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 ProCession*l 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 Ex*min¢rs
A T.¢t8 A￿lt S¢rvi¢¢?
Chort¢r¥d AL'¥ountants
Tiitlnium I
Kin￿5 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 ivil￿n 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 ge￿you$ inL Tea%xl SI￿￿8 ￿"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 c￿S1On￿ 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 aSS￿lated
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 dir￿1￿[ 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 aCti￿111c6 or TllRllistries Lompaiiblc with ihe
church's objiytii'ts.
Slatement on Risk
The Trustees continually review and gssess the major strate8ic, q*erdtion21 snd financial risks to which the
Church is exposed. From this review the Trustees ¢ontinue io U￿131t 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 I￿arn)Ing of the Church. iontrol of chU￿h as4ets: t￿r￿lMe7. financi31 conrrols and
faith basLxI th￿lty.
Trvsttes Resp(bnslhlliile4
Under legislation relating t() charilies in kniland. Ihe T¥ustees a￿ required ID PTerAre fina￿tal 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 a￿1 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 T￿￿nable a￿￿TaLY
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 {e￿Oi18nd} Regulalions 2￿6 flniwing I￿re(rOm. The TrustL*S 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 

1. which gives me reasonable cause to believe that in any material respect the requirements:- 

   - to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and 

   - to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts regulations have not been met, or 

2. 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
l1hrv4ir￿*d Funds
Av&xi*lt
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
IL1￿1
557
1212,4321
Tr*n$(tri
Grns4 iTrn%fLY5
30.39J
I40.C￿l
9J81
vthv r¢¢4nl•¢d $•lns I lth
ain roalualion ul asya¥
l.w tYTrm Ilwj Lk*l
i•
1&233
1167.(Wl
14Q062) {10•.7fj71
22J24
(1O6O4Jl
1112A511
RL*on¢lll*iltyTh of fvttdi
1.0141 lunJs bruu8hi fi>fw4rd
52.726
40.
Ifll.767
1.056
(.14.O141
IJ120.177
1.2.IA,V29
Tfri*l fund¥ ¢•rrl¢d lon¥•Yd
( •￿PrIN￿￿￿.
CJaiLrdl Fund
A. Pa51or Fund
,Manse F￿1)d
D¢5)gn¥t￿ A$s¢ts Fund
65.844
52,72fr
40.06:
160.767
15
15
De¥etUp￿￿i 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&t*l Ilxed *$vts
S￿.0
800,000
CuTrellt Assets
J2
5.148
17825J
R?.501
(".&sh li bdnk and in Iw
'l•i*l ¢urrent thssetl
2￿.754
Currvnt Lknbllflr
('reOifrirs.' Arnthunts fall*)$
'iihin orR ye•r
13 J•4
Tr4etCurreJi Assets
T<*iil *sstts k$5 L*mnt IIMbfjlll1
69.365
869J65
1.047,130
Credlt•rs:
C'rediii)rs'. Ar￿U￿￿ fall￿$ due
aft¢r [rrf>r¢1￿n (x)¢ y¢ar
14
,%et A*wg
'I'he fuDds Of lh¢ thArln':
(ienLrJl l
A. llasitrr Tr'uftd
MAnsc Fund
Ihiykatcd
Rt.*lricre4 FM*d.I
lkn olwi l.und
Klj<<jTrnary Fiindr,
fii%ii)n4ry fundRN
Fello￿$b]p Fund
Lighiof keneM21 Fmd L(Ml
Robetsou T￿51 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 J￿1￿ments ￿ key S￿L¢s of estim&iion unLertainty in th¢ pJYp4r*tion
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 P￿Pa￿d 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 al￿8.
Th¥ pl¢￿en￿li0n ¢urncy ofthe fJnanci*l &thiemeDis is wund slirlin¥ (£1.
ThL Trustees consider ihai thcre arc no rn•terial w￿￿41￿11¢$ abo￿ the ch￿￿h"S obiliiy to continue as a 8oiny
conLem.
Th¢ finaneial statement% have been prepared on an ￿en￿lS 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$i
thcr¢on is aLcounknl for on En acLrua15 basi
L*gocJ' Inrijme
l.L¥uKy iniomc I￿ rLxo8lli5cd in lh¢ TAYounts the charTrty' has entitl¢w￿￿1 to thc incomc. it 15 prob*bl¢ thgt lh¢
incom¢ will bc rec¢ii'¢d afvj •mouDI be meawred reliibly.
L¥peiidli4re reeoliilrfo
Li¥biliii¥¥¥r¥ r¥xvbtnisiJ as cxpon¢JiiuN'¥ssovth ¥¥ Ih•r i$¥ l¢yl Ur¢on￿willv¢UbI1¥l(l11nC0Mrnl1IlM¥ Ih¢ih#riiy
10 ihat Lxpthidiimrc, ii 1% pmbJblc Ihal ￿lI1¢n￿nI will k rLwuircd 14 Thj Ihe amoiffii ofihc obli¥JiiOll bc M£.a￿1rLyd
Tcliably. All ¢X￿[MIli￿re 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 b￿1$
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 as￿￿5 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(Yda￿e 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¢ Sts*in¢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 S￿lfie
pU￿S¢.
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¢co￿ls¢d in profit or Ioss as dcscrikd
t*low.
An 05Yrf 15 impaired w'here ihert is obJ¢¢ri%'e ¢%id¢n¥e th￿. u a result of one or mor¢ that OLiurr*J 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 v￿lle 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 &Morti5￿1 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 m￿Ald ￿ Tcceivcd for thc ifil wer¢ io bc wld ai ih¢
r¢pvnin8 dale.
Where indiiaiors ¢xi$i f￿ i decru5¢ in impainneni loss, ¢hc dccr¢asc ¢•n be relai¢d obj¢ciiv¢l)' lo an ci'eThi
￿¢¢￿¥Ting after the Lmpaimient reco8ni5¢d. th¢ prior impAim*nt lou 1$ tes1￿1 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￿¢1￿1 •SS¢¢i* and liabiliiies of a kiJMI t￿1 qu*lify' 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 acti￿11
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
S￿141 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 Pl*ce B4 t15t Chur¢h
otes lo the Trln*ncl*l Sr#temtDIS fvr rk¥ iyur ￿￿ttly1 D￿￿tr 2024
Other Dir¢¢t Costs
L•rvrrkr¢d
Rtsirkfed Fonds
.M*JL*r D.AS￿l Oih¢r
24
Ti*¥1
21123
Tothl
'ornhip
Pr￿￿T 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¢ 5￿PpOrt
Cknh Adm￿1%11#1*V
21.￿1
8.914
IS.7￿)
37J41
275.%37
lJ44
82J78
317J¥l
(Xhtr
re￿1￿1*d
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
Toi*l
lkn'elop.
Orhtrs
Ihcome xnd eudowu￿B13 from..
l)onaiions and Ic8acies
123.10
22,571
145,679
Inl¢rcsi Fc¢¢i%'¢d
2?8
229
Oth¢T
23.580
S￿1
7J,580
l-otil In¢oMt *nd endowmtftts
146.916
72J72
219.488
Expehditrjreibm:
charl￿ble ￿lY￿￿e$
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'r*n5fcr5
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
Tor*1 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'll￿h1p 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'cUr￿r&Ij1 Drrcnrb¢r ?0?4
* Tr•n•f
3•24
i'utsl
ZQ23
LV•st•r
INiniiion¥ from&￿er*I fvund
Trnnsfif thlikJsuN'¥fA. PtsywFwpJ
19J691
281
9Jll
I4•.￿1)
9J81
IltrliBblp
rch
her
Tat*l
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¢￿N￿ty ITr 2018 li th¢knirK *0*.
The<bJt¢hbuiklkn¥ *Juty b) knitisth
iold•ndih¢ ffijrkn w4MfeTh¢d ￿1￿Cl￿￿￿c0￿?II F¥d kn￿2019.

Adelaide Place Ba
tist Church
otes to the Financial Statements for rhe l'ear ended 31 December 2024
10. Related P*rt)".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 ￿h￿rLb ai th¢ a1￿U￿) 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 Lkvclijpwr￿l C￿Mp￿rY (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 20*4 xcounts to makc proyision for
I l. Tran59CtiOD5 Thlth Tru$t¢¢s
The TnLStees rtteived remune￿I0n durifig the year 2024 12023- £rtili in their capaeity &$ Trll5tees.
Dot)ations receii'ed by the Churdl frorn T￿￿tee$ 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 Comp*n)' Lid (N¢ye 101
PrLyayJn¢nts'
5.248
5.253
173.IKM)
13. CryditOTS: All￿U￿ts 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 v￿r
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
B4l*Dcc *t
01-JAD
G4th5.
Loxs¢$ &
'rr*Dsfcrs
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¢sI￿atrd A&4¢ts fruttd
I[￿,{xX}
Tutsl UnTe¥mC￿trd thnd4
.053
189.110
19.6691
os
The GeneMI Fund 15 used for ihe 8cn¢r*l ￿￿￿r￿110n8I wpoxes olthe fellowship.
Th¢ A.Urrt'i￿lt PAI￿r reprysents Th￿1¢% raised ￿ supp(Yf a rw AsyKiat¢ Pastor Jnd thE new areas of Inini$Try' bein8
pU￿￿ed b). Ih¢ Ch￿￿h. Th¢ Fvnd w'•$ ¢1os¢d In !0?4 tsrtd the renwtDiDM fvfyjs rrnnsferred ￿ th¢ Gcncrnl Ful￿ ro support i)rt80in8
¢mploymeni of ihurch staff uthknaking T￿W awtas of minisir)..
The M#nsie E￿Id reprgseuis ll￿1¢5 with • wi￿. l¢Thliti8 Ihe sum 10 thlelaide's io ￿thj¢¢ Ihe ILWIS (wi by
Ad¢lHid¢'% for lh¥ r¢furt>b*hm¢ni Of Ih¢ ChyrLh buildin¥. and I￿refl￿3 lo fL'leaye ihL ￿yUrI1y (m Ihe Man¥¢ which had beL'o wven
in rcltsiiurt lu ihtsi loan. The.Monse was di*har¥e41 u • s¢awiiy in ?(I)6. Th¢ fuThl twld thv rn*iu the I￿7 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¢
D*Yélopmeni
MltslDAXry Fund G
Mi*4iD*•r) Trund R
Fellrfftqhlp Fund
Ll8hi or Rtntw*l Fund
Robtrtioth Trust
Toial RLstrLLied fund5
.056
488
2AS
2.692
1.17,?•21
17,742
115,71K)I
1*5.7991
i ?.i)(x)
ExplM•a¢ion oJf¥vdJ
Tli¢ Dei'i,Ivi?IM¥llf Fjiiid provides fw the cyry¢pi •ThJ fuiure moLlktCDance r¢qUir￿Knts 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$ loryth*Je io the chur¢h'$ ini$5iLThry in Afti¢•.
Thc l.und il¢)sd in 20•4 io thc *bye￿¢ of exiernal dLWii￿S to thL l.uture suppxi
lo thr ¢hurrh'y mis51(H￿r). in Africa w'ill be tffvvid¢d i'la chuTch'$ FnL¥ral missionarv wftin
rhc fcllo¥vship is w%¢d to wovidc rLYOUrtes for Ih¢ Miniiicr 10 acc¢ss ai hi% di&cffiion 10 pro*idL' 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
P*otes to the Financi41 Stxtemettts i(>F' lh¥ i*rtr exiled JI De( ember 2f)24
17 Ana1￿140T Net A¥sets b)" F•*4
UAre51rldtd D*Mitd ReJtrk*d
Fu￿J1
2024
Trf
202.1
Toi
ixed A55ets
8￿.th)0
CUr￿￿t 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¢ we*r
CN¥dstorg and a¢¢rvals
I2.1￿}
113.5831
{13.5241
Credltors: Arnounfs f*lllng duE
*ftor than vear
Crediior5 and accruals
(14231)
1)6.&$31
Total funds
65J44
111.710
1154.134
1.1120.S77
18 Penslon Oblle8tloDI
'rht church is an ¢nWkn￿ particiwinB lll a rED51￿ s¢bem¢ as the Bawls1 Pension S¢h¢m¢ 1.the Sch¢rDe). %%hich was
k00￿￿ as ihe B¥pii5t llinis[e￿ PEJ)sion Fund until LkYerthr2011 Mini¥t¢rs Fund-k
The schi'n￿ is a sop￿11t le￿ entit> wbich 15 ￿￿1n1￿<S￿l h th¢ P¢nsi(in Tr￿7¢¢ IBap¢i* P￿$¢00 Trn5t Limi1￿1.
'Th¢ Nlini%l¥'r is ¢liBibl¢ to jokn lh¢ &.kn. whKh is Ll)ntr&*d ￿10f 5tste &-hcmL'.
Fro[nJon￿xry 1012. petLSiOts W￿vis￿)n [5 tr¢ing ma& through the CoDIri￿￿￿ {￿} Pjan ￿11￿1￿ the Sch•n¢. In 8¢n¢rJl.
menthcrs pay of their Pcn5i0nable and ¢mployLYS tAv 6W• of rnerr*th Peft5lO[￿ble IncoThK' ini() Indli'idual [￿n&￿n
a¢￿￿ni* which ar¢ opcrn¢d artd mana8(￿ on ￿bal( ol"Ihe P¢rL%LOn.fw%￿ b> 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 a￿18¢¢￿ ¢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 t￿cE} b) the Baplisl Unim ol Cffeai Britsjn ￿'ith
I1￿￿M Limiitd. Member51>ftht Basic Seciion p)'Ted1*￿ ￿TI1)UtI￿S 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 Per￿70￿ of one ¢ightieih of FiT$81 hlinunujn PeDsiollable Income for
ain benefits f(Ir pre-.
e8¥h >eBrof Pensiot￿le Sm'ice. iogether Miih a¢Jdinot*l pension uj re¥£th ofpretDi4mb paid un PensioMbl¢ Inwmt in exces5
ofminimum Pensionable IDC(m￿. Th¢ Scknne. preiiously kn)iin as th¢ Ba￿1¥ Minisier's PetLiiOll fund. started in 1975.
Yrt4closed io fvruTe ofdefined t*Th¢fit m 31 D￿C￿b￿201l.
A furTllul wuluaiiun vfihl Min1￿¥r¥. FunJ wa* pcrfunwj 0171 DLxvnlKY ?019 b> J pTr)ressIL¥￿1IY qualificd.kn.tLsary" using IhL
Projeiithl Unil Mdhthi. ThL' mark¢i i.olui of th* FunJ's &sseLs ai ihc I71al￿n da¢e ￿ £198.(KIO.(KK). ThL" I'alll￿1￿n of ihL DFS
Plan r¢i"¥*lL￿ J a¥fi¢ii of awxs Lompa￿￿ wirh the wdlue of liabililiLS Ibf £IY.IKX).O(KJ ILquii?kmi to a past fvDJing levLI
of 940/4)..45 a ￿'s￿*r of ihL I"alu81ion. in adJit¢on ￿ thc con￿buttl111s 10 thL DC Ptan iiut abo%'¢. the 5cbcmL trusre¢'S agr¢Ld ts)
main¥0&n thL sraDdard rai¢ of drfElIC￿v Loniributiury% fromchurckn 3￿j other ry10￿5 invol1.￿1 in the DEI Plan 41 12Yo of
P¢n$ionJble Incoii* l Mjnknium l>ensior￿blc Incorne 35 We￿O￿$1Y s¢r in January ?016. lknr [l￿Oi￿Y 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 Obllg*tlow f<ont}
On 30th ju￿ 2022 IhL" Bawisi P￿iDn S¢￿￿ sip￿Yj an with ik irthuran£c C¢)mp￿Y jU￿G
l-Jusi"I 10 SLrur¢ DH Plan mL*nb¢rs' pens￿ Just ar¢ now. providing finwial l)ackiftg forall
ponsillns pfoiLd¢d ihrou¥h sk. DB Pkn and follo￿1￿8 thi& ttzn5acrion. the Sc￿ME M k￿er has
51y)rttall. An upd&i¢J K¢<oi¢ry piaTr wis then sigD¢d in.4usust:O:. uDder whi¢h recoi.erv conttibutioRs
¢h partlllP)Iin8 Lmployiy in ik DH Plan r¢du¢Thl ro £1 per rrM)Trih from Au8us¢ j029 +olkiwinB
IriggLring ofLh¥ sLh4'ff￿ bU)￿ul in March ?024 Lhc coolDbJ¢ions rra5cJ in Yvvrmb¥r 2024 with
respungibility lor t￿. schen￿ all pa￿￿￿15 lo ¢rwin¥ io Jusi in N'ovcnkn ?V?4.
Panieipo1ithB emplo>trs Tthl" M loDBer habe an rtsli8ation iowards thc DB Pla
Th¢ rothl ￿ks1on cosi fw the Church itt 2024 is L4.899 wilh £1 l ￿t￿l￿ted EO the DB deficii rethk-liM plthn12023
totsl C￿1. £8.641t).
17