Annual Report and Financial Statements for the Year Ended 31 December 2022
Trafalgar Road Baptist Church
Charity registration number: 1128639
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
TRAFALGAR ROAD BAPTIST CHURCH
CONTENTS (CONTINUED)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 19 |
TRAFALGAR ROAD BAPTIST CHURCH
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Jonathan West, Treasurer Trevor Tilley Jasper Harding June Duplock (appointed 1 January 2022) Jonathan White (appointed 1 September 2022)
Secretary
Clive William Phillips
Charity Registration 1128639 Number Principal Office Trafalgar Road Horsham West Sussex RH12 2QL Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Santander Bank plc Bootle Merseyside G1R 0AA
Page 1
TRAFALGAR ROAD BAPTIST CHURCH
TRUSTEES' REPORT
The Trustees present the annual report together with the financial statements of the Charity for the year ended 31 December 2022.
Structure, governance and management
Nature of governing document
The Charity is governed by an Approved Governing Document adopted with effect from 1 January 2009 and last amended on 27 June 2021.
Trafalgar Road Baptist Church (the Church) occupies premises which are held by the Baptist Union Corporation Ltd on Trusts which are entirely compatible with the Charity’s policies and objects.
Recruitment and appointment of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Constitution.
Organisational structure
Members of the Church are accepted in accordance with the Constitution, which, at the discretion of the Members’ Meeting, allows full membership to those who confess their faith publicly. The Church encourages baptism by immersion upon personal profession of faith, in accordance with the Baptist Union’s Declaration of Principle.
In accordance with the Constitution, the members appoint up to eight Trustees (including the Church Secretary and Treasurer), who together with the Minister, and collectively known as the Leaders, are responsible for the day to day running of the Church’s work and witness, and the financial and legal aspects of the charity. All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Relevant matters may be submitted to the Church meeting by the Trustees for guidance or may be raised by members in a Church Meeting for further consideration by the Trustees. Although the Constitution permits decisions to be made at Church Meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.
Risk management
The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Objectives and activities
Objects and aims
The principal object of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination to include the advancement of education, community service and such other general charitable purposes in such parts of the United Kingdom and the world as the Church shall determine.
Page 2
TRAFALGAR ROAD BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED)
Public benefit
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Strategies for achieving objectives
In order to achieve the principal objective, which is set out above, the Church provides a variety of activities both to its membership and to the community generally. The aim is show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord.
Central to the work and witness of the Church is the provision of regular public services of Christian worship. These take place each Sunday at 10.30 a.m. There are also occasional services at other times that are advertised on the Church’s website at www.trbc.info. The Church seeks to be a friendly and welcoming community, and anyone is free to attend these services.
As Government pandemic restrictions were lifted during 2021 in-person worship services continued in 2022 in the church building, with speakers in person and the continuation of live streaming of the service via the church website.
The Church runs a series of small groups for the growth of faith and discipleship. Group meetings were held initially online via Zoom and later resumed in person. Details of these were obtainable from Trustees on request or at Sunday worship services. Also, fortnightly Blue Room prayer and praise restarted in March.
The Church operates a system that ensures that all people working with children and vulnerable adults are appropriately vetted under the Disclosure and Barring Service (DBS).
Achievements and performance
Membership
During the year, the membership of the church increased from seventy to seventy one members. We welcomed four new members and said farewell to three members who resigned their membership.
Ministry
We continued to have a variety of speakers at Sunday worship services. We were blessed with speakers from local churches, as well as those from further afield and retired ministers. We also had members from the church speak. Rev Jon joined us from 1-Sep and has been actively involved in speaking at our Sunday worship services, although we do still have visiting speakers from time to time.
Page 3
TRAFALGAR ROAD BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED)
Leadership
The Church continued into 2022 still seeking God for a new Pastor. Over the weekend of 22 & 23 January the White family visited. We had afternoon tea on the Saturday and Jon White preached with a View on the Sunday morning, followed by lunch and a Q&A session with Jon & Rachel White.
At a special Members Meeting held on 30 January to vote on calling Jon White to become the new Minister of Trafalgar Road Baptist Church, the vote was unanimous, and Jon accepted the call following a telephone conversation with the Church Secretary.
The Church continued to operate and function without a Pastor until 1 September when Rev Jonathan White started his ministry. His induction service on 10 September was a joyful occasion for the Church, and friends and family of Rev Jon.
The Leaders elections in November had no nominations for election to the leadership team.
Local Engagement
TRBC maintained its strong links to Horsham Churches Together (HCT) whose events at Easter and Christmas were well attended, with Rev Jon preaching at the Carfax Christmas service. TRBC has continued to support the Food Bank with donations and with members giving time to attend local supermarkets on days when they are supporting food donations. We have also maintained our support of local charities operating to address social issues such as Oasis Crisis Pregnancy and Horsham Debt Advice Service. TRBC regularly advertises all HCT events and our two representatives attend HCT forum meetings. The church also gifted offerings to the Horsham Family Hub (Spurgeons Childrens Charity) to fund counselling to secondary schoolchildren, especially those whose mental health has been affected by the pandemic.
Regular practices and concerts were organised by the Trafalgar Community Choir, including an excellent Jubilee concert and afternoon tea attended by over one hundred and thirty people, drawing new singers to join. In September a service was held to give thanks for the life and service of HM Queen Elizabeth II. Messy Church run periodically by volunteers has attracted a good number of local families. Renew Wellbeing runs weekly during term time on a Wednesday morning for people to meet together to enjoy a quiet space, time to reflect and “just be”. The plants sale outside the church building in May was a great success, leading many neighbours to stop and buy something for the garden. At Easter and Christmas, two volunteers once again called at doors nearby to bring a greeting, a card and Easter eggs or mince pies. On Tuesday starting in November the church building was open weekly as a warm space for the local community to join us for a cup of tea or coffee and a chat. We also showed England’s group matches in the football world cup.
The year ended with a run of services focussing on the Christmas message, as well as joining a Tree of Light service and carol singing with Holy Trinity in the local area.
Our creative group, By Design, has knitted/sewn displays that have been shown outside of the church or in church windows for those passing by to see. These have included angels, hearts, Easter chicks on bushes in front of church and a Poppy display for Remembrance Sunday. They have also got plans for more designs next year.
Page 4
TRAFALGAR ROAD BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED)
Once again, we are able to declare that God has blessed us and enabled us to be a blessing, praise His name.
Financial review
Policy on reserves
The Trustees have reviewed the Church’s need for reserves in line with the guidance issued by the Charity Commission and have established the level of reserves (that is, those funds that are freely available) that they believe the church should hold.
The Trustees consider it prudent to hold in reserve an amount equivalent to the running costs of the Church for three months and also cover three months of mission grants where annual commitments have been entered into. The Trustees decided to set the required level of reserves for these costs in 2023 at £32,000.
The Trustees held a Gift Day in September 2022 to support the repair costs of the church building roof.
The actual reserves at 31 December 2022 were £67,378 (2021: £70,779).
Principal funding sources
The Church Members and regular attenders continue to provide the main source of income through regular giving. Church hire income has recovered during the year but remains well below pre-pandemic levels. Letting of the manse during February/March and June/July provided additional income.
The Church expressed its part in the life of the wider church by making grants to national and international Christian organisations and societies with Christian aims and objectives compatible with the Church’s own charitable purpose.
The Church is heavily dependent on its membership working as volunteers in all aspects of the church’s activities, many of which are run with little or no impact on the Church’s expenditure, but nevertheless contribute substantially to the achievement of the church’s objectives.
The financial results for the year, together with a summary of the accounting policies adopted are set out in the accompanying financial statements.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Page 5
TRAFALGAR ROAD BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED)
Statement of Responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the Trustees of the Charity on 15 March 2023 and signed on its behalf by:
Jon West
Jon West (Mar 15, 2023 14:06 GMT) ......................................... Jonathan West Trustee
Page 6
TRAFALGAR ROAD BAPTIST CHURCH
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TRAFALGAR ROAD BAPTIST CHURCH
I report to the Trustees on my examination of the accounts of Trafalgar Road Baptist Church for the year ended 31 December 2022.
Responsibilities and basis of report
As the Charity Trustees of Trafalgar Road Baptist Church 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 Trafalgar Road Baptist Church'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 Trafalgar Road Baptist Church as required by section 130 of the Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the accounting 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.
...................................... G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
15 March 2023
Page 7
TRAFALGAR ROAD BAPTIST CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 2 101,296 Other trading activities 3 10,150 Investment income 4 257 Total income 111,703 Expenditure on: Charitable activities 5 83,297 Total expenditure 83,297 Net income/(expenditure) 28,406 Gross transfers between funds (10,352) Net movement in funds 18,054 Reconciliation of funds Total funds brought forward 1,424,717 Total funds carried forward 13 1,442,771 |
Restricted funds £ 3,131 - - 3,131 13,348 13,348 (10,217) 10,352 135 540 675 |
Total 2022 £ 104,427 10,150 257 114,834 96,645 96,645 18,189 - 18,189 1,425,257 1,443,446 |
Total 2021 £ 111,079 2,952 5 |
|---|---|---|---|
| 114,036 | |||
| 81,111 | |||
| 81,111 | |||
| 32,925 - |
|||
| 32,925 1,392,332 |
|||
| 1,425,257 |
The notes on pages 10 to 19 form an integral part of these financial statements. Page 8
TRAFALGAR ROAD BAPTIST CHURCH
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: Amounts falling due within one year 10 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 11 Net assets Funds of the Charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 13 |
2022 £ 1,547,560 1,547,560 5,738 69,787 75,525 (14,315) 61,210 1,608,770 (165,324) 1,443,446 675 1,442,771 1,443,446 |
2021 £ 1,551,526 |
|---|---|---|
| 1,551,526 | ||
| 7,527 74,023 |
||
| 81,550 (27,178) |
||
| 54,372 | ||
| 1,605,898 (180,641) |
||
| 1,425,257 | ||
| 540 1,424,717 |
||
| 1,425,257 |
The financial statements on pages 8 to 19 were approved by the Trustees, and authorised for issue on 15 March 2023 and signed on their behalf by:
Jon West
Jon West (Mar 15, 2023 14:06 GMT)
......................................... Jonathan West Trustee
The notes on pages 10 to 19 form an integral part of these financial statements. Page 9
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Statement of compliance
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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Trafalgar Road Baptist Church meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) 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 these accounts.
Going concern
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Gift aid
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 10
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Freehold property owned by the charity is included in the financial statements at its historical deemed cost and depreciated by writing off the difference between the cost and the estimated residual value over the useful economic life. The useful economic life of these assets is so long and residual value so high that any depreciation would not be material. These assets are subject to annual impairment reviews. Provision will be made if there has been any permanent diminution in value.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Freehold property | Not material |
| Manse improvements | 33% on cost |
| Equipment | 25% on cost |
| Furniture and fittings | 10% on cost |
Page 11
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Liabilities
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Pensions and other post retirement obligations
The Charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The Charity operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 2 December 2018.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the Charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 12
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2 Income from donations and legacies
| Unrestricted funds Designated £ General £ Donations and legacies; Donations 8,051 78,329 Gift aid reclaimed - 14,916 8,051 93,245 |
Restricted funds £ 3,131 - 3,131 |
Total 2022 £ 89,511 14,916 104,427 |
Total 2021 £ 95,960 15,119 |
|---|---|---|---|
| 111,079 |
3 Income from other trading activities
| Church hire 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted funds General £ 10,150 10,150 Unrestricted funds General £ 257 |
Total funds £ 10,150 10,150 Total 2022 £ 257 |
Total 2021 £ 2,952 |
|---|---|---|---|
| 2,952 | |||
| Total 2021 £ 5 |
Page 13
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
5 Expenditure on charitable activities
| Note Ministry costs Mission (overseas) Mission (home) Children & youth ministry Small groups Training & conferences Utilities Maintenance of premises Administration Building project Sundry Independent examination Depreciation Staff costs 7 |
Unrestricted funds General £ 5,867 - - 395 - 362 10,811 6,494 4,336 - 3,643 1,020 - 35,536 68,464 |
Restricted funds £ - 8,244 5,104 - - - - - - - - - - - 13,348 |
Total 2022 £ 5,867 8,244 5,104 395 - 362 10,811 6,494 4,336 9,081 3,643 1,020 5,752 35,536 96,645 |
Total 2021 £ 3,299 5,795 7,044 383 96 20 6,234 12,129 4,863 7,764 118 1,020 6,723 25,623 |
|---|---|---|---|---|
| 81,111 |
6 Trustees remuneration and expenses
One Trustee received remuneration amounting to £4,238 in the current year (2021: No Trustees £Nil).
One Trustee received received benefits in kind in the form of pension contributions amounting to £1,361 in the current year (2021: £Nil).
Four Trustees received reimbursement of expenses for travel and other items purchased on on behalf of the charity amounting to £1,816 (2021: Two Trustees £1,488).
A company owned by a Trustee, Mr J Harding, sold audio visual and computer equipment to the charity amounting to £10,643 (2021: £293).
Page 14
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
7 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Pension costs |
2022 £ 30,540 4,996 35,536 |
2021 £ 20,020 5,603 |
|---|---|---|
| 25,623 |
The monthly average number of persons (including senior management / leadership team) employed by the Charity during the year expressed as full time equivalents was as follows:
| follows: | ||
|---|---|---|
| Ministry Support |
2022 No 1 2 3 |
2021 No - 2 |
| 2 |
No employee received emoluments of more than £60,000 during the year
8 Tangible fixed assets
| Cost At 1 January 2022 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold property £ 1,567,401 390 1,567,791 25,942 1,365 27,307 1,540,484 1,541,459 |
Furniture and fittings £ 27,589 - 27,589 26,300 268 26,568 1,021 1,289 |
Equipment £ 46,728 1,396 48,124 37,950 4,119 42,069 6,055 8,778 |
Total £ 1,641,718 1,786 |
|---|---|---|---|---|
| 1,643,504 | ||||
| 90,192 5,752 |
||||
| 95,944 | ||||
| 1,547,560 | ||||
| 1,551,526 |
Page 15
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
9 Debtors
| Trade debtors Prepayments Accrued income |
2022 £ - 2,835 2,903 5,738 |
2021 £ 300 2,166 5,061 |
|---|---|---|
| 7,527 |
10 Creditors: amounts falling due within one year
| Bank loans Trade creditors Other loans Accruals |
2022 £ 7,725 1,500 - 5,090 14,315 |
2021 £ 9,552 950 664 16,012 |
|---|---|---|
| 27,178 |
11 Creditors: amounts falling due after one year
| 11 Creditors: amounts falling due after one year | ||
|---|---|---|
| Bank loans Other loans |
2022 £ 165,324 - 165,324 |
2021 £ 172,483 8,158 |
| 180,641 |
A mortgage was obtained for the development of the new building and is secured on the church building in Trafalgar Road, Horsham. The total outstanding on this mortgage is £173,049 (2021: £182,035), and is included in Bank loans.
12 Pension and other schemes
Defined contribution pension scheme
The Charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Charity to the scheme and amounted to - £2,119 (2021 £750).
Defined benefit pension schemes
The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme ("the Scheme"), The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited).
Page 16
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Prior to 1 January 2012 the scheme was known as the Baptist Ministers' Pension Fund with all benefits in respect of service prior to that date provided through the defined benefits plan. A valuation of the defined benefit plan was performed at 31 December 2019 by the Scheme actuary using the Projected Unit Method. The market value as of that date was £254 million. The valuation revealed a deficit of assets compared to the valuation of liabilities amounting to £76 million.
The scheme has notified the church that following the signing of the contract with the insurance company Just Group (‘Just’) that the scheme is now in surplus for the first time in around 20 years. The Deficit Repair Contributions will be reduced to a minimal level of £1 per employer per month from August 2022 onwards.
The Church makes contributions to the scheme which are charged to the statement of financial activities in the amount of £2,877 (2021: £4,853).
13 Funds
| Unrestricted funds General General Funds Designated Church building 108 Trafalgar Road Total unrestricted funds Restricted funds Fellowship Fund Mission Fund (overseas) Mission Fund (home) Total funds |
Balance at 1 January 2022 £ 308,533 805,779 310,405 1,116,184 1,424,717 540 - - 540 1,425,257 |
Incoming resources £ 103,652 8,051 - 8,051 111,703 135 1,913 1,083 3,131 114,834 |
Resources expended £ (68,464) (14,833) - (14,833) (83,297) - (8,244) (5,104) (13,348) (96,645) |
Transfers £ (10,352) - - - (10,352) - 6,331 4,021 10,352 - |
Balance at 31 December 2022 £ 333,369 798,997 310,405 |
|---|---|---|---|---|---|
| 1,109,402 | |||||
| 1,442,771 | |||||
| 675 - - |
|||||
| 675 | |||||
| 1,443,446 |
Page 17
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Designated funds
Buildings - The two designated funds relate to the purchase of the two properties owned by the Church, including the land purchased during 2009 between the two properties and to the rear of the manse for £20,000 which is included in the value of the Church building. The balance on the fund represents the building cost less the mortgage and interest free loans.
Restricted funds
Fellowship fund - The fellowship fund allows members to donate funds that are then passed on to other members of the Church in need.
Mission funds - Members are encouraged to give direct into these restricted funds for the benefit of missionaries and missionary organisations at home and abroad with which the Church partners.
| Unrestricted funds General General Funds Designated Church building 108 Trafalgar Road Total unrestricted funds Restricted funds Fellowship Fund Mission Fund (overseas) Mission Fund (home) Total funds |
Balance at 1 January 2021 £ 269,651 811,776 310,405 1,122,181 1,391,832 500 - - 500 1,392,332 |
Incoming resources £ 101,664 8,490 - 8,490 110,154 40 755 3,087 3,882 114,036 |
Resources expended £ (53,785) (14,487) - (14,487) (68,272) - (5,795) (7,044) (12,839) (81,111) |
Transfers £ (8,997) - - - (8,997) - 5,040 3,957 8,997 - |
Balance at 31 December 2021 £ 308,533 805,779 310,405 |
|---|---|---|---|---|---|
| 1,116,184 | |||||
| 1,424,717 | |||||
| 540 - - |
|||||
| 540 | |||||
| 1,425,257 |
Page 18
TRAFALGAR ROAD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
14 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ Designated £ 265,109 1,282,451 74,850 - (6,590) (7,725) - (165,324) 333,369 1,109,402 Unrestricted funds General £ Designated £ 244,486 1,307,040 81,010 - (16,963) (10,215) - (180,641) 308,533 1,116,184 |
Restricted funds £ - 675 - - 675 Restricted funds £ - 540 - - 540 |
Total funds at 31 December 2022 £ 1,547,560 75,525 (14,315) (165,324) |
|---|---|---|---|
| 1,443,446 | |||
| Total funds at 31 December 2021 £ 1,551,526 81,550 (27,178) (180,641) |
|||
| 1,425,257 |
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