STONELEIGH BAPTIST CHURCH
REPORT & ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
Stoneleigh Baptist 2022 Statutory Accounts and Performance Report
Page 1 of 14 - September2023
Table of Contents
Legal & Administrative details ................................................................................................................... 3 Report of the Trustees ................................................................................................................................. 4 Independent Examiner’s report ................................................................................................................... 6 Receipts & Payments Account ...................................................................................................................... 7 Statement of Assets and Liabilities ................................................................................................................ 8 Notes to the Accounts ................................................................................................................................. 10
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STONELEIGH BAPTIST CHURCH
| Legal & Administrative details | Legal & Administrative details | |
|---|---|---|
| For the Year Ended 31 December 2022 | ||
| Address for Correspondence | The Glade | |
| Stoneleigh | ||
| Epsom | ||
| Surrey KT17 2HL | ||
| Governing Document | Governing Document Approved 17 September 2008 | |
| Status | The church is a registered charity inEnglandand Wales,registration number | |
| 1126699.It is affiliated to the Baptist Union of Great Britain and is a member of | ||
| the London Baptist | Association. | |
| Trustees | Peter Harling | Trustee |
| Akin Akintola | Acting Treasurer & Trustee | |
| Gillian Cammack | Youth & Children's worker (Church Secretary) | |
| PaulEisner | Trustee | |
| Hazel Hodson | Trustee (appointed 25/May/ 2022) | |
| Gavin Hunter | Minister/Trustee | |
| Martyn Howlett | Trustee (appointed 31stMay 2023) | |
| Custodian Trustee | London Baptist Property Board Limited | |
| Principal Banker(s) | CAF Bank | Santander Bank |
| 25 KingsHill Avenue Bridle Road |
||
| West Malling | Bootle | |
| Kent, ME19 4JQ | Merseyside GIR 0AA | |
| Independent Examiner | Lourens du Plessis | |
| ACA CA(SA) | ||
| Stewardship | ||
| 1 Lamb's Passage | ||
| London | ||
| EC1Y 8AB |
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STONELEIGH BAPTIST CHURCH
Report of the Trustees
For the Year Ended 31 December 2022
The Trustees have pleasure in submitting the Report and Accounts for the year to 31 December 2022.
Objects of the charity
The principal object of the Church is, for the public benefit, to extend the Christian faith, in the community of Stoneleigh, in the Borough of Epsom & Ewell, in the United Kingdom and worldwide (as set out in its governing document).
Governance
Stoneleigh Baptist Church is an unincorporated association with charity trustees appointed by a meeting of members. Trustees, other than the pastor, are elected for a term of three years. Following the mediation sessions in the previous year, the trustees concluded, in January, that the church would be better served by them working together as one group without the sub-groups of deacons and elders. This proposal was considered by the members and then formally agreed by the members at their March meeting. In May, Hazel Hodson was elected as a trustee for the next three years as a new trustee, she had in previous years, expired trustee tenures. She was welcomed to the leadership team by the other trustees to this new tenure. During 2022, trustee meetings were conducted in a variety of formats: online, hybrid and face-to-face.
In carrying out their decision-making responsibilities, the trustees seek the will and approval of the church members through regular meetings. These are hybrid meetings, usually held bi-monthly on Wednesday evenings. During the year the trustees continued to fulfil their governance responsibilities including the annual review of church policies.
During 2022 the church welcomed six new members and one member transferred membership to another Baptist church where he was serving an internship.
Staffing
There were no changes to the personnel employed in the ministry and administration of the church. In July, the trustees brought a proposal to the members that the church seek to employ a full-time families’ worker. This proposal had been initiated by the youth/children’s worker as better fitting the needs and opportunities of the church at this time, and she indicated her intention to step down from her role once the appointment had been made. This proposal was agreed by the members at the September meeting and the process of advertising for the post started.
Buildings
During the year the church centre and the two manses continued to be maintained in good condition and the required regular reviews and checks done, some work being undertaken by professionals and other work by volunteers.
In addition to the Korean church, “Lord’s Church, London” continuing to use the building on Sundays, from September a Brazilian church started to use the premises every Saturday evening. The church centre continued to be available for hire to those in the community for children’s birthday parties etc.
Minor remedial work having been completed; from May the second manse was let as a home for an Afghan refugee family under the UK government’s scheme - initially a 12-month contract with a view to extending it on a rolling basis.
.
Review of Activities
The church continued with its regular activities: Sunday and weekday activities for adults, young people and children, all with the aim of strengthening the faith of believers, bringing others to faith in the Lord Jesus Christ and serving the community.
Activities included Sunday services, mid-week Bible study groups and prayer meetings, the Vine Café, Messy Church (a monthly family church at a family friendly time), a weekly club for children, a weekly babies and toddlers group, men's events, ladies’ events and ‘Welcome!’ (a group for adults whose first language is not English). Children from the two local primary schools visited the church as part of their RE curriculum and the children's and youth worker visited those schools to take assemblies and a weekly lunchtime club.
Sunday morning services continued to be hybrid each week. Other meetings continued on zoom , but the majority of activities returned to a face-to-face focus. In the summer a fortnightly zoom fellowship hour was launched. There were a variety of special events at Easter and Christmas (including a community fun-day at Easter and the local Churches Together lunch on Christmas Day), a street party to celebrate the Platinum Jubilee of Queen Elizabeth, weekly Family Fun sessions during the school summer holidays, a Light Party and a Men’s Conference Day.
The church continued to support overseas mission and development with prayer, interest, special events, Christmas shoeboxes and financial gifts. Following the outbreak of the Russian-Ukraine war in February, the church’s support of Dnipro Hope Mission was a particular focus.
The church continued to support the Epsom and Ewell Foodbank by acting as a collection point for donations. From September its connection with the Epsom and Ewell Refugee Network deepened as a new group of asylum seekers housed locally started to come regularly to Welcome! and occasionally to other church events. The church was
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STONELEIGH BAPTIST CHURCH
successful in applying to Church Urban Fund for a £3,000 grant to work with local asylum seekers. Towards the end of year the church began to investigate the possibility of running the Christians Against Poverty Money Course as part of its response to the “cost of living crisis”.
During the year donations were made to other local, national and international charities.
Financial Review
Total receipts for the year were £191,994. The receipts were £19,748 more than the previous year and the 2022 payments at £167,768 were £59,447 less than in the previous year. This resulted in a funds balance as at end 2022 of £148,368, compared to the previous year's funds balance at £124,142. The second Manse continued to be rented and the net rental income used to support some charitable purposes. The net rental income for 2022 was £10,100 (2021: Net Rental Income £8,327).
Reserves Policy
The church has a Reserves Policy which are presented for approval to the Trustees annually (during 2022, the policy was re-presented to the Trustees and was approved in March). The church’s reserves are held at a level which is equivalent to a minimum of three months’ operational expenditure and other known future liabilities. This amount is in addition to any assets owned and any designated funds held at any time. At the end of the year, the church held unrestricted and designated cash funds of £141,922 in accordance with this policy. The additional funds are being held to finish the major refurbishment works which commenced during 2021, to re-decorate the church sanctuary and hall/meeting rooms and the re-surfacing of the church’s car park and the other planned structural work on the church buildings, which are projects being undertaken through the gospel for growth funding initiative.
Risk Statement
The Trustees have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis.
Trustees' Responsibilities
Charity law requires the Trustees, to prepare financial statements for each accounting year which give a true and fair view of the state of the charity and of its income and expenditure for the year.
We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with the Charities Act 2011.
We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.
Approval
This report was approved by the Trustees on the 30[th] of October 2023 and signed on their behalf by:
PETER HARLING ------------------------------------------
Name: Peter Harling
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STONELEIGH BAPTIST CHURCH
Independent Examiner’s report
To the Trustees of STONELEIGH BAPTIST CHURCH
I report to the trustees on my examination of the accounts of Stoneleigh Baptist Church (the charity) for the year ended 31 December 2022 set out on pages 7 to 14 which have been prepared on the basis of the accounting policies starting on page 10.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act: or 2. the accounts do not accord with the accounting records.
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.
Lourens du Plessis ACA CA(SA)
Stewardship 1 Lambs Passage London EC1Y 8AB
Date: 31-October-2023
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STONELEIGH BAPTIST CHURCH
Receipts & Payments Account
for the year ended 31 December 2022
| Income Receipts Receipts from generated funds Giving to the Church Investment Income Total Receipts Payments Activities in furtherance of charitable objectives Church Costs Grants Paid Others( Additions to Fixed Assets) Total Payments Net Receipts/(Payments) before transfers Transfer Between Funds Net Movements in Funds Fund balances at January 1 2022 Fund Balances at 31 December 2022 |
Notes 2 3a,b,c 3d 5 |
Unrestricted Funds | |||
|---|---|---|---|---|---|
| General Designated Restricted Funds Funds Funds £ £ £ |
Total Funds 2022 £ |
Total Funds 2021 £ |
|||
| 171,600 - 20,246 147 - - |
191,847 147 |
||||
| 172,238 | |||||
| 8 | |||||
| 171,747 - 20,246 |
**191,994 ** | 172,246 | |||
| 108,945 - 10,258 33,110 - 7,009 - 8,446 |
119,203 40,119 8,446 |
||||
| 129,431 | |||||
| 37,978 | |||||
| 59,806 | |||||
| 142,055 - 25,713 |
167,768 | 227,215 | |||
| 29,692 - (5,467) - - |
24,225 - |
||||
| (54,969) | |||||
| - | |||||
| 29,692 - (5,467) |
24,225 | (54,969) | |||
| 105,293 6,937 11,912 |
124,142 | 179,111 | |||
| 134,985 6,937 6,446 |
148,368 | 124,142 | |||
The notes on pages 10 to 14 form part of these accounts
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STONELEIGH BAPTIST CHURCH
| STONELEIGH BAPTIST CHURCH | STONELEIGH BAPTIST CHURCH | STONELEIGH BAPTIST CHURCH | ||
|---|---|---|---|---|
| Statement of Assets and Liabilities for the year ended 31 December 2022 Unrestricted Funds Unrestricted Designated Restricted Funds Funds Funds £ £ £ Notes A Cash funds Cash at bank with immediate access 9 132,242 6,937 6,446 London Baptist Property Board Account 7 2,743 Total Cash funds 134,985 6,937 6,446 B Other monetary assets Gift aid due to charity 6 5,210 - Total Other monetary assets 5,210 - - C Liabilities Falling due within one year Social security 8 (183) Fee for Independent Examination 1,355 Others (mainly 1 month's Pension Contributions) 789 Total Liabilities < 1year 1,961 - - Falling due within one year Pension obligations 11 1 Total Liabilities > 1year 1 - - Total 138,233 6,937 6,446 Type of Fund D Assets retained for charity's own use 5 Land & Buildings: -Church Building (Freehold) Unrestricted -Manse (Freehold) Unrestricted Total value of Freehold building -2nd Manse (Leasehold) Unrestricted Land & buildings total Technology Unrestricted Fixtures & Fittings Unrestricted Furniture & Equipment (mainly Music & PA systems) Unrestricted Total Tangible Fixed Asset (at Current NBV) |
||||
| Unrestricted Designated Restricted Funds Funds Funds £ £ £ |
Total Funds 2022 £ |
Total Funds 2021 £ |
||
| 132,242 6,937 6,446 2,743 |
145,624 2,743 |
|||
| 121,399 | ||||
| 2,743 | ||||
| 134,985 6,937 6,446 |
148,368 | 124,142 | ||
| 5,210 - |
5,210 | |||
| 6,258 | ||||
| 5,210 - - |
5,,210 |
6,258 | ||
| (183) 1,355 789 |
(183) 1,355 789 |
|||
| - | ||||
| 1,355 | ||||
| 764 | ||||
| 1,961 - - |
**1,961 ** |
2,119 | ||
| 1 | 1 | |||
| 19,900 | ||||
| 1 - - |
1 |
19,900 | ||
| 138,233 6,937 6,446 |
151,616 | 108,381 | ||
| Type of Fund Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted |
||||
| Cost £ |
||||
| 1,057,020 | ||||
| 188,810 | ||||
| 1,245,830 | ||||
| 197,954 | ||||
| 1,443,784 | ||||
| 0 | ||||
| 49,953 | ||||
| 6,125 | ||||
| 1,499,862 |
Stoneleigh Baptist 2022 Statutory Accounts and Performance Report
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STONELEIGH BAPTIST CHURCH
The trustees have used current net book values (without the freehold land values). These values are estimated insurance values as the trustees are unable to reliably estimate current values, insurance values may differ materially from current values.
E Investment assets
The charity has no investment assets - Though the 2nd Manse-the residence of the Assistant Pastor, is currently empty because that position is currently vacant and therefore allowed the church to temporarily rent out the building and the income thus raised is currently being used for other charitable purposes.
F Guarantees and secured debts
The charity has not given any guarantees and has not provided its assets as security for any liabilities.
Except where indicated from the statement of receipts and payments or above, all the assets and liabilities are in respect of the charity's unrestricted funds.
APPROVAL
The accounts were approved by the Trustees and signed on their behalf on the 30th of October 2023 by:
PETER HARLING
Name: Peter Harling
The notes on pages 10 to 14 form part of these accounts
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STONELEIGH BAPTIST CHURCH
Notes to the Accounts For the Year Ended 31 December 2022
1 Accounting Policies
The accounts have been prepared on the receipts and payments basis and comprise of a statement that shows the charity’s receipts and payments, a statement that summarizes the charity’s assets and liabilities and related notes. The accountancy profession has determined that only accounts prepared in accordance with applicable accounting standards present a ‘true and fair’ view and as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a ‘true and fair’ view of the charity’s financial activities and state of affairs.
a) Donated and grant income:
Donated income and grants receivable are considered when received by the charity. Income received in circumstances where a claim for repayment of tax has been or will be made to HM Revenue & Customs is grossed up for the tax recoverable. Only amount of tax reclaimed from HM Revenue & Customs and received is shown within the charity’s accounts.
b) Other income and expenditure:
Investment income is taken into account when received and expenditure, including irrecoverable VAT, when paid by the charity. Grants are taken into account when they are paid or when relevant constructive obligations arise. Grants for the support of overseas missionaries are paid for on the basis of support that relates to the financial year.
c) Fund ~~s~~
Unrestricted funds are donations and other income received or generated for the objects of the charity without specified purpose and are available for purposes as directed by the trustees. General funds are unrestricted funds, and these funds are available to use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds (where so marked) comprise of unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are amounts received where the donor has specified the purpose for which such amounts should be used.
Donations & Legacies & Income from Charitable
2 Activities
| Donations & Legacies & Income from Charitable | |
|---|---|
| Activities Gifts & offerings Tax Recoveries Use of premises & minibus Legacies & Bequests Rental Income Manse/100A Kingston Road Other income |
Unrestricted Funds General Designated Restricted Total Total Funds Funds Funds 2022 2021 £ £ £ £ £ |
| 123,527 - 11,863 135,390 128,888 31,799 - 1,586 33,385 26,010 2,510 - - 2,510 1,370 - - - - 5,000 13,750 - - 13,750 9,843 14 - 6,798 6,812 1,127 |
|
| 171,600 - 20,246 191,847 172,238 |
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STONELEIGH BAPTIST CHURCH
Payments in relation to charitable 3 activities undertaken directly
| 3 Payments in relation to charitable activities undertaken directly |
|
|---|---|
| a Direct Church Costs Church Utilities Church Repairs & renewals Church Insurance Other church costs Ministry Salaries Manse costs Rental Expenses Manse/100A Kingston Road Ministerial expenses Visiting speakers Sunday school & youth work Publicity & outreach Other costs Grants Paid b Support and Administration Administration Salaries Other office costs Office Equipment Telephone Subscriptions c Governance costs Accounts and examination Combined Church cost d Grants paid in relation to charitable activities undertaken by others Missionary support Relief of poverty |
Unrestricted Funds General Designated Restricted Total Total Funds Funds Funds 2022 2021 £ £ £ £ £ |
| 4,625 - - 4,625 3,737 - 2,048 - 6,219 4,171 10,315 3,498 - - 3,498 3,151 6,733 - - 6,733 6,344 53,712 - - 53,712 55,024 7,793 - 34 7,828 6,100 3,650 - - 3,650 1,515 1,712 - - 1,712 2,316 - - - 0 80 135 - - 135 1,447 2,185 - - 2,185 3,713 1,820 - 4,004 5,825 5,441 |
|
| 83,816 - 10,258 94,074 99,183 33,110 - 7,009 40,119 37,978 |
|
| 116,926 - 17,267 134,193 137,161 |
|
| 20,432 - - 20,432 20,235 1,864 - - 1,864 568 639 - - 639 3,564 874 - - 874 935 1,321 - - 1,321 2,486 |
|
| 25,129 - - 25,129 27,788 |
|
| - - - - 2,460 |
|
| - - - - 2,460 |
|
| 142,055 - 17,267 159,322 167,409 |
|
| Institutions Designated Individuals 2022 2021 £ £ £ £ £ |
|
| 30,340.0 - 6,061.5 36,401 35,308 2,770.0 - 948.0 3,718 2,670 |
|
| 33,110 - 7,009 40,119 37,978 |
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4. Staff and Trustees
a) Staff
The charity has two (2) full time equivalent employed staff. Its activities are generally carried out by volunteers. All staff (other than the minister, and those that elected not to enroll in the pension scheme) are enrolled into the NEST Pension scheme. The charity however, normally pays pension scheme contributions for its minister to the Baptist Minister's Pension Trust Ltd. which is a defined contribution pension scheme not contracted out of SERPS and the charity continued until August 2022 to contribute its share of the Pension Scheme deficit, at the end of this period, the monthly amount of person deficit payment was reduced to just one pound (£1) to reflect the fact that the deficit had been sold off (& therefore now unlikely to crystallize) by the scheme to an Insurance company. No employee received emoluments at a rate more than £60,000 p.a. during the year. The minister of the church, Rev G Hunter and the Children's and Youth Worker Miss G. Cammack who are both Trustees & members of the leadership team, has the cost of their employments paid for, at FYE £37,950 (2021revised: £37,351) and £17,429 (2021: £16,342) respectively. The amounts paid are in their capacity as employees and not as trustees. All payments made for employees are as permitted by the Church’s governing document.
b) Trustees
As at year end, only two (2) Employees (2021: 2 employees) are Trustees and they both have their emoluments paid for as part of their employments and not as trustees as described in note 4a above. No other Trustees are remunerated.
| 5 Tangible Fixed Assets Valuation, January 1 2022 Additions, at cost Valuation, December 31 2022 Cumulative depreciation, January 1 2022 Charge for the year Cumulative depreciation, December 31 2022 Net book value, 31 December 2022 Net book value, 31 December 2021 Church - Chadacre Road, Stoneleigh, Surrey Manse - 91, Chadacre Road, Stoneleigh, Surrey Leasehold Property: 100A Kingston Road, Ewell , Surrey |
Furniture & Technology Leasehold Freehold Fixtures & Total Equipment Property Properties Fittings 2022 £ £ £ £ £ £ |
|---|---|
| 80,281.24 16,731 222,924 1,577,000 55,968 1,952,904 2,227 - - - 6,219 8,446 |
|
| 82,508 16,731 222,924 1,577,000 62,187 1,961,350 |
|
| 74,214 15,024 22,700 315,400 - 427,338 2,169 1,707 2,270 15,770 12,234 34,150 |
|
| 76,383 16,731 24,970 331,170 12,234 461,488 |
|
| 6,125 0 197,954 1,245,830 49,953 1,499,862 6,067 1,707 200,224 1,261,600 55,968 1,525,566 1,057,020 188,810 1,245,830 197,954 |
Assets were brought into the accounts at 1 January 2002 at their insurance reinstatement valuations which excludes the value of the underlying land
The notional depreciation shown above is not charged in the Receipts & Payments accounts.
| 6 Debtors & Prepayments Tax Recoverable |
2022 2021 £ £ |
|---|---|
| 5,210 6,258 |
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| 7 Cash at Bank and in hand Santander HSBC CAF London Baptist Property Board Cash floats 8 Liabilities Social security Accrual - Examination Fee Others 9 Movement in Funds Restricted Funds Mission & similar funds Gospel for Growth Unrestricted Funds Designated Fund General Fund Total Funds |
7 Cash at Bank and in hand Santander HSBC CAF London Baptist Property Board Cash floats 8 Liabilities Social security Accrual - Examination Fee Others 9 Movement in Funds Restricted Funds Mission & similar funds Gospel for Growth Unrestricted Funds Designated Fund General Fund Total Funds |
||
|---|---|---|---|
| 3,399 18,161 (19,278) - 2,283 8,513 2,085 (6,435) - 4,163 |
|||
| 11,912 20,246 (25,713) - 6,446 |
|||
| Unrestricted Funds | 6,937 - - - 6,937 105,293 171,747 (142,055) 134,985 |
||
| Designated Fund General Fund Total Funds |
|||
| 112,230 171,747 (142,055) - 141,922 |
|||
| 124,142 191,994 (167,768) - 148,368 |
10. Pensions
The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”) The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the employer and other participating employers. The Scheme comprises of a Defined Contribution and a Defined Benefit Plan.
The pension costs shown on the Receipts and Payments Statement comprises of contributions to the Defined Contribution Plan.
The Minister is eligible to join the Scheme, which is not contracted out of SERPS..
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 Legal and General Life
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Assurance Society Limited. In addition, the employer pays a further 4% of Pensionable Income (or 3% if the employer is in the segregated DC section) to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members in the event that 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 Unum Limited. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.
Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefit for pre-2012 service was a defined benefit 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. 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.
A formal valuation of the Defined Benefit (DB) Plan was performed on 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £298 million, thereby valuing the scheme deficit at £18million.
The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, an increased standard rate of deficiency contributions (circa 12%) had since 1 January 2016 been the level of contributions by all churches and other employers involved in the DB Plan. The contributions was based on each church’s or other employer’s position at March 2015. Some churches and other employers that were only involved in the DB Plan for a short period are paying less than 12%. The Recovery Plan envisages deficiency contributions continuing until 31 December 2026.
The key financial assumptions underlying the valuations were as follows:
| RPI price inflation assumption | 3.60% |
|---|---|
| CPI price inflation assumption | 2.85% |
| Minimum Pensionable Income increases (CPI plus 1% pa) | 3.85% |
| Assumed investment return- | |
| - Pre retirement | 5.10% |
| - Post retirement | 3.95% |
| Deferred pension increases | |
| - Pre April 2009 | 3.60% |
| - Post April 2009 | 2.50% |
| Pension increases | |
| - Main Scheme pension Pre April 2006 | 3.40% |
| - Main Scheme pension Post April 2006 | 2.30% |
Payments made in the year
| Defined Contribution Plan: Employee contributions Employer contributions Deficiency contributions to Defined Benefit Plan |
2022 2021 £ £ 5,058 54991 5,370 5,331 |
|---|---|
| 10,428 10,322 1,793 3,462 |
|
| 12,221 13,784 |
On 30[th] 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 have 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 until June 2026.
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