REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Tabernacle Baptist Church Wolverhampton |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Tabernacle Baptist Church Wolverhampton |
(A Company Limited by Guarantee) |
Tabernacle Baptist Church Wolverhampton |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 | to | 9 |
Notes to the Financial Statements | 10 | to | 20 |
Tabernacle Baptist Church Wolverhampton |
Reference and Administrative Details |
for the Year Ended 31 March 2024 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Lewis Smith & Co. |
Chartered Certified Accountants |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
Tabernacle Baptist Church Wolverhampton (Registered number: 07437171) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities. |
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. |
OBJECTIVES AND ACTIVITIES |
Policies and objectives |
The charitable objectives are the advancement of the Christian faith according to the principles of the Baptist denomination and the charity may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world. |
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2). |
We hope the rest of the report will demonstrate the public benefit from the Charity's work, specifically in advancing faith, bringing spiritual peace, and in social action that reaches the practical felt needs of those in our locality and overseas. |
Activities undertaken to achieve objectives |
In order to achieve the objective above, the charity engages in the following activities: |
- Regular worship, prayer, Bible study, preaching and teaching |
- The Communion of the Lord's Supper |
- Evangelism and mission, locally, regionally, nationally, and internationally with continual support in all areas |
prayerfully, financially, with contact locally, on the phone, zoom or face to face. |
- The teaching, encouragement, welcome and inclusion of young people - inclusion in the services, university |
student zoom games nights |
- Nurture and growth of the Christian disciples, via services, meetings and teaching. |
- Education and training for Christian and community service |
- Giving and encouraging pastoral care - via WhatsApp groups, visiting, phone calls, letters, cards and zoom groups. |
- Supporting and encouraging charitable social action in the United Kingdom and abroad with prayer, financially |
and practically where possible |
- Encouraging relationships with and supporting Baptists and other Christians - zoom gatherings, HEBA Women's |
conference, other HEBA events, Ministers meetings - ecumenical and Baptist, connection with COGOP |
Gloucester Street. |
Tabernacle Baptist Church Wolverhampton (Registered number: 07437171) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
ACHIEVEMENT AND PERFORMANCE |
Review of activities |
Some of the key activities that have advanced our charitable aims and objectives include: |
Children, Youth and Young Adults (18-30) |
- Continued Sunday church provision for all aged 0-18 |
- Occasional activities for teenagers to encourage discipleship and fellowship |
- Weekly 'Stay and Play' for infants and their parents/carers |
- Weekly after school club (Thirst) for parents and primary school age children |
- Holiday Club in August for primary age children |
- Events for local families during half terms and school holidays |
- Residentials for children and young people |
- Events for young adults |
- Relationship with Dunstall Hill Primary School - assemblies at Harvest, Christmas, Easter. |
Community |
- Meet and Eat lunches held monthly to encourage fellowship and conversation for church members and |
non-church friends and neighbours. |
- Weekly ESOL classes for women - intermediate and beginners |
- After school club (Thirst) and Stay and Play |
- Food donations continued to be given to the local foodbank, The Well every month |
- Responding to ad hoc to needs arising from individuals coming to the church building |
- Recycling and litter picking some Saturdays in the local community |
- Outreach to football fans parking in the church car park |
Spiritual Development |
- Church services continued every Sunday morning, and once a month in the evening some months |
- Teaching programmes have sought to develop the discipleship life of the church. |
- 9 weekly house groups, each with 6-10 people joining together for fellowship, worship, prayer, bible study and |
occasional community engagement. |
- Ladies@2, our weekly fellowship group of ladies on a Monday afternoon |
- Men's breakfasts, growing fellowship amongst men |
- Baptism services |
- Weeks of prayer and fasting |
Mission and partnerships |
- Local mission in the communities around the church, including one-off and regular activities taking place in our |
building as described. |
- We support financially and/or practically and in prayer, people engaged in both long and short-term global |
mission including BMS |
- Support for Baptist Home Mission initiatives in the UK |
- Some church members volunteer with Operation Christmas Child, both during the shoebox campaign in the |
autumn, and throughout the year. |
Tabernacle Baptist Church Wolverhampton (Registered number: 07437171) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
FINANCIAL REVIEW |
Reserves policy |
It is our policy to try and maintain a bank balance equivalent to no lower than three months expenditure (now approximately £30,000 excluding depreciation). It is hoped that this level of reserves gives sufficient capacity for the church to respond flexibly to a sudden drop of income or unexpected demands on the church resources. |
At the year end the charity's cash at bank stood at £235,004 (2023 - £254,403), therefore is well in excess of the minimum required. |
The Trustees are satisfied that no additional actions or considerations are necessary in the context of the reserves at this point in time. The level of reserves will continue to be kept under review to ensure they are appropriate to our needs. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Tabernacle Baptist Church Wolverhampton is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 11 November 2010 and was registered as a charity on 25 January 2011. |
Charity constitution |
The church existed as a place of worship in the area since 1908 under the name Tabernacle Baptist Church and stood as an unincorporated charity until the church body agreed to transfer into a charitable company limited by guarantee due to a change in government legislation regarding Charities Law. |
The principal object of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination and the charity may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world. |
Methods of appointment or election of Trustees |
The Trustees are elected from the Church membership by resolution at the Church Members Meeting. The Trustees are also the Deacons of the Church. In addition, the Minister of the Church serves as a Trustee ex-officio. |
There must be a minimum of 3 Trustees. The Trustees (with the exception of the Minister) serve for a 3-year term and at the end of that term must retire but may be eligible for reappointment for one further term of 3 years. A close family member of a serving Trustee shall not be eligible for appointment as a Trustee. |
Organisational structure and decision-making policies |
The Trustees have legal responsibility for the church. Decisions relating to the appointment and removal of the Minister, the appointment and removal of Trustees, decisions relating to land and building of the church, the administration of the Membership List and the closure of the church must be referred to the Church Meeting which has primary authority on these matters. |
Financial risk management |
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Tabernacle Baptist Church Wolverhampton for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Tabernacle Baptist Church Wolverhampton (Registered number: 07437171) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | 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 charitable company 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Tabernacle Baptist Church Wolverhampton |
Independent examiner's report to the trustees of Tabernacle Baptist Church Wolverhampton ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Mr Craig Alan Beale |
Lewis Smith & Co. |
Chartered Certified Accountants |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
29 November 2024 |
Tabernacle Baptist Church Wolverhampton |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Charitable activities |
Other trading activities | 4 |
Investment income | 5 |
Total |
EXPENDITURE ON |
Charitable activities | 6 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 912,262 |
Tabernacle Baptist Church Wolverhampton (Registered number: 07437171) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 16 |
Unrestricted funds | 906,312 |
Restricted funds | 5,950 |
TOTAL FUNDS | 912,262 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Tabernacle Baptist Church Wolverhampton (Registered number: 07437171) |
Balance Sheet - continued |
31 March 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | GENERAL INFORMATION |
Tabernacle Baptist Church Wolverhampton is a charitable company registered and domiciled in England. Its principal activity is to operate as a Christian church. Its registered office is Tabernacle Baptist Church, Dunstall Road, Wolverhampton WV6 0NJ. |
Company Status |
The charity is a company limited by guarantee. The members of the company are the membership of the church. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest £. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical accounting estimates and assumptions: |
Multi-employer defined benefit pension scheme - the charity has an obligation to pay a deficit funding arrangement in respect of a multi-employer defined benefit pension scheme (Baptist Pension Scheme). The present value of the obligation depends on a number of factors including the RPI rate and the discount rate on corporate bonds. Management estimates these factors based on guidance from the Baptist Pensions, in determining the new pension obligation in the balance sheet. |
Income |
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. |
Donations are recognised on receipt. |
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. |
Expenditure |
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to the activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Expenditure |
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. |
All expenditure is inclusive of irrecoverable VAT. |
Tangible fixed assets |
All tangible fixed assets costing more that £1,000 are capitalised. |
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure accounts. |
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
Freehold property | - over 50 years on a straight-line basis |
Short-term leasehold property | - over the shorter of the period remaining on the lease and the expected useful life |
Fixtures and fittings | - over 4 or 5 years on a straight-line basis (or over the term of the lease if this is shorter) |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objective of the charity and which have not been designated for other purposes. |
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund are set out in the notes to the financial statements. |
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The Church operates two defined contribution pension schemes, the Baptist Pension Scheme for the minister and a NEST scheme for all other staff. The pension charge represents the amounts payable by the Church to the fund in respect of the year. |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
Prior to 2012, pension provision for the Baptist Pension Scheme was made through a multi-employer defined benefit pension plan. Where it is not possible for the employer to obtain sufficient information about its share of the underlying assets and liabilities of the defined benefit pension plan it is accounted for as a defined contribution plan. Where the plan is in deficit and the Church has agreed, with the plan, to participate in a deficit funding arrangement, the church recognises a liability for this obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. This amount is shown as an expense in the Statement of Financial Activities. The unwinding of the discount is recognised as a finance cost. A liability for the agreed pension scheme deficit plan of the Baptist Pension Scheme has been included based on the current Schedule of Contributions.However, in the previous year, it was agreed that this deficit should be written off to the Statement of Financial Activities. |
Operating leases |
Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease term. |
Interest Receivable |
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the institution which whom the funds are deposited. |
Debtors |
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid. |
Cash at bank and in hand |
Cash at bank and in hand includes cash and short-term liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account. |
Liabilities |
Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. |
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. |
Provisions are measured at the best estimate of the amounts required to settle the obligation. |
Financial Instruments |
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | DONATIONS AND LEGACIES |
31.3.24 | 31.3.23 |
£ | £ |
Donations |
4. | OTHER TRADING ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
Residentials | 3,651 | - |
Other income | 171 | 252 |
5. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Lettings |
Car park | 6,184 | 5,313 |
Bank interest recieved |
Other interest | - | 36 |
6. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 7) | note 8) | Totals |
£ | £ | £ |
Ministry | 34,760 | 80,187 | 114,947 |
Mission | - | 31,608 | 31,608 |
34,760 | 111,795 | 146,555 |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
Trustees' remuneration etc | 29,350 | 29,112 |
Trustees' expenses | 127 | 154 |
Manse upkeep | 1,723 | 1,394 |
Church ministries | 3,560 | 4,123 |
34,760 | 34,783 |
8. | SUPPORT COSTS |
Gifts and | Governance |
Management | Donations | costs | Totals |
£ | £ | £ | £ |
Ministry | 74,583 | - | 5,604 | 80,187 |
Mission | - | 31,608 | - | 31,608 |
74,583 | 31,608 | 5,604 | 111,795 |
Some years ago the church received a legacy of £750,000, some of which is still held in brought forward reserves. During the year the church made 'tithe payments' of £24,000 using these brought forward reserves. These payments are included in the above costs and therefore in the Statement of Financial Activities, which shows a deficit of £29,183 for the year. Therefore, if these payments were excluded the deficit for the year would be £5,183. |
Support costs, included in the above, are as follows: |
31.3.24 | 31.3.23 |
Total | Total |
Ministry | Mission | activities | activities |
£ | £ | £ | £ |
Wages | 14,800 | - | 14,800 | 18,418 |
Social security | (254 | ) | - | (254 | ) | (2,023 | ) |
Pensions | 156 | - | 156 | 200 |
Stationery and office costs | 4,312 | - | 4,312 | 3,875 |
Sundry expenses | 38 | - | 38 | 88 |
Conferences and training | 947 | - | 947 | 864 |
Professional fees | 2,574 | - | 2,574 | 1,976 |
Upkeep of church premises | 16,080 | - | 16,080 | 16,280 |
Maintenance of premises and equipment | 14,940 | - | 14,940 | 12,277 |
Residentials | 1,140 | - | 1,140 | - |
Depreciation of tangible and heritage assets | 19,850 | - | 19,850 | 20,160 |
Bank charges | - | - | - | 5 |
BMS world mission | - | 1,980 | 1,980 | 2,148 |
Home mission fund | - | 3,996 | 3,996 | 3,828 |
Overseas mission fund | - | - | - | 2,100 |
Designated gifts | - | 1,632 | 1,632 | 1,140 |
Community gifts | - | 24,000 | 24,000 | 43,712 |
Independent examiners fees | 4,890 | - | 4,890 | 4,290 |
Accountancy fees | 714 | - | 714 | 202 |
Carried forward | 80,187 | 31,608 | 111,795 | 129,540 |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | SUPPORT COSTS - continued |
31.3.24 | 31.3.23 |
Total | Total |
Ministry | Mission | activities | activities |
£ | £ | £ | £ |
Brought forward | 80,187 | 31,608 | 111,795 | 129,540 |
Pension balance written off | - | - | - | (38,091 | ) |
80,187 | 31,608 | 111,795 | 91,449 |
9. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
Independent examiners fees | 4,890 | 4,290 |
10. | TRUSTEES' REMUNERATION AND BENEFITS |
31.3.24 | 31.3.23 |
£ | £ |
Trustees' salaries |
Trustees' pension contributions to money purchase schemes |
During the year a trustee has been paid remuneration from employment with the charity. Ministers at Tabernacle Baptist Church are considered to be trustees ex officio and are permitted by the articles of association. The value of trustees remuneration paid is as above and was made to Pastor Richard Skinner. |
Trustees' expenses |
31.3.24 | 31.3.23 |
£ | £ |
Trustees' expenses |
The above expenses were paid to Pastor Richard Skinner. |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | STAFF COSTS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs | ( |
) | ( |
) |
Other pension costs |
44,052 | 45,707 |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Clergy | 1 | 1 |
Administration | 1 | 1 |
Premises | 1 | 1 |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 912,729 | 5,950 |
TOTAL FUNDS CARRIED FORWARD | 906,312 | 5,950 | 912,262 |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Freehold property includes the church building and the Manse. The properties are held in trust on behalf of the church by the Heart of England Baptist Association. |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other debtors |
PAYE and NI debtor | - | 830 |
Prepayments and accrued income |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
16. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.23 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General Reserve Fund | 251,493 | (7,667 | ) | (9,877 | ) | 233,949 |
Tangible Fixed Asset Fund | 654,819 | (19,850 | ) | 9,877 | 644,846 |
(27,517 | ) |
Restricted funds |
Youth Work Fund | 5,950 | (1,666 | ) | - | 4,284 |
TOTAL FUNDS | (29,183 | ) | 883,079 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Reserve Fund | 117,372 | (125,039 | ) | (7,667 | ) |
Tangible Fixed Asset Fund | - | (19,850 | ) | (19,850 | ) |
( |
) | (27,517 | ) |
Restricted funds |
Youth Work Fund | - | (1,666 | ) | (1,666 | ) |
TOTAL FUNDS | ( |
) | (29,183 | ) |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General Reserve Fund | 243,691 | 13,743 | (5,941 | ) | 251,493 |
Tangible Fixed Asset Fund | 669,038 | (20,160 | ) | 5,941 | 654,819 |
912,729 | (6,417 | ) | - | 906,312 |
Restricted funds |
Youth Work Fund | 5,950 | - | - | 5,950 |
TOTAL FUNDS | 918,679 | (6,417 | ) | - | 912,262 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Reserve Fund | 119,815 | (106,072 | ) | 13,743 |
Tangible Fixed Asset Fund | - | (20,160 | ) | (20,160 | ) |
119,815 | (126,232 | ) | (6,417 | ) |
TOTAL FUNDS | 119,815 | (126,232 | ) | (6,417 | ) |
Fund Descriptions: |
Designated Fund |
The Tangible Fixed Asset Fund represents the net book value of the tangible fixed assets. |
Restricted Funds |
The Youth Work Fund represented donations towards the hiring of and salary for a new youth worker or, in the event of no appointment being made, for wider youth work. No appointment is to be made so the fund will now be spent on wider youth work. |
Tabernacle Baptist Church Wolverhampton |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | RELATED PARTY DISCLOSURES |
Four (2023 - six) trustees made aggregate donations of £9,932 (2023 - £13,043) without condition. These amounts include no gift aid thereon. |
Under the terms of the articles of association, the senior and associated misters, who act as trustees ex-officio, are permitted to receive remuneration. This has been disclosed in note 10. |