Charty registration number: SC051277 Perth Baptist Church SCIO Annual ReFQrt and Financial Ststements for the Year Ended 31 DemLr 2024 rris and Young Chartered Accountants 6 Atholl Crescent Perth PHI SJN
Perth Baptist Church SCIO Contents Referen aThJ Administrative Detsils Trustees, Reprt 2to6 Stment of Trustees, ReS51b511UeS Independart Examinerfs Report Statement of FInal Act$vItS BalarKe Slt io kjtes to the Finanaal Statements Iito22
Perth Baptist Church SCIO Reference and Administrative Details Senior Team Prlnclpal Offi 14 Almond View Perth PHI IQQ 14 MOnd V Perth PHI IQQ The tharty is incorp)rated in ScodaThY. Charlty Reglstratlon Number SC051277 Registsred Office Independent Examlner Morris and Young Chartered Accountants 6 Atholl Crescent Perth PHI SJN Page I
Perth Baptist Church SCIO Trustees. Report The trustees presert the annual report together wth the financial statements of the charity for the periTrJ ended 31 December 2024. The financial ststements have tten prepared in accordan with the accounting policies set out in the notes to the accounts arKI comply with the Charfcies and Trustee Investrnent {ScotlaThl) Act 2005, the Charitie5 kcounts {S(Dtland) Regulations 2006 (as amended) and Accountlng and Rewrtlng by Chariti. Statement of Recommended Prthe applicab to charities preparing their accour)ts in accordan wtth the Financial Reporting Standard aA)lICab in the UK and Republic of Ireland (FRS 102){knnd edition - Octoter 2019). Trustees Objectlves and activtties Objects andain The aims of the church a to pa¢h tl* good news of Jesus Christ and to teach the Christian farth from the Bib. to streTrJthen fellowship aTrY)ng Baptists and with all who confe55 Jesus Chrlst as Lord kjcalty and nationallyi to support mission in Christ's name at home overseas through evawelism, church planting and caring mlnlstries; to seek God'5 will for church and nation, and to bear wthess to Christian prlnciples in today's world. Public benefft Perth Baptist Church meets the d1n1th)n cl a public benefft entty urOer FRS 102. Page 2
Perth Baptist Church SCIO Trustees, Report Athievements and performan In January ¥ canE tcoether as one bcKty for 21 days of prayer and fastir¥J, wlth hearts fijll of expertation and surrender. We sought after Jesus - the Way, the Truth and the Life - praying that he woukj guide us, teach us, aThJ shatE Us MO into hls image. During this scraed time, we asked the Lord to.. Teach us how to way with greater depth and faith. Lead us into growth indNidually and oy)Il&tiveW. Show the way, revealirvJ your heart for our church aTrJ our community. And the Ults were undeniable, We withessed tangible grh in cur prayer I$, a more profound sense of fellowship amoung u5, and a not1ble increase in church attendan. However, one of the most powerful fruits of this season was the baptIn of 21 new belwet5 in 2024. This year has shown us that when we seek the Lord earnestly, then we press into prayer and s&1 his direction, he is falthful to us to growth and trar6formation. From a finanaal perspectwe, overall givitvj in 2024 wa5 1596 hJher than that of the pwous year. The thurch is grateful to GcJ that its membership and fiiends have bn able to collectivety increase t11r glvlng In order to support our increased commitments. Perth Bapt6t Church Is also o)ntlnues to support missionarie5 linked with us through the Baptist Mlssbnary Soclety (BMS) World Mlssion. We are on one of around 900 churches that sUPrts the BMS Blrthday Scheme which raises money for this organisatson. Our overseas missionary committee works hard to keep us well informed and prayerful for people serving our Lord overseas and wth whom we as a thurch have a connection. Regular prnyer letters are shar&1 and vtslts from SFeakers Involved in oveFseas mlsslon are arranged from time to time. During August the church hosted a communty BBQ event on its premlses inviting members of the er Western E&Je communty. In excess of £IO,(M)O was raised through this event to support a Brazilian projett to retxjild c(mmunty faalitE5 in an area of South Brazll that suffered devastation folk)wing flwjs earlier in the year. Perth Baptist Church works trKJther with a number of Iccal churches across a range of projects and ministrie5 that reach into the Ial ccynmunty. DurirKJ 2024 these included the following: Christians Against Poverty (CAP) Perth Debt Centre. Blythswc£d Perth Shoe bjx scrt trntre for Tay&de area (In assc(latlon wlth BlythswocKI Ca) Separately (wr Community Pastor leads many actiVe5 and mini5trie5 that wch cut into the local communlty across Perth. He also holds chaplain roles at a number of Irxal SctrKs. Our Youth Leader similarly leads in a range of actlvltles that egage and reach out to young people. Many of these run from the church premises on a wkly basis buf also includes leadlng a group to attend the annual Magnitude event at Lendrick Mulr and a youth weekend away to Allt-na-criche centre near Aviemore. 21 indivKluals were baptised and 19 new members Joined the Church throughout the year, 4 memter5 passed away and I rr¥)ved on. At the end of the year our membership st( at 191. Page 3
Perth Baptist Church SCIO Trustees, Report Flnandal re¥lew Prinapalfunding sources The church receives its fvnding from those in the fe[hship by way of weekty offeriThJs and standirwj orders, many of which are Gift-Ath, and from general donations. Tr d)urch dces not organi specific activrfie5 for the purwse of raislng income. The ts no investment income. The totsl income amounted to £251,308 of which £17,518 was related to restricted projects and £233,790 to unrestricted funds. At the balan sheet date the unrestricted rVeS were £1,339,888, including designated funds c( £1,229,218 and £8,358 In restrlcted funds. dge4
Perth Baptist Church SCIO Trustees, Report The current free reserves (i.e. reserves not committed or invested In flxed assets) of the thurch are currenuy £128,074 (2023: £196,733). Is was wldely anttcipated much of the free reserves from iast year have now gradualty depd. The Trustees are of the Oplnlon that Ihe thurch 15 able to fund self on an orrfJoing basis as Steps a in pla to stsbilise this sltuation. The church reserve fund ranalned at £50,CiKI durlng the year. At the yearend the free reserves still exceed the rtserve fijnd. The churd) undertakes to donate 25% of all to mission. In 2024 wltyeased regular dLThtions were gifted to suptN)rt the Baptist Unlon of Scotland, Christians Against Povety, Perth Harbour CounselllThJ, Perth Street Pastors, SU kntknd and S)las Cerntre for Public Christianity. Overseas MissK)n donatK)ns were given to supF¢Jt BMS, Interserve and the Sbvic Gospel AssocHtion. Further monies We distributed to a variety of mission organisation5 who work overseas and varwJLts Other local causes. Plans for future periods To continue to (kvebp existing areas of mlnlstry and embark on sotre more significant renewal and refurb55hment of the buildirvJs estates. Perth &3Ptrst Church is estsblished by constitution. It Is reglstered as a tharlty wlth the offl of the Scottish Charlty Regulator (OSCR) and b rerynI as a charfty for the purp)se5 of Sn 505 IrOme & CL)rporat Taxes Art 1988. Perth Bapttst Churth chanwd legal entlty wlth effect from 30th Aphl 2022 frcAn t*ing an Unin(x)rporated Voluntsry Organlsattsn (SC(KJ1501) to too)mlng a •1 Scottish Charitles InCorrated Organisation (Perth Baptist Church Scto - SQ)51277). The Church Is afflllatal to the Baptist Union of Scotland. Trustee5 are app)inted by the memb$ through an annual election. Candidates are nominated followirg careful consi(kntion of their suitsbilty and their skills. MembeTS awe invited to vote "Yes. for those candidates tly consmler sultable. To be elttted, a G4Th1Klate needs to secLYe a yes vote from at least tr40 thlrds of those voting. sucSsful candidates are apFolnted for a six year term. The aims, obJ"ectives and current activities of the Church are explained to all new Trustees In an In depth inductiM prccess and they are made aware of the requirements contained in the publicatlons 'GUIdan for Trustees" and the Charlty Commisston"CC3 - Reswnsibilities of Charity Trustees. Page 5
Perth Baptist Church SCIO Trustees. Report members take major decisbjns at the quarterty membebs meetings. The Trustees are reswislb for the day-ttrday operating of the ¢hurth. The Trustees are electsy by the members and normalty serve a six-year tem). The thurth Is c0rwjatknnal In gwrw. The Tntstees have assessed the maix risks to whith the church Is exwtsed, In FQrtKular th(15e rekted to the operatIor arKI fknan of the church, and are 5atisfth that Systems a In pl to mlugate any expD5ure to the major rtsk5. Flnandal Instruments The charitvs activities expose to a nUMr of finaal rrths IndJing cxedlt rlsk, cath flow rfsk and liquidty risk. The trustees are conscths of the aim to retsin suffldent cash resources to meet the IMM)te rEqulr8nents of charlty. The ¢harWs prpaI flnathl asset a the Church pranlses and Its bank balances. The charty has no sKJnificant cOnntratIon of credit risk. The charlty's Ilqukl are kept In a varw of ink a{Unts to enable it to servto its everyday financial . The annual reFQrt was approved by the trustees of the charlty 2 September 2025 ard signed its behalf by: Page 6
Perth Baptist Church SCIO ststement of Trustees, Responsibilities The trustees are res$[ble ft>r preparlng the trustees. report and the flnancial statements In accordan wtih the United Kingdom Accountlng Stsndards (United Klnglom Generalty Aceed Attounting Prnct1} and appllcabk law and regulatto The law applicable to diaritles requires trustees to epa flnarKial Statements for each finanaal year. The trustees must not approve the financial ststements unless they are satlsfied that tw give true and falr vkw of the stste of affairs of the charity and its IncomirvJ resour and applthtlon of resources, IlUdIng Its income and eySItUre, for that pertoj. In preparitYJ these finaal ststements, the trustees are requlred to: sew sultable accounting llIdes a1 apply them consi5tenUy; )5erve the methcrfts a1 prlnclples in the Charities SORP; make ]rnents arbj estlmates that are Sonable and kxudent; state whether appllcatle UK AcLDunting Stsndards have been followed, subJi to any materlal ckpartures disdostsj and eXained in the financlal ststemts. and epare the financral statements on going concem basis unless tt is Inapproryots to presume that the charity will continue in busines& The trustees are responsible for keepiru adequate accounti records that are Slbffldert to S>W and explain the charltable transactKJrs and dlsdose with reasonable accuracy at ary time the flnandal posltion of the charity and enable them to ensure that ftrHncial ststennts compty wth the Charities and Trustee Investment Scouand Act 2005 and the charleS Accounts (Scotland) Regulatlons 2 (as an&). They are also resrK)nsible for saf8JuardirvJ the assets of the Charity and for tsn9 responsible steps the prevention and detion of fraud and other irregularltks. Page 7
Perth Baptlst Church sao Independent Examiner's Report to the trustse$ of Perth Baptlst Church scIo I report on the accounts of the charty for the year ended 31 December 2024 whith are set out on pwjes 8 to 21. Re¥ve responslbllttles of trustees and examlner The trustees are responsible for the preparation of the accounts In accordantr with the ternis of the Charities and Trustee Invethent (Scouand) Art 2005 and the aliritses Accounts (Scotland) RegulatK>f6 2006 (as amended). The trustees consEder that the audit requIrent of Regulation 10(1) (a) to (c) of the 20¢ AcCTrts Regulan$ does Th)t aNIty. It Is my resporfjlbility to examlne the accounts as requlred urthr lOn (44)(l) (c) of the Art to state whthr part[lar matters have come to my attentkni. Basis of independent examIneS report My eXaMinan is carried out in accordan with RegUtion 11 of the Charibes Accounts (Scotland) RegulatK5 2006 (as amended). An examination includes a review of the ac£ounting recoNls kept by the tharity and a comparFson of the OUnts pnted wlth those rerords. It also indudes COn5iderdtvJn of any unusual items or disclosures in the aOunts, and sk5 explananS from you a5 trustees cOnnIrVj any such matters. The pr(edureS undertaken do not provKle all the eviden that YK)uld be ulf1 in an audi( arKI consequently I do not exp an opinion on the view given by the CoUnts. In connectN)n with my examlnation, rnatter has o)me to rny atten. (l}which gives me aSOnab cause to believe that in any materlal respert the requlrements: . to keep accountyrrfj rOrdS in accordan with section (44XIXa) of the 2005 Att and Re9ulaUon 4 of the 2CM16 Accounts Regulatlons, and . to prepare accounts which accord with the antiThJ ordS and comply wti h Regulation 8 of the 2006 Accourts R8Julakns have not en met, or {2)to whth, In my opknlon, attenuon should be drawn In order to enable a prOr urKler51andlng of the accounts to te reached. Charterd Accountsnts 6 Atholl cSnt Perth PHI 5JN 3 Sepember 2025 Page Z
Perth Baptist Church SCIO Statement of Financial Activities for the Year Ended 31 December 2024 (Includlng Income and Expenditure Account and Ststement of Totsl Recognised Gains and Losses) Total 2024 Total 2023 funds funds Zncome and En(lowments from". Donatlors and 233,790 17,518 251,308 269,965 Expendire on: CharItsb acbvtties Totsl Expendlture 32 042 214 177 Net {expendlture)Ilncome Transftrs tetw&n funds (88,252) (7,679) (95,931) 55,788 Net movement in funds (94,42L) (1,510) (95,931) 55,788 RondI7t10n of funds Total funds brought folward 1425 951 1435 819 1380 031 Totsl funds forward 16 1331530 1339 888 1435 819 All of the tharity's adivftEs derive from Ctinuirvj operations during the alh)ve perknd. Page 9
Perth Baptist Church SCIO (Registration number: CS005399) Balan Sheet as at 31 December 2024 2024 2023 Fixed assets TangiUe assets li 1,229,9J8 1,229,218 Current assets tbtors Cash at bank and in harml 12 13 25,074 26,799 181272 115,313 208,071 Credltors.. Amounts falling due wlthln one ywdr 14 Net rnnt ass•ts 206 601 Plet assets 1339 888 1435 819 Fund$ of the tharfty: Regtrlcted Income fund$ Restrktyj funds 8,358 9,868 Unrnstsicted Income funds UnrestrictaJ furKIs 1331530 1425 951 Total funds 1339 888 The flnCial statements on page5 8 10 21 were approv by tt trustees, and aukni5gJ for issue on 2 September 2025 and slgned thelr iEhalf by.. Pe19
Perth Baptist Church SCIO Notes to the Financial Statements for the Perlod Ended 31 December 2024 I Charity status Perth Baptist Church Is a Scottish Cfrartsble IncorF¢xated OrganisatDn (Scto) and is registered with the OffKe of the Scottish Chaiity Regulator under Charity Number SC051277. The address its registered office is: 14 Alrnond Wie Perth PHI IQQ These finarKial statements were authoris&d for issue by the trustees on 2 SeptemtEr 2025. 2 Accounting PDlicies Summary of slgnificant accountlng polldes and key accountlng estimate$ The principal accounting wlKies appld in the preparation of these financial statements are set out LElow. These p)Ikles have trEen con5iStenUy applied to all the year5 presented, unless othemise statement of compllance The ftnanck41 ststements have teen prepared in accordan wh Accounting and RertIng by arities: Statement of Rerommended Practi appltible to charities preparing thelr accounts in accordarKe wrth the Financial Reporting Standard applicab In the UK and Republic of Ireland (FRS 102) (effive l January 2019) - (Charities SOFiP IFRS 102)(Second edItn Ortober 2019)), the Charitres and Trustee Investrnent (otland) Act 2(N)5 and the Chartties Accounts (Scotland) Regulations 20C6 (as amended). Basis of preparation Perth Baptist Church SCIO rneets the thfinition of a public benefit entlty under FRS 102. Assets and liabilities are initially recognlsed at historical cost or transartion value unless otherntse stst&J Sn the relednt accounbrKJ polKy notes. The financial statements are wesented in Sterling {£) and rounded to the nearest £1. Going COnM The trustee5 ojnsider that there are matErlal unrtaIntieS atA)Ut the d)arWs ability to continue as a golrrfj concern rK)r any Significant ar&is of nrtaInty that affect the carrying Val of assets hekl by the charity. EXeMlOn from prqMrlng a cash flow statement The chatity opted to earty ajopt Bulletin I published on 2 February 2016 and have therefore r included a cash flow ststennt in tIe financial ststements. Page 11
Perth Baptist Church SCIO Notes to the Financial Ststements for the Perlod Ended 31 December 2024 2 Ac£ounting 1cleS (continued) Income and endowments All income Is recojnlsed On the cF%3rty has entltlement to the Income, It Is probable that the Income wlll be rÈreNed and the amount of the Inci)me recefvable can be measured reliably. Donations are recognlsed when the charty has been notlfkd In writing of b)th the amount and settlement date, In the event that a donation is subject to CondrtnS that require a kvel performan by the charty before the charty is entj to the funds, the inccme is deferred and not recognised until either tlw)se cond$ a fully met, or the fvlfiltYEnt of those o)ndibons is wholly within the control of the charity and it is probable that these condittcms will be fulfilled in the retM)rting perd. Legacy gifts a recc*Jntsed on a case by case basis folh)wing the grant of probate when the administratorlexecutor for the estate has communlcatsd In writing both the amount aThJ settlement date. In the event that the 15 in form of an asset other than cash or a financial asset traded on a recojnised stock exchange, recognition is subject to the value of the gnl reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Glftald Inccjning resour frcm tax redaitrs are induded in the Statement of naThal Activities at the same time as the gft to which they reiate. Expenditure All eXndItUre Is Cognised On there is a kgal or aMstruttive oblvjation to that exndIjre, It is probable settfement is required and the amount can be measured lIably. All costs are all(nted to the applicable eXFÉndItu heading that agggate similar costs to that catewry, Where costs cannot LE directly attributed to particular heading5 they have en all¢xated on a basis consistent with the use of resources, with ntral staff costs altc(ated on the basis of time spent, and depreciation charges alIcted on the Fthon of the asseys use. Other suppjrt Costs are allcKated based on the spread of stsff costs. Charltth expendilure ccthprises tSe costs inCUrd by the charity in the delivery of Ils acbvities and services for its bereficiaries. It includes both costs that can be alk)cated directly to such activities and those costs of an indirect nature necessary to support them. Support costs include centsBI functions and have been allc(ated to tlty cost categories on a basis conslstent with the use of resources. for examp. alIcadrO prorty o)sts by flr areas. or caplta, stsff costs by the tlme spent and other costs by thelr usage. Page 12
Perth Baptist Church SCIO Notes to the Flnancial Statements for the Period Ended 31 December 2024 2 Accountlng polldes (continued) Governance costs These irKlude the costs attributab tri the charity's complIan with constitutional and statutory requirements, including strategic management al trustees's meetings and 1mbUr5ed exrthses. Taxallon Perth Baptist Churth is a charity and is recognised as such by H M Revenue & Customs for tsxation purposes. As a resu tlwe Is no liabilty on any of its income. Tanglble fixed assets IndidUal fixed assets costlng £500.00 or more are initially recorded at cost. The Trustees have dechd not to provide further depreckItJn on the pernnent building5, which is not in line with Finandal Rewrting Standard applicable in the UK and Republlc of Ireland (FRS 102) {efftive l January 2019) - {Charthes SORP (FRS lo2)(01 ediOn - l)ctoter 2019)). The users of these accounts a principally the memlErs of the Church ènd the Trustees feel that the cost of carrylng out a professi(tal valuation to include these assets at market value in the accounts would be considerable COmpad to the Ilmlt&l additional nefit derived by the users of the acc(MJnts. The Trustee5 have reason to believe that market value crf the property is less than current net t4)ok value. Depreclatlon and amortlsatlon Depreck8tfion Is provkled cm tangible fixed assets so as to write off the (xjst or valuatlon, less any estimated resldual value, over thelr expected useful economic Itfe as follows.. Asset class pern7arnt buildings & fittings Depreciation method and rate no depreaatio 12.5(Yo straight line Trade debtors Other debtors are recogni5ed at the settlement amount due. prepa)ents valued at ai amount PpaId net of any dlscounts due, Cash and cash equivaknts Cash and cash equivalents cornprise cash on hand a1 on deposits. Trade cxedltors Credrtors are recngnis8J where tre is a present obligation res1ng from a past event that wlll probabty result in the transfer of fvnds to a third party and the amount due to settle the obligation can be rneasur or estimated relk?bly. Creditors are nomially r&rcgnised & their settlement amount after allowlng any trade dlscounts due. Pe¥Je 13
Perth Baptist Church SCIO Notes to the Financial Ststements for the Period Ended 31 December 2024 2 Aecountlng polldes (continued) Fund stnthre Unrestrict8J income funds are general funds thaf are avallable for use at tlE tr,5 dlscretlon In furtheran of the objettlves of the Chaty. Desigr)ated funds are unrestricted funds set aside for ScIfiC putroses at the diKren of the trustees. Restricted income funds are those thnated for use in a particular area or for specffic purpjses, the use Lrf whieh is r&tsi¢ed to that area or puw. Pensions and other post retimment obllgatlons The charity operates a defined contribution pension scheme whlch Is a Fenslon plan uThler which fixed contributic$ are pald Intrj a penslon fund and the charity has no legal or constructive obligatton to further contributions even if the fijnd does not hold Sufflent assets to pay all emoYeeS the benefits relating trj employee SeN1 in the currert and prior periijds. Contributions to defined (Ntribution plans are recognised in the Statement of Financial ktivities when are due. If contribution payments exceed the contributlon due for seN[, the excess 15 reccgnised as a ppayrnent. The charity also operates a defined LEnefft pensK)n scheme.Typically define¥J LEnefil plans define an amount cl pension benefit that an employee will 1Ve on tiremen¢ usually dendert on one c mcffe factors SLKh as age, years of Servi and compensation. Finan¢ial instruments The charity only has financial assets and liabilit of a kind that woutd qualify as basic final1 instruments which are recognised at their transion value and subsequentty rrEasured at their Settment vall. Page 14
Perth Baptist Church SCIO Notes to the Financial Statements for the Perlod Ended 31 Dember 2024 3 Income from donatlons and legaaes funds Totsl 2024 Total 2023 General fund$ Donatio[ and jacieS. Offerings: pk4te Offerings,. gift ald Gffjc ald redaimed Okn (*)nations 9,617 153.813 24,317 9,617 153,813 24,317 11,336 163,213 37,766 233 790 251308 4 EXPenthre on tharitsble actlvltles UTrrerted funds Restrlcted funds Total 2024 Totsl 2023 Designated Generdl undertsken dirertly Depreck3tion staff cc6ts Allc(ated support costs Governan costs 164,533 13,954 178,487 2,190 152,602 82,9 1,830 119,179 2.190 142,806 9,796 1,660 8,457 1,447 11,564 7,694 318 192 347 239 214 177 PwJe 15
Perth Baptist Church SCIO Notes to the Financial Ststements for the Period Ended 31 December 2024 5 Analysls of governan and pPort costs Govemance costs Unrestrlctod Total 2024 T•)tal 2023 General Independent examiner fees Examination of the financial 5tstents Lal fees 2,246 150 2,246 Iso 2,370 204 6 Net Incomlngloutgolng resources (Ou)Ing)11ncOM5ng resources for the period indLMIe: 2024 2023 t*[latiOn of flx&J assets 1,830 7 Trustees Yemuneration and expenses No trustee5 have received any other ikrEfits from trE charty during the PK, The gregate payroll costs were as folows.. 2024 2023 staff costs durlng the perfod were: Wages and salaries al security costs Pension costs 137,168 4,164 103,080 3.104 119 179 Page 16
Perth Baptist Church SCIO Notss to the Flnancial Ststements for the Perlod Ended 31 December 2024 8 Starr costs (contlnued) The rnonthty average number of Fer50ns (includiro seftlor management team) employed by the charity durlng the perl¢xl expressed as fijll time equivaknts was as follows: 2024 2023 No Full tKne stsff Part time staff (2023 - 3) of the above employees partldpated in the win C£mtribution Pension Schemes. Contrtbutlons to the employtt Fension scherrEs for the tErioJ totall8J £11,270 (2023 - £12,995). No pk)Yee ra2NeJ emoluments of more than E60,000 durfng the perl(Kl. 9 Independent examiner's remuneration 2024 2023 Examlnatlon cf the flnanclal statements Page 17
Perth Baptist Church SCIO Notes to the Financial Statements for the Period Ended 31 Dernber 2024 IOTaxation The charfty Is a lStered charity and is thef0 exempt from tsxation. IITanglble flxed assets Furnitsre Other and tanglble equlpment flxed asset Lind and buildlngs Total Cost At l January 2024 Additior 1,174,995 165,317 115,921 1,456,233 At 31 Decefflber 2024 1174 995 115 921 1459 113 DeplatIOn At l January 2024 Charge for the year 52,754 157,335 16,926 227,015 At 31 December 2024 159 525 229 205 Net book value At 31 Dember 2024 1 122 241 98 995 1229 9C At 31 Dember 2023 1 122 241 98 995 1229 218 Hertsble property is hebj at cost as the Trustees, feel that the cost of carrylng of a professlonal valuation to irKlude these assets at market value in the accounts would te considerable compared to the lim addltional benefft derrved by the users of the accounts. The Trustees have no reason to believe that the market value of the property i5 less than rrent net took value. 12Debtors 2024 2023 Other debtor5 Page 18
Perth Baptlst Church SCIO Notes to the Financial Statements for the Period Ended 31 December 2024 13Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 88 88 181272 14Creditors: am¢)unts falling due withln one year 2024 Other creditors 15Pwslon contrlbutlons The Churth is a participating empkjyer the Baptist Pension heme fthe Scheme?, which is separate legal entity administered by the Pension Tru5t (Baptlst Pension Trust Limited). The assets of the Scheme a hekl Separate from those of the Employer and the other parbopatlThJ empbyers. The Scheffle. previously known a5 the BaFtist Ministers. Pens[c FuThJ, stsrted in 1925, but Was closej to futu Kcrual of defined benefits on 31 Derember 2011. Prior to this date the main lef provKkJ through the Eefined Penefit (DBI Plan was a penSIc of one eJhtieth of final minimum pen4onabfe income for each year of InSIOnable SeN1 together with additional pension in re5pett of premlums paKI on Pens¥)nable Income in ex5 of Minlmum pensnab IOme. From January 2012, penSn pmvlsk)n Is belng maje through the Defined Contribution (DC) Plan within the Scheme. In ge1, members pay 886 of their Pensionable Income and empbyers pay 6% of member5, Pen5K)rOb Incrnie into individual pension a(D)unts, which are operated and manage on Èehalf of the Pension Trustee by Broadstone Corporate Beneffts Ltd. In addition, the empbyer pays a further 4% of Page 26 of 29 Pensionable Irwme to cover Death in SeNKe Benefits, administrat costs, arKJ an asgxiated InSurar Folicy whKh provides incCe protection for Scheme mernbds if are unable to work due to long-temi incapty. This irKoffE protection liLY has teen in5ur8J by the Baptist Union of Great Britain ¥vith Aviva Limited. The Scheme ts conshjered to be a multi*mployer Sch a5 described In Section 28 of FRS 102. Beouse it is not FY)ssible to attribute the Scheme's assets and liabilities to Slf empioyers, the scheme Is accounted for as if the sCme we a defin&l contribution scheme. The Mlnister Is eliglble to join the SCle. Page 19
- rfj 3bliil
Perth Baptist Church SCIO Notes to the Financial Statements ft)r the Period Ended 31 December 2024 16 Furyls (cortiwed) The purposes for which the fund5 are to LE applEd are a5 follows: The CAP fund represents donations reiVed to assist in the work of Christsns Agalnst Poveity wlthln the Perth area. Other restric1 fijnds represent balaJKes held by groups that are run wrthin the urCh. The designated capitsl fund presents the io)k value of the fued assets. The fellowshlp furnl may be US by the minister to provide assistan to anyone whc4n he thinks is In need of it. The recopients of the fund are not to dLsclosed. 17Analysis of net assets between fund$ Unrestrlcted funds General Deslgnated funds Totsl funds Tangible fixed assets Current assets CuThent liabilities 1229,908 1,229,908 115,313 106,955 8,358 Totsl net assets 101622 1339 888 Unrestricted funds Restrlcted Total funds funds 2021 General Deslgnated Tangible fued assets Cuntnt assets Current liabilities 1,229,218 1,229,218 208,071 198,203 9,868 Totsl net a 196 733 1229 218 1435 819 18Related party tran5action5 There were no related trty transactK)ns in the riod. Page 22