REGISTERED CHARITY NUMBER: 1135288 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR BROADMEAD BAPTIST CHURCH. NORTHAMPTON BROADMEAD BAPTIST CHURCH. NORTHAMPTON CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page Reference and Administrative Details Report of the Trustees 2 to 6 Indèpèndènt Examinar's Réport Statgmont of Finan¢ial Activsti9$ Balance Sh8et 9 to 10 Notes to the Flnanclal Ststsment 11 10 28 Detallad Statement of Financial Activitie5 29 10 30 BROADMEAD BAPTIST CHURCH. NORTHAMPTON REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 3q DECEMBER 2020 TRUSTEES Mr J Lee ￿reaSu￿rI Mr J Madden Revd A Eakins (Chalr & Minlster} Miss G Murr8y Mr S Town Mrs K Dawklns Mr J IMnnin9 Mr J Dilchbu Dr R Boyd Mrs L Soto-C8rtwright (resigned 1411r20) PRINCIPAL ADDRESS Broadmead Baptist Church Broadmead Avenue Northampton NN3 2QY REGISTERED CHARITY NUAIBER 1135268 INDEPENDENT EXAMINER DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton NN15AJ BANKERS Naknyesl Bank 41 The Drapery Northampton NN12EY Nationwide 84Jilding Society 36 Kingsley Park Terrace Northampton NN2 7HG PROPERTY TRUSTEES The Baptist Union Corporation Limited Baptist House 129 Broadway Didcot Oxfordshir0 OX11 8RT Pag¢ I BROADMEAD BAPTIST CHURCH. NORTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 The trustegs present their Annual Report and financial stalemgn15 foi 2020. 08JECTIVES AND ACTIVITIES Charitablè ObsÈ¢t The Charity is governe(I by an Approved Governing Document which states that the principal purpose of the Chaiity is the advancernent of the Christian faith according to the prin¢lples of the Baptist denomination to in¢lude the advancement of education, community service and such glher general charitable purposes in such parts of the United Kingdom and the world as the ChuTch shall detemiine. Tha Church occupie$ premises wh*ch arg held by the B8plist Union Corporation Ltd. on Trusts which are entirely compatible with the above object. Page 2 BROADMEAD BAPTIST CHURCH, NORTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 OBJECTIVES AND ACTIVITIES Obj$ctives and Activities In order to achieve the principal objective, which is set out above. the Church provides a variety of a¢tlvli 165 both lo its membership and to the community generally. The aim is lo show the love of Jesus Christ in both word and deèd and to brlng people into a closer relalionshSp with HIM as limng Lord. Central to the wort( and witne$$ of the Church is the provision of regular public services of Chris*"an wi¥ship. These gatherings take place each Sunday al 9.'30am. 11'.158m and 4pm, although during much of this last year we were only able lo offer online services due lo the global pandemic. ￿en we did return lor lTr-peTson gatherings In October we hdd the seNice al 10.'308m in our new worship Space. TheTe are also occasional S8nii¢e$ at other times which are aévertised in the church digital bullelSn and Ihe webslle al broadmead.org.uk. There is a fvll children's and youth programme during both gatherings. The church se8ks to be a friendly and welcoming community, and anybtsdy is frÈe to attènd any ofthese galherings. The Church runs a series of connect and small groups for the growth of faith and discipleship normally in the homes tsf somè members and in 2020 online. and lutther details of these can bp obtained our web511e or al the Sunday Gatherings. The Chur¢h established Samuels Christian Nursery in 1990 to offer sessional pre.school Èducation lo over 40 children in the local commtjnty each week. The nursery, now a charity. retumed to the Church premises in January 2019. 11 operates between Monday Friday. with the purpose of offeriny quality education and demonstrating the love of Jesus Christ. The Nursery had a challenging year and remained $hul for just over two months during the first lockdown. They also appointed a new nursery manager followin9 the resignation of the prewous one_ The Church established the Broadmead Money Advice Centr• (BMACI and trained staff to Ènablé money advice lo be offered lo clients from the local ¢omn)unity. They moved back into the new church centre from January 2019 but went to virtual support at the end of M8r¢h and have ¢onlinued to do so for the whole of the year du¢ to all staff having 10 shield as part of the response to Covid-19. The Chur¢h runs a weekly club for young t¢en& who live in Ihe lo￿lIty and arrange5 various events for Young People from the church and the commun(ty. A programme of activities covering all ages is offered to children attending the Service on Sundays. This was onty ablÈ to meèt during the first three months of the year but hopes to rurb in 2021. We were, however, able to provide youth support huddles, onlinè youth groups and outdoor meetings when it was safe to do $0. Th8 Church runs 8 Coffee Morning on Thursdays for parents and young children in term time to provSde a meeting place for parents and young thildren. This only meet for the first three months of the year. The chureh also runs a Mums Meet group to offer advice. support and community to mums and this has eoAtinued during the year as it is Considered a group whl¢h provides vital support to mums during this diffscull year. The Church runs a Ciaft and Chat group on a weekty basis for the local communty who enjoy meeting together to develop skills in a wide range of crafts. Thls has moved online from April 2020. The church has ¢onlinued lo partner with Sl. Alban's Church to run a food bank which is open evèry Frillay morning. The church is a colleetion polnt and thÈn hÈlp to provlde voluntèÈrs lo Stsff the project. This has provefj lo be a vital source of help to people in the community during the challenging year. We have also delivered food parcels and shopping to those who have been shielding and this has aknys been done in a Covid safe way following our ehurch's Policy regarding safeguarding and finance. The Church also held sevoral other special events during the year suth as Christmas. Easter and other special events. Page 3 BROADMEAD BAPTIST CHURCH, NORTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 OBJECTIVES AND ACTIVITIES The Church continues lo fundraise for the completion of the bullding. The building opened in December 2018 with the ground floor complete. Work to complete the upstairs re-started in November 2019 and will be complete earty next year. Thè new bulld has taken a considerable amount of effort and energy from the whole church to Thove back into. 11 has taken lime to estabiish within the community bul is now regulaily used by outside groups such as Adu Leaming, NHS Heaf(h Checks, NHS Breast Feeding Café, Dog Training. Carers Groups, Healing Room8, a other interests and hobby groups such as Pllates, Karate, Gymnasli¢s and Zumba. The Church arranges lunches and other meetings that provide a meeting place for yenlors. This ha$ moved online as a weekly catch up during the lockdowns IhS9 year. The Church operates system5 t(J ensure that all people working with children. youth and adults at risk are appropriately vetted regardin9 Ihe Disclosure and Barrin9 Service. We have clear poliaes and procedures sel oyl and regular trainlng Is made available. The Church has xl$o pul in place the policies and procedures lo ensu￿ we are compliant with 811 new GDPR regulatsons that camè into law In May 2018. From lime to timo the Church runs courses for people interested in discovering more 8bout Christianity. This year we ran the alpha ￿urse in the aulumn. ACHIEVEMENT AND PERFORMANCE A¢hlgvemgnts and Perfomiance The Church does not méasure the suceA$s of ils programmes only in numbers, including finanaal numbers, but also in less tangible areas like fellowship and encouragement. The Trustees recognise that these are difficult to measure, 2020 was an extreme￿ challenging year and a significant year in the life of the d)ur¢h. The leadership f the church were abre lo pivol very 9ui¢kly at tho stsrt of lo¢kdown in Marrh lo move everything from In-peison meeting and activities to online. This was incredibly well received by church and local community a$ we 50ughl to connect people. especially thos¢ who were unwell. shielding orland in isolation. During the yèar four new membèrs Join￿ the d)urch. We wère able to tr￿lebrate the dedication of one ehild and the wedding of couples. Attendance at our Gatherings has fluctuated from week to week during the year both In-Person and Online. However, we have continued lo see new people accessing our online programme on a w8ekly basls. Samuel's Nursery Christian Group, now operating in the new building, continued to provide a quality service to lo¢¥1 families and achieves high $landards a$ judged by those 8geneiè$ montioring thè nursery. YoLrth aclivilie$ continued to provide a safe and secure environment for young people. The TMX youth group continued to provide a secure environment lor local youih and on r81aun¢hing is very popular again with ovèr 50 young people on the re9lSter. Bioadmead Money AdviGe Centr¢ ¢o>ntinues to se¢ dienls with financial difficL*lties. The Children's and Youth Programme on a Sunday developed a high-qualily programme of lea¢h1ng which has received high praise from parents. Onè of our new develops this year was Outdoor muddy church which engaged wholè fami1Se$ In new way of Impmvlng health through fitr*ss and leamlng through using QR codes to unlock teaching. Page 4 BROADMEAD BAPTIST CHURCH. NORTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW Financial Review ThÈ Church continues to raise the fvnds which it needs to carry on its a￿1vIlle$ from within its own membership and congregation. No wider public appeal was made for funds during the year. The Church expressed its part in the life of the wider church by making grants to national and international Christian Organisat￿nS and sgcieties with Christian aims and objective8 compatible with church's own charitable purpose. The Church is heavily dependent on its membership working as volunteers In all aspects of the church's activities, many of which run with little or no impact on the ¢hur¢h's expenditure, but nevertheless contribute substsntially lo the achievement of the Bhurth's objectives. The flnancial results for the year, together wilh a summary of Ihe a￿o￿nting Policies adopted are set out in the accompanying financial statem&nts. The Trustee$ have established a Reserve Poliw Qf threè months cor8 costs which is equal to months full running costs. We are satisfied that with this plan. together ￿th ongoing income anticipated. that we can function effectively a8 a church in the coming year. The TrLL8tees have had regard to the Charity Commission8 guidanco on publi¢ bener The Church's Health and Safety Policy is being reviewed and we now have a planned schedule for estsblishing and updating all our policies and pro¢edure$. Wè h8V8 carried out risk assessments for using the building and all restarted activities lo ensure we are Covid secure. The Trustee$ have assessèd the major risks facing the church and are carrying out the actions iecommended to minimise these risks. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing do¢ument The charity is controlled by ils governing document. a deed of Iru$l and o)nslittrtes an unincorporated ¢harfty. Organlsational Structuro and Do¢ision maklng processes Members of the Church are accepted in accordance with the Constitution which requires them lo be or lo have been publicly baplised Dn the profession of laith in Josus Christ or following other modes of baptism to renew their public profession of faith in Jesus Christ. The Mèmbars Meeting normally lakes place at least four times per year and has responsibility for the overall policy of the church. In accordance with the Constitution. the members appoint Minister, Elders and Resource Team Leadeis, who together are eolledively known as the Tnjstees. who are responsible for the day lo day running of the chur¢h's w¢rk and witness, and the financial and legal aspects of the charity. The Ministèr, Elder$ and Resource Team Leaders meet al least six limes a y¥ar. All members are encouraged lo take an appropriate part in thè spiritual and praCt￿al tasks involved in the furtherance of the ¢harilable objective. Relevant rn8tter$ may be $ubmtMed to the Chur¢h me•ting by the Trustees for guidance or may be raised by members in ChtJi¢h meeting for further ¢onsideration by the Tru$lees. Though the Constitution permits dècisions to be made at Church meetin9s by appropriate majorities, the Church seeks lo work by consensus whe¥ever possible. Page 5 BROADMEAD BAPTIST CHURCH. NORTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 £ JJrJf_ &ti Approved by order of the board of trustees on............................................. and signed on its behalf by.. Revd A Eakins- Trustee Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BROADMEAD BAPTIST CHURGH. NORTHAMPTON Indopendent examineVs rèport to thè trustees of Broadmead Baptist Church, Northampton I rewrt to the charity trustees on my examination of the accounts of Broadmead Baptist Churej), Northampton (the Trust) forthe year ended 31 December 2020, Responslbilities and basls of roport As the charity ttustees of the Trust you are responsiblè for thè preparation of the accounts in accordan¢e wlth the requirements of the Charitiès Act 2011 {Ihe Act). I report in respect of my examination of the Trusys accounts carrled out under 8ection 145 of the Act and In carrying Out my examination I have followed all applicable Directions given by the Chaity Commission under section 14515){b) of the Act. Indgpendent examiner's statement Since your charity'g gro$s income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am 3 registered mÈmbÈr of FCA which is one of th• listed bodies. I have Completed my examination. I confirm that no material matlers have to my attention in connection with the examination giving me cause to believe that in any material respect: accoufttfng records were not kept in respect of the Twst as required by section 130 of the Aet or the accounts do not accord with those records.. or the a¢¢ounts do not comply with the applicable requirements conceming thè form and content of accounts 8el out in the Charities (Accounts and Reports) Regulations 2008 other than any r¢quirement that the accounts olve a true and fair view which is not a matter ¢onsidored as part of an independant examination. I havo no concern5 and have come across no other mallers in connection with tha examination lo which attention should be dr¥wn in this report in ord¢r lo enable a proper understanding of the accounts to be ￿#¢hed. Usè of our report This report is mado solety to the charity's trustees. as a body, in a¢¢ordanco with Part 4 of the Char¢tie$ (Accounts and Reports1 Regulations 2008. Our indèpendent examination work has been undertaken so that we might stale to the charity'$ trustees those matters we are required lo stale lo them in an independent examinèr's report and for no other purpose. To the fullest extent permitted by law. we do not accept or 8SSLEmè responsibility to anyone other than the charity and the Gharily's trustees a5 a body, for our independent examination work, for this report, or for the opinions we have formed. Nicola Fox FCA DNG Dove Naish LLP Chartered Aecountanls Eagle House 26 Billing Road Northampton NN1 5AJ Date.. ..1.4.J.une.20.2.1............... Page 7 BROADMEAD BAPTIST CHURCH, NORTHAMPTON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 Total fund8 2019 Total funds Unre51rictod funds RESlricl¢d funds Endowment funds Notes INCOME AND ENDOWMENTS FROM Donations and legarAes 243.109 83.257 326,366 457,748 Charltabl? activities Charitsble 3,321 46.160 49,481 4,790 I￿￿$tment income 152 49 201 271 Total 246,582 129,466 376,048 462,809 EXPENDITURE ON Charitsbl8 activttles Ministry Mission Establishment Support 74,797 27,446 60.010 19.280 10,654 20.752 94.077 38.100 80.762 109,220 60.494 84,290 Other 216 216 216 Totsl 162.253 50,902 213.155 254.220 NET INCOME 84.329 78.564 162.893 208.589 Transfers botsv••n funds 115,8451 247.380 Net movement in funds {47,2061 (37,2811 247,380 162.893 208.589 RECONCILIATION OF FUNDS Total ftJnd3 brought fopNard 130.146 59,319 1,088.096 1,277.561 1,068.972 TOTAL FUNDS CARRIED FORWARD 82.940 22.038 1.335,476 1440.454 1.277,561 CONTINUING OPERATIONS l inwme and expondilure has arisen from wrrtinuing acttvilies. The note5 form part of these finandal statements Page 8 BROADPIIEAD BAPTIST CHURCH. NORTHAMPTON BALANCE SHEET 31 DECEMBER 2020 2020 Total funds 2019 Total funds ur￿estricted ful￿$ Restricted Inds Endowment funds Notes FIXED ASSETS Tangible asse18 12 865 2.628.917 2,629.782 2.484.517 CURRENT ASSETS Debtors.. amounts fallÈng due within one year Cash al bank 9,943 105,243 428 20.746 10.371 125,989 19.250 214 939 115.186 21,174 136,360 234,189 CREDITORS Amounts falling due within one year 14 (7.5601 186.881) 174,441) 1143,806) CURRENT ASs￿s 107.626 21,174 66.881 TOTAL ASSETS LESS CURRENT LIABILITIES 107.626 22.039 2.562.036 2.691,701 2.574,900 CREDITORS Amounts falling due alter mor• than one year 15 11,226.5601 (1,226,560) 11.256,8911 PROVISIONS FOR LIABILITIES 17 (24.887) 124.687) 140.4481 NET ASSETS 82.939 22,039 1.335.476 1,277,561 The notss fomi part of these financial ststemenls Page 9 continued... BROAL)MEAD BAPTIST CHURCH, NORTHAMPTON BALANCE SHEET- continuod 31 DECEMBER 2020 FUNDS Unreslri¢ted fvnd$ Restricted funds Endowment ftjnds 18 82.939 22.039 1.335,476 130,146 59.319 1,088,096 TOTAL FUNDS 1440 454 1277 561 The finan¢ial statements were approved by the Board of Trustees and 8ulhorised for issue on .%..Tr)E..%￿LX... and were signed on ils behalf by.. Revd A Eakins- Trustee Mr J Lee- Truslee The notes fom part of these financial stslements Page 10 BROADMEAD BAPTIST CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Basis of prèparing thg finan¢ial ¥tatements The financial statements of the charity, which 18 a public benofil enltty under FRS 102, have been prepared in accordan¢e with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts tn accordance with the Financial Reporting Slondard applicable in the UK and Republic of IrÈl8nd {FRS 102) (effective 1 January 20191,. Finan¢ial Reporb"ng Standard 102 'The Financ4al Reporting Standard applieablè in the UK and Republic of Ireland, and the Charities Act 2011. The financAal stalemonts have been prepared under the historical CDSt corlvention. Broadmead Bapbst Church is an unincoiporated charity registered with the Charity Commi$sSon for EnglarKI and Wales. Its charity registration number and régistered address are listed on page 1. No Mater￿al uncertainties exist in relation lo going concem. The presentation currency of the financial statements IS the pound sterling 1£). Income All income is recognised in the Statement of Financial Activltles once the charity has enliuement to the funds after any PErforwHance conditions have been met, it is probable that the ineA)me will be reeèivÈd and the amoynl ¢an be moasure¢J reliably. Donations ar• accounted for gross wh•n received. Lagacies are accounted for at the èarlier of the Estate accounts being finalised a￿j notifi¢d and the legacy being received. Inve$trnenl In¢om¢ Is Included In the accounts in the year in which it 13 re¢elvabtè. Exp•ndltur• Liabilities are recognised as expersditure as soon 8$ there Is a legal or constructive obligation committing thè Charity to that expenditure, it 1$ probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measufed reliably. Expènditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. The Church makes granls lo other organisation5 whose ch8rit8ble objects complement its work. They are accounted for in the year in v4hi¢h they are paid. Grants offered subject lo conditions which have not been met at thè year end dat& are not￿ as a commitment bul not accrued as expenditure. Allocation and apporttonment of co$ts Support costs are those that assist the work of the Church bul do not directly rèpresent charitabl actNilies and indude office costs and govein8n¢e costs. VThere support costs ¢annol be directly attributed to particular headings they have been allocated lo expenditure on ¢harilablg 8CtNilles on a basis consistentwth the use of resource5. Governan¢¢ ¢o$ts reptesenl direct expenditure on the govemance of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included In thè Slatemenl of Financial Adivities since there is no measurable cost lo the volunteers for their sorvice. Tanglblè ftxed assets Depreciation is provided 8t th8 following annual ratss in order to write off each a35et ovor 115 estimated useful life. Page 11 continuèd... BROAtX¥lEAD BAPTIST CHURCH. NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES - conttnu•d Tangible fixed assets Fixtures and fittings 10% on cost Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Fix8d assets are only capit81ised and dèprè¢ialÈd for single itèms valu8d above £1.000. Depreclation meth(xls, useful lives and residual values are reviewed at each balance sheet dale. The selection of these residual values and eslirnaled lives require5 the exerciso of judgem¢tit. Th¢ Twslees are required to assess whether there is an indication of impairment to the carryin9 value of assets. In making that 8ssessment, judgements are made in estimating value in use. The Trustees ¢¢nslder that thè individual carrying values of assets arè SLtpportabla by their value in use. DeprecAation has not been Charged n Schème, administered by the Baptist Pension Trust Limited. The contribut'ons arise from the def￿1t recovery agreement and is payable annually until 31 December 2028. Thi5 liability represents the nel present value of the deficit contributions agreed as at the accounting date and has been valued usin9 th¢ followlng assumpllons sel by r&feren¢e to the duration of Ihe defldt recovery payments.. A¢co￿tIng dale Discount Tate Future increase$ to minimum pensionablo Income 31 Dec 2020 0.4% 31 Dec 2019 1.7% 31 Dec 2018 2.4% 3.2% 3.3% Page 21 ontinued... BROADMEAD BAPTIST CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2020 18. MOVEMENT IN FUNDS Net fnovemenl in funds Transfers Iween funds At 31112120 AI 111120 Unrestrl¢t¢d fund$ General fund Rèsetvès (Virgin al¢) 104,787 84,176 152 (149,804) 18,269 39.159 43,780 130.146 84.328 (131,535) 82,939 Rèstrictèd fund$ BMAC IDedi¢aledl BMAC (Natwestl TMX (Cashl Building Fund Gifts INabNè211 Samuels Bibles (Na￿eStI Youth Weekend Away (Na￿esti Dishwasher l Nations Madagascar Youth Evgnts Childrens Ministry Church Wam1ing Party NBC Youth caf8 N8C Youth grant Chairs Kintsugi Hope 4.601 199 (2231 885 2371 78,477 19691 (1351 2,820 7.198 1.084 237 {119.2851 956 48.195 13 180 1,699 1.081 7.387 45 1,699 12161 161 158 11581 319 822 754 934 835 1.141 754 69 110 831 856 {8651 17251 831 856 59,319 78.565 1115,845) 22.039 Endowment funds Church Premises 1.088,096 247.380 1,33S,476 TOTAL FUNDS 1.277.561 162.893 1,440.454 Page 22 ¢ontinued... BROADMEAD BAPTIST CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020 18. MOVEMENT IN FUNDS - ¢ontlnued Net movement in fvnds, included in the abpve are as follows.. Incoming resources ResouTces expended ovemenl in funds Unrestrlcted funds General fund Reserves (Vir9in alcl 246,430 152 1162.254} 84.176 152 246.582 {162.2541 84.328 Restri¢tsd fund$ BMAC IDedicaled} BMAG IN8twesti TMX (Cashl Building Fund Gifts (Na￿eSt} Samuels Bibles {Nattvest} Dishwasher Youth Events Children5 Ministry NBC Youth cafe Chairs Kintsugl Hope 2,351 885 {2,574) 1223) 885 12371 78,477 (9691 (1351 {2161 (1581 319 {8651 831 856 12371 140,8341 11,3891 11681 12161 15891 12081 18651 13,8411 119,311 400 431 527 4,672 856 129,466 50.901 78,565 TOTAL FUNDS 376,048 213.155 162,893 Page 23 continued... BROADMEAD BAPTIST CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020 18. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Nel movement in fuThJs Translers betwee funds At 31112119 At 111119 Unrestrictsd fund$ General fund Reserves (Virgin alc} 136.4461 31,197 139.517 111 1,716 104,787 15.249) 139,628 14,233} 130.146 Rèstricted funds BMAC IDedi¢atedl BMAC (Natwestl Building Fund Gifts {Naknvesti S2muÉl$ Bibles (Na￿e$ll Youth Weekend Away (Natwèsll Dishwasher All Nations Mad8ga8car Youth Events Childrens Ministry Church Warming Paty NBC Youth cafe NBC Youth grant 4,527 64 24,488 82 12,7461 135 68.359 1691 180 1.386 {216} 2,820 4,601 199 48.195 13 180 1.699 1,081 {44.6521 313 1.297 11,4131 822 754 934 835 1,413 822 754 934 835 30,777 68,961 140,4191 59.319 Endowmènt funds Chuich Premises 1.043.444 44,652 1,088,096 TOTAL FUNDS 1.068,972 208 589 1277.561 Page 24 continued... BROADMEAD BAPTIST CHURCH. NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2020 18. MOVEMENT IN FUNDS - contlnuod Ci)mparallve net movement In funds, included in the above are as follows: Incoming resources Resource$ exponded Movement in funds Unrestrictgd funds General fvnd Reserves (Virgin alcl 314,838 111 {175.3211 139,517 111 314.949 1175,321) 139,828 Restrleted funds BMAC (Dedicaledl BMAC INatwe$tl Building Fund Gift5 {Natwes11 Samuels Bibles {Natwestl Youth Weekend Away IN8twestl Dishwasher Youth Events Childrens Ministry Church Warming Paty NBC Youth cale NBC Youth grant 1,469 235 139,855 14,2151 {100) (71,496} (69) 1188) {2.7461 135 68.359 1691 180 1.386 12161 11,4131 822 754 934 835 368 1,386 12161 {1.4e4) 71 822 7S4 1,000 1.900 1661 147.860 78,8991 68,961 TOTAL FUNDS 462.809 254 2201 208,589 T4)e Church Premises Fund represents the new Church Building. The BMAC (Dedicatedl fvnd is a sopoiat¢ a¢count for the running of thÈ "Eroadmad Money Advice Centre" Th& TMX represents thè cash used for the ￿nn1r$g of the"TMX" yguth ¢lub. The Building Fund is dedicated lo special building projects. The Youth Weekend Away Fund is solely used to ¢ollect monies for youth trip$ 8way. The Children's Ministry Fund is for any income or expenditure allO￿ted to the Children'3 Ministry. Tho Chairs Fund wa¥ Created early in 2020 to raise moneys for the pU￿h￿se of new chairs for the church. Tha Kintsugi Hope Fund was created for a wellbeing group run by Kintsugi Hope volunteers In partnership with Broadmead. This fund is restrf¢ted and ysed to collect gifts aimed to thÉ running of tha group, 88 well as the ￿$t of matèrials used. Poge 25 contlnued... BROADMEAD BAPTIST CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnu¢d FOR THE YEAR ENDED 31 DECEMBER 2020 18. MOVEMENT IN FUNDS- continued Tran$fgrs between funds The transfer from the Buildino Funds to Church Premises Endowmènt Fund relates to the work on the new Chur¢h building funded in part by donations. The transfer from the General Fund to the Church Piemises Endowment Fund relates to the work on Ihe new Church bullding. The transfer from the Gener￿ Fund to the Res8rves Fund is due to regular transfers to the dedicated bank account. Transfers from the General Fund to the TMX FLind, Gifts Fund and Youth Everts Fund are due to ovèrspends on the Teslricleé fLtnds. Transfers from the All Nation$ fund and NBC Youth Grant Fund to the General Fund are due to unalloGaled expenditure in previous years. 19. EMPLOYEE BENEFIT OBUGATIONS The Church is 8n employer partiupaling in a pension schgme known as the Baptist Pen8ton Scheme I"IhÈ S¢hem8"I, which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal trntity and the assets of tho Scheme are held separately from those of the EmplDyer and the other participating employers. For any month, each participating &mployar in the sch￿￿¥ pays contributions as set out in thè Schedule of ContribLrtions In force al that lime. The Sd)eme 1$ considered to be a multi-employer scheme as described in Section 28 of FRS 102. Thls is because it is not possible to attribute the Scheme's assets and liabilities to spe¢ific employers and means that contributions are accounted for as rf the Scheme were a defined contribution scheme. The pensions cosls rharged to the SUFA in the year are contribulions payable towards benefi15 and expense$ accrued in that year. plus any impact of defieièncy contributions Isee bèlow). The Min¢ster and some m8mbers of thè church staff arè 81igibl8 to join the Schèm8. From January 2012, pen510n provision is being made through the Defined Contribution (DCI Plan within the Scheme. In general, members pay e% of their Pensionable In￿me and employers pay 6% of membeis. Pensionable Income into individual pension accounts. which are operated and managed on behalf of Ihe Pension Trustee by Lègal and General Life Assurance Society Limited. In addition. the employer pays a further 4% of Pensionable Income to cover Death in SeNice Benefits, administration costs. and an asstscialed in$uran¢e poli￿ which Provides income protedion for Scheme members in Ihe evènt that they are unable to work due to long-temi incapacity. This income protection policy has been insured t)y the Baptist Union of Great Britain with Unum Limited. Imembers of the Basic Section pay reduced contribution$ of S% of Pensionable Income, and their employer5 als0 pay a totsl of 5%.] The further 4% cpntribulion rate is reduced lo 3% for Employef contribution5 made to the Segregated DC Arrangemonl. Pag• 26 tinuèd... BROADMEAD BAPTIST CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS- continueil FOR THE YEAR ENDED 31 DECEMBER 2020 19. EAqPLOYEE BENEFIT OBLIGATIONS - contlnutd Benefits in respecl of Service prior to 1 January 2012 are provided through the Defined Benefit (DBI Plan within the Scheme. The main ben¢ffts for pre-2012 servico were a def5ned benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with addiliorsal pension in rè$pÈct tsf premiums paid on Pensionable Income in excess of Minimum Pensionable Incom•. The Schemè, previously known as the Bapti51 Ministers, Pension Fund, started in 1925. but was dosÈd to future a¢¢rual of defined benefits on 31 December 2011. Actuarial valuation as at 31 December 2019 A fomial valuation of the Oefined Beneff( {DBI Plan was performed at 31 December 2019 by 0 prolessionally qualrfied Aetuary using thè Projècted Unkt Method. The market value of the DB Plan assels al th¢ valuation date was £298 million. The valuation of the DB Plan revealed a defiGti of assets Gomparod with the valuo of liabilities of £18 millh)n lequivalent lo a past servlce funding level of 94%}. The Church and the other employers supporting the D8 Plan are wlleclively responsible for funding this defial. The key a$sumptlons undertying the valuation were as follows.. Type of financial a$$umption %pa RPI price inflation assumption CPI inflation assumption Minimum Pensionable Income increases 3.20 2.70 {RPI} 3.20 Assumed investment ietums PrÈ-rÈtirement Post retirement Deferred pension increases Pre April 2009 Post April 2009 Pension increases Main Stheme pension 2.95 1,70 3.20 2.50 2.70 Post-retir8ment mortality in accordance with of the S2NFA and S2NMA tables, with allowance for fLJknre improvements in mortality rates from 2013 in line with the CMI 2019 corg piojedson¥. with a long term 8nnual rate of improvement of 1.75% for males and 1.5% for females, with the core smoothing parameter and wSlh additlonal mllial mortality Improvement fador A=0.5%. The next actuarial valuation of the DB Plan within the Scheme is due lo take Pla￿ not later than as at 31 De￿mber 2022. Recovery Pla In addition lo the Contr1￿￿onS lo the DC Plan set out above. where a valualion of th& DB Plan reveals a defi¢il the Trustee and the CouncAI agree to a rale of deficiency contn'bulions from churches and olh8r employers involvéd in the DB Plan. Under the tturrènl Recovery Plan dated 30 September 2020, deficiency contributions are payable until 30 June 2026. These conlributions ar¢ broadty based on th? emplrJy?¢s mgmbership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. However. the Trustee and the Council agreed a 50% reduction for all deficiency contributions payable be￿een 1 July 2020 and 31 Decembèr 2020. Pagg 27 continued... BROADMEAD BAPTIST CHURCH. NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - ¢*)ntinued FOR THE YEAR ENDED 31 DECEMBER 2020 20. RELATED PARTY DISCLOSURES Totsl donations received without conditions Irom trustees were £62,74712019.' £22.27n. The custodian Tiutstee of the Church is the Baptisl Union CoTP?ratlon Limited YrfhiGh is charfty number 249635, and which is controlled by the Baplist Union COU￿1. The church is also a member of the Baptist Union of Great Brflaln. and the Centr81 Bapllst Assc¢ialion. The Church is in weipl of a108n from the Bapti51 Union Corporation as Set out in note 17. Page 28 BROADMEAD BAPTIST CHURCH, NORTHAMPTON DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 INCOME AND ENDOWMENTS Don8tion$ and legacles Gifts Donations 712 247.456 42.730 31,000 4.468 27,790 228,658 41.037 150.791 Legacies Other income 328,366 457,748 Investment in¢ome Deposit account interest 201 271 Charitable a¢tlvities Grants BMAC 46.571 2.910 3.150 1.640 49,481 4.790 Total Ineomlng règourco$ 376.048 462.809 EXPENDITURE Charitabla activIt￿S Vvages Social security Pensions Staff training Staff expensos Manse costs Church ¢o$ts Building Project Fellowship BMAC Grants to institutions 53.671 2.059 14.150) 618 291 8,700 34.734 1,807 8,086 2,574 19,444 56.266 4,277 10.845 469 654 8.700 20.128 25,114 13,175 4,215 22,771 127,834 166,614 Other DeprecAation of tangible fixed assets 216 216 Support east8 Management Wages Carried lo￿ard 33,015 33,015 30.567 30.567 This page does not form part ofthe statutory financial slatem¢nts Page 29 BROADMEAD BAPTIST CHURCH, NORTHAMPTON DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Management Brought forward Telephone Photocopier Communications Administration 33,015 3,699 3,700 30.567 3,583 2,440 3,365 2.677 43.813 39,827 Flnance Bank Chargès 336 Loan int•r•st Loan 37.491 44,843 Govgrnance rg5ts Independent examination feè Aceountan¢y fees payable lo Independent Examiner 930 900 1.820 3,465 2,720 Total resources expended 213,155 254.220 Nèt Incom• 162 893 208 589 This page does not form part of the stslutory ffinandal statem¢nts Page 30