**West Croydon Baptist Church** **West Croydon Baptist Church End of Year Financial Statements Year ending 31 December 2023** ## Helping People Follow Jesus **Website:** www.westcroydonbaptist.org [westcroydonbaptist.org] **Minister:** Rev. Denzil Larbi, denzil@westcroydonbaptist.org **Church Office:** Whitehorse Road, Croydon, CR0 2JH **E-mail:** office@westcroydonbaptist.org **Telephone:** 020 8689 4527 **Charity No:** 1128517 ## **CONTENTS** ||**Page**| |---|---| |Report of the Trustees|
1 - 4| |Independent Examiner’s Report|5| |Statement of Financial Activities|
6| |Balance Sheet|
7| |Notes to the Financial Statements|8 - 17| West Cm nBa t15t Church TTUStees' Annual Re ort forthe eriod ended 31 DÈtember 2023 Sertlon A Reference and administration detalls Registered Charity Number 1128517 Name of the tharlty Trustees who manage the charity Trustee Name Office {if any) Dates acted If not whole year Names of persons entltled to appoint trustee5 Members Rev Denzil Larbi Senior Minister MY Robert Agamlong Mr Andrew Bedeau Ditto Ditto Mrs Tia Baker Restgned July 2023 Ditto Mrs Yemi5i Oduyeye Mr Dean Newlyn Ditto Ditto Ditto Ditto Ditto Mrs Joyce Francis Treasurer Secretary to the Diaconate Ms Kay Reynolds Mr Roy Willis Ditto Sectlon B: Structure Governano and Man ment Type of governing document- The charity is constituted and governed by the Baptist Union Model constitution adopted by the Church Members, Meeting. Trustees Charity Trustees (Deacons) are chosen from among the Church Members and are appointed by the Church Members, Meeting. Where there is a Minister, that person wi15 be a Charity Trustee because of their role and responsibilities. Addltlonal Governance Issues Risk assessment on the thurch premises is undertaken by the Deacons who review activities taking pla￿ in the premises to ensure that risks are minimized. Section C: Objectives and Acllvltles Summary of the obJects of the charity set out In Its governing documents The objects of the Charlty are the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance educatlon and carry out other charitable purposes in the Unlted Kingdom and/or other parts of the world. Summary of the maln actlvities undertaken forthe publlc benefit In relatlon to these objects are as follows: Regular public worship Believers, baptlsm lord's supper Evangelism and Mission Ministry with and induding young people Nurture and growth of Chr4Stian dlsclples Pastoral care Supporting and encouragement of charitable social action Developing relationships with and 5UPPOrting Baptists and other Christians groups Section D: Achievements and Performan Mission Throughout 2023, West Croydon Baptist Church (WCBC) was intentional about being a missional church, with a focus on improving and expanding its mission-based activitles. In addition to the regular Sunday servi￿$ the church continued to provide/facilitate several activitles which beneftted both the congregation and the wider community. The Llttle Jewels {rebranded Stay and Play) group continued to cater for children of preschool age. It provided a relaxed environment where parents/Euardians could have a chat over a coffee/tea, while the chlldren enjoyed a variety of activities includin8 free play, snacks, and story time. It was held weekly on Monday mornings 10am to 12pm. It welcomed on average 10-15 children per week. Relatlonshlp building has led to parents attendlng our Sunday services. The Croydon Refugee Day Centre (CRDC) hosted by our church was still very active, welcoming around 100 new refugee and asylum ￿ekerS on Tuesday mornings. This often included many families with babies and sthool aged children. Support took the form of distributlng food and household goods (for those in 5elf-catering accommodation), toiletries, clothes, footwear, plus providing a helpdesk to act as a Signpost to other services. Jo Doherty joined as the new manager in March 2023. The level of volunteering from the local corporates had notably increased. Held every Wednesday mornlng {term-time} the CRDC Wednesday Welcome provided those in Croydon Asylum hotels with Spa￿ to socialise with each other. Activities included games and gardening. English language classes were also provided for adults from the refugee community. These classes are friendly and infornml, and for all abilities. January 2023 saw the beginning of a one-year partnership with London Clty Mlsslon {LCM). This partnershTP provided 3 LCM missionaries to work alongside a group of 4-5 church volunteers carrying out door to door evangelism, mainly on.the Whitehorse Road estate nearby. Door knocking took place every Friday afternooll between 12pm and 2pm. LCM led a session on a Saturday morning where around 15 people came out to learn about how to effectively build relationships over time and uselul tips on Sharing the gospel message. Startlng in June, on Wednesdays between 11am and Ipm. an LCM missionary and church volunteer also ran a Discovering Jesus course where adult asylum seekers and refugees were invlted to learn about Jesus through looking at the parables. There were usualty 2 or 3 adults in attendance who were invited to the sessions by a few LCM missionaries supporting the CRDC work on Tuesday mornings. Both the door knocking and Discoverlng Jesus course have led to people visiting our Sunday services. Whilst the Betel Romanian Church moved to other premises in October, the Elim Iranian church continued to use our building to hold Sunday afternoon services for the Farsi speaking refugee community. Attendance each week averaged around 25 people. In the spirit of Christian unity, we were pleased to be able to share in one of their baptismal services, held wfjthin one of our 10:30am services in Autumn. During the summer, The Hebe FoundatlDn (a Chrlstlan Youth organisation) used the church premises for one of the locations of their ftagship 'Junior Apprentice, project- a 2-week programme where young people aged 13 to 19 years battle it out over a series of business team challenges designed to develop. teach, and inspire everyone. There were around 60 young people who attended the project. The WCBC Football aub had not been artlve for a few years. and this was revtved in September, with the intention of It being misslonal as well as fun. A team of around 21 players was formed (m05tty non church member5), with training sessions and participation in local matches being used as evangelistic opportunities. The team participated in 18 matthes during the season. For Christmas, we held the Carols by candlelight Se￿Ice and for New Years eve vje had an informal Eathering with light refreshment, enjoying a quiz and a short message from our pastor Rev Larbi. Open to members, regular attenders, their families and frlends- both events were well attended. The Croydon Churches Floating Homeless Sheker still had not resumed for the winter of 2023. However for the second year, the church supported the Croydon Nightwatch chartty for the homeless, by getting volunteers to provide sandwiches on Fr4day nights for the Pfograrnme. The church committed to providing 12 loaves of sandwiches for a 6-week period. Fellowship. Teaching and Disdpleshlp In 2023 we built on and launched fellowship and discipleship sessions for adults. The men's bible study which started in October 2022 contlnued every Thursday evening at 7:30pm. providing a safe space for the teachtng and discussion of scriptu￿. Approximately 8-10 men (mainly non-church attendees) attended each session. Sisterhood started in June and Is a women's bible study which meets on the ftrst Saturday of every month, at 10:30am. Approximately 20-25 ladles (mainly church attendees) attended each se551on where fellowship over light refreshment was followed by teaching/discussion on scripture. Friday evening prayer sessions brought a small group together every Frlday at 7..30pm to intercede on behalf of families. our church and the world. In mid-December, our over 705 were treated to a festive afternoon hlgh tea. Around 10 seniors gathered to enjoy fellowship, music. a meal avd a short message from our pastor Rev Larbi. Throughout 2023 those thurch house groups that remained active, continued to meeL studying the Bible. prayin8 and fellowshipping amongst themselves. Some chose to go back to gathering at memberg homes, whilst others found it more convenient to meet via Zoom. Church Membership Church services were held each Sunday in the building, and we were encour3ged to see the number of new and retuming attendees increasing steadily over the year. The services continued to be recorded and uploaded on the church website and YouTube channel for viewing. At our church member5 meeting in June 5 people were accepted into membership after successfully completing the church membership application process. As a church family, we were saddened by the passing of 3 of our beloved church members, Edna BTook5, Eileen Walkin and Malcolm Sines who went home to be with the Lord. We completed our annual review of the membership list, considering those people who had jolned, and those who Do longer worshiped with us. to maintain an accurate record of our membership. Membership figures are given below. In July 2023 we were Sad to receive the resignation of one of our Charity Trustees {Deacons). Prior to our December church members meeting it was confinned that 3 other deacons who were not eligible to stand again (having completed the maximum term) plu5 one other, would also be stepping down from the diaconate. Deacon elections were held, and we were pleased to have 2 new Charity Trustees {Deacon51 voted in to join the diaconate in January 2024. Our church continued to be led by our senior pastor Rev Larbi who marl(ed his first anniversary with us in September. Preaching each Sunday was covered maSnly by Rev Larbi but he was also supported by members encouraged to serve In preaching and other visiting ministers. Thanksglving We thank God for his provision, his blessing and his guidance throughout 2023. It was good to See the introductlDn of new mission opportunities and new opportunitie5 to learn and fellowship with one another. God has indeed been doing a new thing here and it has been a pleasLsre to serve here in West Croydon Baptist over the past 12 months. Section E: Brief Statement of the charit on reserves The trustees have agreed to maintain free reserves at a level that equates to three months, expenditure. Detalls of an funds materlall In deflclt None Section F: Other o tional information Membership Figures for the Year= Worshi Baptisms Profession 5 ers Deletions Deaths Lapsed Resignation Transfer out 54 Start of Year 210 End of Year 150 The Independent Examiner for the Accounts is Azet5 Chartered Accountants, 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN. Bankers: CAF Bank Section G: Declaration The trustees declare that they have approved the tru5tees' report above. Kay Reynolds Signed on behalf of the charity's trustees ## **Independent Examiner's Report to the Trustees of West Croydon Baptist Church** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023, which are set out in the attached Statement of Financial Activities, the Balance Sheet and the related notes. ## **Responsibilities and basis of report** As the charity’s trustees 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 charity’s accounts carried out under section 145 of the 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** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. **J Howard FCA** Azets Audit Services 2nd Floor Regis House 45 King William Street London EC4R 9AN Date: 28 October 2024 6 ## **West Croydon Baptist Church** ## **Statement of Financial Activities (Including Income and Expenditure Account) Year ended 31 December 2023** |**Notes**
**Income and endowments from:**
Donations and Legacies
2
Charitable Activities
3
Investments
4
**Total**
**Expenditure on:**
Raising Funds
5
Charitable Activities
6
**Total**
**Net (expenditure)/ income**
Transfer between funds
Actuarial gains/(losses) on defined
benefit pension schemes
10
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
BALANCES BROUGHT FORWARD
16
BALANCES CARRIED FORWARD|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Endowment**
**Funds**
**Total Funds**
**2023**
Total Funds
2022
**£**
**£**
**£**
**£**
£

**168,479**
**733**
**-**
**169,212**
**157,974**
**39,761**
**-**
**-**
**39,761**
**49,422**
**4,515**
**-**
**-**
**4,515**
**1,745**| |---|---| ||**212,755**
**733**
**-**
**213,488**
**209,141**| ||**83**
**-**
**-**
**83**
**79**
**270,131**
**733**
**-**
**270,864**
**143,658**| ||**270,214**
**733**
**-**
**270,947**
**143,737**| ||**(57,459)**
**-**
**-**
**(57,459)**
**65,404**| ||**-**
**-**
**-**
**-**
**-**
**-**
**-**
**21,400**| ||**(57,459)**
**-**
**-**
**(57,459)**
**86,804**| ||852,918
-
8,222
861,140
774,336| ||**795,459**
**-**
**8,222**
**803,681**
**861,140**| There were no recognised gains or losses other than those shown in the Financial Activities. The notes on pages 8 to 17 form part of these financial statements. 7 West Cioydon Baptlst Church Balance Sheet Year Ended 31 Decembér 2023 Notès 2023 2022 Fix8d As$et$ Tanglble fixed awls 874,889 675,171 urrent Assets Debtors 12 30,639 tQ7,933 138,572 27,255 179,906 207,181 Cash at bank and In hand Credltors Arnounts falllng du6 wlhin one year 9.780 121,1921 Nel Currenl Asset$ 128.792 185,969 Total Assets le$$ Current Llabilitle5 803.081 861.140 Cr8dltors Amounts falling due after more than one year Prov15ion for Liabllltles Defined benelil pension scheme liability 14 io 861,140 Fund8 of tho charlty Endowm8nl fulld8 UnFe5trbled funds 16 8,222 795,459 8,222 852,918 16 803,681 861,140 The flnancial statements We￿ approv&d by the Board of Tru51ees On and sign8d on theit behalf by.. Joy¢elyn Fra￿lS D8nzil Larbi Th8 note5 on pages 8 to 17 part of thFse flnancial stat8mentS. **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** ## **1 ACCOUNTING POLICIES** ## **a) Basis of accounting** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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 (as updated through Bulletin 1 published on 2 February 2016), and the Charities Act 2011. The West Croydon Baptist Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless other stated in the relevant accounting policy notes(s). The financial statements are presented in sterling (£) which is also the functional currency for the entity. ## **b) Preparation of the accounts on a going concern basis** The charity has reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. It has therefore continued to adopt the going concern basis in preparing its financial statements. ## **c) Fund accounting** ## _Unrestricted Funds_ Unrestricted funds represent funds which are expendable at the discretion of the trustees in the furtherance of the objects of the charity and which have not been designated for other purposes. ## _Restricted Funds_ These represent amounts which have been restricted by the donors for use for specific purposes as set out in note 16. ## **d) Income** Income is recognised in the Statement of Financial Activities when the Charity has entitlement to the funds; any performance conditions attached to the item(s) of income have been met; it is probable that the income will be received; and that the amount can be measured reliably. The value of any voluntary help received is not included in the accounts. ## **e) Expenditure and irrecoverable VAT** Expenditure is recognised in the Statement of Financial Activities once there is a legal constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure on office furniture and computer equipment is written off as incurred if below £1,000 in original cost. 9 **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** ## **1 ACCOUNTING POLICIES (continued)** ## **f) Allocation of support and governance costs** Support costs are those that assist the work of the charity but do not directly represent the charitable activities and include governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to the independent examination. Support and governance costs have been 100% allocated to the charitable activities. ## **g) Fixed assets and depreciation** Depreciation is provided at the following annual rates in order to write off the cost on a straight line basis of each asset over its estimated useful life: Fixtures, fittings, and equipment 33% Fixed assets are initially recorded at cost. Fixed assets below £1,000 are not capitalized. No depreciation is charged on freehold properties, in accordance with section 17 of FRS 102, as in the opinion of the trustees any charge would be immaterial. ## **h) Debtors** Debtors are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. ## **i) Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Accruals and other creditors are recognised at their settlement amount due. ## **j) Judgements and key sources of estimation uncertainty** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions: - (i) _Multi-employer defined benefit pension scheme: Baptist Union Staff Pension Scheme_ The charity has an obligation to pay a deficit funding arrangement in respect of the multi-employer defined benefit pension scheme. The present value of the obligation depends on a number of factors including the RPI rate and the discount rate on corporate bonds. Management estimates these factors in determining the new pension obligation in the balance sheet. 10 **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** ## **1 ACCOUNTING POLICIES (continued)** ## **j) Judgements and key sources of estimation uncertainty – continued** ## _(ii) Useful economic lives of tangible assets_ The annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the fixed assets, and note 1(g) for the useful economic lives for each class of assets. ## **2 DONATIONS AND LEGACIES** |||||| |---|---|---|---|---| |**DONATIONS AND LEGACIES**|**Unrestricted**|**Restricted**|**2023**|2022| ||**£**|**£**|**£**|£| |Donations and charitable activities|**134,328**|**-**|**134,328**|111,092| |Gift Aid|**24,884**|**-**|**24,884**|46,882| |Legacies|**10,000**|**-**|**10,000**|-| ||**169,212**|**-**|**169,212**|157,974| ## **3 CHARITABLE ACTIVITIES** |||||| |---|---|---|---|---| |**CHARITABLE ACTIVITIES**|**Unrestricted**|**Restricted**|**2023**|2022| ||**£**|**£**|**£**|£| |Book sales to promote objectives|**361**|**-**|**361**|**84**| |Church hall lettings to promote objectives|**39,400**|**-**|**39,400**|**49,338**| |Money for church activities|**-**|**-**|**-**|**-**| ||**39,761**|**-**|**39,761**|**49,422**| ## **4 INVESTMENTS** Interest income |**Unrestricted**|**Restricted**|**2023**|2022| |---|---|---|---| |**£**|**£**|**£**|£| |**4,515**|**-**|**4,515**|1,745| |**4,515**|**-**|**4,515**|1,745| ## **5 RAISING FUNDS** Cost of other trading activities (book stall) ||**Unrestricted**|**Restricted**|**2023**||2022|| |---|---|---|---|---|---|---| ||**£**|**£**|**£**||£|| ||**83**|**-**||**83**||79| ||**83**|**-**||**83**||79| 11 ## **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** ## **6 CHARITABLE ACTIVITIES** Advancement of Christian faith Missionary & Charitable giving |**Unrestricted**|**Restricted**|**2023**|2022| |---|---|---|---| |**£**|**£**|**£**|£| |**260,524**|**-**|**260,524**|133,807| |**10,340**|**-**|**10,340**|9,851| |**270,864**|**-**|**270,864**|143,658| ## **7 GOVERNANCE COSTS** Independent examiner’s fees |**2023**|2022| |---|---| |**£**|£| |**3,420**|3,000| |**3,420**|3,000| |**GRANTMAKING**
Advancement of Christian faith
**Name of institution**
Adopt A Child Education Project
LBA Home Mission
BMS World Mission
Tearfund
Spurgeons Children’s Charity
Christian Solidarity Worldwide (CSW)
Oasis Community Housing
Whitehome Mill Grove Children's Home
Teardryers||**Grants to**
**Institutions**
**Grants to**
**Individuals**
**2023**
**£**
**£**
**£**
**10,280**
**560**
**10,840**|2022
£
9,851| |---|---|---|---| |||**10,280**
**560**
**10,840**|9,851| |||**Purpose**
http://www.aacept.org
http://www.londonbaptist.org.uk
www.bmsworldmission.org
www.tearfund.org
http://spurgeons.org
http://www.csw.org.uk
http://www.oasiscommunityhousing.org
http://www.millgrove.org.uk
http://teardryers.com|**Total**
**amount of**
**grants paid**
**£**
750
750
1,500
2,280
750
1,000
750
500
2,000| ||||**10,280**| ## **8 GRANTMAKING** **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** 12 |**9**
**STAFF COSTS**
Salaries and wages
Social security costs
Pension costs (defined contribution scheme)
Other employee benefits (NEST pension)
The average number of employees during the year was
Employee time has been allocated either;
To direct costs on a percentage of the time spent by an employee on an activity
To support costs allocated on a percentage basis over all the costs|**2023**
2022
**£**
£
**40,697**
16,345
**6,589**
1,577
**3,989**
3,678
**284**
300| |---|---| ||**51,559**
21,900| ||**2023**
2022
**No.**
No.
**2**
2| Key management personnel is the Senior Minister. |Senior Minister (new Minister joined in Sept-22)
No employee received emoluments in excess of £60,000.|**2023**
2022
**£**
£
**42,104**
12,832| |---|---| ||**42,104**
12,832| ||| ## **10 PENSION COSTS** The Church 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 **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** 13 ## **10 PENSION COSTS (continued)** Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members if 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. 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 is eligible to join the Scheme. ## **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 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 |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|1.70| |by the 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 2019” projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for females with 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 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 are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023 10 PENSION COSTS (continued)** 14 On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group (“Just”) to secure DB Plan members’ pension benefits. Just are now providing financial backing for all pensions provided through the Scheme’s DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022. ## **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|**2023**
**2022**
**£**
**£**
-
21,400
(3,989)
(3,678)
(40)
78
4,029
(17,800)| |---|---| ||0
0| * Comprises any change in agreed deficit recovery plan and change in assumptions between year-ends. 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 2023**|**31 Dec 2022**|**31 Dec 2021**| |---|---|---|---| |Discount rate|2.0%|2.0%|2.0%| |Future increases to Minimum Pensionable
Income|5.25%|8.7%|10.1%| The Church has been advised that the cost for the church to buyout their Pension Scheme liabilities at 31 December 2023 was approximately £nil. 15 **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** |**13**
**CREDITORS: Amounts falling due within one year**
**2023**
**2022**
**£**
**£**
Bank loans and overdrafts
**5,000**
15,000
Accruals and deferred income
**4,092**
4,047
Social security and other taxes
**688**
2,145
**9,780**
21,192
**11**
**TANGIBLE FIXED ASSETS**
**Freehold**
**Land &**
**Buildings**
**Fixtures,**
**Fittings &**
**Equipment**
**Office**
**Equipment**
**Total**
**COST**
**£**
**£**
**£**
**£**
At 1 January 2023
674,326
15,407
1,267
691,000
Additions
-
-
-
-
Disposals
-
-
-
-
**At 31 December 2023**
**674,326**
**15,407**
**1,267**
**691,000**
**DEPRECIATION**
At 1 January 2023
-
15,407
422
15,829
Charge for the year
-
-
282
282
**At 31 December 2023**
**-**
**15,407**
**704**
**16,111**
**NET BOOK VALUE**
**At 31 December 2023**
**674,326**
**-**
**563**
**674,889**
At 31 December 2022
674,326
-
845
675,171
**12**
**DEBTORS**
**2023**
**2022**
**£**
**£**
Trade debtors
**25,871**
23,255
Prepayments and accrued income
**4,768**
4,000
**30,639**
27,255|**Freehold**
**Land &**
**Buildings**
**Fixtures,**
**Fittings &**
**Equipment**
**Office**
**Equipment**
**Total**
**£**
**£**
**£**
**£**
674,326
15,407
1,267
691,000
-
-
-
-
-
-
-
-|**Freehold**
**Land &**
**Buildings**
**Fixtures,**
**Fittings &**
**Equipment**
**Office**
**Equipment**
**Total**
**£**
**£**
**£**
**£**
674,326
15,407
1,267
691,000
-
-
-
-
-
-
-
-| |---|---|---| ||**674,326**|**15,407**
**1,267**
**691,000**| ||-
-|15,407
422
15,829
-
282
282| ||**-**|**15,407**
**704**
**16,111**| |||**-**
**563**
**674,889**| ||**674,326**|| ||674,326|-
845
675,171| |||**2023**
**2022**
**£**
**£**
**5,000**
15,000
**4,092**
4,047
**688**
2,145
**9,780**
21,192
**2023**
**2022**
**£**
**£**
**25,871**
23,255
**4,768**
4,000
**30,639**
27,255| 16 ## **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** |**CREDITORS: Amounts falling due after one year**
Bank loans and overdrafts|**2023**
**2022**
**£**
**£**
**-**
-| |---|---| ||**-**
-| ## **14 CREDITORS: Amounts falling due after one year** |**15**|**ANALYSIS OF NET ASSETS BETWEEN FUNDS**|**General**
**funds**|**Endowment**
**funds**|**Total funds**| |---|---|---|---|---| |||**£**|**£**|**£**| ||Tangible fixed assets|674,889|-|**674,889**| ||Current assets|130,350|8,222|**138,572**| ||Current liabilities|(9,780)|-|**(9,780)**| ||Non-current liabilities|-|-|**-**| |||795,459|8,222|**803,681**| |**16**
**STATEMENT OF FUNDS**
**– CURRENT PERIOD**
**Unrestricted funds**
The Fountain
Young People
Building Fund
General Fund
Book Agent
Football Team
Training Fund
Fellowship Fund
C150 - Challenge 150
Little Jewels
TF - Tearfund
**Permanent endowment**
**funds**
Investments|**Balance**
**01/01/2023**
**Incoming**
**Resources**
**Outgoing**
**Resources**
**Transfers**
**Gains/**
**(losses) &**
**Transfers**
**Balance**
**31/12/2023**
**£**
**£**
**£**
**£**
**£**
**£**
1,558
-
-
-
-
**1,558**
3,991
-
(405)
-
-
**3,586**
187,478
1,750
-
-
-
**189,228**
653,674
210,515
(269,159)
-
-
**595,030**
275
266
(124)
-
-
**417**
377
25
(227)
-
-
**175**
1,000
-
-
-
-
**1,000**
2,342
-
(300)
-
-
**2,042**
1,853
-
-
-
-
**1,853**
370
200
-
-
-
**570**
-
732
(732)
-
-
**-**| |---|---| ||**852,918**
**213,488**
**270,947**
**-**
**-**
**795,459**
8,222
-
-
-
-
**8,222**| ||861,140
**213,488**
**270,947**
**-**
**-**
**803,681**| 17 ## **West Croydon Baptist Church Notes to The Financial Statements Year Ended 31 December 2023** |**16**
**STATEMENT OF**
**FUNDS –**
**PRIOR PERIOD**
**Unrestricted funds**
The Fountain
Young People
Building Fund
General Fund
Book Agent
Football Team
Training Fund
Fellowship Fund
C150 - Challenge 150
Little Jewels
**Permanent endowment**
**funds**
Investments|**Balance**
**01/01/2022**
**Incoming**
**Resources**
**Outgoing**
**Resources**
**Transfers**
**Gains/**
**(losses) &**
**Transfers**
**Balance**
**31/12/2022**
**£**
**£**
**£**
**£**
**£**
**£**
1,550
-
-
8
-
**1,558**
4,421
40
(456)
(14)
-
**3,991**
157,510
3,380
(2,084)
28,672
-
**187,478**
596,091
205,637
(140,732)
(28,722)
21,400
**653,674**
270
84
(79)
-
-
**275**
377
-
-
-
-
**377**
1,000
-
-
-
-
**1,000**
2,342
-
-
-
-
**2,342**
1,853
-
-
-
-
**1,853**
700
-
(386)
56
-
**370**| |---|---| ||**766,114**
**209,141**
**(143,737)**
**-**
**21,400**
**852,918**
8,222
-
-
-
-
**8,222**| ||**774,336**
**209,141**
**(143,737)**
**-**
**21,400**
**861,140**| ## **17 RELATED PARTIES** The Association is a member of the Baptist Union of Great Britain. There were no related party transactions during the year (2022: none). |**18**
**TRUSTEE AND KEY PERSONNEL**
**REMUNERATION AND BENEFITS**
Rev. Denzil Larbi|**Remuneration**
**Pension**
**contribution**
**Total**
**2023**
**Total**
**2022**
**£**
**£**
**£**
**£**
31,800
3,989
**35,789**
**11,841**| |---|---| ||**31,800**
**3,989**
**35,789**
**11,841**| No trustees were reimbursed for their expenses this year. (2022: Nil) 18