## **HODDESDON BAPTIST CHURCH**
## **REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
**Charity Registration No. 1131809**
## **HODDESDON BAPTIST CHURCH**
## **CHARITY INFORMATION**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|**Trustees**|Kathryn Edmonds (Secretary)|
|---|---|
||David Stott (Treasurer)|
||Gill Bickerstaff (deceased 13th November 2021)|
||Edward Delasalle|
||Rosanne Farrell|
||Dave Gooderidge (appointed 1st October 2021)|
||Janet Ince|
||Simon Pateman|
||Keith Woollgar|
|**Key Staff**|Dave Gooderidge (appointed 1st October 2021)|
|**Governing Document**|Deed of Trust dated 5th November 1914|
||Constitution adopted 23rd June 2009,|
||and amended on 29th June 2021|
|**Charity Registration Number**|1131809|
|**Principal Address**|Hoddesdon Baptist Church|
||Burford Street|
||Hoddesdon|
||EN11 8HX|
|**Independent Examiner**|Miriam Hickson FCA CTA|
||Jacob Cavanagh and Skeet|
||5 Robin Hood Lane|
||Sutton|
||Surrey|
||SM1 2SW|
||Baptist Union Corporation Ltd, PO Box 44, 129|
|**Bankers**|Broadway, Didcot, OX11 8RT|
||Barclays Bank plc, 51 High Street, Hoddesdon, EN11|
||8TG|
||CAF Bank Ltd, 25 Kings Hill, West Malling, Kent,|
||ME19 4JQ|
||CCLA Investment Management Ltd, 85 Queen|
||Victoria Street, London, EC4V 4ET|
|**Contents**|**Page**|
|---|---|
|Charity Information|1|
|Trustees' Annual Report|2-7|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Comparative Balance Sheet|11|
|Notes to the Accounts|12-21|
|Detailed Statement of Financial Activities with Comparatives|22|
Page 1
## **HODDESDON BAPTIST CHURCH**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
The trustees are pleased to present their report together with the financial statements of Hoddesdon Baptist Church (HBC) for the year ended 31st March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with HBC’s Deed of Trust, its constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102.
## **Objects of the charity**
The primary object of HBC is the advancement of the Christian faith according to the principles of the Baptist denomination. In addition HBC may also advance education and carry out other charitable purposes in the United Kingdom and other parts of the world. The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing HBC’s aims and objects and in planning future activities.
The Church universal is not a building, but a collection of ordinary people of different ages and backgrounds, whose lives have been changed, or who are seeking to be changed, by Jesus Christ, the Son of God. The churches described in the New Testament were communities of people who, in loving and serving Jesus Christ, were also committed to love and care for each other and to bring blessing to the people around them. The individuals who constitute HBC are committed to the living out of those New Testament principles. HBC is not alone in this; it is one of many churches in the area, country and all over the world that is seeking to demonstrate that same love and service found in the New Testament so that friends, neighbours, family and colleagues may come to know Jesus as Lord, Saviour and friend.
## **Summary of the charity's main activities and achievements**
To further the above objects and vision, the charity's main activities and achievements were as follows:
HBC is a member of both the Baptist Union of Great Britain (BUGB) and of the Central Baptist Association (CBA).
HBC is a member of the Evangelical Alliance, and a member of Churches Together in Hoddesdon, Broxbourne and Wormley (CTHBW). It works closely with the other members of CTHBW on local initiatives. This year it also began working more closely with its four closest neighbouring churches to pray for and plan joint ventures in the Rye Park area.
HBC supports and encourages individuals and organisations engaged in helping people to become disciples of Jesus, both in the UK and overseas. The financial aspect of this is reflected in mission partner support in note 7.
Page 2
## **HODDESDON BAPTIST CHURCH**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
HBC assists All Nations Christian College by taking students on placement and providing appropriate experience and mentoring, when so requested by the College.
Young Life in Hoddesdon is supported in kind by HBC, in conjunction with the Mannamead Trust, by the free provision of the property adjoining the church’s Burford Street premises as a base for its work amongst the young people of the area.
The fulfilment of HBC’s primary object is only possible through the intentional activity of every individual making Jesus known in their daily lives. The financial resources of HBC, to a very large extent, are given by the individuals; their private assets and equipment are regularly used in the work of HBC. Much of this work is done privately, without recognition; the hours and value of that time cannot be quantified.
HBC demonstrates the love of Christ to the local community by organising groups around particular interests and activities for the benefit of the wider community as well as individuals who are part of HBC.
HBC organises a community events to which neighbours of the church, and friends of church members can be invited.
A programme of teaching for adults and children of all ages on Sundays and in groups that meet at other times during the week is implemented. During the past year this has been a mixture of meeting by video conference and meeting in person as allowed by government guidelines.
Providing support to churches working elsewhere both in the United Kingdom and overseas. This support has primarily been through individuals working full time in mission either in the UK or overseas. During the year HBC has supported missionary work in Belgium, Italy, Russia, Sri Lanka, Tanzania, Zambia and Zimbabwe.
In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.
## **Grant making policy**
Grants to external organisations and individuals are considered no less than annually by the Trustees on the basis of need and fulfilment of the charitable objects. There are no upper or lower limits of support.
Page 3
## **HODDESDON BAPTIST CHURCH**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **Structure, Governance and Management**
Decisions relating to the charitable trust are made by the Deacons, who, as the Trustees of the charitable trust, are responsible for governing the life and teaching of the church. Day to day decisions on expenditure and activities are decided by staff and volunteers in charge of different areas of the church, with the budgets set and monitored by the Trustees. The powers of appointment or removal of Deacons rests with the general meeting of HBC. Deacons are selected from the membership of the church since this means that they are wholeheartedly involved in seeing the mission of the church worked out in practice.
In the summer of 2021, following a period without a minister, the membership of HBC appointed the Rev. Dave Gooderidge as minister. On taking up that position on 1st October 2021 he became a Trustee of the charitable trust.
## **Financial review**
The financial result for the year was a surplus of £38,965 (2021: £97,683); Actuarial gains in respect of the charity’s pension liability added £13,367 (2021: £5,925) to this surplus and the overall surplus reported for the year is £52,332 (2021: £103,608).
HBC’s principal source of income is offerings by bank transfer or received during a Sunday service, which in the period under review totalled £131,422 compared with £116,287 in the previous year. This reflects an increase in unrestricted giving to HBC’s continuing funding needs of £26,259, and an decrease of £11,124 in restricted giving. Included within the gifts to HBC's continuing funding needs were a number of one-off gifts which are not expected to recurr in future.
Income from trading activities has increased by £923 to £20,292. The income from rental of our halls has recovered to pre pandemic levels as the groups that hire our premises have been able to restart meeting following the pandemic. Following the appointment of our new minister in the autumn of 2021 our manse has reverted to being accommodation for the minister and is no longer rented out to tenants on a commercial basis, therefore this income has reduced from £16,740 to £9,654.
Overall charitable expenditure increased by £30,096 to £107,397. This reflects the appointment of a minister in October 2021 following a ministerial vacancy. Expenditure on church property also increased by £8,214 reflecting the return to a normal level of use of the buildings following the lockdown and some expenditure on the refurbishment of the manse prior to occupation by the new minister. Offsetting this was an decrease in gifts to mission partners of £9,200 largely reflecting a decrease in restricted gifts received.
Page 4
## **HODDESDON BAPTIST CHURCH**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
HBC has not undertaken a property valuation in recent years. The Burford Street land was purchased in 1902 with the buildings being erected shortly afterwards, the cost is therefore unknown. As allowed under FRS102 the valuation, £1,237,974, at the point of transition to the accounting standard, is used as the deemed cost value. The manse was purchased in 1985 and is included in freehold property at the purchase value of £67,500.
## **Investments**
HBC holds a number of unit trust investments. These investments generated income of £1,779 (2021: £1,796) and unrealised capital losses of £374 (2021: gains £43,377). For these investments HBC has set a policy of aiming for a balanced return between income and capital growth, to be invested in ethical investments in line with the policy agreed at a general meeting. During the period under review the trustees reviewed the investments. Regular monthly investments are being made to cover future potential liabilities, including the pension deficit, and other potential expenditure.
## **Pension liabilities**
HBC is a member of the Baptist Pension Scheme, which is currently in deficit. HBC’s share of that deficit at the year end was estimated at £20,700 (2021: £37,900) with a discounted present value of £19,700 (2021: £36,600). In common with all employers who are members of the scheme HBC is making additional contributions to eliminate this deficit.
## **Reserves policy**
The Trustees have set a policy of retaining reserves sufficient for the foreseeable needs of HBC. HBC has previously and continues to set aside money into designated funds to build up contingency funds for major expenditure on church properties and possible future staffing costs. These designated funds could, however, be added to the general reserves should this be required. The free reserves are available to meet the costs of normal running of HBC and to ensure HBC can meet the commitments that have been entered into. The level of free reserves required has been set at £88,500 excluding funds set aside to cover the pension deficit.
At the 31[st] March 2022, HBC’s surplus on general funds of £261,573 (2021: £217,096) which includes a defined pension deficit of £19,700 (2021: £36,600). The Trustees of the pension scheme and the member employers have agreed a plan to make deficit contributions up to 2026 with a view to eliminating the deficit.
Page 5
## **HODDESDON BAPTIST CHURCH**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
Excluding the pension deficit there is a surplus on general funds of £281,273. Of the pension deficit, only £3,977 is assessed as being due within the next twelve months. This gives reserves excluding long term liabilities of £277,296, which compares with the free reserves target set of £88,500. On this basis the reserves are higher than the target set. At the balance sheet date the reserves including the long term liabilities was £188,796 ahead of the free reserves target. The Trustees are aware of the uncertainties around the pension deficit and the possibility that it could increase again, and the volatility in the value of investments. HBC also has designated funds (excluding fixed assets) of £135,134 which could if necessary be transferred back to the general fund. The Trustees have recently approved plans for some major refurbishment to the manse which is expected to significantly reduce the level of reserves over the next twelve months.
## **Going concern**
The Trustees have reviewed the level of reserves held, and are of the view that HBC is a going concern.
## **Key risks and uncertainties**
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
All major insurable risks are subject to normal Churches’ and Employers’ insurance. Contractual risks are reviewed before being entered into to ensure that they would not significantly impact upon HBC’s ability to fulfil its charitable objects.
The consquences of the now endemic Coronavirus will continue to have an impact on the ability of HBC to carry out its charitable activities. The Trustees have adjusted the way HBC operates to carry out as much of its programme as possible, and are also reviewing the programme to respond to new opportunities arising from ongoing changes.
These ongoing changes may pose risks to the charity on various fronts, including risks to the programme of charitable activities and financial risks. A number of scenarios were modelled at the beginning of the pandemic, and the Trustees have monitored the situation closely. The Trustees have noted that those adverse scenarios that have arisen have not had a material impact on the finances of the church and are satisfied that the reserves are sufficient to cope with a significant loss of income without adversely impacting the activities of the church. The Trustees continue to monitor the situation closely.
Page 6
## **HODDESDON BAPTIST CHURCH**
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **Plans for the future**
It is the intention of the Trustees to continue the activities outlined earlier in this report in the new year. Most meetings are now in person again, although provision continues to be made for virtual attendance.
## **Responsibilities of trustees under charity law**
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles in the Charities SORP;
3. make judgements and estimates that are reasonable and prudent;
4. state whether the applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Approval**
This report was approved by the trustees and signed on their behalf by:
_____________________________________ David Stott
Date: 16[th] June 2022
Page 7
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **HODDESDON BAPTIST CHURCH ('the Charity')**
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 March 2022 on pages 9 to 22 following, which have been prepared on the basis of the accounting policies set out on pages 12 to 13.
## **Responsibilities and basis of report**
As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Miriam Hickson FCA CTA
21[st] June 2022
Jacob Cavanagh and Skeet 5 Robin Hood Lane Sutton SM1 2SW
Page 8
## **HODDESDON BAPTIST CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities
7
Raising funds
8
Other
9
**Total expenditure**
**Net gains/(losses) on investments**
12
**Net income/(expenditure)**
**Transfers between funds**
17
**Other recognised gains/(losses):**
Actuarial gains/(losses) on defined
benefit pension schemes
16
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
17
**Total funds carried forward**
17|General
Designated
Funds
Funds
£
£
113,879
-
381
-
20,292
-
2,328
-
561
-
137,441
-
52,109
36,124
5,002
-
3,246
-
60,357
36,124
(374)
-
76,710
(36,124)
(45,600)
45,600
31,110
9,476
13,367
-
44,477
9,476
217,096
193,158
261,573
202,634
Unrestricted|Restricted
Funds
£
17,543
-
-
-
-
17,543
19,164
-
-
19,164
-
(1,621)
-
(1,621)
-
(1,621)
4,319
2,698|Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,237,974
1,237,974|Total
Funds
2022
£
131,422
381
20,292
2,328
561
154,984
107,397
5,002
3,246
115,645
(374)
38,965
-
38,965
13,367
52,332
1,652,547
1,704,879|Total
Funds
2021
£
116,287
225
19,369
2,851
442|
|---|---|---|---|---|---|
||||||139,174|
||||||77,301
4,708
2,859|
||||||84,868|
||||||43,377|
||||||97,683
-|
||||||97,683
5,925|
||||||103,608
1,548,939|
||||||1,652,547|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on page 12-22 form part of these accounts.
Page 9
## **HODDESDON BAPTIST CHURCH**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2022**
|Note
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank and in hand
14
**CREDITORS: Amounts falling**
**due within one year**
15
**Net current assets / (liabilities) before pension liability**
**Defined benefit pension liability**
**due within one year**
16
**Net current assets / (liabilities)**
**Total assets less current liabilities**
**CREDITORS: Amounts falling due**
**after more than one year**
**Defined benefit scheme asset / (liability)**
16
**TOTAL NET ASSETS**
**FUND BALANCES**
17
Unrestricted Funds
General funds
Pension reserve
Total general funds
Designated funds excluding property
Unrestricted short term funds
Designated funds re property
Restricted Funds
Endowment Funds|General
Funds
£
664
205,652
206,316
4,226
75,106
79,332
(4,375)
74,957
(3,977)
70,980
277,296
-
(15,723)
261,573
281,273
(19,700)
261,573
-
261,573
-
261,573
-
-
261,573
Unrest|Designated
Funds
£
67,500
-
67,500
-
136,034
136,034
(900)
135,134
-
135,134
202,634
-
-
202,634
-
-
-
135,134
135,134
67,500
202,634
-
-
202,634
ricted|Restricted
Funds
£
-
-
-
192
2,506
2,698
-
2,698
-
2,698
2,698
-
-
2,698
-
-
-
-
-
-
-
2,698
-
2,698|Endowment
Funds
£
1,237,974
-
1,237,974
-
-
-
-
-
-
-
1,237,974
-
-
1,237,974
-
-
-
-
-
-
-
-
1,237,974
1,237,974|Total
Funds
2022
£
1,306,138
205,652
1,511,790
4,418
213,646
218,064
(5,275)
212,789
(3,977)
208,812
1,720,602
-
(15,723)
1,704,879
281,273
(19,700)
261,573
135,134
396,707
67,500
464,207
2,698
1,237,974
1,704,879|Total
Funds
2021
£
1,307,281
190,276|
|---|---|---|---|---|---|---|
|||||||1,497,557|
|||||||5,219
190,833|
|||||||196,052
(4,062)|
|||||||191,990|
|||||||(3,919)|
|||||||188,071|
||||||||
|||||||1,685,628
-
(33,081)|
|||||||1,652,547|
|||||||254,096
(37,000)|
|||||||217,096
125,658|
|||||||342,754
67,500|
|||||||410,254
4,319
1,237,974|
|||||||1,652,547|
The financial statements were approved by the Trustees on 16[th] June 2022 and were signed on its behalf by:
--------------------------------------David Stott
--------------------------------------Kathryn Edmonds
Charity number: 1131809
The notes on page 12-22 form part of these accounts.
Page 10
## **HODDESDON BAPTIST CHURCH**
## **COMPARATIVE BALANCE SHEET**
## **AS AT 31 MARCH 2021**
|Note
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Investments
14
Cash at bank and in hand
14
**CREDITORS: Amounts falling**
**due within one year**
15
**Net current assets / (liabilities) before pension liability**
**Defined benefit pension liability**
**due within one year**
16
**Net current assets / (liabilities)**
**Total assets less current liabilities**
**CREDITORS: Amounts falling due**
**after more than one year**
**Defined benefit scheme asset / (liability)**
16
**TOTAL NET ASSETS**
**FUND BALANCES**
17
Unrestricted Funds
General funds
Pension reserve
Total general funds
Designated funds excluding property
Unrestricted short term funds
Designated funds re property
Restricted Funds
Endowment Funds|General
Funds
£
1,807
190,276
192,083
4,419
-
62,405
66,824
(3,162)
63,662
(3,919)
59,743
251,826
-
(33,081)
218,745
254,096
(37,000)
217,096
-
217,096
-
217,096
-
-
217,096
Unrest|Designated
Funds
£
67,500
-
67,500
-
-
125,658
125,658
-
125,658
-
125,658
193,158
-
-
193,158
-
-
-
125,658
125,658
67,500
193,158
-
-
193,158
ricted|Restricted
Funds
£
-
-
-
800
-
2,770
3,570
(900)
2,670
-
2,670
2,670
-
-
2,670
-
-
-
-
-
-
-
4,319
-
4,319|Endowment
Funds
£
1,237,974
-
1,237,974
-
-
-
-
-
-
-
-
1,237,974
-
-
1,237,974
-
-
-
-
-
-
-
-
1,237,974
1,237,974|Total
Funds
2021
£
1,307,281
190,276
1,497,557
5,219
-
190,833
196,052
(4,062)
191,990
(3,919)
188,071
1,685,628
-
(33,081)
1,652,547
254,096
(37,000)
217,096
125,658
342,754
67,500
410,254
4,319
1,237,974
1,652,547|Total
Funds
2020
£
1,308,424
119,899|
|---|---|---|---|---|---|---|
|||||||1,428,323|
|||||||7,937
64,891
97,730|
|||||||170,558
(4,111)|
|||||||166,447|
|||||||(5,714)|
|||||||160,733|
||||||||
|||||||1,589,056
-
(40,117)|
|||||||1,548,939|
|||||||184,099
(45,831)|
|||||||138,268
101,627|
|||||||239,895
67,500|
|||||||307,395
3,570
1,237,974|
|||||||1,548,939|
Page 11
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **1 Statutory Information**
The charity is a trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
## **2 Accounting Policies**
These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities. These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
a) Going concern The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Income from donations and legacies includes: i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor. ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably. The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured. Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church events. Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It includes income from the letting of the charity's property. Investment income represents income generated by the charity's assets and includes income from investments and bank interest. The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity. c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity. Governance costs include costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity. d) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments. e) Tangible fixed assets Freehold property comprises:
The church building on Burford Street, which was acquired in 1902. The charity's Trust Deed places restrictions on the use of the property. The Trustees have included the property in the balance sheet at open market value as at 1st April 2016, the date of transition to FRS102, which has been adopted as original cost in accordance with the provisions of the reporting standard. This is because reliable information is not available for the original cost of the building. No depreciation is charged because the residual value of the church building is believed to be at least equal to the carrying value.
A manse which is included in the accounts at its historic cost of £67,500, After reviewing market values for similar properties, the Trustees believe the market value of the property could be between £450,000 and £500,000. No depreciation is charged because the residual value of the building is believed to be at least equal to cost.
Page 12
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## Other fixed assets:
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
Freehold land Is not depreciated (because it is not consumed by use) Computer equipment Over 3 years Other equipment Over 3 to 5 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
- f) Investments Fixed asset investments are held to generate income and / or for their investment potential. The charity's investments are all listed and are valued at their market value at the balance sheet date.
Current asset investments are cash deposit balances with either a notice period in excess of three months, or are fixed term deposits with a term in excess of three months.
- g) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
- h) Pension scheme arrangements The charity is a participating employer in the Baptist Union Pension Scheme which, prior to January 2012, was a multi-employer defined benefit pension scheme. The charity is unable to identify its share of this scheme's assets and liabilities therefore, as permitted by FRS 102, the entire scheme is being treated as if it were a defined contribution scheme. The last actuarial valuation indicated that the obligation to provide defined benefits gives rise to a funding deficit and the charity, along with other participating employers, must make additional contributions to remedy the deficit. The obligation to make deficit reduction contributions in future years has been included as a liability in these financial statements. Further information about this defined benefits scheme, and the charity's obligation to contribute towards its funding deficit, is disclosed elsewhere in the notes to these accounts.
Since January 2012, the charity has been contributing to a defined contribution pension scheme administered by the Baptist Pension Scheme. Obligation for contributions to this scheme are recognised as an expense when the liability arises. The asset of this scheme are held separately from those of the charity in independently administered funds.
## i) Taxation The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
j) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
## k) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
l) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:
- i) the value of the charity's church building, where the buildings' insurance value has been used as a proxy for the property's market value (see above). ii) the value of the charity's share of a pension deficit. The Baptist Pension Scheme has notified the charity of the amount it would need to pay immediately to settle the liability and it is this liability (after discounting) that has been included in the accounts. The Trustees note that, based on the current level of deficit contributions, the aggregate amount payable in future years could be significantly less than the liability included in the accounts.
## **3 Donations and legacies**
|**Donations and legacies**|||||||
|---|---|---|---|---|---|---|
|Gift aided income
Income tax reclaimed
Other tax efficient giving
Non gift aided income
Other grants receivable
Legacies receivable
Gift Aid Small Donation scheme recoveries
**Income from charitable activities**
Church retreats and events
Book sales|Unrestricted
Funds
2022
£
79,097
19,803
98,900
4,899
8,661
-
1,000
419
113,879
Unrestricted
Funds
2022
£
338
43
381|Restricted
Funds
2022
£
11,335
2,823
14,158
1,675
1,710
-
-
-
17,543
Restricted
Funds
2022
£
-
-
-|Total
2022
£
90,432
22,626
113,058
6,574
10,371
-
1,000
419
131,422
Total
2022
£
338
43
381|Unrestricted
Funds
2021
£
54,074
13,600
67,674
6,189
12,639
1,005
-
113
87,620
Unrestricted
Funds
2021
£
180
45
225|Restricted
Funds
2021
£
19,651
4,872|Total
2021
£
73,725
18,472|
||||||24,523
1,558
2,586
-
-|92,197
7,747
15,225
1,005
-
113|
||||||28,667|116,287|
||||||Restricted
Funds
2021
£
-
-|Total
2021
£
180
45|
||||||-|225|
## **4 Income from charitable activities**
Page 13
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
|**5**
**Income from other trading activities**
Hall rental
Manse rental
**6**
**Investment income**
Bank interest
Investments
BMO Responsible UK Equity income fund
BMO Responsible Sterling Bond fund
EdenTree Amity Sterling Bond fund
Henderson Global Care Equity fund
**7**
**Charitable expenditure**
**a**
**Costs incurred directly on specific activities**
Ministry and support staff
Teaching and pastoral work
Outreach
Youth work
Other donations
Property costs
Equipment costs
Miscellaneous expenses
Grants payable (note 7b)
**b**
**Grants payable**
Grants for UK and overseas mission
Grants for the relief of poverty
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty
The charity's principal grants comprised:
Grants for UK and overseas mission
Central Baptist Association
Samaritans Purse
TEAM
TEAR Fund
Wycliffe Bible Translators
Other individuals
Grants to institutions for less than £1,000 each
Grants for the relief of poverty
Broxbourne foodbank|Unrestricted
Funds
2022
£
20,823
4,604
106
648
149
21,553
1,770
2,371
85
52,109
Unrestricted
Funds
2022
£
-
85
-
-
-
85
-
-
85|Unrestricted
Funds
2022
£
10,638
9,654
20,292
Unrestricted
Funds
2022
£
549
346
71
1,315
47
2,328
Designated
Funds
2022
£
2,720
-
-
-
-
3,295
-
-
30,109
36,124
Designated
Funds
2022
£
4,200
-
500
-
4,200
21,209
-
30,109
-
-
30,109|Restricted
Funds
2022
£
-
-
-
Designated
Funds
2022
£
-
-
-
-
-
-
Restricted
Funds
2022
£
-
-
-
-
851
558
-
-
17,755
19,164
Institutions
£
9,505
-
9,505
Institutions
£
18,001
-
18,001
Restricted
Funds
2022
£
520
-
-
17,235
17,755
-
-
17,755|Total
2022
£
10,638
9,654
20,292
Total
2022
£
549
346
71
1,315
47
2,328
Total
2022
£
23,543
4,604
106
648
1,000
25,406
1,770
2,371
47,949
107,397
Individuals
£
38,443
-
38,443
Individuals
£
39,147
-
39,147
Total
2022
£
4,200
85
1,020
-
4,200
38,444
-
47,949
-
-
47,949|Unrestricted
Funds
2021
£
1,477
3,865
305
418
212
9,621
1,911
2,344
270
20,423
Unrestricted
Funds
2021
£
-
120
-
-
-
150
-
270
-
270|Unrestricted
Funds
2021
£
2,629
16,740
19,369
Unrestricted
Funds
2021
£
954
379
113
1,237
67
2,750
Designated
Funds
2021
£
-
-
-
-
-
-
-
-
28,700
28,700
Designated
Funds
2021
£
4,200
-
500
-
4,000
20,000
-
28,700
-
28,700|Restricted
Funds
2021
£
-
-|Total
2021
£
2,629
16,740|
|---|---|---|---|---|---|---|---|---|
||||||||-|19,369|
||||||||Designated
Funds
2021
£
101
-
-
-
-|Total
2021
£
1,055
379
113
1,237
67|
||||||||101|2,851|
||||||||Restricted
Funds
2021
£
-
-
-
-
-
-
-
-
28,178|Total
2021
£
1,477
3,865
305
418
212
9,621
1,911
2,344
57,148|
||||||||28,178|77,301|
||||||||Restricted
Funds
2021
£
-
-
7,645
861
625
18,997
-|2022
£
47,948
-|
|||||||||47,948|
|||||||||2021
£
57,148
-|
|||||||||57,148|
|||||||||Total
2021
£
4,200
120
8,145
861
4,625
39,147
-|
||||||||28,128
50|57,098
50|
||||||||50|50|
||||||||28,178|57,148|
Page 14
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|**8**
**Cost of raising funds**
Fundraising costs
Cost of sales - hall hire
Cost of sales - manse rental
Investment management costs
**9**
**Other costs**
Governance costs
Independent examiner's fee
Other governance costs
Other
**10**
Gross wages and salaries
Social security
Pension costs
**Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses**|2022
£
247
2,195
1,612
948
5,002
2022
£
1,954
286
1,006
3,246
2022
£
16,242
-
3,056
19,298|2021
£
131
1,175
2,694
708|
|---|---|---|
|||4,708|
|||2021
£
1,800
285
774|
|||2,859|
|||2021
£
1,477
-
-|
|||1,477|
The average monthly number of employees during the year was 3 (2021: 2 part time). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The charity's key management comprise the trustees and the key staff named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:
|Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Rev. Dave Gooderidge
12,837
3,345
2,985
ollowing amounts were payable in the previous year:
Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Rev. Dave Gooderidge
-
-
-|2022
£
19,167|
|---|---|
||19,167|
||2021
£
-|
||-|
The following amounts were payable in the previous year:
Rev. Dave Gooderidge served as church leader and received the above payments for serving in that capacity, not for serving as a trustee; these payments are permitted by the charity's governing document. In addition he received payment for expenses incurred in his capacity as church leader of £397 (2021: nil).
In addition the charity incurred expenditure totalling £5,617 (2021: £nil) in respect of the customary provision of accommodation to Rev. Dave Gooderidge, who is a trustee, so that he could better perform his duties.
## **11 Tangible fixed assets**
|Cost or valuation
At 1 April 2021
Additions
Gains / (losses) on revaluation
Disposals
At 31 March 2022
Accumulated depreciation
At 1 April 2021
Charge for the year
Eliminated on disposal
At 31 March 2022
Net book value
At 31 March 2022
At 1 April 2021|Freehold
Property
£
1,305,474
-
-
1,305,474
-
-
-
-
1,305,474
1,305,474|Fixtures and
fittings
£
109,668
-
-
-
109,668
109,668
-
-
109,668
-
-|Computers
£
3,013
-
-
-
3,013
3,013
-
-
3,013
-
-|Other
Equipment
£
34,476
-
-
-
34,476
32,669
1,143
-
33,812
664
1,807|Total
2022
£
1,452,631
-
-
-|
|---|---|---|---|---|---|
||||||1,452,631|
||||||145,350
1,143
-|
||||||146,493|
||||||1,306,138|
||||||1,307,281|
Page 15
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
|**12**
**Fixed asset investments**
Fair value brought forward
Purchases during the year
Change in value of investments
Fair value carried forward
The investments are comprised of the following holdings
Aegon Ethical Equity (Class A)
ASI UK Ethical fund (Class I)
BMO Responsible Global Equity fund (Class 1)
BMO Responsible Sterling Bond fund (Class C)
BMO Responsible Sterling Bond fund (Class 1)
BMO Responsible UK Equity Income fund (Class 1)
BMO Responsible UK Equity Income fund (Class 2)
EdenTree Amity Sterling Bond fund (Class B)
Janus Henderson Global Care Growth (Class 1)
**13**
**Debtors**
**Falling due within one year:**
Trade debtors
Tax recoverable
Accrued income
Prepayments
**14**
**Cash at Bank and in Hand**
Cash at bank with immediate access
Notice deposits (with a term of three months or less)
**15**
**Creditors: liabilities falling due within one year**
Trade creditors
Accruals
Deferred income|Equity
funds
2022
£
143,307
11,025
3,063
157,395|Bond
funds
2022
£
46,969
4,725
(3,437)
48,257|Total
2022
£
190,276
15,750
(374)
205,652
2022
No. units
1,221.676
27,260.715
7,309.470
1,929.020
5,439.920
7,473.310
557.110
37,035.610
4,370.210
2022
£
2,439
-
1,875
104
4,418
2022
£
11,079
202,567
213,646
2022
£
410
4,467
398
5,275|Equity
funds
2021
£
83,842
18,900
40,565
143,307|Bond
funds
2021
£
36,057
8,100
2,812|Total
2021
£
119,899
27,000
43,377|
|---|---|---|---|---|---|---|
||||||46,969|190,276|
|||||||2021
No. units
1,221.676
24,644.155
6,742.810
1,929.020
5,439.920
7,473.310
557.110
33,023.180
4,370.210
2021
£
79
1,635
1,158
2,347|
|||||||5,219|
|||||||2021
£
18,815
172,018|
|||||||190,833|
|||||||2021
£
962
2,716
384|
|||||||4,062|
Page 16
**FOR THE YEAR ENDED 31 MARCH 2022**
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **16 Pension commitments**
## **The Baptist Union Pension Scheme**
## _Background to the disclosure_
The charity is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”), which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entity and the assets of the Scheme are held separately from those of the employer and the other participating employers.
The Scheme, previously known as the Baptist Ministers' Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31st 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. 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 pensions costs charged to the SoFA in the year comprise contributions accruing in the year in respect of the DC plan, plus the impact of deficiency contributions in respect of the DB plan (see below). The charity is obliged to recognise a liability for its expected future deficiency contributions to the DB plan.
The Minister is eligible to join the Scheme.
## _Actuarial valuation as at 31 December 2019_
A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets at the valuation date was £298 million, whilst the level of assets needed to pay the benefits was £316m, giving a deficit of £18 million (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.
## _Key assumptions_
The key assumptions underlying the actuarial valuation of the DB Plan were as follows:
|_Type of financial assumption_|_% pa_|
|---|---|
|RPI price inflation assumption|3.20|
|CPI price inflation assumption|2.70|
|Minimum Pensionable Income Increase Adjustment (above CPI)|0.50|
|Assumed investment returns||
|- Pre-retirement (gilt yield plus 1.75% pa)|2.95|
|- Post retirement (including benefits matched by the insurance policy) (gilt yield plus 0.5% pa)|1.70|
|Minimum Pensionable Income increase (CPI plus 0.5%)|3.20|
|Deferred pension increases (based on RPI)||
|- Pre April 2009|3.20|
|- Post April 2009|2.50|
|Pension increases||
|Based on CPI with an annual floor of 0% and an 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 "CMI 2019" projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. 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 agreed to a rate of deficiency contributions from churches and other employers involved in the DB Plan.
Under the current Recovery Plan signed in September 2020, deficiency contributions are payable until June 2026. These contributions are broadly based on the employer's membership at 31st December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the rules.
Page 17
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## _Basis for determining the DB plan pension liability_
The pension liability included in these accounts is based on an estimate of the amount that the charity would be required to pay should the charity decide to settle the debt immediately; the Baptist Pension Scheme (the ‘BPS’) has provided this estimate. The BPS is collecting deficit contributions monthly however these deficit contributions have not been calculated by reference to the charity’s share of the pension deficit and, based on the current schedule of contributions, it is possible that the sum of all future annual deficit contributions will be less than the liability included in these accounts. The trustees believe that the BPS may ask the church to increase its contributions towards the deficit and therefore, to be prudent, they have chosen to recognise a liability for the employer debt in these accounts. In accordance with FRS102, the employer debt has been discounted using an appropriate rate of interest to reflect the fact that it is payable in instalments over the period to 2026; the discount will unwind in subsequent financial periods and this will be accounted for in those accounts as a finance cost.
The table below shows the relevant figures.
||2022|2021|
|---|---|---|
||£|£|
|**At current values**|||
|Total Scheme deficit|20,700|37,900|
|Of which due within one year|3,977|3,919|
|Of which due in more than one year|16,723|33,981|
|**At discounted values**|||
|Total Scheme deficit|19,700|37,000|
|Of which due within one year|3,977|3,919|
|Of which due in more than one year|15,723|33,081|
Consequent upon the departure of the Minister in Training from the Church in 2018, the Church had no active employee in the scheme until the appointment of Rev. Dave Gooderidge as minister. The church had applied for and the scheme trustees had agreed a Period of Grace, so a cessation event is not considered to have taken place and the church is not liable to pay its share of the deficit at this time.
|In respect of the DB Plan:
In respect of the DC Plan:
Interest cost (recognised in SoFA)
Remaining change to balance sheet liability* (recognised in SoFA)
Balance sheet liability at the end of the year
Balance sheet liability at start of the year
Pension contributions payable for the year (recognised in SoFA)
Pension contributions paid in the year
Balance sheet liability at the end of the year
Aggregate balance sheet liability at the end of the year
_Movement in Balance Sheet liability_
Balance sheet liability at start of the year
Minus deficiency contributions paid|2022
£
37,000
(3,933)
(13,367)
19,700
-
-
-
-
19,700|2021
£
45,831
(2,906)
(5,925)|
|---|---|---|
|||37,000|
|||-
-
-|
|||-|
|||37,000|
* Comprises any change in agreed deficit recovery plan and change in assumptions between year-ends.
This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using a discount rate of 1.25% (2021: 1.0%).
Page 18
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **17 Funds**
During the year the movements in the charity's funds were as follows:
|Opening
balance
2022
£
_General Unrestricted Funds_
General funds excluding pension
254,096
Pension
(37,000)
_Total general funds_
217,096
_Designated Funds excl fixed assets_
Mission partner support
1,831
Buildings repairs and refurbishment
91,937
Future stipends
31,890
_Total designated funds excl fixed assets_
125,658
Total Unrestricted Short term Funds
342,754
_Designated funds - fixed assets_
67,500
_Restricted Funds_
Mission partner support
3,761
Gifts to pass on
-
Major repairs and equipment purchase
558
4,319
_Endowment Funds_
Permanent
Revaluation reserve
1,237,974
1,237,974
Aggregate of funds
1,652,547|Income
2022
£
137,441
-
137,441
-
-
-
-
137,441
-
16,692
851
-
17,543
-
-
154,984|Expenditure
2022
£
(60,357)
-
(60,357)
(30,109)
(3,295)
(2,720)
(36,124)
(96,481)
-
(17,755)
(851)
(558)
(19,164)
-
-
(115,645)|Transfers
in the year
2022
£
(45,600)
-
(45,600)
30,900
14,700
-
45,600
-
-
-
-
-
-
-
-
-|Unrealised
Gains and
losses
2022
£
(374)
-
(374)
-
-
-
-
(374)
-
-
-
-
-
-
-
(374)|Fixed asset
revaluation
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Actuarial
surplus
2022
£
(3,933)
17,300
13,367
-
-
-
-
13,367
-
-
-
-
-
-
-
13,367|Closing
balance
2022
£
281,273
(19,700)|
|---|---|---|---|---|---|---|---|
||||||||261,573|
||||||||2,622
103,342
29,170|
||||||||135,134|
|||||||||
||||||||396,707|
|||||||||
||||||||67,500|
||||||||2,698
-
-|
||||||||2,698|
||||||||1,237,974|
||||||||1,237,974|
||||||||1,704,879|
The transfers referred to above were made for the following reasons:
- a) Annually the trustees set aside some of the charity's income for grant giving to institutions and individuals who undertake activities that further the charity's own objects. Most of th funds designated for this purpose are distributed within the financial year, but any surplus at year end will be distributed in the new financial year.
- b) Annually the trustees set aside some of the charity's income to create a fund for major repairs to the charity's property, the cost of which would otherwise require additiona fundraising.
- c) The Trustees are currently setting aside some of the charity's income which would normally be spent on the stipend of a minister to cover future stipends. d) The Trustees made a transfer in 2021 to a restricted fund to cover duplicated payments which were not recoverable.
## **Analysis of net assets by fund**
The assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Fixed asset investments
Debtors
Investments held as current assets
Cash at bank and in hand
Creditors falling due within one year
Defined benefit pension schemes liabilities|General
funds
£
664
205,652
4,226
-
75,106
(4,375)
-
281,273||Unrestrict|Designated
ex fixed assets
funds
£
-
-
-
-
136,034
(900)
-
135,134
ed Funds|Designated
fixed assets
funds
£
67,500
-
-
-
-
-
-
67,500|Restricted
funds
£
-
-
192
-
2,506
-
-
2,698|Endowment
funds
£
1,237,974
-
-
-
-
-
-
1,237,974|2022
£
1,306,138
205,652
4,418
-
213,646
(5,275)
(19,700)|
|---|---|---|---|---|---|---|---|---|
||||Pension
£
-
-
-
-
-
-
(19,700)
(19,700)||||||
|||||||||1,704,879|
Page 19
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
In the previous year the movements in the charity's funds were as follows:
|Opening
balance
2021
£
_General Unrestricted Funds_
General funds excluding pension
184,099
Pension
(45,831)
_Total general funds_
138,268
_Designated Funds excl fixed assets_
Mission partner support
1,101
Buildings repairs and refurbishment
74,636
Future stipends
25,890
_Total designated funds excl fixed assets_
101,627
Total Unrestricted Short term Funds
239,895
_Designated funds - fixed assets_
67,500
_Restricted Funds_
Mission partner support
3,012
Gifts to pass on
-
Major repairs and equipment purchase
558
3,570
_Endowment Funds_
Permanent
Revaluation reserve
1,237,974
1,237,974
Aggregate of funds
1,548,939|Income
2021
£
110,406
-
110,406
-
101
-
101
110,507
-
28,667
-
-
28,667
-
-
139,174|Expenditure
2021
£
(27,990)
-
(27,990)
(28,700)
-
-
(28,700)
(56,690)
-
(28,178)
-
-
(28,178)
-
-
(84,868)|Transfers
in the year
2021
£
(52,890)
-
(52,890)
29,430
17,200
6,000
52,630
(260)
-
260
-
-
260
-
-
-|Unrealised
Gains and
losses
2021
£
43,377
-
43,377
-
-
-
-
43,377
-
-
-
-
-
-
-
43,377|Fixed asset
revaluation
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Actuarial
surplus
2021
£
(2,906)
8,831
5,925
-
-
-
-
5,925
-
-
-
-
-
-
-
5,925|Closing
balance
2021
£
-
254,096
(37,000)|
|---|---|---|---|---|---|---|---|
||||||||217,096|
||||||||1,831
91,937
31,890|
||||||||125,658|
|||||||||
||||||||342,754|
|||||||||
||||||||67,500|
||||||||3,761
-
558|
||||||||4,319|
||||||||1,237,974|
||||||||1,237,974|
||||||||1,652,547|
## **Analysis of net assets by fund**
In the previous year, the assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year
Defined benefit pension schemes liabilities|General
funds
£
1,807
190,276
4,770
61,305
(4,062)
-
254,096||Unrestrict|Designated
ex fixed assets
funds
£
-
-
-
125,658
-
-
125,658
ed Funds|Designated
fixed assets
funds
£
67,500
-
-
-
-
-
67,500|Restricted
funds
£
-
-
449
3,870
-
-
4,319|Endowment
funds
£
1,237,974
-
-
-
-
-
1,237,974|2021
£
1,307,281
190,276
5,219
190,833
(4,062)
(37,000)|
|---|---|---|---|---|---|---|---|---|
||||Pension
funds
£
-
-
-
-
-
(37,000)
(37,000)||||||
|||||||||1,652,547|
Page 20
## **HODDESDON BAPTIST CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
The Trustees have set up the following designated funds:
## _Mission partner support_
Annually the trustees set aside some of the charity's income for grant giving to institutions and individuals who undertake activities that further the charity's own objects. It is anticipated that all of the funds designated for this purpose will be distributed in the year of designation and that any remaining funds are distributed in the new financial year.
## _Building repairs and refurbishment_
This fund is available to cover major repairs to buildings which may be required, and which are larger in scope than can be paid for out of our normal annual income. This fund also contains a provision for repairs to and redecoration of the manse when the current tenant moves out. The Trustees also set aside some of the charity's income to increase this funds.
## _Future stipends_
This fund is available to cover future stipends of ministers. It is also available to cover the relocation expenses of a new minister when appointed.
## _Fixed assets_
The Trustees have set up a designated fund to contain the value of the other tangible fixed assets owned by the church, where they are not included in the endowment fund, (see below).
## The following restricted funds exist:
## _Mission partner support and other gifts_
The church receives additional gifts in support of specific mission partners or others who are supported by the church.
## _Major repairs and equipment purchases_
These funds are the balance remaining from a previous appeal to raise funds for major building repairs. It is intended that they will be used for the next major building refurbishment.
The following endowment fund exists:
## _Fixed assets funds_
The Trust Deed founding the church made a gift of land to the church with a stipulation that is used to provide a building for the church. Subsequent gifts were given to erect buildings on the land. As the Trustees do not have a separate valuation of the buildings and the land, the entire value of the church buildings and land are treated as endowment funds.
## **18 Transactions with related parties**
During the year the charity: a) received donations as set out below from related parties (which includes trustees, any other members of key management and anyone closely connected to them).
|Gift aided income
Income tax reclaimed
Other tax efficient giving
Non gift aided income|Unrestricted
Funds
2022
£
32,966
8,241
41,207
3,296
-
44,503|Restricted
Funds
2022
£
3,355
839
4,194
1,298
-
5,492|Total
2022
£
36,321
9,080
45,401
4,594
-
49,995|Unrestricted
Funds
2021
£
21,905
5,476
27,381
3,966
9
31,356|Restricted
Funds
2021
£
3,690
923|Total
2021
£
25,595
6,399|
|---|---|---|---|---|---|---|
||||||4,613
1,448
-|31,994
5,414
9|
||||||6,061|37,417|
Donations to restricted funds were only for those purposes where the church had previously set up a restricted fund.
- b) Except as disclosed in note 10 'Analysis of staff costs', no expenses (2021: nil) were paid to, or for, the trustees.
During the year the charity also made the following payments to or for related parties: a) The church has use of a building adjacent to the church premises which is owned by the Mannamead Christian Trust. The Trustees of the Mannamead Christian Trust are also deacons of Hoddesdon Baptist Church.
b) HBC is a member of the Baptist Union of GB, to which it pays an annual subscription. c) HBC is also a member of the Central Baptist Association, to which it made a donation as set out in note 7. d) HBC is a member of Churches Together in Hoddesdon, Broxbourne and Wormley to which an annual subscription is paid.
Except as disclosed in note 10 'Analysis of staff costs', there have been no other transactions with related parties during the year.
Page 21
## **HODDESDON BAPTIST CHURCH**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
7
Raising funds
8
Other
9
**Total Expenditure**
**Net gains/(losses) on investments**
**Net income/(expenditure)**
**Transfers between funds**
17
**Other recognised gains/(losses):**
Gains/(losses) on revaluation of fixed assets
16
**Net movement in funds**
**Reconciliation of funds:**
17
**Total funds carried forward**
17
Total funds brought forward
Actuarial gains/(losses) on defined benefit
pension schemes||General
2022
£
113,879
381
20,292
2,328
561
137,441
52,109
5,002
3,246
60,357
(374)
76,710
(45,600)
31,110
-
13,367
44,477
217,096
261,573
Unrestric|Unrestric|Designated
2022
£
-
-
-
-
-
-
36,124
-
-
36,124
-
(36,124)
45,600
9,476
-
-
9,476
193,158
202,634
ted funds|Restricted
2022
£
17,543
-
-
-
-
17,543
19,164
-
-
19,164
-
(1,621)
-
(1,621)
-
-
(1,621)
4,319
2,698|Endowment
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,237,974
1,237,974|Total
2022
£
131,422
381
20,292
2,328
561
154,984
107,397
5,002
3,246
115,645
(374)
38,965
-
38,965
-
13,367
52,332
1,652,547
1,704,879|||General
2021
£
87,620
225
19,369
2,750
442
110,406
20,423
4,708
2,859
27,990
43,377
125,793
(52,890)
72,903
-
5,925
78,828
138,268
217,096
Unrestric|Unrestric|Designated
2021
£
-
-
-
101
-
101
28,700
-
-
28,700
-
(28,599)
52,630
24,031
-
-
24,031
169,127
193,158
ted funds|Restricted
2021
£
28,667
-
-
-
-
28,667
28,178
-
-
28,178
-
489
260
749
-
-
749
3,570
4,319|Endowment
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,237,974
1,237,974|Total
2021
£
116,287
225
19,369
2,851
442
139,174
77,301
4,708
2,859
84,868
43,377
97,683
-
97,683
-
5,925
103,608
1,548,939
1,652,547|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Page 22