**Bushey Baptist Church To know Jesus Christ and to make Him known** **Trustees Report for the Year Ended 31[st ] March 2021** ## **Index** |**Pages 3-4**|**Legal and Administrative**
**Details**| |---|---| |**Pages 5-9**|**Trustees’ Report**| |**Page 10**|**Independent Examiner’s Report**| |**Page 11**|**Receipts and Payments Account**| |**Page 12**|**Statement of Assets and**| ||**Liabilities**| |**Page 13-16**|**Notes to the Accounts**| Page 2 ## Reference and administration details **Charity Name:** Bushey Baptist Church **Address:** Chalk Hill, Bushey, Hertfordshire, WD19 4BX **Telephone:** 01923 801643 Website: https://www.busheybaptist.org.uk/ Email: info@busheybaptist.org.uk ## **Registered Charity Number:** 1130634 ## **Trustees** : Rev John Lockley (Chairman) Mrs. Marilyn Williams Ms. Folasade Adu Mrs. Dorothy Dear Mr. Gavin Francis Mr. Ian Lloyd Mr. Ian Lloyd Mr. Jarvis Matiya Mr. Christopher Roe Ms. Patricia Samms Mrs. Susan Matiya Mr. Andrew Stone Mr. Jonathan Quartey Mrs. Christine Singleton Mr. Barry Steel Mrs. Melissa Ruparell Mrs. Jenny Sutch Rev Philip Amos Minister (retired 31.01.21) Deacon (re-elected 25.03.21) Deacon (re-elected 25.03.21) Elder (re-elected 25.03.21) Deacon (re-elected 25.03.21) Deacon (resigned 25.03.21) Elder (elected 25.03.21) Deacon (resigned 25.03.21) Elder (resigned 25.03.21) Deacon (re-elected 25.03.21) Deacon (resigned 25.03.21) Deacon (re-elected 25.03.21) Treasurer (re-elected 27.05.21) Elder (re-elected 22.03.19) Elder (re-elected 25.03.21) Deacon (elected 25.03.21) Deacon (elected 25.03.21) Minister (appointed 01.01.22) Trustees serve as Deacons or Elders and typically serve for a term of 3 years. They have an option to serve a further 3 years. The Treasurer is elected to serve for a year. The position of Church Secretary is currently vacant. Page 3 Property Trustees The Baptist Union Corporation Ltd, Baptist House, 129, Broadway, Didcot, Oxfordshire, OX11 8RT. Bushey Baptist Church is a member of the Baptist Union of Great Britain ## **Bankers:** HSBC, 73 High Street, Watford Herts, WD17 2DS ## **Solicitors:** Cameron Jones, 200, Northolt Road, South Harrow, HA2 0EN ## **Independent Examiner:** Lisa Darby ACA Stewardship, 1 Lamb’s Passage, London, EC1Y 8AB Page 4 ## **Ethos and Values:** Bushey Baptist Church is a Member of the Baptist Union of Great Britain. The Basis of the Baptist Union is: 1. That our Lord and Saviour Jesus Christ, God manifest in the flesh, is the sole and absolute authority in all matters pertaining to faith and practice, as revealed in the Holy Scriptures, and that each Church has liberty, under the guidance of the Holy Spirit, to interpret and 2. That Christian Baptism is the immersion in water into the Name of the Father, the Son, and the Holy Spirit, of those who have professed repentance towards God and faith in our Lord Jesus Christ who 'died for our sins according to the Scriptures; was buried, and rose again the third day' 3. That it is the duty of every disciple to bear personal witness to the Gospel of Jesus Christ, and to take part in evangelisation of the world. The mission of Bushey Baptist Church is to " Know Jesus Christ and to make Him known". Our vision is to achieve our mission by being a Church that resources its members for mission. We believe in helping our members to achieve their personal calling to mission by supporting and nurturing their spiritual and natural gifting. Our emphasis is on trusting and following Jesus together in Christian discipleship. Our identity as Christians is determined by the life of Jesus. We believe that this involves living in radical commitment to Him. We are called to follow Him, doing as He did and giving ourselves to God's loving purposes in the world. We exist to bear witness to Jesus Christ in the world, to share in His mission, to make known His faithful and saving love for all creation, and to express His concern for the wholeness and harmony of all that He has made. ## **Annual Report for 2021** ## Structure, governance and management Members of the church are accepted in accordance with the Constitution. Baptism by immersion upon a personal profession of faith is the normal mode of entry into the membership of a Baptist Church. Bushey Baptist has open membership which means those persons seeking membership, who have not been baptised as believers, may apply for membership on their own public profession of faith The Charity Trustees are the Deacons, Elders, Church Secretary and the Church Treasurer, who together with the Senior Minister are responsible for providing spiritual leadership, oversight and management of the affairs of the Church. Currently, the Charity Trustees consist of the 4 Elders, 7 Deacons and a Treasurer. The Senior Minister’s position is currently vacant following his retirement. The Church Secretary’s position is also vacant. Page 5 The church employs a part time Administrator, a part time Family Worker, part time Youth Worker and a Church Caretaker. It operates using a wide network of volunteers from its membership. The Trustees meet at least four times a year. The whole Leadership meet as stated in the Constitution. Church meetings are held 6 times a year when Church members meet to discuss and make decisions together about the life and witness of the church. Relevant matters may be submitted to the Church meeting by the Trustees or may be raised by Church members, both before and during a meeting. Matters can also be referred to the Trustees from the Church meeting or by individual members. Although the Constitution permits decisions at Church meetings to be made by appropriate majorities, the Church seeks to work by consensus whenever possible. ## **Objectives and activities** The Church is governed by an Approved Governing Document which states “its principal purpose is the advancement of the Christian faith in accordance with the principles of the Baptist denomination, to include the advancement of education and carry out other charitable purposes in the United Kingdom and/or other parts of the world”. The church occupies premises which are held by the Baptist Union Corporation Ltd, on Trusts which are entirely compatible with the above objective. When planning activities for the year, the Church Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The Church does this in various ways - through a variety of activities for its membership and also for the local 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 the living Lord The church since its conception has been used for regular public Christian worship by Baptists but in its latter years has attracted Christians from all denominations in the community. The church has a diverse community of believers. The morning congregation, which meets on Sunday at 10.30 a.m. averages between 80 and 100, the evening service, with the title of “Sunday at 7” operates in a different format i.e. as a bible study group. The church seeks to be a friendly, welcoming community and anybody is free to attend any of these services. These aims of the church are fulfilled by the regular Worship Services, the observation of Holy Communion, the practice of believer’s baptism, the provision of a crèche and Sunday School for children under the age of 16, week-night activities for children and young people between the ages of 8 and 18 years old. The church’s programs include activities for the ladies and guests from the community (Women Together Breakfast), for men and guests from the community (Men’s Breakfast Meeting) and runs a Toddler Group for parents/carers of young children under the age of 5 years old. Page 6 The membership of Bushey Baptist as of 31 March 2021 was 100. Paid staff and volunteers at the church who are in contact with children and young people are appropriately vetted with regard to the Criminal Records Bureau. The church has a “Safe to Grow Policy” (Child Protection Policy) in place which is displayed and given to members and all who work in the various activities provided. This policy is adopted each year at the September Church meeting. The church runs a series of House Groups for the growth of faith and discipleship in members’ homes. Periodically, the church runs “Alpha” course. This is a course introducing people to the Christian faith. It creates a space for people who want to know more about the Christian faith to ask questions and explore the big questions of life. The pandemic affected many of our activities. We were unable to organize the CAP money course for people attending church and the surrounding neighbourhood. We were also unable to run the Carers Club which started operating in January 2016, with the aim to provide a friendly place for those caring for people with dementia to receive help, support, and information and to share the love of Christ with all who attend. We were unable to run the Hot drink Giveaway, we are hoping that things will improve for us to start serving the community in this way. As a result of Covid we had to change the way we worship and carry out our activities. In March 2020, our services were moved online and were streamed via Zoom, Facebook and YouTube in order to continue to fellowship together. A limited face-to-face church service resumed in September following the easing of government restrictions but reverted to streaming during the second lockdown. DVDs of the services were made and delivered to those unable to access the services via Zoom. To ensure pastoral support of members during the lockdown, leadership team members were allocated a number of individuals and households in the fellowship. House groups played an important role in pastoral care. A pastoral care coordinator was appointed. Emails and phone calls were the main means of communicating urgent and other prayer requests. Our Senior Minister John Lockley, retired at the end of January 2021. It was sad to part ways, given that he has been with us for nearly 10 years. We however believe God is calling him for his next assignment. We appointed a moderator, Simon Carver to advise and assist the leadership team in the interregnum, as we seek God’s guidance for a new Senior Minister. Page 7 ## **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 like fellowship and encouragement. We continued with our activities by moving them online, via zoom, Facebook and YouTube. We had to invest in multimedia equipments e.g. video cameras, etc to enable us transmit our church services and activities using social media and also subscribe to zoom for meetings. The church, as much as possible, continued with activities provided during the week, ALIVE (previously WOW) catered for activities for children of age group (years 3-6). Blaze on Sundays is regular meetings for children between the ages of 11 to 14 years. This provides teaching and discussion on various bible topics. There are games as well. The aim is to make Christ known to the young. We also have Blaze on Tuesdays when non church going children also attend regularly. The church continued to support the work of the Oxhey Village Environment Group (OVEG) and had a presence at the village Summer Fayre. All proceeds, after expenses, were divided between the work of a local homeless organisation and an organisation working with orphan children in Romania. We run a 3-day Summer Madness event for children in reception to year 6 during the end of July. It was a new experience to run this event via Zoom. Packs containing everything the children needed were delivered to their homes and we were able to provide the programme we normally do, although somewhat differently. It was a great success. We concluded with a treasure hunt around the local community which was well attended and a good chance to meet the families who had joined on Zoom. Following the success of Summer Madness, we also run a Light Party in October, Pancake Madness, Easter Madness and Pentecost Madness. To cater for members social needs we had occasional quiz nights organized via Zoom. This was a great way for meeting socially with the fellowship. During the lockdown, we had a 60[th] birthday party organised on zoom. We were also able to celebrate the retirement of our Minister with over 100 guests on zoom. Breakout rooms on Sundays also offer a good way for Church members to catch up. We also run quiz evenings in aid of Tear Fund via zoom in November. Our youth were unable to attend the annual summer camp due to Covid. Bushey Baptist provides prayer and monetary support for those working in the Baptist Missionary Society, the Baptist Home Mission Fund (BMF), and support is also given to the local Watford New Hope Trust in its work with the homeless. Support and encouragement is also given to the Watford Schools Trust where a member is involved. We also support other missionaries working outside the UK. The church is a supporter of Tear Fund and is open to support other charitable causes as and when the need arises. Page 8 ## **Financial review** Total receipts for the year was £138,600 (2020: £214,905), whiles total expenditure was £159,735 (2020: £132,317). During the year a loan repayment was also made to the Baptist Union of £25,000. (2020: £25,000). The Church also paid members loans of £65,000 in the year. We continue to give thanks to the Lord for his faithfulness and provision. ## **Reserves policy** The Trustees have reviewed the need for reserves in line with the guidance issued by the Charity Commission and have adopted a policy to work towards setting aside funds of approximately three months running costs (circa £30,000). An additional three month’s reserve (circa £30,000) is set aside to guard against any unexpected downturns in financial position. At the end of the year the Total unrestricted Funds plus outstanding debtors less outstanding current liabilities was £62,899 (2020: £157,199). The financial accounts are set out in the accompanying financial statements. ## **Approvals** This report was approved by the trustees and signed on their behalf by: Signed (Trustee): Dorothy Dear Date: 18 January 2022 Signed (Trustee): Ian Lloyd Date: 18 January 2022 Page 9 Independent Examiner's Report To the Trustees of BUSHEY BAPTST CHUCH I report to the trustees on my examination of the accounts of Bushey Baptist Church for the year ended 31 March 2021 on pages 11 to 16 following. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 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 2011 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. 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. Lisa Darby ACA Stewardship 1 Lamb's Passage LONDON EC1Y 8AB Date: 24 January 2022 Page 10 ## **BUSHEY BAPTST CHUCH** ## **RECEIPTS & PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021** |Notes
**Receipts**
Giving to the church
2
Income from charitable activities
Bank interest
Total Receipts
**Payments**
_Activities in furtherance of charitable objectives_
Church costs
3
Grants paid
4
Governance costs
Total Payments
Loan Repayments
6
Transfers between funds
7,8
Net movement in funds
Balances 1 April 2020
7,8
**Balances 31 March 2021**
Net Receipts/(Payments) before transfers and
loan repayments|General
Restricted
Endowment
Funds
Funds
Fund
Fund
Fund
2021
2020
£
£
103,386
7,550
27,380
138,316
208,121
80
-
-
80
6,179
204
-
-
204
605| |---|---| ||103,670
7,550
27,380
138,600
214,905| ||112,867
6,656
15,919
135,442
122,127
20,550
-
-
20,550
8,785
3,743
-
-
3,743
1,405| ||137,160
6,656
15,919
159,735
132,317| ||(33,490)
894
11,461
(21,135)
82,588
-
-
(90,000)
(90,000)
(25,000)
(69,735)
0
69,735
-
-| ||(103,225)
894
(8,804)
(111,135)
57,588
170,572
29,815
9,015
209,402
151,814| ||67,347
30,709
211
98,267
209,402| The notes on pages 13 - 16 form part of these accounts Page 11 ## **BUSHEY BAPTST CHUCH** ## **FOR THE YEAR ENDED 31 MARCH 2021 STATEMENT OF ASSETS & LIABILITIES** ## **1. Fixed Assets** The insurance re-instatement values of the assets owned by the church were: |Church Building
Church Contents
Pinner Road property
The cost of equipment owned by the church were:
Sound & visual equipment
**2. Income Tax Recoverable**
Gift Aid recoverable to the year end
**3. Bank Balances**
Current account
Deposit account
No notice account
**4.**
**Liabilities**
Within one year
BU loan repayment
Pension Contributions
Owed to HMRC
Committed Mission Donations
Accounts preparation and independent examination
After one year
Member loans
Baptist Union loan|2021
2020
£
£
£4,725,000
4,725,000
£143,693
143,693
£725,000
725,000| |---|---| ||5,593,693
5,593,693| ||2021
2020
£
£| ||13,888
0| ||2021
2020
£
£| ||22,229
19,622| ||2021
2020
£
£
22,368
59,927
67,990
69,097
7,909
80,379| ||98,267
209,402| ||2021
2020
£
£
25,000
25,000
-
547
177
994
5,075
1,500
1,380
-
65,000
125,000
150,000| ||151,677
247,996| Except where indicated from the statement of receipts and payments or above, all the assets and liabilities are in respect of the charity’s unrestricted funds |**4.**
**Baptist Union Pension deficit**
Estimated deficit at the year-end|2021
2020
£
£| |---|---| ||48,100
66,200| ## **APPROVAL** The accounts were approved by the trustees and signed on their behalf by Dorothy Dear Date: 18 January 2022 The notes on pages 13 - 16 form part of these accounts Page 12 ## **BUSHEY BAPTST CHUCH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021** ## **1. Accounting Policies** The accounts have been prepared on a receipts and payments basis and comprise a statement that shows the charity's receipts and payments, a statement that summarises the charity's assets and liabilities and related notes. The accountancy profession have determined that only accounts prepared in accordance with applicable accounting standards present a 'true and fair' view and, as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a 'true and fair' view of the charity's financial activities and state of affairs. General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. |**2. Giving to the Church**
Gifts and offering
Tax recoveries
Specified gifts
**3. Church costs**
Salary
Note 5
Manse costs
Premises costs
Youth work expenses
Ministry and outreach
Office running expenses
Church redevelopment project
**4. Grants payable**
Overseas & UK mission
Baptist Union of Great Britain
France Mission Trust
BMS World Mission
Rogoja
Education & Training
Watford Schools Trust
Relief of poverty
Watford New Hope Trust|General
Restricted
Endowment
Total
Total
Funds
Fund
Fund
2021
2020
£
£
£
£
£
87,561
87,561
102,965
12,820
4,130
2,670
19,620
54,548
3,005
3,420
24,710
31,135
50,609| |---|---| ||103,386
7,550
27,380
138,316
208,121| ||58,571
3,055
-
61,626
52,709
4,636
-
-
4,636
5,178
20,021
-
15,919
35,940
31,603
4,213
-
-
4,213
3,953
5,701
3,601
-
9,302
11,034
19,725
-
-
19,725
10,962
-
-
-
-
6,689| ||112,867
6,656
15,919
135,442
122,127| ||5,540
-
-
5,540
-
2,830
-
-
2,830
2,830
5,850
-
-
5,850
1,625
3,830
-
-
3,830
2,830
2,500
-
-
2,500
-
-
-
-
-
1,500| ||20,550
-
-
20,550
8,785| Page 13 ## **5. Staff & trustees** The church has four part-time employees and had one full time employee until January 2021 when he retired. The full time employee, J Lockley, was both minister and trustee of the church. As allowed for in the governing document, the amounts paid to J Lockley, set out below, were paid in his capacity as minister of the church and not as trustee. M.Ruparell who is a part-time employee was appointed as a Trustee on 25th March 2021. |||Salary|Pension|Total|| |---|---|---|---|---|---| |J Lockley|2021|26,054|0||26,054| |J Lockley|2020|30,664|3,041||33,704| No remuneration or expenses were paid to other trustees or to any person connected with them . ## **6. Repayment of loan** |Baptist Union Loan
Members Loans|General
Restricted
Endowment
Total
Total
Funds
Fund
Fund
2021
2020
£
£
£
£
£
-
-
25,000
25,000
25,000
-
-
65,000
65,000
-| |---|---| ||-
-
90,000
90,000
25,000| The Baptist Union Building Fund loan is interest free and a restriction has been lodged against the church property. The loan was received in 2017 and is repayable over 10 years . Loans from church members are non interest bearing, and are not secured against any church property. These loans were fully repaid in September 2020. ## **7. Movement of Restricted and Endowment Funds** |Restricted Funds
Social Care Fund
Staff salary Fund
Specified Gifts Fund
2018 Gift Day
Building Tithe
Mens' breakfast
Carers' club
Mission anniversary fund
Car Park Fund
Family Worker Fund
Endowment funds
Building Fund|Balance at
Balance at
1 April 2020
Receipts
Payments
Transfers
31 Mar 2021
£
£
£
£
£
3,193
650
(2,259)
-
1,585
950
-
-
-
950
199
-
-
-
199
8,270
-
-
-
8,270
758
-
(758)
-
-
100
-
-
-
100
1,109
-
(585)
-
525
4,825
-
-
-
4,825
10,411
3,845
-
-
14,256
-
3,055
(3,055)
-
-
9,015
27,380
(105,919)
69,735
211| |---|---| ||38,830
34,930
(112,575)
69,735
30,920| The restricted funds are for the following use. The Social Care fund is intended to support those in need as the need arises. The Staff salary fund is intended to fund the salaries of additional staff The Specified Gifts Fund records restricted income received for third parties The 2018 Gift fund is used to fund salary costs for additional staff, building costs and certain mission payments The Building tithe relates to gifts where the donors specified that a portion of their gifts are tithed on specific church projects. The Mens' Breakfast fund is intended to cover the costs of providing the breakfast The Carers' Fund is intended to support carers. The Mission anniversary Fund represents an annual offering intended specifically for use in mission The Car Park Fund was set up for the Church to purchase part of the neighbourhood garden, which was being offered by the council, for conversion to a car park. The Family Worker Fund is intended to fund the salaries of the Family and Childrens' worker. The Endowment Fund relates to a building project in the church Page 14 ## **8. Movement of Unrestricted General and Designated Funds** |General Funds
Designated Funds
Short Term Project Workers Fund
Tithe of property sale
125 Fund
Queens Avenue|Balance at
Balance at
01 April 2020
Receipts
Payments
Transfers 31 March 2021
£
£
£
£
£
109,737
103,670
(136,560)
(10,000)
66,847
500
-
-
500
600
-
(600)
-
-
25,533
-
-
(25,533)
-
34,202
-
-
(34,202)
-| |---|---| ||170,572
103,670
(137,160)
(69,735)
67,347| The balances on the designated funds 125 Fund and Queens Avenue were transferred to the Endownment Fund as agreed by Trustees in November 2020. The Endowment Fund is for a church building project and both designated funds reflect a similar purpose. ## **9. Baptist Pension Scheme** ## _Background to the disclosure_ 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. The Scheme comprises a Defined Contribution Plan and a Defined Benefit Plan. The pension cost shown in the Receipts and Payments Statement comprises contributions to the Defined Contribution Plan and deficiency contributions to the Defined Benefit Plan (see below). The Minister(s) and some members of the church staff are eligible to join the Scheme. ## _The Defined Contribution Plan_ 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 (or 3% if the employer is in the segregated DC section) 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 Aviva. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%. ## _The Defined Benefit Plan_ 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 next actuarial valuation of the DB Plan is due as at 31 December 2022. ## _Recovery plan_ A recovery plan dated 30 September 2020 has been agreed to make good the above deficit in assets. Therefore, in addition to the contributions to the DC Plan set out above, the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. It has been agreed that the standard rate of deficiency contributions from churches and other employers involved in the DB Plan will remain at previously agreed levels, increasing each year in line with increases in the Minimum Pensionable Income. The deficiency contributions are broadly based on 12% of Pensionable Income / Minimum Pensionable Income, reflecting each employer's contributions in March 2015. Some employers that were involved in the DB Plan for a short period pay lower contributions. The Trustee and the Council agreed a 50% reduction in all deficiency contributions payable between 1 July 2020 and 31 December 2020. The Recovery Plan envisages deficiency contributions continuing until June 2026. In addition, the Baptist Union of Great Britain agreed to contribute a lump sum of £0.5m by 31 December 2020. Page 15 ## _Key assumptions_ The key assumptions underlying the actuarial valuation of the DB Plan were as follows: |_Payments made in the year_
Defined Contribution Plan:
Emploee contributions
Employer contributions
Deficit contributions to DB plan
Deferred pension increases
- Pre April 2009
- Post April 2009
Pension increases
CPI price inflation assumption
Minimum Pensionable Income increases (CPI plus 0.75% pa)
Assumed investment returns
- Pre-retirement
- Post retirement
_Type of financial assumption_
RPI price inflation assumption|_% pa_
3.20
2.70
3.20
2.95
1.70
3.20
2.50
2.70
2021
2020
£
£
766
2,432
1,453
3,040| |---|---| ||2,219
5,472
4,505
3,291| ||6,724
8,763| _Basis for determining the DB plan pension liability_ The pension liability disclosed in the Statement of Assets and Liabilities in respect of the DB Plan is based on an estimate of the amount that the charity would be required to pay should the charity decide to settle the debt immediately; the Baptist Pension Scheme (the ‘BPS’) have provided this estimate. The BPS is collecting deficit contributions monthly however these deficit contributions have not been calculated by reference to the charity’s share of the pension deficit and, based on the current schedule of contributions, it is possible that the sum of all future annual deficit contributions will be significantly less than the liability disclosed in the Statement of Assets and Liabilities. The charity does not foresee any circumstances that could result in immediate payment of the whole debt however the trustees believe that the BPS may ask the church to increase its contributions towards the deficit and therefore, to be prudent, they have chosen to disclose a liability for the employer debt in the Statement of Assets and Liabilities. ## **10. Events after the year end** On 4th June 2021, the charity sold a flat, the proceeds of which were £261,852. Page 16