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2020-12-31-accounts


west of england
ba		 pti st network
Contents Page
Trustees' report
Objectives and activities
Achievements
and performance
Financial review,
investment		 performance and
principal
financial
management		 policies
Reference and administrative information
Structure, Governance
and		 Management
Statement oftrustees'
responsibilities		 13
Independent
examiner's
report		 14
Statement offinancial
activities		 16
Cash flow statement 18
Balance sheet 19
Notes to financial statements 20
Statement offunds 31

Page 16
Statement offinancial activities
For the year ended 31 December 2020
Notes Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2020 2019
6 E E E f
INCOME FROM:
Donations 2 300,820 141,785 442,605 397,399
Investments 3 19,442 19,442 22,997
Charitable
activities		 4 61,905 61,905 78,939
Total income 382,167 141,785 523,952 499,335
EXPENDITURE ON.'
Charitable
activities		 5 430,479 15,020 445,499 556,261
Fees on sale of property 2,836 2,836
Total Expenditure 430,479 15,020 2,836 448 335 556261
Investment
gains/(losses)		 (1,079) (14,009) (15,088) 75,579
Net income/expenditure (49,391) (15,020) 124,940 60,529 18,653
Transfers between funds (30,000) 30,000
Pension
liability movements		 38,088 38,088 (4,940)
Net Movement
in		 Funds (41,303) (15,020) 154,940 98,617 13,713
Reconciliation
of Funds
Total funds brought forward 1January 2020 1,230,972 52,681 813,457 2,097,110 2,083,397
TotalFunds at 31December 2020 18 1,189,669 37,661 968,397 2,195,727 2,097,110

year ended 31 Decembe r 2020
Total Tota
I
2020 2019
E f
Total Income 382,167 499,335
Total Expenditure (445,499) (556,261)
Investment
gains		 (1,079) 4,088
Pension
liability movements		 38,088 (4,940)
Transfers to endowment funds (30,000)
Net income/(expenditure) for the year (56,323) (57,778)

West of England
Baptist Association		 )te net
Page 18
Cash Flow Statement
Forthe year ended 31 December 2020
2020 2019
Notes 6 f
Net cash inflow from operating
activities		 17A 102,168 (49,047)
Non-operational
cashflows
Cash flows from investing
activities
-Investment
income		 19,428 22,997
- Payments for tangible
fixed assets
-Payments for investments
acquired
- Receipts from sale of investments
-Payments to pension deficit fund		 (1,888)
(48,697)
48,177
(10,167)		 (65,924)
88,428
(13,263)
Net cash inflow/(outflow)
forthe year		 178 109,021 (16,809)

West of England Ba ptist Association QQ~ en
Page 19
Balance Sheet
As at 31December 2020
Total Total
2020 2019
6 E
Fixed assets
Tangible assets
Investments
Programme-related		 investments Note
11a
12
13		 489,580
738,312
795,569		 489,295
736,799
839,686
2,023,461 2,065,780
Current assets
Debtors
Cash at bank		 and in hand 14
15		 16,022
259,967		 18,071
167,013
275,989 185,084
Creditors: amounts falling due within one year 16 (33,534) (38,406)
Net current assets 242,455 146,678
Total assets less current liabilities 2,265,916 2,212,458
Creditors: amounts
falling due within one year
Pension deficit liability		 (70,189) (115,348)
Net Assets 2,195,727 2,097,110
The funds ofthe charity:
Unrestricted
funds:
General
Designated		 18
18		 53,456
1,136,213
1,189,669		 12,252
1,218,720
1,230,972
Restricted 18 37,661 52,681
Endowment 18 968,397 813,457
Total funds 2,195,727 2,097,110

The following
donations,
legacies and grants were receivable
during the year:—		 Total Total
Unrestricted
Restricted		 Endowment 2020 2019
E
E		 E E E
Home Mission
Funding
Donations
Partnership
for Mission
Other grants
yyeBox Appeal
Seventy-two
Share ofproceeds on sale of Blakeney chapel
Share of proceeds on sale ofTattershall,
URC
195,581
19,366
31,742
30,000
24,131		 141,785 195,581
19,366
31,742
30,000
24,131
141,785		 215,838
22,266
16,706
20,787
15,824
105,978
300,820 141,785 442,605 397,399

Income from Investments
Total Total
Unrestricted Restricted Endowment 2020 2019
E E E E E
Income from investments
Bankinterest		 19,437
5		 19,437
5		 22,063
934
19,442 19,442 22,997

Income from charitable
activiti		 es
Total Tata
I
Unrestricted Restricted Endowment 2020 2019
E E E E E
Church income re Regional
Ministers		 1,153 1,153 2,997
Management
charges
—Payroll
Companies
Programme
related investment
Ministers Conference
Committees
lk conferences		 and Trust
income		 16,200
31,942
11,579
1,031
61,905		 16,200
31,942
11,579
1,031
61,905		 16,200
31,753
12,023
15,966
78,939

Assemblies,
Conferences		 Assemblies,
Conferences		 &Events &Events
Employees (see note 7)
Home Mission and other grants (see note 6)
Hospitality
Management
&administration
Depreciation
Property costs
Subscriptions
WeBox
Independent
examination
Legal &professional fees
Trustees expenses (included in note 7)
Total Total
2020 2019
E E
Restated
17,256 26,108
246,264 319,616
124,797 85,592
847 812
15,214 18,299
1,603 1,188
13,630 80,895
724 707
19,236 14,854
3,240 2,766
2,688 4,376
1,048
445,499 556,261

Analysis ofgrants
Total Tota
I
2020 2019
f E
Home Mission grants:
The Stowe		 6,000 8,004
Knowie West Baptist Church
Stapleton
Baptist Church		 14,604 14,604
996
Worle Baptist Church 15,996 7,296
Bristol Llniversity
Chaplain		 4,116 4,116
Chew Magna Baptist Church 5,004 5,004
City Road Baptist Church 19,004 5,004
Stonehouse
Baptist Church (grant repaid)
Welton Baptist Church		 6,996 (1,356)
6,996
St Marks Baptist Church 6,000 6,996
Cheddar Baptist Church 5,004 6,996
Nailsworth
Baptist Church		 4,167
Brunswick
Baptist Church		 2,640
Hillfields
Baptist Church		 1,000
aussage 7,300
Portishead,
Mission Catalyst		 7,300 6,000
105,131 70,656
Other grants;
English Churches Together 1,542 1,600
Tilshead
Fund -studentfees		 2,720
Contribution
to schools chaplaincy		 1,400
Partnership
for Mission
- Melksham
Baptist Church		 14,004 9,336
-StGeorge Baptist Church 19,666 4,000
14,936
124,797 85,592

Page 24
7 Staff costs and Trustee expenses
2020 2019
E E
RegionalMinisters'
remuneration;-		 Restated
Revd. Nigel Coles - Trustee 39,510 36,014
Social Security costs (trustees) 3,787 3,887
Trustee Pension costs (see note below) 8,485 9,192
Total Trustees'
remuneration		 51,782 49,093
Staff Salaries 134,978 137,502
Social Security costs (staff) 8,478 8,205
Other Staff Pension costs (see note below) 8,421 54,883
Housing costs 18,193 28,190
Training
-courses, conferences,
Council tax, water, telephone		 assemblies 1,801
11,406		 2,227
9,576
Expenses and other costs 11,205
246,264		 29,940
319,616
Pension Costs to SOFA 2020 2019
Regional
Ministers'
pension contributions:-
Revd. Nigel Coles - Trustee
Staff		 Baptist Pension Scheme
Baptist Pension Scheme		 E
8,485
8,421		 E
9,192
4,883
Balance ofdeficit contributions payable for BU Scheme 50,000
16,906 64,075
Staff numbers
and key management
personnel		 2019 2018
The average number of full-time equivalent employees (including part-time staff)
during the year as follows:
Regional
Ministers
Office Administrative
Manager		 &Trust Officer 3.0
1.0		 3.0
1.0
Administration
staff		 1.5 1.5
Payroll staff 0.9 0.9
Other Ministerial
staff (including		 yyichelstowe & part-time project staff) 0.3 0.3
6.7 6.7
The actual number ofstaff during the year was 8(2019-8)

Type offinancial
assumption		 %pa
RPI price inflation
assumption		 3.20
CPI price inflation
assumption		 2.70
Minimum
Pensionable
Income increases
(RPI) 3.20
Assumed
investment
returns
Pre-retirement 2.95
Post retirement 1.70
Deferred pension increases
Pre-April 2009 3.20
Post April 2009 2.50
Pension increases
Main scheme pension 2.70

Section 28.11A of FRS102 requires
agreed
provision
is set out in the table below;		 deficit recov ery
payments
to be rec		 ognised
as a liability.
The mo		 vement
in the
Accounting
date (year ending):
Balance sheet liability at year start
Minus deficiency contributions
paid
Interest cost (recognised
in SoFA)
Remaining
change to balance sheet Rabilityv		 (recognised in SoFA) 31/12/2020
128,611
(10,167)
2,100
(40,188)		 31/12/2019
136,934
(13,263)
3,130
1,810
Balance sheet liability at year end 80,356 128,611
*Comprises
any change
in agreed deficit		 *Comprises
any change
in agreed deficit		 recovery
plan and change
in assumptions
be		 tween year-ends.
The year -end creditor has been included in the accounts as follows:
Creditors (amounts falling due within one year) 10,167 13,263
Creditors (amounts falling due after more than one year) 70,189 115,348
80,356 128,611

Accounting
date		 31/12/2020 31/12/2019 31/12/2018
Discount rate 0.40% 1.70% 2.40%
Future increases to Minimum Pensionable Income 3.00% 3.20% 3.30%
2020 2019
Total pension cost E f
Restated
BPS 16,906 14,075
Deficit contributions 50,000
16,906 64,075

Unrestricted Restricted Endowment Total
2019
E
INCOME FROM:
Donations 381,575 15,824 397,399
Investments 22,997 22,997
Charitable
activities		 78,939 78,939
Total Income 483,511 15,824 499,335
EXPENDITURE ON:
Charitable
activities		 537,856 18,405 556,261
Total Expenditure 537,856 18,405 556,261
Investment
gains/(losses)		 4,088 71,491 75,579
Pension
liability movements		 (4,940) (4,940)
Net Income/(expenditure) and net
Movement
in Funds		 (55,197) (2,581) 71,491 13,713
Reconciliation
of Funds
Total funds brought forward
1January 2019
Total Funds at 31December 2019		 1,286,169
1,230,972		 55,262
52,681		 741,966
813,457		 2,083,397
2,097,110

Net income f or the year
2020 2019
This is stated after charging: E E
Independent Examiner's fees:
Accounts
preparation		 1,800 1,650
Independent examination -current year 1,200 1,128
-under/(over)provided in prior year 240 (12)
Depreciation 1,603 1,188

The movement
in the year		 was as follows;—
Freehold Office
Property Equipment Total
Cost E E f
Beginning ofthe year 488,631 17,412 506,043
Additions 1,888 1,888
488,631 19,300 507,931
Depreciation
Beginning ofyear 1,221 15,527 16,748
Charge for the period 1,603 1,603
End ofyear 1,221 17,130 18,351
Net book value
31December 2020 487,410 2,170 489,580
31December 2019 487,410 1,885 489,295
b) Association
Property		 2020 2019
E E
Land at Emersons Green 176,490 176,490
Manse at 3The Hawthorns, Bussage, 300,270 300,270
Stockwood
Church		 10,650 10,650
487,410 487,410

Investments Page 29
2020 2019
E E
Market value at beginning ofyear 736,799 749,396
Acquisitions
at cost		 48,697 65,924
Sale proceeds from disposals (48,177) (88,428)
Gains in the period
—Realised gains 15,727 8,423
—Net unrealised
gains		 (30,815) 67,156
Increase
in cash balances		 16,081 (65,672)
Market value as at 31December 738,312 736,799
Investments
at market value comprise:—		 2020 2019
E E
UK equities 157,654 192,321
UK fixed interest securities 102,982 90,899
UK other investments 132,795 120,525
Overseas equities 243,463 247,703
Cash balances - WEBTC (28,087) 55,312
Cash balances
—Charles Stanley		 129,504 30,038
Wholly Owned
Trading Subsidiary		 738,312 736,799
Historical cost at31December 593,278 539,160

st of England
Bap		 tist Association we net
Page 29
13 Programme-related investments
Support
Loans Properties Total
6 f f
Balance at 1January 2020 171,038 668,648 839,686
Loan repayments (44,117) (44,117)
Balance at 31December 2020 126,921 668,648 795,569
14 Debtors 2020 2019
f 6
Prepayments 1,000 1,000
Amounts
due from Subsidiary		 undertakings 15,022 17,071
16,022 18,071
15 Cash at bank and in hand 2020 2019
6 f
HSBC Bank 13,216 18,099
CAF Cash/Gold 232,390 134,603
COIF Charity Fund 14,285 14,285
Petty cash 76 26
259,967 167,013
16 Creditors 2020 2019
Amounts
falling due within one year		 E E
Other Creditors 383 6,688
Accruals and deferred income 22,984 18,455
Pension deficit liability 10,167 13,263
33,534 38,406

A. Reconciliation
of net movement		 Reconciliation
of net movement		 Reconciliation
of net movement		 in funds to net cash inflow from operating activities
2020 2019
6 6
Statement of Financial Activities: Net movement in funds 98,617 13,713
Investment
income		 (19,442) (22,997)
Depreciation 1,603 1,188
Realised movement on investments (15,727) (8,423)
Unrealised
movement		 on investments 30,815 (67,156)
(Decrease)/Increase in creditors (1,776) 12,746
(Increase)/Decrease in debtors 2,049 19,342
(Increase)/Decrease in programme related investments 44,117 (2,400)
Changes to valuation of pension fund liability (38,088) 4,940
Net cash outflow from operating activities 102,168 (49,047)
8. Analysis ofchanges in cash flow during the year 2020
6		 2019f Change
f
Cash at bank and in hand 259,967 167,013 92,954
Cash in Investment Portfolio Note 12 101,417 85,350 16,067
Cash &cash equivalents 361,384 252,363 109,021
2019 2018 Change
6 6 f
Cash at bank and
in		 hand 167,013 118,150 48,863
Cash in Investment Portfolio 85,350 151,022 (65,672)
Cash &cash equivalents 252,363 269,172 (16,809)

Page 31
18 Statement
of Funds
Current Year
Other At 31
At 1January Movements December
2020 Income Expenditure &Transfers 2020
Unrestricted
General fund 12,252 350,425 (411,807) 102,586 53,456
Designated
Fixed assets 302,355 285 302,640
Programme-related investments 839,686 (44,117) 795,569
Painswick 14,943 14,943
Partnership
for Mission		 76,789 31,742 (18,672) 89,859
Tilshead
Fund		 113,558 (100,000) 13,558
Pension deficit fund (128,611) 48 255 (80,356 )
Total unrestricted funds 1,230,972 382,167 (430,479) 7,009 1,189,669
Restricted
Seventy-two 25,269 (15,020) 10,249
Leighterton
Ik Culkerton		 16,762 16,762
Stockwood
Church		 10,650 10,650
Total restricted
funds		 52,681 (15,020) 37,661
Expendable
endowment
Income fund 637,167 141,785 (2,836) 15,991 792,107
637,167 141,785 (2,836) 15,991 792,107
Permanent
endowment
Avening
Fund		 176,290 176,290
Total Endowment 176,290 176,290
Tota I Endowment 813,457 141,785 (2,836) 15,991 968,397
TOTAL FUNDS

Prior Year
Other At 31
At 1January Movements December
2019 Income Expenditure &Transfers 2019
Unrestricted
General fund 32,833 466,805 (476,999) (10,387) 12,252
Designated
Fixed assets 303,543 (1,188) 302,355
Programme-related investments 837,286 2,400 839,686
Painswick 15,690 (747) 14,943
Partnership
for Mission		 68,751 16,706 (8,668) 76,789
BU Pension
Deficit		 Fund 50,000 (50,000)
Tilshead
Fund		 115,000 (1,442) 113,558
Pension deficit fund (136,934) 8,323 (128,611)
Total unrestricted 1,286,169 483,511 (537,856) (852) 1,230,972
Restricted
Home Mission &.Other Causes 654 (654)
Seventy-two 27,196 15,824 (17,751) 25,269
Leighterton
& Culkerton		 16,762 16,762
Stockwood
Church		 10,650 10,650
Total restricted 55,262 15,824 (18,405) 52,681
Expendable
endowment
Income fund 565,676 71,491 637,167
565,676 71,491 637,167
Permanent
endowment
Avening
Fund		 176,290 176,290
Total Endowment 176,290 176,290
Total Endowment 741,966 71,491 813,457
TOTAL FUNDS

Current Year
Unrestricted Restricted Endowment Tota I 2020
6 6 E 6
Tangible
Fixed assets
Programme-related
Investments		 investments 302,640
795,569
16,320		 10,650
3,985		 176,290
718,007		 489,580
795,569
738,312
Net current assets 145,329 23,026 74,100 242,455
Creditors of more than one year (70,189)
1,189,669		 37,661 968,397 (70,189)
2,195,727
Unrestricted:
analysed		 between funds
General Designated Total
6 E 6
Tangible
Fixed assets		 302,640 302,640
Programme-related investments 795,569 795,569
Investments 36,410 (20,090) 16,320
Net current assets 17,046 128,283 145,329
Creditors ofmore than one year (70,189) (70,189)
53,456 1,136,213 1,189,669
Prior Year
Unrestricted Restricted Endowment Total 2019
6 E E E
Tangible
Fixed assets
Programme-related
investments		 302,355
839,686		 10,650 176,290 489,295
839,686
Investments 99,527 3,985 633,287 736,799
Net current assets 108,451 38,227 146,678
Creditors ofmore than one year (115,348)
1,234,671		 52,862 809,577 (115,348)
2,097,110

Unrestricted:
analysed		 Unrestricted:
analysed		 between funds
General Designated Total
E E E
Tangible
Fixed assets
Programme-related		 investments 302,355
839,686		 302,355
839,686
Investments 36,218 63,309 99,527
Net current assets (23,966) 132,417 108,451
Creditors of more than one year 12,252 (115,348)
1,222,419		 (115,348)
1,234,671