Charity registration number 1134346
TRUSTEES OF FULLER BAPTIST CHURCH
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
TRUSTEES OF FULLER BAPTIST CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | J R Cleaver | (Appointed 20 November 2022) |
|---|---|---|
| J P Fell | (Appointed 20 November 2022) | |
| J Jessop | (Appointed 1 January 2022) | |
| D M Leverett | ||
| F I Malsher | ||
| S Ndlovu | (Appointed 1 January 2022) | |
| S L Stokes | (Appointed 20 November 2022) | |
| S R Vidler | ||
| D Whitehouse | ||
| Charity number | 1134346 | |
| Principal address | 51 Gold Street | |
| Kettering | ||
| Northamptonshire | ||
| United Kingdom | ||
| NN16 8JB | ||
| Independent examiner | Azets Audit Services | |
| Thorpe House | ||
| 93 Headlands | ||
| Kettering | ||
| Northamptonshire | ||
| United Kingdom | ||
| NN15 6BL | ||
| Bankers | Lloyds Bank Plc | |
| 3-4 Market Street | ||
| Kettering | ||
| Northamptonshire | ||
| United Kingdom | ||
| NN16 0AH | ||
| Solicitors | Anthony Collins Solicitors LLP | |
| 134 Edmund Street | ||
| Birmingham | ||
| United Kingdom | ||
| B3 2ES |
TRUSTEES OF FULLER BAPTIST CHURCH
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Statement of Trustees' responsibilities | 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 - 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 31 |
TRUSTEES OF FULLER BAPTIST CHURCH
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2022
The Trustees present their annual report and financial statements for the year ended 30 November 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the Church’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Objectives and activities
The Trust's mission statement is to honour the Lord Jesus Christ, to grow in knowledge and experience of Him, and to share His love with each other, our town, nation and world.
The main objective of this Church is to share the love of and salvation provided by God through His Son, the Lord Jesus Christ, to those with whom Church members come into contact.
With the exception of ministers, the managing trustees all act in an honorary capacity. All give of their time in preparing and attending meetings, in sharing in pastoral oversight of Church members and adherents, and in sharing leadership in the many Church activities.
Public benefit statement
When planning activities for the year the managing trustees have considered The Charity Commission's guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion.
The Charity undertakes regular public worship, prayer, Bible study, preaching and teaching; baptism; Communion of the Lord's Supper; evangelism and mission locally, often in conjunction with other Churches; the teaching, encouragement, welcome and inclusion of young people; the nurture and growth of Christian disciples; the education and training for Christian and community service; giving and encouraging pastoral care; supporting and encouraging charitable social action in the United Kingdom and abroad; encouraging relationships with and supporting Baptists and other Christians.
The managing trustees have a policy of raising funds to make grants to specific individuals and organisations. A total of £17,238 (2021: £12,297) was donated during the year to assist with the proclamation of the gospel of Jesus Christ.
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TRUSTEES OF FULLER BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
Achievements and performance
The managing trustees have continued to make the premises available to the members of Fuller Baptist Church for their use in worship and service within the Christian faith.
Public Worship and Prayer
We have seen steadily increasing numbers of attendees on Sundays enjoying a mixture of worship styles plus all age services and communion. We rejoiced in a Baptism service. YouTube broadcasting of Sunday Services continued up to the summer.
House Groups and Prayer Hour have been regularly held throughout the year both in person and online.
Children and Youth
Sunday Club is run as a single group for Primary age children, alongside Rock Solid for Secondary aged children; numbers attending both have increased during the year with almost 60 children and young people now on our registers.
A Youth Group meets on Sunday evenings for both socializing & learning. A Youth Alpha course has also been run during the year resulting several attendees exploring the possibility of Baptism in 2023. The Youth Group have also made several off-site trips during the year including trips to Christian Festivals and a day at the seaside. The young people have also met for one off events and socials, such as a BBQ, bowling and movie night. Youth Club continues to meet fortnightly and also during the summer holidays. All meetings and events relating to youth are organised and arranged by our Youth worker, Beth West.
Noah’s Ark, serving the parents and toddlers of Kettering by offering a safe and fun space for young children and their adults to be, continues to meet on a Friday morning.
Uniformed organisations meet weekly on the premises.
Mission and Evangelism
Causes supported throughout the year included BMS World Mission, Christian Aid, Freetown (Sierra Leone) flood appeal and Ukraine. Visiting speakers were BMS workers in Chad and the founder of the Dorothy Springer Trust. We have also given to Home Mission to support UK Baptist churches in their work to expand the kingdom.
Outreach work has been undertaken with Saturday morning street missions and a weekly Coffee Morning is held, which has become a registered Warm Space.
Teaching and Discipleship
Our theme for 2022 has been “Sharing faith; Sharing life” (1 Thess 2:8) and teaching and preaching has followed the theme. We’ve been greatly encouraged by the response which has opened up some wonderful new ministry possibilities, restoring and healing our fellowship and releasing us into new expressions of worship. Between Easter and Lent we held 50 Days of Togetherness when every day we learnt about a church member as they shared their faith and life.
A Christianity Explored course has once again been run and House groups and Bible Study have run throughout the year.
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TRUSTEES OF FULLER BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
Achievements and performance (continued)
Welcome, Fellowship and Pastoral Care
During the year we have welcomed 10 new members and lost a few to death and transfer. As a result of reviewing our membership list, our membership now stand at 118 (2021: 124).
The Pastoral Care Team, including the Visiting Team, have continued to work to keep contact with and pray for housebound people and those suffering illnesses.
The Newcomers team continued to work at coming alongside those who have just arrived and joined us.
The Church have continued to employ a Youth Worker and a Church Operations Officer who have given the Church new opportunities for ministry.
Throughout the financial year the ministers of the Church were Reverend Dr Roland Sokolowski and Reverend Vicki Sokolowski. However, in September 2022 our ministers announced their intention to leave and their last service at the Church was on 11 December 2022.
The whole fellowship seeks to touch the lives of people in and around Kettering with the good news of Jesus Christ. Our mission statement is "Honouring the Lord Jesus Christ, growing in our knowledge and experience of him, sharing his love with each other, our town, nation and world".
Making the premises available for community use
The Church hosts the office and course venues for Kettering Community Unit, a local charity working with vulnerable people and several hundred attend courses on the church premises during term time.
The Newland Street premises have been refurbished and now host a weekly Coffee morning that is on the Kettering “Warm Spaces” register.
The Church's heritage Centre continues to open the to the public and pre-arranged groups as well as forming links local schools.
The Church plans to increase the use of the building by the general public in the coming year, recognising that it is a community asset.
Financial review
The principal funding source is the regular giving to the Church by its members and others, inclusive of associated gift aid tax recovery.
Total income for the year was £131,708 (2021: £137,953) of which £115,327 (2021: £123,351) came from donations and legacies. Income from charitable activities totalled £2,032 (2021: £215). Investments produced £4,521 compared to £4,847 in 2021.
Expenditure on charitable activities totalled £190,499 (2021: £144,137).
Overall there was a loss of £39,726 compared to a surplus in 2021 of £394.
The total fund balances carried forward now amount to £1,771,960 of which £1,533,351 are unrestricted funds. Part of this total is held on various designated funds. Free reserves are the unrestricted funds, not including designated funds, deducting amounts invested in tangible assets and investment properties. Free reserves are calculated to be £90,432 (2021: £183,951).
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TRUSTEES OF FULLER BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
Financial review (continued)
During the year, the Trustees reviewed the level of free reserves and have decided that those funds which have not been designated for a specific use should, in future, be retained at a level equivalent to approximately 6 months expenditure. During the year, they have identified a number of projects and areas for which funds should be retained and have designated a total of £303,441 to meet these funding requirements. They will review the designated funds each year to work towards achieving the agreed level of free reserves. The Trustees consider that reserves at this level will ensure that, in the event of unforeseen variations in income streams, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised.
The investments made by the managing trustees are in unit trusts for charities which were acquired some years ago on investment advice as being suitable investments for the holding of church funds. The equities were specifically bequeathed to the Church. The managing trustees do not consider the costs of employing professional investment advisors can be justified bearing in mind the amount of funds in quoted investments. All investments held by the Church during the year are in accordance with the powers of the trustees, as authorised by the Trustee Act 2000.
The trustees have reviewed the major risks to which the charity is exposed, and in particular to those relating to the operations and finances of the charity.
Having regard to the levels and categories of insurance cover, the controls on the financial systems, and following the guidelines suggested by the Baptist Union of Great Britain in respect of both a Health and Safety Policy, a Safeguarding Policy and evacuation procedures in the event of an emergency, the trustees are satisfied that systems are in place to mitigate the charity's exposure to major risks.
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TRUSTEES OF FULLER BAPTIST CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
Structure, governance and management
The Trust was set up by a Declaration of Trust dated 25 February 1816, for the Baptist Church which had been founded in Kettering in 1696. The deed provides the basis for the working of Fuller Baptist Church on the site in Gold Street, or on any other site within a twelve mile radius.
The holding trustees have provided, through the generosity of many benefactors, the premises occupied by Fuller Baptist Church, for use by its members and others, in the worship of God and in adherence to the Christian Faith as practised by those known as Baptists.
The holding trustees are appointed by the members of the Church at a Special Church Meeting called for that purpose, and are appointed for life unless they resign, become of unsound mind, or are removed at a Special Church Meeting called for that purpose. The trust deed provides for a minimum of five and a maximum of thirteen trustees. The holding trustees own the legal title to the freehold and leasehold properties and investments of the Church. The holding trustees only meet when matters relating to property legal issues need to be progressed.
The holding trustees in office during the year were:
The Baptist Union Corporation Limited Mrs. N Butlin RGN RM H/V Cert (Retired) Mr D M Leverett FCA Mr. S G Toseland B Ed (Hons) Dr P D Wharin MA MB BChir MRCGP
The managing trustees are the ministers and deacons. The ministers are appointed by the members of the Church at a Special Church Meeting called for that purpose. The deacons are also appointed at a Special Church Meeting called for that purpose, and their term of appointment is normally three years, following which they are eligible for re-nomination. The managing trustees usually meet at least eleven times each year, and additional meetings are called as required. New managing trustees receive a booklet published by The Baptist Union of Great Britain outlining their duties and responsibilities.
The managing trustees (minister and deacons) who held office during the financial year were as follows:
Joe Cleaver – appointed November 2022 Jon Fell – appointed November 2022 Babs Halfpenny – appointed January 2022 and resigned March 2023 Jackie Jessop – appointed January 2022 David M Leverett Fiona I Malsher Thuli Ndlovu – appointed January 2022 Reverend Dr Roland Sokolowski - resigned December 2022 Reverend Victoria Sokolowski - resigned December 2022 Sue Stokes – appointed November 2022 Stephen R Vidler – Church Secretary David Whitehouse - Church Treasurer
Church members usually meet six times each year to decide on matters of business relating to the whole Church.
The Trustees' report was approved by the Board of Trustees.
D Whitehouse
Dated: 21 May 2023
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TRUSTEES OF FULLER BAPTIST CHURCH
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 NOVEMBER 2022
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.
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 Charities 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 operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TRUSTEES OF FULLER BAPTIST CHURCH
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF TRUSTEES OF FULLER BAPTIST CHURCH
I report to the Trustees on my examination of the financial statements of Trustees of Fuller Baptist Church (the Trust) for the year ended 30 November 2022.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Richard Monkhouse FCCA Thorpe House 93 Headlands Kettering Northamptonshire NN15 6BL United Kingdom
Dated: 25 May 2023
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TRUSTEES OF FULLER BAPTIST CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2022
| Current financial year Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Notes £ £ £ Income and endowments from: Donations and legacies 3 102,295 13,032 - Charitable activities 4 2,032 - - Investments 5 4,471 50 - Other income 9,828 - - Total income 118,626 13,082 - Expenditure on: Charitable activities 6 170,404 20,095 - Net gains/(losses) on investments 11 - - 72 Net (outgoing)/incoming resources before transfers (51,778) (7,013) 72 Gross transfers between funds 2,493 (2,493) - Net (outgoing)/incoming resources (49,285) (9,506) 72 Other recognised gains and losses Actuarial gain on defined benefit pension schemes 18,993 - - Net movement in funds (30,292) (9,506) 72 Fund balances at 1 December 2021 1,563,643 102,601 145,442 Fund balances at 30 November 2022 1,533,351 93,095 145,514 |
Total 2022 £ 115,327 2,032 4,521 9,828 131,708 190,499 72 (58,719) - (58,719) 18,993 (39,726) 1,811,686 1,771,960 |
Total 2021 £ 123,351 215 4,847 9,540 |
|---|---|---|
| 137,953 | ||
| 144,137 | ||
| 6,578 | ||
| 394 - |
||
| 394 - |
||
| 394 1,811,292 |
||
| 1,811,686 |
The statement of financial activities includes all gains and losses recognised in the year.
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TRUSTEES OF FULLER BAPTIST CHURCH
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
| Prior financial year Unrestricted Restricted Endowment funds funds funds 2021 2021 2021 Notes £ £ £ Income and endowments from: Donations and legacies 3 110,692 12,659 - Charitable activities 4 215 - - Investments 5 4,726 121 - Other income 9,540 - - Total income 125,173 12,780 - Expenditure on: Charitable activities 6 128,541 15,596 - Net gains/(losses) on investments 11 352 - 6,226 Net (outgoing)/incoming resources before transfers (3,016) (2,816) 6,226 Gross transfers between funds (302) 302 - Net (outgoing)/incoming resources (3,318) (2,514) 6,226 Other recognised gains and losses Net movement in funds (3,318) (2,514) 6,226 Fund balances at 1 December 2020 1,566,961 105,115 139,216 Fund balances at 30 November 2021 1,563,643 102,601 145,442 |
Total 2021 £ 123,351 215 4,847 9,540 |
|---|---|
| 137,953 | |
| 144,137 | |
| 6,578 | |
| 394 - |
|
| 394 | |
| 394 1,811,292 |
|
| 1,811,686 |
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TRUSTEES OF FULLER BAPTIST CHURCH
BALANCE SHEET
AS AT 30 NOVEMBER 2022
| Notes Fixed assets Tangible assets 12 Investment properties 13 Investments 14 Current assets Debtors 15 Investments 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Provisions for liabilities 18 Net assets Capital funds Endowment funds 20 Income funds Restricted funds 21 Unrestricted funds-general Designated funds 22 General unrestricted funds |
2022 £ £ 1,197,273 10,000 65,449 1,272,722 16,838 189,584 307,897 514,319 (15,081) 499,238 1,771,960 - 1,771,960 145,514 93,095 303,441 1,229,910 1,533,351 1,771,960 |
2021 £ £ 1,185,874 10,000 65,377 1,261,251 10,925 188,453 386,815 586,193 (14,058) 572,135 1,833,386 (21,700) 1,811,686 145,442 102,601 251,613 1,312,030 1,563,643 1,811,686 |
|---|---|---|
The financial statements were approved by the Trustees on 21 May 2023
D Whitehouse Trustee
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TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
1 Accounting policies
Charity information
The Fuller Baptist Church is a charity, registered with the Charity Commission no. 1134346 and meets the FRS 102 definition of a public benefit entity.
1.1 Accounting convention
The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The 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 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 financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The separate designated funds are listed in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.
1.4 Incoming resources
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount.
Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
1 Accounting policies
(Continued)
1.5 Resources expended
All expenditure is accounted for on an accruals basis and is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The Church does not make formal appeals for funds, and expenditure on these items is therefore not material.
The Church makes grants to other organisations whose charitable objectives complement its work. They are accounted for when the recipient has been notified of the grant and payment is unconditional.
Support costs are those costs that assist the work of the Church but do not directly represent charitable activities and include office costs and governance costs. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with the use of resources. Governance costs are costs associated the governance arrangements of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Freehold land and buildings | 0% |
|---|---|
| Fixtures, fittings and equipment | 15% - 25% |
| Audio and IT equipment | 33% |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
No depreciation has been provided on freehold land and buildings as it the policy of the trustees to maintain these assets in a continual state of sound repair. Accordingly the trustees consider the lives of these assets to be so long and their residual values so high, that their depreciation is insignificant.
1.7 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price and are subsequently measured at fair value at each reporting date using the closing quoted market price. Changes in fair value are recognised in net income/(expenditure) for the year.
1.9 Impairment of fixed assets
At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
1 Accounting policies
(Continued)
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. Deposits with original maturities between three months and twelve months are classified as current asset investments.
Basic financial assets
Basic financial assets include debtors and cash and bank balances. Debtors are recognised at the settlement amount due after any trade discount offered.
Basic financial liabilities
Basic financial liabilities include creditors and bank loans. Creditors are normally recognised at their settlement amount.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
1.11 Provisions
Provisions are recognised when the Trust has a legal or constructive present obligation as a result of a past event, it is probable that the Trust will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.
1.12 Retirement benefits
The Church operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Church pays fixed contributions into a separate entity. Once the contributions have been paid, the Church has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Church in an independently administered fund.
Prior to 2012 pension provision was made through a multi-employer defined benefit pension plans. Where it is not possible for the Church to obtain sufficient information to enable it to account for a plan as a defined benefit plan, it accounts for it as a defined contribution plan.
Where the plan is in deficit and where the Church has agreed, with the plan, to participate in a deficit funding arrangement, the Church recognises a liability for this obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. The unwinding of the discount is recognised as a finance cost and any other change in the measurement of this liability is expensed to the Statement of Financial Activities.
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TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
2 Critical accounting estimates and judgements
In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds general 2022 2022 £ £ Donations and gifts 102,295 13,032 JRS grants received - - Legacies - - For the year ended 30 November 2022 102,295 13,032 For the year ended 30 November 2021 110,692 12,659 Donations and gifts Offerings 80,569 - Other donations 11,220 13,032 Gift aid offerings 10,506 - 102,295 13,032 |
Total 2022 £ 115,327 - - 115,327 80,569 24,252 10,506 115,327 |
Total 2021 £ 118,844 4,304 203 |
|---|---|---|
| 123,351 | ||
| 123,351 | ||
| 74,924 30,139 13,781 |
||
| 118,844 |
4 Charitable activities
| Other charitable income Other charitable income 2022 2021 £ £ Sales within charitable activities 626 34 Subscriptions and entrance fees 1,406 181 2,032 215 |
Other charitable income Other charitable income 2022 2021 £ £ Sales within charitable activities 626 34 Subscriptions and entrance fees 1,406 181 2,032 215 |
Other charitable income Other charitable income 2022 2021 £ £ Sales within charitable activities 626 34 Subscriptions and entrance fees 1,406 181 2,032 215 |
|---|---|---|
| 2022 £ 626 1,406 2,032 |
2021 £ 34 181 |
|
| 215 |
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TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
5 Investments
| Unrestricted Restricted funds funds general 2022 2022 £ £ Rental income 75 - Income from listed investments - dividends 3,503 - Interest receivable 893 50 4,471 50 |
Total Unrestricted Restricted funds funds general 2022 2021 2021 £ £ £ 75 125 - 3,503 3,056 - 943 1,545 121 4,521 4,726 121 |
Total 2021 £ 125 3,056 1,666 |
|---|---|---|
| 4,847 |
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| Total | 2021 | £ | 60,574 | 63,197 | 123,771 | 12,297 | 1,927 | 6,142 | 144,137 | 128,541 | 15,596 | 144,137 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Establishment | costs | 2021 | £ | 14,969 | 58,349 | 73,318 | - | 1,927 | - | 75,245 | 75,245 | - | 75,245 | |||||
| Cost of Mission |
goods sold costs |
2021 2021 |
£ £ |
- - |
96 2,652 |
96 2,652 |
- 12,297 |
- - |
- - |
96 14,949 |
96 3,930 |
- 11,019 |
96 14,949 |
|||||
| Ministry | costs | 2021 | £ | 45,605 | 2,100 | 47,705 | - | - | 6,142 | 53,847 | 49,270 | 4,577 | 53,847 | |||||
| Total | 2022 | £ | 76,524 | 85,815 | 162,339 | 17,238 | 4,413 | 6,509 | 190,499 | 170,404 | 20,095 | 190,499 | ||||||
| Establishment | costs | 2022 | £ | 27,995 | 75,414 | 103,409 | - | 4,413 | - | 107,822 | 107,322 | 500 | 107,822 | |||||
| Mission | costs | 2022 | £ | - | 7,535 | 7,535 | 17,238 | - | - | 24,773 | 12,037 | 12,736 | 24,773 | |||||
| Ministry | costs | 2022 | £ | 48,529 | 2,866 | 51,395 | - | - | 6,509 | 57,904 | 51,045 | 6,859 | 57,904 | |||||
| Charitable activities | Staff costs | Other ministry costs | Grant funding of activities (see note 7) | Share of support costs (see note 8) | Share of governance costs (see note 8) | Analysis by fund | Unrestricted funds - general | Restricted funds | ||||||||||
| 6 |
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
7 Grants payable
| Grants to institutions: Baptist Home Mission BMS World Mission Banso Baptist Hospital Christian Aid Freetown Appeal Christmas Appeal Benevolent Fund Other - Donations generated by Craft Time activity BMS Harvest BMS Birthday Scheme |
2022 £ 3,819 3,815 - 957 1,431 825 149 4,627 790 825 17,238 |
2021 £ 3,415 1,622 2,112 2,567 - 2,125 - - - 456 |
|---|---|---|
| 12,297 |
-
8 Support costs
| Support costs Governance costs £ £ Church office costs 4,413 - Independent examiner's remuneration - 6,509 4,413 6,509 Analysed between Charitable activities 4,413 6,509 |
2022 £ 4,413 6,509 10,922 10,922 |
2021 Basis of allocation £ 1,927 Usage 6,142 Governance 8,069 8,069 |
|---|---|---|
The total charged for the services of the independent examiner is made up of £1,980 (2021: £1,980) for the independent examination and £4,529 (2021: £4,162) for accountancy, payroll and other services.
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year for their services as trustees.
Five (2021: Four) of the trustees were reimbursed a total of £3,348 (2021: £4,887) in respect of postage, telephone, lighting and other equipment, and other out-of-pocket expenses.
- 17 -
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
10 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| 5 | 4 | |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 71,736 | 54,753 |
| Social security costs | 251 | 219 |
| Other pension costs | 4,537 | 5,602 |
| 76,524 | 60,574 |
No employee received emoluments in excess of £60,000 per annum during the year (2021: none).
The Ministers act as Church trustees in accordance with the Church's constitution and they received remuneration of £30,911 (2021: £30,573) and other benefits in respect of their services as Ministers, including the provision of manse accommodation owned by the church. Manse property costs in the year totalled £8,372 (2021: £5,801).
The key management personnel are the managing trustees. Total aggregate remuneration paid to key management personnel during the year was £34,649 (2021: £34,258).
11 Net gains/(losses) on investments
| Endowment Unrestricted Endowment funds funds funds general 2022 2021 2021 £ £ £ Revaluation of investments 72 - 6,226 Gain/(loss) on sale of investments - 352 - 72 352 6,226 |
Total 2021 £ 6,226 352 |
|---|---|
| 6,578 |
- 18 -
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
12 Tangible fixed assets
| Freehold land and buildings £ Cost or valuation At 1 December 2021 1,157,954 Additions - Disposals - At 30 November 2022 1,157,954 Depreciation and impairment At 1 December 2021 - Depreciation charged in the year - Eliminated in respect of disposals - At 30 November 2022 - Carrying amount At 30 November 2022 1,157,954 At 30 November 2021 1,157,954 |
Fixtures, fittings and equipment Audio and IT equipment £ £ 208,704 12,638 27,528 448 (88,608) - 147,624 13,086 192,153 1,269 12,316 4,261 (88,608) - 115,861 5,530 31,763 7,556 16,551 11,369 |
Total £ 1,379,296 27,976 (88,608) |
|---|---|---|
| 1,318,664 | ||
| 193,422 16,577 (88,608) |
||
| 121,391 | ||
| 1,197,273 | ||
| 1,185,874 |
All the fixed assets were used for direct charitable purposes.
All the freehold land and buildings except 4 Sapphire Close were valued as at 30 November 1996 by Barnes Noble Edwards, Chartered Surveyors, based upon current use value.
4 Sapphire Close has been included at its cost in March 1998.
13 St Mary's Road was extended and improved during 2012, the costs of which have been capitalised as they added value to the property.
For insurance purposes the freehold property has a value of approximately £8m.
13 Investment property
| Investment property | |
|---|---|
| 2022 | |
| £ | |
| Fair value | |
| At 1 December 2021 and 30 November 2022 | 10,000 |
Investment property comprises a freehold reversion of leased properties situated at 59/69 Gold Street Kettering.
The leases expire on 16 December 2032.
There has been no recent professional valuation of the investment property but the trustees believe that the fair value at 30 November 2022 is not significantly different to the carrying value.
- 19 -
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
| 14 Fixed asset investments Cost or valuation At 1 December 2021 Fair value movement At 30 November 2022 Carrying amount At 30 November 2022 At 30 November 2021 All investments are carried at fair value. 15 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 16 Current asset investments Short term deposits with the Baptist Union Corporation 17 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
Listed investments £ 65,377 72 65,449 65,449 65,377 2022 2021 £ £ 7,463 1,539 9,375 9,386 16,838 10,925 2022 2021 £ £ 189,584 188,453 2022 2021 £ £ 388 381 1,401 5,264 2,908 - 10,384 8,413 15,081 14,058 |
|---|---|
| 2022 £ 7,463 9,375 16,838 2022 £ 189,584 2022 £ 388 1,401 2,908 10,384 15,081 |
Accruals include an amount for grants payable of £768 (2021: £1,278).
- 20 -
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
| 18 Provisions for liabilities Defined benefit pension scheme liability Movements on provisions: At 1 December 2021 Re-measurement of provision Unwinding of discount Other movements At 30 November 2022 |
2022 2021 £ £ - 21,700 Defined benefit pension scheme liability £ 21,700 (18,992) 377 (3,085) - |
|---|---|
The liability represents the estimated present value of deficit contributions to the Baptist Pension Scheme agreed at 30 November 2022.
Other movements comprise deficiency contributions paid (£3,085) (2021: (£4,371)), finance cost £377 (2021: £340) and actuarial losses/(gains) on re-measurement of liability (£18,992) (2021: £1,641).
19 Retirement benefit schemes
Defined contribution schemes
The Trust operates a defined contribution pension scheme for all qualifying employees.
The charge to profit or loss in respect of defined contribution schemes was £4,537 (2021: £3,961).
- 21 -
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
19 Retirement benefit schemes
(Continued)
Defined benefit schemes
The Church is a participating employer in the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the employer and 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 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 if they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited. Members of the Basic Section pay reduced contributions of 5% of pensionable income, and their employers also pay a total of 5%.
The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme's assets and liabilities to specific employers, the Scheme is accounted for as if the Scheme were a defined contribution scheme.
The Ministers are eligible to join the Scheme.
Actuarial valuation as at 31 December 2019
A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date, the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316 million, giving a deficit of £18 million (equivalent to a past service funding level of 94%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit.
The key financial assumptions underlying the valuations were as follows:
| Type of assumption | % p.a. |
|---|---|
| RPI price inflation assumption | 3.20 |
| CPI price inflation assumption | 2.70 |
| Minimum Pensionable Income Increase Adjustment (above CPI) | 0.50 |
| Pre retirement assumed investment returns (gilt yield plus 1.75% pa) | 2.95 |
| Post retirement assumed investment returns (including | |
| benefits matched by the insurance policy)(gilt yield plus 0.5% pa) | 1.70 |
| Minimum Pensionable Income increases (CPI plus 0.5%) | 3.20 |
| Deferred pension increases (based on RPI Pre April 2009 Post April 2009 |
3.20 2.50 |
| Pension increases | |
| Based on CPI with an annual floor of 0% and annual cap of 5% | 2.70 |
- 22 -
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
19 Retirement benefit schemes
(Continued)
Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements are projected from 2013 in line with the 'CMI 2019' projection with a long-term rate 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 will commence in 2023 to reflect the position 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.
Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.
On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group ("Just") to secure DB Plan members' pension benefits. Just are now providing financial backing for all pensions provided through the Scheme's DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022.
Movement in Balance Sheet liability
FRS 102 requires agreed deficit recovery payments to be recognised as a liability. Details of the movement in provision are set out in note 18 to the financial statements.
The Church has been advised that the cost for the Church to buyout their Pension Scheme liabilities at 30 November 2022 was approximately £Nil (2021: £38,700).
- 23 -
| Endowment funds | Endowment funds represent assets which must be held permanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of | the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. | Movement in funds Movement in funds |
Balance at Incoming Resources Transfers Revaluations Balance at Incoming Resources Transfers Revaluations Balance at |
1 December resources expended gains and 1 December resources expended gains and 30 November |
2020 losses 2021 losses 2022 |
£ £ £ £ £ £ £ £ £ £ £ |
Permanent endowments | Benevolent Fund 4,626 - - - - 4,626 - - - - 4,626 |
Bethany Home | Fund 6,815 - - - - 6,815 - - - - 6,815 |
General Fund 119,569 - - - 6,226 125,795 - - - 72 125,867 |
Major Repairs | Fund 3,440 - - - - 3,440 - - - - 3,440 |
Sunday School | Fund 2,448 - - - - 2,448 - - - - 2,448 |
Other | endowment funds 2,318 - - - - 2,318 - - - - 2,318 |
139,216 - - - 6,226 145,442 - - - 72 145,514 |
Other endowment funds totalling £2,318 at 30 November 2022 (2021: £2,318) comprise Choir £179, Communion £224, Hymn and Bible £68, Institute £224, Ladies Guild | £1,589 and Mens Fellowship £34. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20 |
| Restricted funds | The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: | Movement in funds Movement in funds |
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at |
1 December resources expended 1 December resources expended 30 November |
2020 2021 2022 |
£ £ £ £ £ £ £ £ £ |
Banso Baptist Hospital Chaplaincy 3 312 (2,112) 1,800 3 - - - 3 |
Baptist Home Mission 59 4,509 (2,137) - 2,431 4,291 (3,819) - 2,903 |
BMS World Mission 67 3,336 (1,622) - 1,781 3,380 (3,678) - 1,483 |
Benevolent Fund 3,291 - - - 3,291 - (149) - 3,142 |
Chapel Redevelopment Fund 41,491 58 - - 41,549 23 - - 41,572 |
Music Fund (formerly Choir Fund) 6,263 7 - (3,298) 2,972 - - - 2,972 |
Christian Aid 150 767 (2,567) 1,800 150 957 (957) - 150 |
Youth Events - - - - - 762 - (762) - |
Communion Fund 448 1 - - 449 - - - 449 |
Freetown Appeal - - - - - 1,431 (1,431) - - |
Hymn Book and Bible Fund 124 - - - 124 - (124) - - |
Ladies Guild Fund 1,053 1 - - 1,054 - - - 1,054 |
Miss Jessie White Legacy 56 - - - 56 - - - 56 |
December Disaster Appeals - - - - - 777 (926) 149 - |
BMS birthday scheme 15 893 (456) - 452 610 (825) - 237 |
Other restricted funds 172 2,625 (2,125) - 672 825 (1,327) - 170 |
Newland Street development 1,667 213 - - 1,880 - - (1,880) - |
Youth Ministry 50,256 58 (4,577) - 45,737 26 (6,859) - 38,904 |
105,115 12,780 (15,596) 302 102,601 13,082 (20,095) (2,493) 93,095 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21 |
| The main restricted funds are as follows: | � Banso Hospital – Funds collected through offerings for Banso Baptist Hospital, Cameroon |
� Baptist Home Mission - Funds collected through offerings for Baptist Home Mission |
� Baptist Missionary Society - Funds collected through offerings for Baptist Missionary Society |
� Benevolent Fund - Funds collected through Communion offerings to be used as a hardship fund at the Deacons’ discretion |
� Chapel Redevelopment Fund - Funds collected through offerings for Redevelopment of the Chapel |
� Music Fund (formerly Choir Fund) – Funds held for the music provision at the church |
� Christian Aid - Funds collected through offerings for Christian Aid |
� Communion Fund – As the Benevolent fund but for Church Members only |
� Hymn Books and Bible Fund – Funds held for the replacement of Hymn books and bibles |
� Ladies Guild – Funds raised by and for Ladies Guild meeting |
� Jessie White Legacy – Funds given to the church from the estate of Jessie White |
� Newland Street Development - Funds given by Church members towards the redevelopment of the Newland Street premises |
� Youth Ministry - Funds donated to pay for a Youth Worker or other costs of a Youth Ministry |
Other restricted fund balances totalling £170 at 30 November 2022 (2021: £672) comprise Emergency repairs £Nil (2021: £500), Banso Hospital £Nil (2021: £2) and | Mens Fellowship £170 (2021: £170). |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Designated funds | The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: | Movement in funds Movement in funds |
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at |
1 December resources expended 1 December resources expended 30 November |
2020 2021 2022 |
£ £ £ £ £ £ £ £ £ |
Craft Time 4,512 - - - 4,512 115 (4,627) - - |
Deferred Depreciation Fund 19,627 - - (19,627) - - - - - |
Major Repairs Fund 23,036 27 (10,315) 26,964 39,712 23 - - 39,735 |
Ministerial Students' Training Fund 1,889 1 - - 1,890 - - - 1,890 |
Noah's Ark Funds 1,441 69 (60) - 1,450 841 (521) (1,000) 770 |
Model Railway Fund 206 - - - 206 - - - 206 |
Youth Club 422 71 (58) - 435 285 (254) (300) 166 |
New designated funds - 5,000 (8,954) 207,362 203,408 110 (18,442) 75,598 260,674 |
51,133 5,168 (19,387) 214,699 251,613 1,374 (23,844) 74,298 303,441 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 |
| NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 |
23 New designated funds The 'New designated funds' as provided on Note 22 include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Movement in funds Movement in funds Balance at 1 December 2020 Incoming resources Resources expended Transfers Revaluations, gains and losses Balance at 1 December 2021 Incoming resources Resources expended Transfers Revaluations, gains and losses Balance at 30 November 2022 £ £ £ £ £ £ £ £ £ £ £ AV System - - - 18,338 - 18,338 10 - - - 18,348 Renewal of IT & Office Equipment - - (301) 4,024 - 3,723 - (730) (447) - 2,546 Annual maintenance - - - 15,000 - 15,000 8 - 100,000 - 115,008 Emergency repairs - - - 20,000 - 20,000 11 (7,348) - - 12,663 Chapel project - - - 45,000 - 45,000 26 - - - 45,026 Major Manse repairs & refurbishment - - (4,075) 20,000 - 15,925 9 (1,080) - - 14,854 Newland Street - 5,000 - 30,000 - 35,000 20 (2,425) (23,955) - 8,640 Youth Ministry - - (4,578) 50,000 - 45,422 26 (6,859) - - 38,589 Heritage - - - 5,000 - 5,000 - - - - 5,000 - 5,000 (8,954) 207,362 - 203,408 110 (18,442) 75,598 - 260,674 |
|---|---|
| Total | 2021 | £ | 1,185,874 | 10,000 | 65,377 | 572,135 | (21,700) | 1,811,686 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Endowment | funds | 2021 | £ | 67,795 | - | 65,377 | 12,270 | - | 145,442 | ||||
| Restricted | funds | 2021 | £ | - | - | - | 102,601 | - | 102,601 | ||||
| Unrestricted | funds | 2021 | £ | 1,118,079 | 10,000 | - | 457,264 | (21,700) | 1,563,643 | ||||
| Total | 2022 | £ | 1,197,273 | 10,000 | 65,449 | 499,238 | - | 1,771,960 | |||||
| Endowment | funds | 2022 | £ | 67,795 | - | 65,449 | 12,270 | - | 145,514 | ||||
| Restricted | funds | 2022 | £ | - | - | - | 93,095 | - | 93,095 | ||||
| Unrestricted | funds | 2022 | £ | 1,129,478 | 10,000 | - | 393,873 | - | 1,533,351 | ||||
| Analysis of net assets between funds | Fund balances at 30 November 2022 are | represented by: | Tangible assets | Investment properties | Investments | Current assets/(liabilities) | Provisions | ||||||
| 24 |
TRUSTEES OF FULLER BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
25 Related party transactions
Transactions with related parties
During the year the Trust entered into the following transactions with related parties:
One of the custodian trustees of the Church is the Baptist Union Corporation Limited which is charity number 249635, and which is controlled by the Baptist Union Council. The Church is also a member of the Baptist Union of Great Britain and the Central Baptist Association.
During the year the Church made donations of £3,819 (2021: £3,415) to the Baptist Home Mission fund.
The Church's investments include short term deposits, totalling £189,584 (2021: £188,453), invested with the Baptist Union Corporation Limited on commercial normal terms.
The trustees make regular donations to the Church by contributing to collections. The aggregate donations of this type cannot be measured with certainty due to their nature.
- 31 -