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← Tyndale Baptist Church, Bristol

2024-03-31-accounts

TYNDALE BAPTIST CHURCH FINANCIAL STATEMENTS 31 MARCH 2024

Charity Number 1133943

TYNDALE BAPTIST CHURCH

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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 2024

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 by church members.

Deacons’ Meetings and Church Meetings are held monthly and a sub-committee exists for finance. 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, young people and adults at risk.

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.

Ministry

This marks the first full year of Revd Sam King’s ministry at Tyndale, in which he has continued to get to know the fellowship and lead the spiritual life of the church.

Church Property

The Quinquennial report and Schedule of Repairs were carried out in this year on both the church and manse properties. The surveyor, Adrian Male, commended the church on having ‘done extremely well to maintain these premises to such a high standard’, with him only foreseeing standard areas of maintenance over the next few years but identifying that the boiler would need replacing.

Worship at Tyndale

The style of worship tends to be “liturgical” in structure and content but also embraces a wide range of traditions. The Minister has encouraged a wider participation from the congregation within worship, with different individuals leading the Prayers and other prayer styles being introduced. The music resources used are “Baptist Praise and Worship” and “Common Ground” supplemented by hymns and songs from 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 a monthly visiting organist. Also a Singing group leads congregational singing. A strong emphasis is placed on preaching and prayer.

1

TYNDALE BAPTIST CHURCH

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

Church Membership

The Church practices open membership and communion and has members from a variety of church traditions and backgrounds. The current membership is 98.

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 maintain our support of Baptist World Mission and Christian Aid. The church has continued to help raise awareness and funds for the Ukrainian war through collections and a charity barbecue 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.

The church hosted BBC Radio 4’s ‘Any Questions?’ programme at the end of April, with a full audience posing some very interesting questions to the guest panellists.

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

For six months during October to March 2024 the ‘Bristol Churches 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 9 week period between January and March.

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 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 Tuesday Coffee Shop continued throughout the year but was re-launched in January 2024 as a Renew Wellbeing Cafe, using the model established by the Renew Wellbeing Charity under the leadership of the Revd Ruth Rice. This was done because the church recognised that a number of the people attending on Tuesdays had some need of support with their mental wellbeing and this would be a way of making that support clearer. Time@Tyndale on Wednesday evenings has continued to have a varied programme of a monthly communion service, speakers, discussions, meals and the introduction of a film evening with discussion. 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 Minister, Revd Sam King, serves as Chaplain to the Bristol Baptist College and continues to work every Wednesday in this role. A number of other church members are involved in the life of the College.

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, Alliance Francaise and Cards for Good Causes, along with several local choirs and music concerts. It is registered as a ‘Community Place of Safety’ with Bristol City Council as well as being used as a Polling Station and a winter vaccine centre for a number of local GP’s surgeries.

2

TYNDALE BAPTIST CHURCH

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

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’.

Financial Review

The everyday giving for the year saw another slight increase on the previous year, to just short of £71,250. During the year we have continued to see an increasing use of the church premises bringing in just over £36,000 compared to just over £30,200 in the previous year.

Our Minister was also employed as Chaplain at the Baptist College here in Bristol one day a week. This netted the church a further £7,500 over the year. Our total general income this year increased to just over £154,500.

Our expenditure on operating and maintaining our extensive premises accounted to around 40% of total expenditure at £38,020. A further 33% of expenditure was spent on Ministry, and almost 19% donated to outside organisations. For the second year, our general income exceeded expenditure.

Our designated reserves arise primarily from several sources. The Fabric Fund has been built up from general funds to provide for future major repairs to our extensive premises. The Folk House Trust / Richard 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.

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 £25,000 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 £231,428, (2023: £184,980), which is currently above the required level.

3

TYNDALE BAPTIST CHURCH

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

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.

By order of the Deacons on …………………..05 November 2024

Julian M M West Church Treasurer

4

TYNDALE BAPTIST CHURCH

REFERENCE & ADMINISTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2024

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 Mr Graham Lewis Mr Nick Parsons Mrs Merry Stewart

Mrs Margaret Clements Mrs Rachel Molyneux Dr Debbie Pinfold Dr Ian Waddington

Dr Ian Holyer Ms Dorette Morgan Mr Brian Pratt Mrs Elizabeth Webb

Revd Sam King (Minister) 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 Charities Official Investment Fund Bootle 80 Cheapside Merseyside GIR 0AA 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 2024

I report to the trustees on my examination of the accounts of Tyndale Baptist Church (the Charity) for the year ended 31 March 2024.

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.

…………………………………………… Date: ……………..05 November 2024

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

6

STATEMENT OF FINANCIAL ACTIVITIES

TYNDALE BAPTIST CHURCH

YEAR ENDED 31 MARCH 2024

Note
Donations
2
Other trading activities
3
Investment income
Grants payable
4
of charity's objects
5
10
6
Transfers between funds
13
15
Total funds at 1 April
13
13
Actuarial gains/(losses) on
defined benefit pension
schemes
Net income/(expenditure)
Expenditure on:
Charitable activities
Income from:
Total income
Costs of activities in furtherance
Total expenditure
Net movement in funds
Unrealised gains/(losses)
on investments
Total Funds at 31 March		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
94,734
2,311
-
97,045
95,737
37,128
-
-
37,128
31,506
20,344
-
-
20,344
9,949
152,206
2,311
-
154,517
137,192
17,140
1,596
-
18,736
23,550
80,372
-
-
80,372
110,049
97,512
1,596
-
99,108
133,599
12,213
-
-
12,213
2
66,907
715
-
67,622
3,595
-
-
-
-
-
39
-
-
39
32,189
66,946
715
-
67,661
35,784
5,450,894
55
23,000
5,473,949
5,438,165
5,517,840
770
23,000
5,541,610
5,473,949

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 2024

Notes 2024 2023
£ £
Fixed assets
Tangible fixed assets 9 4,886,742 4,885,819
Investments 10 164,865 152,652
5,051,607 5,038,471
Current assets
Debtors (including debtors due
after one year) 11 9,584 7,456
Short Term Deposits 432,123 392,823
Cash at bank 73,120 60,486
514,827 460,765
Creditors: amounts falling
due within one year 12 (24,824) (25,248)
Net current assets 490,003 435,517
Defined benefit pension 15 - (39)
scheme liability
Total net assets 5,541,610 5,473,949
Unrestricted funds
General funds 14 231,428 184,980
Pensions reserve 14 - (39)
Designated Funds 14 5,286,412 5,265,953
5,517,840 5,450,894
Restricted Funds 14 770 55
Endowment Funds 14 23,000 23,000
Total funds 5,541,610 5,473,949

Approved by the Trustees on ..……........................... and signed on their behalf by:05 November 2024

…………………………………………..

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 2024

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:

Equipment

15% per annum on a reducing balance basis

9

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1 Accounting Policies (continued)

2 Donations

Offerings
Donations and gifts
Gift aid		 Total
Total
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
71,246
-
-
71,246
69,439
7,562
2,311
-
9,873
11,214
15,926
-
-
15,926
15,084
94,734 2,311-97,045 95,737

In the prior year, all donations received were for unrestricted general purposes, apart from a restricted donation of £4,783.

During the year, £34,377 was received from trustees and related parties. (2023: £32,069)

3 Income from other trading activities

Room hire
Ground rents received
Coffee shop income		 Total
Total
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
25,002
-
-
25,002
19,205
11,000
-
-
11,000
11,000
1,126
-
-
1,126
1,301
37,128- -37,128 31,506

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 2024

4
Grants payable
Baptist Missionary Society
Baptist Home Mission
Bristol Baptist College
University of Bristol chaplaincy
J Entrican
First Baptist Church, Wroclaw, Poland
Foodbank
Other Mission, Donations and gifts <£250
Prior year comparative
Baptist Missionary Society
Baptist Home Mission
Bristol Baptist College
University of Bristol chaplaincy
Christian Aid
Other Mission, Donations and gifts <£250		 Unrestricted
Restricted
Endowment
Total Funds
Funds
Funds
Funds
2024
£
£
£
£
7,250
70
-
7,320
7,250
-
-
7,250
1,000
-
-
1,000
590
-
-
590
500
-
-
500
-
886
886
-
640
640
550
-
-
550
17,140 1,596-18,736
Unrestricted
Restricted
Endowment
Total Funds
Funds
Funds
Funds
2023
£
£
£
£
7,250
-
-
7,250
7,250
-
-
7,250
1,000
-
-
1,000
590
-
-
590
1,000
-
-
1,000
1,677
4,783
-
6,460
18,767 4,783-23,550

11

NOTES TO THE FINANCIAL STATEMENTS

TYNDALE BAPTIST CHURCH

YEAR ENDED 31 MARCH 2024

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
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		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
32,856
-
-
32,856
30,131
-
-
-
-
(3,295)
-
-
-
-
3,854
180
-
-
180
1,035
1,551
-
-
1,551
1,534
587
-
-
587
3,242
230
-
-
230
2,104
401
-
-
401
218
8,102
-
-
8,102
20,864
909
-
-
909
679
17,721
-
-
17,721
12,263
781
-
-
781
619
3,056
-
-
3,056
6,519
8,232
-
-
8,232
7,980
808
-
-
808
1,084
622
-
-
622
788
2,476
-
-
2,476
5,171
-
-
-
-
12,525
1,860
-
-
1,860
1,740
-
-
-
-
994
80,372
-
-
80,372 110,049

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

Independent examiner’s fee 2024
2023
£
£
1,860
1,740

12

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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
Employer's pension contributions
Total Funds at 1 April
Net movement in funds
Total Funds at 31 March
investments		 Unrestricted
Restricted
Endowment
Total Funds
Funds
Funds
Funds
2023
£
£
£
£
90,954
4,783
-
95,737
31,506
-
-
31,506
9,949
-
-
9,949		 Unrestricted
Restricted
Endowment
Total Funds
Funds
Funds
Funds
2023
£
£
£
£
90,954
4,783
-
95,737
31,506
-
-
31,506
9,949
-
-
9,949
132,409
4,783
-
137,192
18,767
4,783
110,049
-		 -
23,550
-
110,049
128,816
4,783
2
-
3,595
-
(23,000)
-
32,189
-		 -
133,599
-
2
-
3,595
23,000
-
-
32,189
12,784
-
5,438,110
55		 23,000
35,784
-
5,438,165
5,450,894
55		 23,000
5,473,949
2024
2023
£
£
29,204
19,595
3,652
2,441
32,856
22,036

The average weekly number of employees during the year was 1 (2023:1) 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 2024

8 Salaries (continued)

Rev S King, a trustee, received a stipend of £29,204 (2023: £19,595) for his duties as Minister. The charity also paid employer's national insurance contributions of £Nil (2023: £Nil) and pension contributions of £3,640 (2023: £5,736). He did not receive payment for his services as trustee. Pension deficiency contribution adjustments of £12 (2023: £3,295) were 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 £32,856 (2023: £30,131).

9 Tangible Fixed Assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Equipment,
Church
Fixtures &
Buildings
Fittings
Total
£
£
£
4,882,313
18,398
4,900,711
-
1,704
1,704
4,882,313 20,102 4,902,415
-
14,892
14,892
-
781
781
-15,673 15,673
4,882,313
4,429
4,886,742
4,882,313
3,506
4,885,819

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, 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 assets are 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 2024

10 Investments
Market value at 1 April
(Losses)/Gains in the year
Market value at 31 March
Cost at 31 March
11 Debtors
Income tax recoverable
Other debtors
12 Creditors Falling Due Within One Year
Other creditors
Accruals and deferred income		 2024
2023
£
£
152,652
152,650
12,213
2
164,865
152,652
150,000
150,000
2024
2023
£
£
2,556
4,045
7,028
3,411
9,584
7,456
2024
2023
£
£
22,700
19,950
2,124
5,298
24,824
25,248

15

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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
2023
2024
£
£
£
£
£
23,000
-
-
-
-
23,000
23,000
-
-
-
-
23,000
55
-
-
-
-
55
-
2,311
(1,596)
-
-
715
55
2,311
(1,596)
-
-
770
32,794
-
-
-
-
32,794
37,418
-
-
20,000
-
57,418
14,927
910
-
-
15,837
271
-
(271)
-
-
-
180
-
(180)
-
-
-
298,050
-
-
-
-
298,050
4,882,313
-
-
-
-
4,882,313
(39)
-
-
-
39
-
5,265,914
910
(451)
20,000
39
5,286,412
184,980
151,296
(97,061)
(20,000)
12,213
231,428
5,473,949
154,517
(99,108)
-
12,252
5,541,610

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 prior 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 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

NOTES TO THE FINANCIAL STATEMENTS

TYNDALE BAPTIST CHURCH

YEAR ENDED 31 MARCH 2024

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
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
Actuarial
At 31 March
2022
Transfers
gains/losses
2023
£
£
£
£
£
-
-
-
23,000
-
23,000
Income
Expenditure
-
-
-
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

17

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

14 Analysis of Net Assets Between Funds

Endowment funds
Restricted funds
Unrestricted designated funds
Unrestricted general funds
Prior year
Endowment funds
Restricted funds
Unrestricted designated funds
Unrestricted general funds		 Tangible Fixed
Other
Total
Assets
Net Assets
Funds
£
£
£
-
23,000
23,000
-
770
770
4,886,742
399,670
5,286,412
-
231,428
231,428
4,886,742
654,868
5,541,610
Fixed
Other
Total
Assets
Net Assets
Funds
£
£
£
-
23,000
23,000
-
55
55
4,885,819
380,095
5,265,914
-
184,980
184,980
4,885,819
588,130
5,473,949

15 Pensions

The Church is a participating employer 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 Minister is eligible to join the Scheme.

Actuarial valuation as at 31 December 2019

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

18

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

15 Pensions (continued)

The key financial assumptions underlying the valuation were as follows

Type of assumption % p.a.
RPI price inflation assumption 3.2
CPI price inflation
assumption		 2.7
Minimum Pensionable Income Increase Adjustment (above CPI) 0.5
Pre-retirement assumed investment returns (gilt yield plus 1.75% pa) 2.95
Post retirement assumed
investment returns		 1.7
Minimum Pensionable Income increases (CPI plus 0.5%) 3.2
Deferred pension increases (based on RPI)
Pre April 2009 3.2
Post April 2009 2.5
Pension increases
Based on CPI with an annual floor of 0% and annual cap of 5% 2.7

Mortality was 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 were

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.

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.

provision is set out in the table below.
2024 31 March 2023
£ £
Balance sheet liability at year start -39 -34,529
Minus deficiency contributions paid - 3,295
Interest cost (recognised in SoFA) - -994
Remaining
change
to
balance
(recognised in SoFA)		 sheet liability* 39 32,189
Balance sheet liability at year end - -39

19

TYNDALE BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

15 Pensions (continued)

The 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:

32 March 2024 31 March 2023
Discount rate N/A N/A
Future increases to
Minimum Pensionable N/A N/A
Income

The 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:

3 March 2024 31 March 2023
Discount rate N/A N/A
Future increases to Minimum Pensionable Income N/A N/A

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