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2021-12-31-accounts

Rye Lane Baptist Chapel Registered Charity 1127757

Trustees Annual Report and Financial Statements for the year ended 31[st] December 2021

0

Rye Lane Baptist Chapel

(more commonly called Rye Lane Chapel – RLC)

Contents

Page 2 Legal and administrative information
Page 4 Trustees Report
Page 10 Independent Examiner’s Report
Page 11 Statement of Financial Activities
Page 12 Balance Sheet
Pages 13 onwards Notes on the Financial Statements

1

RYE LANE BAPTIST CHAPEL, PECKHAM LEGAL AND ADMINISTRATIVE INFORMATION

Charity Registration Number 1127757 Date of Registration 29 January 2009 Start of Financial year 1[st] January 2021 End of Financial year 31[st] December 2021 Deacons as at 31 December 2021 (also Trustees) Pastor Phil Woolley Zielda Charles Sherine Christie Norma Facey (Treasurer) Norma Goldbourne Rupert Hill (Church Secretary) Gabrielle Richards

Pastoral Team / Elders (as at 31 December 2021)

Phyllis Barnett Ian Bertie Barry Evans Pastor Phil Woolley

Legal Status

Registered Charity

Governing Instrument

Constitution adopted on 20/10/2008

Purpose

The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church also advances education and carries out other charitable purposes in the United Kingdom and other parts of the world.

Mission statement

We are a multi-cultural church, whose mission is to proclaim the Kingdom of God and to demonstrate the principles of the Kingdom to meet the primary needs of the people of Peckham and the wider community.

2

Correspondence address
Telephone number
Email address

Website
Bankers
Independent Examiner
Pastor:
Membership		 59a Rye Lane, Peckham, London, SE15 5EX
0207 639 7098
office@ryelanechapel.com
www.ryelanechapel.com
Barclays Bank Ltd, Peckham Rye,
Care of Leicestershire, LE87 2BB
London Baptist Property Board
Unit C2, 15 Dock Street, London E1 8JN
Revd. Alan Clements FCIE
15 Carleton Road, Great Knowley,
Chorley PR6 9TQ
Phil Woolley from mid July 2021
In 2021 the membership was 108 (2020 110)

3

Rye Lane Baptist Chapel (RLC) Trustees Report for year ending 31 December 2021

We are very grateful to our God and Saviour for seeing us through another year which continued to be dominated by Covid 19 in its news headlines. It was also a year that 2021 saw us calling Pastor Phil Woolley who, under God, was called to head up ministry at RLC. It had been two and a quarter years since our previous minister, Pastor Frank, had retired. Adhering to legal requirements in lockdowns and assessing risks and interpreting national Covid guidance meant that it was not an easy time. We have been grateful to God for the way in which Pastor Phil and his family have settled in, commencing his role in mid-July, and moving into the manse with his family on 10[th] August. Our moderator (Rev Bruce Stokes) kept a watchful eye giving helpful advice when needed up to the time our new minister commenced with us. We are thankful to Rev Bruce for his wisdom and guidance and also for the fact that he has agreed to continue to serve on our Building Committee in his retirement.

Key events in 2021

4

The impact of Covid19:

In common with other churches, the pandemic continued to affect the church in 2021, its corporate worship, its prayer life, its young people, and ways of meaningfully reaching the isolated elderly in our congregation. Church services were re-started in the building on March 28 2021, initially socially distanced with windows opened for increased ventilation, compulsory mask wearing, hand sanitation on entering the building, and individuals with any symptoms possibly Covid related were discouraged from attending. The very old and the young were especially negatively impacted. We remarked in the 2020 Trustees report on the impact of Covid and that list still applies to much of 2021:

5

Church giving:

Getting used to zoom:

This has continued to be a challenge for some of our elderly members, though for the majority of the church still a useful way of continuing to keep in touch. Sunday morning and evenings are on zoom and in person at the Chapel. Whilst zoom has served a very useful function, ultimately our fellowship in the gospel is relational, and that is difficult via a computer screen and not in person. One of our aims for the coming year is to improve the quality of our zoom or live streaming of services upgrading things such as having 2 or 3 cameras rather than a single one.

Aims for the coming year:

6

Welcoming the whole Woolley family:

Whilst it is Pastor Phil who is our minister it has been a delight to welcome the whole family – Rachel, Pastor’s wife and their five children. All bring their own gifts into the fellowship at Rye Lane and it has been encouraging to see the way they are willing to ‘roll up their sleeves’ and get involved in the work of the church.

Trustees Responsibilities:

The Charities Act 2011 require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust for that period. In preparing those financial statements the trustees are required to:

Select suitable accounting policies and apply them consistently

Make judgements and estimates that are reasonable and prudent

Prepare financial statements on the ‘going concern’ basis unless it is inappropriate to presume that the trust will continue in existence

They are also required to keep proper accounting records which disclose with reasonable accuracy at any time, the financial position of the trust. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial Review

2021 was the second year of the pandemic. The Chapel continued to raise the funds it needs to carry out its activities from within its own membership and congregation.

7

Our regular giving, weekly envelopes, loose plate collections and bank offerings increased from £49,120 in 2020 to £70,293 in 2021. No legacies were received during 2021 - £65,411 were received in 2020. A sizeable one off donation for our Media and Youth Ministry funds was received however at the very end of the year. In total terms our Donations and legacies reduced from £140,091 in 2020 to £105,994 in 2021. Rents and room hall hires remained static with £91,442 in 2021 compared to £89,432 in 2020. 2021 contained £17,685 rent for the manse while we were in vacancy and as this is now occupied 2022 is likely to be £73,757 depending on the number and value of room hires. Overall then our total income reduced from £230,107 to £197,611 in 2021.

Our expenditure has naturally increased due to the recruitment of Pastor Phil in July and will continue to do in 2022 when we see a full years expenditure. Our establishment (property running) costs increased from £111,241 in 2020 when they were offset by £30,000 one off compensation for reduced natural light to £128,293 in 2021. Support (administration) costs increased from £18,293 to £25,631 due to buying in financial management assistance and catching up on independent examination costs. Chapel Regeneration Project spending reduced from £32,572 in 2020 to £19,813 in 2021. In 2022 it is budgeted to increase to £107,710. Total expenditure increased from £183,208 in 2020 to £216,362 in 2021. Our net income/(expenditure) was a surplus of £46,899 in 2021 reducing to a deficit of £18,751 in 2021. One thing that is certain however is that we need to exercise strong control over our finances in 2022.

The Chapel is heavily dependent on its membership working in all aspects of its activities, most of which run having little or no impact on its expenditure, but nevertheless contribute substantially to the achievement of its objectives.

The detailed financial results for the year, together with the accounting policies adopted are set out in the accompanying financial statements.

The Chapel is a participating employer within the Defined Benefit section of the Baptist Pension scheme and has been making deficit payments to cover the costs of the past service of its employees within the scheme under a recovery plan. The Chapel understands that if it had left the scheme at the year-end it would have make a one-off payment estimated to be £23,700 to meet its statutory obligations to the scheme. The Chapel has no plan to leave the scheme and expects to continue to make payments to the scheme in line with the recovery plan.

8

Reserves Policy

The Trustees have established a Reserves Policy to enable the chapel to function effectively and meet its obligations in the event of a decline in our income are a major cost.

Having considered the relevant risks of changes in income and expenditure, the trustees have determined that the appropriate level of reserves is in the range of £110,000 to £120,000 which is six months general fund expenditure in a typical year excluding major property works. Our general fund balance at the end of the year allowing for payment of the pension scheme debt was £281,000 and so exceeds the target.

Going Concern

The accounts of the charity have been prepared on the basis that it is a going concern and will continue its operations in the future. The trustees are aware of no material concerns affecting its future other than those of the continued effects of the pandemic.

Approved by the Trustees on the 9[th] March 2022

Signed on their behalf by the Honorary Treasurer

Printed name: Norma Facey

9

Charities Act 2011.

Independent Examiner’s Report.

Independent Examiner’s Report to the Rye Lane Baptist Chapel, 59a Rye Lane, London SE1 5EX (Charity Commission number 1127757)

I report on the accounts of the charity for the year ended 31[st] . December 2021 which are set out on pages 10 to 24 of this Report.

Respective responsibilities of the trustees and examiner.

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to :

examine the accounts under section 145 of the 2011 Act;

follow the procedures laid down in the general Directions given by the Charity

Commissioner under section 145 (5) (b) of the 2011 Act; and

to state whether particular matters have come to my attention.

Basis of the independent examiner’s report.

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity 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 you as 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 the report is limited to those matters as set out in the statement below.

Independent examiner’s statement.

In connection with my examination, no other matters has come to my attention :

  1. which gives me reasonable cause to believe that in any material respect the requirement to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met,

  2. to which, in my opinion, attention should be drawn order to enable a proper understanding of the accounts to be reached.

Signed.

Fellow of the Association of Charity Independent Examiners

Revd. Alan A. Clements. Date 11 March 2022

Revd. A. A. Clements MA, ACIB, FCIE. 15 Carleton Road, Great Knowley, Chorley, PR6 8TQ

10

Statement of financial activities
Income and endowments from:
Donations and legacies
Income from charitable activities
Investments
Other income
Total
Expenditure on
Raising funds
Charitable activities
Ministry
Mission
Establishment
Support
Chapel Regeneration
Other
Total
Net income/(expenditure)
Net Income/(expenditure)
before transfers
Transfers between funds
Gross transfers between funds - in
Gross transfers between funds - out
Other recognised gains/(loses)
Actuarial gains/(losses) on defined
benefit pension schemes
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
80,894
-
25,100
-
105,994
140,091
91,442
-
-
-
91,442
89,432
175
-
-
-
175
584
-
-
-
-
0
0
172,511
0
25,100
0
197,611
230,107
360
-
-
-
360
310
-
-
-
-
-
0
25,721
-
17
-
25,738
2,194
16,392
-
135
-
16,527
17,968
31,896
-
96,397
-
128,293
111,241
25,631
-
-
-
25,631
18,923
19,813
19,813
32,572
-
-
-
-
-
-
119,813
0
96,549
0
216,362
183,208
52,698
0
-71,449
0
-18,751
46,899
-
-
7,200
-
-
150,392
-7,200
-
-
-
-
-150,392
321
321
10,765
45,819
0
-64,249
-
-18,430
57,664
252,426
4,025
9,444,806
0
9,701,257
9,643,593
298,245
4,025
9,380,557
0
9,682,827
9,701,257

The notes on pages 13 to 25 form part of these accounts

11

Balance sheet
Fixed assets
Tangible assets
Total fixed assets
Current assets
Debtors
Cash at bank and in hand
Total current assets
Liabilities
Creditors: Amounts falling due within one year
Net current assets or liabilities
Total assets less current liabilities
Net assets or liabilities excluding pension asset
or liability
Defined benefit scheme asset or liability
Total net assets
The funds of the charity
Endowment funds
Restricted income funds
Bookstall
Chapel Renovation Fund
Freehold property
Help in need
Legacy
Media
Mission
Youth Ministry
Gifts and donations
Famine relief
Legacy
General - unrestricted funds
Pension reserve
Fund totals		 General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
-
-
9,322,776
-
9,322,776
9,411,973
0
0
9,322,776
0
9,322,776
9,411,973
21,123
-
-
-
21,123
309,737
4,025
57,781
0
371,543
311,210
330,860
4,025
57,781
0
392,666
311,210
15,026
15,026
400
315,834
4,025
57,781
0
377,640
310,810
315,834
4,025
9,380,557
0
9,700,416
9,722,783
10,081
-17,589
-17,589
-21,526
298,245
4,025
9,380,557
0
9,682,827
**9,701,257 **
-
-
-
-
-
-
-
-
-
-
-
-
-
-
147
-
147
164
-
-
200
-
200
-
-
-
9,322,776
-
9,322,776
9,411,973
-
-
865
-
865
1,000
-
-
27,503
-
27,503
27,503
-
-
11,060
-
11,060
-
-
-
2,826
-
2,826
2,666
-
-
13,680
-
13,680
-
-
-
1,500
-
1,500
1,500
-
25
-
-
25
25
-
4,000
-
-
4,000
4,000
315,834
-
-
-
315,834
273,952
-17,589
-
-
-
-17,589
-21,526
298,245
4,025
9,380,557
0
9,682,827
9,701,257

The notes on pages 13 to 25 form an integral part of these accounts These accounts were approved by the Trustees on on 1[st] December 2021 and signed on their behalf by:-

Norma Facey, Treasurer

Barry Evans, Elder

12

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES

a Basis of preparation

The accounts are prepared in accordance with the, Charities Statement of Recommended Practice (Charities SORP 2015), FRS102 and with the Charities Act 2011 which were implemented by the charity from 1[st] January 2020 and has necessitated restating the 31 December 2019 accounts.

Rye Lane Baptist is a registered charity, no. 1127757 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b Income recognition

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

c Donations

Donations are accounted for gross when received. Fixed asset gifts in kind are recognized when receivable and are included at fair value.

d Legacies

Legacies are accounted for when probate has been completed, the amount of the legacy can be reliably quantified and the conditions of the legacy are within the control of the Chapel.

e Investment Income

Investment income is included in the accounts in the year in which it is receivable.

f Expenditure recognition

All expenditure is accounted for on an accrual's basis. Expenditure is recognized where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

g Costs of raising funds

The Chapel does not make formal appeals for funds, and expenditure on these items is therefore not material, limited to giving envelopes and payment card processing costs.

h Grants payable

The Chapel makes grants to other organisations whose charitable objects complement its work. They are accounted for when the recipient has been notified of the grant and payment is unconditional.

i Support costs

Support costs are those that assist the work of the Chapel but do not directly represent charitable activities and include office costs and governance cost. For simplicities sake support costs are apportioned 80% to ministry and 20% to establishment (property). Most of the management of the Chapel 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.

13

j Fixed Assets

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £1,000. They are initially recognised at cost, or for donated assets, at a reasonable estimate of their value on receipt.

There is no reliable information available for the cost of the Chapel properties and so on adoption of FRS102, insurance rebuilding valuations have been used as they are deemed to be the worth to the Chapel. The properties are not investment assets so do not have to be held at market value. They are held on trust by the London Baptist Properties Board the terms of which are that if a property is disposed of the proceeds should be restricted to the repair, refurbishment, extension, replacement or rebuilding of the premises. Accordingly, the valuation of the properties has been accounted for in a restricted freehold property fund. The properties are the Chapel, the shop with flat above at 59 Rye Lane, the Manse at 1 Cerise Road and the next door property 2 Cerise Road.

k Depreciation

Depreciation is provided on all fixed assets, other than freehold land, to write off the cost on a straight-line basis over their expected useful life, at the following rates:

Freehold land Nil
Buildings 1%
Sanctuary (2003) 2%
Furniture and fittings 10%
Computers and equipment 33%

l Investment Assets

Investments are initially stated at cost. Subsequently they are measured at fair value with changes recognized in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. All other investment assets are shown at cost less impairment. At the present time the Chapel has no investment assets.

m Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for specific purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. The principal restricted fund is the freehold property fund where all of the chapel properties held on trust by the London Property Board are accounted for.

Endowment funds represent those assets which must be held permanently by the charity, principally. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. There are no endowment funds at present.

14

n Employee benefits

The charity operates a defined contribution plan for its employees – one in 2021, none in 2020. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in an independently administered fund.

Prior to 2012 pension provision was made through multi-employer defined benefit pension plans. Where it is not possible for the charity to obtain sufficient information to enable it to account for a plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

Where the plan is in deficit and where a charity has agreed, with the plan, to participate in a deficit funding arrangement, the charity recognises a liability for this obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. The unwinding of the discount is recognised as a finance cost and any other change in the measurement of this liability is expensed to the Statement of Financial Activities

15

2 Analysis of Income and Expenditure
Income and endowments from:
Donations and legacies
Weekly envelopes
Loose plate collections
Bank offerings
Legacies received
Gift Aid
Donations
Other
Donations and legaciesTotals
Income from charitable activities
Rent 59a flat
Funeral Directors
Shop rent.
Manse - 1 Cerise Road Rent while vacancy
2 Cerise Road Flat 1 Rent
2 Cerise Road Flat 2 Rent
2 Cerise Road Flat 3 Rent
2 Cerise Road Flat 4 Rent
True Sharp VCV Church
Hall hire
Sanctuary Hire
Income from charitable activities Totals
Investments
Bank Interest
Investments Totals
Other income
2019 Other Income
Other income Totals
Income and endowments Grand totals		 General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
15,498
-
-
-
15,498
10,912
13,031
-
-
-
13,031
8,506
39,959
-
1,805
-
41,764
29,701
-
-
-
-
0
65,411
9,560
-
-
-
9,560
8,732
1,935
-
23,295
-
25,230
16,670
911
-
-
-
911
158
80,894
0
25,100
0
105,994
140,091
18,000
-
-
-
18,000
19,500
270
270
90
38,952
-
-
-
38,952
38,952
17,685
-
-
-
17,685
10,000
-
-
-
-
0
2,790
4,800
-
-
-
4,800
4,400
4,800
-
-
-
4,800
4,800
-
-
-
-
0
1,130
1,500
-
-
-
1,500
2,000
5,435
-
-
-
5,435
5,630
-
-
-
-
0
140
91,442
0
0
0
91,442
89,432
175
-
-
-
175
584
175
0
0
0
175
584
-
-
-
-
-
0
0
0
0
0
0
172,511
0
25,100
0
197,611
**230,107 **

16


Expenditure on:
Raising funds
Go Cardless
Envelope Systems
Ministry
Ministers Stipend
Minister Pension Scheme
Ministers Expenses
Staff Relocation Expenses
Anniversary and Celebrations
Visiting Speaker
Council Tax Manse
Sunday School and Youth Ministry
Anniversary and Celebrations
Mission
Grant making programme
Help in Need
Home Mission
Grant to 2K Plus
World Vision
Help-in-need/Community
Establishment
Cleaning
Compensation for future increased lighting costs
Heating
Gas 2 Cerise
Gas - Chapel
Electricity - Chapel
Tenants contribution to 1 Cerise Road Ho
Energy – 1 Cerise (dual fuel)
Electricity 2 Cerise Road
Council Tax 59a_Flat
Electricity 59a_Flat
Gas 59a_Flat
Repairs 59a_Flat
Insurance		 General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
197
-
-
-
197
150
163
-
-
-
163
160
360
0
0
0
360
310
13,182
-
-
-
13,182
-
1,428
-
-
-
1,428
-
250
-
-
-
250
-
2,880
-
-
-
2,880
-
2,782
-
-
-
2,782
-
2,437
-
-
-
2,437
732
1,978
-
-
-
1,978
1,436
784
-
17
-
801
27
0
-
-
-
0
0
25,721
0
17
0
25,738
2,194
6,025
-
-
-
6,025
14,400
-
-
135
-
135
-
8,235
-
-
8,235
-
1,470
-
-
-
1,470
2,520
251
-
-
-
251
289
411
-
-
-
411
759
16,392
0
135
0
16,527
17,968
General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
4,418
-
-
-
4,418
2,675
-
-
-
-
0
-30,000
5,413
-
-
-
5,413
4,814
1,807
-
-
-
1,807
908
-
-
-
-
0
673
157
-
-
-
157
634
-1,708
-
-
-
-1,708
-976
567
-
-
-
567
1,536
2,808
-
-
-
2,808
2,849
-
-
-
-
0
-
-
-
-
-
0
-
70
-
-
-
70
130
190
-
-
-
190
0
1,515
-
-
-
1,515
16,962

17

Repairs 2 Cerise Road
Establishment
Chapel Repairs
Council Tax 2 Cerise Rd
Caretaking for hall hires
Chapel Building
61 - 63 Rye Lane loss of light fees
City Fire
Verisure Alarm
Depreciation on renovation of Scanctuary in
2003
Freehold Property Depreciation
Support
Interest cost - BU Closed DB Pension Sche
Music Leader Retainer
Music - CCLI
Administration
Conference
Telephone - 8120
Telephone - 7098
Internet
Equipment
Photocopier lease and consumables
Financial Management
Payroll Processing Costs
Sundries
Stationery
Support for Weddings and Funerals
Subscriptions
Professional fees - Governance
2019 Accounts Adjustments		 2,000
-
-
-
2,000
-
General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
1,977
-
-
-
1,977
1,200
1,060
-
-
-
1,060
1,436
1,975
-
-
-
1,975
345
1,780
1,780
-
-
-
-
-
0
5,400
2,216
-
-
-
2,216
1,745
991
-
-
-
991
987
-
-
1,882
-
1,882
1,882
-
-
94,515
-
94,515
94,443
31,896
0
96,397
0
128,293
111,241
General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
79
-
-
-
79
563
2,200
-
-
-
2,200
2,600
1,103
-
-
-
1,103
834
4,879
-
-
-
4,879
4,800
-
-
-
-
0
363
940
-
-
-
940
1,617
355
-
-
-
355
58
31
-
-
-
31
32
2,740
-
-
-
2,740
0
797
-
-
-
797
845
4,792
-
-
-
4,792
-
232
232
-
1,723
-
-
-
1,723
1,651
221
-
-
-
221
74
317
-
-
-
317
1,697
3,972
-
-
-
3,972
3,293
1,250
-
-
-
1,250
400
-
-
-
-
0
96
25,631
0
0
0
25,631
18,923

18


Chapel Regeneration Project
Project Support
Chapel Regeneration Project
Expenditure Grand Totals
3 Support Expenditure Allocation
Raising funds
Ministry
Mission
Establishment
Chapel regeneration		 General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
8,712
-
-
-
8,712
3,972
11,101
-
-
-
11,101
28,600
19,813
0
0
0
19,813
32,572
119,813
0
96,549
0
216,362
183,208
Direct
Allocated
Charitable
Support
Expenditure
Costs
£
£
360
0
25,738
20,505
80%
16,527
0
128,293
3,845
15%
19,813
1,282
5%
190,731
25,631

6 Net Income for the year

2022 2020 Net income for the year Net income for the year is stated after charging/(crediting) Auditors/Independent examiner's remuneration: Audit/Independent examination 400 400 Taxation work Other work

19

2022 2020

7 Staff costs and Trustees expenses

Staff costs and trustees expenses

Salaries
Gross salary
Social security costs
Employers' national insurance
Pension costs
Employers' pension contributions
Other costs
Council tax, water, telephone (not motor)
Total		 13,181
-
1,428
1,288
15,898		 -
-
-
-
-

Employee commenced part way through July 2021

The average number of employees during the year was 2021 one, 2020 nil.

No employee received total emoluments in excess of £60,000 during the year.

The Minister acts as one of the Chapel's trustees in accordance with e.g. the Trust deed and received remuneration of £ni and other benefits in respect of his/her services as Minister, including the provision of manse accommodation owned by the chapel as a Minister was in post.

£nil in total was reimbursed to the Trustees in respect of expenses incurred as Trustees (2020 £nil).

The Chapel pays pension contributions for its Minister to the Baptist Ministers Pension Trust Limited, which is a final salary defined benefit scheme, which is not contracted out of the State second pension. The scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Chapel. Therefore, in accordance with FRS102 Section 28, the scheme is accounted for as a defined contribution scheme.

Total aggregate remuneration paid to key management personnel during the year was £15,898 (2020 nil)

20

8 Debtors

8 Debtors
Accrued income
Prepayment and other debtors
31 December
Cash and bank balances
Barclays Premier Deposit Account
London Baptist Property Board Account
Barclays Current Account
31 December
Creditors: amounts falling due within one year
Loans and overdrafts
Other creditors
Accruals
31 December		 2021
£
9,560
11563
21,123
2021
£
237,329
102,097
32,117
371,543
2021
£
-
15,026
-
15,026		 2020
£
-
-
-
2020
£
207,788
101,942
1,480
311,210
2020
£
-
400
0
400

21

9 Movement of funds
Unrestricted
General
Sub total
Designated
Famine Relief
Home Mission
Legacy
Sub total
Restricted
Bookstall
Chapel Renovation
Freehold Property
Help In Need
Legacy
Media
Mission
Gift and Donations
Youth Ministry
Sub total
Totals		 Balances
Incoming
Outgoing
Transfers
Balances
b/fwd
Resources
Resources
c/fwd
01/01/2021
31/12/2021
£
£
£
£
£
252,425
172,511
119,491
-7,200
298,245
252,425
172,511
119,491
-7,200
298,245
25
25
0
0
0
4,000
4,000
4,025
0
0
0
4,025
164
17
147
-
200
200
9,411,973
96,397
7,200
9,322,776
1,000
135
865
27,503
27,503
-
11,060
11,060
2,666
160
2,826
1,500
1,500
-
13,680
13,680
9,444,806
25,100
96,549
7,200
9,380,557
9,701,256
197,611
216,040
0
9,682,827

Freehold property was a new fund created in 2020 to hold the Chapels five freehold premises held of trust for it by the London Baptist Property Board - namely - Chapel, Flat, Shop, Manse at 1 Cerise Road and a house at 2 Cerise Road.

10 Pensions

The Chapel is a participating employer the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers.

The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income.

From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members’ Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members if they are unable to work due to longterm incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited. [Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.]

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme’s assets and liabilities to specific employers, the scheme is accounted for as if the Scheme were a defined contribution scheme.

The Minister(s) are eligible to join the Scheme.

22

Actuarial valuation as at 31 December 2019

A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Chapel and the other participating employers in the DB Plan are collectively responsible for funding this deficit.

The key financial assumptions underlying the valuation were as follows

The key financial assumptions underlying the valuation were as follows
Type of assumption % p.a.
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum Pensionable Income Increase Adjustment (above CPI) 0.50
Pre-retirement assumed investment returns (gilt yield plus 1.75% pa) 2.95
Post retirement assumed investment returns (including benefits matched by the 1.70
insurance policy) (gilt yield plus 0.5% pa)
Minimum Pensionable Income increases (CPI plus 0.5%) 3.20
Deferred pension increases (based on RPI)
Pre April 2009 3.20
Post April 2009 2.50
Pension increases
Based on CPI with an annual floor of 0% and annual cap of 5% 2.70
Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013
in line with the “CMI 2020” projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for
femaleswith the core smoothing parameter and with additional initial mortality improvement factor A=0.5%.

The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022.

Recovery Plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from Chapeles and other employers involved in the DB Plan.

Under the current Recovery Plan signed on 5[th] March 2019, deficiency contributions are payable until June 2026. These contributions are broadly based on the employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.

23

Movement in Balance Sheet liability

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below.

Balance sheet liability at year start
Minus deficiency contributions paid
Interest cost (recognised in SoFA)
Remaining change to balance sheet liability* (recognised in SOFA)
Balance sheet liability at year end		 2020
2020
£
£
21,526
34,452
-3,695
-2,724
79
563
-321
-10,765
17,589
21,526

This liability 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 of the deficit recovery payments:

31 Dec 2021 31 Dec 2020 31 Dec 2019
Discount rate 1.3% 0.4% 1.7%
Future increases to Minimum Pensionable Income 4.0% 3.0% 3.2%

The Chapel has been advised that the cost for the Chapel to buyout their Pension Scheme liabilities at 20 January 2022 was approximately £23,700. This is known as Estimated Employer Debt.

Cessation Event

Consequent upon the departure of the Minister from the Chapel in March 2019, the Chapel had a cessation event under Section 75 of the Pensions Act 1995. This makes the Chapel liable for the proportion of the overall deficit (assessed by reference to the cost of securing benefits by the purchase of annuities) applicable to its previous Ministers who were members of the Scheme. At present the Chapel is paying the ongoing deficiency contributions outlined above, and the balance sheet liability below is based on those deficiency contributions. However, the Pension Scheme Trustee has the right to quantify and seek payment of the debt at any time.

12 Related Charities

The custodian Trustee of the Chapel is the London Baptist Property Board which is charity number 249768, and controlled by the London Baptist Association. The Chapel is also a member of the Baptist Union of Great Britain, and the London Baptist Association.

There were no transactions between the Chapel and its related charities during the year apart from interest received on its London Baptist Property Board deposit account.

24

12 Comparative Statement of Financial Activities 31 December 2020


December 2020
Statement of financial activities
Income and endowments from:
Donations and legacies
Income from charitable activities
Investments
Other income
Total
Expenditure on
Raising funds
Charitable activities
Ministry
Mission
Establishment
Support
Chapel Regenartion
Other
Total
Net income/(expenditure)
Net Income/(expenditure)
before transfers
Transfers between funds
Gross transfers between funds - in
Gross transfers between funds - out
Other recognised gains/(loses)
Actuarial gains/(losses) on defined
benefit pension schemes
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 General
Designated
Restricted
Endowment
Total
Prior Year
Fund
Funds
Funds
Funds
Funds
Total Funds
£
£
£
£
£
£
140,091
-
-
-
140,091
114,709
89,432
-
-
-
89,432
87,851
584
-
-
-
584
1,332
-
-
-
-
0
6,862
230,107
0
0
0
230,107
210,754
310
-
-
-
310
-
-
-
-
-
-
2,194
-
-
-
2,194
27,573
17,968
-
-
-
17,968
38,187
14,916
-
96,325
-
111,241
144,634
18,923
-
-
-
18,923
11,233
32,572
32,572
-
-
-
-
-
-
86,883
0
96,325
0
183,208
221,627
143,224
0
-96,325
0
46,899
-10,873
9,497
-
140,895
-
150,392
150,392
-140,895
-9,497
-
-
-150,392
-150,392
10,765
10,765
-484
22,591
-9,497
44,570
-
57,664
-11,357
229,835
13,522
9,400,236
0
9,643,593
9,654,950
252,426
4,025
9,444,806
0
9,701,257
9,643,593

25