REGISTERED CHARITY NUMBER: 1199202 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 FOR surroN COLDFIELD BAPTIST CHURCH Wallace Cfooko Chartered Accountants & Registered Auditors Wallace House 20 Blrmlngharn Road Walsall West Midlands WS12LT
SUThON COLDFIELD BAPTIST CHURCH CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Reference and Adrnln15traflve Detalls Report of the Trustees 2 to 6 Report of the Independent Audltors 7 to 10 statement of Financial Activltles Balance Sheet 12 Cash Flow Sta¢ement 13 Notes to the Cash Flow Statement 14 Notes to the Flnanclal Statements 15 to 28 DÈtalled Statement of Financial ActLVltie5 29 to 30
SUTTON COLDFIELD BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES Donald Campbell Laurie Marshall IresFgned 241412D231 Judy Hyde Mark Maybury Louise Gore Mafk Steel David Gordon (appointed 2514120231 REGISTERED OFFICE Trtnlty Hlll Sutton Coldfield W8sl Mldlands B72 1TA REGISTERED CHARITY NUMBER 1199202 AuDOR8 Wallace Crook8 Chartered Accountants & Registpred Auditors Wallace House 20 Birmin9ham Road Walsall Wesl Midlands WS12LT BANKERS The Co-operdtwe bank 1 Balloon Street Manchester M60 4EP
surroN COLDFIELD BAPTIST CHURCH REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2023 The Iruslees present thelr pOrt with the financial stalemenls of the ch2rity for the year ènded 31 December 2023. The trustees have adopted th6 provlsions ol Accounting and Reporting by Charities.. Statement ol Reeommended Practice 8ppllcabk lo charltles preparlng their accounts in accordance wtth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lefleclive 1 January 20191. The Church w03 incorporated as a Charitable Incorporated Organi3ation ICIOI on 30 April 2023. The trustees who have served during the year and since year end We as follows.. Donald Carnpbell Team Leader l Minist8r Laurie Marshall Davld Gordon Elder Irelired April 20231 Louise Go EliJ8r lapwinted Apiil 20231 Elder Jurly Hyde Eld8r Mark Maybury Elder Mark Steel Admlnistrator Church Eldérs, the Taam Leader IMln151erl and Administrator are the church's Trustees. Elders are endors6d by the Church Members. Meellng. The Team Leader Is 8 TTu5tee by nature of his role los agreed by thè Charlty Commi55ionl and the Administrator was elected as a Tru?lee for the duration of his appointment by the Church Member5. Meetlng In Iln8 with Ihe conslilution agreed by the Charity Commlssion. The Church Memb8rs' Meetlng makes suggestlons to the Charlty Trust889 8nd the Church Members, Meèting appolnts Charlty Trustees to be responsible for the governance of th8 Church. Whera the Is a S8nior Minister (Team Leaderl or Church Administrator in post, these persons 11 autotnatlcally be Charity Trustees becau58 of (helr ro185 and responslbllitles. Tru3tees spend Ilme mgetlng with employees and are fully involved in the life of the church giving them detailed knowledge of the organisation. They ar8 also made awar8 of Ihelr obligatlons and iesponslbilllles through Charlty Commlsslon publlcallons and lakè du8 regard to guidanc& published by the Charity Commission. Addllional inforfflation is provided by Tha Baptist Union ol Great Brltaln. Trustèès meet at least every two months and ensure the charity operates wlthin appropriate legal and financlal legislallon. and In Ilne wlth pollcles and d8¢18lons made at Church Members. Meetings. OBJECTIVES AND ACTIVITIES Oblects of the Charlty In Governlng Document Th8 princlpal purpose of the Church Is the advancement of the ChrSstian faith accor¢Jing to the principles of the Bapilst denomlnation. The Church may also advance educatSon and carry out othar ch8rit8ble purposes in the Unlled ngdorn andlor other paits of the world.
SUTTON COLDFIELD BAPTIST CHURCH REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Incorporation Over the past couple ol years the Trustees have been worklng to Incorporate the charlly. utilislng a pro$S d8fined by tho Baptist Union of Great Britain working with Anthony Collins Solieitors. On 7th Juno 2022 a new Charitable Incorporated Organi5ation was selup w&lh thg Charlly Commission for England snd Wales. On 30th April 2023 the asse15 01 the unlncorporated charlly111313091 were Iransferred lo the CIO111992021. Actlvlt1¢5 Undertakon It Is our Intention to make sens8 of life together and share the love of Jesus. Wè do this through a whole range of actlvllles to fulfil our mlsslon in line with our charitable objects. It's our deslre Ihal there be opporiunitses for everyone at all ages and stages ol life to gxplore the ChrisUan fallh. Sunday Servlces We have a broad offering of Sunday S81¢e8 wlth somethlng for everyon8: 8'.30am Call lo Pray¢r Shown every week live on YouTube as we as people loining In the church building. 10:30am Mornlng Service-. A weekly dynamlc servicB for people of all ages. 3'.00pm Glory Group.. A rnonlhly service for adults with laarning disabilities, their family and friends. 4'.00pm Grow Togpther.. Every four weeks children and Ihe adults in their live5 gather around tables to explore Chrlstlanlty uslng craft. quRzzes, stories and music. 6'.30pm Evening Serviee.. A weekly service Includlng worshlp and teachlng Isemion repeated from th8 10'.30am seNieel. On 8verage we m8et with over 400 different people oach SuF)day. Food Bank In 2023 the food bank continued lo see an Increase in dernand. A key priority for ourfood bank Is belng open 5 days per we&k and people not needlng a referral to access food. In 2023.. We saw a 20% Increase In households setved 14,092 bags of food were given out Wa had 10,768 vlsltors We were very grateful to be awarded a grant of £75,000 from the UK Govemment delivered by The Natlonal Lottèry Communty Fund Ifrorn the Cornmunity Organ18allons Cost ol Llvhg Fund). The grant enabled u5 10 conllnue tho work ol our food bank through the end of 2023 and Into 2024. In partlcular thè grant reduced Ihe pressure of finding flnances for the lood bank. allowing us to on wider support. Actlvltles for Children & Young People Our extensive provision for childr8n and young peopl8 providès a plac8 for Ihern to engage in excltSng actIVe$ and learn about Chris112nity. Highlights withSn this area of our act4118$ Indude.. LI& Ark Playgroup for preschool chlldren to learn and play In a safe environment wlhout Ihelr parentslcarers. This aclivlty is offered at a low cost as part of our cornrnilment lo supporting families. Llfe Groups for young people In secondary school provlde a a¢e to connect with fri8nds, talk bout live, study the Bible and prey together. Special events for chlldren and Ihelr famllies. These have Sncluded a Lighl Paty and a regulèr Oad'$ Brun¢h CILtb. both of whleh were very well attended. Annual carnp for young peopSe aged 11+.
surroN COLDFIELD BAPTIST CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES AGtlvStle$ for Adults Throughout the week we offèr a wide range of activilies for adults. Whils1 every actlwly is different they are unifled around belng a place of friendshlp and community. Aciivlties include Ladies, Fellowship, Dlvtsrce Recovery Workshop, Board Garnes Evening, Artabillly. Seniors Lunch Club, Badmlnton. Photography Club. Engllsh Conversation Practice and Open Door Coffee. Falcon Lod9tr For many y8ars Sutton C¢ldfield Baptist Church ha8 been closely afFi1[ed with community of Falcon Lodge through our Second Thoughts shop. The shop seeks to promote comrnunily and prDvide support to the local r85idenis. Artslng from our affiliallon wllh Falcon Lodge, we were approached by Falcon Lodge Chapel to request 1&8dershSp support for the fellowship. We entered into a Covenant Partnershlp with Falcon Lodge Chapel whleh cornmencad In 2023. Sutton Coldfield Baptlst Church WNI be offering leadership 5UPPOrt lo help grow new Chrlstlan faith al Falcon Lodge Chapèl. The Alpha Course and Llvlng the Llfe Every week we offer courses two eourses.. The Alpha Course for Ih058 exploring more about Christian fallh Llvlng Ihe LSf8 for those new to Sutton Coldfleld Bapt15t Church and looklng to live out thelrfalth On average 30 people attend our Wednesday evenings where we se8 dessert and drink5 before cornrnenclng the course eontent. Mls¥lon and External Glviftg As is our normal practic8, 25Qh of income recelved 1$ used to support Chrlstlan needs oulsSde the direct ministry of Sutton Coldlield Baptist Church. This includp5 tllission partners ol our church workin9 In the UK and abroad and sUPPOrting other 88pti5t ministries. In 2023 thls totaled over £144.677. Aehievemenl and performance Rlsk Assessment Our risk assessmènt Is kept undEr eon5tanl review to ensure our policies, pr0¢8dure3 and practice comply Ih all current legSslalion. Assessment of risk features as a standing agenda Ilem and our r15k assessment is fully reeWed annually. The Trustees do not feal there are any $ignsfKant iisks to th8 5tabillty of the charity at thls Ilmè.
surroN COLDFIELD BAPTIST CHURCH REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2023 Flnanelal revlew Income The malorlty of Income for the charity is glven vla voluntary donauons from th8 membershlp, congregatlon and loeal community. In 2023 we received grant8 to support thg work of our lo bank Icomrnunlty Fund). RevSew Th8 balance of the General Fund Ilhe maln operating source for the ganiSatIon) at thé 8nd of 2023 lotalled £14,614. Whilst incorne was below budget, Ihe organisallon rnade soma expènditure savings agaMst budget whlch offset reduclSons in income. Over £144.677 was sel aside from the General Fund lo support Christian needs DutsirJ8 the direct mlnistry of Sutton Coldfièld Bapllst Church. Reserves The Trustees revlewed the Reserves Pollcy durlng 2022 and Increased tha re58rve amount from £75.000 to £80.000. Thls figure is modelled on threè months core expendlturè whl¢h the Trustees have d¢termined to bè a¢ceptable ss part of ihelr ongoing approach to risk rnan£gem6nl. The Trustees monitor the organk8ations polScy on reserves. The level ol reserves far thè organlsation 18 malntained at £80,000 Imodelled on threg months core expenditure). STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Ch8rily is controlled by Its governirvj docurnent, a deed ol trust and wn8litutes a CIO. On 301h April 2023 the org8nisallon L4ndeMent a process to Incorporate a5 a Charitable Incorporated Organ15allon. STATEMENT OF TRiJSTEES' RESPONSIBILITIES The trustees are responslble for preparing the Trustees, Report and the financial statements in accordanc8 wlth applic3ble law and United ngorn Accountlng Standards Iunited Kingdom Generally Accepted Accounting Practice) Including Frnancial Reporfng Standard 102 Thè Fingncial Reportlng Standard applieabla in the UK and R6publlc of Ireland.. Tha law appllcable to chariugs In England and Wales. th• Charl83 Act 2011. ChaT5ty (Accounts and Reports) Regulations 2008 and the provislons of the trusl deed requSres the trustaès lo prapar8 financlal s18tern8nts for each financial year whlch give a true and fBlr vlew of tho state of affairs of the charity end ol the Incoming resources and application of resources, including the Income and expendilure. of th6 charlty for that period. In preparing thosg ffnancSal statement6. the trustees are r8qulrgd to-. 8ele¢l su51abltr 8ccounllng pollcles and then apply them ¢onsislenlly', observe the methods and principles in the Charlty SORP., mak8 judgements and estlmales that arg reasonable and prudent., state whether applicable a¢coundng standards have been followed. Subject to any m8terlal departures disclosed and explalned in the financi31 staternents.. prepare the flnanclal statements on the golng eonoern basls unless It Is Inappropriate to presume that the charity wlll eonlinue in business. Tha Irust8e5 are responslble lor kseping proper accounting records which disdose with reasonable aceura¢y at any time the fln8n¢lal position of the charity and to enable them to ensure that the financi81 sl8temenls ¢omply with the Charities Acl 2011. the Ch8rity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for Safegua5ng the assets of the Charity and hence lor taking reasonable steps for the preventlon and delection of fraud and other irregularflies.
SUTTON COLDFIELD BAPTIST CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Approved by order of the board ol trustees on and slgned on ils behalf by.. Trustse
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF surroN COLDFIELD BAPTIST CHURCH Oplnlon We have audited the financl81 $lal*rnent5 of Sutton Coldfield Bapllst Church Ilhe 'ch8rty'l for the year ended 31 Deeetnber 2023 whlch compr15e Ihe Staternenl of Finan¢lal Aetivi1185. the Statement of Financlal Position. the Slalemenl of Cash Flows and notes to (he financial statements, Includlng 5ignrficanl accounfjng polieles. The financial reportlng framework that ha5 been applied in their preparation Is appllcable law and United Klngdorn Accounting Standards, Indudlng Rnancial Reportlng Standard 102 The Financial Reporting standard appll¢able In the UK and Republic of Irel8Trd {Uniled Kingdom Generally Accepted Awountlng Practi1. In our opinion the financial staternents.. give a true and fair view of the state of the chari(y's affairs a5 at Idatel, and of Its incoming resrxjrces and application ol resources, Snciudlng Ils Incom& and expendllure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Aee8Pted Accounting Practice,. and bave been prepared in accordance vthth the requirements of thg Chariues Aet 2011. Basls for oplnlDtI We ¢ondu¢led our audSt In accordance wlth Internauonal Standards on AuditSng IUKI IISAS IUKII and appllcable law. Our respon5ibllits under those standards are furiher described in the auditor re5ponsibllitles for Ihe audit of the financial slaiements section of our report. We are Independent of the charlty In accordance wlth the elhlcal reqU1MentS that are relevant to our audit ol the financial statements in the UK. Including the FRC'S Ethlcal Standard, and we have fulfilled our othèr ethical r&sponsibllilies In accordance th these requlrements. We bellev8 that the audit evidence we have obtalned is suffldent and approprlate lo promde a basis lor our opinion. Concluslon$ rolating to golng concern In audlbng the flnancSal statemènts, we have concluded that the trustees, u$0 ol th? going (x)nc8rn basls of accounling in the preparatlon ol the financlal statements 1$ 8ppropriale. Based on the work we have performed, we have not Identified any rnaterial unc9rt8inlies relalSng lo evènts or condltlons that, Indlvldually or colleeiively. may cast signiflcant doubt on the chadty's abillty to continu8 as a going concern for a perlod of al least tsvelve months from whon thè financlal statements ar8 aulhorlsed for ISSU8. Our rèsponslbSlltles and the rèsponslbllltles of the trustees wfth respect to golng concern are descrtbed In the relevant sections of this report. Other Informatlon The other informatlon compri3e$ the Information Included In the trustees, annual report, oltter than the financial statements and our auditor's report Iheretsn. The trustees are responsible for the other information. Our opinlon on the financi81 statements does not Cover the other InfoTmallon and we do nol express arw fortn of assurance oonclusion thereon. Our respon51bllity Is to read the other information end. In doing so, conSKler whether the othér inforrnallon Is rnalerlally Inconslstenl wlth the finan¢lal statements or our knowledge obtaln8d in the cour$8 of Ihg audll or otherwlse appears to be malerlally mlsststed. If we Identify su¢h malerlal In¢onsistencles or 8pparenl material rnisstat2rnenls, we are required lo determine whether this gives rise to a maleilal mlsslatement In the financial staternenl? thernselves. If. based on the work we have performed, we condude that there is 8 matèrfal misstatement of this other Inlormallon, we ara requlred to report that lacl. We have nothlng to report In this regard. Mattèrs on whl¢h we are r•qulred lo rèport by oxceptlon We have nothing lo report in respect ol the following matters where the Ch8ritie8 IArLountS and Reports) Regulations 2008 requlres us lo report lo youll, In our opinion.. the Inforrnation given in the Report of the Trustees Is inconsistent in any material respect th the financial statements., or sufficlent accounting records have not been k8Pt- or ¢hg financlal slaiements aro not In agreement wlth the accountlng records and r8turns'. or W8 have not re1ve[j all the information and explarsations we require for our audlt.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF surroN COLDFIELD BAPTIST CHURCH Rè$ponslbllÈtle$ of truste&s As explained tnore fully In the Statetnenl ol Trustee5' Respoll5ibllilles, the trustees are responsiNe for the prepaFation of the financlal statements whlch glve a true and falr Mew, and for such internal control as th8 trustee5 deterrnine is necessary to enable the preparation ol financial slatemenis Ihat are freo from material rnlsstatement, whether due to fraud or error. In preparing the financlal ststernenls. the Iruslees are responslble for assesslng the charity's abilily to ¢ontinue as a going concern, di5c1051ng. as applic8ble, matters related to going concern and uslng Ihe going concern basls of accounting unless the Irust89s ellher inténd to IlquldAte the charlty or lo ase operations. or have no realisllc <grnative but to do so.
REPORTOF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF surroN COLDFIELD BAPTIST CHURCH Our re$ponsibllltles for the audlt of tho flnanclal $tatem•nts We hava been appointed as auditors under Seclion 144 of the Charities Act 2011 and Feport in accordance th the Act and relevant regulalions rnade or havlng effect Ihereunder. Our objeelives are lo obtain reasonable assurance about whether th8 flnanclal statements as a whole are free from material mi5slatemenl, whether due to fraud or error, and to Issue a Report of thè Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but Is not guar8nte8 that an audlt conducted In &oeordance with ISAS IUKI will 81ways detect a rnateri81 misstalemenl when11 exlsts. Misstatements can ar15e trorn fraud or error and are consldered matèrlal il, Indlvidually or ln the aggregate, they could reasonably be expected lo influence tho economic decisions of users taken on Ihtt basls ol these fIn8ncial slalemenls. The extent to which our procedures ar• eapable of detectlng Irrègularltles. Includlng fraud Is detalled below: Irrggularllies, Including fraud. are instances ol non-cornpllance with laws and r8gulations. We d&slgn proCeduS in line with our responslbi1Slles, outlined above, to detect material rnisstalements Tn respect ol Irregularllles. includlng fraud. The objectives of our audit are lo obtaln sufficlent appropriate audll evidence garding compliance vmth laws and regulations that have a dlrect eff&cl on the determlnatlon ol materlal arnount$ anL1 d15dosures In the fln8nGial statements, to perform audit procedures to help Identify instan¢es of non-compllanee with other laws and rsgulalicns that may hava a rnateri81 effect on the financlal Slal8menls, and lo respond appropri4tely to Idenllfied or suspected non-cornpliance wllh laws and regulations identified during the audiL In relation to fraud, the objectives of our audit are lo identify and assass the ri3k of material mlsstaternenl of the financial statements due lo fraud, lo obtain suffiaent 8pproprlale audit eviden¢e regarding the asse55ed rlsks of materi81 misslatemefjl due to fraud through deslgning and imp18fflenling approprlate respon585 and 19 respond approprlat81y to fraud or suspected fraud identified during the audit. However. it is the primary responslbS1ity of trustees, with the ovErsight of those charged with govem2nce. to ensure that the entity'5 operations arè conducted in accordancè wlth the provisions of laws and regulatlons and for the prevention and detectltsn of traud. Based on our understsndlng of the charity. we identified that the princlpal rfsks ol non-compliancè with laws and regulations related to th8 Charities Act 2011. and we considerèd tha extent to which noncompllance might hav8 a material effect on the financial st8temenls. We evaluated rnan8g6rnent's incenlNes and opportynilies for Iraudu5ent manlpulallon of the liftanelal statements (including the rlsk of override of controls). and deiermlned that the principal risk5 were related to the posting of inappropriate journal enlrles 8nd rnanagement blas Sn kgy accounlSng ludgemenls and e8timÈtes. In idenlifylng and as5es51ng rkS of mat6ri81 ml$statement In respect of irregularities, includlng fraud, the audlt engagement team-. obtalned 8n underslandirvJ of the legal and regulatory framework that the charity operates in ad how the charfty Is colnplying wlth thg lègal and r8gulal¢xy frarnework., inquired managemanl and Iru5t8es, about their own identification and assessment of tke risks of Irregularftles. including any known actual. suspeeted or elleged in5tance5 01 fraud.. discussed matters about non-compliance with laws and regulations and how fraud might occur induding assessment of how and where the financlal slaternents may be susceptible to fraud.. reviewed mlnutes of rn8etings ol the Board of Trustees to identify significant or unusual transactlons and known or suspected Instances of fraud or non•compllance wllh laws and regulations revlewtrd accounting estimates for blas and evaluatlng whethèr ctrcumslanceg prorjuclng any blas, rapresent a risk ol material m15Stat&ment due lo fraud., and
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SUTTON COLDFIELD BAPTIST CHURCH Because of the inherent limilathMs 018n audit, there i¥ ? risk that we will not detect all iwegularilies, includSng those leading to a rnalerial misslalement in the financial stalemenls or non-compllance wllh regulalion. Thls risk Insreas?s the more thal compllance with a law or regulation is rEtnoved from the evMIs and transaclions rellecied in Ilie financlal slalemen15, 8s we wlll bÈ less likely lo becorne aware of instances of non- compllance. The r15k is also greater regarcling irregul8rllies occurrlno due to fraud ralhor an Error. as fraud Invofves Inlentlon31 con¢ealfflenl, forgeryi collusion, omls5ion or mlsr8pres8nlaUan. A further description of our r8sponslb51ilies for Ihe audll of tl)& fina181 51alefflenis is loEalÈd on the Flnanclal Reporting Council's websiie 81 wNw.frc.org.uklaudilorsr8gponslbilllie&. Thls d?scrIptn form$ parl of our Report of ihe Independent AudllcKs. Use of our reptsrt Thi5 report is made solely to Ih? charity's Iru51ees. 85 t body, In accordance wlh P8rt 4 of the Charitie5 IAccounts and Reporlsl Regulallons 2008. Our audit work has been undertaken 50 Ihal we might slal8 ID the tharity's trustees those malt8rs we are requlrBd lo slate lo Ihern In an audltorfs report and for no othor purposp. To the fullesl exlcnl permitted by law, we do not accept or assume respDn5ibilily to anyone other than the ¢harily and the charlty's Iru$lees as a body, tor gur audli work, for Ihls rgport. oi for Ihe oplnlons w8 have formed IAI o,1(6L¥L 6rfE>O Wallace Crooke Charted Arcounlanls & Registered Auditor5 Walla¢e House 20 glmilngh8m Road Walsall We51 Mldlands WS12LT Dale-. 1411012024 Wallace Crooke Is eliglble to act as 8uditors In terms of Sedion 1212 of Ihe Companles Act 20D6 -io-
SUThON COLDFIELD BApfisT CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total fvnds 2022 Total funds Unrestricted Reslrlcled tun(tS fund Notas INCOME AND ENOOWMENTS FROM DOnaonS and legacies 754,970 30,087 785,057 806,417 Charftable actlvltles Org8nlsalions Second Thoughts Under 55 Grant recelved 2,007 17,327 11,703 75.000 2,007 17,327 11,703 116,166 1,515 11.891 11.763 41.166 Other tradlng aclivitles Investment incotn 1.172 1.172 3,309 916 1,374 Total 600,817 138,124 833,876 EXPENDITURE ON charltable actlvltles Organisatlons Faciliknes DAisslon Chlldren & Young People Employment Cos15 Sundry Expenses Administration Depreclatlon Bank charge Legal fees Audit fee 14.563 14,563 74,306 157,113 33,139 387,328 128,850 49,263 47.281 968 20.286 69.957 153,002 30,872 388,548 79.314 78,118 43,024 1.116 2,229 74.306 154.712 33,139 364,714 99.865 43,989 6,000 968 2.401 22.614 28,985 5.294 41,281 6,434 rotzl 784107 115.138 899,245 NET INCOMEIIEXPENorruREI Transfèrs betwe•n funds 18.510 20,986 7,461 37,496 136,7601 20 Nèt movement In funds 9,049 28.447 37,496 136,7601 RECONCILIATION OF FUNDS Total funds brought forward 1,048,398 292.568 1,340,966 1.377.726 TOTAL FUNDS CARRIED FORWARD 1057,447 321,015 1 378 462 1340,968 CONTINUING OPERATIONS l income and expgnditure has arlsen from coniinulno a¢tivlUos. The notes form part of these flnanclal Statements
SUTTON COLDFIELD 8APnST CHURCH BALANCE SHREr 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS T8ngible assets 14 1.093.325 1.134.265 CURRENT ASSETS Debtors Cash at bank and In hand 15 16 28,238 269,994 S4,887 170.400 298,232 225,287 CREDrroRS Amounts falling due within one year 17 {13,0951 {18.5861 NET CURRENT ASSETS 28S 137 206 701 TOTALASSETS LESS CURRENT LIABILITIES 1.378,462 1.340,966 NET ASSETS 1,378,462 1.340.966 FUNDS Unroslricled funds: General fund Designated 20 143.478 913.969 13,739 1.034 659 1 057 447 1048 398 Restrfcted funds 321015 292 568 TOTAL FUNDS 1,378,4C2 1.340 966 Th8 nclal statements were approved by the Boarij of Trustees and authorised for issue on itsL4...................... and were slgned on its behalf by.. Trustee The notes form part of these financlal statements -12-
SUTTON COLDFIELD BAPTIST CHURCH CASH FLOW STATEMENT FOR THEYEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operatlng a¢tlvltles Cash generated Irorn operations 10262£ Net cash provided by operating aeti¥Alies 102,626 Cash flows from Invèstlng activities Purchase of tangiblè fixed assets Int8resi r8celved IE,3411 147,4541 Net cash used In Inv8sling acllvfties 47.4541 Change In cash and cash equlval•nts In the reporting period Cash and cash equlvalents at the beglnnlng of tho reportlng period 99,594 117,6811 170.400 Cash and cash equlvalents at the end of th8 reportlng perlod 269.994 170,400 The notes form part of tre8e financlo18latemenls -1&
SUThON COLDFIELD BAPTIST CHURCH NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net in¢ome/lexpendlturÈl for the POrtIng perlod las per th• StatemÈnt of Flnanc121 Actjvltlesl Adjustments for.. l)epreclalion char9es Interest received Decrèasg in debtors (Decreasellincrease in creditors 37.496 136.7801 47,281 13.3091 26.649 5.491 42,574 9.256 Net eash provlded by optrations 102,626 29.793 ANALYSIS OF CHANGES IN NET FUNDS At 111123 Cash fiow At 31112123 Net cash Cash at bank and in hand 170,400 99.5Q4 269,994 170,400 99.594 269,994 Total 170.400 99.594 269.994 The notes form part ol these flnan¢lal 8iatemenl8 -14-
SUThON COLDFIELD BAPTISTCHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEM8ER2023 ACCOUNTING POLICIES General Informatlon and basls ol prgparlng the finan¢lal statements The financlal staternents of the ¢h8rity. whieh is a public benefit entlty under FRS 102. have been prepared in accordance wllh the Charities SORP IFRS 1021 'Accounling and Reporting by CharitiEs' Statement of Recommènded Practlce applicable lo charilles preparing Ihelr aecounts in accordance 4th the Financisl Reporting Stand8rd Bpplic8ble in the UK and Republic ol Ireland IFRS 1021 leffectlve 1 J8nuary 20191., Financial Reporting Standard 1D2 'The Flnanclal Reportlng Standard 8ppli¢able in the UK and Republic of Ir818nd' 2niJ th8 Charilies Act 2011. The financial $tatEmen15 have bè8n prepared under the hlstorfeal cost conventlon. The flnanc121 statements have departed from the Charities (Aecounts and Reports) Regulallons 2008 only to the extent required to provlde a tru& and falr VI. Thls departure has Involved follomng tha Statement of Recommended Practlce f¢r charflles applying FRS 102 rather than the v6rslon of the Statement of Recommended Practice whlch is referred to In the Regulations bul which has slnce been withdrawn. Tha financial slalements are presented In sterling which is thè fun¢lh)nal curr&ncy of the char5ty rounded to the nearest pnd. In¢omè Al income Is recognl8ed in th¢ S181ernent of Financial Activities once the charity has entitlement to tha funds. Stls probable that the incorne be received and the amount tse measured rellably. Donations a accounted for 9ross whon recelved. Legacles are accounted for on the earller of notiflcatlon of an impending (Jistrfbullon and the legacy being recelved. provlded that the legacy can be proptsrly quantifigd. Inv8Stment Income15 Inclvded In the acoounls in the year In which it receivable. Expendllure Liybllilias ar8 recognlsed as expendltura as soon as there Is a legal or constnjcttve oblwJalion Cotnmittlng the Charity lo that expendilure. It Is probab18 that a transfer of economic b8n8fits wlll ba required in $8tllement and th8 amount of the obllgatlon Can be measured reliably. Exp8nLlilure is accounted for on an Bruar$ basls and ha5 been ¢lasslfied under headings Ihal aggregate all cost relat6d to the catègory. Where costs cannot be dlreclly attributed to partlcular headlngs they have been allocated to activltles on a basis consi31enl wllh the use of resources. Costs of r81slng fvnds are not matèrial. as the Church does not make form81 appeals for funds. Charitable ac11vltles represent expenditure in the furtherance of the obje¢lives of Ihg Church. Grants payable to othèr organ15ations whose eharltable objects complement the work of thè Church, are agreed on an annu81 ba8ls and accounted for in the year in which they a eornmilted. Irreeoverable VAT Is ¢harged as a cost against the actIty for whrch the expenditure was Incurred. Support cost$ allo¢ation Support costs are those Ihat asslsl the work of the charlty bLrt do not dlréeuy r8pro8enl charllab activitl8s and Include off c8 Costs and governanoe costs. Where support costs cannot be ¢Yirectly attributed to particular headings, they have be8n allocated lo cost ol ralsing funds and expendllure on charilable aetlvltlè$ on a basls conslstent wllh use of thè resources. This represents direct exp8ndilure on the governan ol Ihe church. Most of the managemenl Is carried out wllhtsul ¢harge by volunteers. This intangible Cost is not Included in the SOFA since there is no measurable cost to the volunteers for their servic&. -15. contSnued...
surroN COLDFIELD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIE5- continued Tanglble fixed assets The church premises aro Induded Sn the balance sheet at as ascertainlng a market valoatv)rJ would Incur significant costs whlch would be onerous compared wlth the addition&1 benefit galned by the user of the account8. The Manse premi99¥ 8re slated al cosL Fumiture and equipment In the church premises In Included at cost or valuation bss accumulated depreclallon. Depreclalion has not been charged on the Manse premises, because In the oplnlon of the Trustees, the residual valuè ol the asset Is not less than the original cost price. Depreciation has been charged on the hall exlensionl furbi5htnet work1£300,QOO 20071081 over a 50 year perlod. Depreciation on other fixed assets 15 calculated lo write off the cost on a straight-line ba$ls over their expect8d useful Ille, at the followlng rates.. Rèfurbishment ol worshlp buildlng Fumiture and fittings Computer equlpmenl Community bus 10°1fj Stralghl lirse 25% slraight line 25Qk stralght line 25°k straight Ilne Taxatlon Th8 charfty exempt from corporalon tax on Its charhablè aclivltle5. Fund ac¢out)tlng Unrestricted funds can be used in accordance with the charllable oblectfves al th8 discretion ol Ihe Iruslees. Reslrlcted funds ¢an only be used for particular r8slri¢t8d purposes within thè objects of tha charity. Restrictions arise when specrfied by the donor or when funds are raised for particu18r restricted purposes. Further 8xplanation of the natur8 and purp05è of each fund is Included In the notes lo the financlal staternents. Penslon costs and other post.retlrement bet7eflts The charity operates a dgfined conlribution pension scheme. Contributions payable to the chaiity's p8nslon schema are charged lo thè St8ternent of Flnanclal Act1110$ In the perlod to whieh they rela¢e. Debtors and creditors rec8ivablèl payable wlthln one year Deblors 2nd cr6dilor$ with no staled Interest rate and recelvable or payabl& within one y8ar are recorded at transaction prSc8. Any losses arising from impaimienl are recognlsed In expenditure. Impalrrnont Assets not m88surèd at fair value are reviewed for any indication that Ihe asset may be lrnpaired at each balan¢e Sheet date.11 such indication exists. the recoverable amount of the as5el, or Ihe asset's ash generating unlt, is estimated and cornpared to the carrying amount. where the carrying amotsnl exceeds recoverable amount, an impairrnent loss Is reeognised In profit or loss unless the asset Is carried at a revalued amounl wh8r& the impairment loss Is a revaluation decrease. Leases Rentals payable under oper•tlng leases are charged to the SOFA on 8 Stralght Ilne basls over the period of the leÈsÈ. -16- nlinued..
SUThON COLDFIELD BAPTIST CHLIRCH NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACGOUNTING POLICIES * contlnued Golng concern The financi statements havè been [ffeped on o going concern basis as the trustees believe that no material uncertainties exisl. Th8 trustees have considered the level of funds held and the expected level of Incorne and 8xpendllure for 12 months from authorlslng Ihe$e flnanclal slatemenls. Th8 budgeted income and expenditure is sufficlenl wlth thè level of SerVeS for the charity to be able to ¢ontlnu& as a going ¢on¢em. -27- ¢onlinued..
SUThON COLDFIELD BAPTIST CHURGH NOTES TO THE FINANCIAL STATEMENTS . ¢ontlnuod FOR THE YEAR ENDED 31 DECEMBER 2023 GRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and are based on hlstorical experience and other factors, including expectations ol lulure events th81 are believed to be reasonable under the circum8t8nces. The followlno judgements have been made In the process of applying the above a¢cwnllng poli¢ies'. Multl-employer defin8d benefit pension schemes.. Certain employe85 particlp&le in a multeMploYer defined beneffl pension scheme. In the judgement of the Truslges, thè charity does not have $vffieienl information on the plan assets and Ilabllltles lo be able to reliably account for Its 5harg of the deljned benefit obligation and plan assgt8. Therefor6. the schemes are aoUnted for as defined contribution schemes. See note 21 The key assumptions concernlng the future and other key sourcès of 85tim81ion uncertainly at the reportlng dale that have a significant risk of causing a material adjustment to the carrying amounts of assets and Ilablliues wlhln thè n8Xtfinanclal year include.. Multl4mployèr defined beneflt penslon scheme: Th6 charity has an obligation to pay a deficit fvnding arrangernenl in respect of the Bapllst MinSsl8r5 P8nsion Schetne. Thg present value of the oblSgallon depends on a numbèr of factors Indudlng the RPI rale nd the discount rate on corporate bonds. M8nagernent estlmales there factors In determlning any penslon obllgation in the balance sheet. Management considerthat such a provision Is not material to the accounts and has not therefore been provlded. U5Eful economic Ilves of tangible assets: The annual depreciation charge or tanglble assets is sensltive lo chang8s in the esumatod useful 8eonomi¢ lives and resSdu81 values ol the assets. The useful economie live5 and residual values are re-assessed 8nnually. They are amended when necessary lo reflect current e5tifflates. bas8d on technologlcal advancement, future Investments, èconemic ulilisalion and the physlcal condition of the assets. Sea notè 13 for the carrylng amount of the fixed assets and note 1 for the useful econornic Ilves for each cl8S8 of asset. DONATIONS AND LEGACIES 2023 Total funds 2022 Total fvnds Unrestricted fund5 R¢slricled funds Offering5 Gilt aid Fees Special offeriro Donated servic88 and facllities 523,192 112,296 37,724 523,192 112.306 37,724 15,492 98,343 519.187 106,442 27,043 11,281 142,464 10 15,492 14,$85 754 970 30,087 785,057 806.417 In 2022. £66,124 01 the donations and legacles Income was attrlbutable to re8tri¢l8d funds and th¢ remalnlng £740.293 was attribvlable lo unre5tricled funds. -1 con15nued...
SUThON COLDFIELD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER TRADING ACTIVITIES 2023 Total funds 2022 Total funds UnstriCt*d Restricted funds funds Other Income 1.172 1,172 916 In 2022, trading activity income was all attributable to unrestricted funds. INVESTMENT INCOME 2023 Total funds 2022 Total funds un$t[leted fund$ Reslrl¢ted hjnds Deposlt account interest In 2022. Investment Incorno was 811 attrlbutable to unrestrfcted funds. INCOME FROM CHARITABLE ACTIVITIES Second Organlsatlon$ Thoughts Under Ss Organi58tlgns Second Thoughts Grants 2.007 11,703 17,327 2.007 11,703 2023 Total octwiles 2022 Total Grant received Org&ni8alions Second Thoughts Grants 13.710 17,327 116 166 13,2n 11,891 116166 116166 147,203 In 2022. £25.169 of the charilabfe activities inccyne was attributable to restricted fvnd3. Seeond thoughts is a community facility situated on Falcon Lodge. Whilst goods are Sold l.e. second hand cloths and brI8-br8C, these have all been donated at no cost and are sold at mark8t prices. It is not operated lo generate lunds for Sullon Coldfi8ld 8aplisl Church. Incom8 Expenditure Net Second Thoughts 17.327 18.646 11.3191 Grants recefved, included Sn the above. are as follows: 2023 2022 The Nalk)nal Lottery Communlty Fund Other fvnd5 75,000 41.166 116 166 -19- continued...
SUThON COLDFIELD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS- contlnu8d FOR THE YEAR ENDED 31 DECEMBER 2023 CHARtTABLE ACTIVITIES COSTS Direct Costs Ise8 note 81 Support costs (see note 91 Totals Org8nisatSons Facilitie5 Misslon Children & Young Peoplè Employment Cosls Sundry Expenses Admlni5tr8ts'on Depreciatlon Eank charg8 Audit fee 14,563 74.306 t57.113 33,139 387,328 128.850 14.583 74,306 157,113 33,139 387,328 128,850 49,283 47,281 968 6.434 49.263 47,281 968 6.434 795,299 103.946 899,245 DIRECT COSTS OF CHARITABLE ACTIVITIES Unreslrtcte Restricted 2023 2022 Facllltles Mission Children & Young People Ernplcpyment costs Sundry Expenses Organisation 74,306 154.712 33,139 364.714 99,865 74,306 IS7,113 33,139 387,328 128.850 14.563 69.957 153,002 30,872 388,548 79.314 20.286 2,401 22,614 28,985 14.563 726 738 68,563 795,299 741979 In 2022, £35,545 of direct costs in rdation t¢ ¢harilable activities was attributable to restdcletj funds and the remaining £706,434 was allrlbutable to unreslricted funds. SUPPORT COSTS ' UnreslrKte Reslrfcted 2023 2022 AdrnSnlstrallon Depreciation Governancé: 43,969 6.000 8.434 968 5,294 41.281 49,263 47.281 6.434 968 78,118 43,024 4,170 1,116 2,229 Audlt fee Bank ch95 Legal lees 57.371 46,S75 103.946 128.657 In 2022. £64,496 of support costs In relaOn to charitable activities was attrfbutable to restricted funds and the Mainlg £64.161 was attributable to Ltnrestrlcted funds. -21> Continued...
SUThON ¢OLDFIELD BAPTISTCHURCH NOTES TO THE FINANCIALSTATEMENTS-eontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 10. NET INCOMEIIEXPENDtTUREI Net in¢ornelloxp?ndlture} Is st8tad 8fter chargingll¢redilingl: 2023 2022 Auditors, romuneratlon Depreclalion- owned assets 6,434 47.281 4,170 42,574 TRUSTEES. REMUNERATION AND BENEFITS One Trustee, Rev.D Carnpbell, whD is also an employee, lived in housing partly t)wned by the church. agreed wilh the Charity Commission, the Elders. Administrator and M5nisler of the Churrh are designat8d as Truslees 8nd received the following during the year.. 2Q23 2022 Rernuneration Penslon 83,372 9,659 78,801 TTUSteès' 8xpenseg There were no trustees, expens&9 Pald for Ihe year ended 31 December 2023 nor for the year ended 310e¢ernber 2022. 12. STAFF COSTS 2023 2022 Wages 3nd salarlgs Social security costs Other pen$lon costs 321,264 24,299 33.480 328,295 25.562 39.939 379.043 391.798 Th& average monthty number of employees during the year was as follows.. 2023 13 2022 14 Employe8 No amployees receSved emoluments In excess of t60.000. -21- ¢onlinued..
SUTTON COLDFIELD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 DECEMBER 2023 13, ANALYSIS OF GRANTS Thè largest grant5 made by the Church during the year were as follow5.. 2023 2022 2411 Agape Baptlst Mi5slonary Soc18ty Claytons ECM Frontiers Go Afrlca Heart of England B8PtI8t Asso&otlon Jericho Foundation Latln Llnk Operaticn NQobilisation Reach Across Sparkbrook Isons Wycliffe Bible Transl8tor$ Egypt Project Cath Home Open Deors 13.617 2,750 16,500 12,500 11.250 1,750 10.250 2,500 16,000 11,500 12,250 2,000 1.500 30,658 7,000 5,000 32,450 7.500 5,500 1.500 6,000 200 7,364 11.767 5,000 2,565 6,464 7.200 2,500 10,225 2.000 144,677 120.583 14. TANGIBLE FIXED ASSETS Fixtures and fitlings Church Pretlli5es Molor vehicles TotAIs COST At 1 January 2023 Additions 1,432,550 92,359 45,588 1.570,497 At 31 Oecember 2023 1.432.S50 1,576.828 DEPRECIATION Al 1 January 2023 Charg6 fty year 302,603 45.463 88,041 1,818 45,588 436.232 47,281 Al 31 December 2023 348 066 89.859 45.588 483.513 NET BOOK VALUE Al 31 December 2023 1.084.484 8,841 1,093,325 Al 31 December 2022 1,129.947 1134,285 The bulldlngs of tha charlly are rgglslered wllh the Baptlsl Unlon Corporallon at Didcot, Oxfordshlr8 as custodlan truslees. 22 Holland Road, Sutton Coldfteld. W Mldl8nd$ B72 1 RQ 18 lointty owned by Oon8ld C8rnpbell and Susan Campbell, with a restriction that no disposition by Ihe proprietors can be reglstered wilhoul the e¢nsent of the Baptist Unlon Ctsrporation Limited of B8Pti3t House, eXPt under an order of the registrar. This reslrS¢lion Ilmlts any transfer or sale of the property wlthoul prlor approval Irorn the Bapust Unlon C¢rporation. -22- conllnued.
SUThON COLDFIELD BAPTIST CHURCH NOTES YO THE FINANCIAL STATEMENTS- Conllnued FOR THE YEAR ENDED 31 DECEMBER 2023 15. DEBTORS 2023 2022 Amounts falling due *thIn one year.. Other debtors Short terrn deposlt Income tax recoverable Employ¢e loan Prepayments 2,488 2,405 26.122 11,374 5,000 3,736 11,023 5,000 8,164 26.675 48.637 Amounls falllng due after more th8n one year.. Ernployee loan 1.563 Aggregate amounts 28,238 54.887 16. CASH AT BANKAND IN HAND 2023 Totsl funds 2022 Total fun General fund R8$lrlcled Cash In hand Bank CLsrrent kcttounl no. 1 Bank current account no. 2 Bank account no. 3 Bank deposit account Card eollectlon accounts 488 488 87,026 128,753 29,992 22,764 80,582 158.745 22,764 80,952 7,045 370 7,045 7T,643 5,680 To181 136 188 133,826 289 994 170.400 17. CREDITORS.. AMOUNTS FALUNG OUEWITHIN ONE YEAR 2023 2022 other CdItorS Accrud3 and deferred income 3,082 11,000 7.586 13,095 18. LEASING AGREEMENTS Minimum leasa payments under non-cancellab18 OP8rating leases fall due as follows.. 2023 2022 Wilhln one year Beeen one and five years 14.960 13,260 12,240 25,500 -23- contlnued...
SUTTON COLDFIELD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS-eontinued FOR YHEYEAR ENDED 31 DECEMBER 2023 19. ANALYSIS OF NET ASSETS BETVVEEN FUNDS 2023 Total funds 2022 Total fund3 Unrestrlcted funds Restrlcted fund Flxed assets Current assets Current liabilities 902,170 164,406 9.129 191.155 133,826 1,092.325 298,232 1,134.265 225,287 1.057.447 321 015 1 378 462 1340 966 -24- conllnued...
surroN COLDFIELD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 20. MOVEMENT IN FUNDS Restrlcted Fund Openlng Balancg Incoming Re50urc85 Resources Expended Transfers Closing Balance Gk)ry group Organisalion fundsl Under 5s Second Thoughts Manse lund Special offerings Misslon Irips BullL1ing proje¢l Renovatlon Fund Futurè Properly The Natlonal Lottery Community Fund 345 645 353 527 1.255 25,369 39,750 8.264 240 186,345 31,000 13,710 17,327 14,565 22.612 995 13,7701 1,395 16.314 39.750 9.182 15,492 1,380 14.574 2,401 34,941 11,635 781 151,404 29,000 12,5QO 70 12,500 9.565 75.000 14.057 60,943 292,568 136.124 11S.138 7,461 321 015 UnStrIcted1 Deslgnated Funijs Openlng Balance Ineomrng Resources Resources Expended Transfers Closlng Balanc Capital fund Genèral fund Conting8n¢y fund Community Misslon & External Glvlng Lunch club Outreach Pastoral Repairs Holland Fioad Youth Youth Mission Children, Ladles Fellowship 908.170 13.739 83.692 11.933 8,000 492,446 902.170 14.614 83.692 13,2S5 639.974 1146,6531 90,620 93.068 3.770 1381 999 460 26,377 1.511 840 715 16,411 3,203 1.990 10.621 142,191 3,558 7.352 5,169 1,183 33.126 125,818 4,902 1601 300 4,462 31,'7e9 628 9.064 715 856 40 36,886 870 40 14 800 617 1057 447 .2 ntlnued...
SUTTON COLDFIELD BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS- continutd FOR THE YEAR ENDED 31 DECEMBER 2023 21. RELATED PARTY DISCLOSURES The custodian Trustae ol ihe church Is the Baptist Unlon Corporatlon Limlle¢Y whloh Ig charity nurnber 249635. and which is controlled by thè Baptist Union Council. The church is also a member of th8 Baptist Union of Great Biitsin. There were no transacllons between the church and its related charitles during tha y•ar. 22. CHANGE OF LEGAL FORM On 7th June 2022 a new Charitable Incorporated Organisalion was setup with the Charity Cornmlssion for England and Wales. On 30th April 2023 the assets of the unln¢orporaled charlty 11131309} were transferred lo the CIO 111992021. The Charltles SORP r8cornrnends that merg6r accountlng is used when thls lypa of chaiSty reconslruclion lakes place and when the conditions Sel ovt in the SORP are satisfied. The charity has used In the prlnclpals of rnsrggr accounting when preparing Ihese accoun15, In p8rtlculAr: Th8 results for the current year combine Ihe rèsults of the unlncorporat8d charity and Ihls charfty for the whole year ending on 31 December 2023 Th8 sUIts of the unincorporat¢d ch8rily lor the year endlng on 31 December 2022 are Included as a comparatfve. Th59 y¢arfs Tecelpts on¢J payment5 ean bè analy5ed a5 follow5.. Unlrncorporat8d charlty Ipre-mergerl Combin8d CIO (pre- Charity (post- rnergerl merger) CombSned total Total recelpls Total payments 291,748 300.1191 644.993 599.1251 936.741 899.2441 Net recelpts I payments 45,868 23. PENSIONS AND OTHER POST RETIREMENT BENEFITS The Church h an employer partlclpallng In a pension scheme known as the Baptist Pension Scheme I'the BPS"). The BPS is a separate 18gal entity which ara 8dmlntstered by the Pension Trustee (Bapllst Penslon Trust Limltedl. From January 2012, pension provision for thè Minlslor is being made through the Defined Conlribulion IDCI Plan wlthln the BPS. In general, members pay 8.1) of their Pensionable Income 2nd employors pay 60h of mernbers, Pensionable Income Into individual penslon account3, which are operated and managed on behalf of the Pension Tru3t?e by Broadstone Corporate Benefils Ltd. In addition. Ihe employer pays a further 4% of Penslonable Incorne to cover Death In Serv1 Benefits, administralion costs, and an assoclatèd Insuranco pollcy whlch provldgs Incorpe prot&ction for BPS rnembers If th8y a unable to work due lo long-term inc8pacity. This income protection policy h83 been insured by the Baptist Unlon of Great Britain with Aviva Limited. Member5 of the Basic Secllon pay reduced contributions of 5Yfj ol Pellsionable Income, and their employers 81so pay a total of 5QA. Bénefits In respect ol seTrice Prr lo 1 January 2012 a provided through the Defin•d Benefit {DBI Plan wllhin tho BPS. The maln beneflts were.. A defined benefll pension of one elghtielh of Final Minimym P9nsion8bl8 Incomo for each year of Pensionable SeNiee. together with addition81 pension in respect ol premiums paKI on Pensionable In¢omg In excess of Minirnum PensSonable Incorne. -26- o)nllnued...
SUTTON COLDFIELD BAPTISTCHURCH NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 23. PENSIONS AND OTHER POST RETIREMENT BENEFITS - continued The BPS, previously known as thè 8apllst Mlnlstars. Pension Fund. Stsrted in 1925. The scheme was closed to fulure accrual of defined beneflls on 31 December 2011. The schème is not eontracled out of the Slate Second Pension. Thg table below summaries the main results of the most racgnt actuarfal valu81ions of the Defined Beneflt IOBI Plan in the BPS, ¥vhlch wo3 completed In 2020. This valuatlon was performed by a professionally qualiffed Actuary using the Projected Unit Method. Date of valuatlon Market value of scheme assets BDS DB plan 310ecember 2019 IAI £300m £318m £18m Technical provlslons181 Deficit IIBI.IAII Flndlng18vel IIAIIIBII The key fjnancial assumption3 underfylng the valuallon were as follows.. Type of assumpllon %p RPI price infl8tirin assitmption CPI prlce Infl8llon assumptlon MiniTnurn Pensionable Income Increases (above CPI) Assumed invE5tment returns Pre.retir8menl assurned investment returns Iglll weld plus 3.20 2.70 0.50 2.95 Post retirement aSSUm8d investment returns (including benefits matched by the insurance policy) (gilt yield plus 0.SQA pal Deferred penslon increases (based on RPII Pre April 2009 Post Aprtl 2009 1.70 3.20 3.20 2.50 Pension Inc8$eS Based on CPI with en annual flaor ot 0% ènd annual cap of 5% Mtsrtality Ls assurned in accordance wlh 80% of the S3NA standard rnortallty table. Futurè Improvements projected from 2013 In line with the 'CMI 2019, projeetion wth a long-lerm rate of impiovemenl o11.75°A pa for mèlè5 and 1.5% for lemales wlth the core smoolhlng.paramelgr and vAth addluonal Inlual m¢xtalfty Improvernent factor A=0.5Vg. The Scheme is considered to be a multi-employer scheme as deseribBd in Section 28 of FRS 102. Because il is nol FM)ssible to aitribule Ihe Scheme'5 a55ets and liabili118S to specific employers, the scherne is accountod lor as If the Scheme wère 8 daflned conlrlbution schemg. rhe total p8n5ion cost, for the Church, recognised In the Statement of Flnancial Actlvities Is £33.480 12022: £41,135) includlng deffcit contributions to the defined benefit BPS s¢heme of £12.0012022: £6,053). Durfng 2022 the Church was advisad by th• Trustée of thè BPS they had reach8d an 8greernent wllh the insuranc& company Just Group I'Ju31"1 to secure DB Plan rnernbers, benefits. The agreement is referred lo as a 'buy-In policy,. It follows a slmilar agrèam•nt with Just in 201g that covèred most pensions in payment al that lime. The combined agreements rnean that Jusl are now providing financlal backing for 811 DB p8nsion$ lincludlng Ihose not yet in payment) provlded through tre Sehome's D8 Plan. -27- continued...
SUThON COLDFIELD BAPTIST GHURCH NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 23. peNSIONS AND OTHER POST REfiREMENT BENEFITS - contlnued The BPS aro plannlng to fully Iransltion the spOnsIbl111Y for the DB Plan benefiis ¢0 Just during 2024. Slnce the announcernenl of the buy-in policy the Church no longer rnakes deflclency contributions. Instead the Trustee continues to CO1Cl £1 per monlh from each employor lo keep a Direct Debil facility open should there be a slgnificant ¢hang6 in ¢lrcum9tance¥. -2
SUTTON COLDFIELD BAPTIST CHURCH DEfAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Totsl lunds 2022 Tol81 funds Unrestricte funds R8slrfcted funds INCOME AND ENDOWMENTS Oonatlon5 2nd lega¢les Offerlngs Gift aid Fees Specid offerin9 Donated services and facilits'es 523.192 112.296 37.724 523,192 112,306 37,724 1S.492 519,187 106,442 27.043 11,281 142,464 10 15.492 14.585 754,970 30.087 785.OS7 806.417 other trading a¢livities Other Income 1,172 1.172 916 Inv•strnent Income Deposit account interest 3,309 3.309 1,374 Charitable activitles Organlsallons Secorid Though15 Grants 13.710 17,327 75,000 13.710 17.327 118 166 13.278 11.891 41.166 41,166 106,037 147,203 25.169 Total Incoming resources 800,817 136,124 936.741 833.876 EXPENDITURE Charltabl¢ a¢tlvltloS Wages Social S[tritY Penslons 298.650 24,299 33,480 74.306 154.712 33,139 8,285 99,865 22,614 321284 24,299 33,480 74,306 157,113 33,139 8,285 128,850 326.295 25.582 39,939 69,957 153,002 20,872 13,2481 79,314 20,286 Mlsslon Childrèn & Young People Employment costs Sundry Expenses organtron 2.401 28.985 14,563 726,736 68,563 795,299 741,979 Support co$ts Management Administratlon Depreclalion of tanglbla and herfiage 88$ets 43,969 5.294 49,263 76,118 43.024 49,969 46.575 96.544 121,142 -29-
surroN COLDFIELD BAPTIST CHURCH DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Tot81 fijnds unStrICted funds Restricted funds Management Governance costs Auditors, remuneration Aecountancy andlggal fees Bank charges 6,434 6,434 4.170 2,229 1.116 968 968 7.402 Total resources expended 115 138 899 245 870 636 Net lexpendlturelllncome 16,510 20,986 37.496 36,7801 o-