STONELEIGH BAPTIST CHURCH
REPORT & ACCOUNTS
YEAR ENDED 31 DECEMBER 2024
Stoneleigh Baptist 2024 Statutory Accounts and Performance Report
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Table of Contents
Legal & Administrative details ................................................................................................................... 3 Report of the Trustees ................................................................................................................................. 4 Independent Examiner’s report ................................................................................................................... 6 Notes to the Accounts ................................................................................................................................. 10
Stoneleigh Baptist 2024 Statutory Accounts and Performance Report
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STONELEIGH BAPTIST CHURCH
| Legal & Administrative details | Legal & Administrative details | |
|---|---|---|
| For the Year Ended 31 December 2024 | ||
| 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 | |
| Gavin Hunter | Minister/Trustee | |
| Martyn Howlett | Trustee | |
| 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 | Nick Spear ACCA | |
| Stewardship | ||
| 1 Lamb's Passage | ||
| London | ||
| EC1Y 8AB |
Stoneleigh Baptist 2024 Statutory Accounts and Performance Report
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STONELEIGH BAPTIST CHURCH
Report of the Trustees
For the Year Ended 31 December 2024
The Trustees have pleasure in submitting the Report and Accounts for the year to 31 December 2024.
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. In January Akin Akintola, and in October Gill Cammack, were each re-elected for a further three years. During 2024, trustee meetings were conducted in a variety of formats: some hybrid but most 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. In 2024 the decision was made that the meetings be held every three months instead of bi-monthly, so, in transitioning to this new schedule, there were meetings in January, March, May, July and October.
During 2024, the church welcomed two new members, two members transferred membership to other churches and one resigned.
Staffing
There were no changes to the personnel employed in ministry or administration. The church continued to look for someone to take on the role of Families Pastor but no appointment was made.
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. The flooring in the atrium area of the church building was renewed in August.
The Korean church, “Lord’s Church, London” continued to use the building on Sundays, and the Brazilian church continued 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.
The second manse was let commercially from July, after the Afghan tenants (a refugee family under the UK government’s scheme) moved on.
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. During the year, one person was baptized by immersion.
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 baby and toddlers’ group, men and ladies’ events. Children from the two local primary schools visited the church as part of their RE curriculum and the children's and youth workers visited those schools to take assemblies and a weekly lunchtime club.
Sunday morning services continued to be hybrid each week. Some other meetings continued on Zoom .
There were a variety of special events at Easter and Christmas (including a community fun day at Easter, a nativity pantomime and the local Churches Together lunch on Christmas Day), weekly Family Fun sessions during the school summer holidays, and a Light Party (alternative Hallowe’en event for families). The giving out of free hot cross buns on Maundy Thursday and carol singing in the pub just before Christmas were joint events with the local Anglican church. Two Christianity Explored courses were run for those exploring faith.
The church continued to support overseas mission and development with prayer, interest, special events, Christmas shoeboxes and financial gifts. The church’s support of Dnipro Hope Mission (working in Ukraine) continued to be a particular focus, and stronger links were made with London City Mission.
The church continued to support the Epsom and Ewell Foodbank by acting as a collection point for donations, and its connection with the Epsom and Ewell Refugee Network continued, especially through regular support given to a group of asylum seekers housed locally, until they were moved on.
During the year donations were made to other local, national and international charities.
Financial Review
Total receipts for the year were £190,404. The receipts were £7.811 more than the previous year and the 2024 payments at £185,047 were £4,683 less than in the previous year. This resulted in a funds balance at end 2024 of £158,577, compared to the previous year's funds balance at £147,220. The second Manse continued to be rented, and the net rental income used to support some charitable purposes. The net rental income for 2024 was £12,663 (2023: Net Rental Income £10,693).
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STONELEIGH BAPTIST CHURCH
Reserves Policy
The church has a Reserves Policy which is presented for approval to the Trustees annually (during 2023, the policy was re-presented to the Trustees in June and ratified by Church Members at their formal meeting in July). 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 £153,276 in accordance with this policy. These funds are being held to increase the reach of the ministry and also to finish the major refurbishment works which commenced during 2021, to re-decorate the church sanctuary and hall/meeting rooms and the resurfacing of the church’s car park and the other planned structural work on the church buildings.
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 Oct 30, 2025
and signed on their behalf by:
Peter N Harling Peter N Harling (Oct 30, 2025 11:54:51 GMT)
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 2024 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
-
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.
Nick Spear Nick Spear (Oct 30, 2025 12:21:03 GMT)
____
Nick Spear ACCA Stewardship 1 Lamb’s Passage London EC1Y 8AB
Date: Oct 30, 2025
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STONELEIGH BAPTIST CHURCH
STONELEIGH BAPTIST CHURCH
Receipts & Payments Account for the year ended 31 December 2024
| Income Receipts Receipts from generated funds Giving to the Church Income from Charitable activities 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 2024 Fund Balances at 31 December 2024 |
Notes 2 3a,b,c 3d 5 |
Unrestricted Funds | |||
|---|---|---|---|---|---|
| General Designated Restricted Funds Funds Funds £ £ £ |
Total Funds 2024 £ |
Total Funds 2023 £ |
|||
| 168,137 - 10,158 16,293 - - |
178,294 16,293 |
||||
| 173,573 | |||||
| 13,710 | |||||
| 1,962 - - |
1,962 | 1,300 | |||
| 186,392 - 10,158 |
196,549 | 188,583 | |||
| 141,263 1,520 3,856 32,447 - 5,961 - - - |
146,639 38,408 - |
||||
| 129,962 | |||||
| 40,232 | |||||
| 19,536 | |||||
| 173,710 1,520 9,817 |
185,047 | 189,730 | |||
| 12,682 (1,520) 341 - |
11,503 - |
||||
| (1,148) | |||||
| - | |||||
| 12,682 (1,520) 341 |
11,503 | (1,148) | |||
| 135,323 6,937 4,960 |
147,220 | 148,368 | |||
| 148,005 5,417 5,301 |
158,723 | 147,220 | |||
The notes on pages 10 to 14 form part of these accounts
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STONELEIGH BAPTIST CHURCH
STONELEIGH BAPTIST CHURCH
Statement of Assets and Liabilities for the year ended 31 December 2024
Unrestricted Funds
| A Cash funds Cash at bank with immediate access London Baptist Property Board Account Total Cash funds B Other monetary assets Gift aid due to charity Total Other monetary assets C Liabilities Falling due within one year Social security Fee for Independent Examination Others (mainly 1 month's Pension Contributions) Total Liabilities < 1year Falling due within one year Pension obligations Total Liabilities > 1year Total D Assets retained for charity's own use Land & Buildings: -Church Building (Freehold) -Manse (Freehold) Total value of Freehold building -2nd Manse (Leasehold) Land & buildings total Technology Fixtures & Fittings Furniture & Equipment (mainly Music & PA systems) Total Tangible Fixed Asset (at Current NBV) |
Notes 7 7 6 8 10 5 |
Unrestricted Designated Restricted Funds Funds Funds £ £ £ |
Total Funds 2024 £ |
Total Funds 2023 £ |
|
|---|---|---|---|---|---|
| 145,055 5,417 5,301 2,950 |
155,773 2,950 |
||||
| 144,477 | |||||
| 2,743 | |||||
| 148,005 5,417 5,301 |
158,723 | 147,220 | |||
| 7,095 - |
7,095 | ||||
| 5,194 | |||||
| 7,095 - - |
7,095 | 5,194 | |||
| (184) 1,980 688 |
(184) 1,980 688 |
||||
| (183) | |||||
| 1,740 | |||||
| 790 | |||||
| 2,484 - - |
**2,484 ** | 2,347 | |||
| 1 | 1 | ||||
| 1 | |||||
| 1 - - |
1 | 1 | |||
| 152,615 5,417 5,301 |
163,333 | 150,066 | |||
| Type of Fund Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted |
|||||
| Cost £ |
|||||
| 1,030,260 | |||||
| 184,030 | |||||
| 1,214,290 | |||||
| 193,414 | |||||
| 1,407,704 | |||||
| 9,483 | |||||
| 31,119 | |||||
| 2,792 | |||||
| 1,451,098 |
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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 – The church is currently going through a situation with the vacancy in the position of the Assistant Pastor, which has allowed the church through the 2nd Manse -(the residence of the Assistant Pastor), to be temporarily rented out and the income thus raised is 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
Oct 30, 2025
The accounts were approved by the Trustees and signed on their behalf on the by: Oct 30, 2025
Peter N Harling Peter N Harling (Oct 30, 2025 11:54:51 GMT)
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 2024
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
2 Charitable 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 Investment Income |
Unrestricted Funds General Designated Restricted Total Total Funds Funds Funds 2024 2023 £ £ £ £ £ |
| 134,234 - 4,528 138,762 137,115 28,903 - 538 29,440 31,972 3,630 - - 3,630 2,460 5,000 - - 5,000 - 12,663 - - 12,663 11,250 - - 5,092 5,092 4,487 |
|
| 184,430 - 10,158 194,587 187,283 |
|
| 1,962 - - 1,962 1,300 |
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STONELEIGH BAPTIST CHURCH
Payments in relation to charitable 3 activities undertaken directly
Unrestricted Funds
| 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 |
General Designated Restricted Total Total Funds Funds Funds 2024 2023 £ £ £ £ £ |
|---|---|
| 7,279 - - 7,279 5,570 9,376 - - 9,376 5,939 3,392 - - 3,392 3,391 7,318 - - 7,318 7,076 60,513 - - 60,513 53,256 11,824 - - 11,824 4,612 1,112 - - 1,112 557 2,665 - - 2,665 3,373 685 - - 685 330 739 - - 739 1,277 1,840 1,520 - 3,360 6,123 3,734 - 3,856 7,590 6,599 |
|
| 110,476 1,520 3,856 115,852 98,102 32,447 - 5,961 38,408 40,232 |
|
| 142,923 1,520 9,817 154,260 138,334 |
|
| 23,638 - - 23,638 21,738 959 - - 959 2,624 874 - - 874 2,008 788 - - 788 782 2,787 - - 2,787 1,649 |
|
| 29,047 - - 29,047 28,801 |
|
| 1,740 - - 1,740 3,060 |
|
| 1,740 - - 1,740 3,060 |
|
| 173,710 1,520 9,817 185,047 170,195 |
|
| Institutions Designated Individuals 2024 2023 £ £ £ £ £ |
|
| 30,786 - 5,711 36,497 38,632 1,661 - 250 1,911 1,600 |
|
| 32,447 - 5,961 38,408 40,232 |
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. 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 employment paid for at FYE £41,141 (2023: £36,331) and £19,362 (2023: £16,925) respectively. The amounts paid are in their capacity as employees
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STONELEIGH BAPTIST CHURCH
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 (2023: 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 2024 Additions, at cost Valuation, December 31 2024 Cumulative depreciation, January 1 2024 Charge for the year Cumulative depreciation, December 31 2024 Net book value, 31 December 2024 Net book value, 31 December 2023 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 2024 £ £ £ £ £ £ |
|
|---|---|---|
| 83,514 29,627 222,924 1,577,000 67,821 1,980,886 - - - - - - |
||
| 83,514 29,627 222,924 1,577,000 67,821 1,980,886 |
||
| 78,553 18,437 27,240 346,940 24,468 495,638 2,169 1,707 2,270 15,770 12,234 34,150 |
||
| 80,722 20,144 29,510 362,710 36,702 529,788 |
||
| 2,792 9,483 193,414 1,214,290 31,119 1,451,098 4,961 11,190 195,684 1,230,060 43,353 1,485,248 1,030,260 184,030 1,214,290 193,414 |
||
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 7 Cash at Bank and in hand Santander HSBC CAF London Baptist Property Board Cash floats |
2024 2023 £ £ |
|---|---|
| 7,095 5,194 |
|
| 2024 2023 £ £ |
|
| 103,360 88,436 0 0 51,285 54,804 2,950 2,743 1,128 1,237 |
|
| 158,723 147,220 |
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STONELEIGH BAPTIST CHURCH
| 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 |
2024 2023 £ £ (184) - (183) 1,980 1,740 688 790 2,484 2,347 1 January Receipts Payments Transfers 31 December 2024 2024 £ £ £ £ £ |
|---|---|
| 797 10,158 (9,817) - 1,138 4,163 0 0 - 4,163 |
|
| 4,960 10,158 (9,817) - 5,301 |
|
| 6,937 - (1,520) - 5,417 135,323 186,392 (173,710) 148,005 |
|
| 142,260 186,392 (175,230) - 153,422 |
|
| 147,220 196,550 (185,047) - 158,723 |
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 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.
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STONELEIGH BAPTIST CHURCH
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 were 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 |
2024 2023 £ £ 6,656 5,184 6,084 5,602 |
|---|---|
| 10,786 10,786 12 12 |
|
| 12,752 10,798 |
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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