REGISTERED CHARITY NUMBER: 1126593
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FOR
PANTYGWYDR BAPTIST CHURCH SWANSEA
Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA
PANTYGWYDR BAPTIST CHURCH SWANSEA
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
PANTYGWYDR BAPTIST CHURCH SWANSEA
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their Annual Report and Financial Statements for 2024/2025.
God has continued to work in amazing ways during this financial year. We have welcomed new members from various parts of the world and moved forward with some of our planned projects. Our income continues to stabilise due to improved management of our finances and the faithful giving that has allowed us to have two full time ministers as well as mentoring a final year student at Cardiff Baptist College. Our regular weekly and social activities continue, with an increase in visitors to our Renew@The Stream community hub, Tiny Tots and a growth in our Youth and Student ministries. All these activities have had an impact on our financial resources, but we have been blessed by being able to access some small grants during the year.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity is governed by a constitution which states that the principal purpose of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination to include the advancement of education, community service and such other general charitable purposes in such parts of the United Kingdom and the world as the church shall determine.
The church occupies premises which are held by the Baptist Union Corporation Ltd. on trusts which are entirely compatible with the above object.
Organisational structure and decision-making processes
Members of the church are accepted in accordance with the Constitution which requires them to be or to have been publicly baptised on the profession of faith in Jesus Christ or following other modes of baptism to renew their public profession of faith in Jesus Christ.
The Members' meeting normally takes place four times a year and has responsibility for the overall policy of the church. In accordance with the constitution, the members appoint Trustees, who together with the ministers and church secretary (who are also appointed by the members) and collectively known as the eldership and the deaconate, are responsible for the day to day running of the church work and witness, and the financial and legal aspects of the charity. All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Relevant matters may be submitted to the church meeting by the Trustees for guidance or may be raised by members in church meeting for further consideration by the Trustees. Though the constitution permits decisions to be made at church meetings by appropriate majorities, the church seeks to work by consensus wherever possible.
Objectives and Activities
To achieve the principal objective, which is set out above, the church provides a variety of activities both to its membership and to the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as Living Lord. This is reflected in the church mission statement "Jesus in the Church, Jesus for the Community." Central to the work and witness of the church is the provision of regular public services of Christian worship. Currently we hold 2 Sunday services: traditional at 9.15 am and contemporary at 11am during which time Sunday Club for Children and Youth work and a Crèche for babies are also held. The 11 am service is streamed onto YouTube for viewing by those still unable to attend services.
There are also occasional services at other times which are advertised in the church published weekly sheet, monthly magazine and the website at https://www.pantygwydr.org.uk. The church seeks to be a friendly and welcoming community, and anybody is free to attend any of these services.
The church runs house groups for the growth of faith and discipleship mainly in the homes of some members. Each month we hold a Women's Prayer meeting and a Men's Breakfast. Further details of these can be obtained from the Trustees on request or via the noticeboard in the church hall. An in person Alpha course was also held.
Tiny Tots and Brownie and Rainbow groups continue to meet in the church hall. The various meeting rooms in the church and hall are externally let as an additional source of income. The church hosts a Foodbank collection point which is organised by a lady from the community.
The church operates systems to ensure that all people working with children and vulnerable adults are appropriately vetted by the Disclosure and Barring Service. Safeguarding training is provided at Level 1, 2 or 3 as pertinent.
Health and Safety duties are carried out by a Health and Safety Officer.
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PANTYGWYDR BAPTIST CHURCH SWANSEA
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENTS AND PERFORMANCE Charitable activities
Achievements and Performance
The church does not measure success of its programme on numbers, including financial numbers, but more in less tangible areas like fellowship and encouragement. The Trustees recognise that these are difficult to measure but believe that this was another very positive year in the life of the church.
Membership in April 2024 was 89. Sadly, during the year, 3 members died, and 6 have resigned or transferred to other churches. We had 4 new members and by March 2025, membership was 84; we have approximately 40 regular friends who are not in membership and we have been joined this last year by many students.
Our Pastor and Youth Pastor are Baptist Chaplains at Swansea University. Work with local students has continued both on campus and at our Bread Bible Study on Sunday evenings where young adults and local and international students can find spiritual and pastoral support.
In this financial year, our Youth Pastor has been involved in supporting young people in Wales and across Swansea by linking our youth with the Baptist Union Young Adults Round Table (YART) initiative and the IMPACT group which has been set up by Swansea Youth Pastors so that young Christians have an opportunity to socialise together. As a result of mentoring our Baptist College student, we have been excited to support the launch of a new fellowship at Golau Baptist Church, Llanelli.
Financial Review
The church continues to raise the funds which it needs to carry on its activities from within its own membership and congregation. No wider public appeal was made for funds during the year. Small grants were received from other charitable bodies, and a local authority Warm Spaces grant helped us to run two of our community spaces over the winter months. The church is clear of debt. The most significant expense related to staff salaries and associated costs for the full-time pastor, youth pastor and part time administrator. The financial affairs are controlled by a finance group who share the work.
The church expresses its part in the life of the wider church by making grants to individuals, national and international Christian organisations and societies with Christian aims and objectives compatible with the church's own charitable purpose; this from a "tithe fund" of the church's income. The financial results for the year, together with a summary of the accounting policies adopted are set out in the accompanying financial statements. The current finances have still been impacted by Covid, some of our outreach activities and a number of essential building maintenance works but the Trustees are satisfied that the anticipated income for the year will enable the church to continue to function effectively. The Trustees have assessed the major risks facing the church and are satisfied that there are funds in place to minimise these risks.
During the financial year the church reported a deficit of £873 (2024: £5,964).
The unrestricted reserves at 31 March 2025 were £8,438 (2024: £9,311) and restricted reserves were £21,735 (2024: £21,735).
The financial results for the year, together with a summary of the accounting policies adopted are set out in the accompanying financial statements. The current finances have still been impacted by Covid, some of our outreach activities and a number of essential building maintenance works but the Trustees are satisfied that the anticipated income for the year will enable the church to continue to function effectively. The Trustees have assessed the major risks facing the church and are satisfied that there are funds in place to minimise these risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1126593
Principal address
Ernald Place Uplands Swansea SA2 0HN
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PANTYGWYDR BAPTIST CHURCH SWANSEA
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
Trustees
Rev M Carter Mrs R Doody Mrs M E Eddyshaw Mrs S Edwards (resigned 16.10.24) Mrs A Ingram Mr R Jeacock Mr K Ofeimu (elected 15.5.24) Mrs C Shepherd (resigned 16.10.24) Mr B T Tippin Mr S Ingram (Treasurer)
Independent Examiner
Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA 14.01.2026 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................... Mrs M E Eddyshaw - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PANTYGWYDR BAPTIST CHURCH SWANSEA
Independent examiner's report to the trustees of Pantygwydr Baptist Church Swansea
I report to the charity trustees on my examination of the accounts of Pantygwydr Baptist Church Swansea (the Trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Michael Jones FCCA
Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date: .............................................
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PANTYGWYDR BAPTIST CHURCH SWANSEA
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 156,519 Investment income 2 4,698 Total 161,217 EXPENDITURE ON Charitable activities Charitable Activities 151,536 NET INCOME/(EXPENDITURE) 9,681 Transfers between funds 9 (1,365) Net movement in funds 8,316 RECONCILIATION OF FUNDS Total funds brought forward 9,311 TOTAL FUNDS CARRIED FORWARD 17,627 |
Restricted fund £ 6,004 - 6,004 10,554 (4,550) 1,365 (3,185) 21,735 18,550 |
2025 Total funds £ 162,523 4,698 167,221 162,090 5,131 - 5,131 31,046 36,177 |
2024 Total funds £ 162,143 4,540 166,683 172,647 (5,964) - (5,964) 37,010 31,046 |
|---|---|---|---|
The notes form part of these financial statements
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PANTYGWYDR BAPTIST CHURCH SWANSEA
BALANCE SHEET 31 MARCH 2025
| Unrestricted Restricted funds fund Notes £ £ FIXED ASSETS Tangible assets 6 5,830 - CURRENT ASSETS Debtors 7 5,225 - Cash at bank 10,807 18,550 16,032 18,550 CREDITORS Amounts falling due within one year 8 (4,235) - NET CURRENT ASSETS 11,797 18,550 TOTAL ASSETS LESS CURRENT LIABILITIES 17,627 18,550 NET ASSETS 17,627 18,550 FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
2025 Total funds £ 5,830 5,225 29,357 34,582 (4,235) 30,347 36,177 36,177 17,627 18,550 36,177 |
2024 Total funds £ 5,830 3,468 25,903 29,371 (4,155) 25,216 31,046 31,046 9,311 21,735 31,046 |
|---|---|---|
14.01.2026
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. M E Eddyshaw - Trustee
The notes form part of these financial statements
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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
Voluntary Income
All voluntary incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income. The amounts can be measured reliably and it is probably that the income will be received.
Donations
Donations are accounted for gross when received.Donations are accounted for gross when received.
Legacies
Legacies are accounted for when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and the fulfilment of any conditions attached to the legacy is wholly within the control of the charity.
Rental Income
Rental income is included in the accounts in the year in which it is receivable.
Grants
Grant income is included in the accounts in the year in which it is receivable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
This represents direct expenditure on the governance of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.
Tangible fixed assets
The Church premises are included in the balance sheet at historic cost because reliable cost information is not available, and valuation would incur significant costs which would be onerous compared with the additional benefit gained by the user of the accounts.
Depreciation
Depreciation has not been charged on the Church or Hall premises, because in the opinion of the Trustees, the residual value of the assets is not less than the original cost price.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
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 specific purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Employee benefits
The charity provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.
Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES - continued
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.
INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Rents received | 4,698 | 4,540 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| Average number of Employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 162,143 Investment income 4,540 Total 166,683 EXPENDITURE ON Charitable activities Charitable Activities 168,491 |
2025 3 Restricted fund £ - - - 4,156 |
2024 3 Total funds £ 162,143 4,540 166,683 172,647 |
|---|---|---|
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PANTYGWYDR BAPTIST CHURCH SWANSEA
| NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | - continued | - continued | ||||
|---|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 31 MARCH | 2025 | ||||||
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||||||
| Unrestricted | Restricted | Total | |||||
| funds | fund | funds | |||||
| £ | £ | £ | |||||
| NET INCOME/(EXPENDITURE) | (1,808) | (4,156) | (5,964) | ||||
| RECONCILIATION OF FUNDS | |||||||
| Total funds brought forward | 11,119 | 25,891 | 37,010 | ||||
| TOTAL FUNDS CARRIED FORWARD | 9,311 | 21,735 | 31,046 | ||||
| 6. | TANGIBLE FIXED ASSETS | ||||||
| Church | |||||||
| Premises | |||||||
| £ | |||||||
| COST | |||||||
| At 1 April 2024 and 31 March 2025 | 5,830 | ||||||
| NET BOOK VALUE | |||||||
| At 31 March 2025 | 5,830 | ||||||
| At 31 March 2024 | 5,830 | ||||||
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | |||||
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Other debtors | 5,225 | 3,468 | |||||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Taxation and social security | 1,235 | 1,035 | |||||
| Other creditors | 3,000 | 3,120 | |||||
| 4,235 | 4,155 | ||||||
| 9. | MOVEMENT IN FUNDS | ||||||
| Net | Transfers | ||||||
| movement | between | At | |||||
| At 1.4.24 | in funds | funds | 31.3.25 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General fund | 7,946 | 9,681 | - | 17,627 | |||
| Renovate - Renovation (Designated) Fund | 1,365 | - | (1,365) | - | |||
| 9,311 | 9,681 | (1,365) | 17,627 | ||||
| Restricted funds | |||||||
| Renovation Fund | 21,735 | (4,550) | 1,365 | 18,550 | |||
| TOTAL FUNDS | 31,046 | 5,131 | - | 36,177 |
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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Renovation Fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 161,217 (151,536) 9,681 6,004 (10,554) (4,550) 167,221 (162,090) 5,131 |
Incoming Resources Movement resources expended in funds £ £ £ 161,217 (151,536) 9,681 6,004 (10,554) (4,550) 167,221 (162,090) 5,131 |
|---|---|---|
| 5,131 |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.23 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,754 | (1,808) | 7,946 |
| Renovate - Renovation (Designated) Fund | 1,365 | - | 1,365 |
| 11,119 | (1,808) | 9,311 | |
| Restricted funds | |||
| Renovation Fund | 25,891 | (4,156) | 21,735 |
| TOTAL FUNDS | 37,010 | (5,964) | 31,046 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Renovation Fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 166,683 (168,491) (1,808) - (4,156) (4,156) 166,683 (172,647) (5,964) |
Incoming Resources Movement resources expended in funds £ £ £ 166,683 (168,491) (1,808) - (4,156) (4,156) 166,683 (172,647) (5,964) |
|---|---|---|
| (5,964) |
Unrestricted funds
General fund - represents reserves retained by the Church to be used as the trustees see fit.
Renovate - Renovation (designated) fund - a fund that represent historic donations received towards Church building maintenance and repair.
Restricted funds
Renovation fund - represents the balance of grants and donations received towards maintenance and repair of the Church.
Transfers between funds
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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
9. MOVEMENT IN FUNDS - continued
During the year the trustees reviewed the funds and agreed to combine the renovation funds because they are held for similar purposes.
10. EMPLOYEE BENEFIT OBLIGATIONS
The Church is a participating employer the Baptist Pension Scheme ("the Scheme"), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers.
The Scheme, previously known as the Baptist Ministers' Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income.
From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members' Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. In addition, the employer pays a further 4% of
Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members if they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited. [Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.]
The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme's assets and liabilities to specific employers, the scheme is accounted for as if the Scheme were a defined contribution scheme.
The Minister(s) and some members of the church staff are eligible to join the Scheme.
Actuarial valuation as at 31 December 2019
A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit.
The key financial assumptions underlying the valuation were as follows:
| The key financial assumptions underlying the valuation were as follows: | |
|---|---|
| Type of assumption | % p.a. |
| RPI price inflation assumption | 3.20 |
| CPI price inflation assumption | 2.70 |
| Minimum Pensionable Income Increase Adjustment (above CPI) | 0.50 |
| Pre-retirement assumed investment returns (gilt yield plus 1.75% pa) | 2.95 |
| Post retirement assumed investment returns (including benefits matched by the insurance policy) | |
| (gilt yield plus 0.5% pa) | 1.70 |
| Minimum Pensionable Income increases (CPI plus 0.5%) | 3.20 |
| Deferred pension increases (based on RPI) | |
| Pre April 2009 | 3.20 |
| Post April 2009 | 2.50 |
| Pension increases | |
| Based on CPI with an annual floor of 0% and annual cap of 5% | 2.70 |
Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013 in line with the "CMI 2019" projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for females with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%.
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PANTYGWYDR BAPTIST CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
10. EMPLOYEE BENEFIT OBLIGATIONS - continued
Recovery Plan
In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.
On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group ("Just") to secure DB Plan members'. pension benefits. Just are now providing financial backing for all pensions provided through the Scheme's DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
12. RELATED CHARITIES
The Custodian Trustee of the Church is the Baptist Union Corporation Limited which is charity number 249635, and which is controlled by the Baptist Union Council. The church is also a member of the Baptist Union of Great Britain, and the South Wales Baptist Association.
There were no transactions between the church and its related charities during the year.
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