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2020-12-31-accounts

CHIPPING SODBURY BAPTIST CHURCH

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Charity registration number: 1129527

CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

CONTENTS PAGES
Trustees’ Annual Report 3 - 15
Reference & Administrative Information 16 - 17
Independent Examiner’s Report to the Trustees 18
Statement of Financial Activities 19
Balance Sheet 20
Notes to the Financial Statements 21 - 32

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

The Trustees present their Annual Report and Financial Statements for the year ending 31 December 2020.

Charitable Object

The Church has a Governing Document (Constitution) and supplementary guidelines, which state that the principal purpose 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."

Objectives and Activities

The Church priority objectives for 2020 were to: -

The year 2020 started off in a way very similar to 2019. From January until mid-March, all regular Church events such as Services, Meetings and Groups continued as normal and then the Covid-19 pandemic and the associated restrictions made 2020 a year like no other, both for individuals and for Church life (see section Response to Covid-19 pandemic).

The Church continued to provide a variety of activities in pursuit of the above objectives, both to the membership and to the community generally, with the aim of showing the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord. The Church’s main activities were:

All these activities are open to anyone who wants to come. More details are given in the Activities and Performance section.

The Trustees have had due regard to the guidance published by The Charity Commission on Public Benefit when deciding the activities that the organisation should undertake. Mindful of this, the Church works towards a number of 'Core Purposes' to ensure that all activities contribute to the charitable object and in doing so provide a benefit to the public.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Strategy

The theme for 2020 was summed up in the word “Connecting”.

The Connect Strategy, which commenced in 2016 and continued in 2020, aims to encourage and empower members to connect more with God, with one another and with others in the community.

In order to discern guidance and direction for the future, in 2018 the Church held a week of prayer, followed by a Vision Day. The vision of “Growing disciples who will go and make more disciples” was put before the Church and seminars run to work out where the gifts of individual members might lead them to serve.

Useful contacts have been made through some of the activities the Church already runs; these are detailed in the next section.

Achievements and Performance

The Church does not measure the success of its programmes in numbers, (including financial numbers), but in less tangible areas like fellowship, encouragement and spiritual growth. The Trustees recognise that these are difficult to measure but believe that the Church continues to encourage people in the development of their faith and witness and that it will be able to pursue its mission purposes with continued enthusiasm.

At the start of the year there were 192 members. During this exceptional year there were no new members, and we were unable to celebrate any baptisms. Unfortunately, 7 of our members died during the year and 2 resigned. As at 31st December 2020 the membership therefore stood at 183.

The Church has five Core Purposes; Care, Grow, Serve, Share and Worship. Each area has continued to develop during the year in furtherance of the Charity’s aims. However, the way that this was carried out was significantly impacted by the Covid-19 pandemic restrictions.

Care

Sue Pearce is a full-time worker with responsibility for pastoral care and works with a small team to make sure that members and friends of the Church are supported when they find themselves confronted by life’s difficulties. Those who have contact with children and vulnerable adults undergo the appropriate statutory checks and training. Caring for each other and those in the local community is a core ministry at CSBC and the whole Church is encouraged to be actively involved.

The Care Groups provide an opportunity for Bible study, prayer and pastoral support. All new members are encouraged to join such a group and introduce friends. These groups form a key element in meeting the pastoral needs of members and friends.

There are programmes to visit those who cannot easily get out to Church and practical and spiritual support can be offered to those who are struggling with bereavement or illness.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

The Oasis Memory Café continued successfully in partnership with other local organisations as a support for those affected by dementia, either because of a diagnosis or because of caring responsibilities.

Grow

The numerical growth of the Church is something much to be desired and so is the growth in understanding and love of the Lord by members – something less easily measured. However, the preaching of our Minister, the Elders and others on Sunday mornings continues to be stimulating, challenging and wellreceived.

The Care Groups are a key area where members may expect to find ways to learn and move forward in faith and there are regular meetings between the Elders and those who lead those groups.

Under the leadership of Judith Clack, who coordinates the prayer life of the Church, there has been increasing engagement by members with this important element of the corporate life of the family, with resulting benefits. The Saturday morning Prayer Meeting, held once a month, is now firmly established and well supported. There is also a midweek evening prayer meeting and some of the men meet regularly for prayer early on Monday mornings.

Rachel Price, our Children and Young Families worker, has continued to develop the role under the guidance of Rev. Paul Harding and the Leadership. She is enrolled on the Müllers Practical Theology Course in Bristol.

Serve

The office, with a variety of administrative functions, is headed by Lynn du Toit. She continues to oversee the smooth running of the organisation and also serves the different leadership teams. A team of volunteers is on duty when the office is open to welcome any visitors and assist with the 'Information Hub' in the foyer. This allows the office team to fulfil their roles more efficiently. Cleaning of the Church building continues to be carried out by volunteers.

The paid employees in the Church had their roles and development appraised by Kathy Mackay. Graham Pettipher continued to take responsibility for Health & Safety. Also, as Ministry Team Leader for the Fabric of the Church buildings, he has been addressing maintenance and improvement issues and reporting regularly to the Leadership. This role was taken over by Ian Cann in September 2020. There is a small team of volunteers making sure any fabric issues are appropriately addressed and the Church burial ground and gardens are maintained in good order by committed volunteers. The Church grounds are often used by members of the public seeking a peaceful spot to spend time during the day.

Share

This area of the Church’s activity aims to engage with the world outside its own walls locally, nationally and internationally.

Locally and nationally, the Church has continued to deliver and support charitable and social activities, making good use of the recently developed premises, where appropriate.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Many of the following regular Church activities were severely disrupted by Covid-19 and the National lockdowns:

Nationally, the Church contributes to the Baptist Union's Home Mission Fund, to initiate, sustain and support work in a variety of areas in the UK where otherwise lack of funding would make such projects impossible and, coming under the umbrella of the West of England Baptist Association, we can share with other Baptist fellowships in the immediate area. Speakers from other national organisations are also invited to CSBC occasionally.

Internationally, the Church supports a number of organisations and individuals:

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

There are other activities run under the auspices of the Church, and involving members, to which anyone may come, all intended to broaden the appeal of Christ and the Church to all in the community.

Worship

Central to the work and witness of the Church is the provision of regular public services of Christian worship and it remains a vital expression of the Church’s life. The Church seeks to be a friendly and welcoming community and anybody, whatever the level of their faith or background, is very welcome to attend any of the services. During the various Covid-19 lockdowns, Church services were livestreamed and then made available online as recordings.

Usually, there is a full children’s programme during Sunday morning worship, including a crèche. The musical part of the worship on Sunday mornings draws upon the gifts of a number of talented musicians. Music is generally vibrant, varied and delivered with accomplishment. The move back to one service on Sunday mornings has been continued.

Preaching is challenging and helpful; prayer and intercession allow worshippers to reflect and address the concerns that life brings. Different preaching series throughout the year included those based on the books of Matthew and Hebrews.

Our Traditional service, held once a month on a Sunday afternoon, has attracted a number of older folks from the community. Other services (such as Maundy Thursday, Good Friday, Christmas Eve, etc.) are advertised in the weekly news sheet and on the website at www.cs-bc.org.uk

Messy Church is usually held once a month on a Sunday afternoon, seeking to attract young families who have no other connection to the Church. This normally had 50/60 coming most months with c.100 in December. Messy Church is sustained by a Church team of organizers, helpers and caterers.

At our normal Sunday morning services, numbers fluctuate but we usually average between 120 and 140 people, with 15 to 20 children on a typical week. Our traditional Sunday afternoon service usually averages around 30 – 40 people.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Services are also taken to several care homes in the community on a regular basis, for those who cannot get to the Church services.

RESPONSE TO THE COVID-19 PANDEMIC

The Managing Trustees and Leadership followed the rapidly changing UK Government and Baptist Union advice on Coronavirus throughout the period.

They met on several occasions, taking decisions to reduce, close (or re-start) various Church activities - all regular Services and activities were stopped by Friday 20th March. A nationwide 3-month lockdown was introduced in England on 23rd March 2020, a second one on 5th November 2020 and a third one on 5th January 2021.

Meetings

The planned Managing Trustees and Leadership Meetings continued via video conferencing. The first faceto-face meeting since lockdown, with appropriate restrictions, was held in September.

Due to Government restrictions, the Members Meetings planned for May, August and November were all cancelled. The August Meeting was initially delayed and, as the general country-wide situation worsened, postponed and eventually cancelled. Updates were regularly provided to Members via email.

The Ministry Team Co-ordinator’s meetings planned for May and August were cancelled and the November meeting brought forward to October. The Leadership Retreat planned for 2020 was also cancelled.

- Planning for re opening

A considerable amount of work was carried out to prepare for the possible/eventual re-opening of the Church for worship and some other activities. This was made more difficult due to the changing circumstances and Government/ Baptist Union advice.

A Covid-19 Risk Assessment and the associated procedures and record system was prepared and introduced. The first Service with attendees since the beginning of the first national lockdown was held at the Church in September.

Services, Study and Prayers

During lockdown, Sunday Morning Services continued to be livestreamed on YouTube and Zoom. Generally there were in excess of 200 views and in the early weeks of lockdown over 500. The Church members are grateful to the team that made this happen week in week out for many months. The first attended service held at the Church was on 6th September. Preaching series included Hebrews and Foreshadows of the Messiah, plus an August focus on How God Controls the Weather.

Attended Sunday morning services continued from 11th October to 1st November (inclusive) but were stopped due to the second two-week lockdown brought in on 5th November. After this, Chipping Sodbury was placed in the highest Covid-19 tier and attended services were not re-started during the remainder of 2020.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

The monthly traditional service was not held in March to July but was livestreamed from August onwards. For Members not online, paper copies of the devotional plus CD’s of the Service were prepared and distributed.

A weekly Thursday morning bible study via Zoom was started in April and an evening session added from October.

In October a weekly Wednesday morning Word and Worship was started and delivered using Zoom.

Weekly Wednesday evening and monthly Saturday morning prayers continued and were held virtually via Zoom.

Pastoral Care

Sue Pearce worked with a number of helpers and Care Group Leaders to ensure that contact was kept with Church Members. Gift Bags were sent to the more isolated members including a prayer book or plant and cakes. Care Groups continued to meet virtually via Zoom until restrictions were eased.

When permitted, staff offered to meet Church Members in the Church gardens and staff used each other plus their own social contacts for their personal support.

Social

In order to enable members to stay in touch with each other, a weekly Tuesday morning “Coffee morning” was started in April. Saturday Zoom gatherings started included Men’s breakfast and a Ladies only meetings. On 14th November a virtual Quiz evening was held to raise funds for Tearfund.

Children and Young Families

The Edge Kids club - Weekly magazines kept the group connected throughout lockdown (April-July) and virtual kids club meetings were held May-July.

Messy Church – Gift bags containing, family care packages, crafts/prayer activities and back to school packs were sent out. Messy Church was livestreamed monthly, starting in October, and involved the delivery of “Messy bags”.

Frog Club did not restart when attended Services did, instead the Children, Youth and Families Sunday livestream was started in October.

The annual Holiday Bible Club was not held during 2020.

Footsteps – it was difficult to maintain direct links with families as contact details are not collected; information was posted on the Footsteps Facebook page.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Community

Although the Church Building was closed for many months for regular activities, it was used for some activities, which helped the Community and Church Members:

The Future

At the moment, due to the developing national situation regarding Covid-19, it is difficult to predict when the Church will be able to re-open for some of its regular activities. The initiatives taken to look after the spiritual and pastoral welfare of Church members will probably need to continue for some months to come.

Financial Review

Martin Green is the Church Treasurer and a Managing Trustee. Various finance tasks were delegated to the Finance Team under the supervision of the Treasurer. The tasks are: counting offerings, banking, Gift Aid administration, utilities, insurance, financial transactions and bookkeeping.

A budget was approved by the Managing Trustees and regular financial reports, including an analysis of income and expenditure against budget and cashflow forecasts were produced, so that the finances can be monitored throughout the year. Summary reports were presented when church meetings were held, although this happened less regularly during 2020 due to Covid-19.

Unrestricted expenditure on charitable activities (‘General Funds’) decreased by 16% during the year to £178,120 (2019: £211,095). The two main reasons for this significant reduction were (a) the suspension of many activities from March/April 2020 for the remainder of the year due to the Covid-19 restrictions and, (b) decisions made by the Managing Trustees to review planned expenditure due to the uncertainty created by the pandemic, especially how the offerings would be affected.

General income decreased by 9% to £189,667 (2019: £208,592) over the same period and the Managing Trustees report an excess of income over expenditure of £11,547 during the year in the General Fund (2019: excess of expenditure over income of £2,503).

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

As part of a detailed financial review at the end of 2017, an indicative budget was set for the period 2018 to 2020 to ensure the church was aware of the need for an increase in income as agreed subsidies from unrestricted reserves reduced. The Managing Trustees are pleased to report that the church members and supporters have responded to this and have increased their giving. At the end of the three-year period the point has been reached where a subsidy hasn’t been necessary, despite the impact of Covid-19. The 2021 budget has been set cautiously to try to ensure this remains the situation in the future.

The church also operates a restricted Building Fund, into which members and supporters make regular donations. These enable the church to repay loans taken out for the buildings work. These donations are pledged for period of up to 10 years and have been utilised during the year for these purposes. The extensive redevelopment of the church buildings was mainly completed during 2016 within the budgeted figure. Payments have continued from the restricted Buildings Fund towards the loan taken out in 2015 with the Baptist Building Fund (£150,000 interest free over 10 years).

The remaining surpluses on the Buildings Fund are being built up to ensure funds are available to repay several members who have made interest-free loans for up to 10 years, and to make a thank-offering payment to the Baptist Building Fund when loan repayments are complete. This will ensure that the Church’s cash reserves are fully replenished to the required level (see below).

Reserves

The Managing Trustees have adopted the Charity Commission guidance for the Church’s Reserve’s Policy and aim to maintain a minimum of three months’ general operating costs as the minimum unrestricted reserves cash balance. Given the relatively predictable levels of general expenditure they feel this is sufficient to cover any unforeseen drops in income or unexpected non-budgeted expenditure. Given the value of the tangible fixed assets (property valued in excess of £2.4m), they feel the church has more than sufficient funds to allow the orderly closedown of the organisation in the unlikely event that the church ceased to operate as a going concern.

The General Budget for 2021 has been set at £201,297, which means that the target unrestricted cash reserves level is £50,324. The unrestricted general (free) cash reserves as of 31 December 2020 stood at a £98,075 (2019: deficit £129,544); which is in target.

The change from a deficit last year to positive funds this year is due to changing how the building loans are now recognised (£128,000 liability transferred to the Fixed asset fund); and also transferring the building loan repayments (£89,000) from the previous four years from the Building fund into the General fund (where the loan repayments were previously recognised).

Bearing in mind the current levels of income and expenditure, the levels of reserves held (including property assets), and the nature of the pledged donations being made to the Building Fund, the Managing Trustees consider that the charity remains in a healthy financial situation and is a secure ongoing concern.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Remuneration of key management personnel

Salary levels of the key management personnel have been set by considering a number of relevant factors such as the minimum stipend recommended by the Baptist Union, the levels of experience deemed necessary to undertake a particular role and comparative salaries within similar organisations. A cost-ofliving increase is considered by the Managing Trustees each year in line with the recommendation made by the Baptist Union.

Risk management

Reflecting the increased responsibilities placed on the Trustees as a result of FRS102 financial reporting standards, the Trustees have introduced an on-going programme of regular review of the key risks to the Charity under the following headings:

They have also introduced a more formal, documented risk register to identify the key areas of risk that may be faced by the Church and mitigating actions taken or planned to minimise the likelihood of them occurring. This is to be reviewed as required, but not less than annually.

Some of the key risks identified (and the resulting mitigating actions) are as follows:

Risks to vulnerable people/people at risk:

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Financial risk:

Health & Safety:

Future Plans:

Aim for 2021: To connect the Church, both individually and corporately, to God, each other and the world!

This will be achieved through the following goals. Following the disruption caused by the Covid-19 pandemic, these goals are carried over from 2020:

For the Leadership:

For the life of Church:

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Priorities for 2021

Conclusion:

In spite of Covid-19, 2020 was yet another encouraging year for the Church!

Connections with the local community were strengthened and the continued employment of a full time Children and Young Families worker has consolidated our commitment to connecting with people of all ages.

We are encouraged by all of this and feel that, while there is still work to be done, we are indeed fulfilling our mission to ‘be the people of God in our community, sharing His love with all.’

Looking back on our priority objectives for 2020, we can with confidence say that we are working hard to succeed in all areas and will continue to do so throughout 2021.

2021 promises to be a challenging year as we emerge from Covid-19 restrictions and seek to resume regular activities and re-engage with and support our local community.

Structure, Governance and Management

Members of the Church are accepted in accordance with the Governing Document and supplementary guidelines, which requires them to be or to have been publicly baptised on profession of faith in Jesus Christ, or, if not baptised, to renew their public profession of faith in Jesus Christ.

The Church members’ meetings have responsibility for the overall spiritual policy in the life of the Church, although the legal responsibility rests with the Managing Trustees.

In accordance with the Governing Document and supplementary guidelines, the members appoint up to five Elders (who are also Managing Trustees), plus two additional Managing Trustees, one of whom serves as Secretary and one who serves as Treasurer. Together with the Minister (also a Trustee), the Pastoral Care Worker, and the Children and Young Families worker (who are both paid employees and not Trustees) they are collectively known as the Leadership.

The Leadership is responsible for the overall vision of the Church, the day to day running of the Church’s work and witness and the financial and legal aspects of the Church.

All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the Church’s charitable objectives. Relevant matters may be submitted to the Church meeting by the Trustees for guidance, or may be raised by members at a Church meeting for further consideration by the Trustees.

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CHIPPING SODBURY BAPTIST CHURCH TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

Though the Governing Document and supplementary guidelines permit decisions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.

Trustees

The appointments of Managing Trustees and other governing rules are set out in the Church Governing Document (Constitution) and a supplementary document both of which were accepted by the Church meeting on 11th March 2009. In addition, a resolution was passed approving an amendment to the Constitution at a Special Church Meeting held on 13 April 2016, separating the roles of Secretary and Treasurer so that they are Managing Trustees but not Elders. The appointments are not time limited for the Minister, whilst Elders and Managing Trustees are appointed for terms of three years with eligibility for re-appointment.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They 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.

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CHIPPING SODBURY BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2020

The Charity

Chipping Sodbury Baptist Church, High Street, Chipping Sodbury, Bristol, BS37 6AH, was registered as a Charity in May 2009 (Charity No. 1129527). The West of England Baptist Trust Company acts as the Custodian Trustee for the material assets of the Church whilst the day-to-day running of the Church is entrusted to the Managing Trustees that comprise the Minister, Elders, Secretary and Treasurer.

The Managing Trustees, Elders and Officers who served during 2020 (and up to the date of this report in 2021) were:

Name Position Date
appointed		 Date
resigned
Mr. Paul Belcher Elder and Managing Trustee 09/07/2014 15/07/20
Mrs. Judith Clack Elder and Managing Trustee 28/08/2019 31/12/2020
Mr Michael Graham Elder and Managing Trustee 21/04/2021
Mr. Martin Green Managing Trustee and Church
Treasurer		 13/04/2016
Mr Ewan Hackett Elder and Managing Trustee 21/04/2021
Rev. Paul Harding Ministry Team Leader and
Managing Trustee		 01/02/2012
Dr David Marshall Elder and Managing Trustee 28/08/2019
Mr John Ottaway Managing Trustee and Church
Secretary		 13/04/2016 22/08/2018
Elder and Managing Trustee 23/05/2018
Dr Graham Pettipher Managing Trustee and Church
Secretary		 22/08/2018
Mrs. Vivien Weatherley Elder and Managing Trustee 28/08/2019

Property Trustees

West of England Baptist Trust Company (Charity No. 1092446), 46 Ravenhead Drive, Bristol BS14 9AU.

Bankers

National Westminster Bank Plc, 77 Broad Street, Chipping Sodbury BS37 6AE.

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CHIPPING SODBURY BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2020

Independent Examiner

Neil Kingston FCA, Burton Sweet, Chartered Accountants & Registered Auditors, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR.

Exemption from Disclosure

None

Funds held as Custodian Trustees on behalf of others

None

……………………….

Revd. Paul Harding Ministry Team Leader

………………………. Date approved

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CHIPPING SODBURY BAPTIST CHURCH INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 DECEMBER 2020

I report to the trustees on my examination of the accounts of Chipping Sodbury Baptist Church (the Charity) for the year ended 31[st] December 2020.

Responsibilities and basis of report

As the charity trustees of the Charity 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 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:

  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.

Neil Kingston FCA Burton Sweet Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date: …………………………

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CHIPPING SODBURY BAPTIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
2
Other trading activities
3
Charitable activities
4
Investment income
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income/(expenditure)
Transfers between funds
15
Gains/(losses) on revaluation of
investment assets
11
Gains/(losses) on revaluation of
fixed assets
10
Net movement in funds
6
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
184,575
41,121
225,696
224,270
1,284
-
1,284
2,448
2,780
-
2,780
11,883
1,028
51
1,079
1,389
189,667
41,172
230,839
239,990
178,120
3,918
182,038
211,095
178,120
3,918
182,038
211,095
11,547
37,254
48,801
28,895
89,000
(89,000)
-
-
-
(1,738)
(1,738)
4,144
55,000
-
55,000
-
155,547
(53,484)
102,063
33,039
2,343,281
120,334
2,463,615
2,430,576
2,498,828
66,850
2,565,678
2,463,615

The comparative funds are detailed in note 17

The notes on pages 21 to 32 form part of these financial statements

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CHIPPING SODBURY BAPTIST CHURCH BALANCE SHEET AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank
Current liabilities
Creditors: amounts falling due within one year
13
Creditors: amounts falling due over one year
14
Net assets
15
Funds of the charity
Restricted funds
Unrestricted funds
Total funds
16		 2020
2019
£
£
2,512,028
2,457,028
45,046
45,805
2,557,074
2,502,833
3,858
1,071
136,207
104,824
140,065
105,895
(18,461)
(17,113)
121,604
88,782
(113,000)
(128,000)
2,565,678
2,463,615
66,850
120,334
2,498,828
2,343,281
2,565,678
2,463,615

These financial statements were approved by the trustees on ………………... and are signed on their behalf by:

........................... Martin Green

The notes on pages 21 to 32 form part of these financial statements

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CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

1 Accounting Policies

a) General

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed assets and investments at market value, and in accordance with the Charities Act 2011 and the Charities Statement of Recommended Practice (FRS 102).

Along with other similar charities and organisations, the COVID-19 pandemic after the year end has brought many uncertainties to the global economy. The impact of this on the charity is highlighted in further detail within the Trustees' annual report. Notwithstanding these uncertainties, the Trustees have chosen to prepare the financial statements on a going concern basis given the free reserves held by the charity and the careful planning of the Trustees.

The charity is a Public Benefit entity.

b) Income & Expenditure

Donations that are given to the Church are accounted for gross when received. Investment income is accounted for in the year in which it is receivable.

There are no raising funds and publicity costs attributable to specific income as the Church does not aim to incur costs in publicising projects for fund raising.

Grants made by the Church to other organisations are given where their charitable objectives complement the Church's work. They are accounted for in the year at the earlier of being paid or communicated to recipient.

Expenditure is accounted for on an accruals basis and have been classified under headings that aggregate all costs related to the category. Expenditure includes attributable VAT which cannot be recovered.

Legacies when applicable are accounted for when the receipt is certain and properly quantified.

c) Fixed Assets

The Freehold property consists of land, manse and the church buildings. The properties are valued at deemed cost, with revaluations being equal to the cost of additions/enhancements. The buildings are adequately maintained and as a result have an indefinitely long life, so no depreciation is being charged upon them.

All other assets are written off in the year of purchase and therefore do not attract depreciation.

d) Investments

All investments are quoted at market value as at 31/12/20. The investments are managed on an advisory basis to achieve a balanced return from income and capital growth accepting a moderate level of risk. The Church has followed the Baptist Union of Great Britain Investment Policy for ethical investments which restricts investment in companies with significant trading interests in armaments, alcohol, gambling or tobacco. Significant trading is classified as being greater than 5% of all activity. The Church uses the advice of Charles Stanley as professional investment managers to fulfil its investment objectives.

e) Funds

Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

21

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

2
Donations and legacies
General offerings
Gift aid/covenants
Gift aid/Covenants - tax refunds
Prior year comparative
General offerings
Gift aid/covenants
Gift aid/Covenants - tax refunds
3
Other trading activities
Rental income
Bookings
Photocopier
Shop sales		 Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
34,867
16,406
51,273
45,712
115,375
19,282
134,657
142,926
34,333
5,433
39,766
35,632		 Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
34,867
16,406
51,273
45,712
115,375
19,282
134,657
142,926
34,333
5,433
39,766
35,632
184,575
41,121
225,696
224,270
Unrestricted
Restricted
Total
Funds
Funds
2019
£
£
£
39,974
5,738
45,712
122,130
20,796
142,926
30,867
4,765
35,632
192,971
31,299
224,270
Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
-
-
-
100
1,131
-
1,131
1,324
-
-
-
154
153
-
153
870		 Unrestricted
Restricted
Total
Funds
Funds
2019
£
£
£
39,974
5,738
45,712
122,130
20,796
142,926
30,867
4,765
35,632
192,971
31,299
224,270
1,284
-
1,284
2,448

All other trading activites in 2019 were unrestricted.

4 Charitable activities (income)

Charitable activities (income)
Little Fishes/Footsteps
Women's Own
Zuumba
Luncheon Club
Concerts and events
Ladies Brunch		 Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
745
-
745
2,060
102
-
102
293
763
-
763
4,590
806
-
806
3,471
72
-
72
400
292
-
292
1,069
2,780
-
2,780
11,883

All charitable activites in 2019 were unrestricted.

22

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

5 Charitable activities (expenditure)

Charitable activities (expenditure)
Grants Paid
Home Mission
BMS
Other
Activities Undertaken Directly
Leadership
Witness/Mission
Worship
Grow, Care, Small Groups and Seniors
Youth and children
Luncheon Club
Prayer
Special Events
Zumba
Women's Own
Wages and staff costs
Support Costs
Building services
Repairs and maintenance
Administration
Independent examiner's fee
Total charitable activities		 Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
8,898
-
8,898
8,898
8,898
-
8,898
10,198
3,064
140
3,204
5,150
20,860
140
21,000
24,246
299
-
299
892
-
-
-
2,561
376
-
376
51
861
745
1,606
2,966
1,225
-
1,225
1,399
14
-
14
-
-
-
-
201
45
-
45
484
-
-
-
665
655
-
655
235
120,918
-
120,918
120,316
124,393
745
125,138
129,770
10,642
-
10,642
12,645
4,408
1,981
6,389
20,868
16,145
1,052
17,197
21,982
1,672
-
1,672
1,584
32,867
3,033
35,900
57,079
178,120
3,918
182,038
211,095

All charitable activites in 2019 were unrestricted.

23

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

6 Net income/(expenditure) for the year

This is stated after charging: Total Total
2020 2019
£ £
Independent examiner's fee 1,672 1,584
Trustees' remuneration 42,124 40,338
Trustees' expenses 343 872

The Trustee Rev Harding received remuneration during the year of £42,124 (2019: £40,338).This includes the employer's payment of pension contributions. This is permitted by the trust deed.

1 Trustee (2019: 1) received £343 (2019: £872) for out of pocket expenses.

Staff costs and numbers
Gross wages
Employers NIC
Employers Pension		 Total
Total
2020
2019
£
£
103,645
101,398
5,475
6,257
11,798
12,661
120,918
120,316

No employee received emoluments of more than £60,000. Total remuneration received by key management personnel amounts to £42,124 (2019: £40,338)

The average weekly number of employees during the year (head count) was 4 (2019: 4).

Pension Contributions

The church makes pension contributions to the Baptist Ministers' Pension Trust Limited on behalf of the Minister. The contribution of 12% by the Church for the Minister is based on his gross stipend plus an allowance for living accommodation which is predetermined each year by the Pension Trust.

The Minister has made a personal contribution of 6% on the same basis.

The Baptist Ministers' Pension Trust Limited operates a defined benefit pension scheme.

As there is a large number of contributing employers participating in the Scheme, the Church is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable. The total pension cost for the Church is £11,798 (2019:

The church contributes to a stakeholder pension for the Pastoral Care Team Leader, Mrs Susan Pearce whereby it contributes 10% of her gross pay (excluding a salary uplift paid in lieu of the provision of housing). Contributions of 5% of gross pay are also paid to stakeholder pensions for the Office Manager, Ms Lynn du Toit and the Young Families Worker, Ms Rachel Price.

24

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

8 Defined benefit pensions

Background

The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”) which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entity and the assets of the Scheme are held separately from those of the Employer and the other participating employers.

For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at that time.

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficiency contributions (see below).

The Ministers are eligible to join the Scheme.

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 Legal and General Life Assurance Society Limited. 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 in the event that 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 Unum Limited. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.

Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit 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. 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.

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.

The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). The Church and the other employers supporting the DB Plan are collectively responsible for funding this deficit.

25

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

8 Defined benefit pensions (continued)

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 increases (CPI plus 0.75% pa) 3.20%
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
- Main Scheme pension 2.70%

Post–retirement mortality in accordance with 80% of the S3NFA and S3NMA tables, with allowance for future improvements in mortality rates from 2013 in line with the CMI 2019 core projections, with a long term annual rate of improvement of 1.75% for males 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 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 reveales a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan.

Under the current Recovery Plan dated 30 September 2020, deficiency contributions are payable until 30 June 2026. These contributions are broadly based on the employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. However, the Trustee and the Council agreed a 50% reduction for all deficiency contributions payable between 1 July 2020 and 31 December 2020.

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:

provision is set out in the table below:
31 December 31 December
2020 2019
Accounting date (year ending): £ £
Balance Sheet liability at year start 40,865 41,755
Minus deficiency contributions paid (3,231) (4,204)
Interest cost (recognised in SoFA) 667 952
Remaining change to Balance Sheet liability*
(recognised in SoFA) (12,827) 2,362
Balance Sheet liability at year end 25,474 40,865

26

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

8 Defined benefit pensions (continued)

*Comprises and 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 December 31 December 31 December
Accounting date 2020 2019 2018
Discount rate 0.4% 1.7% 2.4%
Future increases to Minimum
Pensionable Income 3.0% 3.2% 3.3%

9 Taxation

No provision is made for Corporation Tax, as the Charity is able to claim full statutory exemption subject to the proper application of all its charitable resources.

10 Tangible fixed assets

Cost (Property value)
At 1 January 2020
Revaluation
At 31 December 2020
Depreciation
At 1 January 2020 and 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Freehold
Property
£
2,457,028
55,000
2,512,028
-
2,512,028
2,457,028		 Total
2020
£
2,457,028
55,000
2,512,028
-
2,512,028
2,457,028

Freehold properties are included in the Balance Sheet at their deemed cost, which was the open market value at 31 December 2020 as valued by the Trustees who are internal to the charity.

27

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

11
Investments
Market value as at 1 January
Unrealised gain/(loss) on revaluation
Market Value as at 31 December
Investments comprise:
Equity shares
12
Debtors
Other debtors
13
Creditors: amounts falling due within one year
Accruals
Other creditors
14
Creditors: amounts falling due beyond one year
Other creditors - Baptist building fund
Other creditors - Individuals		 2020
2019
£
£
46,784
41,661
(1,738)
4,144
45,046
45,805
45,046
45,805
45,046
45,805
2020
2019
£
£
3,858
1,071
3,858
1,071
2020
2019
£
£
1,578
1,590
16,883
15,523
18,461
17,113
2020
2019
£
£
60,000
75,000
53,000
53,000
113,000
128,000

28

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

15 Movement in funds

Restricted funds
Foodbank
Unrestricted funds
Fixed asset funds
General funds
Revaluations
Total funds
Previous year
Restricted funds
Investments - field fund
Building fund
Unrestricted funds
Fixed asset funds
General funds
Revaluations
Total funds
PC or carpet
Memory Café
Investments - field fund
Confidential (Pastoral)
Fund
Cakes (During lockdown)
AV equipment for
livestreaming services
Bibles for Gombe -
Uganda
Building fund		 At
Gains/
At
01-Jan
(Losses) on
31-Dec
2020
Income
Expenditure
Transfers
Revaluation
2020
£
£
£
£
£
£
30,008
51
-
-
(1,738)
28,321
90,326
32,545
-
(89,000)
-
33,871
-
1,150
(745)
-
-
405
-
3,036
(1,052)
-
-
1,984
-
2,100
(1,981)
-
-
119
-
70
(70)
-
-
-
-
70
(70)
-
-
-
-
650
-
-
-
650
-
1,500
-
-
-
1,500		 At
Gains/
At
01-Jan
(Losses) on
31-Dec
2020
Income
Expenditure
Transfers
Revaluation
2020
£
£
£
£
£
£
30,008
51
-
-
(1,738)
28,321
90,326
32,545
-
(89,000)
-
33,871
-
1,150
(745)
-
-
405
-
3,036
(1,052)
-
-
1,984
-
2,100
(1,981)
-
-
119
-
70
(70)
-
-
-
-
70
(70)
-
-
-
-
650
-
-
-
650
-
1,500
-
-
-
1,500
120,334
41,172
(3,918)
(89,000)
(1,738)
66,850
1,978,468
-
-
(128,000)
-
1,850,468
(113,747)
189,667
(178,120)
217,000
-
114,800
478,560
-
-
-
55,000
533,560
2,343,281 189,667
(178,120)
89,000
55,000
2,498,828
2,463,615 230,839
(182,038)
-
53,262
2,565,678
At
Gains/
At
01-Jan
(Losses) on
31-Dec
2019
Income
Expenditure
Investments
2019
£
£
£
£
£
25,765
99
-
4,144
30,008
59,027
31,299
-
-
90,326
84,792
31,398
-
4,144
120,334
1,978,468
-
-
-
1,978,468
(111,244)
208,592
(211,095)
-
(113,747)
478,560
-
-
-
478,560
2,345,784
208,592
(211,095)
-
2,343,281
2,430,576
239,990
(211,095)
4,144
2,463,615

29

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

15 Movement in funds (continued)

Investments - We have two investments made through the West of England Baptist Association. One, known as the Field Fund because the funds originally came from the sale of a field, is a restricted fund as the donor wanted it to be used for the benefit of the minister of the church. The other smaller investment is unrestricted.

Building fund - We have modernised and developed our church buildings, partly using loans, some of which remain outstanding. One-off and ongoing pledged donations are received to pay for elements of the redevelopment work, and to cover the cost of loan repayments.

Confidential (Pastoral) Fund - From time to time the church wishes to provide confidential financial or practical support to individuals in particular pastoral need. One-off donations are received to cover the costs of doing so.

Cake Fund - During the 2020 lockdowns, we baked cakes and delivered them to numerous households in the are identified as being in need of support. One-off donations were received to cover the costs of doing so.

Audio-Visual Fund - As services couldn't be held due to Covid-19, we've invested in AV equipment to allow livestreaming on YouTube/Zoom. One-off donations were received to cover the costs of doing so.

Gombe Bibles Fund - A church member is associated with a charity in Gombe, Uganda and gave a donation of Bibles to support their work. One-off donations were received to cover the costs of doing so.

Foodbank - A donation was received to support the work of the local foodbank, which was passed on to them.

Computers - A donation was received to replace an older computer, but this wasn't purchased until after 31 December 2020.

Memory Cafe - A grant was received to support the work of the Memory Cafe. However, due to Covid-19, this hasn't yet been spent.

Fixed Assets Fund and Revaluations - The Revaluations Fund represents fixed asset revaluations that have taken place in previous years and together with the Fixed Asset Fund, represents the net book value of the properties held less any loans related to the fixed assets.

The Trustees have decided that loans relating to the fixed assets, are better represented in the Fixed Assets Fund. A transfer of £128,000 (balance as at 31 December 2020) was made from the General Fund to the Fixed Assets Fund; being the value of the associated loans.

During the year £89,000 was transerred from the Building Fund to General Funds; being the total loan repayments (relating to buildings) made between 1 December 2016 and 31 December 2020 which were previously recognised against the General Fund.

30

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

16 Analysis of net assets between funds

Restricted funds
Investments - field fund
Building fund
Confidential (Pastoral) Fund
Cakes (During lockdown)
AV equipment for livestreaming services
PC or carpet
Memory Café
Unrestricted funds
Fixed asset funds
General funds
Previous year
Restricted funds
Investments - field fund
Building fund
Unrestricted funds
Fixed asset funds
General funds		 Tangible
Net assets
Net assets
Fixed assets Investments
< 1 Year
> 1 Year
Total
£
£
£
£
£
-
28,321
-
-
28,321
-
-
33,871
-
33,871
405
405
1,984
1,984
119
119
650
650
1,500
1,500
-
28,321
38,529
-
66,850
2,512,028
-
(15,000)
(113,000)
2,384,028
-
16,725
98,075
-
114,800
2,512,028
16,725
83,075
(113,000)
2,498,828
2,512,028
45,046
121,604
(113,000)
2,565,678
Tangible
Net assets
Net assets
Fixed assets Investments
< 1 Year
> 1 Year
Total
£
£
£
£
£
-
30,008
-
-
30,008
-
-
90,326
-
90,326
-
30,008
90,326
-
120,334
2,457,028
-
-
-
2,457,028
-
15,797
(1,544)
(128,000)
(113,747)
2,457,028
15,797
(1,544)
(128,000)
2,343,281
2,457,028
45,805
88,782
(128,000)
2,463,615

31

CHIPPING SODBURY BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2020

17 Comparative funds note

Income from:
Donations and legacies
Other trading activities
Charitable activities
Investment income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Gains/(losses) on revaluation of
investment assets
Freehold land adjustment
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income/(expenditure) and net movement in
funds		 Unrestricted
Restricted
Total
Funds
Funds
2019
£
£
£
192,971
31,299
224,270
2,448
-
2,448
11,883
-
11,883
1,290
99
1,389
208,592
31,398
239,990
211,095
-
211,095
211,095
-
211,095
(2,503)
31,398
28,895
-
4,144
4,144
-
-
-
(2,503)
35,542
33,039
2,345,784
84,792
2,430,576
2,343,281
120,334
2,463,615

32