OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Charity registration number.. 1133758 Emmanuel Baptist Church Annual Report and Financial Statements for the Year Ended 31 December 2020 Oak Accounting Ltd Independent examiner 27 Bascott Road Wallisdown Bournemouth Dorset BHII 8RJ

Emmanuel Baptist Church Contents Reference and Administrative Details Trustees, Report 2to6 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activitie5 Balance Sheet io Notes to the Financial Statements Ilto21

Emmanuel Baptist Church

Legal and administrative information

The trustees who served during the year were as follows:

Land and Property trustees

Church trustees

Church Administrator

Treasurer

Principal Office 160 Victoria Avenue Swanage BH19 1AZ Charity Registration Number 1133758 Independent Examiner Sue Wintle FMAAT 27 Bascott Road Wallisdown Bournemouth BH11 8RJ

1

Emmanuel Baptist Church

Trustees’ Report

The trustees present the annual report together with the financial statements for year ended 31[st] December 2020.

Our purposes and aims

The Church operates under its Articles of Faith and Church Constitution. It was founded in 1905 and is a member church of the Old Baptist Union and is affiliated to the Southern Counties Baptist Association which sits within The Baptist Union of Great Britain.

The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination.

To achieve this purpose we aim to provide the following services:-

Ensuring our activities deliver our aims

We have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission when reviewing our aims and objectives and in planning our future activities.

Emmanuel Baptist Church was founded in 1905 and moved to 1 Howard Road, Swanage in 1921. In 2013 it relocated to its new church building in Victoria Avenue. It is a member church of the Old Baptist Union, a small group of wholly evangelical Baptist churches, established in 1880. The Church is also affiliated to The Southern Counties Baptist Association through which it is able to enjoy the fellowship and share the work of Baptists in the immediate locality. It is the policy of the church to co-operate wherever possible with other Christians in Swanage and across the Isle of Purbeck in advancing Christ's Kingdom in the town and area. Every church member is encouraged to read carefully the churches doctrinal basis and constitution which are set out in detail in the Articles of Faith and Constitution. These were originally drawn up and agreed in 1935, revised by the Church Membership and agreed by the Old Baptist Union in August 2014. Copies are available on request from either the Minister or the Church Administrator. Included with this statement are the guidelines for the administration of the local church.

Restrictions on activities

Of course, since March 2020 and since then in various forms, the church underwent ‘lockdown’ under Government advice due to the Coronavirus pandemic. This seriously curtailed our normal and regular activities, including corporate worship gatherings and other organised events and groups. However, even though the church buildings closed, the church continued to function and adapted to this situation and now ‘stream’ our Sunday and a mid-week worship services on the internet, having updated our equipment. This will now become a regular feature of the church’s on going ministry ‘online’ to reach a wider community. We have also stayed connected with our congregation and members with telephone calls, zoom meetings and through social media outlets. The small group network within the church, Life Groups, have provided essential care and aspects of community otherwise impossible to meet. As restrictions begin to lift, congregation are being invited back to the building in person, under Government guidelines.

2

Our objectives

The main objectives for the year were:

Strategies for achieving our objectives

Significant activities contributing to the achievements of these objectives

3

Measures used to assess the achievement of objectives

The Church reviews its aims, objectives and activities on a regular basis, through the following ways:-

The way the Church normally operates is clearly set out in our Articles of Faith and Church Constitution.

Achievements and performance

During the year the Church has made significant progress including:

Plans for future periods

General

(Covid-19 restrictions permitting):

4

Long term goals

To serve and meet the needs of the church and the wider community to effect significant change across Swanage and Purbeck.

To secure and release necessary resources to achieve the trust's plans.

To increase awareness, educate and encourage relevant action to be taken, to care for our world and help combat climate change and sustainability of our planet. We see this as an integral part of caring for God’s creation.

Sustainability

The Church has maintained its income from offerings, despite the Covid-19 restrictions, which is particularly encouraging when many in the congregation are on fixed incomes and pensions.

In addition the Church has sold a Manse and purchased a new one this last year, in order to pay-off a final outstanding debt in relation to the funding of the new church buildings. We are now debt free in this regard.

Reserves policy

By nature the Church relies totally on the generosity of its members to keep the charity financially sound. As such, we therefore have no specific reserves policy. The trustees do however strive to maintain a month end bank balance equal to at least two month's cost of salaries.

Structure Governance and Management

The charity is run on the dependency of its Articles of Faith and Church Constitution.

Organisational structure

The charity is run by a Leadership Team and some volunteers. The full Leadership Team meet monthly to discuss and determine ongoing matters and policy.

There is a quarterly meeting whereby all members of the Church are invited to attend to discuss and approve matters and policies and an Annual General Meeting.

There are nine trustees on the Leadership team as from September 2020, including the minister who is in overall charge. There are currently four Land and Property trustees who are appointed and agreed by the Church who are the official custodians of the land and property held for the purposes of the church, whose decisions are subject to the approval and agreement of the Leadership Team and subsequently the church (if necessary).The day to day administration of the Church is overseen by the Minister, Treasurer, Church Administrator and Leadership Team. Finally, there are teams of volunteer helpers who contribute to the pastoral and administrative work of the Church.

Recruitment and appointment of trustees

The trustees and officers named on the legal and administrative information page have served throughout the year except where otherwise stated.

5

Appointment of Minister(s)

A minister shall be appointed by an 80% majority vote at a Church Meeting but only after having agreed the Articles of Faith and Constitution of the Church and having gained the unanimous approval of the Leadership Team. The quorum for such a Church Meeting shall be 60% of the membership, not including those hospitalized, housebound and living or working away at the time. During the appointment process a Moderator (a Baptist minister who knows the Church and has its confidence) may be invited to take the chair at interviews and Church meetings.

Appointment of officers

Leadership members are elected by the church members in church meetings. Nominations for the leadership should be submitted to the minister/leadership team for approval and then placed before the church meeting. A 60% majority of the voting members shall ensure their election, after which they will be presented for ordination. The quorum needed to make such appointments to the leadership shall be 30% of the membership, which will not include members who are living or working away at the time of the meeting. All members, before casting their votes are asked to seek earnestly the mind of Christ in prayer. The number of officers may vary according to need but should not normally exceed 10% of the membership. Leaders will serve for a term of three years, after which they may stand for re-election. At the end of a second three year term of office they cannot be re-elected until a period of one year has elapsed.

Other appointments

All other appointments shall be determined annually by the decision of the Church Meeting.

Risk management

The trustees have a risk management strategy which comprises:

6

Emmanuel Baptist Church Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kin8dom Accountin8 Standards Iunited Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities require5 the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charitie5 SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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, the applicable Charities IAccounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeEuarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of the charity on . and signed on its behalf by= Adam Garnish Trustee Page 7

Emmanuel Baptist Church Independent Examiner's Report to the trustees of Emmanuel Baptist Church I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 9 to 21. Respective responsibilities of trustees and examiner As the charitvs trustees of Emmanuel Baptist Church you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Emmanuel Baptist Church 's accounts carried out Under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement Since Emmanuel Baptist Church 's gross income exceeded £250,(x)O your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Association of Accounting Technicians, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of Emmanuel Baptlst Church 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 accounting requirements concerning the form and content of accounts set out in the Charities IAccounts 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. 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. Page 8

Emmanuel Baptist Church Statement of Financial Activities for the Year Ended 31 December 2020 Unrestricted funds Restricted funds Total 2020 Total 2019 Note Income and Endowments from: Donations and legacies Charitable activities 169,366 4,609 51 84,615 253,981 282,276 4,609 20,355 51 154 Investment income Other income 300,107 300,107 Total income 474,133 84,615 558,748 302,785 Expenditure on: Charitable activities 1154.6631 136,2201 1190,8831 1279,5871 Total expenditure 1154,6631 136,2201 1190,8831 1279,5871 Net income 319,470 102,900 48.395 1102,9CK)I 367,865 23,198 Gross transfers between funds Net movement in funds 422,370 154,5051 367,865 23,198 Reconciliation of funds Total funds brought forward 313,913 1,130,194 1,444,107 1,420,909 Total funds carried forward 17 736,283 1,075,689 1,811,972 1,444,107 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 17. The notes on pages 11 to 21 form an integral part of these financial statements. Page 9

Emmanuel Baptist Church (Registration number: 1133758) Balance Sheet as at 31 December 2020 2020 2019 Note Fixed assets Tangible assets 12 1,762,056 1,631,207 Current assets Debtors 13 10,925 41,386 11,407 109,082 Cash at bank and in hand 14 52,311 120,489 Creditors: Amounts falling due within one year 15 12,3951 17,5891 Net turrent assets 49,916 112.900 Total assets less current liabilities 1,811,972 1,744,107 Creditors: Amounts falling due after more than one year 16 1300,0001 Net asset5 1,811,972 1,444,107 Funds of the charity: Re5trirted income funds Restricted funds 17 1,075,689 1,130,194 Unrestrirted income funds Unrestricted funds 736,283 313,913 Total funds 17 1,811,972 1,444,107 The financial statements on pages 9 to 21 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by.. Adam Garnish Trustee The notes on pages 11 to 21 form an integral part of these financial statements. Page 10

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 l Ac¢ounting policie5 Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Emmanuel Baptist Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. Dontttions undlegttties Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Grants receivable Coronavirus Job Retention Scheme funding was received from HMRC to assist with covering Salaries during the Coronavirus pandemic Investment income Investment income is included in the accounts in the year in which is is receivable. Page 11

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 Other income The other income stated in this year's accounts are the profit on the sale of the manse. This appears unusually high because the manse was being depreciated year on year on a straight line basi5. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate Similar costs to that category. Charituble urtivities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees's meetings and reimbursed expenses. Government grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it 15 recognised as deferred income. Taxation The charity Is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £300.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Page 12

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 Depreciation and amortisation Please note, the trustees have decided to freeze depreciation of the church premi5e5 and manse in 2020, as it is believed that the properties will now reduce in value. Up until 2019 the properties were being depreciated on a 2Yo Straight line basis. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their experted useful economic life as follows: Asset c13SS Computer and technical equipment Furniture and fittings Depreciation method and rate 25% pa reducing balance basis 25% pa reducing balance basis Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other 5hort-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 2 Income from donation5 and legacies Unrestricted funds General Restrirted funds Total funds Donations and legacies- Donation5 from individuals 129,614 26,508 73,344 11,271 202,958 37,779 Gift aid reclaimed Grants, including capital grants,. Government grants 13,244 13,244 Total for 2020 169,366 84,615 253,981 Total for 2019 176,417 105,859 282,276 Page 13

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 3 Income from charitable artivities Unrestricted fvnds General Totsl 2020 Total 2019 Catering Room rental 1.879 1,230 1,500 1,879 1,230 1,500 10,384 5,017 Weddings and funerals Pastoral income io Sales of merchandise, services and other events Maintenance income 2,789 2,155 4,609 4,609 20,355 4 Investment income Unrestricted funds General Restricted funds Total funds Interest receivable and similar income,. Interest receivable on bank deposits 51 51 Total for 2020 51 51 Total for 2019 79 75 154 5 Other income Unrestricted funds General Total funds Gains on sale of tangible fixed assets for charity's own use 300,107 300,107 Total for 2020 300,107 300,107 Page 14

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 6 Analysis of governan¢e and 5UPPQrt COStS Charitable activities analysis Unrestricted funds General Restrlrted funds Total 2020 Total 2019 Staff Salaries 92,103 1,594 6,738 92,103 1,594 10,802 17,200 19,955 858 96,586 22,127 Ministers, expenses Manse expenses Youth manse expenses Church building expenses Catering expenses Office/admin expenses Charitable contributions 4,064 17,200 19,955 858 7,923 5.807 44,284 6,777 4,297 6,937 16,569 1,824 2,030 6,937 24,168 1,824 9,386 7,599 Local mission costs Designated expenses and gifts Depreciation of equipment and furniture 7,356 6,651 434 6,651 434 40,221 4,448 Intern 155,693 36,219 191,912 232,470 Governance costs Unrestricted funds General Total funds Independent examiner fees Examination of the financial statements 500 500 Total for 2020 500 500 Total for 2019 3,810 3,810 Page 15

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 7 Net incomingloutgoing resources Net incoming resources for the year include= 2020 2019 Depreciation of fixed assets 6,651 49,091 8 Trustees remuneration and expenses During the year the charity made the following transactions with trustees: Reverend Mark Hatto Reverend Mark Hatto received remuneration of £37,13512019.. £38,6851 and £60212019.. £1,614) of expenses were reimbursed to Reverend Mark Hatto during the year. Expense reimbursed were for travel, worship resources and administration Pension contributions £8,121 in 20201£8,121 in 20191 Richard Docherty Richard Docherty received remuneration of £16,120 12019.. £16,202) and £992 12019: £7461 of expenses were reimbursed to Richard Docherty during the year. Expense reimbursed were for travel, worship resources and administration Pension contributions £387 in 20201£967 in 20191 Donations made by the trustees without any conditions attached totalled £46,660 for the year12019 £38,040). 9 Staff costs The aggregate payroll costs were as follows- 2020 2019 Staff costs durlng the year were: Wages and salaries 93,356 96,586 No employee received emoluments of more than £60,OCx) during the year Page 16

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 10 Independent examiner'5 remuneration 2020 2019 Examination of the financial statements 500 3,810 11 Taxatlon The charity is a registered charity and is therefore exempt from taxation. 12 Tangible fixed assets Land and buildings Furniture and equipment Total Cost At l January 2020 Additions 2,011,057 355,000 1375,0001 158,807 2,169,864 7,500 362,500 1375,0001 Disposals At 31 December 2020 1,991,057 166,307 2,157,364 Depreciation At l January 2020 Charge for the year Eliminated on disposals 406,452 132,205 6,651 538,657 6,651 1150,0001 1150,0001 At 31 December 2020 256,452 138,856 395,308 Net book value At 31 December 2020 1,734,605 27,451 1,762,056 At 31 December 2019 1,604,605 26,602 1,631,207 13 Debtors 2020 2019 Prepayments Other debtors 3,907 7,018 4,071 7,336 10,925 11,407 Page 17

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 14 Cash and cash equivalents 2020 2019 Cash at bank 41,386 109,082 15 Creditors: amounts falling due within one year 2020 2019 Other taxation and social security Other creditors 1,625 270 1,672 2,377 3,540 Accruals 500 2,395 7,589 16 Creditors: amounts falling due after one year 2020 2019 Bank loans 300,000 Page 18

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 17 Fund5 Balance at 31 December 2020 Balance at l January 2020 Incoming resource5 Resources expended Transfers Unrestricted funds General General Funds 313,913 474,133 1154,6631 102,900 736,283 Restricted funds World Focus 1,360 1,060,671 I,iio 63,718 211 7,456 17,5991 1,217 1,060,671 2,197 Eva Agape Manse Fund 4,289 55,757 13,2021 14,0641 1115,4111 12111 Shed Fund Redevelopment of Garden Fund 2,346 778 11,2541 1,092 Round Table Fund 17781 Intern Fund Youth Manse Fund 6,012 6,600 4,500 12,8731 117,2271 3,139 2,873 4,500 13,500 Camera Equipment Fund Total restrirted funds 1,130,194 84,614 136,2191 1102,9(x)I 1,075,689 Total funds 1,444,107 558,747 1190,8821 1,811,972 Page 19

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 Balance at 31 December 2019 Balance at l January 2019 Incorning resources Resources expended Transfers Unrestrirted funds General General Funds 313,677 196,851 1217,0331 20,418 313,913 Restrirted World Focus 1,612 1,090,636 1,462 18,061 117,4651 129,9651 14,2971 18481 1,360 1.060.671 I,iio Eva Agape Youth Minister's Salary Fund 3,885 60 9,750 19,7501 Salary Fund Manse Fund Shed Fund 9,263 19,2631 110,3001 74,018 63,718 211 281 1701 Redevelopment of Garden Fund 2,941 1,037 220 17481 12591 1671 2,346 778 Round Table Fund Total restricted funds 1,107,232 105,934 162,5541 120,4181 1,130,194 Total funds 1,420,909 302,785 1279,5871 1,444,107 The specific purposes for which the funds are to be applied are as follows.. The World Focus Fund is a fund to help promote the beliefs of the Church, both individually and collectively into other communities. Eva Project Fund is a fund which was dedicated to the redevelopment of the Church's property in Victoria Avenue. Up until 2019, the fund was being reduced annually by the depreciation charge on the building, this year, that policy has changed and the value will remain as a restricted fund. The Agape fund is distributed at the Church's discretion for people in need and deserving causes. Page 20

Emmanuel Baptist Church Notes to the Financial Statements for the Year Ended 31 December 2020 18 Analysis of net asset5 between funds Unrestricted funds General Total funds at 31 December 2020 Restritted tunds Tangible fixed assets Current assets 696,885 41,793 12,3951 1,065,171 10,518 1,762,056 52,311 12,3951 Current liabilities Total net assets 736,283 1,075,689 1,811,972 Unrestrirted funds General Total funds at 31 December 2019 Restrirted funds Tangible fixed assets Current assets 569,547 51,955 17,5891 1300,0001 1,061,660 68,534 1,631,207 120,489 17,5891 1300,0001 Current liabilities Creditors over l year Total net assets 313,913 1,130,194 1,444,107 Page 21

19 Pension cost note

The church is an employer participating in a pension scheme known as the Baptist Pension Scheme. The scheme is a separate legal entity which is administered by the Pension Trustee - Baptist Pension Trust Limited. The Minister(s) are eligible to join the scheme, which is funded and not contracted out of the state scheme.

From January 2012, pension provision is being made through the Defined Contribution Plan within the scheme. From January 2012 Ministers pay 8% of their Pensionable Income and the employer 6% of members' Pensionable Income plus an additional 4% to cover Death in Service Benefits, administration costs and an associated insurance policy which provides income protection for scheme members in the event that they are unable to work due to long term incapacity.

The scheme started in 1925 and was formerly known as the Baptist Ministers' Pension Fund but was closed to future accrual of defined benefits on 31 December 2011. The main benefits provided by the service prior to 1 January 2012 are provided through the Defined Benefit Plan, being a pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with an additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. A formal valuation was performed at 31 December 2016 by a professional qualified Actuary using the Projected Unit Method. The market value of the Defined Benefit Plan assets at the valuation date was £219,000,000.

The valuation of the Defined Benefit Plan revealed a deficit of assets compared with the value of liabilities of £93,000,000 (equivalent to a past service funding level of 70%). As a result of the valuation, in addition to the contributions to the Defined Contribution Plan set out above, it has been agreed to increase the standard rate of deficiency contributions from churches and other employers involved in the Defined Benefit Plan from 11% of Pensionable Income/Minimum Pensionable Income to be based on a 12% rate from 1 January 2016. The contributions will be based on each church's or other employer's position at March 2015. Some churches and other employers that were only involved in the Defined Benefit Plan for a short period will pay less than 12%. The Recovery Plan envisages deficiency contributions continuing until December 2028.

A new "Family Solution" has been agreed that seeks to substantially reduce the deficit in the Baptist Pension Scheme. The Family Solution follows lengthy and detailed negotiations between the Pension Trustee and the BPS Employers Group (acting on behalf of the Baptist Union of Great Britain and the other scheme employers). As part of the Family Solution, Baptist Union of Great Britain has agreed to make total additional contributions of £33,500,000 on behalf of the Baptist family in order to reduce the current deficit. At least £30,000,000 will be paid in 2018, with the remainder by 2023.

As there are a large number of contributing employers to the fund, the Church is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, due to the nature of the scheme, the profit and loss charge for the period represents the employer contributions payable. The total pension cost for the church was £8,121 (2018 - £8,121).

Pension contributions to the Ministers' Fund were payable in respect of the minister Mr Mark Hatto.

The next actuarial valuation of the Defined Benefit Plan within the Scheme was due to take place not later than as at 31 December 2019.

The church also operates a workplace pension Defined Contribution Plan through The People's Pension.

20. Related charities

The Custodian Trustee of the Church is the Old Baptist Union which is charity number 233642. The Church is also a member of The Baptist Union of Great Britain and affiliated to The Southern Counties Baptist Association.

A sum of £500,000 realised from the sale of property at 1 Howard Road, Swanage, which was owned by the Old Baptist Union, has been utilised to partly fund the construction of the new church building and as a result the Old Baptist Union has a 20% share of the ownership of the new building.

There were no transactions between the Church and its related charities during the year.