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2023-12-31-accounts

DIDCOT BAPTIST CHURCH

Annual Report and Financial Statements Year ended 31 December 2023

Didcot Baptist Church Charity Number 1128696

CONTENTS

Annual Report Pages 2-5
Legal & administrative details Page 6
Independent Examiner’s report Page 7
Statement of financial activities Page 8
Balance sheet Page 9
Notes to the financial statements Pages 10-18

ANNUAL REPORT

Annual Report for 2023

The Trustees present their Annual Report and Financial Statements of the charity, Didcot Baptist Church, for 2023.

Charitable Object

The Church is an unincorporated association, governed by a constitution which states that the principal purpose of the charity is the advancement of the Christian faith according to 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 will determine.

The Church occupies premises which are held by the Baptist Union Corporation Ltd on trust which are entirely compatible with the above object.

Organisational structure and decision-making processes

Members of the Church are accepted in accordance with the Constitution. Baptism by immersion upon personal profession of faith is the normal mode of entry into the membership of a Baptist Church.

Church Membership is open to those who:

In regard to Baptismal qualification for Church Membership, the Church operates an open membership. It therefore allows that persons who have not been baptised in the manner described in the Baptist Union’s Declaration of Principle may, at the discretion of the Church Members’ Meeting, be accepted for full membership based on their own public profession of faith.

The members’ meeting normally takes place six times per year and has responsibility for the overall policy of the Church. In accordance with the Constitution, the members appoint Trustees, who include the Senior Minister (currently vacant), Associate Minister, Children and Youth Director, Administrator and Treasurer, Elders and Deacons and are collectively known as the Leadership Team who 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 object.

Relevant matters may be submitted to the Church Meeting by the Trustees for guidance and decision or may be raised by members in Church meeting for further consideration by the Trustees. Though the Constitution permits decisions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.

Objectives and Activities

In order to achieve the principal objective, which is set out above, the Church provides a variety of activities both for its membership and for the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as Loving Lord. Our vision is “to be a Welcoming Community, following Jesus, and making Him known”.

Central to the work and witness of the Church is the provision of regular public services of Christian worship. These services take place each Sunday at 10.30am. There are also occasional services at other times which are advertised on the church notice board and the website at www.didcotbaptist.org.uk. A varied programme is also provided for children and young people, on Sundays and also throughout the week. The church seeks to be a friendly and welcoming community, and anybody is free to attend any of these services.

The Church holds prayer to be of central importance and seeks to incorporate prayer within our regular activities.

The Church runs a series of house groups for the growth of faith and discipleship in the homes of some members, and further details of these can be obtained from the Trustees on request, or at the Sunday services of worship.

Didcot Baptist Church

PAGE 2

ANNUAL REPORT

Whenever possible, the Church makes available its premises, at nominal cost, to community groups. This is done as part of the outworking of our mission statement, and as an acknowledgement of our commitment to serving our community in various ways.

The Church is itself responsible for the following activities with the purpose of assisting the community and demonstrating the love of Jesus Christ:

In partnership with other Churches in the Greater Didcot area, DBC supports the Greater Didcot Christian Children and Youthwork Trust (registered charity 1194345), operating under the name of ECHO. ECHO is focused on helping young people to discover and share life in all its fullness , by developing a range of provisions e.g., a sports outreach (Soul Sport), Youth Café, and ECHO Events (Discipleship Hub).

Also in partnership with other Churches in Didcot and the surrounding area, DBC supports the work of Didcot and Wallingford Area Christians Against Poverty Debt Centre (registered charity 1160343) (CAP). The Didcot branch of CAP have their office on the church premises and use the space also for prayer meetings, some client visits and celebration events.

Our Children and Youth Director and other volunteer church members support faith engagement in local schools e.g. through prayer spaces, serving as Governors, and attending assemblies.

The Church operates a safeguarding system to ensure that all people working with children and adults at risk are appropriately vetted through the Disclosure and Barring Service and receive regular safeguarding training.

The Church is a member of the Baptist Union of Great Britain, the Evangelical Alliance and Welcome Churches. It also has a twinning arrangement with a Baptist Church in El Salvador. Over the years, this arrangement has enabled the church to support university students and to provide housing in El Salvador as part of its mission strategy. The Church is a member of an inter-denominational forum in the town, Churches Together in Didcot and District.

The Church has read the Charity Commission guidance on public benefit, and is satisfied that the activities outlined above, clearly demonstrate that the charity is providing a benefit to the public.

Achievements and Performance

The Church does not measure the success of its programmes only in numbers, including financial numbers, but also in less tangible areas. These would include the practical and emotional support of individuals and families within the church and the wider community. Also, through our support of churches, projects and organisations

Didcot Baptist Church

PAGE 3

ANNUAL REPORT

with a national and international reach, the impact of the church is seen in the spiritual and physical transformation of lives in places far from our church.

2023 has been a year of a lot of change for the church and through it all our God of faithfulness has shone through. It has been good to see many of the covid restrictions reduced and it is wonderful to now see the building being used by many of our own groups and outside users as well.

We undertook a process to seek a new senior minister during the year with the support of Rev Mike Lowe as a moderator, helping us think through as a church where we are now and what our vision going forward will be, and how this relates to looking for a new minister. At this point the search for a new minister is continuing.

Highlights of the year

Working alongside other churches in Didcot, the church has participated in:

During 2023 four new members were welcomed into membership, two sadly died, and four members resigned, usually due to moving away. The membership on 31 December 2023 stood at 127.

Typical attendances at Sunday worship are difficult to gauge owing to being a mix of live and online throughout the year but attendances have stayed strong with numbers mostly ranging from 120-150 including children.

Through its regular activities the church is in contact with approximately 180 children and young people (0-18 years).

Other activities, including house groups have continued to function, online and in-person at different times of the year.

The church runs Didcot Foodbank which distributed food for 8,590 adults and children during the year (2022: 6,779). This figure includes some repeat visits. Didcot Foodbank is supported by other agencies and churches in the area. In addition, a number of hampers were distributed to families at Christmas identified through working with another charity active in the town, Christians Against Poverty debt centre (registered charity 1160343). In addition to donations of food and other supplies, the Foodbank received financial donations in the year of £55,475 (2022: £52,471).

Financial Review

The church continues to raise the majority of the funds which it needs to carry on its activities from within its own membership and congregation, except in the case of the Foodbank where a majority of the income is given by the general public, alongside food donations.

General fund donation income grew by almost 10% or £16,284 to £186,200. During the year two large one-off donations were received totalling £27,000 and these have been designated for future capital projects. Underlying

Didcot Baptist Church

PAGE 4

ANNUAL REPORT

regular giving fell by 3%, but one-off giving (which includes Sunday offerings) more than offset that fall. Further gifts towards the tithe fund were received (£7,500) but these will not be repeated in future years. Income from the rental of the premises has reduced slightly to £6,720, partly due to the increase in church activities at the premises. Other income rose due to two grants received for both the provision of a new toddler playhouse, and a defibrillator which has been made available to the community. In addition, interest income on cash balances increased by almost £3,000 following the increases in interest rates.

Restricted income fell by 4% following the completion of donations for the Redevelopment fund in the previous year. The majority of restricted income relates to the Foodbank which increased by £3,004 compared with the previous year, a 5.7% increase.

General Fund expenditure fell by £28,834 compared with the previous year, about 17%. This was largely due to a full year with a ministerial vacancy. The church continues to seek a new senior minister. Restricted expenditure largely reflects the cost of running the Foodbank, which has increased since the previous year, partly due to the increased administrative support put in place at the end of the previous year.

The most significant of our general fund expenses relates to the payment of staff to lead and co-ordinate the church’s activities including the Sunday Services, to provide pastoral care for the congregation and other people, and to equip and encourage the membership in their life, Christian witness and service. In addition to the Associate Minister and the vacancy for a Senior Minister, the church employs (part-time) an Operations Manager and a Toddler Group Leader. We pay Greater Didcot Christian Children and Youthwork Trust for our part-time Children and Youth Director.

The Church expressed its part in the life of the wider church by making grants (19% of unrestricted donations) to local, national and international 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 run with little or no impact on the church’s expenditure, but nevertheless contribute substantially to the achievement of the church’s objectives.

As a result of changes in market conditions and the recovery plan which was put in place, the church no longer holds a defined benefit pension scheme liability. Deficit repayments were ceased part way through 2022 as a result.

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

The Trustees have established a Reserves Policy that requires a minimum of three months’ expenditure be held in General Reserves at any time. The balance held at the end of the year represented eight months’ expenditure (£118k). The Trustees are satisfied they have more than sufficient reserves at the Balance Sheet date, together with on-going income anticipated, to enable the church to function effectively in the coming year. Given the current level of economic uncertainty, the Trustees consider it prudent to hold a higher level of reserves for the time being, particularly in anticipation of the appointment of a new minister. Although the reserves for the Foodbank are currently high, demand outstripped both food and monetary donations in 2023 and the balance is expected to fall as we meet the needs of the community in the coming year.

Signed by Rev Louise Brown on behalf of the Trustees:

Louise Brown

Date: 4 June 2024

Didcot Baptist Church

PAGE 5

LEGAL INFORMATION

LEGAL INFORMATION

The church is a registered charity number 1128696.

CHURCH ADDRESS

Didcot Baptist Church 43 Wantage Road Didcot Oxfordshire OX11 0BS Tel: 01235 813187

TRUSTEES

George Ferguson Joanna Schüder Martin Clegg Tayo Adeyemi (until Nov 2023) Julie Excell Karen Marriott Bevan Marchand Sebastian Campanella Sara Green (from Nov 2023)

CHURCH TREASURER (also Trustee) Kate Andrews

CHURCH MINISTER (also Trustee) Rev Louise Brown

CHILDREN AND YOUTH DIRECTOR (also Trustee) Hannah Field

BANKERS

Charities Aid Foundation 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

INDEPENDENT EXAMINER

Richard Wilson

Didcot Baptist Church

PAGE 6

INDEPENDENT EXAMINER’S REPORT

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES AND MEMBERS OF DIDCOT BAPTIST CHURCH

I report to the trustees on my examination of the accounts of the Church for the year ended 31 December 2023, which are set out on pages 8 to 19.

Respective Responsibilities of Trustees and Examiner

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

It is my responsibility to:

Basis of Independent Examiner’s Statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent Examiner’s Statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Richard Wilson

Date 3 June 2024

Richard Wilson, FCMA

Didcot Baptist Church

PAGE 7

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2023

Notes
Income
Donations and legacies
2
Income from investments
3
Income from charitable activities
4
Other trading income
5
Other income
6
Total Income
Expenditure
Expenditure on charitable activities
7
Other expenditure
8
Total expenditure
Net income/(expenditure)
Transfers between funds
Gains/(losses) on revaluation of
property
12
Actuarial gains/(losses) on defined
benefit pension scheme
21
Net movement in funds
Fund balances at 1 January
Fund balances at 31 December		 Unrestricted
Funds
Restricted
Funds
Endowed
Funds
Totals
2023
£
£
£
£
186,200
50,975
-
237,175
13,299
-
-
13,299
334
6,904
-
7,238
6,720
-
-
6,720
3,654
5,700
-
9,354
210,207
63,579
-
273,786
136,867
75,515
-
212,382
-
-
-
-
136,867
75,515
-
212,382
73,340
(11,936)
-
61,404
-
-
-
-
17,660
-
-
17,660
-
-
-
-
91,000
(11,936)
-
79,064
478,700
64,569
1,585,000
2,128,269
569,700
52,633
1,585,000
2,207,333		 Totals
2022
£
228,603
10,179
8,295
8,346
-
255,423
226,077
720
226,797
28,626
-
(1,066,173)
34,280
(1,003,267)
3,131,536
2,128,269

All the above results are derived from continuing activities. All gains and losses recognised in the year are included above. The notes on pages 10 to 18 also form part of these financial statements.

Didcot Baptist Church

PAGE 8

For the year ended 31 December 2023

BALANCE SHEET

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
15
Total current assets
Creditors: amounts falling due within one year
16
Net current assets
20
Net assets excluding pension liability
Defined benefit pension scheme liability
Total net assets
Funds
Endowed funds
17
Restricted funds
18
Unrestricted funds
Designated funds
19
General fund
Unrestricted funds excluding pension reserve
Pension reserve
21
Total unrestricted funds
Total funds		 2023
2022
£
£
1,983,516
1,968,429
14,879
12,011
217,156
155,303
232,035
167,314
(8,218)
(7,474)
223,817
159,840
2,207,333
2,128,269
-
-
2,207,333
2,128,269
1,585,000
1,585,000
52,633
64,569
451,218
398,795
118,482
79,905
569,700
478,700
-
-
569,700
478,700
2,207,333
2,128,269

The financial statements on pages 8 to 18 were approved by the Trustees at a meeting of Elders and Deacons and signed on their behalf by:

Kate Andrews, Treasurer

Date: 4 June 2024

The notes on pages 10 to 18 also form part of these financial statements.

Didcot Baptist Church

PAGE 9

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

1 Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (Charities SORP 2021), FRS102 and with the Charities Act 2011.

The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of properties. The Trustees have reviewed the church’s forecasts and projections, and consider that the church is well placed to manage the risks it faces, with an appropriate level of reserves and cash balances. The Trustees therefore have reasonable expectation that the church has sufficient resources to continue in operational existence for the foreseeable future and believe there are no material uncertainties that call into doubt the ability of the church to continue as a going concern. Therefore, the going concern basis has been adopted in preparing the financial statements.

Didcot Baptist Church is a registered charity, no. 1128696 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Income recognition

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

Donations

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

Legacies

Legacies are accounted for when notified of entitlement, providing the amount can be accurately measured and receipt is probable.

Investment income

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

Expenditure recognition

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

Costs of raising funds

The church does not make formal appeals for funds, and expenditure on these items is therefore not material.

Grants Payable

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

Support Costs

Support costs are those that assist the work of the church but do not directly represent charitable activities and include office costs and governance costs. Where support costs cannot be directly attributed to particular headings, they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with the use of resources. This represents direct expenditure on the governance of the church. Most of the management is carried out without charge by volunteers. These intangible costs are not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.

Fixed Assets

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £250. They are initially recognised at cost, or for donated assets, as a reasonable estimate of their value on receipt.

There is no reliable information available for the cost of the church premises or the manse and so on first time adoption of FRS102, the insurance value used previously was adopted as deemed cost. The manse is revalued each year based upon the insurance valuation as reliable cost information is not available. The church has been valued by a RICS qualified surveyor as at 31 December 2022.

Didcot Baptist Church

PAGE 10

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

1 Accounting Policies (continued)

Depreciation

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

Freehold land Nil Furniture and fittings 4 years Computer equipment 3 years

Depreciation has not been charged on the church premises and the manse as they are revalued each year.

Funds

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

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the charity, principally the Church premises reserve. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on revaluation of the property form part of the fund.

Employee benefits

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in an independently administered fund.

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

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

2 Donations and legacies

Donations and grants
Legacies
Tax refunds
Total		 Unrestricted
Funds
Restricted
Funds
Totals 2023
£
£
£
159,286
43,845
203,131
-
-
-
26,914
7,130
34,044
186,200
50,975
237,175		 Totals 2022
£
188,754
5,000
34,849
228,603

In 2022 £58,787 of the donations and legacies income was attributable to restricted funds, with the remaining £169,816 being attributable to unrestricted funds.

Didcot Baptist Church

PAGE 11

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

3 Investment Income

Bank interest
Manse rental
Total		 Unrestricted
Funds
Restricted
Funds
Totals 2023
Totals 2022
£
£
£
£
3,394
-
3,394
400
9,905
-
9,905
9,779
13,299
-
13,299
10,179

In 2022, all of the investment income was attributable to unrestricted funds.

4 Income from Charitable Activities

Income from church activities
Fundraising events
Total		 Unrestricted
Funds
Restricted
Funds
Totals 2023
Totals 2022
£
£
£
£
334
6,904
7,238
8,295
-
-
-
-
334
6,904
7,238
8,295

In 2022, all £7,643 was attributable to restricted funds.

5 Other Trading income

Other trading income arises from the rental of the premises to community organisations when not in use for church activities. All income is unrestricted.

6 Other income

Other income
Government grants
Other grants		 Unrestricted
Funds
Restricted
Funds
Totals 2023
Totals 2022
£
£
£
£
3,654
5,000
8,654
-
-
700
700
-
3,654
5,700
9,354
-

In 2022, all amounts were attributable to unrestricted funds.

7 Expenditure on Charitable Activities

Ministry
Mission
Establishment and Premises		 Unrestricted
Funds
Restricted
Funds
Totals 2023
Totals 2022
£
£
£
£
54,182
-
54,182
86,964
32,984
66,132
99,116
78,016
49,701
9,383
59,084
61,097
136,867
75,515
212,382
226,077

In 2022, £51,280 mission costs and £9,816 establishment and premises costs were attributable to restricted funds.

Ministry includes the costs of those employed to carry out the ministry of the church, including minsters and youth workers. Mission represents grants made and outreach activities including the provision of food supplies at the Foodbank (restricted funds). Establishment and premises includes support costs for the church, premises costs and the fellowship activities of the church including the costs of services, children and youth groups, other fellowship groups and an employed toddler group leader.

Didcot Baptist Church

PAGE 12

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

7 Charitable Activities (continued)

Support costs are included in Establishment and premises and the amounts included within these figures are broken down as follows:

Administration
IT
Subscriptions
Bank charges		 Unrestricted
Funds
Restricted
Funds
Totals 2023
Totals 2022
£
£
£
£
11,003
5,494
16,497
13,864
5,609
-
5,609
4,992
874
-
874
842
135
730
865
728
17,621
6,224
23,845
20,426

In 2022 all support costs other than £1,700 administration and £624 bank charges were attributable to unrestricted funds.

8 Other expenditure

Unrestricted Restricted Totals 2023 Totals 2022
Funds Funds
£ £ £ £
Interest charge on pension liability - - - 720

In 2022, all other expenditure was attributable to unrestricted funds.

9 Grants payable

Home Mission – core grant
BMS World Mission – core grant
El Salvador
ECHO
Christians against Poverty
Other grants and special gifts		 Unrestricted
Funds
Restricted
Funds
Totals 2023
Totals 2022
£
£
£
£
10,718
-
10,718
9,961
10,718
1,086
11,804
9,081
-
-
-
1,272
3,000
-
3,000
-
6,500
-
6,500
5,500
1,250
-
1,250
1,700
32,186
1,086
33,272
27,514

In 2022, £1,772 grants payable were attributable to restricted funds.

10 Net income for the year

Net income for the year is stated after
charging/(crediting)
Independent examiners’ remuneration		 2023
2022
£
£
Nil
Nil

Didcot Baptist Church

PAGE 13

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

11 Staff costs and Trustees’ expenses

Salaries
Social security costs
Pension costs
Redundancy payments
Other remuneration		 2023
2022
£
£
49,971
66,275
-
1,313
3,788
5,632
-
4,356
-
8,533
53,759
86,109

The average number of full-time equivalent employees in the year was 2 (2022: 4). No employee received emoluments in excess of £60,000 during the year (2022: none).

The Senior Minister and the Associate Minister act as the church’s trustees in accordance with the constitution and with formal assent from the Charity Commission.

In 2022, Rev O’Brien received remuneration and benefits of £33,829 in respect of his services as Minister up to his date of leaving in September 2022, including the provision of manse accommodation rented by the church from the Minister. Rev Brown received remuneration of £37,559 (2022: £34,353) in respect of her services as Minister.

£14,951 was paid to the Greater Didcot Christian Children and Youthwork Trust (2022: £13,735) for the services of Hannah Field as the Children and Youth Director.

£nil in total was reimbursed to the Trustees in respect of expenses incurred as Trustees (2022: £nil). Those with ministerial office, who are also Trustees, are deemed to have incurred expenses in discharging their duties as ministers, rather than as Trustees. During the year, the church received donations of £41,197 from the Trustees (2022: £37,197). All donations were received for general funds.

The church pays pension contributions for its Associate Minister to the Defined Contribution (DC) Plan of the Baptist Ministers Pension. Further details are set out in note 21. Pension contributions under auto-enrolment obligations for other staff are made to NEST pensions.

Total aggregate remuneration paid to key management personnel during the year was £37,559 (2020: £68,182).

12 Gains and losses on revaluation of fixed assets held for the charity’s own use

Gains and losses on property assets were recognised during the year. The manse value is based on the revised insurance valuations received from the Baptist Insurance Company PLC. The church value is based upon a valuation carried out by David Parlett, MRICS at 31 March 2022.

Church premises
Manse		 2023
2022
£
£
-
(1,124,298)
17,660
58,125
17,660
(1,066,173)

Didcot Baptist Church

PAGE 14

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

Tangible fixed assets

13
Tangible fixed assets
Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Depreciation charge
At 31 December 2023
Gain/loss on revaluation
At 1 January 2023
Gain/(loss) for the year
At 31 December 2023
Net book value
31 December 2023
31 December 2022		 Church
Premises
Manse
Furniture and
Fittings
Computer
Equipment
Total
£
£
£
£
£
1,980,357
250,000
55,950
2,996
2,289,303
-
-
1,057
-
1,057
1,980,357
250,000
57,007
2,996
2,290,360
-
-
48,844
2,408
51,252
-
-
3,273
357
3,630
-
-
52,117
2,765
54,882
(395,357)
125,735
-
-
(269,622)
-
17,660
-
-
17,660
(395,357)
143,395
-
-
(251,962)
1,585,000
393,395
4,890
231
1,983,516
1,585,000
375,735
7,106
588
1,968,429

All of the fixed assets are used for direct charitable purposes.

The church is the beneficial owner (subject to the relevant trusts) of two premises, the legal titles to which are held by the church’s custodian trustee, the Baptist Union Corporation Ltd. These are the church premises and the adjacent manse.

14
Debtors
Trade debtors
Accrued income
Prepayments and other debtors
15
Bank and cash balances
Cash at bank
Other (organisation accounts)
16
Creditors: amounts falling due within one year
Accruals
Deferred income
Other creditors		 2023
2022
£
£
270
-
10,648
5,657
3,962
6,354
14,879
12,011
2023
2022
£
£
212,931
149,883
4,225
5,420
217,156
155,303
2023
2022
£
£
7,571
6,576
300
598
347
300
8,218
7,474

Didcot Baptist Church

PAGE 15

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

17
Endowment Funds
At 1 January At 31 December
2023 Gains/(losses) 2023
£ £ £
Church Premises reserve 1,585,000 - 1,585,000

The Church Premises reserve represents the value attributed to the Church premises, the legal title to which is held by the church’s custodian trustee, the Baptist Union Corporation Ltd.

18
Restricted funds
Restricted funds
Foodbank
Other restricted funds under £3,000
Church organisations		 1 January
2023
Incoming
resources
Resources
expended
Transfers
31 December
2023
£
£
£
£
£
54,686
55,475
(65,385)
-
44,776
4,463
1,200
(2,036)
-
3,627
5,420
6,904
(8,094)
-
4,230
64,569
63,579
(75,515)
-
52,633

The Foodbank fund represents funds received to support the local foodbank in Didcot which is an activity of the church.

Restricted funds
Foodbank
Other restricted funds under £3,000
Church organisations		 Fixed Assets
Current
Assets
Total
£
£
£
1,548
43,228
44,776
-
3,627
3,627
-
4,230
4,230
1,548
51,085
52,633
19
Designated funds
Designated funds
Fixed assets reserve
Tithe
Capital projects
Defibrillator maintenance		 1 January
2022
Incoming
resources
Resources
expended
Gains and
losses
Transfers
31 December
2023
£
£
£
£
£
£
380,333
-
-
17,660
(1,025)
396,968
18,462
7,538
-
-
-
26,000
-
-
-
-
27,000
27,000
-
-
-
-
1,250
1,250
398,795
7,538
-
17,660
27,225
451,218

The fixed assets reserve represents amounts set aside equivalent to the net book value of property and equipment used by the church and purchased from unrestricted funds. The tithe represents amounts given which have been set aside to bless other charities as a thanksgiving for the funds raised for the redevelopment project. Following receipt of two large one-off donations during 2023, the church decided to set the funds aside for future capital projects, including the updating of the sound system during 2024. A gift was made to the church to make available a defibrillator – subsequent grant funding was received which covered the entire cost, so the original gift has been designated to cover maintenance of the defibrillator in subsequent years.

Designated funds
Fixed assets reserve
Tithe
Capital projects
Defibrillator maintenance		 Fixed Assets
Current
Assets
Total
£
£
£
396,968
-
380,333
-
26,000
18,462
-
27,000
27,000
-
1,250
1,250
396,968
54,250
451,218

Movements on the pension reserve are set out in note 21.

Didcot Baptist Church

PAGE 16

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

20
Analysis of net assets
Analysis of net assets
Endowment funds
Restricted funds
Designated funds
Unrestricted funds
Pension reserve		 Fixed Assets
Net Current
Assets
Long term
liabilities
Total
£
£
£
£
1,585,000
-
-
1,585,000
1,548
51,085
-
52,633
396,968
54,250
-
451,218
-
118,482
-
118,482
-
-
-
-
1,983,516
223,817
-
2,207,333

21 Pensions

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 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 Ministers are eligible to join the Scheme.

Actuarial valuation as at 31 December 2019

A formal valuation of the Defined Benefit (DB) 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, 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:

Type of assumption % pa
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum Pensionable Income increase
adjustment (above CPI) 0.50
Assumed investment returns
- Pre-retirement 2.95
- Post retirement 1.70
Deferred pension increases
- Pre-April 2009 3.20
- Post-April 2009 2.50
Pension increases 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% for males

Didcot Baptist Church

PAGE 17

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

21 Pensions (continued)

and 1.5% 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 of 31 December 2022 and is currently in progress.

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 were 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.

On 30 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.

vement 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
£
£
-
38,500
-
(4,940)
-
720
-
(34,280)
-
-

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 2020
Discount rate n/a% 5,7% 2.0%
Future increases to Minimum Pensionable
Income n/a% 3.3% 4.1%

22 Related Charities and Related Party Transactions

The custodian Trustee of the church is the Baptist Union Corporation Limited (Registered Charity No. 249635) which is controlled by the Baptist Union Council. The church is also a member of the Baptist Union of Great Britain and the Southern Counties Baptist Association.

Rev L Brown, is a trustee of the Greater Didcot Christian Children and Youthwork Trust (Registered Charity No. 1194345) who run ECHO. The church made a grant of £3,000 to the charity (2022: nil). The church also paid the charity £14,951 (2022: £13,735) for the services of Hannah Field as Children and Youth Director.

Didcot Baptist Church

PAGE 18