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2023-03-31-accounts

TYNDALE BAPTIST CHURCH FINANCIAL STATEMENTS 31 MARCH 2023

Charity Number 1133943

TYNDALE BAPTIST CHURCH

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

Contents Pages
Trustees’ Annual Report 1-4
Reference & Administrative Information 5
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9-20

TYNDALE BAPTIST CHURCH

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2023

Structure, Governance and Management

The Deacons (12), Secretaries and Treasurer are elected for a 3 year renewable term (up to 4 Deacons and one Officer annually). Their Election is dependent on the support of two thirds of members present and voting at a Church Meeting.

Deacons’ Meetings and Church Meetings are held monthly. Church Meetings are now held following morning worship on the third Sunday of the month.

All organisational leaders, and some others, are subject to the approval of the Church Meeting.

The Church has policies on Health & Safety, Financial Reserves, Investments and Accounting disciplines. There are clearly established “Safe to Grow” guidelines and policies in respect of work and involvement with children and young people.

The major risks to which the charity is exposed, as identified by the trustees, are reviewed on an on-going basis. Systems have been established to mitigate those risks and are an integral part of the governance and management of the Church.

Objectives and Activities

The Mission Statement of the church sets out our objectives:

What does Tyndale Baptist Church stand for?

Public Benefit

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 Charity Commission.

Ministerial Team

On Easter Sunday 2022 the church said its farewell to the Revd Michael Docker who retired after nearly 20 years loyal service to the church. Over the Summer period we were blessed by a number of visiting preachers during the pastoral vacancy. Tyndale welcomed its new Minister, the Revd Sam King, in August of 2022 from his previous pastorate at Calne Baptist Church, Wiltshire. Within his first six months Sam has made a marked impression on the worship and spiritual life of the church.

Church Property

In December 2022 the church sold its existing manse in Upper Cranbrook Road, which it had owned since the mid-1970s, and purchased a far younger dwelling in Fallodon Way, Henleaze. This was overseen by the solicitors Clarke Willmott on behalf of the West of England Baptist Trust Company (West) Ltd, who hold the church’s property in trust on behalf of its membership.

Worship at Tyndale

The style of worship tends to be “liturgical” in structure and content but also embraces a wide range of traditions. The central music resources are “Baptist Praise and Worship” and “Common Ground” supplemented by quality hymns and songs from many other sources such as Stuart Townend, Keith Getty and John Bell. The Music Group contributes weekly to the music leadership, along with the reintroduction of an occasional visiting organist. Also a Singing group leads new songs on a regular basis. A strong emphasis is placed on preaching and teaching.

1

TYNDALE BAPTIST CHURCH

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2023

Church Membership

The Church practices open membership and communion and has members from a variety of church traditions and backgrounds. The current membership is 101.

Pastoral Care

Pastoral care has continued to be a priority for the church. This has been achieved by personal contact of the Minister visiting the fellowship, along with the continued support given by a number of the church family who visit, telephone and email those remote members of the congregation. This has been coordinated by the Pastoral Deacon, Denise Lewis.

Church Life

We continue to support faithfully Baptist World Mission and Christian Aid, although supporting the latter has been an ever-increasing struggle. The church has responded to the Ukrainian crisis by holding a number of fund raising events including The Big Breakfast and a Ploughman’s Lunch, with a good sum of money being able to be sent to the First Baptist Church in Wroclaw, Poland, for them to support refugees of the war.

We combined our Spring Supper into part of our time@tyndale programme where we served a dish from Poland called bigos, which is a traditional hunters stew of chopped meat and sauerkraut, and had a talk by Revd Dr Keith Clements on the history of the Ukrainian conflict. Proceeds were, once again, sent to Wroclaw.

We held an Induction Service on 24[th] September at which Revd Sam King was welcomed formally as Minister of the church.

We continued to support the Bristol North West Foodbank, and this included a donation of items from our harvest service.

For four months during November to March 2023 the ‘Bristol Churches Winter Night Shelter’ project operated, providing accommodation for up to 12 homeless men and women in a local bed and breakfast. The church financially and prayerfully supported this initiative and provided leadership skills to the managing committee. We also provided hosts and food every Monday for a six week period between January and February.

The Tyndale Circle Day Centre was founded by, and is hosted by, the Church but is now a separately registered charity. In partnership with the surrounding churches it provides a weekly day centre for 10-12 people suffering from memory loss and gives the carers a welcome break for the day or the opportunity to take advantage of the Carers’ Support Group which meets monthly. The Circle reopened after the pandemic in the spring of 2022 and initially struggled financially due to the lack of clients. This improved during the year in question, and a Coffee Morning held by them in December helped to raise their profile.

The Tuesday in-person Coffee Shop re-established itself during this year following the Pandemic, and has continued to attract a growing number of individuals with a mixed and complex range of issues. The church has started to look at what can be done to provide for these people’s varying needs. Time@Tyndale on Wednesday evenings has continued to have a varied programme of a monthly communion service, speakers, discussions, meals and fun evenings. The existing Thursday online Zoom Coffee Shop has continued during the year engaging with a number of the fellowship who are unable to attend regular events or worship.

The Church continues to play an important part in supporting the University of Bristol Free Church Chaplaincy financially and prayerfully. Our new Minister, Revd Sam King, was already Chaplain to the Bristol Baptist College when he joined us and continues to work every Wednesday in this role. A number of other church members are involved in the life of the College.

2

TYNDALE BAPTIST CHURCH

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2023

Other Community Involvement

The Church premises are used widely by the community. These include the Bristol Chinese Christian Church, ‘Mummies and Music’, Les Petits Zouzous and Alliance Francaise, along with several local choirs. The use of the building is slowly returning to pre-pandemic levels.

Further information

Each organisation within the Church provides an annual report. These are collated and presented at the Annual Church Meeting and contain more information than the briefer summary provided here. A copy of the collated reports is available from the Church Secretary.

Achievements and Performance

In addition to all the continuing work reported in the previous sections the Church has maintained its production of a bi-monthly church magazine called “The Link”. The Church also runs a website that includes details of meetings and extracts from “The Link”, along with the ‘thought of the day’.

We continue to look forward, to plan for the way this part of Christ’s church should act and minister to the local community.

Financial Review

The everyday giving for the year saw a slight increase on the previous year, at nearly £70,000. During the year we have continued to see an increasing use of the church premises following the Coronavirus pandemic bringing in just under £31,500 compared to just under £24,000 in the previous year. This helped to increase our total general income this year to just under £133,000. In addition, during the year we sold our large Edwardian manse and purchased a slightly smaller more modern house. This generated a further one-off cash inflow this year of slightly less than £140,000. The majority of this will be invested, although a small amount may be used for capital expenditure on our Victorian church premises following a quinquennial inspection taking place during 2023.

Or Minister retired in April 2022 and, following a pastoral vacancy period of only just over three months we welcomed our new Minister in August 2022. Consequently our expenditure on Ministry accounted to around 28% of total expenditure. A further 39% of expenditure was spent on operating and maintaining our extensive premises, and over 17% donated to outside organisations. For the first time for several years, our general income exceeded expenditure.

Our designated reserves arise primarily from six sources. The Fabric Fund has been built up from general funds to provide for future major repairs to our extensive premises. The Glover Fund, our oldest fund, was created following the sale of the Folk House in the early 1960s to support additional work in the church. The other Funds arise mainly from gifts and legacies, which although not restricted in use are intended to provide investment income to support the work of the church.

The Church has adopted the Baptist Union of Great Britain policy on ethical investment. A policy of balanced growth and income has been adopted as the current investment objective. The church’s investments are held in the West of England Baptist Association Trust Company Common Portfolio. Short term deposits are placed through the Charities Official Investment Fund Deposit account, various small banks and building societies and National Savings, in addition to cash balances held by West of England Baptist Association Trust Company.

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (the free reserves) held by the charity should be approximately 3 months of expenditure, which equates to approximately £33,400 in general funds. At this level, the Trustees feel that they would be able to continue the current activities of the organisation in the event of a significant drop in funding. At the year end, free reserves were £184,980 (2022: £31,406), which is currently above the required level.

3

TYNDALE BAPTIST CHURCH

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2023

Responsibilities of the Deacons

The Deacons are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Deacons 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 income and expenditure of the charity for that period. In preparing these financial statements, the Deacons are required to:

The Deacons are responsible for keeping sufficient 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. 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.

7 Nov 2023 By order of the Deacons on ………………….. 7th November Julian M M West 2023 Church Treasurer

4

TYNDALE BAPTIST CHURCH

REFERENCE & ADMINISTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2023

The Church was created by Trust Deed on 27 February 1869 as a Church within the Baptist Denomination. The Holding Trustee for the land and buildings is the West of England Baptist Trust Company (West) Ltd.

The Church became a registered charity on 1[st] February 2010. The Charity Reference number is 1133943. The HM Revenue & Customs Charity Reference is X27101.

Managing Trustees

The Managing Trustees are the elected Deacons, Church Officers and Minister who for the year covered by this report were:

Mr David Bell Mrs Margaret Clements Dr Ian Holyer Mr Graham Lewis Mrs Rachel Molyneux Ms Dorette Morgan Mr Nick Parsons Dr Debbie Pinfold Mr Brian Pratt Mrs Merry Stewart Dr Ian Waddington Dr Michael Whitfield – Resigned April 2022 Ms Elizabeth Webb – Appointed March 2023

Revd Michael Docker (Minister) - Resigned April 2022 Revd Sam King (Minister) – Appointed August 2022 Mr Bruce Lloyd (Church Secretary) Mrs Denise Lewis (Church Secretary) Mr Julian West (Church Treasurer)

Address

Tyndale Baptist Church Whiteladies Road Clifton Bristol BS8 2QG

Independent Examiner

Joshua Kingston BSc. ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Bankers

Santander Bootle Merseyside GIR 0AA

Charities Official Investment Fund 80 Cheapside London EC2V 6DZ

Investment Manager

West of England Baptist Association Trust Company, Little Stoke Baptist Church, Kingsway, Bristol BS34 6JW.

5

TYNDALE BAPTIST CHURCH

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF TYNDALE BAPTIST CHURCH

YEAR ENDED 31 MARCH 2023

I report to the trustees on my examination of the accounts of Tyndale Baptist Church (the Charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity trustees of the Charity 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 2011 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  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.

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.

14 Nov 2023

…………………………………………… Date: ……………..

Joshua Kingston BSc. ACA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

6

TYNDALE BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2023 2022
Note £ £ £ £ £
Income from:
Donations 2 90,954 4,783 - 95,737 85,207
Other trading activities 3 31,506 - - 31,506 24,482
Investment income 9,949 - - 9,949 7,590
Total income 132,409 4,783 - 137,192 117,279
Expenditure on:
Charitable activities
Grants payable 4 18,767 4,783 - 23,550 18,051
Costs of activities in furtherance
of charity's objects 5 110,049 - - 110,049 104,080
Total expenditure 128,816 4,783 - 133,599 122,131
Unrealised gains/(losses) 10 2 - - 2 1,892
on investments
Net income/(expenditure) 6 3,595 - - 3,595 (2,960)
Transfers between funds 13 (23,000) - 23,000 - -
Actuarial gains/(losses) on 15 32,189 - - 32,189 2,152
defined benefit pension
schemes
Net movement in funds 12,784 - 23,000 35,784 (808)
Total funds at 1 April 13 5,438,110 55 - 5,438,165 5,438,973
Total Funds at 31 March 13 5,450,894 55 23,000 5,473,949 5,438,165
----- End of picture text -----

There are no recognised gains or losses other than the results for the year as set out above.

All activities are classed as continuing. Fund-accounting comparative transactions are shown in note 7

The notes on pages 9 to 20 form part of these financial statements

7

TYNDALE BAPTIST CHURCH

BALANCE SHEET

AS AT 31 MARCH 2023

----- Start of picture text -----
Notes 2023 2022
£ £
Fixed assets
Tangible fixed assets 9 4,885,819 5,038,438
Investments 10 152,652 152,650
5,038,471 5,191,088
Current assets
Debtors (including debtors due
after one year) 11 7,456 6,205
Short Term Deposits 392,823 252,606
Cash at bank 60,486 47,225
460,765 306,036
Creditors: amounts falling
due within one year 12 (25,248) (24,430)
Net current assets 435,517 281,606
Defined benefit pension 15 (39) (34,529)
scheme liability
Total net assets 5,473,949 5,438,165
Unrestricted funds
General funds 14 184,980 31,406
Pensions reserve 14 (39) (34,529)
Designated Funds 14 5,265,953 5,441,233
5,450,894 5,438,110
Restricted Funds 14 55 55
Endowment Funds 14 23,000 -
Total funds 5,473,949 5,438,165
----- End of picture text -----

7 Nov 2023 Approved by the Trustees on ..……........................... and signed on their behalf by:

…………………………………………..

Julian West

The notes on pages 9 to 20 form part of these financial statements

8

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1 Accounting Policies

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity meets the definition of a public benefit entity under FRS102.

The trustees consider that the charity is able to continue as a going concern for at least the next twelve months. Please refer to the trustees' consideration in theTrustees' Report.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

10% per annum on a straight line basis

Property improvements 10% per annum on a straight line basis Equipment 15% per annum on a reducing balance basis

9

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

1 Accounting Policies (continued)

2 Donations

Offerings
Donations and gifts
Gift aid		 Total
Total
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
69,439 - - 69,439 68,194
6,431 4,783 - 11,214 2,602
15,084 - - 15,084 14,411
90,954 4,783 - 95,737 85,207

In the prior year, all donations received were for unrestricted general purposes, apart from a restricted donation of £1,327.

During the year, £32,069 was received from trustees and related parties. (2022: £37,153)

3 Income from other trading activities

Room hire
Ground rents received
Coffee shop income		 Total
Total
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
19,205 - - 19,205 12,905
11,000 - - 11,000 11,000
1,301 - - 1,301 577
31,506 - - 31,506 24,482

In the prior year, all income from other trading activities was for unrestricted purposes.

10

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
4 Grants payable
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2023
£ £ £ £
Baptist Missionary Society 7,250 - - 7,250
Baptist Home Mission 7,250 - - 7,250
Bristol Baptist College 1,000 - - 1,000
University of Bristol chaplaincy 590 - - 590
Christian Aid 1,000 - - 1,000
Other Mission, Donations and gifts <£250 1,677 4,783 - 6,460
18,767 4,783 - 23,550
Unrestricted Restricted Endowment Total Funds
Prior year comparative Funds Funds Funds 2022
£ £ £ £
Baptist Missionary Society 7,250 - - 7,250
Baptist Home Mission 7,250 - - 7,250
Bristol Baptist College 1,000 - - 1,000
University of Bristol chaplaincy 590 - - 590
Christian Aid 500 - - 500
Other Mission, Donations and gifts <£250 134 1,242 - 1,376
Tyndale Circle - 85 - 85
16,724 1,327 - 18,051
----- End of picture text -----

11

NOTES TO THE FINANCIAL STATEMENTS

TYNDALE BAPTIST CHURCH

YEAR ENDED 31 MARCH 2023

5 Costs of activities in furtherance of charity’s objectives

Minister’s stipend and employer's costs
Pension deficiency contributions
Ministry expenses
Preaching fees
Music, choir and worship
Junior church and youth work
Events
Other
Link magazine
Support costs
Household costs
Heat and light
Depreciation
Council tax and rates
Insurances
Office, paper & print costs
Telephone and postage
Fees and subscriptions
Legal and professional
Governance costs
Independent examiner’s fee
Interest cost
Repairs, Equipment and renewals
Community Minister's stipend and
employer's costs		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
30,131
-
-
30,131 27,198
(3,295)
-
-
(3,295)
-
-
-
-
- 26,693
3,854
-
-
3,854 405
1,035
-
-
1,035 505
1,534
-
-
1,534 1,664
-
-
-
- 12
3,242
-
-
3,242 673
2,104
-
-
2,104 872
218
-
-
218 251
20,864
-
-
20,864 14,382
679
-
-
679 360
12,263
-
-
12,263 10,851
619
-
-
619 728
6,519
-
-
6,519 6,664
7,980
-
-
7,980 7,485
1,084
-
-
1,084 859
788
-
-
788 1,134
5,171
-
-
5,171 1,423
12,525
-
-
12,525 -
1,740
-
-
1,740 1,560
994
-
-
994
361
110,049
-
-
110,049 104,080

In the prior year, all expenditure was from unrestricted funds.

6 Net income/expenditure is stated after charging:

Independent examiner’s fee

2023
2022
£
£
1,740
1,560

12

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

7 Fund-accounting comparative figures

Income from:
Donations
Other trading activities
Investment income
Total income
Expenditure on:
Charitable activities
Grants payable
Costs of activities in furtherance
of charity's objects
Total expenditure
Unrealised (losses) on
Net income/(expenditure)
Transfers between funds
Actuarial gains/(losses) on defined
benefit pension schemes
8
Salaries
Salaries
National Insurance
Employer's pension contributions
Total Funds at 31 March
investments
Total Funds at 1 April
Net movement in funds		 General
Designated
Restricted
Total Funds
Funds
Funds
Funds
2022
£
£
£
£
83,770
110
1,327
85,207
24,482
-
-
24,482
7,590
-
-
7,590
115,842
110
1,327
117,279
9,474
7,250
1,327
18,051
103,519
561
-
104,080
112,993
7,811
1,327
122,131
1,892
-
-
1,892
4,741
(7,701)
-
(2,960)
4,637
(4,637)
-
-
-
2,152
-
2,152
9,378
(10,186)
-
(808)
22,028
5,416,890
55
5,438,973
31,406
5,406,704
55
5,438,165
2023
2022
£
£
19,595
44,407
-
-
2,441
5,533
22,036
49,940
Unrestricted

The average weekly number of employees during the year was 1 (2022:2) 1 full-time minister and the prior year also included a community minister.

No employee received more than £60,000 during the year.

13

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

8 Salaries (continued)

Rev S King, a trustee from September 2022, received a stipend of £19,595 (2022: Rev MC Docker - £20,303) for his duties as Minister. The charity also paid employer's national insurance contributions of £Nil (2022: £Nil) and pension contributions of £5,736 (2022: £6,895). He did not receive payment for his services as trustee this year. There were pension deficiency contribution adjustments of £3,295 recognised within the accounts.

The trustees consider the key management personnel to be themselves. Total employee benefits paid to the Minister for his duties as Minister (not as trustee) were £30,131 (2022: £27,198).

9 Tangible Fixed Assets

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Eliminated on disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Equipment,
Church
Fixtures &
Buildings
Fittings
Total
£
£
£
5,034,313 18,398
5,052,711
785,000 -
785,000
(937,000)
-
(937,000)
4,882,313 18,398 4,900,711
- 14,273
14,273
- 619
619
- -
-
- 14,892 14,892
4,882,313
3,506
4,885,819
5,034,313
4,125
5,038,438

Property – Buildings

The Church buildings comprise the Church Sanctuary, ground floor halls, basement halls (known as the Tyndale Centre) and at first floor level, the Harold Bodey Room and the Stewards Flat. In addition, the Church owned a semi-detached house as Manse accommodation for the senior Minister. This was situated at 41 Upper Cranbrook Road, Westbury Park. This property had been sold during the year and another Manse was purchased. This new property is situated at 30 Fallodon Way, Bristol. Depreciation has not been charged on the Church or Manse premises, because in the opinion of the trustees, the residual value of the asset is not less than the carrying value.

The Steward occupies the flat rent free in return for providing halls management and general security services.

The West of England Baptist Trust Company (West) Ltd is the holding (custodian) trustee for all the above property.

14

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
10 Investments
2023 2022
£ £
Market value at 1 April 152,650 150,758
(Losses)/Gains in the year 2 1,892
Market value at 31 March 152,652 152,650
Cost at 31 March 150,000 150,000
11 Debtors
2023 2022
£ £
Income tax recoverable 4,045 3,804
Other debtors 3,411 2,401
7,456 6,205
12 Creditors Falling Due Within One Year
2023 2022
£ £
Other creditors 19,950 21,700
Accruals and deferred income 5,298 2,730
25,248 24,430
----- End of picture text -----

15

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

13 Movement in funds

Endowment Funds
Folk House Trust fund
Restricted funds
Bristol Sunday School
Special collections
Unrestricted funds
Designated funds
Trust fund
Fabric fund
Glover fund
Garden Fund
Organ Fund
Legacies fund
Fixed asset designated
fund
Pension reserve
General funds
Total funds		 At 1 April
Income
Expenditure
Transfers
Gains/Losses
At 31 March
2022
2023
£
£
£
£
£
-
-
-
23,000
-
23,000
-
-
-
23,000
-
23,000
55
-
-
-
-
55
-
4,783
(4,783)
-
-
-
55
4,783
(4,783)
-
-
55
32,794
-
-
-
-
32,794
37,418
-
-
-
-
37,418
37,927
-
-
(23,000)
-
14,927
271
-
-
-
-
271
460
-
(280)
-
-
180
298,050
-
-
-
-
298,050
5,034,313
-
-
(152,000)
-
4,882,313
(34,529)
-
(994)
3,295
32,189
(39)
5,406,704
-
(1,274)
(171,705)
32,189
5,265,914
31,406
132,409
(127,542)
148,705
2
184,980
5,438,165
137,192
(133,599)
-
32,191
5,473,949

Designated funds

Designated funds are set aside by the Trustees to provide income for general purposes and to provide a contingency for unexpected and future costs.

The Trust Fund was a gift to the Church with the intention again to generate income for the Church.

The Glover Fund is a very old fund arising out of the sale of property with the sole purpose of providing investment income to support additional work or specific projects. Currently this income is accruing to help support the possible appointment of an Associate Minister. During the year a transfer of £23,000 was made to the Folk House Trust fund which is considered to be an endowment fund.

The Fabric Fund has been created from general funds to provide a contingency to cover emergency repairs to our extensive premises.

The Brake Fund arises from a legacy received in 2013 and is currently being used to generate investment income to support the Community Ministry.

The Mission Fund holds monies set apart from general funds by the trustees to forward to mission projects.

The Legacies Fund is an accumulation of 3 previous legacies received which all had similar objectives in generating investment income to support the general work of the Church.

Fixed asset designated fund represents the net book value of church buildings.

Restricted funds

Special collections included a Ukraine crisis appeal during the year.

16

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

13 Movement in funds (continued)

Endowment funds

Folk House Trust fund was created following the sale of Folk House in the early 1960s. The income generated in this fund goes into the Rochard Glover fund, to support additional work in the church. It is considered that this fund is regarded as capital in nature and should be maintained.

Unrestricted funds are for the general purposes of the Church. This includes the pension reserve for Baptist Union pension scheme.

Prior year
Restricted funds
Bristol Sunday School
Tyndale Circle
Special collections
Unrestricted funds
Designated funds
Trust fund
Fabric fund
Glover fund
The Mission Fund
Garden Fund
Organ Fund
Legacies Fund
Pension reserve
General funds
Total funds
Fixed asset designated
fund		 At 1 April
Actuarial
At 31 March
2021
Transfers
gains/losses
2022
£
£
£
£
£
55
-
-
-
-
55
-
(85)
85
-
-
-
1,327
(1,242)
(85)
-
-
55
1,327
(1,327)
-
-
55
32,794
-
-
-
-
32,794
37,418
-
-
-
-
37,418
37,927
-
-
-
-
37,927
-
-
(7,250)
7,250
-
-
271
-
-
-
-
271
25
110
(200)
525
-
460
318,050
-
-
(20,000)
-
298,050
5,034,313
-
-
-
-
5,034,313
(43,908)
-
(361)
7,588
2,152
(34,529)
5,416,890
110
(7,811)
(4,637)
2,152
5,406,704
22,028
115,842
(112,993)
4,637
1,892
31,406
5,438,973
117,279
(122,131)
-
4,044
5,438,165
Income
Expenditure

17

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
14 Analysis of Net Assets Between Funds
Tangible Fixed Other Total
Assets Net Assets Funds
£ £ £
Endowment funds - 23,000 23,000
Restricted funds - 55 55
Unrestricted designated funds 4,885,819 380,095 5,265,914
Unrestricted general funds - 184,980 184,980
4,885,819 588,130 5,473,949
Prior year
Fixed Other Total
Assets Net Assets Funds
£ £ £
Restricted funds - 55 55
Unrestricted designated funds 5,038,438 368,266 5,406,704
Unrestricted general funds - 31,406 31,406
5,038,438 399,727 5,438,165
----- End of picture text -----

15 Pensions

The Church 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.

For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at that time.

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficiency contributions (see below).

The Minister(s) and some members of the church staff are eligible to join the Scheme.

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 Legal and General Life Assurance Society Limited. 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 plc. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%. The further 4% contribution rate is reduced to 3% for Employer contributions made to the Segregated DC Arrangement.

Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit 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. 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.

18

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

15 Pensions (continued)

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. The market value of the DB Plan assets at the valuation date was £298 million.

The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). The Church and the other employers supporting the DB Plan are collectively responsible for funding this deficit.

The key financial assumptions underlying the valuation were as follows:

The key financial assumptions underlying the valuation were as follows:
Type of assumption % pa
RPI price inflation assumption 3.2
CPI price inflation assumption 2.7
Minimum Pensionable Income increases (CPI plus 0.75% pa) 3.2
Assumed investment returns
- Pre-retirement 2.95
- Post retirement 1.7
Deferred pension increases
- Pre April 2009 3.2
- Post April 2009 2.5
Pension increases
- Main Scheme pension 2.7

Post retirement mortality in accordance with 80% of the S3NFA and S3NMA tables, with allowance for future improvements in mortality rates from 2013 in line with the CMI 2019 core projections, with a long term annual rate of improvement of 1.75% for males and 1.5% for females, with the core smoothing parameter and with additional inital mortality improvement factor A = 0.5%.

The next actuarial valuation of the DB Plan within the Scheme is due as at 31 December 2022.

Recovery Plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan.

Under the current Recovery Plan dated 30 September 2020, deficiency contributions are payable until 30 June 2026. These contributions are broadly based on the employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. However, the Trustee and the Council agreed a 50% reduction for all deficiency contributions payable between 1 July 2020 and 31 December 2020.

19

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

15 Pensions (continued)

Movement in Balance Sheet liability

Section 28.11A of FRS102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below:

provision is set out in the table below:
Accounting date (year ending) 31 March 2023 31 March 2022
Balance sheet liability at year start -£34,529 -£43,908
Minus deficiency contributions paid £3,295 £7,588
Interest cost (recognised in SOFA) -£994 -£361
Remaining changes to balance sheet £32,189 £2,152
liability* (recognised in SOFA)
Balance sheet liability at year end -£39 -£34,529

*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 the following assumptions set by reference to the duration of the deficit recovery payments.

Accounting date 31 March 2023 31 March 2022 31 March 2021
Discount rate 3.00% 3.00% 0.90%
Future increases to Minimum Pensionable Income 4.30% 4.30% 3.50%

16 Related parties

There were no related party transactions during this, or the prior year, other than those noted elsewhere in the accounts. No trustees received or waived expense payments during either the current, or previous year.

20