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Colchester Baptist Church Eld Lane, Colchester, Essex CO1 1LS
Report and Accounts for the year to 31 December 2022
Registered Charity no. 1127024
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Colchester Baptist Church
Report and Accounts for the year to 31 December 2022
Index
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|Pages|
|Statutory and|other|information|1|
|Trustees|Report|2-5|
|independent|Examiners’|Report on|the Accounts|6|
|Statement|of financial|activities|7|
|Balance|Sheet|8|
|Notes to the Accounts|9-16|
|een aaa|nan|
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Statutory and other information
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|Church|address|Phone,|E-mail|address|and web-site|
|Colchester|Baptist|Church|01206|571879|
|Eld|Lane|office@colchesterbaptistchurch.org.uk|
|Colchester|www.colchesterbaptistchurch.org.uk|
|CO1|1LS|
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Registered Charity no.
1127024
Trustees - also known as the Diaconate
(All have served from 1 January 2022 to the date of signing the accounts unless otherwise shown) Lead Minister Rev Terry Tennens Associate Minister Lee McDade (from ist October 2022) Associate Minister Rev John Pulford Church Secretary Mike Baker Treasurer Chris Chapman Deacons: Evelyn Agyekum Aymee Isac (to 31st August 2022) Amanda Bames Tunde tkuesan (from 1st January 2023) William Butcher Brenda Reade Lizzie Chingati-Phirt Tim Rose Darren Greenfield (from 1st January 2023) Pam Simpson Robin Harbord Lesley Walder Karou Magee Independent Examiner Property Trustee Richard Goldring, BA The Baptist Union Corporation Ltd Steve Hunt, ACIB, NASBM Baptist House, 129 Broadway Didcot, Oxfordshire, OX11 8RT Bankers Solicitors Barclays Bank PLC Thompson Smith and Puxon 9 High Street Stable 6, Stable Road Colchester, CO1 1DD Colchester, CO2 7GL
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Colchester Baptist Church
Trustees Report for the year to 31 December 2022
The Trustees present their Annual Report and Accounts for 2022.
General
The Church was founded in 1689 and is in membership with The Baptist Union of Great Britain and with the Eastern Baptist Association. The Church is registered as a charity with the Charity Commission (Registration number 1127024).
Charitable Object
In conformity with its Constitution, the principal purpose of the Church 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, as its Property Trustee, under a Trust which is entirely compatible with the above object.
Organisational Structure and decision-making processes
Membership of the Church is open to all who confess Jesus Christ as Lord and Saviour and whose lives give evidence of that profession. Those who have not been baptised as believers are eligible for membership but are asked to give prayerful consideration to the New Testament teaching on this matter.
Church Meetings are normally bi-monthly and have responsibility for the overall policy of the Church. In accordance with the Constitution, members appoint up to twelve Deacons, a Church Secretary and a Treasurer. They, together with the Ministers, are collectively known as the Diaconate and are the Trustees of the Church. They are responsible for the day to day running of the Church’s work and witness and for its financial and legal matters. All members are encouraged to take part in the spiritual and practical tasks of the Church. Relevant matters are submitted to the Church Meeting by the Trustees or may be raised by members in Church Meetings 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
The Church has expressed its Purpose as being “To follow Jesus Christ and make Him known” and it’s Vision as being “To be a growing, thriving, nurturing family of God.”
in order to achieve these, 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. -Page 2-
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Colchester Baptist Church
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Trustees Report for the year to 31 December 2022 (continued)
Central to the work and witness of the Church is the provision of regular public services of Christian worship. These services normally take place each Sunday at 10.30 am, 1.00pm and on some Sundays at 6.30 pm. There is a full children’s programme during the morning services. The Church seeks to be a friendly and welcoming community, and anybody is free to attend any of these services. The worship services which take place at 1.00pm, known as Sunday@One, and a prayer and bible study known as Tuesday@Twelve are more informal times of worship and bible study which have proved popular with many who are less familiar with formal church services. The Church asked Open Door to oversee these two ministries, and this has worked well under the Open Door Director. The Sunday morning and evening services continuing to be live streamed to those unable to attend and accessible to the general public.
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These Sunday services and the wide range of activities during the week are shown on the Church's web-site (www.colchesterbaptist.church). Through 2022 these activities have resumed and include:
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¢ Small group Bible studies - most of these groups meet in homes twice a month but there is also a group that meets fortnightly at the Church.
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e ~—- Bright Sparks — in the Church on Monday mornings for parents and carers to join with their preschool children.
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e Luncheon Club - monthly in the Church to provide meals, but more importantly fellowship and prayer for our elderly members and others.
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e Many children's and young people's activities including Powerhouse for ages 0-11 and Connect for ages 12-18 on Sunday mornings and Afterhours for ages 14+ on Sunday evenings.
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e “Remix”, a Youth Night for both girls and boys aged from 5 to 18.
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e = Increasing contact with local schools, offering assemblies and hosting visits to our premises. We are delighted that Colchester High School uses our premises on a regular basis for thelr special occasions and members of our church have provided prayer spaces in some of the local schools.
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e Our premises are the base for the Colchester Street Pastors, who help and supervise those who have been in the town's nightclubs as they come out on to the streets on Friday and Saturday nights,
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® Weare pleased that the 12" Colchester Sea Scout Group is using our Church premises as their base.
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e The Nepalese Church is using our Church premises to meet for worship at 10:00am on Sunday mornings and their children join in with our children’s activities.
Some social activities are organised, such as group walks (“Amiable Amblers”) and an annual church holiday at Sizewell Hall. The Church is part of a group of local churches which organise an annual joint Pentecost service and annual Free Family Fun Day in Castle Park which continues to attract thousands of parents and children.
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Colchester Baptist Church
Trustees Report for the year to 31 December 2022 (continued)
The Church hosts Open Door - Colchester, an independent charity — which uses the Church Lounge on each Monday, Tuesday, Wednesday and Friday. Here people meet over a cup of tea or coffee - the Director and volunteers offer a listening ear and offer advice and help for problems if needed.
Pastoral care is primarily in the hands of the Ministers and nominated Pastoral Assistants who serve the Church membership and others connected with the Church. Together, they look out for situations where there are needs and react in a caring way to them. They meet regularly with each other and have now started meeting together with the small group leaders so as to ensure that as many as possible of those connected with the Church are looked after pastorally. This is complemented by a ministry of caring for the elderly in their own homes through the employment of a part-time “Care of the Elderly Worker”.
The Church operates systems to ensure that all people working with children and adults at risk are appropriately vetted with regard to the Disclosure and Barring Service.
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The Trustees consider that both the Church's Purpose and the activities designed to achieve it, as shown above, comply with the guidance of the Charity Commission on public benefit in respect to the advancement of religion.
Achievements and Performance
At the beginning of 2022 the church meeting spent time considering the nature of church that God wants us to be. The outcome was an appreciation of our children and family ministry led by John Pulford; our minister in training focussed upon children and families, and the way the ministry team has developed. An area that it was felt needed strengthening was our outreach with the gospel. In June 2022 Lee McDade was called to join the ministry team with a focus upon evangelism, Lee was also appointed as the Director of Open Door.
At the end of 2022 the membership was 192 (2021 - 200). We continue to encourage people to grow in their faith and put that faith into practice in their homes, workplace and wider community. The many ministries of the church are completely dependent on members giving their time, skills, resources and prayer to equip them and of those members who are physically capable of being actively involved.
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Colchester Baptist Church
Trustees Report for the year to 31 December 2022 (continued)
Financial Review
The Church continued to raise the funds which it needed to carry on its activities from within its own membership and congregation. In addition to financial support required to achieve its objectives, the Church is also heavily dependent upon its members working as volunteers in all aspects of its activities. It is good to report that they do this willingly and with great enthusiasm.
The financial results for the year, including the accounting policies and the Reserves Policy of the Trustees, are set out in the accompanying financial statements.
The Trustees are satisfied that there are sufficient reserves at the Balance Sheet date together with anticipated ongoing income to enable the Church to function effectively in the coming year.
Future plans
We will continue to seek God's will for our Church maximising the opportunities that our prime location at the heart of a busy regional commercial “City” centre presents to follow Jesus Christ and make Him known through worship and service. Throughout 2022 and into 2023 we have seen considerable growth in attendance at the Sunday morning services.
The Church is blessed by a wide diversity of age and ethnicity, and this is reflected in a balanced style of worship. We are grateful for Rev Terry Tennens for taking on the role of Lead Minister giving wise leadership to the leadership team. In 2023 John Pulford completed his studies with Spurgeon’s College and the Church meeting agreed to call John to full-time ministry with continuing focus upon children and families and was ordained and inducted into God’s service in May 2023. Also, in 2022 Amy Isac was appointed to the position of Digital and Projects assistant on a part-time basis to extend the reach of the church using latest media resources.
So, with Rev Terry Tennens, Rev John Pulford and Lee Mcdade providing spiritual and pastoral leadership, the church looks forward with excitement to whatever God has planned for us.
Approved by the Trustees and signed on their behalf
Mike Baker Church Secretary 3i Ge _ 2023 Puqust
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Colchester Baptist Church eeeee Independent Examiners’ Report on the Accounts IaaD Report to the Trustees and members of Colchester Baptist Church on the accounts for the year ended 31 December 2022 set out on pages 7 to 16
Respective responsibilities of trustees and examiners The Church's trustees are responsible for the preparation of the accounts. The Church's trustees consider that an audit is not required for this year, under Section 144 of the Charities Act 2011 (the Charities Act), and that an independent examination is needed.
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It is our responsibility to:
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examine the accounts under Section 145 of the Charities Act;
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- follow the procedures laid down in the general Directions given by the Charity Commission (under Section 145(5)(b) of the Charities Act); and
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- to state whether particular matters have come to our attention.
Basis of independent examiners’ statement Our examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a "true and fair" view and our report is limited to those matters set out in the statement below.
Independent examiners' statement
In connection with our examination, no material matters have come to our attention which gives us cause to believe that in any material respect:
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accounting records were not kept in accordance with Section 130 of the Charities Act
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- the accounts do not accord with the accounting records - 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
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We have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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SignedMr R Goldring,_K,BAGoblmceg SignedMr S Hunt,iACIB, FNASBM
7 Provence Close 15 Deben Road,
Colchester, CO3 0JD Colchester, CO4 3UZ
Date 28; -7~zZ4 g Date O- S- 2023
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Colchester Baptist Church
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a
Statement of Financlal Activities for the year to 31 December 2022
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|rr|
|Notes]|—ss—Cio|0|
|funds|funds|funds|funds|funds|funds|
|incoming resources|
|Voluntary income|3|165,721|2,051|-|-|167,772]|199,639|
|Other income|5|4,300|2,170|2,406|8,876|7,378|
|Investment income|6|771|~|-|-|771|91|
|Resources|expended|
|Charitable activities|7|450,047|9,298|-|-|159,345]|158,510|
|Net incoming|resources|20,745|(5,077)|2,406|-|18,074|48|598|
|Total|funds|
|brought forward|18-21|50,426|85,543|238,641|298,000|672,610}|624,012|
|Reclassification|of Funds|}|18|(13,607)|13,607|-|-|
|Transfers between|Funds ||19|(4,460)|4,460|-|-|
|Total|funds|
|carried forward|18-21]|66,711|71,319|254.654|298,000|690,684||672,610|
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Colchester Baptist Church
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|Balance|Sheet|at|31|December 2022|
|Notes]|2022|202d|
|Fixed|assets|ee|
|Tangible|fixed|assets|11|.|523,000|523,000|
|Current assets|
|Debtors|42|7,093|8,456|
|Investments|13|70,498|77,254|
|Bank and cash|44|406,328|89.241|
|183,919|174,951|
|Current|liabilities|
|Creditors|- amounts|falling|due|
|within one year|15|(16,235)|(12,941)|
|Net current assets|167|684|162,010|
|Provisions|16|.|(12,400)|
|Net assets|21|690,684|672,610|
|Charitable|Funds|
|Endowment|funds|17|
|Property Fund|298,000|298,000|
|Restricted|funds|18|
|Manse|Fund|225,000|225,000|
|Building|Repairs &|
|&|Development|Fund|29,654|13,641|
|Total|254,654|238,641|
|Designated|funds|19|
|Legacy Fund|69,149|77,447|
|_Audio Visual|Fund|-|(5,511)|
|Repairs|Reserve Fund|-|8,283|
|Lift|Fund|-|5,324|
|Mothers & Toddlers Wednesday|Fund|467|-|
|Holiday|Club Fund|500|-|
|Lunch|Club Fund|342|-|
|REMIX Fund|881|-|
|Total|71,319|85,543|
|Unrestricted|funds|20|
|General|Fund|66,711|50,426|
|Total|funds|600,684|672,610|
|The|notes|on pages|9|to|16 form an|integral part|of these accounts|
|These accounts were approved by the Trustees on|ZA|Sepremloet|2025|and signed|
|on|their behalf by|
|a|Chapman|Mike|Baker|.|
|Treasurer|Church Secretary|
|~ page|8|-|.|
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Colchester Baptist Church
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it Notes to the accounts for the year to 31 December 2022
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i 1Accounting policies .
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@ Basis of praparation The accounts are prepared In accordance with the Charities Statement of Recommended Practice (Charities SORP 2015), FRS102 and with the Charities Act 2011. Colchester Baptist Church is a registered charity, no. 1127024, and meets the definition of a public benefit entity under FRS102. Assets and Iabilities are initially recognized at historical cost or transaction value unless otherwise stated
in the relevant accounting poticy notes.
- b Donations receivable Donations are accounted for when received.
Legacies are accounted for when received.
d Investment income Investment income is included in the accounts in the year in which it is receivable.
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e Expenditure recognition All expenditure is accounted for on an accruals basis.
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f Fund raising and publicity costs The Church does not make forma! appeals for funds other than within the Church and expenditure on these items is therefore not material.
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g Grants payable The Church makes grants {o other organisations whose charitable objecis complement its work. They are accounted for in the year for which they are payable.
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h Govemance 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.
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| Fixed assets 4 The Church's freehold premises are included in the Balance Shest at cost. 2 Purchases of equipment are accounted for as fixed assets where individual assets cost £5,000 or more. There has been no such expenditure in the year or in recent years. Any such fixed asset would be depreciated to write-off the expenditure eventy over the course of its estimated useful life.
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- Depreciation has not been charged on the Church premises because, in the opinion of the Trustees, their residual value is not tess than the origina! cost price.
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k Investment Assets Quoted investments are stated at market value. All other investment assets are shown at cost.
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| Reserves policy This is set out in Note 2
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Colchester Baptist Church
a Notes to the accounts for the year to 31 December 2022 (continued) i
2. Reserves policy
General
Trustees of charities are under a general legal duty not to hoard funds but to use them for the purposes of the charity; this is part of the basis under which charities receive preferential tax treatment, notably that they are not subject to Corporation Tax and that they can recover tax on certain donations under Gift Aid arrangements. Charities are now required to have a Reserves Policy for most of their funds. The Church's reserve policies are shown below — no such policy is required for the Property Fund, this being a capital endowment fund.
Manse Fund Recognising the possibility that the Church may be required to purchase more than one manse in the future, the current policy of the Trustees is that the Manse Fund should have a maximum balance of £600,000. Building Repairs & Deyelopment Fund (renamed from Building Development Fund) The policy of the Trustees is that the money in the fund, which is to provide finance for building repairs and development costs, will be spent within 5 years of being received.
Legacy Fund
The policy of the Trustees is that money received by this fund — which arises from legacies from the estates of former members and others — will be spent within 5 years of being received.
General Fund The policy of the Trustees is to have between £1 and £75,000 in the General Fund at the end of any accounting year so as to provide a reserve against a sudden drop in the general income of the Church.
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Small Funds related to activities if the Church These funds are currently:
Mothers & Toddlers Wednesday Fund Holiday Club Fund Lunch Club Fund REMIX Fund The policy of the Trustees is that these funds will have smail balances.
dio Visual Fund, Repairs Reserve Fund and Lift Fund These funds were closed in the year.
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Colchester Baptist Church
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A
Notes to the accounts for the year to 31 December 2022 (continued)
All values shown in £
3 Voluntary Income ee 2024
Offerings 125,189 915 126,104 124,116
Gift Ald 28,730 136 28,866 26,838
Legacies and bequests 1,000 1,000 2,054
Designated donations receivable (Note 4) 11,802 11,802 400
and payable Od 2021
Ukraine Appea} 11,317 11,317
§ Other income 20 2021
Donations for use of the Church 1,750 4,750 1,895
Car park donations 1,545 1,545 1,490
Furfough grants from HMRC re Covid 19 - - 3,484
Other 1,005 2,170 5 581 499
6 investment Income 202027
Affirmative Deposit Fund for Charities interest 113 113 4
BU Loan interest 657 657 83
Other 4 1 4
Total 8ccTE
7 Charitable activities OCC‘ ‘2024
Ministry 35,376 35,376 67,105
Our mission 20,550 20,550 17,408
Other mission
Donations by the Church (Note 8) 29,270 29,270 24,950
Designated donations payable (Note 4) 11,802 11,802 400
Establishment
Prembes 43,753 9,298 53,051 40,274
Administration (Note 9) 24,677 24,877 19,265
Former Defined Benefit Pension Scheme
interest 232 232 194
Actuarial gains, etc (11,055) (11,055) (611)
Employment Allowance 4,558 4,558 4,000)
8 Donations pavable by the Church rT tst—OCd:C 202A
BUGB Home Mission 9,894 9,894 8,700
BMS World Mission 9,894 9,894 9,700
Open Door §,000 5,000 4,125
Wycliffe Bible Translators / Pitingers 1,000 1,000 4,000
Beacon House 842 842 825
cyo 750 750 750
Spurgeons Collage 588 588 576
Compassion 434 434 425
The Bamabas Fund 434 434 425
International Justice Mission 434 434 425
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Colchester Baptist Church
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Notes to the accounts for the year to 31 December 2022 (continued) Ail values shown in £ except where stated otherwise
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|9_|Administration|po|T2021|
|Restricted|
|Other administration|costs|10,267|10,267|
|Total administration cost||Jd23,926]=|, 928}|[19,263]|||
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|40|Staff costs and Trustees expenses|2022|2021|
|Salaries|81,558|100,122|
|Social|security costs|4,565|7,318|
|Pension|costs (see|also|Note 22)|
|Contributions|to|Defined|Contribution|Plan|1,195|1,147|
|Interest|cost|re|deficit|in|former|Defined|Benefit|Plan|232|194|
|Actuarial gains|etc|re|deficit|in|former Defined|Benefit|Plan|(12,631)|(611)|
|Other costs|(Council|tax,|water and telephone)|-|2,962|
|Total|74,919|111,132|
|Average number of employees|during the year|
|Full|time|workers|
|Part time workers|pC]__-|4B0|
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No employee received emoluments in excess of £60,000 during the year (2021 - none). And no sums were reimbursed to the Trustees for their work as Trustees (2027 - none).
Each Minister of the Church acts as as one of its Trustees in accordance with the Church's Constitution, but is not reimbursed for this work. Each is remunerated for his/her work as a Minister of the Church. During the year, the employment costs and benefits of the Ministers was £40,419 (2021 - £68,807). No other Trustees were remunerated in the year while they were Trustees (2021 - none)
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11 T 1 Freehold prope
Church Manse Total
premises
Cost and Net book value
31 December 2022 |_298,000| 225,000 | _ 523,000.
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The Church premises are the freehold premises in Eld Lane, inclusive of the Church organ and pews. They are aiso inclusive of the Church's 13 freehold car park spaces in the Vineyard Street car park, which were acquired in 1977 at no cost recognising the inability to park in Eld Lane during the day resulting from the pedestrianisation of Eid Lane.
The Manse Is the house in Colchester purchased in January 2009 as the manse for our then Senior Minister and his family. Since then it has been rented when not being used as a Manse.
These premises are used for direct charitable purposes.
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Debtors12 |__.2022,| 2021
Accrued income 6,212 6,489
Prepayments 621 591
Other debtors 260 1,376
Total |___ 7,003 | 8,456
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Colchester Baptist Church
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|i|
|Notes to the accounts for the year to 31|December 2022|(continued)|
|Ail|values|shown|in|£|
|43|[investments]|held|as|current|assets|
|Baptist Union Loan Fund|70,498|
|Affirmative|Deposit Fund for Charities|:|37,254|
|Total|70,408| 77,254|[|]|
|14|Bank and|cosh|balances|T2022|||2021|
|Barclays Bank PLC|i|326}|88241|||
|-|3,373|
|Inland|Revenue|
|-|5,169|
|Other|creditors|
|Accrued charges|15,325|2,849|
|Deferred income|910|4,550|
|Pension|Provision brought forward|12,400|15,473|
|Repayments in the year|(1,577)|(2,656)|
|Interest cost re deficit in former Defined|Benefit Plan|232|194|
|Actuarial gains etc re deficit in former Defined Benefit Plan|11,055|611|
|Pension|Provision|carried forward|ee|
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The provision is in respect of pension defict contributions due to the Baptist Pension Scheme on tts
Defined Benefit Pension Plan. This follows the Baptist Pension Scheme signing an agreement on
30 June 2022 with the insurance company Just Group to secure Defned Benefit Plan members' pension
benefits. Racovery contributions by the Church from August 2022 have been £1 per month.
See also Note 22.
17_ Endowment Funds 1 Jan 2022 Transfers [31 Dec 2022
resources | expended
Property Fund SEY SS PT 000
The Property Fund was created in 2006 as a result of including the Church's property in the accounts.
48 Restricted Funds 1 Jan 2022 Transfers [31 Dec 2022
resources | expended
Manee Fund 225,000 225,000
Building Repairs &
Development Fund 13,641 13,607 29,654
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The Manse Fund is to provide funds towards the Manse or second mortgage of each Minister. The Building Development Fund, now renamed as the Building Repairs and Development Fund, is to raise money for specific projects approved by the Church Meeting and to pay for such projects. The transfers to it in the year were £6,283 from the Repairs Reserva Fund and £5,324 from the Lift Fund, both both having been designated funds, hance a reclassification of £13,607 from Designated to Restricted Funds in the year.
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Colchester Baptist Church
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eee
Notes to the accounts for the year to 31 December 2022 (continued)
All values shown in £
eee
Legacy nT ccutees | sepa
Audio Fund 77 447 1,000 (9,298) 69,149
Visual Fund (5,511) 1,051 - 4,460 -
Repairs Reserve Fund 8,283 (8,283) -
Lift Fund 5,324 (5,324) -
Mothers & Toddlers
Wednesday Fund - 467 487
Holiday Club Fund - §00 500
Lunch Club Fund - 342 342
REMIX Fund - 861 861
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The Legacy Fund ts to receive legacies from Church members and others and to spend them wisely. The Audio Visual Fund was set up in 2021 to fund a significant upgrade to the Church's audio visual facilities; its negative balance of £4,460 at 31 December 2022 was eliminated by a transfer from the General Fund and the Audio Visual Fund was then closed. The Repairs Reserve Fund and the Lift Fund were set up to fund unforeseen expenditure on the Church premises and the Lift respectively. The Lift was mothbalted in 2048. It was decked to transfer the balances on these Funds to the Bullding Repalrs and Development Fund, which is a Restricted Fund, hence the re-classification of Funds in the year.
saat
resources expended
The General Fund fs the operationa! fund of the Church in which most items of income and expenditure are recorded. The transfer of £4,460 to the Audio Visual Fund is explained in Note 79.
21 Analysis of net assets at 31 December 2022
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ost
Endowment Funds es
Property Fund 298,000 298,000
Restricted Funds
Manse Fund 225,000 225,000
Building Repairs & Development Fund 29,654 29,654
Designated Funds
MothersLegacy Fund & Toddlers 69,149 69,149
Wednesday Fund 467 467
Holiday Club Fund 500 500
Lunch Club Fund 342 342
Unrestricted Funds 881 861
Total General Fund [823,000| 167,684]66,711 — 600,68466,711 |
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22.Pensions
Background to the disclosure - The Church is a participating employer in 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, previousty known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to thefuture accrual of defined benefits on 31 December 2011. Priorto this date the main benefit provided through Defined Benefit (OB) 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.
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Colchester Baptist Church
Notes to the accounts for the year to 31 December 2022 (continued)
22 Pensions (continued)
Background to the disclosure (cantinued)
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From January 2012, pension provision is being made through the Defined Contribution CDC") 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 amployer pays a further 4% of Pensionable Income to cover Death in Senice 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 Aviva Limited.
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- Members of the Basic Section of the Scheme pay reduced contributions of 5% of Pensionable income and their employers also pay a totat of 5%.
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The Scheme ts considered to be a multi-employer scheme as described In Section 28 of FRS 102. Because its not possible to attribute the Scheme's assets and ilabllities to specific employars, the scheme is accounted for as if the Scheme were a defined contribution scheme.
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- The Minister(s) [and some members of the church staff] is/are eligibe to join the Scheme.
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Actuarial valuation as at 31 Decambar 2019
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|-|Afonnal valuation|of the|Defined|Benefit (DB") Plan as at 34|December 2019 was performed|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,|whitst the|level|of assets needed|to pay benefits was £316m, glving|a defict of £18m|(equivalent to a|past|
|funding|level of 84%).|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:|
|Tyne of|assumption|2pa|
|RPI|price|inflation|assumption|3.20|
|CPI|price|inflation|assumption|2.70|
|Minimum|Pensionable Income|Increases Ajustment (above CP)|0.50|
|Pre-retirement assumed Investment retums|(gilt yield|plus|1.75%|pa)|2.95|
|Post-retirement assumed|investment|retums (including|benefits|matched|by the|
|insurance|policy)(gilt yisid plus 0.5% pa)|1,70|
|Minimum|Pensionable Income increases (CPI|ptus 0.5%)|3.20|
|Deferred|pension|increases|(based on RP)|
|Pre April 2008|3.20|
|Post|April|2009|2.50|
|Pension|increases|
|Based on CPI with|an|annual|floor of 0% and an annual cap of 5%|2.70|
|-|Mortality|ls assumed|In accordance with 80% of the S3NFA table.|Future improvements|projected|from 2013|in|line|
|with the "CMI 2019"|projection with a|long-term|rate|of improvement|of 1.75%|for males and|1.5%|for females, with|
|the core smoothing parameter and with|additional|mortality Improvement factor A=0.5%.|
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- The next actuarial valuation of the DB Plan within the Scheme will commence in 2023 to reflect the position as at 31 December 2022.
Recovery Pian
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In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveais 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 ware payable until June 2026. These contributions ware broadly based on each employer's membership at 31 December 2014 and increase annually in fine with increases to Minimum Pensionable Income as dofined in the Rules.
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Colchester Baptist Church
TR Notes to the accounts for the year to 31 December 2022 (continued)
I 22 Pensions (continued)
Recovery Plan (continued) - On 30th June 2022 the Baptist Pension Scheme signed an agreement Group with the insurance company Just ail (“Just”) to secure DB Plan members’ Pension benefits. Just are now providing financial backing for pensions provided through the Scheme's DB Plan and following this tansaction, 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 Pian reduced to £4 per month from August 2022. Movernent in Balance Sheet dability - Section 28.11A of FRS 102 requires agreed deficit recovary payments to be recognised as a - lability. The movement in the provision is set out in the table below: a31.12.22ee|[31.42.21] ee| Balance sheet liability at start ofyear 12,406 15,473 Minus deficiency contributions paid (1,577) (2,857) Interest cost (recognised in SoFA) 232 194 Remaining change to balance sheet Hability* (recognised in SoFA) 11,055 610 * Balance sheet llability at end of year per seseeeeeerlne 2,400 | Comprises any change in agreed deficit recovery plan and change in assumptions between year-ends. - This labllity represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration ofthe deficit recovery payments: | 31.12.22 T3t.4221 | 31.12.20 | Discount rate 5.7 Future increases to Minimum Persionable income 0.0 The cost of pensions is detalted in Note 10 23 Analysis of cash and cash equivalents | 2022 [2027 7] Bank esee ee balances, alf repayable with no notice 108,328 89,241 Deposits, repayable with less than 3 months notice 70,488 77 254 Total [176,826 24_Related charities | 166 405 The Property Trustaa of the Church is The Baptist Union Corperation Ltd (registered charity number 249635), which is controlled by the Baptist Union Council. The Church is also a member of The Baptist Union of Great Britain and the Eastem Baptist Association. The Church made donations to the Baptist Home Mission Fund and the BMS World Mission as set out inabove. Note 8 above. The Church has made a loan to the Baptist Union Loan Fund as shown In Note 13 The Church supports the charity called Open Door - Colchester {registered charity number 11 01675) which operates on its premises. Open Door's conatitution requires there to be a majority of members of the Church as its Trustees. The Church made a donation to Open Door as set out in Note 8 above,
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