**REGISTERED CHARITY NUMBER: 1135268** ## **REPORT OF THE TRUSTEES AND** **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **FOR** ## **BROADMEAD COMMUNITY CHURCH** **BROADMEAD COMMUNITY CHURCH** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** |||**Page**|| |---|---|---|---| |**Reference and Administrative Details**||1|| |**Report of the Trustees**|2|to|6| |**Independent Examiner's Report**||7|| |**Statement of Financial Activities**||8|| |**Balance Sheet**||9|| |**Notes to the Financial Statements**|10|to|26| |**Detailed Statement of Financial Activities**|27|to|28| **BROADMEAD COMMUNITY CHURCH** ## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022** |**TRUSTEES**|Mr J Madden| |---|---| ||Revd A Eakins (Chair & Minister)| ||Mrs K Dawkins| ||Mr J Winning| ||Mr J Ditchburn| ||Dr R Boyd (Treasurer)| |**PRINCIPAL ADDRESS**|Broadmead Community Church| ||Broadmead Avenue| ||Northampton| ||NN3 2QY| |**REGISTERED CHARITY**|1135268| |**NUMBER**|| |**INDEPENDENT EXAMINER**|DNG Dove Naish LLP| ||Chartered Accountants| ||Eagle House| ||28 Billing Road| ||Northampton| ||NN1 5AJ| |**BANKERS**|Natwest Bank| ||41 The Drapery| ||Northampton| ||NN1 2EY| ||Virgin Money| ||7 Gold Street| ||Northampton| ||NN1 1EN| |**PROPERTY TRUSTEES**|The Baptist Union Corporation Limited| ||Baptist House| ||129 Broadway| ||Didcot| ||Oxfordshire| ||OX11 8RT| Page 1 **BROADMEAD COMMUNITY CHURCH** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** The trustees present their Annual Report and financial statements for 2022. ## **OBJECTIVES AND ACTIVITIES** ## **Charitable Object** The Charity is governed by an Approved Governing Document which states that the principal purpose of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination to include the advancement of education, community service and such other general charitable purposes in such parts of the United Kingdom and the world as the Church shall determine. The Church occupies premises which are held by the Baptist Union Corporation Ltd, on Trusts which are entirely compatible with the above charitable objective. Page 2 **BROADMEAD COMMUNITY CHURCH** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and Activities** In order to achieve the principal objective, which is set out above, the Church provides a variety of activities both to its membership and to the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord. Central to the work and witness of the Church is the provision of regular public services of Christian worship. These gatherings take place each Sunday at 10:45am. There are also occasional services at other times which are advertised in the church digital bulletin and the website at broadmead.org.uk. There is a full children's and youth programme during both gatherings. The church seeks to be a friendly and welcoming community, and anybody is free to attend any of these gatherings. The Church celebrated its 90th Birthday this year with a wonderful celebration including the grand opening of the new church centre. We were so pleased to be able to invite the Mayor of Northampton and Debra Green OBE (from Redeeming Our Communities) as our special guests. The Church runs a series of connect groups, huddles, community groups and small groups for the growth of faith and discipleship normally in the homes of some members and further details of these can be obtained on our website or at the Sunday Gatherings. The Church established Samuels Christian Nursery in 1990 to offer sessional pre-school education to over forty children in the local community each week. It operates between Monday - Friday, with the purpose of offering quality education and demonstrating the love of Jesus Christ. Samuels was open during all lockdowns and were able to operate with extremely committed staff team. The Church runs the Broadmead Money Advice Centre (BMAC) and trained staff to enable money advice to be offered to clients from the local community. After seventeen years this service closed in October 2022 and we are so thankful to all the volunteers over many years who have served in the area of debt advice. The Church runs a weekly club for young teens who live in the locality and arranges various events for Young People from the church and the community. A programme of activities covering all ages is offered to children attending the service on Sundays. There have 50 members on the register and this year have now had to set up a waiting list. During the year we have seen the return of youth special events including BBQs and park games, an Aquapark trip and roller-skating disco. We have also grown our youth leaders hub to connect with more churches and more leaders across the town. This has led to us supporting and attending Ignite youth event which bring young people from across Northamptonshire to play games and have a time of worship, prayer and teaching together. We were excited to have a number of young people baptised this year and as part of that we ran a youth baptism course for those 7 young people. The Church also runs a parent and toddler group to offer advice, support, and community to parents as well as activities for children. This has continued to grow during the year. Broadmead has also supported Welcome Churches in various ways. From the children's and family perspective, we have organised and run a Christmas craft activity morning at the hotel the refugees are staying at. Over Christmas we have also supported local families with food and Christmas gifts working with Mother Christmas a local project to give gifts to looked after children and struggling families. Facilitating and hosting children and family worker hub to enable more joined up working across Northampton. Page 3 **BROADMEAD COMMUNITY CHURCH** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** ## **OBJECTIVES AND ACTIVITIES** In partnerships with other community and faith groups we created Community Action Groups which focussed on five key areas identified by the community stakeholders. They completed their projects at the end of November with each group having achieved some of the targets to improve the neighbourhood of Eastfield/Headlands. In May out of the Community Conversation we were able to arrange the Eastfield/Headlands Community Festival which was a great success with 100s of people visiting many venues around the neighbourhood. The event finished with a concert and was so well received that we have been encouraged to hold it again in 2023. Out of the Community Action Group on Well Being and Mental Health came the Social Prescribing and Volunteer Forum which seeks to bring together people to share knowledge, practice and develop new ways of working together. As well as the Community Café being open every Tuesday and Thursday morning for everyone. The café team have also run one off events on a monthly basis. These have included Guys and Rolls (breakfast and table tennis), Jubilee Tea Party, Ladies Afternoon Tea, Ladies Pamper Morning, Easter Eggstravaganza, Christmas Crafts and Community Bake Off. In the autumn we launched our first ever Learning Community for those who wanted to go deeper in their faith journey and discipleship. We were delighted that 30 people joined the yearlong programme. The Church runs a Craft and Chat group on a weekly basis for the local community who enjoy meeting together to develop skills in a wide range of crafts. A additional group was set up on a Wednesday afternoon due to the popularity of this type of activity. The Church has continued to partner with St. Albans Church to run a food bank which is open every Friday morning. The church is a collection point and then help to provide volunteers to staff the project. This has proved to be a vital source of help to people in the community during the challenging year. The Church also held several other dedicated events during the year such as Christmas, Easter, and other special events. The Church building continues to be used by a wide variety of external groups such as Adult Learning, NHS Health Checks, Counselling, Adult Literacy Coaching, Northampton Music School, Art Classes, Dog Training, Carers Groups, Healing Rooms, and other interests and hobby groups such as Pilates, Kickboxing, Gymnastics and Step Aerobics. The Church arranges lunches and other meetings that provide a meeting place for seniors. In partnership with Good Companion we now offer a fortnightly gathering for food and drink with entertainment from dancing, sing-a-longs and craft sales. This has proved to be very popular, and number continue to grow to about 50 seniors accessing this activity. The Church operates systems to ensure that all people working with children, youth and adults at risk are appropriately vetted regarding the Disclosure and Barring Service. We have clear policies and procedures set out and regular training is made available. The Church has also put in place the policies and procedures to ensure we are compliant with all new GDPR regulations. From time to time the Church runs courses for people interested in discovering more about Christianity. This year we ran the Alpha course in the autumn. Page 4 **BROADMEAD COMMUNITY CHURCH** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** ## **ACHIEVEMENT AND PERFORMANCE** ## **Achievements and Performance** The Church does not measure the success of its programmes only in numbers, including financial numbers, but also in less tangible areas like fellowship and encouragement. The Trustees recognise that these are difficult to measure, 2022 was a great year for the church coming out of Covid restriction we were able to open up fully. We estimate that over 1000 adults come through the building every week for a variety of activities and groups which support people's well-being, reduces isolation and learn new skills. During the year 3 new members joined the church, and we baptised eleven people on their confession of faith. We had three dedication services and two weddings during the year. Attendance at our Gatherings has also grown and we have seen many new people join us over the last year. Samuel's Nursery Christian Group continued to provide quality education to local families and achieves high standards as judged by those agencies monitoring the nursery. Youth activities continued to provide a safe and secure environment for young people. The TMX youth group continued to provide a secure environment for local youth and on relaunching is extremely popular again with over fifty young people on the register. The Children's and Youth Programme on a Sunday developed a high-quality programme of teaching which has received high praise from parents. ## **FINANCIAL REVIEW** ## **Financial Review** The Church continues to raise the funds which it needs to continue its activities from within its own membership, congregation and grants. 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 organisations and societies with Christian aims and objectives compatible with the 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 church's expenditure, but nevertheless contribute substantially to the achievement of the church's objectives. The financial results for the year, together with a summary of the accounting policies adopted are set out in the accompanying financial statements. The Trustees have established a Reserve Policy of three months core costs (salaries and accommodation) with one month of reserves for utilities. We are satisfied that with this plan, together with ongoing income anticipated, that we can function effectively as a church in the coming year. The trustees have had regard to the Charity Commissions guidance on public benefit. The Church's Health and Safety Policy has been reviewed and we have updated all our policies and procedures. We have conducted risk assessments for using the building and all restarted activities to ensure we offer best practice in terms of the risk of Covid. The Trustees have assessed the major risks facing the church and are conducting the actions recommended to minimise these risks. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Page 5 ## ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BROADMEAD COMMUNITY CHURCH** ## **Independent examiner's report to the trustees of Broadmead Community Church** I report to the charity trustees on my examination of the accounts of Broadmead Community Church (the Trust) for the year ended 31 December 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **Use of our report:** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our independent examination work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as 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 Accountants Eagle House 28 Billing Road Northampton NN1 5AJ Date: 20 July 2023 Page 7 ## **BROADMEAD COMMUNITY CHURCH** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** |Unrestricted
funds
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
293,599
**Charitable activities**
5
Establishment
-
Charitable
500
Other trading activities
3
44,316
Investment income
4
107
**Total**
338,522
**EXPENDITURE ON**
**Charitable activities**
6
Ministry
97,002
Mission
49,405
Establishment
54,875
Other
392
**Total**
201,674
**NET**
**INCOME/(EXPENDITURE)**
136,848
**Transfers between funds**
19
(95,925)
**Net movement in funds**
40,923
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
36,619
**TOTAL FUNDS CARRIED**
**FORWARD**
77,542|Restricted
funds
£
18,968
-
21,844
5,032
2
45,846
19,422
8,302
8,626
447
36,797
9,049
127
9,176
22,226
31,402|
Endowment
funds
£
-
-
-
-
-
-
19,324
9,484
11,207
54,101
94,116
(94,116)
95,798
1,682
1,472,238
1,473,920|2022
Total
funds
£
312,567
-
22,344
49,348
109
384,368
135,748
67,191
74,708
54,940
332,587
51,781
-
51,781
1,531,083
1,582,864|2021
Total
funds
£
320,999
795
18,472
25,976
72
366,314
114,258
44,713
102,760
13,954
275,685
90,629
-
90,629
1,440,454
1,531,083| |---|---|---|---|---| ## **CONTINUING OPERATIONS** All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 8 BROADfvIEAD COklMUNITY CHURCH BALANCE SHEET 31 DECEMBER 2022 2022 Total fijnds 2021 Total funds Unrestricted Restricted Endowmenl funds fvnds funds Notes FIXED ASSETS Tangible 8ssets 13 3.321 2.507 2.637.419 2.643.247 2.694.084 CURRENT ASSETS Debtors.. amounts falling due within one year Cash al bank 14 26.676 60.474 4.157 26.567 30.833 87,041 13,039 67.122 87,150 30.724 117.874 80.161 CREDITORS Amounts falling due within one year 15 {12.929) {1,8291 {42,929) (57.687 168,4581 NET CURRENT ASSETS 74,221 28,895 42.929 60,187 11.703 TOTAL ASSETS LESS CURRENT LIABIUTIES 77.542 31.402 2.594,4 2,703.434 2,705,787 CREDITORS Amounts falling dL* after more than one year 16 11,120,570) (1.120.570) {1.154,942) PROVISIONS FOR LIA81LITIES 18 119,7621 NET ASSETS ,542 31.402 1.473.920 1.582,864 1531.083 FUNDS Unrestricted ftjnds Restricted fvnds Endowment funds 19 77,542 31,402 1.473,920 36,619 22,226 1,472,238 TOTAL FUNDS 1.582,864 1,531.083 The financial statements were approved by the Board of Trustees and authorised for issue on 2.Juiy.2023...................... and were si9ned on its behalf by.. Revd A Eakins- Trustee DrRBoyd- stee The notes fomi part of these finanaal slatem8nts Page 9 **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Broadmead Baptist Church is an unincorporated charity registered with the Charity Commission for England and Wales. Its charity registration number and registered address are listed on page 1. No material uncertainties exist in relation to going concern. The presentation currency of the financial statements is the pound sterling (£). ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. Donations are accounted for gross when received. Legacies are accounted for at the earlier of the Estate accounts being finalised and notified and the legacy being received. Investment income is included in the accounts in the year in which it is receivable. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. The Church makes grants to other organisations whose charitable objects complement its work. They are accounted for in the year in which they are paid. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Allocation and apportionment of costs** Support costs are those 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 represent direct expenditure on the governance 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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Church Premises - 2% on cost Fixtures and fittings - 10% on cost Page 10 continued... **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. ACCOUNTING POLICIES - continued** ## **Tangible fixed assets** Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Fixed assets are only capitalised and depreciated for single items valued above £1,000. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The Trustees are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The Trustees consider that the individual carrying values of assets are supportable by their value in use. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The Church operates a defined contribution pension scheme for its employees. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. The assets of the scheme are held separately from the charity in an independently administered fund. The Church pays pension contributions for its Ministers to the Baptist Pension Scheme which is a final salary defined benefit scheme. The scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Church therefore the scheme is accounted for as a defined contribution scheme. ## **Financial instruments** Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Page 11 continued... **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. ## **Public Benefit Entity Concessionary Loans** Public benefit entity concessionary loans are initially measured at the amounts received or paid and recognised in the balance sheet. In subsequent years, the carrying amount of concessionary loans is adjusted to reflect any accrued interest payable or receivable. ## **Significant judgements and estimates** The preparation of financial statements requires the use of certain critical accounting estimates. It also requires Trustees to exercise their judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies above. ## **2. DONATIONS AND LEGACIES** |Gifts
Donations
Gift aid
Legacies
Other income
**3.**
**OTHER TRADING ACTIVITIES**
Room hire and other trading income
**4.**
**INVESTMENT INCOME**
Deposit account interest|2022
£
51,566
203,671
52,459
1,000
3,871
312,567
2022
£
49,348
2022
£
109|2022
£
51,566
203,671
52,459
1,000
3,871
312,567
2022
£
49,348
2022
£
109|2021
£
3,353
231,418
35,248
50,050
930
320,999
2021
£
25,976
2021
£
72|2021
£
3,353
231,418
35,248
50,050
930
320,999
2021
£
25,976
2021
£
72| |---|---|---|---|---| |||||| |||||| Page 12 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **5. INCOME FROM CHARITABLE ACTIVITIES** |Activity
BMAC
Establishment
Grants
Charitable
BMAC
Charitable
Grants received, included in the above, are as follows:
Maud Elkington Charitable Trust
Timson Trust
Northampton SW Grant
Eric Stanton Trust
John & Mildred Law Fund
Dorothy Johnson CT
Beatrice Laing Trust
Councillor Covid Support Fund
Community Pastor Work
West Northamptonshire Council|2022
£
-
17,495
4,849
22,344
2022
£
-
500
-
-
-
-
-
495
15,000
1,500
17,495|2021
£
795
14,968
3,504
19,267
2021
£
750
1,000
718
5,000
2,000
500
5,000
-
-
-
14,968| |---|---|---| ## **6. CHARITABLE ACTIVITIES COSTS** |Ministry
Mission
Establishment|Direct
Costs (see
note 7)
£
85,095
19,860
45,083
150,038|Grant
funding of
activities
(see note
8)
£
-
22,261
-
22,261|Support
costs (see
note 9)
£
50,653
25,070
29,625
105,348|Totals
£
135,748
67,191
74,708
277,647| |---|---|---|---|---| Page 13 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **7. DIRECT COSTS OF CHARITABLE ACTIVITIES** |Staff costs
Staff expenses
Manse costs
Church costs
Building Project
Fellowship
BMAC
**GRANTS PAYABLE**
Mission
The total grants paid to institutions during the year was as follows:
Supporting Broadmead Missionaries
CBA (BUGB) Home Mission
BMAC
Other Local & National Missions|2022
£
83,692
320
15,447
26,817
504
21,106
2,152
150,038
2022
£
22,261
2022
£
20,242
1,500
90
429
22,261|2021
£
70,968
105
8,700
46,977
2,913
14,499
3,928
148,090
2021
£
23,881
2021
£
19,124
1,500
2,820
437
23,881| |---|---|---| |||| ## **8. GRANTS PAYABLE** ## **9. SUPPORT COSTS** |Management
£
Ministry
25,878
Mission
12,807
Establishment
15,133
53,818|Finance
£
246
121
143
510|Loan
Governance
interest
costs
£
£
22,755
1,774
11,264
878
13,311
1,038
47,330
3,690|Totals
£
50,653
25,070
29,625
105,348| |---|---|---|---| Page 14 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **9. SUPPORT COSTS - continued** Support costs, included in the above, are as follows: ## **Management** |Wages
Telephone
Photocopier
Administration
**Finance**
Bank charges
**Loan interest**
Loan
**Governance costs**
Independent examination
fee
Accountancy fees
payable to Independent
Examiner|Ministry
£
19,119
1,936
2,347
2,476
25,878
Ministry
£
246
Ministry
£
22,755
Ministry
£
508
1,266
1,774|Mission Establishment
£
£
9,463
11,183
958
1,132
1,161
1,372
1,225
1,446
12,807
15,133
Mission Establishment
£
£
121
143
Mission Establishment
£
£
11,264
13,311
Mission Establishment
£
£
251
297
627
741
878
1,038|2022
Total
activities
£
39,765
4,026
4,880
5,147
53,818
2022
Total
activities
£
510
2022
Total
activities
£
47,330
2022
Total
activities
£
1,056
2,634
3,690|2021
Total
activities
£
40,423
4,520
2,520
4,780
52,243
2021
Total
activities
£
167
2021
Total
activities
£
34,627
2021
Total
activities
£
961
1,762
2,723| |---|---|---|---|---| ## **10. TRUSTEES' REMUNERATION AND BENEFITS** The Minister acts as one of the Church's trustees in accordance with its constitution and received remuneration of £51,697 (2021: £52,686) in respect of his services as Minister and other benefits including the provision of accommodation rented by the Church under a leaseback agreement. Page 15 continued... **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **10. TRUSTEES' REMUNERATION AND BENEFITS - continued** ## **Trustees' expenses** One (2021: One) Trustee was reimbursed £3,456 (2021: £5,208) during the year for expenses incurred on behalf of the Church. ## **11. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs
Pensions for the year are made up of the following:
Pension costs
Unwinding of pension provision|2022
£
119,232
3,913
312
123,457
**2022**
**£**
13,617
(13,305)
312|2021
£
101,921
2,665
6,805
111,391
2021
**£**
11,730
(4,925)
6,805| |---|---|---| The average monthly number of employees during the year was as follows: ||2022|2021| |---|---|---| |Staff|7|8| No employees received emoluments in excess of £60,000. ## **12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Establishment
Charitable
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Ministry
Mission
Establishment|Unrestricted
funds
£
282,363
-
1,000
25,976
66
309,405
87,996
38,320
78,213|Restricted
funds
£
38,636
795
17,472
-
6
56,909
26,262
6,393
24,547|
Endowment
funds
£
-
-
-
-
-
-
-
-
-|Total
funds
£
320,999
795
18,472
25,976
72| |---|---|---|---|---| |||||366,314| |||||114,258
44,713
102,760| Page 16 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** |**12.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**
Unrestricted
Restricted
funds
funds
£
£
Other
213
216
**Total**
204,742
57,418
**NET INCOME/(EXPENDITURE)**
104,663
(509)
**Transfers between funds**
(150,983)
696
**Net movement in funds**
(46,320)
187
**RECONCILIATION OF FUNDS**
Total funds brought forward
82,939
22,039
**TOTAL FUNDS CARRIED FORWARD**
36,619
22,226
**13.**
**TANGIBLE FIXED ASSETS**
Church
Premises
£
**COST**
At 1 January 2022
2,705,045
Additions
-
At 31 December 2022
2,705,045
**DEPRECIATION**
At 1 January 2022
13,525
Charge for year
54,101
At 31 December 2022
67,626
**NET BOOK VALUE**
At 31 December 2022
2,637,419
At 31 December 2021
2,691,520|**12.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**
Unrestricted
Restricted
funds
funds
£
£
Other
213
216
**Total**
204,742
57,418
**NET INCOME/(EXPENDITURE)**
104,663
(509)
**Transfers between funds**
(150,983)
696
**Net movement in funds**
(46,320)
187
**RECONCILIATION OF FUNDS**
Total funds brought forward
82,939
22,039
**TOTAL FUNDS CARRIED FORWARD**
36,619
22,226
**13.**
**TANGIBLE FIXED ASSETS**
Church
Premises
£
**COST**
At 1 January 2022
2,705,045
Additions
-
At 31 December 2022
2,705,045
**DEPRECIATION**
At 1 January 2022
13,525
Charge for year
54,101
At 31 December 2022
67,626
**NET BOOK VALUE**
At 31 December 2022
2,637,419
At 31 December 2021
2,691,520|**continued**

Endowment
funds
£
13,525
13,525
(13,525)
150,287
136,762
1,335,476
1,472,238
Fixtures
and
fittings
£
4,289
4,103
8,392
1,725
839
2,564
5,828
2,564|**continued**

Endowment
funds
£
13,525
13,525
(13,525)
150,287
136,762
1,335,476
1,472,238
Fixtures
and
fittings
£
4,289
4,103
8,392
1,725
839
2,564
5,828
2,564|Total
funds
£
13,954| |---|---|---|---|---| |||||275,685| |||||90,629
-| |||||90,629
1,440,454| |||||1,531,083| |||||Totals
£
2,709,334
4,103
2,713,437
15,250
54,940
70,190
2,643,247
2,694,084| |||||| |||||| |||||| |||||| |||||| All of the fixed assets are used for direct charitable purposes. Page 17 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** |**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Trade debtors
13,322
Other debtors
9,639
Prepayments and accrued income
7,872
30,833
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Bank loans and overdrafts (see note 17)
6,894
Other loans (see note 17)
42,929
Trade creditors
3,704
Other creditors
150
Accruals and deferred income
4,010
57,687
Included within other creditors is £100 (2021: £100) of funds held as agent.
**16.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2022
£
Other loans (see note 17)
1,120,570
**17.**
**LOANS**
An analysis of the maturity of loans is given below:
2022
£
Amounts falling due within one year on demand:
Bank overdrafts
6,894
Baptist Union Corporation Loan within 1 year
32,929
Concessionary loans
10,000
49,823
Amounts falling between one and two years:
Baptist Union Corporation loan 1-2 years
34,946
Concessionary loans 1-2 years
10,000
44,946
Amounts falling due between two and five years:
Baptist Union Corporation loan 2-5 years
165,482
Concessionary loans 2-5 years
30,000
195,482|**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Trade debtors
13,322
Other debtors
9,639
Prepayments and accrued income
7,872
30,833
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Bank loans and overdrafts (see note 17)
6,894
Other loans (see note 17)
42,929
Trade creditors
3,704
Other creditors
150
Accruals and deferred income
4,010
57,687
Included within other creditors is £100 (2021: £100) of funds held as agent.
**16.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2022
£
Other loans (see note 17)
1,120,570
**17.**
**LOANS**
An analysis of the maturity of loans is given below:
2022
£
Amounts falling due within one year on demand:
Bank overdrafts
6,894
Baptist Union Corporation Loan within 1 year
32,929
Concessionary loans
10,000
49,823
Amounts falling between one and two years:
Baptist Union Corporation loan 1-2 years
34,946
Concessionary loans 1-2 years
10,000
44,946
Amounts falling due between two and five years:
Baptist Union Corporation loan 2-5 years
165,482
Concessionary loans 2-5 years
30,000
195,482|**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Trade debtors
13,322
Other debtors
9,639
Prepayments and accrued income
7,872
30,833
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Bank loans and overdrafts (see note 17)
6,894
Other loans (see note 17)
42,929
Trade creditors
3,704
Other creditors
150
Accruals and deferred income
4,010
57,687
Included within other creditors is £100 (2021: £100) of funds held as agent.
**16.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2022
£
Other loans (see note 17)
1,120,570
**17.**
**LOANS**
An analysis of the maturity of loans is given below:
2022
£
Amounts falling due within one year on demand:
Bank overdrafts
6,894
Baptist Union Corporation Loan within 1 year
32,929
Concessionary loans
10,000
49,823
Amounts falling between one and two years:
Baptist Union Corporation loan 1-2 years
34,946
Concessionary loans 1-2 years
10,000
44,946
Amounts falling due between two and five years:
Baptist Union Corporation loan 2-5 years
165,482
Concessionary loans 2-5 years
30,000
195,482|2022
£
13,322
9,639
7,872
30,833|| |---|---|---|---|---| |||||| |||34,946
10,000||| |||44,946
165,482
30,000
195,482||| Page 18 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **17. LOANS - continued** |Amounts falling due in more than five years:
Repayable by instalments:
Baptist Union Corporation loan over 5 years
Concessionary loans over 5 yea rs|2022
£
810,142
70,000
880,142|2021
£
735,237
80,000
815,237| |---|---|---| The Baptist Union Corporation loan is repayable over 20 years at a variable interest rate. The loan is secured on all of the Church's assets and property. There are two concessionary loans provided in aid of the Broadmead Building project and both are unsecured and interest free. The £40,000 concessionary loan is repayable on or before 1 December 2028 or within six months of the lender's death. The £100,000 concessionary loan is repayable in 10 equal instalments annually of £10,000 starting on 1 December 2020. The bank overdrafts are not actual bank overdrafts but computed balances within the funds, due to unrestricted cash funds being used to support restricted funds waiting on debtor balances to be paid. ## **18. PROVISIONS FOR LIABILITIES** |**PROVISIONS FOR LIABILITIES**||||| |---|---|---|---|---| |Provisions
Provision at 1 January 2022
Deficit contribution paid in the year
Unwinding of the discount factor (interest expense)
Impact of changes in assumptions
Provision at 31 December 2022||2022
£
-
2022
£
19,762
(4,200)
-
(15,562)
-||2021
£
19,762
2021
£
24,687
(4,200)
91
(816)
19,762| |||||| At the end of June 2022 the Baptist Pension Scheme signed an agreement with the insurance Plan. As a result, the Scheme no longer has a shortfall. A revised statement of contributions was announced in July 2022 with deficit contributions from each participating employer in the DB Plan reducing to just £1 per month from August 2022. See www.baptist.org.uk/pensions for more details. For accounts with a year-end date of July 2022 or later, this change should be reflected in your calculations by setting the contributions to £1 in the inputs and the future increases in Pensionable income to zero (because this figure is used in the spreadsheet to increase the future contributions). It is likely that the liability will then show as zero as the spreadsheet rounds the liability to the nearest £100. This is entirely appropriate as the liability will no longer meet the materiality threshold for disclosure in accounts. Page 19 continued... **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **18. PROVISIONS FOR LIABILITIES - continued** This liability represents the net present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments: |Accounting date
Discount rate
Future increases to minimum pensionable
income
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Reserves (Virgin a/c)
Good Companions Lunch Club
**Restricted funds**
BMAC (Dedicated)
BMAC (Natwest)
TMX (Cash)
Building Fund
Gifts (Natwest)
Bibles Fund (Natwest)
Youth Weekend Away (Natwest)
Dishwasher
Childrens Ministry
Church Warming Party
NBC Youth cafe
NBC Youth grant
Chairs
Kintsugi Hope
Community Pastor & Events
Table Tennis Club
Youth Socials and Residentials
Church Equipment
WNC Children's Ministry Grant
Women's Conference
**Endowment funds**
Church Centre (previously Church
Premises)
**TOTAL FUNDS**|31 Dec 2022
31
0.4%
3.0%
Net
movement
At 1/1/22
in funds
£
£
(2,227)
135,809
38,846
107
-
932
36,619
136,848
7,513
2,696
1,155
-
-
(132)
772
(607)
-
1,271
185
-
400
-
649
(216)
607
384
754
-
132
(83)
-
645
109
-
717
59
640
1,523
-
214
30
(66)
8,563
(698)
-
3,750
-
309
22,226
9,049
1,472,238
(94,116)
1,531,083
51,781|Dec 2021
0.4%
3.0%
Transfers

between

funds
£
(116,514)
20,589
-
(95,925)
-
-
132
-
-
-
-
-
-
-
-
-
-
-
-
(41)
36
-
-
-
127
95,798
-|31 Dec 2020
0.4%
3.0%

At
31/12/22
£
17,068
59,542
932
77,542
10,209
1,155
-
165
1,271
185
400
433
991
754
49
645
109
776
2,163
173
-
7,865
3,750
309
31,402
1,473,920
1,582,864| |---|---|---|---| ## **19. MOVEMENT IN FUNDS** Page 20 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **19. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Reserves (Virgin a/c)
Good Companions Lunch Club
Bike Event fund
**Restricted funds**
BMAC (Dedicated)
TMX (Cash)
Building Fund
Gifts (Natwest)
Bibles Fund (Natwest)
Dishwasher
Childrens Ministry
NBC Youth cafe
NBC Youth grant
Kintsugi Hope
Community Pastor & Events
Table Tennis Club
Youth Socials and Residentials
Church Equipment
WNC Children's Ministry Grant
Women's Conference
**Endowment funds**
Church Centre (previously Church
Premises)
**TOTAL FUNDS**|Incoming
resources
£
336,264
107
966
1,185
338,522
4,848
283
9,545
2,076
1,034
-
749
1
750
718
18,297
214
463
2,800
3,750
318
45,846
-
384,368|Resources
Movement
expended
in funds
£
£
(200,455)
135,809
-
107
(34)
932
(1,185)
-
(201,674)
136,848
(2,152)
2,696
(415)
(132)
(10,152)
(607)
(805)
1,271
(1,034)
-
(216)
(216)
(365)
384
(84)
(83)
(105)
645
(659)
59
(16,774)
1,523
-
214
(529)
(66)
(3,498)
(698)
-
3,750
(9)
309
(36,797)
9,049
(94,116)
(94,116)
(332,587)
51,781| |---|---|---| Page 21 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **19. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Reserves (Virgin a/c)
**Restricted funds**
BMAC (Dedicated)
BMAC (Natwest)
TMX (Cash)
Building Fund
Gifts (Natwest)
Bibles Fund (Natwest)
Youth Weekend Away (Natwest)
Dishwasher
Childrens Ministry
Church Warming Party
NBC Youth cafe
NBC Youth grant
Chairs
Kintsugi Hope
Community Pastor & Events
Table Tennis Club
Youth Socials and Residentials
Church Equipment
**Endowment funds**
Church Centre (previously Church
Premises)
**TOTAL FUNDS**|At 1/1/21
£
39,159
43,780
82,939
7,198
1,084
-
7,387
-
45
1,699
865
1,141
754
69
110
831
856
-
-
-
-
22,039
1,335,476
1,440,454|Net
movement

in funds
£
104,597
66
104,663
315
71
(456)
(7,772)
153
140
(313)
(216)
(715)
-
(47)
-
(722)
(139)
640
(41)
30
8,563
(509)
(13,525)
90,629|Transfers

between

funds
£
(145,983)
(5,000)
(150,983)
-
-
456
1,157
(153)
-
(986)
-
181
-
-
-
-
-
-
41
-
-
696
150,287
-|
At
31/12/21
£
(2,227)
38,846
36,619
7,513
1,155
-
772
-
185
400
649
607
754
22
110
109
717
640
-
30
8,563
22,226
1,472,238
1,531,083| |---|---|---|---|---| Page 22 continued... **BROADMEAD COMMUNITY CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **19. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Reserves (Virgin a/c)
**Restricted funds**
BMAC (Dedicated)
BMAC (Natwest)
TMX (Cash)
Building Fund
Gifts (Natwest)
Bibles Fund (Natwest)
Youth Weekend Away (Natwest)
Dishwasher
Childrens Ministry
NBC Youth cafe
Chairs
Kintsugi Hope
Community Pastor & Events
Table Tennis Club
Youth Socials and Residentials
Church Equipment
**Endowment funds**
Church Centre (previously Church
Premises)
**TOTAL FUNDS**|Incoming
resources
£
309,339
66
309,405
4,243
71
144
31,739
879
380
-
-
-
-
-
1
9,671
718
500
8,563
56,909
-
366,314|Resources
Movement
expended
in funds
£
£
(204,742)
104,597
-
66
(204,742)
104,663
(3,928)
315
-
71
(600)
(456)
(39,511)
(7,772)
(726)
153
(240)
140
(313)
(313)
(216)
(216)
(715)
(715)
(47)
(47)
(722)
(722)
(140)
(139)
(9,031)
640
(759)
(41)
(470)
30
-
8,563
(57,418)
(509)
(13,525)
(13,525)
(275,685)
90,629| |---|---|---| The Church Centre Fund (previously Church Premises Fund) represents the new Church Building. The BMAC (Dedicated) fund is a seperate account for the running of the "Broadmead Money Advice Centre". The TMX fund represents the cash used for the running of the "TMX" youth club. The Building Fund is dedicated to special building projects. The Youth Weekend Away Fund is solely used to collect monies for youth trips away. The Children's Ministry Fund is for any income or expenditure allocated to the Children's Ministry. The Chairs Fund was created early in 2020 to raise moneys for the purchase of new chairs for the church. The Kintsugi Hope Fund was created for a wellbeing group run by Kintsugi Hope volunteers in partnership with Broadmead. This fund is restricted and used to collect gifts aimed to the running of the group, as well as the cost of materials used. Page 23 continued... **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **19. MOVEMENT IN FUNDS - continued** The Community Pastor & Events Fund is for staffing, equipment and subsistence expenditures relating specifically to the organising and hosting of community-focussed activities provided by the church. The Table Tennis Club Fund is for equipment and subsistence expenditures relating specifically to a new mid-week club providing social and well-being connections through table-tennis. Youth Socials and Residentials is for expenditures relating to on- and off-site activities provided by the church for young people. Church Equipment is for expenditures relating to infrastructure required to host events at the church, eg, audio-visual equipment. The WNC Children's Ministry Fund was set up to manage a grant awarded to BCC in Dec 2022 which contributes towards the salaries and equipment needed for our work in supporting the physical development of children. The Good Companions fund is for their running costs . The club is for the elderly and isolated, and includes food, fun, entertainment and trips. The Women's Conference fund is for the running costs of a 2023 conference called Beloved Women's Conference, and is for the encouragement of women in their Christian faith. A fund rename from Samuels bible fund to bible fund, to indicate change in eligibility so no longer just Samuels Nursery children but anyone who needs a bible. All previous money was spent on Samuels bibles last year so new money has been donated with the knowledge it was for bibles for anyone who needs one. ## **Transfers between funds** The transfer from the General Fund to the Reserves Fund is due to regular transfers to the dedicated bank account. Transfers from the General Fund to the TMX Fund, Community Pastor & Events Fund and Youth Socials and Residential Fund are due to overspends on the restricted funds. The transfer from the General Fund to the Church Centre Endowment Fund relates to an overspend of the endowment fund. ## **20. EMPLOYEE BENEFIT OBLIGATIONS** The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme ("the Scheme"), which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entity and the assets of the Scheme are held separately from those of the Employer and the other participating employers. For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at that time. The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficiency contributions (see below). The Minister and some members of the church staff are eligible to join the Scheme. Page 24 continued... **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **20. EMPLOYEE BENEFIT OBLIGATIONS - continued** From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members' Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Legal and General Life Assurance Society Limited. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members in the event that they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. [Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.] The further 4% contribution rate is reduced to 3% for Employer contributions made to the Segregated DC Arrangement. Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as the Baptist Ministers' Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. ## **Actuarial valuation as at 31 December 2019** A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £298 million. The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). The Church and the other employers supporting the DB Plan are collectively responsible for funding this deficit. The key assumptions underlying the valuation were as follows: |Type of financial assumption|% pa| |---|---| |RPI price inflation assumption|3.20| |CPI inflation assumption|2.70| |Minimum Pensionable Income increases|| |(RPI)|3.20| |Assumed investment returns|| |- Pre-retirement|2.95| |- Post retirement|1,70| |Deferred pension increases|| |- Pre April 2009|3.20| |- Post April 2009|2.50| |Pension increases|| |- Main Scheme pension|2.70| Post-retirement mortality in accordance with 80% of the S2NFA and S2NMA tables, with allowance for future improvements in mortality rates from 2013 in line with the CMI 2019 core projections, with a long term annual rate of improvement of 1.75% for males and 1.5% for females, with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%. The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022. **Recovery Plan** Page 25 continued... **BROADMEAD COMMUNITY CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **20. EMPLOYEE BENEFIT OBLIGATIONS - continued** 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. ## **21. RELATED PARTY DISCLOSURES** Total donations received without conditions from trustees were £58,989 (2021: £56,717). The custodian Trustee 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. The Church is in receipt of a loan from the Baptist Union Corporation as set out in note 17. Page 26 **BROADMEAD COMMUNITY CHURCH** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Gifts
Donations
Gift aid
Legacies
Other income
**Other trading activities**
Room hire and other trading income
**Investment income**
Deposit account interest
**Charitable activities**
Grants
BMAC
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Staff expenses
Manse costs
Church costs
Building Project
Fellowship
BMAC
Grants to institutions
**Other**
Depreciation of tangible fixed assets
**Support costs**
**Management**
Wages
Telephone
Carried forward|2022
£
51,566
203,671
52,459
1,000
3,871
312,567
49,348
109
17,495
4,849
22,344
384,368
79,467
3,913
312
320
15,447
26,817
504
21,106
2,152
22,261
172,299
54,940
39,765
4,026
43,791|2021
£
3,353
231,418
35,248
50,050
930
320,999
25,976
72
14,968
4,299
19,267
366,314
61,498
2,665
6,805
105
8,700
46,977
2,913
14,499
3,928
23,881
171,971
13,954
40,423
4,520
44,943| |---|---|---| This page does not form part of the statutory financial statements Page 27 ## **BROADMEAD COMMUNITY CHURCH** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** |**Management**
Brought forward
Photocopier
Administration
**Finance**
Bank charges
**Loan interest**
Loan
**Governance costs**
Independent examination fee
Accountancy fees payable to Independent
Examiner
Total resources expended
**Net income**|2022
£
43,791
4,880
5,147
53,818
510
47,330
1,056
2,634
3,690
332,587
51,781|2021
£
44,943
2,520
4,780
52,243
167
34,627
961
1,762
2,723
275,685
90,629| |---|---|---| This page does not form part of the statutory financial statements Page 28