2022-07-31-accounts - Minehead Baptist Church

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Review of the Year

Proverbs 3:5-6 Trust in the Lord with all your heart and lean not on your own understanding; in all your ways submit to him, and he will make your paths straight

This is the first review for three years which has been written when were able to worship for some part of the year without Covid-19 restrictions. At the time of the last review, it was expected that restrictions relating to meeting as a worshipping community would be removed. In practice these restrictions were in force in some form or another for a considerably longer period that was originally expected. A significant part of the past year therefore saw services being held both on-line and in person. Although we were able to celebrate Christmas together without many restrictions additional constraints were reintroduced for January, although thankfully these were only for a short period of time.

Once these were lifted fully, we decided to stop livestreaming our services and now post a recorded service later in the day. We took this decision in order to remove any part of the service before we post it to protect those children who attend should we need to. We also established a new church at 4 service reflecting a different style of worship to the main morning worship.

We have, however, continued some of the activities started at the beginning of Covid restrictions. We will still continue to meet weekly for a zoom Bible study for the foreseeable future and post prayers on Facebook daily at 10 a.m.

The Hub has been able to open without restriction and as part of this we made the decision to take payments by way of credit and debit cards. This has helped with those who are booking the Hub for parties and has also increased the average amount spent by a family when they visit the Hub. The work on how we more fully integrate the Hub and the work that goes on there of seeking to serve its community into the church is an ongoing initiative. Prior to his leaving to take us a new position at Lee Abbey Mark Scyner was volunteering and working at the Hub for a day a week to lead this effort. It is planned that once someone has been appointed to lead out youth and children’s work that they will help us in shaping this vision.

Whilst we continued the summer family picnics in Blenheim Gardens begun during lockdown we were also able to recommence our youth and children’s work at the church this year. Both the Youth Club and Firestarters on Sundays have seen both returning and new people attending. No review of the year would be complete without acknowledging the work done with our youth and children by Mark Scyner. Mark left his role as a trustee and his employment at MBC at the end of July but during his time at MBC he has been both a source of stability for our youth and has modelled Christian love to them. It is true to say that Mark will be impossible to replace and that the work he has done has shaped the youth and children’s work at MBC forever.

As lockdown restrictions were eased it became apparent that there were many people, particularly among the elderly, who were feeling lonely and needed help to engage once again in society. As a response to this Mark took up a new role as part of his responsibilities and opened the Oasis Café at MBC for 2 days a week where people might simply come and meet others over a cup of tea. This has proved very popular, and it is testimony to Mark’s hard work that this work has continued following his leaving.

We have also formed new discipleship ‘life groups’ and more of the church than ever before are engaged in these weekly times of fellowship. These groups meet on various days, at various times and in various locations including some in the surrounding towns.

Being able to return to some sense of ‘a new normality’, whatever that means, is only possible because of the hard work of the many individuals who give their time and effort in so many different ways and the dedication of an amazing group of trustees who have helped to guide the church through what has been another year of considerable change. It is fitting that we record our thanks to everyone involved at MBC.

It is also right that we given thanks to our awesome Lord who continues to be generous to us in all ways, including our finances. We pray that as you read through the rest of this report you will join us in praising the Lord and giving all the glory for what has been done by the Lord, and what is planned for the coming year.

Plans for Future Periods

In one sense the priority for 2022 / 2023 remains as it was last year, to continue doing what we do well in being a welcoming church, to develop as disciples of Jesus and to reach out to our community.

Following Mark’s departure, we will be seeking to appoint someone to build on Mark’s work with our youth and children.

Current economic circumstances mean that many face food and fuel poverty. We will be working with the local food cupboard and have joined a national warm welcome programme in order to assist with these issues.

Contact with Spring Harvest has been re-established and we will be looking towards Easter 2023 wo see how we can work together to bless our community.

Talks are ongoing with a number of individuals who are contemplating how God might be calling them to his service. It is expected that some of these exciting conversations will come to fruition in the coming year

It is recognised that this coming period will be another one of change. The statement made in last year’s review is therefore more pertinent than ever. We need together to seek the Lord and simply follow him wherever he leads us this coming year.

Minebead Ba tist Church red Cbari r 1130521 Amherst Shapland Limited for the ear ended Chartered Accountants

Minehead Ba tist Church INDEPENDENr 'S REPOR REPORT TO THE TRUST F MINEHEAD BAPTIS I report to the cl)arity tntstees on my examination of the accounts of the cl)atity for the year ended 31 July 2022 wbich are set out on pBges 6 to 10. Res nsibilitse8 and ba5i¥ of A5 the charity's trustees you arc responsible for the preparation of th¢ accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I rep)rt in respect of my examIOn of the charity's accounts carried out under section 145 of the Act and in carrying out my examiOn I have followed all the applicable DItiOnS given by the Clwity Con)mi&sion under section 145(5)Ib) of the Act. Inde endent aAller'S statement I have completed my examition. I CODfiTm th* no material matters have come to my att¢ntion in connection with the eXamItion giving me cause to believe that in any material respect: accounting records were not kept in Tespect of the charity as rcquircd by section 130 of the Act" or 2. the accounts do not aOrd with th08¢ records. I have no concerns and have come across no other matters in connection with the eXaMitiOn to which attention should be drawn in this report in order tr> enable a prop¢r Understandi of thc accounts to be KHDPREST Fc Chartered Accountant 4 lrnbam Road Minehead Somerset TA24 5DG 13 December 2022

Minehead Ba tist Church 8ts hari umber 113052 ANNUAL REPORT OF Minehead Ba tist Church rto31 Administrative Information Minchcad Baptist Church is part of the Baptist Union of Great Britain aDd the South West Baptist Association. Pat*5 Lane Somerset TA24 8BS RuE MJNISTEKS Rev. Paul Mccabe Richard Hall (Minister in Training from l February 2020) MEMBER OFMLVISTERIAL TK4M Mark Scyner (resi8ned 311712022) ELECTED MEMBERS (ELDERS) Adam Ford (resi8n¢d 16 November 2021) Margaret Hammel Alec Prail Martin Spink (r¢si8ned 10 September 2021) Debby Ward Pat Crispin (from 16 Nov¢mber 2021) Luke Otpin (from 16 November 2021) TRFASURER Pauline W¢stcott OUNT Amherst & Shapland Limited 4 Irnbam Road Somerset TA24 5DG

Minehead Ba ChAri tist Church Number 1130521 AL REPORT OF MINEHEAD BAIryIST CHURCH 31Ju Min¢lud Baptist Churth IMBC) i% 8overn¢d by an Approved Governing Documcnl whith stst¢s that the principal PUTPOS¢ of th¢ ¢harity is th¢ advan¢¢ment of the Christian Faith acwrdin8 to th¢ PTin¢ipl¢s of th¢ Baptist dcnomination. The Church may a150 advanc¢ ¢ducation and Ca other charitable purw)ses in the United Kiti8dll all&(r other parts of the TId. As a member of th¢ Baptist Union MBC subibes to the Union's Dj4[atIon of Principlc: our knird and Saviour Jesus ChrisL (3od manifest in the is the sol¢ and abgjlute authority in all matters pertsininB to faith and as revuled in the Holy Scriptw¢4 and has libety. under the 8uidan¢¢ of the Hoty Split to interpret and Tthinist¢r His laws. That Christian BaFAism is thc immmion Ill water into the of the Father. the Son and Holy Gh05L of those wbo havc pTofc58cd repentance tow4Tth God and faith in our Lord je Christ WIM) •died for our sinj a¢¢oTdin8 to th¢ &TiPtUTW was buried and rosc a8aiD on the third day.. That it 1$ th¢ duty of ¢v¢ry dis¢ipl¢ bev pers] witixss to the gospel of Jesus Ctris(4nd to tak¢ part in the eVge1]SatIOn of the world." The tru8t¢e8 are aware of the Chuity Commission's 8uidanL% on publi¢ benefit iti Tr Advan¢¢m¢Dt of Religion for th¢ Publi¢ B¢D¢fif and have regard to it in its athninistratiolb. The tTUSte¢s beli¢v¢ thaL by fvlfilling their r¢sponsibility to work together with thc Minister WHI ¢wcrate in all mAtten of ¢oncern and imporlance for the promotion of the whole mission of the Cknurc pMstornL cvangelistic and 80cial. it pyovides a benefit to the publi¢ by: Providing r¢souM K1 ficilitiu for public WOT5hiF4 pastornl and spiritual, mornl and int¢ll¢¢tual developmenl both for its mnbel8 thd f(Y anyon¢ wlK wishes to iKnefit from wt th¢ Chur¢h offers; and Promoting Christian valu4 and s¢rvi¢¢ by memb¢T3 of the chwch to th¢ community. to the benefit of Individ13 and so¢1 as a whole. ObJ¢¢¢lvM ActMIl The trustees support the mAnierfs) in FYomotin8 the ministy and mission of the church. The powers conferred on th¢ trustees include the p)W¢T ¢0 4utr& mana8¢ and administer woFrty for church pury05C5 and the power to framc an annual budget of monies r4uired for thur¢h work. The trustees are also given pM)wer. jointly with the minist¢rfs% to appoint and dismiss ¢hur¢h slaff m¢mb¢rn determine their slltsries and oMditions of service. The trustee$ 4v¢ ¢ommittgd to enablin8 as mw pwle •$ possibk to wrShiP * Min¢head Baptist chUh on Sundays and to take part in midM¢¢k a¢tivits4 bibl¢ Stiyjies and aYer rneetin8S. In addition to numerous church 8rnup4 MBC also hu an Xtivc Girfs, Bri and run5 The Hub - all of these bein8 important PArts of the missiott of our chuh. Revlew of the Yr Proverbx 3:H Trnst ID th¢ Lonj wlth all your heart and leam n•t om yo•r ovrn •ndentandlDr In all YOUT ways 8ubmh to and he Ivill your pAthJ BtTxrybi This is the first review for three years which been WTitD th¢n ablc to worship for some part of the year without Covid.19 restrictions. At th¢ time of the Jas¢ review, it exF*cted that r¢5tridions lting to meeting as a Colisiderably lon8er peritid that was originally exFck¢L A significant part of thc past year therefore saw services t¢ing held both on-litie and in psoll. Althwb we w¢r¢ able to lebrate Christmas together without many restricti0tt8 additional Constr w¢r¢ reintr fty January, althou8h thanlY thes¢ wcre only for a short p¢riod of lime.

Minehead Ba tist Church ered Cbari Number 113 521 Year to 31 J 2022 Once these were lifted fully. we decided to #op livestrea8 our sezvices and now post a re¢oTrkd S¢Tvice later in the day. We took this decision in order to remov¢ any part of the service kfore we Nist it to protKt thos¢ child WI attend should we need to. We also established a n¢w churth at 4 service ecting a different Style of W0biP to the main mornin8 worsbip. We hav4 lweve1. conliDua som¢ of the activities started at thc b¢8iiuiin8 of Covid strictions. We will still continue to meet weekly a z(Kxn Bibl¢ study for the foreseeable futurc and p05t pray¢rn on Facebook daily at 10 ajn. Th¢ Hub ha5 bKn abl¢ to OP¢D withThrt TtrIc and prt of Ihis VK made the de¢ision to tak¢ paym¢nts by way of Grlt and d¢bit cards. This has h¢lprd with those who s bookin8 the Hub for pArties Ind also increased the average amount spent by a fwni]y WI) they vistt thc Hub. The work on lW more fully intee the Hub and the work that goes on there of seeking to serve its c(Anmunity into th¢ church is ongoin8 initiative. Prior to his ieavitig to ith us a D¢W Pxition at Ix AW MaTK Scyner volunteering and workin8 at th¢ Hub for a day week to lead this efforL It is planned thftt once some(tt been appointed to l¢ad youth and ¢hiidr¢n'$ work that tw will help us in shapiD8 thi$ vision. Whi15t we continued the Sumn family picnics in Bknhcim Gardcns iwun durin8 lockdown we were also able to reoomm¢nc¢ our youth and children's work at the church this yw. Both th¢ Youth Club and FireslArters on Sundays have seen both R¢urning and n¢w p¢opk attetMlin8. No t¢view of the year would be complete without acknowledging th¢ Work done with our and children by Mark Scyner. Mark left his rolc as a tru5ttt and his employment at MBC at th¢ ¢nd of July but during his tim¢ at MBC he has be both a 8ourcc of stability for our youth and has modelkd Christian love to them. It is Irue to say that Mark will be imws5ibk to and that th¢ work he has dcm¢ hAs shaped the youth 4md childrn's work at MBC fryev¢r. As lockdown r¢strirt wtre ¢ased it iwm¢ IPPAT¢nt that ther¢ w¢r¢ many p¢opl4 particularly amon8 the elderly. who wcre feeling lonely and De¢ded h¢lp to ¢n8•8e once in soci&y. As a resp)nse lo this Mark took up a new role as p•rt of hi5 resp(m]bIlItIeS and okxned the Oasis Café at MBC for 2 days a week whcr¢ p¢opl¢ mi8ht simpty come me¢t oth¢r5 over a Cup of t This has proved very popular. and it is t¢5timoDy to Mark's hard WOTk that this work has co1ned followin8 bis leavi We hav¢ Also fornxd new di1p]eshiP 'lifr wups. and more of th¢ Chur¢h than ¢v¢r b¢foTe are eny8ed in thes¢ weekly times of frIIow5hip. Thue 8foupB meet on various at vari times and in various locations includin8 80me in th¢ surnunding town& Being able to rettwn to Some sense of 'a new nomMlity'. wh•tsver th•t m¢ffj& is only pomibk be¢aus¢ of th¢ work of the many individyals who give their time and effort in so many different ways and the dedication of an amazing wjup of trustees who bav¢ helped to 8uidc thc chUh thr(w8h what been another year of considerable cIwA8e. It 1$ fittin8 that we record our thanks to cv¢ryon¢ involved at MBC. It is also rigbt thAt wc given thanks to our Lord wlh) ¢ontinu¢s to 8eDerous to us in all way4 includin8 our finances. We prny that a5 yK)u read thTOU8b Test of this reFM)rt you will join ys in prnisin8 the Imd and 8iving l the 81ory for th has been done by the and is plffjn¢d th¢ COmiD8 y¢ar. In one sen5¢ the priority fr 2022 12023 remai as it Wa8 I1 year. to continue doing wIt we do w¢ll in b¢ing a w¢lcomin8 churtty to d¢v¢lop as discipks of Jesug and to r¢acb to our tmMunIty. Following Mark's will be 8¢ekin8 to ap]t som&Me to build on M•k'$ work with our youth alld ildren. CuTrent wAmomic Circumstan mean that face focrfl and fiKI poverty. Wc will k working with the local food

Minehefid B2 tist Church stcred Cbari Iyumber 1130521 ANNUAL RE F MIIYEHEAD BAvri CHURCH ear lo 31 Ju 2022 Contact with Spring Harvest has been re-esthblished and we will b¢ looking towards East¢r 2023 to s¢¢ how we can work tO8cth¢r to bl¢88 our community. Talks Ire on8oin8 with a numb¢r of individuals who contempJatin8 how God mi8ht b¢ calling th¢m to his service. It is ¢xpected that some of th¢se exciting conversations will come to fruition in th¢ ¢oming year It 18 reco8Dised that this coming period will be anoth¢r ODC of ¢han8¢. The statement made in last year's review Is therefore more pertinent than ever. We need tO8ethw to seek the iAKd and simply ftillow him WIever he leads us this comin8 year. tsmenl of the Leaderjhl Team'i Res Th¢ L¢ad¢r8hip Team {Ine¢s} are responsible for pr¢ptiTin8 th¢ annua] r¢port and the financial Statemts ' accordance wlth applicabl¢ law And gUlati1)n8. Charity law requires the trnsteeg to prepare financial 5tatemettts for each financial year. Under that law the truste¢s hAV¢ ¢l¢cted to prcparc financial statements in accordance with the United Kin8dom G¢nerAlly Ace¢pted Accounting Practi (Unitcd Kingdom Accountin8 Standard5 and applicablc law). Thc financial statements AT¢ f¢quiT¢d by law to give a true and fair view of the stste of affairs of the charity and of its surplu5 or deficit for that period. Jn pr¢parin8 these financial ststements the trustees are required to: Select suitable accountin8 poli¢i¢$ and &n apply th¢m consistentIy: Make judg¢m¢nts ¢stim•t¢$ that aye reasonable and pnJd¢n( Stat¢ wh¢ther applicable UK Accounting Standards hAV¢ b¢¢n follow¢(L $ubj¢ct to any mariaJ depart disc108cd and explained in th¢ financial statements. The trustees are responsible for k¢¢pin8 proper acunting records that diBcIo8e with Yea50nabl¢ accuracy at any time th¢ financial position of thc Charity and enable it to cn8ure that that these financial statements comply with the Ch8riti¢s A¢t 2011. It 1$ also r¢sponsible for saf¢8uardin8 the charitys assets aDd thkln8 reasonable steps for the prev¢ntion and dete¢tion of fraud And other irregularitt¢s. Memberd of th¢ ¢hurch are aCC¢pt in a¢rdan with the Governin8 DocumenL There were 115 Members as at 31 July 2022. Members, me¢tings nornially take pla six times per year. Though the Governing Document permits decisions to b¢ made at Memb¢rs' M¢etin8s by appropriate majoritie4 the Church seeks to work by consensus wherever possible. ID aCrdIDCC with the Governin8 DocumenL the members appoint TNst¢¢s (called Eld¢r5 or D¢aconsl who together with the Minisrls Church Secretary and Treasurer {who arc also TTUSte¢s Appointed by the M¢rnb¢r5X and ¢olleclively knowm as the Leadership Tea ore resFK)nsibl¢ for the day-to-day rLumin8 of the church's work and witness, and the finaDGial and le8al aspects of the charity. This report for the year 31 July 2022 is as approved by the TNsl¢es on 15 November 2022 Truste¢ authorised to Si8n on i)eilf of the Tntstees

Minehead Ba Chari tist Church Iyumber 1130521 Recei ts Pa ents unt rthe ear to 31 Ju GENE Unrnarfctod R•fjtslctod fund• lund• TolAI tsnd• L•81 y•ar Recelpts Donon8. legade8 and grants Spedal P•p•al• Inknre•l on bank •co)unts Fe08 fDrMs8lon Hall hlrn 134021 134021 3395 141 122,491 2,045 72 3,395 141 22,501 9.724 £ 186,987 £ 22,e501 9,724 3,395 £ 170,383 2.05S 7,386 £134,029 T¢Jlal v•c•lpl• PasThnt8 lageJhalade8 ond nalton•l In•urnrtC• Penjlon wntdbulon 91,085 9,978 8.857 2,913 800 23,659 11,902 23,472 £ 172,884 £ 91,085 9.976 8P57 2.913 800 80,796 6.626 6.920 3.989 2.279 20.556 10,486 18,167 48,8 Pen•lon deffidl nlbuonI RO11% and rn•lnt•Mnce Equlpm•ntrnp•lrn and r•n•wal• Ulllllos and tsl•phon• Church runnlng c¢8ts 23059 11,802 28M3 3,111 £ 178,774 Tot•1 p•ym•nl• Pl•t of rnc•lpWlp•ym•n Transfern belween fvnd• C••h fvnd• laqt yo•r end C••1 fvnd• th1• yo•r ond (5,877) (0,3921 70,804 £04,927 70,927 £06,638 £70,927 R84rf¢téd fvnd L•qtyoar R•Ipts DonailonB 20.080 Total r•c•lpt• £ 20,080 PasThnts Loan r•p8sThent> Baplol Bulldlng Fund Total paymonla N•t olrnc•lpW(p•ymenl¥ Trnnsfer from Gener81 FurKI Cash lund8 laal yaargnd Ca4h funds th18 yoar end 9,000 9,000 9,000 (8,940 16.382 5,322 16.382

MiDebead Ba tst Church mber 1130521 sts and Liabiliths at 31 J 202 SE Cuh fund• £64,927 £8,050 Other Monetary Debtors Gift Aid claimed but not reL%ived £154 £5.760 Alts relalned for the eharlty'i oivn n8 Mincl)ead Baptist Church BuildiD8 The Manse occupied by the minists (30 Paga1 Roa4 Minelkad) The Hub (Hopcott Rorf AlCom Minebe&l). All property is held &8 Custodian Tnts by the Baptist Union of Great Briti1 with Minehead Baptist CredltorB £748 Credltorn (S11 AppeAI) £266 P¢D•ion Fund DefKk £47 The Hub purdwe loan £72.000 The ArUnts and Stalemart of A&8cts and Liabilitics set out on pages 6 & 7 latill to the year ending 31 July 2022 are as approved by th¢ Trustees and signed on their bebalf Rev Paul M¢Cabfy Chair of Truste Date: 15 Nov¢mber 2022

Minehead Ba tist Chureb tered Cbari Iyumber I 521 Notss to cco at31Ju 2022 l. Basis of a¢eounts Thes¢ accounts hav¢ b¢¢n prcpard on a 'receipts and payments. b&sis and in acrdanCe with Section 133 Charitie5 Act 2011. 2. DoDatloDl• 8fADts and olb¢r In¢ome 2022 17J75 94?98 202 15.067 600 2021 7,974 90,656 4,499 17214 1200 600 348 £122891 Donations Offerings Furlou8h 8Tant Gift Aid For Minister in Training Pastoral fund Other income Tot1 DoDatloDi and Other IDeom¢ £134,621 3. Mh8loD 2022 15,856 1,172 931 2021 12.535 585 165 73 1,308 491 £1S157 Missionlcharitsble 8ivin8 Youth and Familie8 Outreach Active Living Centre nllming costs Th¢ Hub runDin8 costs MBC Activity Group8 niiiniti8 Costs Total Mls8lon 5,190 £26J83 4. A88ets Held for the Chur¢hJ ule The church 13 the beneficial owner (subject to the relevant trusts) of the followin8 assets, the legal title to which is held by the church'5 Custodian trustee [the Baptist Union Corporation Ltd]: Chur¢h premises at Parks Lane. Minehead Somerset TA24 8BS. valued at £520.000 based on estimated market value. chUh mansc at 30 Pagan¢l Road. Mitiehea Som¢rBeL valued at £375.000 ba8¢d on ¢stimated market value. The Hub located at Hopcott Rorf Alcombc. Mineherf SomerseL valued at £220.000 b&sed ( estimatcd market value.

Mfinehead Ba tist Church . t¢red Chari r 1130521 I the aeeollnts at 31 Jul 20 Pen8fioD Seheme Lknbllltlej The Church is an employer participating in a pension scheme knowD as th¢ Baptist Pension Scheme {*he SthenK'). Th¢ S¢hcm¢ is a Kparatc Ic881 entity which is administered by the Pension Tn (Baptist Pension TnL4t Limited). The Ministh and some members of the church staff are eligible to join the Scheme. Since January 2012> pension provision h&$ been made through the Defined Contrlbution (DC) PlaD within the Scheme. In general, membcrs pay 8Y¢ of their Pensionable tncome and employers pay 6Yo of mcmbcr3' Pensionable Incornc into individu81 pension accounts. In addition, th¢ employer pays a fillther 4Yo of Pensionabl¢ Incom¢ (or 3Yo if th¢ employer is in the segregated DC section) to cover Death in Suvirx Benefits, administration costy and an associaled insurance policy which provides income protcction for Sehcme members in thc event that they are unable to work due to long-term incapacity. This income protection p)li¢y has been insured by the Baptist Union of Great Britsin with Aviva. Members of the Basic Section pay reduced contrlbutions of 50/0 of Pensionable Incom4 and th¢ir employers also pay a totsl of S Benefits in respect of service prior to l January 2012 are provAded through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a deflljed benefit pension of on¢ eigbtieth of Final Minimum Pensionable Income for each year of Pensionable ServicA tO8ether with additional pension in 5p¢et of prctniums paid on Pensionable Income in excess of Minimum Pensionable Income. The Schcmc. prevxously known as the Baptist Ministers. Pension Fun4 started iu 1925, but was closed to future accrual of defined benefits on 31 December 2011. A fonnal valuation of the Ikfined B¢nefit (DB) Plan was perfornied at 31 December 2016 by a professionally qua]ificd Actuary usin8 the Proj¢ct¢d Unit Mdhod. The market value of the DB Plan assets at the valuation date was £219 million. The valuation of the DB Plan revealed a defieit of a8ts compared with the value of liabilities of £93 million (equivalent to a past service funding level of 70Yo). As a result of the valuation, in addition to the contributions to the DC Plan set out above. it was agreed that the standard rale of deficiency contributions from churches and other ernployers involved in the DB Plan will remain at previously agreed levels, increasing each year in line with in¢85e$ in the Minimum Pensionable tncome. The deficiency contributions are broadly based on 120A of Pensionrablc Income l Minimum Pensionable Income. reflecting eath employer's contributions in March 2015. Somc employers that We involvcd in thc DB Plan for a short period pay lower contributions. Under thc Recovery Plan dated l July 2020. the TThtee and thc Council agreed a 5(P/o reduction for all deficiency contributions payable between i JY 2020 to 31 Dettmber 2020. Jn addition. the Baptist Union of Great Britsin contributed a lump sum of £33m in 2018 with a further £0.5rn to follow, and changes to the Scheme benefits were agreed. The Recovery Plan envisaged deficiency Contributio continuing until 31 December 2028.

Minehead Ba tist Church 10 Chari Nurnber 113052 Notes to the 2022 Pension Scherne Liabilities (continued) As there is a large number of contributing employers particl1n8 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 Scbeme. the profit and loss charge for the period r¢presents the employer contrlbutions payable. The totsl pension cost for the Church for the yeaT ended 31 July 2022 was £8,857 (2021 £6,920). Following the 'buy-in policy, agrcemcnt with the inSUe company Just Group to secure DB Plan members. pension benefits. the Baptist Union and the Trustee agreed that deficit recovery contributions from eacb participaling employer in the DB Plan will reduce to just £1 per month from August 2022 payment until June 2026. Currently, there is no plans to reinstate the requirement to pay fi] DRCS in the firture but it cannot be rul¢d out at this stage. Participating employers retnain responsible for providing a shar¢ of any additionaj funds that th¢ DB Plan may require in future. That is why the direct debit deductions are maintsined at £1 per month for the time being. A5 part of the agreement to reduce contributions in tbis way. tbe Baptist Union agreed to put £3 million aside in an escrow xcount which could be used to provide additional funds to mt th¢ liabiliti¢s of the Scheme if required. The pension scheme ]iabi]ity shown in the Statement of Assets and Liabilities is calculated as the current rate per month multiplied by the number of months renMIg in the cUent Schedule of Contribution4 which amountcd to £47 as at 31" July 2022, The Chuwh has bc¢n advised that the estim cost for the church lo buy out their Pension Scheme liabillties at 31 July 2022 was £256,000 (at 31 July 2021- £357,000).

Minebead Ba tist Church red Cbari r 1130521 Amherst Shapland Limited for the ear ended Chartered Accountants