BESSELS GREEN BAPTIST CHURCH INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 JNDEPENDEIYT EXAMINER'S REPORT TO THE TRUSTEES OF BESSELS CREEN BAIryIST CHURCH (the 'charity') I report to the chartty Trustees on my examination of the accounts of the charity for the year ended 31 December 2023. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are Tesponsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 201 l Act,). I report in respect of my examination of the charity's accounts Carried out under section 145 of the 2011 Acl and in carying out my examination I have followed all the appli¢abl¢ Directions giv¢n by the Charity Commission under section 145(5)(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT The Ch41rity's gross income exceeded £250,000 and I am qualified to undertake the exatnination by being a qualified member of the Association of Inl¢rnational Accountants. I have complet¢d my examination. I can confirni that no matters hav¢ come to my attention in connection with the examination giving me cause to believe that in any material r¢sp¢ct: . accounting records were not kept in respect of the ch(lty as requir¢d by section 130 of the 2011 Act; OT 2. the accounls do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the forn] and content of accounts sct out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent exarnination. I have no concerns and have come across no other matters in connection with the examination to which attention should b¢ drawn in this report in Order to enable a proper understanding of the aOunt5 to be reh¢d, Signed: Dated: 8 Odober 2024 Paul Baker FFA FAIA 50& Clifford Way M&idstone Kent ME16 8GD
BESSELS GREEN BAPTIST CHURCH
Love generously …. Act Justly …. Forgive swiftly …. Include selflessly …. Practice humility
BESSELS GREEN BAPTIST CHURCH
Annual Report and Financial Statements for the year to 31 December 2023
Contents
Trustees' Annual Report
Section 1 : Reference & Administrative Details
Section 2 : Charitable Object
Section 3 : Organisational Structure and Decision making process
Section 4 : Objectives and Activities
Section 5 : Achievements and Performance
Section 6 : Financial Review
Section 7 : Management of Risk
Section 8 : Signature and Declaration
Accounting Statement
Section A : Statement of Financial Activities
Section B : Balance Sheet
Section C : Not Used
Section D : Notes to the Accounts
Accounts Examination
Independent Examiner's Report on the Accounts
31 December 2023
BESSELS GREEN BAPTIST CHURCH TRUSTEES' ANNUAL REPORT for year ending
The Charity Trustees present their Annual Report & Financial Statements for 2023
Section 1 : Reference & Administrative Details
Charity Name : Bessels Green Baptist Church
Charity's principal address : Bessels Green Baptist Church has its primary place of activities in the church premises in Bessels Green Road, Bessels Green, Sevenoaks Kent TN13 2PS.
Charity Registration No : 1132394
Bessels Green Baptist Church which previously qualifies as an Excepted Charity under subsection 5 of section 3 of the Charities Act 1993 was required to register a charity with the Charity Commission during 2009. The registration process was completed on 29 October 2009.
Those currently acting as Charity Trustees and those with that responsibility in the reporting period are as listed following:
Minister: Charles Ingram
Assistant Minister: Andy Potter Elders: Rick Woodward Term ended 28/4/2024 Colin Cross Alison Riches Rob Ovens Richard Anstead Elected 21/07/2024 Treasurer : Neil Hudson Term ended 23/04/2023 Luci Wright Elected 23/04/2023
Secretary : Richard Bevan
Note : On 26 April 2015 the church approved a constitution in which only the Minister(s), Elders, Treasurer and Secretary are Charity Trustees. The Deacons post this date operate not as Charity Trustees but with specific agreed portfolios of responsibility as agreed by the Church Meeting. This Constitution was updated in April 2022 to allow for on line participation in Church Member and Trustee Meetings.
Premises Trustees: The church is the beneficial owner (subject to the relevant trusts) of the Church premises at Bessels Green Road and the manse at 21 Larkfield Road. These premises are held in trust on behalf of the church by the custodian trustee, The Baptist Union Corporation Ltd. The church also holds a part interest in 1 Darent Close and 7 Marvillion Close but the BUCL are not involved in these last two properties.
Professional Advisers : Bankers: National Westminster Bank plc Sevenoaks Branch 67 High Street Sevenoaks Kent TN13 1LA
Independent Examiner : Paul Baker FAIA
Applied Accountancy, Riverside Suite, 50a Clifford Way, Maidstone ME16 8GD
TRUSTEES' ANNUAL REPORT for year ending
31 December 2023
BESSELS GREEN BAPTIST CHURCH
Section 2 : Charitable Object
Charitable Object : The Charity is governed by an Approved Governing Document which states that the principal purpose of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination to include advancement of education, community service and other such charitable purposes in such parts of the United Kingdom and the world as the Church shall determine.
The Church occupies premises which are held by the Baptist Union Corporation Ltd, on Trusts which are entirely compatible with the above object.
Section 3 : Organisational Structure and Decision making process
Members of the Church : The Church is governed by a constitution based on the Approved Governing Document for Baptist Churches. Members of the church are accepted in accordance with the Constitution which requires them to be or to have been publicly baptised on the profession of faith in Jesus Christ, or following other modes of baptism to renew their public profession of faith in Jesus Christ
Members Meeting : The Members Meeting normally takes place four times per year and has responsibility for the overall policy of the church. In accordance with the Constitution, the members appoint up to five Elders, Treasurer, Secretary and up to ten Deacons. The Elders, together with the minister(s), Church Secretary and Treasurer, are collectively known as the Charity Trustees, and are responsible for the day to day running of the Church's work and witness, and the financial and legal aspects of the charity. All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in furtherance of the charitable objective.
Relevant matters may be submitted to the Church meeting by the Charity Trustees for guidance, or may be raised by members in Church meeting for further consideration by the Charity Trustees. Though the Constitution permits decisions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.
BESSELS GREEN BAPTIST CHURCH TRUSTEES' ANNUAL REPORT for year ending
31 December 2023
Section 4 : Objectives and Activities
In order to achieve the principal objective which is set out in section 2 above, the Church provides a variety of activities both to its membership and to the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord.
Central to the work and witness of the Church is the provision of regular public services of Christian worship. These services usually take place each Sunday at 10:00 am and at 5:00 pm during term time at various times in the afternoon. There are occasional services at other times which are advertised on the Church Notice Board, in the weekly Sunday news letter and on the website at bgbc.co.uk. There is a creche and children's programme during the morning Service and activities for children and youth at the afternoon service. The church seeks to be a friendly and welcoming community and anybody is free to attend any of these services.
The church broadcasts the Sunday 10:00 am service live via YouTube and Facebook. Additionally this service is available on line in the days following for viewing by those unable to attend in person or view on the Sunday.
The Church runs a series of house groups for the growth of faith and discipleship in the homes of some members, and further details of these can be obtained from the Charity Trustees on request, or at the Sunday services of worship.
The Church is happy, in addition to its own regular weekly programme and where scheduling of activities permits, to use its premises for other forms of outreach and in 2023 a concert featuring by Martyn Joseph was held.
The Church encourages members to take their Christian faith out into the world in specific activities organised to enable non Christian friends and acquaintances to be involved.
From time to time the Church runs or promotes courses for people interested in discovering more about Christianity.
The Church runs various events for Young People and for people in the Third Age.
The Church operates systems to ensure that all people working with children and vulnerable adults are appropriately vetted by the Disclosure and Baring Service.
The church has read the Charity Commission guidance on public benefit and is satisfied that the activities outlined above clearly demonstrate that the charity is providing a benefit to the public."
The Church is happy, in addition to its own activities and where scheduling of activities permits, to make its premises available for use by the wider community. Such use includes a weekly aerobics group, use of the church hall for children's parties and occasional use by local primary schools. In addition in 2023 the Church was used as a local venue for a Christmas Folk Event.
31 December 2023
BESSELS GREEN BAPTIST CHURCH TRUSTEES' ANNUAL REPORT for year ending
Section 5 : Achievements and Performance
The Church does not measure the success of its programmes only in numbers, including financial numbers, but also in less tangible areas like fellowship and encouragement. The Charity Trustees recognise that these are difficult to measure but believe that 2023 was a positive year in the life of the church and that it will be able to pursue its mission purposes in 2024.
In the year five persons were baptised and five persons were received into church membership. Nine church members were removed by death, transfer, removal or resignation. At 31 December 2023 membership stood at 150 compared to 154 a year earlier.
Average attendance at worship services was maintained during the year and is now broadly at the levels before the impact of restrictions imposed by the Covid Pandemic. A similar pattern has been present in the children's work and amongst young people.
In 2022 the church, recognising the impact of climate change, began investigating ways of modifying activities with the aim of achieving a Net Zero Carbon footprint. Investigation and implementation of identified measures are on going and are inclusive of Carbon Offsetting payments that will have a financial impact in the future years.
During 2023 the church continued to progress with consultations to best determine how to utilise the Stewardship Grant that had been given for the church to manage. See Notes. Consultants investigated with local partners and with church members so that the Church Meeting could make a decision on the direction of spend for this grant. This exercise was duly completed and Mental Health issues were identified as the preferred area of spend. Discussion and consultation are ongoing to enable a decision on particular projects that will be supported.
BESSELS GREEN BAPTIST CHURCH TRUSTEES' ANNUAL REPORT for year ending
31 December 2023
Section 6 : Financial Review
The financial year reported herein by the Church is from 01 January 2023 to 31 December 2023
The Church continues to raise the funds which it needs to carry on its activities from within its own membership and congregation. No wider public appeal was made for funds during the year.
Income in 2023 was at £ 375,082 reduced from £ 411,545 in the previous year. This change due to a reduction in special donations made the previous year in response to the Ukraine war.
The most significant expense relates to the appointment of a Minister and Assistant Minister, to lead and co-ordinate the church's activities including the Sunday Services, to provide pastoral care for the congregation and other people, and to equip and encourage the membership in their life, Christian witness and service. During the year the Minister was Revd C Ingram and the Assistant Minister was Andy Potter. The Minister and Assistant Minister are assisted by an employed Children & Youth Worker, Joshua Amott.
The Church expressed its part in the life of the wider church by making grants to national and international Christian organisations and societies with Christian aims and objectives compatible with the church's own charitable purpose. The organisations and financial support given is detailed in Section D of this Report. Through its Mission Team the church seeks to promote support of mission through a number of Core Missions / Mission Partners. In addition members are encouraged to be personally involved.
The Church is heavily dependent on its membership working as volunteers in all aspects of the church's activities, many of which run with little or no impact on the church's expenditure, but nevertheless contribute substantially to the achievement of the church's objectives.
Total expenditure was £342,610 reduced from £ 416,722 due mainly to a reduction in grants made from donations for relief due to the Ukraine war.
The financial results for the year, together with a summary of the accounting policies adopted are set out in the accompanying financial statements.
The church is a participating employer within the Defined Benefit section of the Baptist Pension scheme and has been making ongoing deficit payments to cover the costs of past service of its employees within the scheme under a recovery plan. The church has no plan to leave the scheme and has made payments to the scheme in line with the recovery plan. At the end of June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group to secure members pension benefits under the Defined Benefit Plan. This agreement is referred to as a 'buy-in-policy'. The agreement means that Just are now providing financial backing for all Defined Benefit Plans provided through the Schemes Defined Benefit Plan. This transaction takes the Scheme out of a shortfall position for the first time in two decades. Although risks remain the Baptist Union and the Trustees of the Scheme have agreed that deficit contributions from each participating employer in the Defined Benefits Plan will be reduced to £1 per month from August 2022. See Note 24 to the accounts.
The Charity Trustees have made an assessment of the major financial risks facing the church, and are satisfied that there are policies in place to minimise these risks.
31 December 2023
BESSELS GREEN BAPTIST CHURCH
TRUSTEES' ANNUAL REPORT for year ending
Reserves policy :
The Charity Trustees have an established Reserves Policy to enable the church to function effectively and meet its obligations in the event of a decline in income or a major cost.
Having considered the relevant risks of changes in income and expenditure, the Trustees have determined that the appropriate level of reserves should be that the unrestricted funds held and not committed or invested in tangible fixed assets (the Free Reserves) should normally be a minimum of 3 and a maximum of 6 months of the resources expended. In 2023 General Funds this equates to between £ 65,000 and £ 130,000.
This level of Free Reserve is judged to enable responsibilities in respect of the employment of the Minister(s) and other employed staff to be discharged whilst continuing current activities in the event of a significant drop in income.
Year end effective Free Reserves are £ 155,235 Previous year (2022 : £118,644) . This sum includes outstanding debtors of £ £ 8,144 Previous year (2022 : £37,923) . This provides cover slightly above the maximum end of the target for required reserves.
In addition at year end the church held sums in a designated property fund established in 2022 with proceeds from the sale of a part church interest in the property owned jointly with and occupied by the Minister C Ingram. These funds have been designated for use in future property improvements and major property items. The sum held at year end was £ 110,390
Investment policy :
The requirement for easy access to funds to meet the needs of the Church during the year precludes the specialised investment in medium and long term investments. To best suit this access requirement funds placed on deposit and are available on demand.
BESSELS GREEN BAPTIST CHURCH
TRUSTEES' ANNUAL REPORT for year ending
31 December 2023
Section 7 : Management of Risk
Review of major risks :
The Charity Trustees periodically conduct their own review of the major risks to which the Church is exposed. Following which systems and procedures are identified and implemented to manage those risks.
Where appropriate systems and procedures are backed up by the agreement and authority of the Church Meeting. An example being policies covering safeguarding of children and young people together with the considered appointment of leaders for children and young peoples groups.
Agreed policies and procedures are reviewed to ensure they meet current needs and responsibilities. Policies covering Safeguarding of Children, Young People and Vulnerable Adults are in place together with others dealing with Data Protection and Health & Safety. Policies are reconfirmed at each church AGM.
The church premises are inspected for Health & Safety risk on an annual basis the most recent full assessment and recommendations being made in December 2023. Appropriate items are acted upon by the Charity Trustees. On an ongoing basis H&S issues are reported to and considered by the Trustees as appropriate at their regular monthly meetings. A separate specific Asbestos Risk Assessment was made in August 2017 and revealed no areas of concern.
Systems are implemented to ensure that Health & Hygiene procedures in relation to the use of church premises to prepare and distribute food and drink at church events are up to date and applied to church activities.
Previously in line with UKGov and Baptist Union recommendations a separate Risk Assessment was produced to manage the risks associated with the Covid 19 Pandemic on church activities. This was reviewed during 2023 and measures identified as continuing to be appropriate were implemented on the premises including but not limited to hygiene measures, ventilation, and additional cleaning.
Section 8 : Signature and Declaration
The Charity Trustees present this report and financial statements for the year to 31 December 2023.
The accounts are prepared in accordance with the, Charities Statement of Recommended Practice (Charities SORP 2021), FRS102 and with the Charities Act 2011
We declare, in our capacity as Charity Trustee, that:
-
the Charity Trustees have approved the report above; and
-
have authorised us to sign it on their behalf.
Signature : Signature : Position : Treasurer Position : Trustee
Date : 8th October 2024
BESSELS GREEN BAPTIST CHURCH
Section A : Statement of Financial Activities for the year ended
| Section A : Statement of Financial Activitie Notes Incoming Resources Voluntary Income Donations to Church 4.1 Donations to Missions 4.2 Activities for generating funds 5 Investment Income 6 Profit on Sale of Freehold Property 26 Other incoming resources 7 Total Incoming Resources Resources Expended Costs of generating funds 8 Charitable expenditure 9 Ministry Mission Establishment Total Resources Expended Net incoming resources before transfers Net incoming resources Net movement in funds Total Funds Current at 31 December 2022 Total Funds Current at 31 December 2023 |
s for the year ended TOTAL TOTAL Unrestricted Funds Restricted Funds Endowment Funds FUNDS 31 December 2023 FUNDS 31 December 2022 £ £ £ £ £ 319,679 375 320,054 203,910 28,045 28,045 97,838 524 398 922 740 2,727 2,727 381 22,709 625 23,334 108,676 345,639 29,443 375,082 411,545 191,757 191,757 170,812 75,052 34,652 109,704 200,714 41,149 41,149 45,196 307,958 34,652 342,610 416,722 37,681 (5,209) 32,472 (5,177) 37,681 (5,209) 32,472 (5,177) 37,681 (5,209) 32,472 (5,177) 768,037 17,175 1,404,575 2,189,787 2,194,964 805,718 11,966 1,404,575 2,222,259 2,189,787 31 December 2023 |
|---|---|
Comparative figures for each fund are shown in the notes to the accounts
BESSELS GREEN BAPTIST CHURCH
Section B : BALANCE SHEET as at …..........
31 December 2023
| Notes Fixed Assets Tangible assets 17 Investments 18 Total Fixed Assets Current Assets Debtors 19 Cash at Bank and in Hand 20 Current Liabilities Creditors: amounts falling due within one year 21 Net current assets / (liabilities) Total Assets less current liabilities Creditors: amounts falling due after one year 21 Net Assets excluding pension liability Defined benefit pension scheme Asset or Liability 24 Total Net assets or liabilities |
Unrestricted Funds Restricted Funds Endowment Funds 538,336 1,404,575 538,336 1,404,575 8,144 5,591 259,238 9,030 ` 2,655 267,382 11,966 805,718 11,966 1,404,575 805,718 11,966 1,404,575 805,718 11,966 1,404,575 |
Totals 31 December 2023 1,942,911 1,942,911 13,735 268,268 2,655 279,348 2,222,259 2,222,259 2,222,259 |
Totals 31 December 2022 1,942,911 1,942,911 57,148 198,170 8,442 246,876 2,189,787 2,189,787 2,189,787 |
|---|---|---|---|
The attached notes form an integral part of these accounts.
These accounts were approved by the Trustees on 8th October 2024 and signed on their behalf by
a) Treasurer …………………………………………………
b) Trustee ……………………………………………….
BESSELS GREEN BAPTIST CHURCH Section D : Notes to the Accounts
Notes Forming an Integral Part of the Financial Statement for the year ended …..
31 December 2023
1 Accounting Policies
| Basis of preparation | The accounts are prepared in accordance with the, Charities |
|---|---|
| Statement of Recommended Practice (Charities SORP 2021), FRS102 | |
| and with the Charities Act 2011 | |
| The church is a registered charity, no. 1132394 and meets the | |
| definition of a public benefit entity under FRS102. Assets and liabilities | |
| are initially recognised at historical cost or transaction value unless | |
| otherwise stated in the relevant accounting policy body notes. | |
| Going Concern | It is the trustees view that there are no material uncertainties regarding |
| the charity's ability to continue for the foreseeable future. | |
| Income recognition | All incoming resources are included in the Statement of Financial |
| Activities when the charity is legally entitled to the income after any | |
| performance conditions have been met, the amount can be measured | |
| reliably and it is probable that the income will be received. | |
| Donations | Income received by way of donations and gifts is included in full in the |
| Statement of Financial Activities when received. | |
| Legacies | Legacies are accounted for when probate has been completed, the |
| amount of the legacy can be reliably quantified and the conditions of | |
| the legacy are within the control of the church. | |
| Investment Income | Investment income is recognised in full in the year in which it is |
| received. | |
| Expenditure recognition | All expenditure is accounted for on an accruals basis. Expenditure is |
| recognised where there is a legal or constructive obligation to make | |
| payments to third parties, it is probable that settlement will be required | |
| and the amount of the obligation can be measured reliably. | |
| Expenditure is allocated to the particular activity where the cost relates | |
| directly to that activity. However, the cost of overall direction and | |
| administration on each activity, comprising the stipend and overhead | |
| costs of the central function is not apportioned but taken in full in the | |
| General Fund allocation. | |
| Fund raising and publicity costs | The church does not in the usual course of activities make formal |
| appeals for funds, and expenditure on these items is therefore not | |
| material. | |
| Grants payable | The church makes grants to other organisations whose charitable |
| objects compliment its work. They are accounted for in the year in | |
| which they are paid or when the recipient has been notified of the grant | |
| and payment is unconditional. | |
| Support costs | Support costs are those that assist the work of the church but do not |
| directly represent charitable activities and include office costs and | |
| governance cost. Where support costs cannot be directly attributed to | |
| particular headings they have been allocated to the cost of raising | |
| funds and expenditure on charitable activities on a basis consistent | |
| with the use of resources. This represents direct expenditure on the | |
| administration of the church. Most of the management is carried out | |
| without charge by volunteers. This intangible cost is not included in the | |
| Statement of Financial Activities since there is no measurable cost to | |
| the volunteers for their service |
BESSELS GREEN BAPTIST CHURCH
Tangible fixed assets for use by the The church premises are included in the balance sheet at insurance charity value, taken at June 2005, because reliable cost information is not available, and valuation would incur significant cost which would be onerous compared with the additional benefit gained by the user of the accounts.
The Manse premises are included in the balance sheet at the value of £ 436,396. This being the cost of purchase of 21 Larkfield Road, Sevenoaks, Kent unadjusted for inflation. The charity does not have a policy of revaluation.
The asset value of Manse premises is included in the Designated Manse Fund. The asset value of the church premises and of Investments is in the Specified Fabric Church Buildings Fund since the use of the premises and the invested capital is restricted for property use.
The relative asset value applicable to the church interest in the Ministers house at 1 Darent Close has been included in the Designated Manse Fund. During the year 2022 some of the church interest was sold to the Minister and the asset value has therefore been restated in the 2022 accounts. Depreciation has not been charged in the current year because in the opinion of the Trustees, the residual value of the asset is not less than the 2022 valuation. The 2023 asset value included in accounts is £ 96,940.
The relative asset value of £ 5,000 applicable to the church interest in the Children and Youth Workers house at 7 Marvillon Close has been included in the Youth Worker Accommodation Fund. This property was purchased in the second quarter of 2021 and depreciation has not been charged in the current year because in the opinion of the Trustees, the residual value of the asset is not less than the original valuation.
In 2022 this asset value was recategorised as part of Designated Funds having previously been reported as a Restricted Fund.
Items costing less than £ 7,500 are wholly depreciated in the year of purchase.
Depreciation on other fixed assets where applicable is calculated to write off the cost on a straight-line basis of each asset over its expected useful life, which is normally estimated at 4 years. Or at such rates as the trustees decide.
Investment Assets No investments are held other than premises noted elsewhere.
Unrestricted funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds Designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for specific purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
BESSELS GREEN BAPTIST CHURCH
Endowment Funds Endowment funds represent those assets which must be held permanently by the charity, principally the Church Buildings at Bessels Green Road. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. Prior to the 2022 accounts these funds were included with Restricted Funds.
Independent Examiner Fees The fees in respect of 2021 accounts of £1,050 and that for 2022 of £1,140 have been paid in 2023. The fee for 2023 accounts has not been included as an accrual as it is considered immaterial. Stewardship Grant: In December 2020 the church was advised by Stewardship Services that an anonymous Stewardship Grant in the gross sum of £1,000,000 had been made to BGBC upon specified terms and conditions of use. Stewardship advised ; "The intent of the grant is to release the church to be outward looking through serving the local community with the faithful proclamation of the gospel and practical action that enables authentic engagement. It is to be invested in a venue/venues and settings in which this can be achieved. The vision is to enable Kingdom based Christian ministry in the local area around Bessels Green Baptist Church. The wording in the confidential expression of wishes document favours a ‘Kingdom’ perspective in interacting with the local community. This requires a combination of faithful proclamation of the Gospel of Jesus Christ which is backed up by practical action that enables authentic engagement with the local community. The goal therefore is to invest the funds in such a way as to provide a venue/venues and settings in which those twin goals can be achieved in a manner which enhances community engagement and opens a new basis for dialogue with a wider cross section of the neighbourhood. In summary, the vision is to bless the community in a holistic manner". The only other stipulation is that any assets acquired with the grant need to be suitably ring-fenced so that they are retained to achieve the intended objectives Funds will only be released to BGBC once details of the plan for the use of the grant, as agreed by the Trustees of Bessels Green Baptist Church are available, so that Stewardship can draw up a Grant Agreement Form to allow release of the funds. In 2023 some further sums were released and reflected in the accounts to cover costs of employing specialist advisors.
31 December 2023
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
| CHARITABLE INCOME 4 VOLUNTARY INCOME 4.1 Donations to Church In 2022 £ 561 of the donations to church income was attributable t with the remaining £ 203,350 being attributable to unrestricted fun 4.2 Donations to Missions In 2022 £ 97,838 of the donation to missions income was attributa with the remaining £ Nil being attributable to unrestricted funds. Total 5 ACTIVITIES FOR GENERATING FUNDS 5.1 Use of Premises In 2022 £ 350 of the income was attributable to restricted funds, with the remaining £ 390 being attributable to unrestricted funds. |
Unrestricted Unrestricted (Designated) Restricted Endowment 319,679 375 o restricted funds, ds. 28,045 ble to restricted funds, 319,679 28,420 524 398 |
2023 320,054 28,045 348,099 922 |
2022 829,138 97,838 926,976 740 |
|---|---|---|---|
Use of premises income from regular lettings is allocated to the Fabric Fund since it relates primarily to the cost of wear and tear on the buildings and the relative cost attributable to heat and light is not considered material. NOTE: Occasional lettings in respect of the use of church premises are covered by a policy of not charging for lettings unless the lessee is intending to charge for the event to be held. Income from these occasional hall lettings are allocated to those missions supported from budgeted giving as an addition.
6 INVESTMENT INCOME
| Bank Interest 1,217 1,510 Total 1,217 1,510 In 2022 £ Nil of the income was attributable to restricted funds, with the remaining £ 380 being attributable to unrestricted funds. 7 OTHER INCOMING RESOURCES Total 16,770 5,939 625 In 2022 £ 28,878 of the income was attributable to restricted funds, with the remaining £ 79,798 being attributable to unrestricted funds. |
2,727 2,727 23,334 |
380 380 108,676 |
|---|---|---|
Unrestricted Unrestricted Restricted Endowment (Designated)
2023
2022
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
CHARITABLE EXPENDITURE
8 COST OF GENERATING FUNDS
The church does not incur costs under this heading.
9 CHARITABLE ACTIVITIES
MINISTRY
| 9.1 Minister 85,095 9.2 Assistant Minister 44,438 9.3 Youth / Community Worker 29,473 9.4 Preaching Fees 310 9.5 Ministry Sundry Costs 12 Sub Total 159,328 Apportionment of Support Costs Note 13 32,429 MINISTRY TOTAL 191,757 In 2022 £ Nil of the expenditure was attributable to restricted funds, with the remaining £ 170,812 being attributable to unrestricted funds. MISSION TOTAL 38,342 36,710 34,652 In 2022 £ 119,868 of the expenditure was attributable to restricted funds, with the remaining £ 80,846 being attributable to unrestricted funds. ESTABLISHMENT TOTAL 19,166 21,983 In 2022 £ nil of the expenditure was attributable to restricted funds, with the remaining £ 45,196 being attributable to unrestricted funds. |
85,095 44,438 29,473 310 12 159,328 32,429 191,757 109,704 41,149 |
73,888 41,646 27,125 142,659 28,153 170,812 200,714 45,196 |
|---|---|---|
10 Not used
11 TOTAL RESOURCES EXPENDED
This note reanalyses all of the costs in the previous notes between direct charitable costs, grants and support costs.
| Cost of Generating Funds Charitable Expenditure Ministry Mission Establishment Governance Costs |
Charitable Activities Grant Funding Support Costs 159,328 32,429 37,858 66,624 5,222 37,908 3,241 235,094 66,624 40,892 |
191,757 109,704 41,149 342,610 |
170,812 200,714 45,196 416,722 |
|---|---|---|---|
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
| 12 GRANTS PAYABLE Grants Mission Donations: BMS World Mission Brown's Lebanon Now Included with BMS World Mission Home Mission Fund Kent Thames Side / Ebbsfleet BC Core Missions: Powerline Trust Hospice of Hope AWM / (Sharkary): Closed Account 2022 Worth Unlimited Guinea Bissau Unallocated: Previously CRIBS Sevenoaks Counselling (Formerly SCCS) SAYT SEBA Crosslight (Formerly West Kent Debt Advice Centre) Harvest : 2022 Sevenoaks Larder DEC Turkey & Syria Total |
Unrestricted Unrestricted (Designated) Restricted Endowment 8,424 99 5,836 238 2,588 (138) 2,412 2,588 14,277 2,588 1 2,588 5,333 (34) 2,790 3,488 704 2,704 1,009 6,375 36,710 27,160 |
2023 2022 8,523 8,326 6,074 6,223 2,450 2,343 2,412 9,709 16,865 2,693 (510) 2,589 2,693 7,921 21,130 (34) 2,790 2,664 3,488 3,322 704 670 2,704 2,575 1,009 820 6,375 336 63,870 62,994 |
|---|---|---|
13 SUPPORT COSTS
This item defined in the SORP regulations is small in church contexts, as much support is provided free by volunteers. Administrative costs, including paid administrative staff, which are not Governance costs, are included as support costs and allocated across the other headings on a logical and consistent basis.
Support costs incurred are in respect of the General Fund elements of Ministry Mission and Establishment aspects of BGBC work. Costs are therefore allocated to expenditure in the General Funds as noted below.
| SUPPORT TOTAL Apportionment Ministry Mission Establishment |
40,894 32,429 5,222 3,241 |
40,894 32,429 5,222 3,241 |
36,928 28,153 5,157 3,617 |
|---|---|---|---|
14 TRANSFERS BETWEEN FUNDS
In 2023 there were generally no transfers impacting as between Unrestricted and Restricted Funds.
15 OTHER CHURCH ACCOUNTS
Aggregated accounts for Baby Plus, Seniors Lunch Club and BGBC-FC are included within the appropriate parts of notes 4 to 14.
31 December 2023
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
| ` rustees expenses Salaries S Social Security Costs N Pension Costs P Other Costs The average number of employees during the year (or part year) was |
2023 122,356 4,839 10,767 49,067 187,029 8 |
2022 117,795 3,576 10,384 38,942 170,697 7 |
|---|---|---|
16 Staff Costs and Trustees expenses
No employee received emoluments in excess of £60,000 during the year (2022 none)
The minister acts as one of the church's trustees in accordance with the agreed constitution and received remuneration of £38,062 and other benefits in respect of his service as minister, including the provision of manse accommodation part owned by the church and rented in part from the minister and his The assistant minister acts as one of the church's trustees in accordance with the agreed constitution and received remuneration of £31,675 and other benefits in respect of his service as minister, including the provision of manse accommodation owned by the church.
No sums were reimbursed to the Trustees for their work as Trustees (2022 none).
The Church pays pension contributions for its Ministers and staff to the Baptist Ministers Pension Trust Limited, which is a final salary defined benefit scheme, which is not contracted out of the State second pension. 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. Therefore, in accordance with FRS102 Section 28, the scheme is accounted for as a defined contribution scheme. See also Note 24.
17 Tangible Fixed Assets
| Cost / valuation 31-Dec-22 Additions Disposals 31-Dec-23 Depreciation 31-Dec-22 Charge for the year on disposals 31-Dec-23 Net Book Value 31-Dec-23 31-Dec-22 Gains/(Losses) on Fixed Assets |
Freehold Land & Buildings Furniture & Fittings Equipment Total Church 21 Larkfield Road 1 Darent Close 7 Marvillion Close 1,404,575 436,396 96,940 5,000 79,016 128,099 2,150,026 455 978 1,433 (7,574) (7,574) 1,404,575 436,396 96,940 5,000 79,471 121,503 2,143,885 79,016 128,099 207,115 455 978 1,433 (7,574) (7,574) 79,471 121,503 200,974 1,404,575 436,396 96,940 5,000 1,942,911 1,404,575 436,396 96,940 5,000 1,942,911 |
|---|---|
All of the fixed assets are used for direct charitable purposes.
For insurance purposes the value of the church premises is taken at £ 2,605,498 (2022: £2,403,596). The insured value of furniture, fixtures and equipment is £ 188,890 (2022: £174,253).
A further "All Risks" policy is effective for 2 Laptop computers, and a Marquee in the insured value of £ 2,492 (2022: £2,299).
For insurance purposes the Manse premises, 21 Larkfield Road, are at an insured value of £ 569,044 (2022: £ 492,255).
21 Larkfield Road - Church Manse
The property 21 Larkfield Road was purchased on 27 July 2012 as an Manse for the sale price of £436,396. This being funded from the previous Manse sale proceeds £ 254,775 together with loans £ 40,000 from SEBA, £ 83,000 from the Baptist Union Loan Fund, £ 37,000 loans from members of the congregation and the balance being made up of gifts made by the congregation. At 31 December 2022 no loans remained to be paid. 1 Darent Close
The property 1 Darent Close was purchased in 2008 by C Ingram (minister) and his wife with the church owning a share interest equivalent to 15.9% of the sale price (Purchase 2008 @ £ 408,800). This 15.9% of the sale price (£65,000) was funded by direct giving or loans to the church the loans all being repaid before 31 December 2013.
In addition for 1 Darent Close the church originally facilitated additional loans from individual members amounting to £ 110,000 but had no direct interest accruing from these loans or this sum.
Over the period since 2008 the Church purchased additional interest such that at 31 December 2018 the church share interest in 1 Darent Way amounted to 28% of the Value. A further 11% share interest remains for the additional loans from individual members.
In 2022 the church sold part of its interest in 1 Darent Close to the Minister. The current valuation being £740,000 this purchase resulted in a payment to church funds of £110,260, the reduction of the church interest from 28% to 13.1% and adjustment of the tangible fixed asset value from £145,069 to £96,940. These adjustments have been reflected in these accounts for 2022.
At 31 December 2022 the church share interest in 1 Darent Way now amounts to 13.1% of the value. The share of interest for the additional loans from individual members was also reduced by payment by the Minister to 4.4%.
7 Marvillion Close
The property 7 Marvillion Close was purchased in 2021 by J Amott (Youth Worker) and his wife with the church owning a share interest equivalent to 1.39% of the sale price (Purchase 2021 @ £ 360,000). This 1.39% of the sale price (£5,000) was funded by a loan from church General Funds. In addition for 7 Marvillion Close the church originally facilitated additional loans from individual members amounting to £ 73,125 but had no direct interest accruing from these loans or this sum.
18 Investments
This heading refers to properties and stock exchange and other securities held on a long term basis, not simply the prudent investment of short term surplus funds.
The church holds no investments of this nature.
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
|Debtors
Accrued income
General Fund
Outstanding tax recovery on Gift Aid to Balance Sheet date included here
Mission Donations
Outstanding tax recovery on Gift Aid to Balance Sheet date included here
Hardship Fund
Outstanding tax recovery on Gift Aid to Balance Sheet date included here
Specified Funds
Outstanding tax recovery on Gift Aid to Balance Sheet date included here
Church Refurb. Fund
Outstanding tax recovery on Gift Aid to Balance Sheet date included here
Ukraine Fund
Outstanding tax recovery on Gift Aid to Balance Sheet date included here
Adjust for Claims already repaid in Year
Further Adjustments in 2023 : None
Prepayments and other debtors
No significant prepayments have been made in 2023
Adjust for previous prepayment in 2023: None
Bank and cash balances
Main Church Accounts
National Westminster Bank plc
Business Reserve Acc. No. 13416855
31 December 2022
155,305
Transfers from/to a/c 71570594
80,246
Interest
2,710
1 Business Reserve Acc. No. 13416855
238,261.09
31 December 2023
Current Account No. 71570594 : BGBC Main
31 December 2022
38,092
Other Outstanding Standing Orders etc
Movements: In Period
(13,857)
Cash In Hand
Uncleared Cheques - BGBC Main
2 Current Account No. 71570594 : BGBC Main
24,235.11
31 December 2023
DGFW
Current Account No. 23116285 : BGBC DGFW
31 December 2022
Movements: In Period
Cash In Hand
Cost Accruals
3 Current Account No. 23116285 : BGBC DGFW
CLOSED
31 December 2023
Sub total
Other Church Activities Accounts
Babyplus - National Westminster plc
Account No. 50567624
Uncleared Cheques
Cash in Hand
Wednesday Lunch Club - National Westminster plc
Account No.23250666
Cash in Hand
BGBC-FC - HSBC
Community Account No.41710826
Money Manager Account No.41710834
Cash in Hand
Uncleared Cheques/Payments
Balancer all accounts to SOFA & Balance Sheet figures
Creditors
Creditors: amounts falling due within one year
21.1
Loans & Overdrafts
Purchase Manse 2 : 1 Darent Close
Interest Free Loans
Repaid Complete in 2013
Purchase Manse 1 : 21 Larkfield Road
Interest Free Loans
Low interest Loans
Repaid Complete in 2014
SEBA Loans
Repaid Complete in 2022
BUCL Loans
Repaid Complete in 2016
Purchase Youth Worker :
Capital Loans<br>**21.2**<br>**Other creditors**<br>**21.3**<br>**Accruals**<br>General Funds<br>Mission Funds|**2023**<br>60,914<br>5,141<br>75<br>125<br>250<br>(52,770)<br>**13,735**<br>**
238,261
24,235
262,496
2,337
1,790
773
482
389
1
268,268
2,655
2,655|2022
37,923
3,782
88
1,256
14,099
57,148
`
155,305
38,092
193,398
656
2,551
234
434
897
198,170
100
8,342
8,442**|
|---|---|---|
19 Debtors
20 Bank and cash balances
21 Creditors
BESSELS GREEN BAPTIST CHURCH
2023 2022
Section D : Notes to the Accounts
Creditors: amounts falling due after more than one year
21.4 Loans & Overdrafts Purchase Manse 2 : 1 Darent Close Interest Free Loans
Purchase Manse 1 : 21 Larkfield Road Interest Free Loans Low interest Loans SEBA Loans BUCL Loans Purchase Youth Worker : Capital Loans
Repaid complete in 2013
Repaid Complete in 2014 Repaid Complete in 2022 Repaid Complete in 2016
21.5 Other creditors
21.6 Accruals
22 Alternate breakdown of funds
| 22.1 Restricted Funds Name of Fund Mission Donations Youth Worker Accommodation Stewardship Grant Hardship Fund Specified Funds Ukraine Fund Church Refurbishment Specified Fabric Church Buildings Totals |
31-Dec-22 13 8,500 6,150 902 1,610 17,175 |
Incoming Resources 27,193 375 625 1,250 29,443 |
Resources Expended 27,160 4,000 1,445 2,047 34,652 |
Surplus & Deficit 33 (4,000) (1,070) 625 (797) (5,209) |
Transfers | 31-Dec-23 46 4,500 5,080 1,527 813 11,966 |
|---|---|---|---|---|---|---|
| Mission Donations : Youth Worker Accommodation Fund: Stewardship Grant : Hardship Fund : Specified Funds : Ukraine Fund : Church Refurbishment : Specified Fabric / Buildings : Church Refurbishment Mission Donations Stewardship Grant Ukraine Fund Hardship Fund Specified Funds Totals 22.2 Designated Funds 31-Dec-22 Fabric Fund 2,277 Manse Fund : 21 Larkfield Road 436,396 Manse Fund : 1 Darent Close 96,940 Youth Worker Accommodation 5,000 Property Fund 108,880 Mission Budget Totals 649,493 Fabric Fund : Manse Fund : Youth Worker Accommodation Fund: Property Fund : Mission Budget : Fabric Fund Manse Fund : 21 Larkfield Road Manse Fund : 1 Darent Close Youth Worker Accommodation Property Fund Mission Budget Totals |
fund is giving to specified missions by donors. fund related to accommodation for Youth Worker fund related to specific legacy income and expenditure fund is to support those financially impacted by Covid-19 corona fund is where donors have stipulated purpose for their gift that i fund to support those impacted by 2022 war in Ukraine fund related to specific gift for church refurbishment: 2022 Clos fund related to the church buildings in Bessels Green Road. Fixed Asset Investment Current Asset Creditors 2,701 2,655 4,500 813 5,080 1,527 14,621 2,655 Incoming Resources Resources Expended Surplus & Deficit Transfers 6,463 21,983 (15,520) 15,000 1,510 1,510 36,710 (36,710) 36,710 7,973 58,693 (50,720) 51,710 fund for routine maintenance and upkeep of buildings and equip the purchase of new furniture, fittings and equipment fund related to church Manse ownership fund related to accommodation for Youth Worker fund designated for property improvements and major items fund for giving to mission from church funds as agreed by Churc Fixed Asset Investment Current Asset Creditors 1,757 436,396 96,940 5,000 110,390 538,336 112,147 |
virus restrictions. s not covered elsewhere ed Total 46 4,500 813 5,080 1,527 11,966 31-Dec-23 1,757 436,396 96,940 5,000 110,390 650,483 ment together with h meeting. Total 1,757 436,396 96,940 5,000 110,390 650,483 |
|---|---|---|
2023
2022
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
| 22.3 Unrestricted Funds Name of Fund General Fund DGFW Fund Fixed Assets Other Church Activities Pension Deficit Payments Totals Other C General Fund DGFW Fund Other Church Activities Pension Deficit Payments Totals 22.4 Endowment Funds Name of Fund Specified Fabric Church Buildings Totals Specified Fa Specified Fabric Church Buildings Totals 23 Analysis of net assets Restricted Funds Designated Funds Unrestricted Funds Endowment Funds Totals |
31-Dec-22 113,772 4,772 118,544 General Fund : DGFW Fund : hurch Activities : 31-Dec-22 1,404,575 1,404,575 bric / Buildings : |
Incoming Resources Resources Expended Surplus & Deficit 328,804 241,802 87,002 8,862 7,463 1,399 337,666 249,265 88,401 fund for the general purpose of the church fund for work in Dunton Green : Closed 2022. fund is for sums held by church organisations se Fixed Asset Investment Current Asset 149,464 5,771 155,235 Incoming Resources Resources Expended Surplus & Deficit fund related to the church buildings in Bessels G Fixed Asset Investment Current Asset 1,404,575 1,404,575 Fixed Asset Investment Current Asset 14,621 538,336 112,147 155,235 1,404,575 1,942,911 282,003 |
Transfers (51,310) (400) (51,710) parate from the Creditors Transfers reen Road. Creditors Creditors 2,655 2,655 |
31-Dec-23 149,464 5,771 155,235 general funds Total 149,464 5,771 155,235 31-Dec-23 1,404,575 1,404,575 Total 1,404,575 1,404,575 Total 11,966 650,483 155,235 1,404,575 2,222,259 |
|---|---|---|---|---|
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
2023
2022
24 Pensions
The Church is a participating employer of 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 if 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. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.
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 Ministers and some members of the church staff are 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 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 increases (CPI plus 1.0% pa) | 3.20% | |
| Assumed investment returns | ||
| - Pre-retirement | 2.95% | |
| - Post-retirement | 1.70% | |
| Deferred pension increases | ||
| - Pre April 2009 | 3.20% | |
| - Post April 2009 | 2.50% | |
| Pension increases | ||
| - Main Scheme pension | 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% 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 was due to take place not later than as at 31 December 2022. However, the DB Plan is to be wound up, and the process to wind it up was started with effect from 31 March 2024 and therefore no formal valuation is due to take place.
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. These contributions are payable under the recovery plan until June 2026. The outstanding deficiency contributions due under the Recovery Plan are not considered material and therefore have not been included in the balance sheet.
2023
2022
BESSELS GREEN BAPTIST CHURCH
Section D : Notes to the Accounts
Movement in Balance Sheet Liability Section 28. 11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below.
| 31-Dec-23 Accounting date (Year ending) |
31-Dec-22 | |||
|---|---|---|---|---|
| Balance sheet Liability at year start | 5,545 | |||
| Minus deficiency contributions paid | (5,545) | |||
| Interest cost (recognised in SOFA) | ||||
| Remaining change to balance sheet liability* (recognised in SOFA) | ||||
| Post Balance Sheet Event | ||||
| Adjustment removal of remaining deficit as note above. | ||||
| Provision 2023 Payments | ||||
| Balance sheet Liability at year end | ||||
| * Comprises any change in agreed deficit recovery plan and change in assumptions between | year ends | |||
| Period Calculation Change | ||||
| Actual paid in Year | (5,545) | |||
| This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the | ||||
| following assumptions set by reference to the duration of the deficit recovery payments. | ||||
| Accounting Date 31-Dec-23 31-Dec-22 |
31-Dec-21 | |||
| Discount rate 5.7% |
2.0% | |||
| Future increases to Minimum Pensionable Income | 4.1% | |||
| Summary Account Entries | Difference | (5,545) | 5,545 | |
| Note:Consequent upon notification from the BU Pension Scheme 30th June 2022 that the scheme no longer has a shortfall no provision for ongoing cost | ||||
| has been made although it is noted in 2023 £12 was paid and included in the accounts and the advice is that this payment of £1 per month will continue in | ||||
| 2024. No provision is made for this as the amount is not considered to be material. | ||||
| Cost of benefits earned and expenses in the year | ||||
| The total pension cost recognised in the Statement of Financial Activities is as follows: | ||||
| Defined contribution plan: Current period contributions |
10,767 | 10,384 | ||
| Multi-employer defined benefit plan: Deficiency contribution in respect |
of prior service period (in year) | 12 | 5,546 |
25 Related Charities
The custodian Trustee of the Church is the Baptist Union Corporation Limited which is a charity number 249635, and which is controlled by the Baptist Union Council. The church is also a member of the Baptist Union of Great Britain, and the South Eastern Baptist Association. The Church was in receipt of a loan from the South Eastern Baptist Association but this was fully repaid in 2021 as set out in note 21 There were no transactions between the church and its related charities during the year 2022.
There were no transactions during the year with "The Anabaptist Mennonite Network" of which Andy Potter Assistant Minister is a trustee. There were no transactions during the year with "Hospices of Hope Limited " of which Rick Woodward BGBC trustee is also a trustee other than donations and grants summarised in note 28 which result from direct giving and decisions of the Church Members Meeting. There were no transactions during the year with "Sevenoaks Counselling " of which Luci Wright BGBC trustee is also a trustee other than donations and grants summarised in note 28 which result from direct giving and decisions of the Church Members Meeting.
26 Related Party Transactions
There were no transactions between the church and any of the Trustees or their families other than agreed salaries and allowances of Ministers. These Ministers allowances are noted in Note 16.