Kirby Muxloe Free Church
Annual Report and Financial Statements
For the Year Ending 30th September 2021
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Charity No: 1127930 2021-11-07
Legal Information
Officers: Rev. C Weller ( Minister ) R. Kent ( Secretary ) M. Pollard (Treasurer) Charity Number: 1127930 Trustees: R. Knight N. Kinsey M. Pollard E. Pollard R. Scott C.P. Wisdish Principal Address: Main Street Kirby Muxloe Leicester LE9 2AN Bankers: Lloyds TSB Plc Co-operative Bank 7, High Street PO Box 250 Leicester Skelmersdale LE1 9FS WN8 6WT Independent Examiner: Mark Graves MEng FCA 17 Millbrook Drive Broughton Astley Leicestershire LE9 6UX
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Annual Report and Financial Statements for the Year Ended 30 September 2021
| Contents:- Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes on Accounts 1. Accounting Policies 2.-6 Analysis of Income and Expenditure (report) 7.Tangible Fixed Assets 8. Debtors 9. Bank and cash Balances 10. Creditors 11. Analysis of Net Assets 12. Fund Movement Summary 13. Pensions 14. Related Charities 15. Reserves Policy 15. Going Concern |
Page |
|---|---|
| 4 5 6 7 8 9-11 12 13 13 13 14 14 15 15 15 15 |
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Treasurer's Annual Report for the Year to 30th September 2021
In the year 1[st] October 2020 to 30[th] September 2021 the ongoing restrictions caused by the pandemic have continued to hamper any return to what could be considered normality, but we have continued to maintain fellowship wherever possible, using the technology available to us and meeting in small groups, with the church starting to open up through the summer as government guidelines allowed. Any comparison with previous years should take this into account.
Offerings, gifts and donations were 2.8% down from the previous year, but on the positive side, were almost £3,000 above the budget set at the beginning of the year, which is really positive and thanks should go to our church members and wider congregation for their continued giving and support. Giving by church members and our wider congregation in offerings was £59,784. Offerings for the Christmas appeal were £265. Gifts and donations amounted to £3,793.
The gift aid tax rebate was down £3,000 against the previous year at £12,460 and also under the budget expection, whilst our income from charitable activities (for example, hire of the church premises) was almost £5,000 down against the previous year. In this regard we were fortunate to benefit from the Government’s Job Retention Scheme, and were able to claim £10,021 by partially furloughing our minister, children and family’s worker and support staff throughout the year.
The Family and Children’s worker salary continued to be met from the legacy fund, along with £330 per month from pledged funds. However, as the year progressed, it became apparent that we would be unable to continue the family and children’s worker position beyond the 3 year intitial arrangement, and due to the financial pressures being experienced, the difficult decision was taken to make the position redundant and 3 months’ notice was served in March 2021. Since the role termination, pledged funds which continue to have been made have been transferred into the general fund.
We have therefore ended the year with the Minister receiving a stipend and expenses and we continue to employ an Administrator and Caretaker.
Our Mission giving was £5,222 to the Baptist Home Mission Fund and £4,416 to the Baptist Missionary Society.
The year end position is that we have a deficit of £9,292, with half of this deficit resulting from the planned project works on the access ramp in the car park. This is significantly less than the deficit of £31,009 we had budgeted for, and can be attributed in the main to the decision to terminate the family and children’s worker post early, and the decision to furlough our minister and support staff enabling access to the Government’s Job Retention Scheme.
We continue to be thankful that we have sufficient funds to pay our bills but we are in a position where our activities are firmly constrained by our income and consideration needs to be given to this in our decision making going forwards.
Thank you to everyone for your continued support and to those who have helped me fulfil this role over the past year.
Matt Pollard 30th September 2021 For and on behalf of the Deacons
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Charity No: 1127930 2021-11-07
Independent examiner’s report to the Trustees of Kirby Muxloe Free Church
I report to the trustees on my examination of the accounts of the Kirby Muxloe Free Church (the Trust) for the year ended 30th September 2021.
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 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 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed
Date: 6[th] July 2022
Mark Graves MEng FCA Chartered Accountant 17 Millbrook Drive Broughton Astley Leicestershire LE9 6UX
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Statement of Financial Activities
For the period from 01 October 2020 to 30 September 2021
| Unrestricted | Restricted Endowment | Restricted Endowment | Total | Prior year | |||
|---|---|---|---|---|---|---|---|
| Notes | funds | funds | funds | funds | total funds | ||
| Income and endowments from: | |||||||
| Donations and legacies | 2 | 83,998.29 | 2,433.32 | — | 86,431.61 | 81,287.86 | |
| Income from charitable activities | 3 | 1,244.70 | 250.00 | — | 1,494.70 | 6,373.28 | |
| Investments | 4 | 1,972.65 | — | — | 1,972.65 | 5,847.29 | |
| Total income | 87,215.64 | 2,683.32 | — | 89,898.96 | 93,508.43 | ||
| Expenditure on: | |||||||
| Expenditure on charitable activities | 5 | ||||||
| Special Efforts | 93.00 | 737.80 | — | 830.80 | 3,412.35 | ||
| Baptist Union | 9,638.00 | — | — | 9,638.00 | 10,788.00 | ||
| Church Expenses | 22,166.48 | 18.29 | — | 22,184.77 | 17,220.27 | ||
| Children and Young People | 19,290.53 | — | — | 19,290.53 | 24,422.15 | ||
| Manse Expenses | 4,705.54 | — | — | 4,705.54 | 4,615.70 | ||
| Ministerial Expenses | 31,464.78 | — | — | 31,464.78 | 31,702.67 | ||
| Administration and Communication | 6,221.52 | 34.99 | — | 6,256.51 | 6,140.56 | ||
| Other Expenses | 4,820.04 | — | — | 4,820.04 | 5,342.47 | ||
| Other expenditure | 6 | — | — | — | — | 290.33 | |
| Total expenditure | 98,399.89 | 791.08 | — | 99,190.97 | 103,934.50 | ||
| Net income / (expenditure) resources before transfer | (11,184.25) | 1,892.24 | — | (9,292.01) | (10,426.07) | ||
| Transfers | |||||||
| Gross transfers between funds - in | 23,969.34 | — | — | 23,969.34 | 2,350.00 | ||
| Gross transfers between funds - out | (23,969.34) | — | — | (23,969.34) | (2,350.00) | ||
| Other recognised gains / losses | |||||||
| Net movement in funds | (11,184.25) | 1,892.24 | — | (9,292.01) | (10,426.07) | ||
| Reconciliation of funds | |||||||
| Total funds brought forward | 399,509.46 | 408,575.02 | — | 808,084.48 | 818,510.55 | ||
| Total funds carried forward | 388,325.21 | 410,467.26 | — | 798,792.47 | 808,084.48 |
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Balance Sheet as at 30 September 2021
| At At General Designated Restricted Endowment 30/09/2021 30/09/2020 Notes Fund Funds Funds Funds £ £ Fixed assets Tangible assets 7 301,920.10 — 400,000.00 — 701,920.10 705,653.10 Fixed assets 301,920.10 — 400,000.00 — 701,920.10 705,653.10 Current assets Debtors 8 2,129.78 — — — 2,129.78 2,106.09 Cash at bank and in hand 9 39,063.15 46,109.95 10,467.26 — 95,640.36 100,924.89 Current assets 41,192.93 46,109.95 10,467.26 — 97,770.14 103,030.98 Liabilities Creditors: Amounts falling due in one year 10 897.77 — — — 897.77 599.60 |
|
|---|---|
| Net current assets less current liabilities 40,295.16 46,109.95 10,467.26 — 96,872.37 102,431.38 Total assets less current liabilities 342,215.26 46,109.95 410,467.26 — 798,792.47 808,084.48 Total net assets less liabilities 11 342,215.26 46,109.95 410,467.26 — 798,792.47 808,084.48 Represented by 12 Unrestricted Unrestricted - General fund 342,215.26 — — — 342,215.26 337,581.29 Unrestricted - General Building Fund — — — — — — Designated Designated - Carpet Bowls — 2,292.77 — — 2,292.77 2,292.77 Designated - Holiday at Home — 87.96 — — 87.96 87.96 Designated - Thirst — 80.74 — — 80.74 80.74 Designated - Legacy — 43,648.48 — — 43,648.48 55,763.70 Designated - Pledged Funds — — — — — 3.00 Designated - General Building Fund — — — — — 3,700.00 Restricted Restricted - Covid Grant — — 221.72 — 221.72 — Restricted - Charity Collections and Donations — — — — — — Restricted - Special Efforts — — — — — 255.00 Restricted - BMS World Mission — — 10.52 — 10.52 85.00 Restricted - Flower Fund — — — — — — Restricted - General Building Fund — — 10,205.00 — 10,205.00 8,205.00 Restricted - Christmas Meal Fund — — 30.00 — 30.00 30.00 Restricted - Church Premises — — 400,000.00 — 400,000.00 400,000.00 Funds of the church 342,215.26 46,109.95 410,467.26 — 798,792.47 808,084.48 |
|
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Notes to the Accounts
For the period 01 October 2020 to 30 September 2021
1. Accounting Policies
a. Basis of preparation
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to the accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.
b. Funds
Endowment Funds: are the capital of which must be maintained; only income arising from investment of endowment may be used as restricted or unrestricted funds depending on how the endowment was originally set-up.
Restricted Funds: represent donations for a specific object or invited by the Trustees for a specific object. The funds may only be expended on the specified object for which they were given. Any balance remaining at the end of the year must be carried forward as a balance on that fund.
Unrestricted Funds : are the general funds which can be used for any purpose
Designated Funds : are sums set aside out of general funds for specific designated purposes. They can be transferred back to general funds at any time.
c. Donations
Donations are accounted for gross when received.
d. Legacies
Legacies are accounted for when their receipt is certain and can be properly quantified.
e. Investment Income
Investment income is included in the accounting year in which it is receivable.
f. Grants payable
The Church makes grants to other organisations whose charitable objects complement its work (for example, BMS and Home Mission). They are accounted for in the year in which they are paid.
g. Governance Costs
This represents direct expenditure on the governance of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities, since there is no measurable cost for the volunteers' service.
h. Fixed Assets
The church premises are included in the balance sheet at market value, based on a valuation in December 2016. The manse premises are stated at conservative market value.
Tangible assets costing less than £800 are written off as expenses.
i. Depreciation
Depreciation has not been charged on the Church or the Manse premises (11 Barns Close, Kirby Muxloe, Leicester), because in the opinion of the Trustees, the residual value of the asset is worth not less than the value stated in these accounts.
Depreciation on other fixed assets is calculated to write off the cost on a linear basis over the expected useful life. The rates used are:
-
Furniture and fittings 10% per year
-
Audio Visual Equipment 20% per year
-
Computers and equipment 33% per year
j. Analysis of Income and expenditure.
Each heading in the Statement of financial activities is itemised by nominal fund in the Analysis of Income and Expenditure section.
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Analysis of income and expenditure Selected period: 01 October 2020 to 30 September 2021
| Total | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | This year | Last year | |
| Income and endowments | ||||||
| 2.Donations and legacies | ||||||
| 21I119 - Offerings by Cash | 3,041.50 | — | — | — | 3,041.50 | 4,678.55 |
| 22I120 - Offerings in Envelope | 12,355.00 | — | — | — | 12,355.00 | 15,654.20 |
| 23I121 - Offerings by Standing order | 41,344.80 | 3,044.00 | — | — | 44,388.80 | 39,497.00 |
| 24I145 - Income Tax Recovered | 18,717.16 | 3,764.78 | — | — | 22,481.94 | 15,254.94 |
| 25I271 - General Gifts and Donations | 1,731.05 | — | — | — | 1,731.05 | 3,928.91 |
| 27I132 - Special Gifts | — | — | 2,062.80 | — | 2,062.80 | 490.25 |
| 27I133 - Special: BMS World Mission | — | — | 105.52 | — | 105.52 | 394.00 |
| 27I135 - Special: Christmas & Gift Day | — | — | 265.00 | — | 265.00 | 1,136.15 |
| 27I136 - Flowers | — | — | — | — | — | 253.86 |
| Donations and legacies Totals | 77,189.51 | 6,808.78 | 2,433.32 | — | 86,431.61 | 81,287.86 |
| 3.Income from charitable activities | ||||||
| 41I134 - Events Income | — | — | — | — | — | 813.00 |
| 43I009 - Youth Income | — | — | — | — | — | 125.00 |
| 44I010 - Holiday Club Income | 575.41 | — | — | — | 575.41 | — |
| 45I135 - Other income | 182.94 | — | 250.00 | — | 432.94 | 4,999.58 |
| 46I060 - Bible Notes Subscriptions | 86.35 | — | — | — | 86.35 | 111.13 |
| 47I061 - Wedding and Funeral Fees | 400.00 | — | — | — | 400.00 | — |
| 48I064 - Carpet Bowls Income | — | — | — | — | — | 167.77 |
| 61I001 - Income from activities | — | — | — | — | — | 156.80 |
| Income from charitable activities | 1,244.70 | — | 250.00 | — | 1,494.70 | 6,373.28 |
| Totals | ||||||
| 4.Investments | ||||||
| 33I129 - BU Loan Account Interest | 113.15 | — | — | — | 113.15 | 434.79 |
| 34I069 - Hall Hire | 1,859.50 | — | — | — | 1,859.50 | 5,412.50 |
| Investments Totals | 1,972.65 | — | — | — | 1,972.65 | 5,847.29 |
| Income and endowments | 80,406.86 | 6,808.78 | 2,683.32 | — | 89,898.96 | 93,508.43 |
| Grand totals |
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Charity No: 1127930 2021-11-07
Expenditure
Total Unrestricted Designated Restricted Endowment This year Last year
5. Expenditure on charitable activities
Special Efforts
| Expenditure on charitable activities Special Efforts |
||||||
|---|---|---|---|---|---|---|
| 801E134 - Events Expenditure | — | — | — | — | — | 1,497.06 |
| 802E132 - Special Efforts | — | — | 292.80 | — | 292.80 | 169.13 |
| 803E133 - BMS World Mission | — | — | 180.00 | — | 180.00 | 340.30 |
| 805E135 - Christmas & Gift Day | — | — | 265.00 | — | 265.00 | 1,405.86 |
| 806E062 - Charity Donations | 93.00 | — | — | — | 93.00 | — |
| Baptist Union | ||||||
| 808E066 - BU: BMS World Mission | 4,416.00 | — | — | — | 4,416.00 | 4,968.00 |
| 809E067 - BU: Home Mission | 5,222.00 | — | — | — | 5,222.00 | 5,820.00 |
| Church Expenses | ||||||
| 811E001 - Fabric and Equipment | 2,952.86 | — | — | — | 2,952.86 | 1,654.99 |
| 812E002 - Project | — | 5,410.00 | — | — | 5,410.00 | — |
| 813E003 - Audio Visual | 863.25 | — | — | — | 863.25 | 786.46 |
| 814E004 - Health and Safety | 311.70 | — | 18.29 | — | 329.99 | 343.80 |
| 815E007 - Mission and Evangelism | — | — | — | — | — | 61.26 |
| 816E019 - Worship & Music | 102.94 | — | — | — | 102.94 | 125.23 |
| 817E021 - Heat, Lighting & Water | 5,345.75 | — | — | — | 5,345.75 | 5,326.23 |
| 818E025 - Church Insurance | 2,735.70 | — | — | — | 2,735.70 | 2,699.71 |
| 820E037 - BU Assembly/Conferences | — | — | — | — | — | 301.26 |
| 821E033 - Miscellaneous | 415.81 | — | — | — | 415.81 | 335.90 |
| 822E034 - Catering | 34.11 | — | — | — | 34.11 | 317.33 |
| 825E018 - Pastoral Fund | — | — | — | — | — | 40.00 |
| 825E019 - Flowers | — | — | — | — | — | 253.86 |
| 829E047 - Caretakers Salary | 3,840.00 | — | — | — | 3,840.00 | 3,840.00 |
| 829E048 - Tax and NI Payments to HMRC | 154.36 | — | — | — | 154.36 | 1,134.24 |
| Children & Young People | ||||||
| 832E008 - Youth | 8.98 | — | — | — | 8.98 | 82.00 |
| 832E009 - Junior Church | 131.40 | — | — | — | 131.40 | 193.06 |
| 833E010 - Holiday Club | 189.36 | — | — | — | 189.36 | 43.29 |
| 833E011 - Youth & Families worker | 882.94 | 17,217.00 | — | — | 18,099.94 | 22,956.00 |
| 833E012 - Youth & Families Worker Pension | 860.85 | — | — | — | 860.85 | 1,147.80 |
| Manse Expenses | ||||||
| 841E081 - Manse Heat, Light & Water | 1,236.77 | — | — | — | 1,236.77 | 724.40 |
| 842E075 - Manse Council Tax | 2,432.28 | — | — | — | 2,432.28 | 2,329.20 |
| 843E094 - Manse Telephone | 520.37 | — | — | — | 520.37 | 496.74 |
| 844E076 - Manse Maintenance | 23.70 | — | — | — | 23.70 | 630.00 |
| 845E082 - Manse Insurance | 492.42 | — | — | — | 492.42 | 435.36 |
| Ministerial Expenses | ||||||
| 846E087 - Ministers Stipend | 24,732.00 | — | — | — | 24,732.00 | 24,732.00 |
| 848E088 - Ministers Superannuation | 6,641.48 | — | — | — | 6,641.48 | 6,571.89 |
| 849E090 - Ministers motor/travel expenses | 77.83 | — | — | — | 77.83 | 298.78 |
| 850E099 - Pulpit Supplies | 13.47 | — | — | — | 13.47 | 100.00 |
| Administration & Communication | ||||||
| 871E023 - Church Phone & Broadband | 440.23 | — | — | — | 440.23 | 550.07 |
| 872E029 - Copy, Post, Stationery | 593.61 | — | 9.99 | — | 603.60 | 669.93 |
| 873E137 - Administrators salary | 4,788.00 | — | — | — | 4,788.00 | 4,788.00 |
| 880E001 - Computer Software | 399.68 | — | 25.00 | — | 424.68 | 132.56 |
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Charity No: 1127930 2021-11-07
Other Expenses 881E068 - Subscriptions 882E071 - Donations 903E003 - Depreciation Expenditure on charitable activities Totals 6.Other expenditure 71E029 - Envelope Scheme 901E100 - Staff Training Other expenditure Totals Expenditure Grand totals |
Other Expenses 881E068 - Subscriptions 882E071 - Donations 903E003 - Depreciation Expenditure on charitable activities Totals 6.Other expenditure 71E029 - Envelope Scheme 901E100 - Staff Training Other expenditure Totals Expenditure Grand totals |
537.04 — — — 537.04 735.79 550.00 — — — 550.00 600.00 3,733.00 — — — 3,733.00 4,006.68 |
|---|---|---|
| 75,772.89 22,627.00 791.08 — 99,190.97 103,644.17 — — — — — 132.33 — — — — — 158.00 |
||
| — — — — — 290.33 75,772.89 22,627.00 791.08 — 99,190.97 103,934.50 |
||
2. D3 3. D4 4. D5 5. D6
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Notes to the Accounts
For the period 01 October 2020 to 30 September 2021
6. Tangible Fixed Assets
7. Tangible Fixed Assets
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Notes to the Accounts For the period 01 October 2020 to 30 September 2021
8. Debtors
| Church: Building & Contents Ins Manse: Building Insurance Debtors Total |
This Last Unrestricted Restricted Endowment Year Year £ £ £ £ £ 2,013.51 - - 2,013.51 1,996.66 116.27 - - 116.27 109.43 0.00 - - 0.00 0.00 - - - - - 2,129.78 2,129.78 2,106.09 |
|---|---|
9. Bank and Cash balances
| Co-operative Bank Account Lloyds Bank Account Baptist Union Deposit Cash Total |
This Last Unrestricted Restricted Endowment Year Year £ £ £ £ £ 28,155.87 10,467.26 - 38,623.13 41,374.85 0.00 - - 0.00 2,645.96 57,017.23 - - 57,017.23 56,904.08 0.00 - - 0.00 0.00 85,173.10 10,467.26 - 95,640.36 100,924.89 |
|---|---|
10. Creditors
| Creditors | |
|---|---|
| Amounts falling due within one year: Accruals Total Amounts falling due after more than one year: Total |
This Last Unrestricted Restricted Endowment Year Year £ £ £ £ £ |
| 897.77 - - 897.77 599.60 |
|
| 897.77 - - 897.77 599.60 |
|
| - - - - - |
|
| - - - - - |
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church
Notes to the Accounts
For the period 01 October 2020 to 30 September 2021
11. Analysis of Net Assets
| Endowment Funds Restricted funds per Note 12 Unrestricted funds Total |
Fixed Assets Endowment Current Assets Total £ £ £ £ |
|---|---|
| - - - - 400,000.00 - 10,467.26 410,467.26 301,920.10 0.00 86,405.11 388,325.21 701,920.10 0.00 96,872.37 798,792.47 |
Note: Unrestricted funds = (General Fund + Designated Funds)
12. Fund Movement Summary
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Charity No: 1127930 2021-11-07
Kirby Muxloe Free Church Notes to the Accounts
For the period 01 October 2020 to 30 September 2021
13. Pensions
The Old Defined Benefit Plan
The old Baptist Ministers’ Pension Scheme (“the Ministers’ Scheme”) was a multi-employer defined benefit scheme, which is funded and not contracted out of the state scheme. The Scheme started in 1925 and was closed on 31st December 2013. It has the Pension Scheme No 101395759. We paid contributions for several ministers over this period.
To limit further liability to churches resulting from the defined benefit nature of the defined benefit scheme, it was decided to draw a line under the defined benefit scheme on the 31 December 2013.
The church has an on-going liability to contribute towards the old scheme. This liability to pay shortfall contributions represents 12% of pension contributions per year. A plan has been implemented by the Baptist Union to reduce the deficit, and thereby reduce the duration of this liability. It is hoped that this will now cease within 10 years.
The Current Defined Contributions Scheme
The Church is an employer participating in a pension scheme known as the Baptist Pension scheme. The Minister and Family and Children’s worker (post now closed) are members of this scheme.
The church to pays 10% of pensionable stipend towards benefits into the new plan for the minister . The church paid 5% of salary into the new plan for the Family and Children’s worker’s pension.
Pension Contributions
Due to the nature of the scheme, the profit and loss charge for the period represents the employer contribution payable. The total pension cost for the Church was £7,502.33 (2020 - £7,719.69).
14. Related charities
The custodian Trustee of the church is the Baptist Union Corporation Limited which is charity number 249635, and which is controlled by the Baptist Union Council. The church is also a member of the Baptist Union of Great Britain, and the East Midlands Baptist Association. The church made a donation to the Baptist Union Home Mission Scheme and Baptist Missionary Society as set out in note 3.
15. Reserves Policy
The reserves of Kirby Muxloe Free Church are held in the BU deposit account. This supports the work of other Baptist Union Churches thus furthering our charitable objectives. In addition, the proceeds of a legacy remain in our main bank account pending use on charitable activities.
Our policy is, as far as possible, to retain a minimum of one months’ income as reserves for emergencies; such as repairs to the fabric of the building or other unforeseen events. In addition we need to maintain a cash float sufficient to cover the period between annual Gift Aid receipts.
Over the period 2021-2022 our reserves are adequate to cover these two requirements.
16. Going Concern
The church remains a going concern despite having to deal with some financial headwinds. With the ongoing pandemic, we made the difficult decision to make the Family and Children’s worker post redundant 2 ½ years into the 3 year contract, as it was clear we would be unable to fund the position after 3 years, and our income streams had reduced to an extent to make the position unsustainable. We have the legacy funds remaining and with the exception of planned church building repairs and unforeseen events, are reasonably confident that incomings should roughly balance with outgoings through the next financial year.
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Charity No: 1127930 2021-11-07