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REGISTERED CHARITY NUMBER: 1126593
uNAUD￿ED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
FOR
PAp¥fYGbYfDR BAPTIST CHURCH SWANSEA
Bevan &Jd(land LLP
Gruund Fthr Cardigan House
Castle Court
Svrnnsea Enlerwise P
SA7 9LA

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PANTYGWYDR BAPTIST CHURCH SWANSEA
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Pago
Rep(xt ol the Trustees
Independent Examinefs Repth1
St*eTrxrt of FlnaTrclal Adlvftles
Balance Sheet
Notss to the Flnanclal Stalernnts
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PAN￿GWyOR BAPTIST CHURCH SWANSEA
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their Annual ReKy)rt Financaal Statements for 20W24.
God has been graoous to us in this finanoal year. Post Covid. it has been encouwing to welcome ne•V members. income
has stsbilised, and we a￿ movrro forward. We have been ency)uwed by the number of visiiors e￿h wed( and the faithful
giving that allows us to have two full time ministers. We celebrate(J 7 baptisms during the year. O¥Jr regular weekly and s(xial
activities have increased. and we opened our Renew @The Siream Community hub in September 2023 which offers a safe,
wami sp8(x for those needing socd contact and support.ln addibon. we have developed our Youlh and Student ministries
h&s been wdl attended by those in our kxxl ￿MMUnIty. All these adivilies have had an impact on our finan￿al
resour￿ but we have been blessed by beiro *)le lo axess some small gwbts during the year.
OBJECTIVES AND ACTivmES
Objectlves and aims
The charity is govemed by a LX)nslilulion whth stsles that the prinlapal PUfPK)se of the charity is the advancement of the
Christian faith according lo the prinLaples d the Baptist denomination to 1ndL￿e the advan￿ment crf education. wmmunity
service and s￿h other general chantable puryN)ses in suth pans of Ihe United FQr¥Jdom and the wodd as Ihe church shall
delem)ine.
The church (xxupies premises whith are hekl by the Baptist Unk)n C￿￿r31M)n Ltd. on trusts whth are entirely compab'ble
th the above ot¥gxL
Oryanisational structure and de¢isionamaking processes
Members of ihe thurch are accepted in ac￿[dar￿ wth the Constitutk)n re(wires them to be or to have been publidy
baplised C￿ the profession of faith in Jesus Christ or fol￿n￿ other modes Lrf baptism lo therr public prOfesS￿n of faith
in Jesus Christ.
The Membefs. meeting Th)mialty tskes place four times a year has reswnsikn.lty for the ovwall polw of the church. In
accordance with the eonslitulion, Ihe mem￿r$ appNJnl Trusl*s. ￿ together tr*e ministers ￿ church secretary
e appointed by the members) &YJ o)Ilecbvdy knov4n as Ihe eldership the dea(fjnale. are resFK)nsible for the day to
day running of the church ￿Tk and witness. and the financAal and legal aspects of the thanty. All membeTS are en(x)urdged to
lake an appropriate part in the spiritual and practi(al tasks involved in the ftjrtherance crf the charitsble objective. Relevanl
matters may be submitted to the thurth meets.ng by the Twst*s for guidan￿ or may be raised by members in
meetiThJ for further wnsideratK)n ty the Trustees. Though the IxJnslitulK)n ￿rtS de(isions kn be made a thurth meetings
by appropriae majorities. the church seeks to ￿)[k by o)rwisus wherever rM￿1bIe.
Objectives and Activtties
To achieve the principal objective. whith is sel out above. the thurch provides a variety of acliwts'es bolh lo ils membership
and lo the community generally. The aim is lo show the k)ve of Jesus Chrisl in IM)th and deed and to bring people into a
cjoser relationship wlh Him as Living Lord. Thrs is refl￿ted in the thurch missM)n statement 'Jesus in the Church. Jesus for
the Communty." Central lo the w)rk and wlness of the thurth is the provis*)n of r￿Ju￿Ar public semces of Christian worship.
Currently we hold 2 Sunday Se￿￿5.. tradit￿lla1 at 9.15 am and eontemkK)rary at 11am dunrrfj which time Sunday Club for
Child￿n and Youth work and a Créthe for are also hekl. The 11 am service strean*d onto YouTube for wemng not
On￿ by those stil unable lo att&vJ services but al￿ the Imder public.
There are also (Kcasional services al other times vthich are advertised n the church published weekly sheet. month
magazine and the website at https.'Ilwww.pantygYrydr.org.uk. The thurch seeks to te a friendly and wdcoming community.
and any￿dY E free lo aitend any of these se￿￿.
The church runs several house groups for the of fath and disCip￿hIP manty in the homes d some members. The
mid week prayer meeting h&$ (x)ntinued rm Zoom. Further details of these can be obt￿r￿d from the Trustees on request or
via the noticeboard in the churth hall. An in [￿son Alrtha Ix)urse was also hdd.
riny Tots and Brownie and RainLx)w groups ￿1hnue to meet in the thurth hall. The various rneetirvJ ￿ in the church
hall are exiemally as an additional source ￿ in(x)me. The churth a F(x)dbank Coll￿￿on point ¥*)ith is organised by
a lady from the (x)mmunity.The thurth operdt&s systems to ensure that al p￿PIe working vthh thildren and vulnerable
are approprialdy vetted by the Disclosure and BarrirKJ Safeguarding tr&ning is prowded at Level 1. 2 u 3 a
pertinent.
Health and Safety duties We earri&Y out by a Health and Safety Offi￿.
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PANTYGWYDR BApnsT CHURCH SWANSEA
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 PAARCH 2024
ACHIEVEMENT AND PERFORIAANCE
Charitsble activities
Achievements and Perfornwn
The thurch does not measure su(xe55 of its programrne on number5. induding finanoal number5, bJl more in less L9ngitde
areas like fellowship and eno)ufagemenl. The Tnjslees Te￿￿jnISe Ihal these are difficult lo measure believe that this was
another very positive year in the lrfe of the church.
Membership in April 2023 wds 88. Sadly. duriThJ Ihe yew. 1 member died. and 6 have transferred to other churches. We had
8 new members and by March 2024, membership was 89: we have apsyoximalely 40 reguLAr friends who are nol in
membership and have been soined this last year by many students.
Our Pastor and Youth Pastor are Baptist Chaplains a Swansea Universrty aNJ work with bc81 students has been developed
to indude Student Bereavement support as well as orwtunib.es for pastoral care a our Sunday eveniro Bread study.
Financial Review
Financial Review
The church continues to raise the funds whith r( needs tr) carry on its ￿lI￿lIeS fr(Mn wthin its own membership and
(t)ngregat￿n. No wider puLlic akweal was made for fuThJs during the year.
Small grants vlere receiwj from other tharilatrk trKAJi&8 and a local authcwity EnatAing Communiti&8 Fund grant helped us to
run two of our o)mmunity spaces over the winter months. The church i8 clear of debt. The most slgnrficanl expense related to
staff salaries and 8ssoc¥aled o)sts for the full-time pastor, youth arKJ part time admini%trator. The financk41 affairs *e
nlrolled by a finan￿ group who sh*e the
The church expresses its part in Ihe life of the WKIW church tty makry lo indiwduals, nalional and inlemalional
Chri%lian organisalions and soueties with Christian aims and ot4"ectives (y)mpab"ile the church's own charitable purpose.,
thB from a 'lilhefurMI' of the thurch's income.
DurirMJ the finanoal year the thurch reported a deficil of £5.96412023: surplus £12,159).
The unrestricted reserves at 31 March 2024 w￿e £9.311 {2023.. £11. 1191 ￿ restricted reserves were £ {21. 375 2023..
£25.891}.
The financial results for the year. together with a summary of the acx))unling ￿licIeS adopted are sel out in the accompanying
financial slalements. The I￿r￿t finances have still been impacted by Cowd. some of our outreach acb'wties and a number of
essential buil¢Jing mantenance works bul the Trustees are sati%fied that the antiopated inc#)me for the year will enable the
church to continue lo function effectively. The Trustees have assessed the nN8j¢x visks knng the d)ur(* and are satisfied that
there are funds in lo minimise these risk5.
STRUCTURE, GOVERNANCE Afr￿ MANAGEMEKr
Governing document
The chty is C￿ntrOll￿ by ts govemiTrJ docAJment. a de￿ of trust and ￿r￿￿tuteS an unino)rporaled tharity.
REFERENCE AND ADMINISTRATI￿ DETAILS
Registered Charity number
1126593
Princ•pal address
Emald Place
Uplands
Swansea
SA2 OHN
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PANTYGWYDR BAPTIST CHURCH SWANSEA
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Trustses
I C Josty {res￿ned 30.11.231
R B Lightf(x)l {resgned 31.5.23}
C Shepherd
Dr K Rees IresvJned 31.5.23)
Mrs S Edwards
Mrs R t*xKiy
R Jèa(xJck {résigned 31.5.23) (rtrele(led 16.10241
Rev M Carter
Mr5 A Ingrdm
Mrs M E Edtyshaw le￿ed 315.231
B T Tippin {elected 31.5 23)
Independent Examiner
Bevan Buckland LLP
Ground Floor Card•Jan House
Ile Court
Swansea Enterprise Park
Swansea
SA7 9LA
Approved by c*der of the tx)ard oftruslees on 24th February 2025and Sign￿ ￿ its ￿hat1 by."
qT4ÉA¢￿ySh￿W.lF.vk14,.1Q2￿. JJ34fjMTI.......-..-............
Mrs M E Eddyshaw- Trustee
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INDEPENDENT EXAIfflNEfS REPORT TO ThE TRUSTEES Cf
lThd•p•nd•nt •xamSn•fs reP￿t kn th•truBts•¥ d PaThty9wydi Baptsl Church Swans•*
I rerth to the InJ$tees C￿ my eX￿Inakn d the cl Pantjwdr 8Wt Qknrch S￿ar￿ea {Ihe TnJsll ky the
year ￿K￿d 31 2024.
Re$p(*wlbllitbes and olreport
s Ihe tharity trustees cl Ihe Tntst *e rwxtstle kn the Fyeparation cl the aLKThmts in ￿(￿dance wilh tr*
requirements d tre Charities Acl 2011 rte Arfl.
I report li resped (rf my d Ihe Trust's ￿1x￿nts (xrt LwMJer Seclw* 145 of the Acl and in e2rryiThJ o(Jt my
e￿￿￿natIOn I have lolkn*d al appl*2tleClreclionsgiven by ltre Ch*ityCc*nmisS￿ftvnd￿SeCtl0Th 1495Xb)cl tre Acl.
I have cx)mpW my ex￿)inat￿M. I txrfmi that malters have cxxne to my altenlion ffj conr*clx)n wilh Ihe
eXaMinat￿n giwng me ￿use lo ￿leVe that mthial res￿..
acc4]unti￿j record5 were Thjl kept ￿ resk*d of Ihe Tntst as re(Jxed ty SedK>n 130 Act: or
the accnunts do rnt t•thh tse rec£￿5.. or
the aCC£￿its do Th)t cc¥nF4y with the aF¥AK*4e the ftNm aKI content d ￿£[￿￿1$ set cArt in
the Charities {Acc(yJnts and Re[￿8) RwJulalKffi$ 2008 Ihan requirement that Ihe account5 give a Iwe
f* vthv 7fv+￿￿ i% rnt a matter cKmsidwed as wt of • ¥*thdenl examMiation.
I have ￿ concems and have corne acloss rn other matters in v*itti ts exaninalion to attenlKJn shcMJld
drawn n this reFort in or(lerto enth a proFW understhlirrfj of Ihe aCc￿nts to te reac*ed.
PAichaelJones FCC4
Bevan BLKkland LLP
Ground Floor Cardigan HoLtye
Castle Cowt
Swarw Enterwise Park
Swarwa
SA7
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PANryGYdYDR BAPTIST CTrKIRCH SWANSEA
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
2024
Totsl
lund5
2023
Total
funds
Unrestricied
lunds
Restr￿ed
ftjnd
Notes
INCOME AND ENDOWMENTS FROM
Donalw)ns and18Jacie5
162.143
1&2.143
200,595
Irwestment ir￿orn9
Olherincome
19,458
Totsl
166.683
1E6.6&3
224,433
EXPENDITURE ON
Charitable activities
Charrtable Acliffilies
168,491
4.156
172,647
212.274
NET INCOMEI{EXPENDITURE)
(1.￿8>
14.156)
(5.Wl
12.159
RECONCILIATION OF FUNDS
Total funds broughlfoNiard
11.119
25.891
37.010
24.&51
TOTAL FUNDS CARRIED FORWARD
9.311
21.7&5
31.046
37.010
The T￿te5 form part ofthese fin￿81 Stat￿￿ts
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PANTYGWYDR BAPTIST CHURCH SWANSEA
BALANCE SHEET
31 MARCH 2024
2024
Total
funds
2023
Total
funds
Unrethded
funds
Restricted
fund
les
FIXED ASSETS
TarvJible assets
5,830
CURRENT ASSETS
Debtors
Cash at bank
3.468
4,168
3.468
25.￿)3
3,358
30,702
21,735
7.636
21,735
29,371
CREDITORS
AnK)unts falling due within one year
(4.155)
14.155)
(2,￿)
NET CURRENT ASSETS
3.481
21.735
25,216
31.180
TOTAL ASSETS LESS CURRENT UABIUTIES
9.311
21.735
31.046
37.010
NET ASSETS
9.311
21,735
31,046
37.010
FUNDS
Un￿tri￿ed funds
Reslricled funds
9.311
21.735
11.119
25.891
TOTAL FUNDS
31,046
37,010
The finanaal statements We￿ apyoved by the Pthrd of Trustees and authorised i%sue on 24th February 2025
and were signed on its ￿haff by..
t*YAREOstYch•*. IF.th14.2¢25.Jlla4.f*iTJ..............
Mfs M E Edobhaw. Trustee
The ￿ fomi part (rfthese ffinanc4a stalen￿ts
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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS
FOR ThE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of ihe charity. whtch is a publ￿ benefft enlty under FRS 102. have been prepared in
accordan￿ wth the Charits'es SORP {FRS 102} Accounting and RerK)rting by Charities.. Statement of Recommend￿1
Practice applicable lo charities preparing Ih&"r aco)unts in acoy)rdance wth the Fin3no731 Rep)rting Standard
applicable in the UK and Republic of Ireland IFRS 1021 leff￿￿ve 1 January 2019),. Finanoal Retx)rting Standard 102
The FinancAal Reporting Standard applicable in Ihe UK and Republic of I￿land. and the Charities Act 2011. The
financial statements have been prepared under the histryri￿ (r&st uinven1￿Jn.
Income
Voluntary Income
All voluntsry incomiro resources we induded in the Stslenwl crf Finan(ial Adiwlies ￿then the Charity is legally
entitled to the in￿rne. The arrK)unts can be measured reliably and it 15 probabty that the in￿rne will LE received.
Donations
c￿nationS we acmunled for gross b¥knen re￿Ned.[￿)nat￿1￿S &e accounted gross wthen r￿1Ved.
Legacies
Legacres are acL¥Junted for when the chartty is entitled lo the legacy. the execJJtors have establi8hed that there a
sufficient surplus assets in the estate to pay the I￿aCY. and the fuWilment of any wndilions attached to the legacy is
wholly wthin the control of the charity.
Rentsl Income
Rental income is induded in the ￿lUnts ￿ the year in it is receivabl8.
Grants
Grant income is included in the ￿]Unts n Ihe it is receivable.
Expenditure
Liabilities are re(x*Jnised as expendiiure as s￿n as there is a legal ￿ oNtstruGlive obligation Lxjmmrtting the charity
lo that expenditure, it is probable that a transfer of economic t*nefits sMII be required in seldement and the amount of
Ihe obligat￿n can be measured reliably. Expen(lilure is a¢￿VnIed for on an acuuals basis and has been dassrfied
under headings that wJregate all (x)sl ￿lated lo the calewry. Where ￿sts cannot be directly attributed lo particxjlar
heading5 they have t￿en al￿￿t￿ to actwities on a basis wnsi5tent wth the use cl resources.
Govemance costs
This represents direct expenditure on the ￿veMan￿ of the Church. Most of the manwenl is carried out without
L*arge by volunteers. This intarrfJible LX)St is rK)t induded in the Ststemenl of Financial Actmlies sino there is no
measurable (x)st to the volunteers their seNce.
Tangible fixed assets
The Church premise5 are induded in the balance sheet at historic (x)sl because reliable wsl infomialion is not
available, and valuation irAyJ swJnificant CA)sts Ithich ￿)Uld be onerous compared wth the additional t￿neffl
gain￿ by the user ￿ the accounts.
Depreclatlon
Depreuation has not been charged the Church rx Hall premises. beGWJ5e in the opinK)n of the Trustee5. the
residual value of the assets is not less than the original CA)St pri￿.
Taxatlon
The charity 15 exempt from tax on its tharitable w11vib￿.
Fund accountlng
Unrestricled funds are awdilable for use at the discretr)n of the trustees in fijrtheran￿ of the generdl Obl￿￿veS of the
charily and which have tEen deswJnated for other Pur￿￿.
Designated funds comprise Un￿tricted fvnds that have been sel aside by the truslees for swi¢ purrK>ses. The aim
and use of each designated fund is set out in the noles to the finanuai stalements.
Page 7
CAintinueA...

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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 IWICH 2024
ACCOUNTING POLICIES- c(xitlnwd
Fund accounling
Restricted fvnds are funds whth are to be used in WA￿dan￿ y￿th s￿ofiC restrctsns imposed by donors or which
have ￿en raised by the thwity for s[￿fiC purFoses. The am and use cl ea* restric*ed fvnd is set out in the notes
kj the finanoal statements.
Pension costs and other post4etlrement benellts
The charity operates a defined contribution penS￿n scheme. ContributKJns payable to the tharitys penS￿n scheme
are charged to the Stslernent of Finanaal Ath"vf(ies ￿ the pemd to whK* they relate.
Debtors
Trade and other debtors are re￿gnised at the setuement after any dIS￿l￿nt offered. Prepayments are
valued al the amount prepaKI net of any trade dtswunts due.
Cash at bank and in hand
Cash at bank and cash #i hand indudes cash and shcyt twm hKJhty Ilquio investsDents wth a short maturity of three
mnths or less from the dale of a¢4ulsrt￿n LY openirYJ of the depx)sit or similar account.
Creditors and pwovisions
Credilots and provisions are reo)gnised where the u)mpany has a present obl@alion resutting from a past event that
will probab￿ result in the transfer of funds to a third party and the amount due to settle the obligation can be
measured or estimated reliably. (knJitors and provisK)r6 we ￿yma1￿ re(wnised al Iheir settlement amount after
allowThJ for any tr&le dis￿Unts due.
Employee benefits
The Group prowdes a rarye of benefits to enpbyees. indLKlry annual tonus arrangements. paid hollday
rrarffJements and defin￿ benefrt a￿1 defined ￿ntribU[lOn penS￿n plans.
Short temi beneffts
Short temi benefits. indudiThJ holiday pay and other similar rKsNnonetsry benefits. we recoJnised as an expense in
the period in which the seThice i% received.
Financial instruments
The company has elect￿1 to apply the provisK)ns of Sedk)n 11 'Ba￿￿ Financial Instruments, and Section 12 '0ther
FinanLxal Instruments IssL￿s, FRS 102to all of its finan(xal instruments.
Financbal instruments are rec£NJnised in the compan¥s balanc£ sheet when the company becomes party to the
contraciual provisions (I the instrument.
Financial a&sets and liabilities are offseL ￿th the net amounts presented in the financial statements. when there is a
legally enfor￿ble right to set off the rewJnised an￿unts and there is an intentKJn lo selile on a net basis or lo
reali%ethe asset and settle the liabilty simultaneously.
Basle financial assets
Basic financial a55et5, which indude debtors and cash and bank balan￿. are inrtially measured al transath.on pri
induding transact￿n w5ts and are sUbseqUen￿Y rarried at amortised LX)St using the effective interest method unless
the arrangement CA)nslitutes a finanang trans￿￿n. where Ihe transactK)n is measured al the present value of the
I￿Ure receipts discounted a a mad(et rate of interest. Fin￿(]￿ assets d￿rf*d as recwvable wrthin one year are Th)t
amorbsed.
0gre¢ognltlon of financlal ass
Financial assets are dere(xxJnised onty when the (x)ntradual rvjhts to the cash fk)￿5 from the asset expire or are
settled, or when the (x)mpany transfers the finarmial asset and substantially all the risks and rewards d ownership lo
another entity, or if some s￿n￿1(anI risks and rewards of ownership are retsined but Lxjntrol rA the asset has
transferred to another p*ty that is able to sen the asset in its enb.rety kn an unrelated third party.
e8
cKJntinued...

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PANTYGWYOR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTI1￿ POLICIES- continued
Basic financial liabilities
Basic finanoal liabilrties. induding ¢yedTtors. are initially recoJnised at transaL#ion price unless the arra￿ement
conslilules a finanryng tsar￿￿K)n. where the debt inslrvmenl is rn&3sur&Y al the present value of Ihe future
payments discounted at a market rate of inte￿8t. Finanaal liabilities da4sir1￿ as payable ￿thin one year are rM)t
amortised.
Debt instruments are subsequenty carried a amortL%ed crt using the efferAi¥e interest rate methc*J.
Tr* creditor5 are obl¢galions to pay for wls servi￿5 that have been a(y4uired in the ordinary wurse of
business from suppliers. Amounts payable are dassffie(J as current liabililies rf payment is due within one year or less.
If no( they are presented as non-current liabilities. Trnde ¢xedilors a￿ ra)yJnised inilialty at Iransac*on price
subsw4uenlly measLbTed at arrK)rtised IX￿ usi￿a the effeth.ve interest meth¢￿1.
Derecognition of financi* liabilities
Financ4al liabilities are dereccwJnised sthen the (xjmpany's (xjntractual obligation5 expire c¥ are discharged or
cancelled.
INVESTMENT INCOME
2024
2023
Rents received
TRUSTEES. REMUNERATION AND BENEFrrs
There were no Iru51ee5' remuneratK)n Other benefits for the yeJ eThJed 31 Marth 2024 nor lor the year end￿j
31 Marth 2023.
Trustees. expenses
There were no trustees. expenses paid for the yew ended 31 March 2024 nor fLY the year ended 31 March 2023.
STAFF COSTS
The average monthty number of emr*)yees duri￿ the yew VRS as folknV￿.'
2024
2023
Average number of Empk)yees
No emkgoyees rec£ived em(Auments in excEss Of£60.￿).
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES
Unreslricled
ftjnds
Restricted
fund
Total
funds
INCOME ANO ENDOWMENTS FROM
t)onalions and legacies
183.175
17.420
200.595
Inves1m￿l ￿rnMe
Other income
19.458
19.458
Total
207,013
17.420
224,433
EXPENOITURE ON
Chaitable activities
Charitable Activities
204.993
7.281
212,274
Pa3e 9
continued...

Bevan::Buckland LLP
Chartered accountants. lax anL1 financial planner5
PAKfYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO ThE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENOED 31 MARCH 2024
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTI￿lEs- continued
Unrestricted
funds
Restricted
fund
Total
funds
NET INCOME
2.020
10.139
12.159
RECONCILIATION OF FUNDS
Total funds brought forward
15,752
24.851
TOTAL FUNDS CARRIED FORWARD
11.119
25,891
37,010
TANGIBLE FIXED ASSETS
Church
Premises
COST
Al 1 April 2023 and 31 Marth 2024
NET BOOK VALUE
At 31 March 2024
5,830
At 31 m￿th 2023
5,830
DEBTORS: AMOUNTS FALUNG DUE WITHIN LIYE YEAR
2024
2023
Other debtor5
3.468
3.358
CREDITORS: AMIXJNTS FALLING I)UE WITHIN ONE YEAR
2024
2023
TaXal￿n and social security
Other creditor5
1.035
3.120
4.155
MOVEMENT IN FUNDS
Net
Al
31.3.24
Al 1.4.23
in funds
Unrestricted funds
GerErdl fund
Remvate- Remvatrjn (DesVJnaI￿l) Fund
9.754
1.365
(1.8081
7.946
11.119
11.808)
9,311
Restricted funds
Remvth"on Fund
25.891
14.1561
21,735
TOTAL FUNDS
37,010
15.W)
31.046
Page 10
Continued...

Bevan::Buckland LLP
Chartered accountants. lax anL1 financial planner5
PApifYGVffl)R BAPTIST CHURCH SWANSEA
NOTES TO THE FIMANCIAL STATEMEKfs- continued
FOR THE YEAR ENDED 31 MARCH 2024
MOVEMENT IN FUNDS- ¢onlinu8d
Net movement in fvnd& induded in the alm we as folkm:
Ino)mir*J
resour
Movernent
n fvnds
expended
Unreslricled funds
General fund
166.683
{168.491)
{1,8081
Restrictad funds
Renovation Fund
14.156)
14,1561
TOTAL FUNDS
166,683
1172,6471
15,9641
Cornparatives for movement in funds
Net
Al
31.3.23
At 1.4.22
in funds
Unrestricted funds
Generd fund
Renovate- Renovation IDesrgnated} Fund
&55
9,754
1.365
2.020
11,119
Restricted funds
Renovation Fund
15,752
10.139
25.891
TOTAL FUNOS
24,851
12.159
37,010
Comparative net movement in induded in the abjve are as f0lby￿.
Ino)mir
Resou￿$
Movement
in funds
Unre5tTiCted funds
General fund
Renovate- ReThJvation (DeS￿nated) Fund
205,648
1.365
1204.9931
655
1.365
207.013
1204.9931
2.020
Reslrictsd funds
Renovation FurKI
17.420
{7.2811
10.139
TOTAL FUNDS
224,433
1212,274
12.159
Pa3e11
nlinued...

Bevan::Buckland LLP
Chartered accountants. lax anL1 financial planner5
PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
10.
EMPLOYEE BENEFIT OBLIGATIONS
The Church is a pa￿"CIPatIng emptyer the Baptist PensKJn Scheme nhe Scheme"). which is a separate legal entity
administered by the Pensk)n Trustee (Baptist PenS￿Jn Tnjst Limit￿1. The a￿ts of the Scheme are held sq)arately
from those of the Empknyer arKi the other partiapats.ng emph)yers.
The Scheme. premously kn(￿￿ as the Baptist Minist￿￿, PeTr5￿n Fund. started in 1Y25. but was ck)sed to future
accrual of defind benefits on 31 December 2011. Pr￿￿ to this date the main benefrt provided through the Defined
Benefrt IDBI Plan wa% a pension of one eights.eth of final minimum pensK)nable irffxime for year of pensionable
service tcgelher wth addit￿n81 pensM)n in respect of premiums paid on Pensionabk Income in ex￿$$ of Minimum
Pensbonable In￿Me.
From January 2012. pension proviS￿Jn is beiThJ made through the Defi￿1 Contribution (DC) Plan within the Scheme.
In general, members pay 8.fi of Iheir Pensionable Inccmme and empbyers pay members. PenS￿nable In￿rne
into individual pension aco)unts. byhich are q)erated and Man￿￿j on behaw of the Pension Trustee by Broajslone
Corporate Benefits Ltd. In 8ddthn. the empkjyer pays afurther 4% of
Pensionabk In(£￿e lo cover Death in kni￿ Benefits. &lmirrfstraknn costs. and an assoryated Insuran￿ policy
which prowdes in￿rne prolecaion for SCh￿e members if they are unable to work due to bng-tem incapac¥ty. This
income protectrjn policy has been insured by the Bapttst UnKJn of Great Britain with Aviva Limited. tmembers of the
Basic s￿lI0n pay redLKed conthbutM)ns of 5% of penSKThb￿ Ir￿. thwr empbyers also pay a total of 5%.1
The Scheme is c£$r61der￿ lo be a mulipempk)yer scheme as described in Sect￿n 28 of FRS 102. Because il is not
FKJssible to attribute the Stheme's aq8ets and kbfirtRs kn Sr￿f￿ enwkjyers. the scheme is ac£ounted for as if the
Scheme were a defrned contribution stheme.
The minist￿(SI arKI some memb￿5 of the church staff are elwjible toirAn the Srheme.
Actuarial valuation as at 31 December 2019
A formal valuation of the DB Plan as at 31 December 2019 carried out ty a prof&ssionally qualrfied Actuary using
the Projected Unit Method. At the valuatK)n date the market value rl the ￿ Plan assets Was £298 million, whilst the
level of assets needed to pay benefits was £31Fsn. giving a deficit of £18m leouwalent lo a past service funding level
of 94%). The Church and the other participating empbyers in the tE Plan are o)Ilectivety resFx)nsible for funding this
The key finanoal assumpt￿5 urthtyirw3 the valuation v￿e & folk￿￿.
Type of assumpt￿fi
RPI price inflation asSuMpt￿n
CPI price infflalion asSumpt￿n
Minimum Pensionable Income Intrease Adjustment {aiN)ve CPI)
Pre-reliremenl assumed investment retums {gik weld plus 1.750A pa)
F)osl retirement assumed inv￿tment retums linduding benefits match￿1 ty the Irtsuran￿ wjlicy)
{gilt yield plus 0.5Q/o pal
Minimum Pensionab￿ Income increases {CPI plus 0.5%)
Deferred pension increases (based on RPI)
Pre April 2009
Post April 2(XY3
Pension increases
Based on CPI wth an annual fknr of 0% arKJ annual cap of 5%
% p.a.
3.20
2.70
2.95
1.70
3.20
3.20
2.50
2.70
Mortality is assumed in accA)rdance 80% d the S3NA standard mortality table. Future improvements PTojected
from 2013 in line with the "CMI 2019. prOJec￿n ￿th a bng-tem rale of improvement of 1.75% p.a. for males and
1.5% p.a. for females with the wre smoothing paTameter and ￿th addrt￿na1 initial rrK)rtality improvernenl factor
A=0.5%.
The next actuarial valuatK)n d the DB Ptan wthin the Scheme is due to take rK)t later than as at 31 December
2022.
P￿e 12
eonlinued...

Bevan::Buckland LLP
Chartered accountants. lax anL1 financial planner5
PAPTrfGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDEO 31 MARCH 2024
10.
EMPLOYEE BENEF￿ OBLIGATIONS- conlinued
Recovery Plan
In addition to Ihe contributions to the DC Plan set out *)ve, %there a ValUa￿n of the DB Plan reveals a deficit the
Trustee and the Council agree to a rate of defictency contributDns from churches and other employers involved in ihe
DB Plan. Following the 2019 valuatw)n a RecA)very Plan svJned n September 2020 under which defic4ency
contributions are payab￿ unkn"l June 2026. These contributi)ns We￿ broadty baseé on each empbyerfs membership
at 31 D￿mber 2014 and increase annualty in line wth inueases to Minimum PenS￿nable Inty)me as defined in the
Rules.
On 30th June 2022 the Baptssl Pens￿ Scheme s￿ne￿ an ayeemenl with the Insuran￿ company Just Group
{"Jusl'l lo secure OB Plan members.. pen￿n benefits. Just ace w providing financial b￿rrO for all pensions
provided through the Scheme's DB Plan and folk)wir¥J this trdnsactK)n, the Scheme no longer has a shortfall.
vpdaled Recovery plan was then signed in A￿U$l 2022 under which recovery contributions from each partirypab'ng
employer in the DB Plan reduced to £1 per monlh fr(￿ August 2022.
11.
RELATED PARTY DISCLOSURES
There were no related party tranSact￿nS for the year ended 31 Marth 2024.
12.
RELATED CHARillES
The Custodrdn Trustee of the Church is the Baptist UnK)n Corporation Limited i5 charity number 249635,
which is controlled try ts Baptist Union Council. The thurch is also a member d the Baptist UnM)n of Great Britain.
and the South wa￿ Bapbsl Asswatmyt.
There were Th) IrdnsactK)ns between the thurth and its related tharit￿S durry the year.
Pa3e 13