## **LOUGHBOROUGH BAPTIST CHURCH**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED**
**31 DECEMBER 2020**
## **REGISTERED CHARITY NUMBER: 1131055**
**Cound & Co LLP Chartered Accountants**
**1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **CONTENTS**
|
Report of the Trustees
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts|Page No|
|---|---|
||
1 – 3
4
5
6
7 – 15|
**- 1 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their report together with the financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Church’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
## **OBJECTIVES OF THE CHARITY**
The principle purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination; the Church may also advance education and carry out other charitable purposes in the United Kingdom and other parts of the world.
## **PUBLIC BENEFIT**
The Trustees have referred to the Charity’s Commission general guidance on public benefit when reviewing the Church’s aims and objectives and in planning its future activities. In particular, the Trustees considered how planned activities will contribute to the aims and objectives they have set.
## **ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE**
The activities of the Church have included:
- regular public worship, Bible study, preaching and teaching
- baptism as defined in the Baptist Union’s Declaration of Principle
- the communion of the Lord’s Supper
- evangelism and mission, locally, regionally, nationally and internationally
- the teaching, encouragement, welcome and inclusion of young people
- nurture and growth of the Church
- education and training for Christian and Community service
- giving and encouraging pastoral care
- supporting and encouraging charitable social action in the United Kingdom and abroad
- encouraging relationships with and supporting Baptists and other Christians
- supporting Christian Aid, Rainbows Hospice, LOROS, Exaireo and other local, national and international charities
- actively involving ourselves in the town of which we are a part and supporting those with particular needs, for example, the homeless and those with learning difficulties or dementia and their carers.
On 31st January 2020 Rev Gert Glasius left his position as minister of the church after a ministry of nine years. A Vision Day was held on 14[th] March. This was led by the Regional minister; its purpose was to think carefully about the future. Shortly after this a Church Profile was prepared to enable anyone seeking ministry either initially or moving on from previous work to find out about Loughborough Baptist Church.
The church usually meets for worship on Sunday mornings and evenings at Loughborough Baptist Church. The church met on the morning of 15[th] March and, after that service, was closed until further notice due to the pandemic. Services were prepared by various church members and emailed or posted out to members of the congregation. Occasionally we have been able to meet in the worship room or outside in the courtyard, but, on the whole, this has not been possible and during the latter part of the year services have been shared via zoom. Sunday Club has met on line throughout the lockdown. On occasions it has been possible to open the church for prayer on Saturdays.
The vast majority of the groups that meet during the week - craft groups, women’s groups, the dementia group, luncheon clubs, children and young people’s groups - have been unable to do so due to restrictions caused by the pandemic. Contact has been maintained throughout through daily morning messages involving all those connected with the church. Gifts of food, flowers and activities have been taken to children, members of Forget me Not, and other members of the fellowship at appropriate times such as Mothering Sunday. Lunches have been delivered to those in need on a weekly basis. The paid workers -pastoral worker, family worker, administrator, and kitchen staff together with many
**- 2 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)**
others in the church, especially those in positions of responsibility, have worked very hard to ensure that those within the fellowship received the care they need, and where it has been impossible to meet, as it has been in most cases, contact had been maintained in other ways.
The Deacons have continued to meet regularly during the pandemic, concerning themselves with the welfare of the members, church business and the future of the fellowship. Special meetings have been held to discuss future ministry and a Search Team has been appointed consisting of five deacons and three other church members to consider future ministry and interview those enquiring about ministry with us. The Finance Team and the Church Secretary carry a considerable amount of responsibility, particularly in the present situation. Small groups e.g. Fellowship, Spiritual Development, Finance, Property and Employment deal with some areas of the work and report monthly to deacons. All matters for decisions are taken to the diaconate; regular reports are sent out to the church members, comments and questions are encouraged and final decisions are made by the church members.
The Pastoral Support worker and Family worker have continued to work throughout the pandemic and, towards the end of the year, an administrator was appointed to shoulder some of the responsibility in this area. The Pastoral Support worker works 10 hours per week, the Family worker 12 hours per week and the Adminstrator 15 hours per week. The kitchen staff and cleaners have been furloughed for some of the time and furlough money has been claimed from HMRC. One member of the cleaning staff retired during lockdown.
Considerable work has been done on the houses owned by the church prior to lockdown and new tenants moved in early in the year. Much work has been completed within the church building taking advantage of its lack of use by members. This has included a full refurbishment of the assembly hall, checking of the roof and re-cementing the coping stones. Emergency lighting, fire alarm and water have been checked every month during lockdown. Two retail premises let out by the church have been allowed to pay half rent during the pandemic.
Our finances have been affected as we have lost rental on our properties. Christian Aid left the first floor suite of rooms in July and rental business properties have only been able to pay half rent for much of the year. Giving has been maintained although income from this has been less than it normally would be. Our income is now beginning to show signs of returning to an acceptable level. Enquiries for the use of the premises have been made and are in the process of being dealt with.
## **FINANCIAL REVIEW**
## **Reserve Policy**
The trustees monitor the financial position of the Church at each of their monthly meetings and have agreed that a sum of £50000 should be held in reserve. As the Church has a number of properties that need to be maintained and given that the church has had an expenditure in excess of income in recent years, we consider this sum as reasonable to cover any unforeseen emergencies.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Charity is an unincorporated association governed by a constitution dated 20 March 2008 and known as the Loughborough Baptist Church. The Church is a member of the Baptist Union of Great Britain.
The Church buildings are held in trust by the East Midlands Baptist Association Trust. The charity Trustees are appointed by the Church meeting and comprise: The Minister and nine deacons, two of which are the Church secretary and the Church treasurer. Trustees are advised of their obligations under charity law, the contents of the constitution, and the process of decision making in the Church.
The Trustees meet monthly and make recommendations to the monthly Church Meeting. The conduct of all Meetings is governed by the requirements of the constitution.
**-3 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Charity Number:** 1131055 **Church Address:** 9 – 10 Baxter Gate, Loughborough, Leicestershire, LE11 1TG **Bankers** Lloyds TSB plc, 37-38 High Street, Loughborough, Leicestershire, LE11 2QG Baptist Trust Co, 83 Sheepwalk Lane, Ravenshead, Nottingham, NG15 9FD **Solicitors:** Moss Solicitors, 80-81 Woodgate, Loughborough, Leicestershire, LE11 2XE **Accountants:** Cound & Co LLP, 1 Princes Court, Royal Way, Loughborough, Leicestershire, LE11 5XR
## **Trustees:**
The Trustees during the year were:
Mr D Beresford Mrs J Beresford (Resigned from the diaconate during the year) Mrs S Bowler Mrs R Green Mrs E Grimley Mrs D Hall Mrs S Northcote Mr S Ogunkolade Mrs M Thirlwell
Approved by the Trustees on 15 April 2021 and signed on their behalf by:-
…………………………..
Mrs Margaret Thirlwell Church Secretary
**- 4 -**
## **INDEPENDENT EXAMINER’S REPORT**
## **TO THE TRUSTEES OF LOUGHBOROUGH BAPTIST CHURCH**
I report on the accounts of the Charity for the year ended 31 December 2020 which are set out on pages 5 to 15.
## Respective Responsibilities of Trustees and Examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
## It is my responsibility to:
- examine the accounts under section 145 of the Charities Act;
- follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Charities Act; and
- state whether particular matters have come to our attention.
## Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
## Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep proper accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR 15 April 2021
**- 5 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Investments
Charitable activities
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
Charitable activities
**TOTAL EXPENDITURE**
**NET EXPENDITURE AND NET MOVEMENT**
**IN FUNDS BEFORE GAINS AND LOSSES**
**ON INVESTMENTS/FIXED ASSETS**
Transfer between Funds
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
**TOTAL FUNDS BROUGHT FORWARD**
**TOTAL FUNDS CARRIED FORWARD**|Notes
2
3
4
5
6
16
16|2020
Unrestricted
73921
75688
4173
______
153782
______
28245
93647
______
121892
______
31890
_______
-
_______
31890
1172572
_______
1204462
_______|2020
2020
2019
Designated
Total
Total
-
73921
83580
-
75688
72711
-
4173
12700
_____
______
______
-
£153782
£168991
_____
______
______
-
28245
13558
-
93647
167303
_____
______
______
-
£121892
£180861
_____
______
______
-
31890
(11870)
______
_______
_______
-
-
-
_______
_______
_______
-
31890
(11870)
-
1172572
1184442
_____
_______
_______
-
£1204462
£1172572
_____
_______
_______|
|---|---|---|---|
||||_
__|
**- 6 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
|
FIXED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Debtors
Cash at Bank
CREDITORS – Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
CHARITABLE FUNDS
Unrestricted
Designated
Restricted|Notes
11 (a)
11 (b)
12
13
14
16
16
16|2020
84780
1005000
_______
1089780
21797
117556
______
139353
______
24671
_____
114682
_______
1204462
_______
£1204462
_______
1204462
-
-
_______
£1204462
_______|2019
86664
1005000
_______
1091664
7232
103972
______
111204
______
30296
_____
80908
_______
1172572
_______
£1172572
_______
1172572
-
-
_______
£1172572
_______|
|---|---|---|---|
|||||
Approved by the Trustees on 15 April 2021 and signed on their behalf by:
………………………………..
Mrs M Thirlwell (Church Secretary and Trustee)
The notes on pages 7 to 15 form part of these accounts
**- 7 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 1 ACCOUNTING POLICIES
## a) Basis of Preparation
These financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011under the historical cost convention, with the exception that investments are included at market value. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) and applicable UK Accounting Standards and the Charities Act 2011.
The Church constitutes a public benefit entity as defined by FRS102.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## b) Funds
Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Church.
Designated funds are funds which the Trustees have designated to be used for a particular purpose, rather than in furtherance of the general objectives of the Church.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the funding provider.
## c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the Church is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
No amount is included in the financial statements for volunteer time in line with SORP (FRS102).
For donations to be recognised the charity will have been notified of the amounts and the settlement dates.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised.
Investment income is earned through holding assets for investment purposes such as property and shares. Interest is recognised when entitled and rent income is recognised as the Church’s right to receive payment is established.
**- 8 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 1 ACCOUNTING POLICIES (continued)
## d) Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Church to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
Grants payable are made by the Church to other organisations whose charitable objects complement their work. This is accrued once the recipient has been notified of the grant award.
## e) Governance Costs
This represents direct expenditure on the governance of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the Church for their service.
## f) Fixed Assets
The Church buildings and the Manse are included in the balance sheet at original cost or fair value at 31 December 2018 which becomes the “deemed cost” under the FRS 102 transition rules.
## g) Depreciation
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.
Depreciation is provided on all tangible fixed assets at a rates calculated to write off the cost, less estimated residual value , of each asset on a systematic basis over its expected useful life as follows:
Freehold buildings: 2% on “deemed” cost on a straight line basis
## h) Investment Assets
Investment properties for which fair values can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value being recognised in net gains (losses) in investments in the SOFA.
## i) Pension Costs
The Church pays contributions for its ministers to the Baptist Ministers Pension Trust Limited. This is a final salary multi-employer defined benefits scheme, the assets of which are held separately from the Church. The Church is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reliable basis and therefore, as required by Financial Reporting Standard 17 ‘Retirement benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result the amount charged to the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting period.
The Church also pays contributions into a defined contribution scheme for one of the employees. The cost of contributions is written off against profits in the year that they are payable.
**- 9 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 2 VOLUNTARY INCOME
|VOLUNTARY INCOME|||
|---|---|---|
|Offerings
Gift Aid tax refunds
Donations
Legacies|2020
Unrestricted
53488
14106
6327
-
_____
73921
_____|2020
2020
2019
Designated
Total
Total
-
53488
62000
-
14106
15040
-
6327
6540
-
-
-
_____
_____
_____
-
£73921
£83580
_____
_____
_____|
||||
## 3 INVESTMENT INCOME
|3|INVESTMENT INCOME||||||
|---|---|---|---|---|---|---|
|4
5|Interest received
Rent received
INCOME FROM CHARITABLE ACTIVITIES
Trading income
RAISING FUNDS
Fundraising trading costs|2020
Unrestricted
2640
73048
_____
75688
_____
2020
Unrestricted
4173
_____
4173
_____
2020
Unrestricted
28245
_____|2020
Designated
-
-
_____
-
_____
2020
Designated
-
_____
-
_____
2020
Designated
-
_____|_
_|2020
Total
2640
73048
_____
75688
_____
2020
Total
4173
_____
£4173
_____
2020
Total
28245
_____|2019
Total
2954
69757
______
72711
______
2019
Total
12700
_____
£12700
_____
2019
Total
13558
_____|
||||||||
||||||||
**- 10 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 6 COST OF CHARITABLE ACTIVITIES
|COST OF CHARITABLE ACTIVITIES|||||
|---|---|---|---|---|
|Ministry costs
Mission costs (see note 7)
Establishment costs
Depreciation
Admin Support Costs (see note 8)
Professional Fees
Cound & Co LLP
- Independent Examination Fee
- Accounting and payroll support|2020
Unrestricted
40865
8009
35312
1884
5375
360
1542
300
______
93647
______|2020
Designated
-
-
-
-
-
-
-
-
_____
-
_____|2020
Total
40865
8009
35312
1884
5375
360
1542
300
_______
93647
_______|2019
Total
97072
9706
43863
1884
11834
274
3000
300
_______
167303
_______|
||||||
|7
8|MISSION COSTS
Grants paid to:-
BUGB Home Mission
BMS World Mission
Castle Donington Community Church
Other
ADMIN SUPPORT COSTS
Staff Training
Health & Safety and HR Support
Computer Software
Office Consumables
Postage
Kitchen Upgrade|2020
Unrestricted
3000
3000
1000
1009
______
8009
______
2020
Unrestricted
104
177
432
4158
116
388
_____
5375
_____|2020
Designated
-
-
-
-
_____
-
_____
2020
Designated
-
-
-
-
-
-
_____
-
_____|2020
Total
3000
3000
1000
1009
______
£8009
______
2020
Total
104
177
432
4158
116
388
______
£5375
______|2019
Total
3000
3000
1000
2076
______
£9076
______
2019
Total
294
480
389
7767
335
2569
______
£11834
______|2019
Total
3000
3000
1000
2076
_____
£9076
_____|
|---|---|---|---|---|---|---|
||||||||
**- 11 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 9 STAFF COSTS, KEY MANAGEMENT PERSONNEL AND TRUSTEE EXPENSES
|Salaries
Social Security Costs
Pension Costs
JRS Grants Received|2020
42993
-
3987
(9534)
______
£37446
______|2019
72069
791
9210
-
______
£82070
______|
|---|---|---|
The average number of employees during the year was 7 (2019: 8).
No employee received emoluments in excess of £60000 during the year (2019: none).
One Trustee, Rev G Glasius was also an employee of the Church. He received the following remuneration during the year:
|Salary And Employers NIC
Pension Contributions|2020
2019
2900
34031
3987
9210
____
____|
|---|---|
All other Trustees give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2019: none). Rev G Glasius receives remuneration for his role as the Minister of the Church not for his role as a trustee.
The Trustees consider the key management personnel to be the Trustees. As such the remuneration and benefits for Rev G Glasius are also the total amount of employment benefits for key management personnel.
No Trustees received reimbursement for expenses paid for on behalf of the Church (2019: None).
Rev G Glasius received the following expenses:
|Travel and other expenses
Accommodation costs|2020
633
588
____|2019
938
9036
____|
|---|---|---|
The total unrestricted donations made by the Trustees in the year was £14,408.
**- 12 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 10 PENSION COSTS
The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”). The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited).
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. The 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.
A formal valuation of the Ministers’ Fund was performed at 31 December 2013 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £162 million.
The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £84 million (equivalent to a past service funding level of 66%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, it has been agreed to increase the standard rate of deficiency contributions from Churches and other employers involved in the DB Plan from 11% of Pensionable Income/Minimum Pensionable income to 12% from 1 January 2017. The contributions will be based on each Church’s or other employer’s position at March 2017. Some Churches and other employers that were only involved in the DB Plan for a short period will pay less than 12%. As at 31 December 2018 the estimated deficit on a technical provision basis has reduced to around £50m. The Recovery Plan envisages deficiency contributions continuing until December 2028.
The key financial assumptions underlying the valuations were as follows:
|Type of assumption|% pa|
|---|---|
|RPI price inflation assumption|3.60|
|CPI price inflation assumption|2.85|
|Minimum Pensionable Income Increases (CPI plus 1.0% pa)|3.85|
|Assumed investment returns||
|- Pre retirement|5.10|
|- Post retirement|3.95|
|Deferred pension increases||
|- Pre April 2009|3.60|
|- Post April 2009|2.50|
|Pension increases||
|- Main Scheme pension Pre April 2006|3.40|
|- Main Scheme pension Post April 2006|2.30|
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 pensions cost for the Church is £3987 (2019: £9210).
The next actuarial valuation of the DB Plan within the Scheme will be as at 31 December 2020.
Payments totalling £nil (2019: £nil) were also made in respect of a defined contribution pension scheme for one of the Church’s employees.
**- 13 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 11 FIXED ASSETS
|11|FIXED ASSETS|||||
|---|---|---|---|---|---|
|(a)
(b)|Tangible Assets
Cost
At 1 January 2020
Revaluation
As at 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
As at 31 December 2020
Net Book Value at 31 December 2020
Net Book Value at 31 December 2019
Investments
Investment Properties
Market Value brought forward at 1 January 2020
Loss on revaluation
Market Value as at 31 December 2019
Investment properties comprise:
11 Baxter Gate
7-8 Baxter Gate
27 Patterdale Drive
65 Belvoir Drive|Church
Premises
94200
-
______
94200
______
7536
1884
_____
9420
_____
84780
_____
86664
_____
2020
1005000
-
_______
1005000
_______
380000
250000
160000
215000
_______
1005000
_______|Total
94200
-
______
94200
______
7536
1884
_____
9420
______
84780
______
£86664
______
2019
1005000
-
_______
1005000
_______|Total
94200
-
______
94200
______|Total|
|||||7536
1884
_____
9420
______||
|||||84780
______||
|||||£86664
______||
||||||2019|
||||380000
250000
160000
215000
_______
1005000
_______|||
The commercial properties at 11 and 7-8 Baxter Gate were valued by Mather Jamie, Chartered Surveyors in January 2016. The residential property at Patterdale Drive was valued by the Trustees, based on local property prices as at 31 December 2016. The property at 65 Belvoir Drive was valued by the Trustees at 31 December 2017 based on similar properties.
Previously properties were valued on an insurance basis by the Baptist Union as at 27 April 2010.
**- 14 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 12 DEBTORS
|DEBTORS|||
|---|---|---|
||2020|2019|
|Gift Aid|1170|1090|
|Prepayments and other debtors|20627|6142|
||_____|_____|
||£21797
_____|£7232
_____|
|BANK AND CASH BALANCES|||
||2020|2019|
|Lloyds TSB plc|13499|2555|
|Baptist Trust|104057|101417|
||______|______|
||£117556
______|£103972
______|
## 13 BANK AND CASH BALANCES
## 14 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
||2020|2019|
|---|---|---|
|Trade Creditors|2975|-|
|Accruals|3601|7161|
|PAYE and NIC|489|847|
|Collections held for other organisations|12856|17538|
|Rent Deposit|4750|4750|
||_____|_____|
||£24671
_____|£30296
_____|
## 15 RELATED PARTIES
The custodian Trustee of the Church is the Baptist Union Corporation Limited which is charity number 249635, and which is controlled by the Baptist Union Council. The Church is also a member of the Baptist Union of Great Britain.
The Church made a donation to the Baptist Union Mission Scheme as set out in note 8.
## 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS
|(a)|Unrestricted
Designated
31 December 2020
Funds
Funds
Total
Fixed Assets: Tangible Assets
84780
-
84780
: Investments
1005000
-
1005000
Current Assets
139353
-
139353
Creditors due within one year
(24671)
-
(24671)
_______
_____
_______
1204462
-
£1204462
_______
_____
_______|
|---|---|
**- 15 -**
## **LOUGHBOROUGH BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2020**
## 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
|(b)|Unrestricted
Designated
31 December 2019
Funds
Funds
Total
Fixed Assets: Tangible Assets
86664
-
86664
: Investments
1005000
-
1005000
Current Assets
111204
-
111204
Creditors due within one year
(30296)
-
(30296)
_______
_____
_______
1172572
-
£1172572
_______
______
_______|
|---|---|
## 17 MOVEMENT IN FUNDS
|MOVEMENT IN FUNDS||||
|---|---|---|---|
|As at
1 January
2020
Unrestricted Funds
1172572
Designated Funds
-
_______
£1172572
_______|Income
153782
-
______
153782
______|Expenditure
121892
-
______
121892
______|As at
31 December
Transfers
2020
-
1204462
-
-
_____
_______
-
£1204462
_____
_______|
|||||