**West Croydon Baptist Church** **West Croydon Baptist Church End of Year Financial Statements Year ending 31 December 2020** ## Helping People Follow Jesus **Website:** www.westcroydon.com **Church Office:** Whitehorse Road, (corner of St. James’s Road), Croydon, CR0 2JH **E-mail:** Office@westcroydon.com **Telephone:** 020 8689 4527 **Charity No:** 1128517 CONTENTS Pagè Report ofthe Trustees IndeperKlent Examiner's ReKK)rt Statement of Financial Activities Balance Sheet Notes to the Fin8nci81 Statements 8-17 West Croydon Baptist Church Trustees Report Section A Reference and administratlon details Re istered Charit Number 1128517 me of the rit Trustees who m Trustèès N mè Datès aetéd if Namè of èrsons èntitlèd Vacant Senitx Minister MeM￿rS Dr Abiodun Obafemi Pastoral Pasior Jan to Feb 2020 ditio Mr Robert Agamlong ditto Mr Andw Bedeau ditto Mr Bddizsar Magyar ditto Mrs Tia Baker ditto Mr Robert M8ybin ditto Dr Simon Ramsbotham ditto Mrs Yemisi Oduyeye ditto Mrs Patience Okuonghae ditto Ms Temi Adeshina Secretary to the Di8conate ditto Mrs Joyce Francis T￿aSurer dittts eol overnin document The charity 18 constituted and govemed by, the Baptist Union Model constitution adopted by the Church Mernbers, Meeting. Trust Charity Trustees (Deacons) are chosen from among the Church Members and are appointed by the Church Members, Meeting. whe￿ the￿ is a Minister, that person will be a Charity Trustee because of ttEir role and ￿SponSibl11t1es. rn Risk assessment on the church pretnises is undertaken by the Dea￿￿8 who review activities taking plaee in the premises to ensure that risks are rninimEed. Following the 1st lockdown a Coronavirus risk assessment lor re-opening the church was undertaken in August. The template provided by th8 Baptist Union of Great Britain working with h88lth and safety oonsutsnts frorn Ellis Whittam to assist churches as they plan for re-opening their premises was used S•etion C Ob-èetivès and activitiè5 umm of the ob- softhe h set out in its overnin uments The Obl￿tS ol the Charity are the advan￿ment ol the Christian faith according to the principles of the Baptist denomination. The Church may 8150 advawe education and carry out other ¢h8rit8ble purposes In the United Kingdorn andlor other parts ol the wold. West Croydon Baptlst Church Trust•￿ Rèport Surnmary of the main activities undertaken lor the public benefit in relation to these objects lindude wichin this section the statutory declaration that tiustees have had regard to the guidance issued by the Charity Commission on public benefill Surnmary ol the main ￿tIvItieS in relation to these objects are as follows.. Regular public worship Believers, baptism Lords suptEr Evangelism and mission Ministry with and induding young peop Nurture and growth of Christian disCip￿S Past(Kal care Supporting and encouragement of charitable social action Developing relationships with and supporting Baptists and ot￿￿r Christians groups Section D.. Achievements and Perfomianca In 2020, West Croydon Baptist Church aspired to be a missional church but was hindered by the worldwide pandem￿. The wor￿WIde coronavirus pandernic of 2020 greatly affected the UK and led to a series of restriclions imposed by the ational governmen( the tnain one being a total bckdown of all but essential serviTrs natlOnWKJe. This tneant that our gular church activities such as church se￿i￿S, Friday Fun-Nite. Little Jewels. festival in the park and so on. could not be held. During 2020, th8 church was 8b18 to run an online Aph8 Course, of which a nutnb8r of P80p￿ exploring th8 Christian faith were in attenda￿e. The Croydon Churche5 Fbating Pk)rneks5 Shelter, which we normally hosted in January and February was al aff￿ted. We were unable to provide shelter to an albcated number of homeless peop￿ every Friday night during these months. Instead, there was a request for the proviS￿n of sandwiches on Friday nights fr￿ the progiamme over a P8riod of tirne. Hence the prograrnme featured in a completely different f(Krnat in 2020. In Ihe earfy part of 2020. the Croydon Refugee Day Centre ICRDCI was able to operate as a busy crowded indoor day centre ￿ Tuesday mornings prov￿Ing a hol meal and various serv￿$ lor guests. but all this had to stop in March with the start of Ihe first national coronavirus lod¢down. At the erKI of May. Peter Hall retired from the role of Co-ordinalor lor the CRDC but aspired to maintain a 9￿pportIng role. Unfortunately, Peter was then diagnosed with lung caTh￿r", he was vulnerable to coronavirus which he caught in December and ￿llY died In January 2021 after a spell in hosprtal. Th8 work of the CRDC has c8rri8d on led by the trustees and volunt88r5. They have adapted th8ir servi￿$ to me* pereeived needs. Hall 2 was converted to a clothes and non-perishable food store in the sumtner of 2020 and they gave away muth clothing and bags of food to 8 greatly increased number of Visit[￿5. West Croydon Baptist Church Trustees Report Church Membershl The church building was opened for in-sanduary Sunday services from Jan until March 21st when the first national lockdown started, and then from September until Nov 2020. The ￿$t of the year, servi￿$ We￿ recorded and uploaded on the church website and YouTube channel forviewng. All other church activrties such as prayer meetings and house groups were held via zoom or telephone. It was a delight to see one couple get rnarr￿￿ and to see one baby dedicated. There were 2 addrtions to the ehurch rnernbership in 2020, and 2 tnembers transferred to another church. As 8 church famity, joy is often mixed with sadness, and it was ￿th great sadness in 2020 that we said goodbye to three of our members, Hazel Lovick, Dorothy Trodd and Pauline Head who passed into the preSe￿e of Jesus. Pastor Abiodun Obalemi, who was apwinted s￿Ond Pastor at the church on 1st March 2015 for a fixed tem) of five years carnetothe end of histertn on 291h February2020. The church benefited muchfrcxn his pastoral eare to members generally and particularty in his teaching ol the bible and prayer ministry to all. We wish him well and pray God's blessings on hitn and his fatnily. The Charity Trustees IDeaconsl continue to seek the la￿ of God and His wll in the choice tsf a new senior minister, while going through the Baptist Union sett￿ment ProTrss. hin As a church, we are still using the 'Bible in One Year, 8pp (set up by Nicky Gumbel, vicar of HTBI for our daity Bible readings, In place ol the previous years, bible readings emailed out to ffEmbers. During 2020, we had the support of various guest ministers tnostly frotn the Baptist fellowship, ministering the word to us * our Sunday 58rvices. Throughout2020 our church house groups were affected by the pandemic restrictions preventing face toface meeting& They continued to study the Bible, to pray and to build fdlowship amongst thetnselves via zoom andlor te￿Phone meetings. ivin We thank for his provisun. his blessing and his abundant love throughout 2020- it was a privilege to be part of his church here in West Croydon over the past 12 months. Sectlon E.. Brlef Statement of the charlt on reserves The trustees have agreed to maintain free reserves at a level that equates to three months, expenditure. Oetalls of an funds materlall In defklt None Membership Figures loi the Year". Addrtions Baptisms Profession 2 Transfer in Deletions De8ths Lapsed Resignation Tran*r out Start ofyear 272 End of Year 269 W¢$t Croydon Baptlst Church Trustees Report The Independent Examinerfor the Ace(MJnts15 A2els Audit S?rvl¢es. 2nd Floor, Regls H(wse, 45 Klng Wllliam Street, London, EC4R 9AN. Banker.. CAF Bank Se¢tlon G.. D•¢laration Thel declare that they have approved the trustees, report above. Syned behalf of Ihe charity's lThtslees Name.. Robert Maybin Dale.. ?I110(20* Ind•pèndènt Examin•r's Re￿rt to thè Tru5t8ès of Wèst Croydon Bapt15t Chur¢h I report ttsthe charity trustees on my examination of the accounts of the charity forthe year ended 310ecember 2020, which are set oul in the attached Statement of Fin8nci81 Nctivities. the Balance Sheet and the related notes. Responsibilities and basis of report As the charity's trustees YOU are responsible for the piep8r8tK)n of the 8cwunls In 8C(x)rd8nce wrth the requirernents of the Charities Act 20111.the Act'l. I report in ￿SPect of my examination of the charity's accounts carried out under section 145 01 the Act and in carrying out my ex8rnination I have followed all the applieable Directions givell by the Charity Cornmission ulld￿ seetion 1451Sllbl of Act. Ind•pèndant èxaminer's statemènt Your attention is drawn to the fact that the charity has prepa￿d financial statements in 81x0rdan￿ wth Accounting and Reporting by Charities preparing their accounts in acctrdance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of ReCornMen￿d Practice issued on 1 April 2005 which is ￿ferred to in the extant regulations but has now been withdrawn. l undgrstsnd that this has been done in order forfinanci81 ststements to provide a true and fair view in accordan￿ with Generally Accepted Accounting Practice effective for reporting peritsds beginning on c* after 1 January 2015. I have completed my examination. I confirm that no material matters have come to my attention in conneclion with the exarnination giving tne trause to believe that in any material resped.. accounting records We￿ not kept in respect of the charity as ￿qUI￿d by sectitsn 130 (k the Act,, or the ac￿untS do not accord wilh those records., or the accounts do not cotnply with the applicable requirernentsconceming the fortn and (x)ntent of accounts set out in the Charities (Accounts and Rep)rtsl Regulations 2008 other than any requirement that the accounts give a Irue and fair view. which is not a matter considered as part of an independent examination. I have no Con￿MS and have come acrf%S no other mattels In connection with the exarnination to which attention shoukl be drawn in this rep(rt in order to enab￿ a proper understanding of the accounts to be reached. J Howard FCA Azets Audit Services 2nd Floor Regis House 45 King William Street London EC4R 9AN Date.. 25 October 2021 West Croydon Bapt15t Church Stat•mènt of Financial Aetivit1•5 Ilneluding Ineorna and Ex￿n￿ltur• Aceountl Notes Unrestri¢ted Restrid•d Endowment Tclal Funds Funds Funds Funds 2020 Total Funds 2019 Income and endowments from: Donations and Legacies Charitable Activities Investments 160,441 17.830 379 160,820 17,830 290.895 11.627 337 Total 178,402 379 178,781 302,859 Expenditure on.. Raising Funds Charitable Activrties 182 182 316 138.192 138,374 379 138,571 138,753 267,722 268,038 Total 379 Net lexpenditurel income 40,028 40,028 34.821 Transfer between funds Actuarial gain51llossesl on d8fin8d benefrt per￿lOn schemes 10 14.411 14.411 2,487 NET MOVEMENT IN FUNDS 54,439 54,439 37.308 RECONCILIATION OF FUNDS BALANCES BROUGHT FORWARD 16 668,615 8,222 fj76,837 639,529 BALANCES CARRIED FORWARD Year ended 31 December 2020 723.054 8,222 731,276 676,837 There were no ￿CogniSed gains or losses otfEr than those shown in the Financial ActivitEs. The not8s on pag8s 8 to 17 form part of th8S8 financial stat8m8nt5. West Croydon Bpptlst ChurGh 8alaneè Sheot Year Ended J1 uecemt)er Not8S 2020 2019 Flxed A3$¢ts Tanaible fixed assets fj74,326 674,326 Current AÈstrts Deblor8 12 31,503 102,937 134,440 35,508 79,010 114,518 Cash al bank arKI in h8nd Creditors Amouitts f811ng due within one yfjar 13 126,4071 121,5131 Net Current Aasgt¥ 108.033 Tc&81 Ass8ts less CuNent Llabilitles 782.359 767,331 Credltors Amounts lalllng due after fflor8 than one year Provisitsn loy Llabllltlés D￿lI11￿d i￿171$fil y¥iisivi) S(41￿)6 liability 14 127,0831 152,0831 124,0001 138,4111 731,276 676,837 Fuiitls of Ilie ¢harlty Endowment funds Unrestricled funds 16 16 8.222 723,054 8,222 668,615 731,276 676.837 Th8 financial slalemenis we 8pt*oved by the Board olTrus(ees on and sign8d on t behalf by.. Joycewn Franc4S bert Mayimn Th8 n(xes on pages 8 to 17 form part of these financi81 statern8ntS. 21 October 2021 West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 De¢ember 2020 ACCOUNTING POLICIES Basis of accounting The financial st8tem8nts have been tKepar8d in accordan￿ with Awounting and Reporting by Ch8rities'. Staternent ol Recotnmended Practice applicab￿ to charities preparing their accounts in a(rordance ￿th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 Juty 2014 las updated through Bulletin 1 published on 2 February 20161, and the charit￿s Act 2011. The West Croydon Baptist Church Meets the definilion of a public benefit entity under FRS 102. Assets and liabilities are initially rec(MJnised at historical cost or transaction value unless other stated in the relevant accounting wlicy noteslsl. The fin8n¢i81 st8ternentS 8r8 presented in steding (£1 which is also the fijnctional currency for the entity. bl Prèparation of th• aeeounts on a going conearn basis The charity has reasonable expectation that the￿ are adequate resourTrs to continue in operational existen for the foreseeable future. It has therefore continuBd to adopt the going Con{￿rn basis in pr8p8ring its financial statements. el Fund accounting ￿n￿strIcted Funds Unrestricted funds ￿present funds wh￿h are expendable at the disC￿tion of the trustees in the fvrtherawe ol the objects of the charity and which have not been designated for other purposes. Restricted Funcls These represent arnounts thich have been restr￿ed by the donors for use for specrfic purposes as set out in note 16. dl Income Income is recogni￿1 in the &atetnent of Financial Activities when the Charty has entitletnent to the funds., any Performan￿ wnditions *t8ch8d to the itemlsl of inmme have been met,. it Is probable that the income will t received, and that the amount can be measu￿￿ reliably. The value of any voluntary help received is not included in accounts. el Expenditure and irrecoverable VAT Expenditure Is recognised in the Statement of Finanual Activities On￿ the￿ is a legal consttudive obligation to make a payment to a third party, it Is prObat￿e that settlement will be required, aThJ the amount of the obligation can be measured reliabty. Expenditure on Offi￿ fumiture and computer equipment is written off as ineuired if below £1.000 in (xBJinal COSt. West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2020 ACCOUNTING POLICIES Icontinuadl fj Allocatlon of support and governance costs Support costs are those that assist the work ol the charity but do not direcuy represent the charitable activities and include governarrE costs. Gov8rn8nc8 costs comprise all costs involving the public a(Lountability of th8 ch3rity and its compliance with regulation and go￿ practi￿. These costs include ujsts ieL4ting to the indepenthnt exatnination. Support and ￿Vernan￿ costs have been 100°A allocated to the charitable aclivities. gl Flxed assets and depreclatlon Depreciation is provided at the lollowng annual rates in orderto writeoff the cost on a straigm line basis of e￿h ss8t over ts 8stimat8d useful life.. Fixtures. fittings and equipment 33°/ Fixed assets are initially recorded at cost. Fixed assets below £1,000 a￿ not capitalised. No depreciation is charged on freehold properties, In accordance wrth section 17 of FRS 102, as in the opinion of the trustees any charge would be imrnaterial. h) Debtors Debtors are rneasured on initial reCognit￿n at sett￿rnent arnount aftw any trade discounts or amount advanc by the charity. Subsequenuy, they a￿ tneasur&l at the or other eonsideration expected to be re￿Ned. il Creditors Credit(￿5 8r8 r8ix)gnisgd where the Charity has 8 pr8sent obligation resulting frorn 8 Past event that will probably result in the transf8r of funds to a third party and th8 amount du8 to settle th8 obligation can b8 rmeasured or estimated ￿lIablY. Accruals and other creditors are recognised at their sett￿rnent amount due. jl Judgèmènt5 and kèy sour¢•s of •stimation un¢•rt•nty Estimates and judgements are continualty evaluated and are based on historical experEnce and other factors, in¢luding expectstions of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions.. Multfvemployerdefinecl benefrt pension scheme.. 8èptist Union Staff Pension Scheme The charity has an obltgation to pay a deficit funding arrangement in respect of the muMi*mployer defined tEnefit pension scheme. The piesent value of the obligation depends on a numtEr of factors including the RPI rate and the discoLJnt rate on mrporate bonds. Management 8Stimates these factors in determining the ngw Pension obligation in th8 balan￿ sheet. West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2020 ACCOUNTING POLICIES Icontinuad) j} Judgamènts and kèy sourcos of èstimation uncortainty- continuod (li) Useful economic lives of tsngible sssets The annual depreciation charge of trngib￿ assets is sensilivetochanges in estirnated useful economic Ipies 8nd residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to re1￿cl current estimates, based on technological adVan￿Ment, future investrnenls. econom￿ utilisation and tke physical condition of the assets. See note 11 lor the carrying amount ol the fixed assets, and note 1lgl lor the useful ￿onoMiC lives for each class of assets. DONATIONS AND LEGACIES Unrestricted Restricted 2020 2019 Donations and charrtable activities Gift Aid 136,01S 24,426 160,441 379 136,394 24,426 160,820 245,792 45,103 290.895 379 CHARITABLE ACTIVITIES Unrestricted Restricted 2020 2019 Book sa￿S to prornote objectives Chur¢h hall lettings to promote objertives Mon8y [[￿ church 8Ctiviti8S 229 5.351 12.250 17.830 229 5,351 12,250 17,830 464 9.295 1.868 11,627 INVESTMENTS Unrestricted Restricted 2020 2019 Interest inc(xn8 131 131 337 131 131 337 RAISING FUNDS Unrestricted Restricted 2020 2019 Ctsst of othertrading activities Ibwk stall) 182 182 182 182 316 316 io West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2020 CHARITABLE ACTIVITIES Unrestricted Restricted 2020 2019 Advancetnent of Christkgn farth Missionary & Charitabk giving 130,063 8,129 138,192 130.063 8.508 138,571 250,934 16,788 267,722 379 379 GOVERNANCE COSTS 2020 2019 Independent examinerfs fees 1,010 1,010 960 960 GRANTMAKING Grants to Institution5 Grants to Individuals 2020 2019 Advancement of Christyan faith 7,750 7,750 7,750 7.750 6.782 6,782 Total amount of grants paid Name of institution Purpose Meninandanca Croydon Refug8e Day Centre LBA Home Mission Christian Solidarity Worldwide ICSWI BMS World Mission Tearfund 1,500 2.000 1,000 750 1,500 1.000 7,750 wwN.cr donrefu wwN.londonba www.csw.o www.bMsWor￿ln1SS￿n.(jr eeda ntre. li West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2020 STAFF COSTS 2020 2019 Salaries and wages Social security eosts Pension costs (defined contribution ￿heMe) Other employee benefits INEST pension) 23.974 1.373 6,099 632 74,602 6,025 9,375 781 32,078 90,783 2020 2019 No. No. The average number of employees during the year was Employe8 time has allocat8d either., To direct costs on a pereentage ol the time spent by an eTnployee on an activity To supwrt cosis allLKated on a percentage basis over all the costs Key management personnel is comwised of the Senior Minister, Ihe Pastoral and Disapleship and the Trusteelyouth Coordinator. 2020 2019 Senior Minister (resigned during 20191 Pastoral & Discipleship Youth Cooidinator 23,410 34,718 18,149 76,277 6,337 7,688 14,025 No employee received emoluments in eX￿s$ of £60,000. 10 PENSION COSTS The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme I'lhe Stheme.), whith is administered by the Pension Trustee IBaptist Pension Trust Limited). The Scheme is a separate legal entity and the assets of the Seherne are held separately from those of the Employer and the other partiapating employer& For any month. each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in fo￿ at that tirne. The Scheme is considered to be a mulli-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Scheme's assets and liabilities to specific employers and means that contributions are accounted for as If the Scheme were a defined o)ntribulion scheme. The pensions ctssts charged to the SOFA in the year are contributions payable towards benefits and 8xpEnses awrued in th8t year. plus any impact of deficiency contributions (see below). 12 West Croydon Bapt151 Church Notes to The Financial Statements Yèar Endad 31 D•c&mb•r 2020 The Ministers and some members of the church staff are eligible lojoin the Scheme. From January 2012. pension provision is being made through the Defined Contribution IDCI Plan wthin the Scheme. In general, rnernbers pay 8.1 of their Pensionable Income and employers pay 6.1 of members, Pensionable Income into individual pension accounts, wh￿h are operated and tnanaged on tEhalf of the Pension Trustee by Legal and General Lrfe Assuran￿ Society Linited. In addrtion, the etnployer pays a further 4Q/o of Pensionable Incorne to eover Death in Setvi Benefits. administration costs. and an asscciated Insuran￿ policy which provides incorne prOt￿tIOn for Scherne rnernbers in the event that they are Unab￿ tts work due to long-term incapacity. This income protection wlicy has been insured by the Baptist UnK)n of Great Bri18in with Aviv8 plc. Imernbers of the Basic Sgction pay reduced wntributions of 5°k of Pensionab Income, and their employers also pay a total of 5°k.l The further 4°/0 contribution rate is redU￿d to 3°/0 for Employer Contributions tn8de to the Segregated DC Arrangement. Benefits in respect of s8rvice priorto 1 January 2012 are proMd8d through th8 Defined Benefit IDBI Plan wthin the Sch8m8. The main benefrts for pre-2012 service were a defined benefit pension ol one eightieth ol Final Minimum Pensionable Income for each year of Pensionable Service, together wrth addIt￿nal pension in respect of pretniutns paid on Pensionable Incorne in excess of Minimum Pension8ble Income. The Scheme. previousty known as the Baptist Minister5, Pension Fund, started in 1925, but was closed to future acetual of defined tknefits on 31 Decernbei 2011. Aduarial valuation a$ at 31 December 2019 Aformal valuation of the Defined Benefrt IDBI Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £298 million. The valuation of the DB Plan revealed 8 deficit of assets compared wth the value of liabilities of £18 rnillion lequivalent to a past service funding level of 94Ql¢l. The Church and the other etnployeis supporting the DB Plan ale collectively responsible for fvnding this deficit. The key assutnptions underfying the valuat￿￿ were as follows.. Tyw of financial assumption %pa RPI vice infiation assumption CPI rxice infiation as9Jmption Minirrurn Pensionable IrKLyne in￿easeS IRPII Assumed investment retums - Pre-retirement - Post ret1￿ment Deferred pension incxeases Pre April 2009 - Post April 2009 Pension incr88ses 3.20 2.70 3.20 2.95 1.70 3.20 2.50 - Main Scherne pension 2.70 Post-retiretnent mortality in acc(￿da￿￿￿th 80Q/) of the S3NFA and S3NMAtables, with allowance [(￿fUtUre improvements in mortality rates from 2013 in line with tPE CMI 2019 core projections. wth a bng term annual rate of improvement of 1.75°/o lor males and 1.5tsh lor females, wrth the core smotsthing parameter and wth addrtional initial mortality Improvement factor A-0.5°/Tr. 13 West Croydon Bapt151 Church Notes to The Financial Statements Yèar Endad 31 D•c&mb•r 2020 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 tts the contribut￿n$ lo the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the CoLJn¢il 8gree to 8 rate of deficiency contributions from churches and oth8r empk)yers involved in the DB Plan. Under the current Recovery Plan dated 30 Septernber 2020, der￿leNcY contributions are P8Ydble until 30 June 2026. These contributions a￿ broadly based on the employer's membership at 31 December 2014 and Inc￿aSe annually in line with increases to Minimum Pens￿nable Inc(xne as defined In the Rules. However, the Trustee and the Council agreed a 50Q/o reduction for all delicEncy contributions payable between 1 July 2020 and 31 December 2020. Movement in Balance Sheet liability Section 28.11A of FRS 102 requires agre￿1 deficit reeovery paytnents to be recognised as a liability. The movetnent in the provision is set out in the table below. A￿O￿ntIng date (year endingl= 31 December 2020 31 D￿rnber 2019 B818nc8 she8t liability 8t y88r start £38,411 £40,898 Minus deficiency contributions paid -£4,049 -£3,961 Interest cost Irecognised in SOFA) £619 £934 Remainino chanoe to balance sheet liability" Irecognised in SOFA) -£10,981 £540 Balan￿ str*et liability at year end £24,000 £38,411 ' Compri5gs any Change in agreed dgficit recovery plan 8rKI thange in assumptions between ye8r-gnds. This liability represents the present value of the deficit Contri￿tiOnS agreed as at the accounting date and has been valued using the following assumptions * by refe￿￿￿ to the duration of the delicil recovery payments.. Aeeounting datè 31 Dèeèmbar 2020 31 D•e•m￿r 2019 31 Daetrnbor 2018 Discount rate Future increases to Minimum Pensionable Incorne 3.0Y. 3.2° 3.3% 14 West Croydon Bapt15t chU￿h Notes to The Financial Statements Yèar Endèd 31 Dacèmbar 2020 11 TANGIBLE FIXED A$S￿s Frèèhold Land & Buildings Fixtures, Fittings & Equipm&nt Total COST At 1 January 2020 Additions 674,326 15,407 689.733 Disposals At 31 December 2020 674,326 15,407 689,733 DEPRECIATION Al 1 January 2020 Charge lor the year At 31 December 2020 15,407 15,407 15,407 15,407 BOOKVALUE At 31 D•cèmb8r 2020 674,326 674,326 At 31 D8￿mber 2019 674.326 674.326 12 DEBTORS 2020 2019 Trade debto 27,946 3,557 31,503 32,000 3,508 35,508 P￿payrnÈnts and acerued ine(The 13 CREDITORS.. Amounts falling du• within on• ￿ar 2020 2019 Bank loans and overdrafts Awruals and deferred income 15,000 11.407 15.000 3.942 2.571 21,513 Social security and rxher taxes 26.407 15 West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 De¢ember 2020 14 CREDITORS.. Amounts falling due after one year 2020 2019 Bank loans and overdrafts 27,083 27,083 52,083 52,083 15 ANALYSIS OF ASs￿s B￿WEEN FUNDS General funds Endowmènt funds Total funds Tangible fixed assets Current assets 674.326 126,218 126.4071 151.0831 723,054 674,326 134,440 126A071 151,0831 731,276 8,222 Current liabilities Non