2 8JX
Adelaide Place Ba tist Church Report of the Trustees_lor ilie Year Ended 31 December 2024 The Trustees ar¥ pleased io present their rep)rt together with ihe financial ststewnents of the ¢hurLh for ihe year ended 31 December 2024. Objtrtive5 nd Activities ThL aims ofthc church arL' a5 follows: To worship together in Spirii and in Trnth- -I'o build the mefflber5 up in ihe failh: To proclaim the goyl of Jesus Christ in word and action. The church is congregational in wlicj and is affiliatrd to the Baptist Union of Scoiland. Achievements & Perform¥Jnce The pasl year has been a challenging as 'ell as productivc onc for our church. mark¢d by slcady progress toward our goals and a ¢onlinu¢d commiimeni to mission iviln the city. At ihe outset of ?024 we have coniinued io dei'elop a community hub following OD from our re¢ent building redevelopment. This involves a Community Cafe. Clothes Bank English classes and various iniuatii'es with other charities. As a chwch, we ar¢ deeply thankfvl io God for His faithfulness throjjghoui the year despite facing some unLApecied and sizeable challenges at the start of ?025- iniludiftg a drop in funding. assoLiaiLd wilh the closure of AdelaidLs Nursery. The impaci of tlK' nurscry closure was felt in Telation io income w¢ rLY¢iv¢d aiTrd shared Uiility costs. Through the geyou$ inL Tea%xl SI8 "11)n thc church and Lxploring opportuniiieb ¢L) rcpurposc the space vacated by ihe niwser)" we coniinue adapi hoiv wc delii'er some aspLLls vl'vur mirtislry in Lh¥ Ltly wiihin a suslainablL and balarKcd bu(I¥LI. W¢ Lontinue Iuwdrds rL configuring our or8ani.Vlion as a Scoiiish Chariiable Incorporaied Organisation ISCIOI. This pr(¢% should bc ctsmpl¢t¢d by carly 2026. We r¢main graieful for all w'ho support us and in CJid'5 colliinued provision and guidance. inancixl Review Pr¢ncipul so#rces offundinx The church receives its funding from ¢hur¢h members and gifi ai Resultsfnr iheye47r Th< finan¢ial st3tcm¥nts for ihe year are sei out on pa8C5 6 to 17. The Siatemcni of Financial Activiiies on page 6 r¢fleits a surplus for the year and incomin8 resources before iransfers and other gginsiilossesl of £55712023- net deficit of £21 ?.452) of ¥,hich a deficii of £l1,04212073 deficit of £9.1101 relates to the unrestricted fun, a surplus of £1 1 599 12023 deficit of £?03.34?I relaies io the D-t10p1£nt Fund. NlissiollG and MissionRN Funds, th¢ Fellowship Fund and the Li8h( of Renewal Fund and Robert50n Trust Fund. Re5en7e5 li is ihe policy ofthc church lo maintain unrestricted funds, i.c. unrcstrictcd funds noi commiitcd or invested in lixcd asscis. ai a Ici'cl which cqualcs lo approximaicly ihrcc months unrc5tricicd cxpendilurc. This all0'S suffiLient funds to enabl¢ th¢ ongoing w.ork of the Lhurch to b¢ mainiained. Llnrestti¢ied funds per th¢ ti¢n¢ral rumd ai 31 December 2U24 amounled to £65,844 {7023 - L52.726} which exceeded the required level. iidy in deficil l-he Lighi of Renew?1 Fund ends 2024 finaniial year wilh a deftCLi balance of £25.799 which relates to thc rLmaining balance oran inieresl free loan specifically for ihe l.OR projeci works. Th¢ loan is tied to a monthly repaymcni plan for 2 tnore years •th payments being met by separate rcgular giving by church members io specifically stspport ihe loan paymcnts 8t M'iih any shortfall being mei from ihe Gen¢ral Fun as ntcessw.
Adelaide Place Ba ti$t Chur¢h Report uc the Tru51tt5 Jur ilie ?eur Ended 31 DeLembvr 2f):. 4 Tru51ee5 Hnd Offlce Bearers Tlic TtU51ccs, Offjcc Bcarcr5 and DcacotL5 who setycd dutin8 yeai alld 10 thc datc of this rcp)rt wcrc as fvllvws". Tru5t¢¢ Tre#5•Ter Minister Core Leadvr StruLture, GDvernan¢tr #id MxnagemLVt Ad¢laid¢ Pla¢¢ BatXi8t Church is establish by Consliiuiion. The Church is a Scottish Charity (No. SCOI 3073) and is recogni by HM Rcienuc and cS1On under referen¢¢ nunber CR32260. Admiiistratlve Struct#re and Appointment of Tr¥stee5 Th¢ Church has a Core L¢ad¢Tsh4) Team wb¢r¢ its members are 4)POiJ]ted a5 and w.hen requtred by the Chur¢h in aLLordance with its Lonstituti(xJ."I he Lore Leadership'l'eam oi'ersee th¢ day (tsy operations of the church and a5 part of their aprA)intsnenl, Core Team Membe I)LXx)n Tnjstees and exercise the aSSlated responsibiliries. Adelaide PIAce Dei'elopment Comp4lly Ltd Adelaide Place Dei"elopmeni Company Lid is 8 company limited by ¥uarani¢¢ {No. SC14?1771 and was incorp(Iraied on:0 January l 993. Ou(reach aciiviiics ofihcchurch w,hich haic o Irddillg clcnicDI ale hamessed by Ihe comrony. Thcsc aciivitics arc financiallv supwrted by ihc church i ia donalion5 lo thc coiiipany. With oth¢rs. Mr R (iylbraiih L5 tt dir1[ vfihc Lvlripany. Throughout this Report, Ihb ¢ompaii)' and 115 artiiq¢i¢s ar¢ r¢f¢rred io Adelaide s.
Adelaide Place Ba tist Church R¢poTt of the Trustees Jor ilie lear Ended 31 Dcc"cmber 2024 Crant Making Policy Th¢ Lhurlh makes grdnt5 frorn its. gift inconx to individuals and mintsty ()rgalli5ation5 that are kn<)wm fo the Trustccs and church Thc bcncfiLiarie5 are involved ID aCti111c6 or TllRllistries Lompaiiblc with ihe church's objiytii'ts. Slatement on Risk The Trustees continually review and gssess the major strate8ic, qerdtion21 snd financial risks to which the Church is exposed. From this review the Trustees ¢ontinue io U131t and esiAblish procedu to mili8aie thosL risks which are i(kntificd 85 3 rcsuli of this rL7VTClk'. Main risks that have Ikxyi identificd in thi% review 8re direcbon and fonvard Iarn)Ing of the Church. iontrol of chUh as4ets: trlMe7. financi31 conrrols and faith basLxI thlty. Trvsttes Resp(bnslhlliile4 Under legislation relating t() charilies in kniland. Ihe T¥ustees a required ID PTerAre finatal 81atanent5 f eaLh financial year which giNe 3 inje and fair leW of the stsre of the Lhurch's affairs and of its incoming rEsources and appltcalion of resollrce5. itJLlud'.ng its surplus or defiLlt for that j'ear. atMI M'hich have bee properly prepared from a1 are in agreement M'iih ihe accounttng records of the church and comply with rclcvani disclosufL' requircments. In preparing ihose luMncial statcmen¢& thc Trustwi aTe required 10: -4eleci %uiiable accouniing lie1c8 and ihen apply ihem consislcntly make jud8ements and estimates thai are reJ50nable and prudetit prep. thL fithancial slatement5 011 thc 8oing Lonc¢rn basis unless it is inappropriate to presurne that the church will Luntinue its a¢tiviiies. ThL TrusiLes are respoThiblc for kLxping propcr accounting rccwds which disclo. with Tnable aTaLY ai iny lime ihe chu.$ linaneial position and enable ihe Trusiees lo en%urc Ihai ihc finanei>l waiei))ent% ¢ornply M'iih Ihe rcquirLYllLmts of The Chariljcs and TnLgiee Ini"es¢meni {%e(JilaDd)_4ti XX15 2nd Ihtt Charilio% Accoiint8 {eOi18nd} Regulalions 26 flniwing Ire(rOm. The TrustLS al) hale general reipon.sibilit)' for taking such steps as are re250nably (yen to them to safeguard the church's assets and io prth.ent and detect fraud and other irregulxrities. Ddl¥d..
Adelaide Place Baptist Church
Independent Examiner’s Report to the Trustees of Adelaide Place Baptist Church
I report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 6 to 17.
Respective responsibilities of Trustees and Examiner
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In the course of my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in any material respect the requirements:-
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to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts regulations have not been met, or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Azets Audit Services Chartered Accountants Titanium 1 Kings Inch Place Glasgow PA4 8WF
Date: 29/9/2025
5
Adelalde Place Ba tist Chureh St8temeDt of Flnancl•l Actl%ltles and IDCOtD¢ sod Expenditure Aceountfw theyear ended31 December 21124 l1hrv4ird Funds Av&xilt RE5trkned bund5 Drb Asse15 2024 Tor•1 Z027 Toithl Otber¥ Donaiions lewies Inv¢4inwni5' 143.69J 12.742 156835 145.67fl 229 OthLT 45.417 17.IWA) 61A17 7.1,.4¥0 'I'oto1 ineome #rtd ertdowmtthts 29.744 218814 219.488 4XPtndltyr• oi: CharitAbl¢ nctiviIi¢ 193,6•9 1.344 16.801 11 t.774 427.593 6.5?3 523 4.347 2(KJ.152 21&297 4.11.940 Yel thtomelltxpeDdll¥rt {11.0421 IL11 557 1212,4321 Trn$(tri Grns4 iTrn%fLY5 30.39J I40.Cl 9J81 vthv r¢¢4nl•¢d $•lns I lth ain roalualion ul asya¥ l.w tYTrm Ilwj Lkl i• 1&233 1167.(Wl 14Q062) {10•.7fj71 22J24 (1O6O4Jl 1112A511 RLon¢llliltyTh of fvttdi 1.0141 lunJs bruu8hi fi>fw4rd 52.726 40. Ifll.767 1.056 (.14.O141 IJ120.177 1.2.IA,V29 Tfri*l fund¥ ¢•rrl¢d lon¥•Yd ( •PrIN. CJaiLrdl Fund A. Pa51or Fund ,Manse F1)d D¢5)gn¥t A$s¢ts Fund 65.844 52,72fr 40.06: 160.767 15 15 De¥etUpi I""und Migsionory Fundfj Mi%&liMi4r%' fundRN ¢llow¥hip Fund 'Iirk PlaL'L.l-li•plain¢y Fw l.i¥hi ufR¢DLyal Trwid Rtrkrtwn'l'rv$t FuThJ 16 16 16 J6 16 16 16 1.056 48% 48 12£.7WI 12.(XMJ 125.7991 12.000 'lThe n(Kcs furrn part uf th<s¢ fitwKiDI sIAiemuiis.
AdelaRde Place Ba tist Church Balanct Sheet di 11 DvttmbÉpr 2fi24 1024 2023 Fiied As Tan8Lbl¥ LlXt% 8•0.QOO T&tl Ilxed $vts S.0 800,000 CuTrellt Assets J2 5.148 17825J R?.501 (".&sh li bdnk and in Iw 'l•il ¢urrent thssetl 2.754 Currvnt Lknbllflr ('reOifrirs.' Arnthunts fall)$ 'iihin orR ye•r 13 J•4 Tr4etCurreJi Assets T<iil sstts k$5 Lmnt IIMbfjlll1 69.365 869J65 1.047,130 Credlt•rs: C'rediii)rs'. ArU fall$ due aft¢r [rrf>r¢1n (x)¢ y¢ar 14 ,%et Awg 'I'he fuDds Of lh¢ thArln': (ienLrJl l A. llasitrr Tr'uftd MAnsc Fund Ihiykatcd Rt.lricre4 FMd.I lkn olwi l.und Klj<<jTrnary Fiindr, fii%ii)n4ry fundRN Fello$b]p Fund Lighiof keneM21 Fmd L(Ml Robetsou T51 Fund 15 15 65.844 52.726 40,062 160.767 .000 16 1.056 48 16 16 16 16 2,692 117.72? 12.0(Kl The flnin¢Il on pagts 6 K) 17 M¢rt UFvrvv¢d b). lh¢ T[¥ on .... . 8nd sigTrpJ on their bthaifbj Ihe The on 8 10 17 for5n part olihthc finaKiai s&icrnenL*.
Adelaide Place B2 tist Church Note% to the Flnaneial Statemenlsfor fhe l'ear ended 31 Dettmber 2024 Af¢ounting Poll¢i¢s The PTiJ)iipal aiLountlDgry>ltLi¢5 athipt¢(L J1ments key SL¢s of estim&iion unLertainty in th¢ pJYp4rtion of th¢ fin(in¢ial ¥tai¢m¢nii ar¢ LJ follows.. B¢T.TI.F vfpreparAtio11 Thc financial ststLmcnts of th¢ chanry. whirh 1$ a publiL Ikwfii ¢niits' und¥r FRS 102. hail bc¥n PPad in a¢¢ordancL iviih the chariti¢ SORI> {l+RS 1021 'Ac¢ounting and R¢porting by Charities.. StatLmcnt of Recommend Prn¢iict applitahle 10 chariite% PTepaTbn8 Iheir accounis in xcordance w'ith the Finan¢ial ReTr)rtin¥ standard upplic4blL in thL UK and R¥public of IrclaDd11.'RS 10?1 IcffcciivL l January 20151. Financial Rcporting 8iand•rd IO 'Thc Fin•n¢ial R¢w>rting SiJDdard appltcable in the UK and Republic of Ircland. and Ih¢ Charilies
nd TrtLsiee Ini¢simeni (Scotland) ALY 2Th)5. 1-he financial 4lalements have b¢¢n under hi8tOTiclll ci)%t
eoni'eniion a% modified by the rcvalualion ofecrfoin fiK¢d al8. Th¥ pl¢enli0n ¢urncy ofthe fJnancil &thiemeDis is wund slirlin¥ (£1. ThL Trustees consider ihai thcre arc no rn•terial w4111¢$ abo the chh"S obiliiy to continue as a 8oiny conLem. Th¢ finaneial statement% have been prepared on an enlS buis. All Troluniary income Jnd bank inieTt¥l is a¢wunie¢J for ivhrn ¢11.¢(1. T¥x recovered on Gift Aid ind ini¢re$i thcr¢on is aLcounknl for on En acLrua15 basi LgocJ' Inrijme l.L¥uKy iniomc I rLxo8lli5cd in lh¢ TAYounts the charTrty' has entitl¢w1 to thc incomc. it 15 probbl¢ thgt lh¢ incom¢ will bc rec¢ii'¢d afvj •mouDI be meawred reliibly. L¥peiidli4re reeoliilrfo Li¥biliii¥¥¥r¥ r¥xvbtnisiJ as cxpon¢JiiuN'¥ssovth ¥¥ Ih•r i$¥ l¢yl Ur¢onwillv¢UbI1¥l(l11nC0Mrnl1IlM¥ Ih¢ih#riiy 10 ihat Lxpthidiimrc, ii 1% pmbJblc Ihal lI1¢nnI will k rLwuircd 14 Thj Ihe amoiffii ofihc obli¥JiiOll bc M£.a1rLyd Tcliably. All ¢X[MIlire 1$ ¢vuni¢d for on accrual bui¥. T4Nxlble &lxedAysets' I l¥rilabl¥ propcff) Ith¥ chur¥h buildln8 #ml many¢) 14 stat¢d It ¢Slimot¥' of markd val. bagyj on ind¢pLnd¢nt vJluaiioTL%. No deprcciaiion 15 eharged on th¢$¢ iiems. tkpre¢iaiion Mas ¢hr8ed for the first lime during ih¢ )'¢•r ended 31 December ?(KH agairtsi Ihe church's equipment. D¢precÉation LS PTovided al the follom'ittg anllu•l rJ$ in orderto writ¢ orfea¢h asset oi'¢r its esiimBied useful life.. Ileritable property Lquiprncnl il 2 OD 5trai8ht line b1$ P¢ntsloKs T. iharily pays Ly)nlributioDs lo d¢firt b¢nelii and dcfined coniTibuiion %h¢mcs. Contribulions pAyabl¢ for the year drc chaT¥id in Ihl Slat¢rn¢nl vf Firkan£Lal Aciii'iliis. ThL as5 lif ihc 5Lh¢mL h¢lJ ¥i'paralcly frvm ih(is¢ of th¢ Chur¢h in ind¥y¢nd¢nily admintslLred schcmth. S¢¢ 50 Noic 18. Invcsimenis are ststed ai rna valuc in acc(Ydae with ihe Suiemeni ofRccomrncndcd Praciicc for Lhorille&.
Adelaide Place Baptist Church Notes to the Flnanclsl Statementsjor rhe vear ended 31 December 2024 Accounilng Pollcles (coDt'd) Stsiemenl of FinanLYrflALtivilies For ihL pury)osi ot'ih¢ Stsin¢ni ofFinanrial Acti¥iiies a> shomn on pa¥e 6. funds are defined as follows.. - Unre51rleied fund5 COTnpris¢ gifts and oiher inrom¢ re¢¢ived for Ihc i)bjcc15 of ihe Church W'ithoul further speLifiLd PUTP05L and arL' ai'ai18ble &$ gLnLrnl tholls. De51%nat¢d funds rew¢s¢nl unr¢stri¢id Fwids, w.hieh have bea) ¢amwk¢d b>. the TNstees for a Slfie pUS¢. Rtstrlettd fund5 compri5¢ 8ift5 and otk'r iTbcomc rettived for spcnding on $p¢CifI purpoy¢$ as laid down by ihe donor. Impalrni¢nl of.455e15 As%41S, vihcr than Ihv5e measu1 #i feir value. Jre g$s¢ssed for indiuior8 of impaimyni ai ea¢h balance she¢1 dai¢. If th¢r¢ is obj¢¢iiv¢ ¢Yid¢n¢e of impaimieni. an impaim?ent loss 1$ r¢cols¢d in profit or Ioss as dcscrikd tlow. An 05Yrf 15 impaired w'here ihert is obJ¢¢ri%'e ¢%id¢n¥e th. u a result of one or mor¢ that OLiurrJ Efter Lniiial recobTniiion, the esiimaied Tecovcrable i'allle ofihc assd has bctn reduied. The rccovmble 8mouni of an ll5¥et i$ th¢ hi8her vf its fair value 1¢55 Costs to 5¢114thd iu vlle in u5¢. Whirn. indi¢aiors ixisi for 4 in tmp)irnwnt loss. thL' prior impairnent Ioss is ted io dLILrn)inL fLWLX¥al. An impainnL'nt lo i$ r¥'%¢r5cd on an indii idual impaiNyJ ass¢1 to thL exiLnt that thL rL'visLd rL'¢Lbi'Lrabl¢ v4lue does noi lead o rel'ised canying amtyjni hi8her than the ¢&rryin8 I'alue had inipaimieni been rtto8ni&ed. I.(FT finon¢i&l a5SClb Larricd DI &Morti51 cost, th¢ ¥niouni of impHim)cni iy ihL diffir¥'n¢¥ (w¥'n IhL &4SL41'S cgrryin8 amouni and Ihe preseni v8luc ofesiim•i¢d fuLur¢ ¢•sli nov4'S, di5couni¢d •i ihe llnAn¢ial assci's 0ri8inal ¢ff¢ciivc inierc$i rnie. FLbr finooiial ¥1$ c•rYied 01 Losi Less imp8irn)¢nL Ihe irnpairmeni luss is the dirrLfL'nCL bdw¢¢n lh¢ ¢arryin8 amouni at¥J Ik b¢Ji ¢uimai¢ of lh¢ amoum thai mAld Tcceivcd for thc ifil wer¢ io bc wld ai ih¢ r¢pvnin8 dale. Where indiiaiors ¢xi$i f i decru5¢ in impainneni loss, ¢hc dccr¢asc ¢•n be relai¢d obj¢ciiv¢l)' lo an ci'eThi ¢¢¥Ting after the Lmpaimient reco8ni5¢d. th¢ prior impAimnt lou 1$ tes11 to J¢ierniine rev¢ff41. ATh impainn¢nt I is re%¢rs¢d on an iDdividual impair¢d fuw)¢ial a5sd th¢ ¢xt¢ni thai the rei'ised r¢iovernble vaiuedoes not le8d iu a rv4'i5ed ¢anyingamouni higherthan the¢•ll8 valuehad impoirrnent been r¢eosni$ed. The ¢hariiy only lin¢11 •SS¢¢i and liabiliiies of a kiJMI t1 qulify' 4s ba$1¢ linan¢i#l instruments. Ilasic financial instrumer5ts are initially recoBni5ed ar iraDsacrion I'alu¢ and 5ub%'qu¢ntl)' me&sured their scttlemLnt value.
Adelaide Place Ba lisl Church otes to the FiD#ncial Stgtemenls tlie wuréryidvd JJ Dei'ember 2024 2024 Toiil 2023 Totsi Cvtnerll A. Pasi IiB5e D. A41rt5 Devel• Other oiririn¥ Cill aid Biving Tllx reclaimcd Sunthy don$iiLXts LewocAt5 96.03! 24.32 io.i(x) IOQZ22 2W177 23J36 86.697 21.67% -17..104 143MJ J2.Y41 156,4.15 145.679 Chirliable acti11 Oihtr 2024 To¢ 202.1 Total .4¢fv1ty Lthal minisiri Naiional Ind oierxms mit)i51rie¥ Pruw). and f¢S(w¢es 178.896 20.11 149.715 14,261 47.7911 117,727 17,OtK) 292.86ts 47.741 82J7¥ 111.774 427.59.1 Ji of hl¢h,. K¢l•lin8 lu utIT¢¥Ifi¢ii fu R¥laiin¥ iv funds i•¥,¥ (A,711 111.145 193,629 -11,¢179 275,914 12flJ9• 82J178 211774 427 $4.1 10 2023 IDl¥ter 41.470 1.992 4.481 41.A%O 1.4:6 4.363 SLxi•I securitj. ¢NI$ P¢nyion 47,069 Olh¢r Si4 SdlJriLS S141 sccurii>'¢vsts Pension 70.734 47205 l.<J43 77.747 52J33 12&896 100202 Th¢ uvcra¥< thumkrvfrmpW thJrin¥ th¢ )Ui WA$413 tn 20231. NotmployL tt¢tiv¢d rtmn¢raiion of £MI,IMKSwnKYe. io
Adelaide Plce B4 t15t Chur¢h otes lo the Trlnncll Sr#temtDIS fvr rk¥ iyur ttly1 Dtr 2024 Other Dir¢¢t Costs L•rvrrkr¢d Rtsirkfed Fonds .MJLr D.ASl Oih¢r 24 Ti¥1 21123 Tothl 'ornhip PrT Mini¥iry Mlysional L'omrnuniiies I'hildm & Mini 1¢ 11¢>4NwIity Paswfal Nlini¥ry ("htsrch 4.)73 4J7J -1.618 290 603 138J 3.63 1.257 937 565 27 78 Minlslry ( ITmtiiunii) Hub 2.847 19.726 10,819 IY.$25 7.250 7.3UO 17.N4 Pr•p¢rfy rtwwr¢ Y¢iiu¢ 5PpOrt Cknh Adm1%11#1V 21.1 8.914 IS.7) 37J41 275.%37 lJ44 82J78 317J¥l (Xhtr re11d 2•24 Tot#1 2iiz.I 2.1? 4.4?.1 I,io• 4A2J l)erKttitsllun 6Jii 4.147
AdelAide Pl2¢e B2 tist Church ]%ot¢s lo Iht FlnaDcial Sialem¢ntsfor iheyeqrended31 Deitmbrr 2024 CompAr¥livt Sth¢¢m¢n¢ of fiN•nrial Artivilie5 Llnrc5trittrd Trund5 A5s0¢i•tr P851or Reslrl¢iL Fpnds De51 ..I55L'15 202.1 Toil lkn'elop. Orhtrs Ihcome xnd eudowuB13 from.. l)onaiions and Ic8acies 123.10 22,571 145,679 Inl¢rcsi Fc¢¢i%'¢d 2?8 229 Oth¢T 23.580 S1 7J,580 l-otil In¢oMt nd endowmtftts 146.916 72J72 219.488 Expehditrjreibm: charlble lYe$ 151.679 275,914 427.193 her 4J47 4J47 Tot¥1 eip¢Ddltyre 15&026 274.914 431.940 Nt¢10%s oj) investmen li¢omtll¢xptndlmrel (9.lJO) 120JJ421 1212.4521 I'rn5fcr5 Cifuss ifdttsfcrs tw£ell fwith4 (16$2451 165 ?45 Other ree(pRntsed 8Aitti Cjain on revaluation ofassds Net mtriement In funds 1174J55} lJ8,0971 1212A521 Re¢oDtSitatloll offwDds Total funds brou8hi fcnNJrd 27.081 40.(7 160.767 1.050 4.0fy.1 111.1.029 Tor1 funds ¢rTltd (OTw¥rd 52.726 34. 41 1.02 Compriylng: 15 52.7?6 A. Pastw Fund Mans¥ l.und DL'SI¥llalL Assets FuThJ Re.%tri¢rtedlunds DcvelupnK'nl Fu]¥J i%7(mary Fund(i .MissioJJary FundRN l'i'llh1p k.und Li¥hE urRenC¥1 Fu>KI 40.? 40.062 160,767 800.000 15 15 160.767 1.056 1056 488 16 16 16 2.692 137.7221 Zffj92 117J12) 52,
Adelalde Place Ba tlst Church Yotts io tbe Flpancial Si•temeffj15 fo IA¢ J'cUrr&Ij1 Drrcnrb¢r ?0?4 * Tr•n•f 3•24 i'utsl ZQ23 LV•st•r INiniiion¥ from&erI fvund Trnnsfif thlikJsuN'¥fA. PtsywFwpJ 19J691 281 9Jll I4•.1) 9J81 IltrliBblp rch her Tatl A¢ l J•nuir> 2f)24 A&JITIOn5 Di>poyJl Al.11 De¢ethbeY 1024 67.576 167aY6 807.7b Al l J¥nw 2024 Churye forye 67.570 07J76 Ar JI Dt¢imb•r 2•24 67J70 07 76 Brwl l At JI Dt¢EJllbrr 2124 Ill.11 Lkrcn¢?.7 'TrK LhuJch ficcwily hyth¢ In knowiap y•rdcd io I.tJ.'rh¢Nty ITr 2018 li th¢knirK 0. The<bJt¢hbuiklkn¥ Juty b) knitisth iold•ndih¢ ffijrkn w4MfeTh¢d 1Clc0?II F¥d kn2019.
Adelaide Place Ba tist Church otes to the Financial Statements for rhe l'ear ended 31 December 2024 10. Related Prt)".Yote On 30.4pril 1993. Ihe church eTht¢red inro a le85t agrrtmenr m.ith Aiktsid¢ Pl#¢L' lkn,¢lvpment Compiny Ltd roT the ¢niire church buildin8 ai the annual rent of £IIX>. Ile church sanctu. is leth by Ad¢laid¢ Place DLiel(Wt.lll C(TrmP2nV lu the hrLb ai th¢ a1U) of £1. R Galbraith is 8 dir¢¢tor ot Adclaid¢ Plac¢ Dv'¢lopmcni Company L. AI I I DLxx'mbL'r 2Q24..Idclaide Yla¢Y Lkvclijpwrl CMprY (MVLXI the church £1fi7.(KX> in ihe fcim) ()ftt loan 12023 - £173.IKK)i. Therc are no fJx¢d TcpaTrmicnt Icnns atwhcd to this11)an. In FLbnJaJ3' 2025 Adclaidc P12ce Dei'elopmeni Company Lid 'aS placed inio liqutdaiion. li is antiripaicd Ihai the fvll value of the loan iiill cry5ts11is¢ into a b31J dLbt. An adjuym¥i ha5 kn.ll madL" Within the 204 xcounts to makc proyision for I l. Tran59CtiOD5 Thlth Tru$t¢¢s The TnLStees rtteived remuneI0n durifig the year 2024 12023- £rtili in their capaeity &$ Trll5tees. Dot)ations receii'ed by the Churdl frorn Ttee$ totaued £8.650 ihe yeario 31 December ?024. 12. Debtors- Amwrtsts f811ing due v4ithin one year 2024 2023 IDcome w T¢¢overnble Loan 10 Adelaide Place De¢10pmen1 Compn)' Lid (N¢ye 101 PrLyayJn¢nts' 5.248 5.253 173.IKM) 13. CryditOTS: AllUts filllng due o•e year 2024 2023 A¢¢ruals l.ofjns Ilnier¢si fr¢e) 2.160 .423 2.ICM) 11.424 13. 14. Crtdttors: Amoynt falling dut after more thaTr one vr 2024 2023 Loans Ilnieresi frec) 26,653 14
Adelalde Place Ba tist Church Notes to the Fln4nci41 Stottmenis lur ihc, ieor endi'd 31 DLYemher.'U24 IS UDrtJirl¢¢¢d B4lDcc t 01-JAD G4th5. Loxs¢$ & 'rrDsfcrs IM¢omln¥ r¢so¥r¢rs Re50yrces ¢ipeDth 31-Do 2024 IOZ4 General A5¥0rlyl¢ P¥tor Fund •A•nw Fynd 18Y.110 l_Nkfi.3851 30.3Y3 I40.2) 65.844 40.062 ItA).767 1160.7671 D¢sIatrd A&4¢ts fruttd I[,{xX} Tutsl UnTe¥mCtrd thnd4 .053 189.110 19.6691 os The GeneMI Fund 15 used for ihe 8cn¢rl r110n8I wpoxes olthe fellowship. Th¢ A.Urrt'ilt PAIr reprysents Th1¢% raised supp(Yf a rw AsyKiat¢ Pastor Jnd thE new areas of Inini$Try' bein8 pUed b). Ih¢ Chh. Th¢ Fvnd w'•$ ¢1os¢d In !0?4 tsrtd the renwtDiDM fvfyjs rrnnsferred th¢ Gcncrnl Ful ro support i)rt80in8 ¢mploymeni of ihurch staff uthknaking TW awtas of minisir).. The M#nsie EId reprgseuis ll1¢5 with • wi. l¢Thliti8 Ihe sum 10 thlelaide's io thj¢¢ Ihe ILWIS (wi by Ad¢lHid¢'% for lh¥ r¢furt>bhm¢ni Of Ih¢ ChyrLh buildin¥. and Irefl3 lo fL'leaye ihL yUrI1y (m Ihe Man¥¢ which had beL'o wven in rcltsiiurt lu ihtsi loan. The.Monse was dihar¥e41 u • s¢awiiy in ?(I)6. Th¢ fuThl twld thv rniu the I7 d¢lH vwL' rroTn Ad¢lai41¢ Pl tKTr. C-umpany l.Id. (Scc lu) Thc DcstgnoKdAMets Trill r¢prts¢nts IIK nct v•ly¢ of Ihe ¢hur¢h'sbuildinp •nd equiynenl. 16. R¢itTl¢t¢d Bal•ntt •1 OlJ 2024 Gilni. Loistb & TrJn%f£ Incon Resource expcndwl 31-D¢¢ 21J24 re¥Dyr¢ DYélopmeni MltslDAXry Fund G Mi4iD•r) Trund R Fellrfftqhlp Fund Ll8hi or Rtntwl Fund Robtrtioth Trust Toial RLstrLLied fund5 .056 488 2AS 2.692 1.17,?•21 17,742 115,71K)I 15.7991 i ?.i)(x) ExplM•a¢ion oJf¥vdJ Tli¢ Dei'i,Ivi?IM¥llf Fjiiid provides fw the cyry¢pi •ThJ fuiure moLlktCDance r¢qUirKnts of tht ¢h¥r¢h Th¥ Ml.%slon4n. Ftind G r6 used 10 providv 5UPP(t lo the churth's No missionaries in Brn7il. Th£ Ali.tsiwiuri Fiind Rfv 1$ lorythJe io the chur¢h'$ ini$5iLThry in Afti¢•. Thc l.und il¢)sd in 20•4 io thc bye¢ of exiernal dLWiiS to thL l.uture suppxi lo thr ¢hurrh'y mis51(Hr). in Africa w'ill be tffvvid¢d i'la chuTch'$ FnL¥ral missionarv wftin rhc fcllo¥vship is w%¢d to wovidc rLYOUrtes for Ih¢ Miniiicr 10 acc¢ss ai hi% di&cffiion 10 proidL' shon as>i%tsll¢c 10 the nccdy. Thv l.jxhi 01 RrfftJeMoI FtiKdLOR rcpre5CMS w#nts Ind srK¢ifi¢d b). th¢ as bcin¥ for ofSUPPDninB th¢ church's building Tthvclopmcni FXQj¢Ci. RcJbvrlSV• fry.il gTrnt fiLnds giltn kN'aTds rcwurLin8of the LhuT¢h'$ minissry4nd i*KagLmeni with The 'ari$ cominiiniites local io ¢hurclL i.s
Aqlelalde Pla¢¥ Ba
tlst Church
Potes to the Financi41 Stxtemettts i(>F' lh¥ irtr exiled JI De( ember 2f)24
17 Ana1140T Net A¥sets b)" F•4
UAre51rldtd DMitd ReJtrkd
FuJ1
2024
Trf
202.1
Toi
ixed A55ets
8.th)0
CUrt Ajseij
Lkbttirs
Cash al bank htnd
5.010
62.994
238
14.71kS
5.?48
77.7LX)
82.501
Credltors: Amount$ fallln8 d
within on¢ wer
CN¥dstorg and a¢¢rvals
I2.1}
113.5831
{13.5241
Credltors: Arnounfs flllng duE
ftor than vear
Crediior5 and accruals
(14231)
1)6.&$31
Total funds
65J44
111.710
1154.134
1.1120.S77
18 Penslon Oblle8tloDI
'rht church is an ¢nWkn particiwinB lll a rED51 s¢bem¢ as the Bawls1 Pension S¢h¢m¢ 1.the Sch¢rDe). %%hich was
k00 as ihe B¥pii5t llinis[e PEJ)sion Fund until LkYerthr2011 Mini¥t¢rs Fund-k
The schi'n is a sop11t le entit> wbich 15 1n1 LÉ¥ai •Dd (Jcntral Lite A55ur3ncL' Soc]Y
Limiied. In addiiitrn. the thwloyer pays a further40/ nfpen%iotLible Incosnt io coieT Deaih Seni¢t Htn¢ftig. adminisiraiion
e0515 and an a18¢¢ ¢nbUTanc& polio hich pmiides pmieciilm fot Sch¢n nKnibtTS sn ihe eienl thal ihcy &e unable
to Ork due to lon8-term Jncapxily. Thb$ incotf PTOlQ¢tion tA)lic) Iw tcE} b) the Baplisl Unim ol Cffeai Britsjn 'ith
I1M Limiitd. Member51>ftht Basic Seciion p)'Ted1 TI1)UtIS ofS0iti ofpensionable Income. and ihLYT ernplnyers 3150
y a lotsl 01.5%.
BeJJefJts teSPLri of5ED 1¢¢ Prior io l J•nwo.
¥Tt provided tbTouts the tkfined Ben¢fil IDBI Pl8n ¥%iihiD the k.tLetr£. The
1012 ser%ve ¥%eTt a defined beDefii Per70 of one ¢ightieih of FiT$81 hlinunujn PeDsiollable Income for
ain benefits f(Ir pre-.
e8¥h >eBrof Pensiotle Sm'ice. iogether Miih a¢Jdinotl pension uj re¥£th ofpretDi4mb paid un PensioMbl¢ Inwmt in exces5
ofminimum Pensionable IDC(m. Th¢ Scknne. preiiously kn)iin as th¢ Ba1¥ Minisier's PetLiiOll fund. started in 1975.
Yrt4closed io fvruTe ofdefined tTh¢fit m 31 DCb201l.
A furTllul wuluaiiun vfihl Min1¥r¥. FunJ wa pcrfunwj 0171 DLxvnlKY ?019 b> J pTr)ressIL¥1IY qualificd.kn.tLsary" using IhL
Projeiithl Unil Mdhthi. ThL' mark¢i i.olui of th FunJ's &sseLs ai ihc I71aln da¢e £198.(KIO.(KK). ThL" I'alll1n of ihL DFS
Plan r¢i"¥lL J a¥fi¢ii of awxs Lompa wirh the wdlue of liabililiLS Ibf £IY.IKX).O(KJ ILquii?kmi to a past fvDJing levLI
of 940/4)..45 a 'sr of ihL I"alu81ion. in adJit¢on thc conbuttl111s 10 thL DC Ptan iiut abo%'¢. the 5cbcmL trusre¢'S agr¢Ld ts)
main¥0&n thL sraDdard rai¢ of drfElICv Loniributiury% fromchurckn 3j other ry105 invol1.1 in the DEI Plan 41 12Yo of
P¢n$ionJble Incoii l Mjnknium l>ensiorblc Incorne 35 WeO$1Y s¢r in January ?016. lknr [lOiY Plan enwsaged Jeficiency
¢ontribut10Tr5 coniinuillg unlil.10 1016 #1 which W>iDt the deficii proj ro hoi* been rL-nN)Yed.
16
Adelalde Place Ba
tist Chur¢h
riotes to the FinaneiAI Siatemen¢s lor the ieor ended 31 Dvcember ?1124
111 Pen5JoD Obllgtlow f<ont}
On 30th ju 2022 IhL" Bawisi PiDn S¢ sipYj an with ik irthuran£c C¢)mpY jUG
l-Jusi"I 10 SLrur¢ DH Plan mLnb¢rs' pens Just ar¢ now. providing finwial l)ackiftg forall
ponsillns pfoiLd¢d ihrou¥h sk. DB Pkn and follo18 thi& ttzn5acrion. the ScME M ker has
51y)rttall. An upd&i¢J K¢