|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
of trustees'
responsibilities||
|Independent
examiner's
report||
|Statement
of financial
activities||
|Balance Sheet||
|Notes to financial
statements||
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|||||||||Page 13|
|---|---|---|---|---|---|---|---|---|
|Statement
offinancial||activities|||||||
|Forthe year ended|31December 2022||||||||
||||Notes|Unrestricted|Restricted|Endowment|Total|Tota
I|
|||||Funds|Funds|Funds|2022|2021|
||||||||E||
|INCOME FROM:|||||||||
|Donations|||2|340,898|3,400||344,298|233,221|
|Investments|||3|21,103|179||21,282|19,022|
|Charitable
activities|||4|75,949|||75,949|81,741|
|Total Income||||437,950|3,579||441529|333984|
|EXPENDITURE ON:|||||||||
|Charitable
activities|||5|520,305|6,516||526,821|457,331|
|Total Expenditure||||520,305|6,516||526,821|457,331|
|Investment
gains/(losses)|||12|||(67 705)|(67 705)|66 296|
|Net income/expenditure||||(82,355)|(2,937)|(67,705)|(152,997)|(57,051)|
|1ransfers
between|funds||17|234,800||(234,800)|||
|Pension
liability movements|||17|62,715|||62,715|(2,400)|
|Net Movement
in|Funds|||215,160|(2,937)|(302,505)|(90,282)|(59,451)|
|Reconciliation
ofFunds|||||||||
|Total funds brought|forward 1January 2022||17|1,129,728|31,855|974,693|2,136,276|2,195,727|
|Total Funds at 31December 2022|||17|1,344,888|28,918|672,188|2,045,994|2,136,276|
##
|||||Total|Tota
I|
|---|---|---|---|---|---|
|||||2022|2021|
||||||E|
|Total Income||||441,529|333,984|
|Total Expenditure||||(526,821)|(457,331)|
|Pension
liability movements||||62,715|(2,400)|
|Transfers (to)/from|endowment||funds||60,000|
|Net income/(expenditure)||for the year||||
##
|West of England|Ba|ptist Association|~
I|Afebn|et
Page 15|
|---|---|---|---|---|---|
|Balance Sheet||||||
|As at 31December|2022|||||
|||||Total|Total|
|||||2022|2021|
|Fixed assets|||Note|||
|Tangible assets|||11a|487,S82|488,354|
|Investments|||12|592,685|820,632|
|Programme-related||investments|13|941,963|775,794|
|||||2,022,530|2,084,780|
|Current assets||||||
|Debtors|||14|1,000|1,000|
|Cash at bank|and|in hand|15|55,656|139,733|
|||||56,656|140,733|
|Creditors: amounts|falling due within one year||16|(33,192)|(39,332)|
|Net current assets||||23,464|101,401|
|Total assets less current||liabilities||2,045,994|2,186,181|
|Creditors: amounts|falling due after one year|||||
|Pension deficit liability|||||(49,905)|
|Net Assets||||||
|The funds ofthe charity:||||||
|Unrestricted
funds:||||||
|General|||18|51,014|52,731|
|Designated|||18|1,293,874|1,076,997|
|||||1,344,888|1,129,728|
|Restricted|||18|28,918|31,855|
|Endowment|||18|672,188|974,693|
|Total funds||||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||Tota I|Tota
I|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|2022|2021|
|||E|E|E|E|E|
|Home Mission
Donations
Partnership
for
Other grants
WeBox Appeal|Funding
Mission|232,492
30,709
14,006
56,250
7,441|||232,492
30,709
14,006
56,250
7,441|178,233
3,300
16,173
25,051
10,464|
|Willow Garden|- Portishead||3,400||3,400||
|||340,898|3,400||344,298|233,221|
##
|Income from Investments||||||
|---|---|---|---|---|---|
|||||Total|Total|
||Unrestricted|Restricted|Endowment|2022|2021|
||6|E|E|E|E|
|Income from investments
Bank and other interest|19,057
2,046|179||19,236
2,046|19,009
13|
||21,103|179||21,282|19,022|
##
##
##
|Income from|charitabl|e
act|iviti|es||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Total|Total|
||||||Unrestricted|Restricted|Endowment|2022|2021|
||||||E|||E|E|
|Church income re Regional|||Ministers||6,884|||6,884|21,721|
|Management|charges|- Payroll||and Trust|16,200|||16,200|16,200|
|Companies||||||||||
|Programme|related investment|||income|28,480|||28,480|22,755|
|Delegate fees
Ministers conference|||||2,663
853|||2,663
853|1,473|
|Committees|&conferences||||20,869|||20,869|19,592|
||||||75,949|||75,949|81,741|
##
|Expenditure
on Charitable|ac|tivities||||||
|---|---|---|---|---|---|---|---|
|||||||Tota I|Tota
I|
||||Unrestricted|Restricted|Endowment|2022|2021|
|||||||f||
|Assemblies,
Conferences
& Events
Employees (see note 7)
Home Mission and other grants (see note 6)
Hospitality
Management
8 administration
Depreciation
Property costs
Subscriptions
Weaox|||24,800
311,166
122,991
3,581
16,002
472
27,780
1,017
7,281|2,793||24,800
311,166
125,784
3,581
16,002
472
27,780
1,017
7,281|9,824
281,757
113,663
193
11,803
1,226
17,850
661
11,468|
|Seventy-two
Independent
examination
Legal & professionalfees
Trustees expenses(included||in note 7)|3,552
1,520
143|3,723||3,723
3,552
1,520
143|5,856
2,916
61
53|
||||520,305|6,516||526,821|457,331|
##
##
##
|6 Analysis of|g|rants||||||
|---|---|---|---|---|---|---|---|
|||||||Total|Tota
I|
|||||||2022|2021|
||||||||(restated)|
||||||||E|
|Home Mission Grants:||||||||
|Bristol University
Brunswick|||Chaplaincy|||4,116
2,640|4,116
5,958|
|Cheddar|||||||1,500|
|City Road
Jacob's Well||||||9,140
1,500|14,837
1,500|
|Know(a West||||||14,604|14,604|
|Leckhampton||||||3,254||
|Little Stake||||||7,296||
|Locking Castle||||||6,996||
|Melksham||||||14,004|14,004|
|Nailsworth||||||4,000|1,667|
|Open House||||||7,300||
|Sheep Street||||||8,004|4,000|
|The Stowe||||||6,000|6,000|
|Victoria Park||||||2,915||
|Welton
Worle||||||6,996|6,996
12,621|
|Funding for Pioneering|||||Work:|||
|Bussage||||||7,300|7,300|
|Portishead
Other Grants:||||||7,300|7,300|
|English Churches Together
Grant from Tilshead
Fund
Pastoral Support||||||1,126
1,000|1,542
2,320|
|Renew Weilbeing||||||7,500||
|Willow Garden||- Portishead||||2,793|120|
|Contribution|to schools||||chaplaincy||7,278|
|||||||125,784|113,663|
|||||||Total|Total|
|||||||2022|2021|
|||||||E|E|
|Sources ofFunding:||||||||
|From Baptist|Home|||Mission support||114,865|104,223|
|From other churches||||to|support specific work|7,000|7,000|
|From Tilshead||fund||||1,126|2,320|
|From income|restricted||||to Willow Garden - Portis head|2,793|120|
|||||||125,784|113,663|
##
##
|||||Page 21|
|---|---|---|---|---|
|7|Staff costs and Trustee expenses||||
||||2022|2021|
||||E|E|
||RegionalMinisters'
remuneration:-||||
||Revd. Nigel Coles - Trustee||37,840|37,715|
||Social Security costs (trustees)||3,130|3,268|
||Trustee Pension costs (see note|below)|7,746|9,581|
||1otal Trustees'
remuneration||48,716|50,564|
||Staff Salaries||166,843|167,409|
||Social Security costs (staff)||10,846|11,222|
||Other Staff Pension costs (see note below)||21,050|3,011|
||Housing costs||26,912|25,538|
||Training
- courses, conferences,|assemblies|9,443|2,252|
||Council tax, water, telephone||12,230|11,173|
||Expenses and other costs||15,126|10,588|
|Pension Costs to SOFA|Pension Costs to SOFA||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|
|Regional
Ministers'|pension|contributions:-|||||||E|E|
|Revd. Nigel Coles - Trustee|||||Baptist Pension Scheme||||7,746|9,581|
|5~aft|||||Baptist Pension Scheme||||22,035|22,067|
|Pension deficit movement|||||Baptist Pension Scheme||||(985)|(19,056)|
|Staff numbers
and|key management|||personnel|||||||
||||||||||2022|2021|
|The average
number|offull-time||equivalent||employees|(including|part-time|staff)|||
|during the year as follows:|||||||||||
|Regional
Ministers|||||||||3.9|3.9|
|Office Administrative|Manager||&Trust Officer||||||0.9|1.0|
|Finance|||||||||0.3|0.4|
|Other Administration,
Support|||&Outreach||||||1.4|1.5|
||||||||||6.5|6.8|
|The actual number|ofstaff|during the||year|was 8 5(2021- 7)||||||
##
##
##
##
|Type offinancial|assumption|assumption|%pa|
|---|---|---|---|
|RPI price inflation|assumption||3.20|
|CPI price inflation|assumption||2.70|
|Minimum
Pensionable||Income increases||
|(above CPI)|||0.50|
|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||||
##
##
##
|Movement
in Balance sheet liability|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Section 28.11A of FRS102 requires|agreed|deficit recovery||payments||to be recognised|as a liability.|The movement||in the|
|provision
is set out in the table below:|||||||||||
|Accounting
date (year ending):|||||||31/12/2022||31/12/2021||
|Balance sheet liability at year start||||||||63,700||80,356|
|Minus deficiency contributions
paid||||||||(2,237)||(19,056)|
|Interest cost (recognised
in SoFA)||||||||1,252||972|
|Actuarial
(gains)/losses
on re-measurement||of liability (recognised|||in SoFA)|||(62,715)|||
|Remaining
change to balance sheet|liability*|(recognised|in SoFA)|||||||1,428|
|Balance sheet liability at year end||||||||||63,700|
|Accounting
date||||31/12/ZBZZ|31/12/2021|31/12/2020|
|---|---|---|---|---|---|---|
||||||(Restated)|(Restated)|
|Discount rate||||5.7034|2.00%|1.4036|
|Future increases to Minimum||Pensionable|Income|3.30M|3.209o|2.70N|
||||||2022|2021|
|Total pension payments|in the year||||6|6|
|8PS|||||28,796|12,592|
|Deficit contributions|||||2,237|19,056|
||||||31033|31648|
##
##
##
##
|||||Unrestricted|Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|
|||||||||2021|
|||||||||E|
||INCOME FROM:||||||||
||Donations||||233,221|||233,221|
||Investments||||18,972|50||19,022|
||Charitable
activities||||81,741|||81,741|
||Total Income||||333,934|50||333,984|
||EXPENDITURE ON:||||||||
||Charitable
activities||||451,475|5,856||457,331|
||Total Expenditure||||451,475|5,856||457,331|
||Investment
gains/(losses)||||||66,296|66,296|
||Net Income/(expenditure)||||(117,541)|(5,806)|66,296|(57,051)|
||Transfer between
funds||||60,000||(60,000)||
||Pension
liability movements||||(2,400)|||(2,400)|
||Net Movement
in Funds||||(59,941)|(5,806)|6,296|(59,451)|
||Reconciliation
of Funds||||||||
||Total funds brought
forward 1January 2021
Total Funds at 31December 2021||||1,189,669
1,129,728|37,661
31,855|968,397
974,693|2,195,727
2,136,276|
|10|Net income for the year||||||||
||||||||2022|2021|
||This is stated after charging:||||||E|E|
||Independent
Examiner's|fees:|||||||
||Accounts preparation||||||1,880|1,800|
||Independent
examination|- current year|||||1,552|1,200|
||Depreciation||-under/(over)|provided|in prior year||120
472|(84)
1,226|
##
##
##
##
||The movement
in the|year|w|as as follows|:-||||
|---|---|---|---|---|---|---|---|---|
|||||||Freehold|Office||
|||||||Property|Equipment|Total|
||Cost|||||E|E|E|
||Beginning ofthe year|||||488,631|19,300|507,931|
|||||||488,631|19,300|507,931|
||Depreciation||||||||
||Beginning ofyear|||||1,221|18,356|19,577|
||Charge for the period||||||472|472|
||End ofyear|||||1,221|18,828|20,049|
||Net book value||||||||
||31December 2022|||||487,410|472|487,882|
||31December 2021|||||487,410|944|488,354|
|b)|Association
Property||||||2022|2021|
||||||||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|
|12|Investments||||||||
||||||||2022|2021|
||||||||E|E|
||Market value at beginning||ofyear||||820,632|738,312|
||Acquisitions
at cost||||||598,531|79,050|
||Sale proceeds from disposals||||||(554,021)|(66,628)|
||Gains
in the period||||||||
||—Realised gains||||||19,745|2,546|
||—Net unrealised
gains||||||(128,049)|63,751|
||Increase/(decrease)|in cash||balances|||(164,153)|3,601|
||Market value as at 31December||||||592 685|820 632|
||Investments
at market value|||comprise:-|||2022|2021|
||||||||E|6|
||UK equities||||||132,845|196,813|
||UK fixed interest securities||||||97,416|102,645|
||UK other investments||||||90,385|172,420|
||Overseas equities||||||267,461|344,639|
||Cash balances
-WEBTC||||||(7,304)|(12,062)|
||Cash balances
- Charles Stanley/Brewin||||Dolphin||11,880|16,176|
||Wholly Owned Trading Subsidiary||||||1|1|
##
|est|of England
Bap|tist Association||~~I w|el n|eI:
Page 26|
|---|---|---|---|---|---|---|
|13|Programme-related|investments|||||
|||||Support|||
|||||Loans|Properties|Total|
|||||E|E|E|
||Balance at 1January|2022||116,896|658,898|775,794|
||Transfer of property|value to Emersons|Green BC||(3,254)|(3,254)|
||Additions|||230,252||230,252|
||Loan repayments|||(60,829)||(60,829)|
||Balance at 31December 2022|||286,319|655,644|941,963|
|14|Debtors|||2022|2021|
|---|---|---|---|---|---|
|||||E|E|
||Prepayments|||1,000|1,000|
|15|Cash atbankandinhand|||2022|2021|
|||||E|E|
||HSBC Bank|||10,961|10,361|
||CAF Cash/Gold|||30,350|115,035|
||COIF Charity|Fund||14,514|14,336|
||Petty cash|||(169)|1|
|16|Creditors|||2022|2021|
||Amounts
falling due within one year|||E|E|
||Other Creditors|||4,028||
||Accruals and|deferred|income|29,164|25,537|
||Pension deficit liability||||13,795|
##
##
|||||||||Page 27|
|---|---|---|---|---|---|---|---|---|
|17|Statement of Funds||||||||
||Current Year||||||||
||||||||Other|At 31|
||||At 1January||||Movements|December|
||||2022|Income||Expenditure|&Transfers|2022|
|||||||6|||
||Unrestricted||||||||
||General
fund||52,731|421,707||(517,927)|94,503|51,014|
||Designated||||||||
||Fixed assets||301,414||||(672)|300,742|
||Programme-related|investments|775,794||||166,169|941,963|
||Painswick||14,943|||||14,943|
||Partnership
for Mission||40,028|14,006|||(25,200)|28,834|
||Tilshead
Fund||8,518|||(1,126)||7,392|
||Pension deficit fund||(63,700)|2,237||(1,252)|62,715||
||Total unrestricted|funds|1,129,728|437,950||(520,305)|297,515|1,344,888|
||Restricted||||||||
||Seventy-two||4,393|||(3,723)||670|
||Willow Garden|||3,400||(2,793)||607|
||Leighterton
Ik Culkerton||16,812||179|||16,991|
||Stockwood
Church||10,650|||||10,650|
||Total restricted funds||31,855|3,579||(6,516)||28,918|
||Expendable
endowment||||||||
||Income fund||798,403||||(302,705)|495,698|
||||798,403||||(302,705)|495,698|
||Permanent
endowment||||||||
||Avening
Fund||176,290||||200|176,490|
||Total Endowment||176,290||||200|176,490|
||Total Endowment||974,693||||(302,505)|672,188|
||TOTALFUNDS||2,136,276|441,529||(526,821)|(4,990)|2,045,994|
##
##
|of England
Bap|tist Association|||we|net|||
|---|---|---|---|---|---|---|---|
|||||||Page 28||
|Statement
of Funds|(continued)|||||||
||||||Other|At 31||
|Prior Year||At 1January|||Movements|December||
|||2021|Income|Expenditure|&Transfers|2021||
|||||E||||
|Unrestricted||||||||
|General fund||53,456|317,761|(435,151)|116,665|52,731||
|Designated||||||||
|Fixed assets||302,640|||(1,226)|301,414||
|Programme-related|investments|795,569|||(19,775)|775,794||
|Painswick||14,943||||14,943||
|Partnership
for Mission||89,859|16,173|(14,004)|(52,000)|40,028||
|Tilshead
Fund||13,558||(2,320)|(2,720)|8,518||
|Pension deficit fund||(80,356)|||16656|(63,700|)|
|Total unrestricted||||||||
|Restricted||||||||
|Seventy-two||10,249||(5,856)||4,393||
|Leighterton
& Culkerton||16,762|50|||16,812||
|Stockwood Church||10,650||||10,650||
|Total restricted||37,661|50|(5,856)||31,855||
|Expendable
endowment||||||||
|income fund||792,107|||6,296|798,403||
|||792,107|||6,296|798,403||
|Permanent
endowment||||||||
|Avening
Fund||176,290||||176,290||
|Total Endowment||176,290||||176,290||
|Total Endowment||968,397|||6,296|974,693||
|TOTALFUNDS||2,195,727|333,984|457,331|63,896|2,136,276||
##
##
##
##
##
##
##
##
##
##
##
##
##
|Current Year||||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Tota I 2022|
|||F.|||E|
|Tangible
Fixed assets||300,742|10,650|176,490|487,882|
|Programme-related|investments|941,963|||941,963|
|Investments||693|3,985|588,007|592,685|
|Net current assets||101,490|14,283|92,309|23,464|
##
##
##
##
|Unrestricted:
analyse|d
between
funds||||||
|---|---|---|---|---|---|---|
|||General|Designated||Total||
||||E||||
|Tangible
Fixed assets|||300,742||300,742||
|Programme-related|investments||941,963||941,963||
|Investments|||693||693||
|Net current assets||51,014|50,476||101,490||
|||51,014|1,293,874||1,344,888||
|Prior Year|||||||
|||Unrestricted|Restricted||Endowment|Tota I 2021|
|||6|f||E|E|
|Tangible
Fixed assets||301,414|10,650||176,290|488,354|
|Programme-related|investments|775,794||||775,794|
|Investments||(4,065)|3,985|I|820,712|820,632|
|Net current assets||106,490|17,220||(22,309)|101,401|
|Creditors
of more than one year||(49,905)||||(49,905)|
|||1,129,728|31,855||||
|Unrestricted:
analyse|d
between
funds||||
|---|---|---|---|---|
|||General|Designated|Total|
||||E|E|
|Tangible
Fixed assets|||301,414|301,414|
|Programme-related|investments||775,794|775,794|
|Investments|||(4,065)|(4,065)|
|Net current assets||52,731|53,759|106,490|
|Creditors of more than one year|||(49,905)|(49,905)|
|||52,731|1,076,997|1,129,728|
##
##