2022-07-31-accounts

WEST BRIDGFORD BAPTIST CHURCH

ANNUAL ACCOUNTS FOR THE YEAR TO 31 JULY 2022

WEST BRIDGFORD BAPTIST CHURCH

LEGAL INFORMATION

The Church is a registered charity, number 1131807.

CHURCH ADDRESS

West Bridgford Baptist Church Melton Road West Bridgford Nottingham NG2 7NF

TRUSTEES

Sarah Barton Carol Hodgkinson (to 19 November 2021) Patricia Hulme (to 30 October 2022) Stephen McKibbin Ann Thomas Martin Thomas Margaret Watkinson (to 30 October 2022) Philip Willis (from 30 October 2022) Sally Willis (from 30 October 2022)

BANKERS

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

INDEPENDENT EXAMINER

Alison Thomas

Page 2 of 12

WEST BRIDGFORD BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITES YEAR ENDED 31 JULY 2022

Incoming resources Voluntary income 2 Investment income 3 Incoming resources from charitable activities 4 Other incoming resources Total incoming resources Resources expended Costs of generating funds Charitable activities 5 Governance costs Other resources expended Total resources expended 6 Net incoming resources before transfers Gross transfers between funds Net incoming resources before revaluations and investment asset disposal Gains & losses on revaluations of the charity’s fixed assets Gains & losses on investment asset revaluations & disposals Net movement in funds Total funds brought forward Total funds carried forward Note	Unrestricted Designated Restricted Endowment Total 2021/22 Total 2020/21 £ £ £ £ £ £ 64,149.96 - 3,950.63 - 68,100.59 95,246.38 71.24 - 0.24 - 71.48 26.07 18,539.20 1,233.78 - - 19,772.98 4,598.32 - - - - - -
	82,760.40 1,233.78 3,950.87 - 87,945.05 99,870.77
	- - - - - - 90,858.29 471.59 3,244.17 - 94,574.05 102,155.60 - - - - - - - - - - - -
	90,858.29 471.59 3,244.17 - 94,574.05 102,155.60
	(8,097.89) 762.19 706.70 - (6,629.00) (2,284.83)
	(6,922.62) 1,045.58 (686.46) 6,563.50 - -
	(15,020.51) 1,807.77 20.24 6,563.50 (6,629.00) (2,284.83)
	- - - - - - - - - - - -
	(15,020.51) 1,807.77 20.24 6,563.50 (6,629.00) (2,284.83)
	34,300.27 11,189.43 199.25 4,900,291.41 4,945,980.36 4,948,265.19
	19,279.76 12,997.20 219.49 4,906,854.91 4,939,351.36 4,945,980.36

Page 3 of 12

WEST BRIDGFORD BAPTIST CHURCH

BALANCE SHEET 31 JULY 2022

Note 10 Stocks Debtors 11 Investments Bank and cash 12 Creditors: amounts falling due within one year 13 14 Endowment 15 Restricted 16 Designated 17 Unrestricted 18 Creditors: amounts falling due after more than one year Tangible fixed assets Investments Current assets Current liabilities Net current assets Net assets Charitable funds Total charitable funds	£ £ £ £ 4,966,100.00 4,966,416.00 - - - - 13,046.35 9,802.16 - - 27,050.47 44,548.96 40,096.82 54,351.12 15,708.91 16,971.67 24,387.91 37,379.45 51,136.55 57,815.09 4,939,351.36 4,945,980.36 4,906,854.91 4,900,291.41 219.49 199.25 12,997.20 11,189.43 19,279.76 34,300.27 4,939,351.36 4,945,980.36 2020/21 2021/22	£ £ £ £ 4,966,100.00 4,966,416.00 - - - - 13,046.35 9,802.16 - - 27,050.47 44,548.96 40,096.82 54,351.12 15,708.91 16,971.67 24,387.91 37,379.45 51,136.55 57,815.09 4,939,351.36 4,945,980.36 4,906,854.91 4,900,291.41 219.49 199.25 12,997.20 11,189.43 19,279.76 34,300.27 4,939,351.36 4,945,980.36 2020/21 2021/22
		4,945,980.36
		4,900,291.41 199.25 11,189.43 34,300.27
		4,945,980.36

The notes on pages 5 to 11 form an integral part of these accounts.

These accounts were approved by the Trustees on 20 April 2023 and signed on their behalf by: Martin Thomas, Treasurer Stephen McKibbin, Minister

Page 4 of 12

WEST BRIDGFORD BAPTIST CHURCH

NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2022

1 ACCOUNTING POLICIES

a Basis of preparation

The accounts are prepared in accordance with the Accounting Regulations set out under the Charities Act 1993, and with the Charities Statement of Recommended Practice 2005.

b Donations

Donations are accounted for gross when received.

c Legacies

Legacies are accounted for when their receipt is certain and can be properly quantified.

d Investment Income

Investment income is included in the accounts in the year in which it is receivable.

e Fund raising and publicity costs

The Church does not make formal appeals for funds, and expenditure on these items is therefore not material.

f Grants payable

The Church makes grants to other organisations whose charitable objects complement its work. They are accounted for in the year in which they are paid.

g Governance costs

This represents direct expenditure on the governance of the church. 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 volunteers for their service.

h Fixed assets

The church premises are included in the balance sheet at insurance value because reliable cost information is not available, and valuation would incur significant costs which would be onerous compared with the additional benefit gained by the user of the accounts.

The manse premises are stated at cost.

Furniture and equipment in the church premises is included at cost or net realisable value.

i Depreciation

Depreciation has not been charged on the church or manse premises, because in the opinion of the Trustees, the residual value of the asset is not less than the original cost price. Depreciation on other fixed assets is calculated to write of the cost on a straight-line basis over their expected useful life, as follows:

Furniture and fittings: 10 years Computers and equipment: 3 years

j Investment assets

Quoted investments are stated at market value. All other investment assets are shown at cost.

Page 5 of 12

2 Voluntary Income
	Unrestricted	Designated	Restricted	2021/22	2020/21
Offerings	51,427.74	-	3,501.50	54,929.24	63,165.32
Tax refunds	12,722.22	-	449.13	13,171.35	10,683.06
Grants received	-	-	-	-	21,398.00
Legacies	-	-	-	-	-
Totals	64,149.96	-	3,950.63	68,100.59	95,246.38
3 Investment Income
	Unrestricted	Designated	Restricted	2021/22	2020/21
Bank interest	71.24	-	0.24	71.48	26.07
Income from other investments	-	-	-	-	-
Totals	71.24	-	0.24	71.48	26.07
4 Incoming resources from charitable	activities
	Unrestricted	Designated	Restricted	2021/22	2020/21
Room hire	17,975.89	-	-	17,975.89	4,317.71
Manse rent	-	-	-	-	-
Fund-raising events	-	-	-	-	-
Other	563.31	1,233.78	-	1,797.09	280.61
Totals	18,539.20	1,233.78	-	19,772.98	4,598.32
5 Charitable activities
	Unrestricted	Designated	Restricted	2021/22	2020/21
Ministry	36,140.41	121.78	-	36,262.19	37,738.29
Mission	8,191.88	-	3,244.17	11,436.05	12,894.29
Establishment	46,526.00	349.81	-	46,875.81	51,523.02
Totals	90,858.29	471.59	3,244.17	94,574.05	102,155.60
6 Total resources expended
	Charitable activities	Grant funding	Support costs	2021/22	2020/21
Ministry	32,757.54	-	3,504.65	36,262.19	37,738.29
Mission	-	10,330.79	1,105.26	11,436.05	12,894.29
Establishment	42,345.39	-	4,530.42	46,875.81	51,523.02
Cost of generating funds	-	-	-	-	-
Governance costs	-	-	-	-	-
Totals	75,102.93	10,330.79	9,140.33	94,574.05	102,155.60
7 Grants payable
	Unrestricted	Designated	Restricted	2021/22	2020/21
BMS World Mission	3,000.00	-	755.00	3,755.00	4,234.00
EMBA Home Mission	2,400.00	-	-	2,400.00	2,400.00
Tim & Heather Worrall	-	-	1,710.00	1,710.00	2,655.00
Friary Drop-in	1,000.08	-	370.63	1,370.71	1,279.78
Christians Against Poverty	1,000.08	-	-	1,000.08	1,086.89
Christian Aid	-	-	-	-	85.00
Ukraine	-	-	75.00	75.00	-
Tear Fund	-	-	20.00	20.00	-
Totals	7,400.16	-	2,930.63	10,330.79	11,740.67

Page 6 of 12

8 Support costs

Totals 9 Staff costs and Trustees expenses Salaries Pension costs Other costs Totals Administrative staff Other administrative costs Social security costs The average number of full-time employees during	Unrestricted Designated Restricted 2021/22 2020/21 7,245.00 - - 7,245.00 6,912.00 1,895.33 - - 1,895.33 2,227.65	Unrestricted Designated Restricted 2021/22 2020/21 7,245.00 - - 7,245.00 6,912.00 1,895.33 - - 1,895.33 2,227.65
	9,140.33 - -	9,140.33 9,139.65
	the year was	2021/22 2020/21 31,890.85 31,203.69 - - 4,967.71 4,511.89 3,335.27 3,314.47
		40,193.83 39,030.05
		1.4 1.4

The average number of full-time employees during the year was

No employee received emoluments in excess of £60,000 during the year (2020/21: none).

No sums were reimbursed to the Trustees for their work as Trustees (2020/21: none).

The Church pays pension contributions for its Ministers to the Baptist Pension Scheme. The scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the church. In accordance with FRS17 therefore, the scheme is accounted for entirely as a defined contribution scheme. See note 19 for further details.

10 Tangible Fixed Assets

31 July 2021 Additions Disposals 31 July 2022 Depreciation 31 July 2021 Charge for the year On disposals 31 July 2022 Net Book Value 31 July 2021 31 July 2022 Cost	Church Premises Manse Furniture & fittings Computers & equipment Total 4,727,670.00 237,000.00 2,917.98 71.81 4,967,659.79 - - - - - - - - - -
	4,727,670.00 237,000.00 2,917.98 71.81 4,967,659.79
	- - 1,195.98 47.81 1,243.79 - - 292.00 24.00 316.00 - - - - -
	- - 1,487.98 71.81 1,559.79
	4,727,670.00 237,000.00 1,722.00 24.00 4,966,416.00
	4,727,670.00 237,000.00 1,430.00 - 4,966,100.00

All of the fixed assets are used for direct charitable purposes.

11 Debtors

Totals Accrued income Prepayments and other debtors	2021/22 2020/21 6,808.54 4,114.04 6,237.81 5,688.12
	13,046.35 9,802.16

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12 Bank and cash balances

						2021/22	2020/21
CAF Bank						4,098.60	9,111.47
TSB						21,099.11	31,803.46
HSBC						0.00	1,808.00
Cash						1,852.76	1,826.03
Totals						27,050.47	44,548.96
13 Creditors: amounts falling due within one year
						2021/22	2020/21
Baptist Union Corporation (manse loan, amounts due by 31 July 2023)						6,678.54	6,563.50
Other creditors						9,030.37	10,408.17
Totals						15,708.91	16,971.67
14 Creditors: amounts falling due after more than one year
						2021/22	2020/21
Baptist Union Corporation (manse loan, due over the period to June 2031)						51,136.55	57,815.09
Totals						51,136.55	57,815.09
15 Endowment Funds
	31 July 2021	Incoming resources	Resources expended		Gains and losses	Transfers	31 July 2022
Name of fund
Building Capital	4,727,670.00	-		-	-	-	4,727,670.00
Manse Capital	172,621.41	-		-	-	6,563.50	179,184.91
Totals	4,900,291.41	-		-	-	6,563.50	4,906,854.91

The Building Capital fund represents the funds originally applied to the building of the church. The Manse Capital fund represents the funds applied to the purchase of the manse.

Building Capital Manse Capital Totals Name of fund	Fixed Asset Investment Current Asset Total 4,727,670.00 - - 4,727,670.00 179,184.91 - - 179,184.91
	4,906,854.91 - - 4,906,854.91

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16 Restricted Funds

Mission Specific Gifts Grants Toilets Totals Name of fund	31 July 2021 Incoming resources Resources expended Gains and losses Transfers 31 July 2022 199.25 1,710.24 1,710.00 - - 199.49 - 755.00 755.00 - - - - - - - - - - 1,000.00 - (1,000.00) -
	199.25 3,465.24 2,465.00 - (1,000.00) 199.49

The Mission fund represents sums held for the support of Tim and Heather Worrall.

The Specific Gifts fund represents sums given for other specific purposes, including sums given specifically for BMS World Mission.

The Grants fund represents sums given in grants for specific purposes.

The Toilets fund represents sums given for the refurbishment of the toilets.

Mission Specific Gifts Grants Toilets Totals Name of fund	Fixed Asset Investment Current Asset Total - - 199.49 199.49 - - - - - - - - - - - -
	- - 199.49 199.49

17 Designated Funds

Depreciation Building Maintenance Manse Maintenance Toddlers Totals Name of fund	31 July 2021 Incoming resources Resources expended Gains and losses Transfers 31 July 2022 1,746.00 - 316.00 - - 1,430.00 6,806.56 - - - 1,000.00 7,806.56 1,014.35 - - - - 1,014.35 1,622.52 1,233.78 110.01 - - 2,746.29
	11,189.43 1,233.78 426.01 - 1,000.00 12,997.20

The Depreciation fund represents the sums reserved for future depreciation of furniture and equipment, and corresponds to their residual value.

The Building Maintenance fund represents the sums reserved for repairs to the church building, and is intended to smooth out the annual cost of large, occasional items such as work on the spire or the roof.

The Manse Maintenance fund represents the sums reserved for repairs to the manse, and is intended to smooth out the annual cost of large, occasional items such as replacement of the external woodwork.

The Toddlers fund represents the sums generated by the Toddlers group, set aside to be used for its continuing operation.

Depreciation Building Maintenance Manse Maintenance Toddlers Totals Name of fund	Fixed Asset Investment Current Asset Total 1,430.00 - - 1,430.00 - - 7,806.56 7,806.56 - - 1,014.35 1,014.35 - - 2,746.29 2,746.29
	1,430.00 - 11,567.20 12,997.20

18 Analysis of net assets

Totals Unrestricted funds Endowment funds Restricted funds Designated funds	Fixed Asset Investment Current Asset Total 4,906,854.91 - - 4,906,854.91 - - 199.49 199.49 1,430.00 - 11,567.20 12,997.20 - - 19,279.76 19,279.76
	4,908,284.91 - 31,046.45 4,939,331.36

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19 Pensions

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

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. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a 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.

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 Broadstone Corporate Benefits Ltd. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs and an associated insurance policy which provides income protection for Scheme members in the event that they are unable to work due to long term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited.

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme’s assets and liabilities to specific employers, the scheme is accounted for as if the Scheme were a defined contribution scheme.

The Minister is eligible to join the Scheme.

Actuarial valuation as at 31 December 2019

A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit.

The key financial assumptions underlying the valuation were as follows:

The key financial assumptions underlying the valuation were as follows:
Type of assumption	% pa
RPI price inflation assumption	3.20
CPI price inflation assumption	2.70
Minimum Pensionable Income Increase Adjustment (above CPI)	0.50
Pre-retirement assumed investment returns (gilt yield plus 1.75% pa)	2.95
Post-retirement assumed investment returns (including benefits matched by the insurance policy) (gilt yield plus 0.5% pa)	1.70
Minimum Pensionable Income increases (CPI plus 0.5%)	3.20
Deferred pension increases (based on RPI) - pre April 2009	3.20
Deferred pension increases (based on RPI) - post April 2009	2.50
Pension increases (based on CPI with an annual floor of 0% and annual cap of 5%)	2.70

Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013 in line with the “CMI 2019” projection with a long-term rate of improvement of 1.75% pa for males and 1.5% pa for females with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%.

The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022.

Recovery Plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.

On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group (“Just”) to secure DB Plan members’ pension benefits. Just are now providing financial backing for all pensions provided through the Scheme’s DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022.

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20 Related Charities

The custodian Trustee of the church is the East Midland Baptist Trust Company Limited which is charity number 250068. The church is also a member of the Baptist Union of Great Britain and of the East Midlands Baptist Association. The church is in receipt of a loan from the Baptist Union Corporation, which is charity number 249635, as set out in notes 13 and 14. The church made a donation to the Baptist Union Home Mission Scheme as set out in note 7.

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----- Start of picture text -----
Independent Examiner’s Report
Report to the trustees/
West Bridgford Baptist Church
members of
On accounts for the
31 July 2022 Charity no (if any) 1131807
year ended
Set out on pages 1 to 11
Respective The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees
responsibilities of consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the
trustees and examiner 1993 Act) and that an independent examination is needed.
It is my responsibility to:
• examine the accounts under section 43 of the 1993 Act;
• follow the procedures laid down in the general Directions given by the Charity Commission (under
section 43(7)(b) of the 1993 Act; and
• state whether particular matters have come to my attention.
Basis of independent My examination was carried out in accordance with general Directions given by the Charity
examiner’s statement 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 the 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 In connection with my examination, no matter has come to my attention:
examiner's statement
(1) which gives me reasonable cause to believe that in, any material respect, the requirements:
• to keep accounting records in accordance with section 41 of the 1993 Act; and
• to prepare accounts which accord with the accounting records and comply with the accounting
requirements of the 1993 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.
Signed: Date:
Name: Alison Thomas
Relevant professional
qualification or body:
Address: 79 Thackeray’s Lane, Woodthorpe, Nottingham, NG5 4JA
----- End of picture text -----

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