Faringdon Baptist Church
Trustees Annual Report (TAR) for 2023124
The Trustees present their Annual Report and financial statements for 2023/24.
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 Trust
which are entirely compatible with the above object.
Organisational Structure and Decislon-making processes
Members of the Church are accepted in accordance with the Constitution which requires them
to be or to have been publicly baptised on the profession of faith in Jesus Christ, or following
other modes of baptism to renew their public profession of faith in Jesus Christ.
The Members, Meeting normally takes place six times per year and has responsibility for the
overall policy of the church. In accordance with the Constitution, the members appoint
Trustees, who together with the Minister, Church Secretary and Treasurer {who are also
appointed by the members), and collectively known as the Leadership Team, are responsible for
the day to day running of the church's work and witne55, and the financial and legal aspects of
the charity. All members are encouraged to take an appropriate part in the spiritual and
practical tasks involved in the furtherance of the charitable objective.
Relevant matter5 may be submitted to the Church meeting by the Trustees for guidance, or may
be raised by members in Church meetings for further consideration by the Trustees. Though the
Constitution permits decisions to be made at Church meetings by appropriate majorities, the
Church seeks to work by consensus wherever possible.
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 Christ
as living Lord.
Central to the work and witness of the Church is the provision of regular public services of
Christian worship. These seNices take place each Sunday at 10.30 am. There are also monthly
Prayer meetings at other times which are advertised on the Church notices and the website at
www.farin
don-ba
tist.or
There is a children's programme during the morning services. The
church seeks to be a friendly and welcoming community and anybody is free to attend any of
these services.
The Church runs a series of growth groups for the growth of faith and discipleship in the homes
Farin8don Bapt15t Church Trustee Annual Report
Charity number.. 1138446
of some members, and further details of these can be obtained from the Trustees on request, or
at the Sunday services. From time to time the Church runs courses for people interested in
discovering more about Christianity.
The Church operates systems to ensure that all people working with children and vulnerable
adults are appropriately vetted with regard to the Disclosure and Barring Service. The Church
has read the Charity Commission guidance on public benefit, and is satisfied that the activities
outlined above clearly demonstrates that the charity is providing a benefit to the public.
Achievements and Performance
The Church does not measure the success of its programmes only in numbers, including
financial numbers, but a150 in less tangible areas like fellowship and encouragement. The
Trustees recognise that these are difficult to measure but believe that 2023124 was a positive
year in the life of the church. It is cognisant of the changes taking place in the local community and is
exploring new avenues to pursue its mission purposes in the future with equal enthusiasm.
As always, membership and attendance has fluctuated during the year, sadly, we have had to
bid farewell to some members who have moved on however attendance on a Sunday
morning has grown slightly. On 1st March 2024 the membership stood at 51. Some members meet
regularly for prayer on a monthly basis and the 'Care and Share, group which meets during term
time on Wednesday mornings is growing.
The church continues to work with other organisations within the town of Faringdon. The Faringdon
Day Centre continue to meet here providing a lunch and support for older members of the
community. 'Messy Dads, happens on the first Saturday of each month giving space for carers and
their children to meet together with food, play and friendship and is universally popular. In addition,
FAAAZE centre for teenagers with learning disabilities and a gathering of local Ukrainians use the
building regularly during the week.
Financial Review
The Church continues to raise the funds which it needs to carry on its activities from within its
own membership and congregation. No wider public appeal was made for funds during the
year.
The most significant cost IS the employment of a Pastor, together with the cost of providing a Manse
for the Pastor. The Pastor works to lead and co-ordinate the church's activities including the Sunday
Services, to provide pastoral care for the congregation and other people, and to equip and
encourage the membership in their life, Christian witness and service. A new pastor began service at
the church in November 2023.
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 objective5.
Faringdon Baptist Church Trustee Annual Report
Charity number.. 1138446
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 assessed the major risk5 facing the church, and are satisfied that there are policies
in place to minimise these risks.
Reference and Administrative details
Charity name
Other name the charity uses
Registered charity number
Charitls principal address
Faringdon Baptist Church
NA
1138446
20 Bromsgrove
Faringdon
SN7 7JQ
Names of the charity trustees who manage the charity
Name of person lor body)
entitled to appoint trustee
(if any)
Church membership
Church membership
Church membership
Church membership
Church membership
Church membership
Church membership
Church membership
Trustee name
Office (if any)
Dates acted if not for
whole year
Rev. Mark Greenwood
Gemma Ashton
Michael Smedley
Richard Bolter
Andy Gathercole
Sharon Gerry
June Parrott
Dominic Bullock
Minister
Secretary
Treasurer
Elder
Elder
Elder
Trustee
Trustee
November 2023
November 2020
May 2018
May 2022
May 2023
May 2022
May 2021- May 2024
May 2016- May 2024
Declarations
The trustees declare that they have approved the trustees, report above.
Signed on behalf of the charitws trustees:
Signature(s)
Full name(s)
Mark Edward Greenwood
Gemma Louise Ashton
Position {e.g. Secretary,
Chair, etc)
Chair/Minister
secretary
Date
25 November 2024
25 November 2024
Farlngdon Baptist Church Trustee Annu31 Report
Charity number.. 1138446
fe BAPTISTS TOGETHER
**----- Start of picture text -----**
~~,
**----- End of picture text -----**
## FARINGDON BAPTIST CHURCH
## FINANCIAL STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2024
## GENERAL RECEIPTS & PAYMENTS ACCOUNT
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Note|2024|2023|
|Receipts|
|Regular|Giving|44,402|47,553|
|Weekly|offerings|1,505|2,958|
|Donations|and|other|income|2|20,474|5,555|
|Income|tax|recovered|on|gifts|11,666|11,930|
|Investment|income|3|5,622|2,714|
|Rents and|contributions|for use of premises|(incl Manse)|9,383|9,201|
|Raised|for|other|causes|4|258|300|
|Total|Receipts|93,310|80,211|
|Payments|
|Ministry|5|25,293|3,707|
|Mission|6|14,183|12,160|
|Upkeep|of church|premises|7|15,145|16,150|
|(excluding|extra-ordinary|repairs)|
|Administration|8|2,791|10,016|
|Total|Payments|57,412|42,033|
|Net|receipts|/|(payments)|for the year|35,898|38,178|
|Extra-ordinary|repairs|55,740|-|
|Increase|in|value|of manse|-|65,000|
|Net (deficit)/surplus|for the year|(19,842)|103,178|
|Cash|balance|at previous year end|249,545|203,391|
|Add|net cash|receipts/(payments)|for the|year|(19,842)|38,178|
|Change|in|current|assets/|liabilities|2,235|7,976|
|Cash|balance at current year end|231,938|249,545|
**----- End of picture text -----**
Page 1 of §
## STATEMENT OF ASSETS AND LIABILITES AT 29 FEBRUARY 2024
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|Note|2024|2023|
|Assets|
|Bank and|other|cash|balances|
|Santander Bank Account|37,221|60,450|
|BUC|deposit|account|14|194,717|189,095|
|Other|monetary|assets:|
|Debtors|4,064|3,450|
|Gift|aid|claimed|but|not|received|5,884|6,075|
|Investment|Assets|9|as|=|
|Assets|Held|for Church’s own|use|10|375,000|375,000|
|Total Assets|616,886|634,070|
|Liabilities|
|Current|Liabilities|11|3,378|720|
|Long|Term|Loans|12|a|as|
|Pension|Scheme|liability|13|ze|x|
|Total|Liabilities|3,378|720|
|Net Assets|613,508|633,350|
|Reserves|at|1|March|633,350|530,172|
|Net surplus for the|year from|receipts and|payments account|(19,842)|103,178|
|Reserves at 29|February|(28|February|2023)|613,508|633,350|
**----- End of picture text -----**
**----- Start of picture text -----**
The accounts and statemnept OF assets 3 nd liabilities set out on pages [1 & 2] relating to the year ending 29
February 2024 are as approsGsey ees and have been independently certified.
BEA
, Za ~*~
**----- End of picture text -----**
Michael Smedley Treasurer authorised to sign on behalf of all trustees)
Date OTswre 2OLLL
Independent Examiner JTUie ©& LETCHER
Date SYNE... 22
Page 2 of §
## NOTES TO THE ACCOUNTS
## 1. Basis of accounts
These accounts have been prepared on a ‘receipts and payments’ basis and in accordance with Section
## 133 Charities Act 2011.
## 2.Donations and other income
|2.Donations and other income|||
|---|---|---|
||2024|2023|
|Donations / Gifts|5,828|5,555|
|Legacies|14,646|-|
|Other income|-|-|
|Total Donationsand OtherIncome|20,474|5,555|
|3.Investment income|||
||2024|2023|
|Bank interest (BU Deposit account)|5,622|2,714|
|Other investment income|7|=|
|Total InvestmentIncome|5,622|2,714|
|4.Raised for Other causes|||
||2024|2023|
|Total Raised for Other causes|258|300|
|5.Ministry|||
||2024|2023|
|Minister's stipend|7,336|=|
|Pensioncontribution|1,603|1,569|
|National insurance/ PAYE|1,225|59|
|Minister’sexpenses|1,196|-|
|Pastoral Worker|-|1,350|
|Manse running costs|12,599|729|
|Other ministry costs [incl. Moderator)|1,334|0|
|TotalMinistry|25,293|3,707|
The Minister acts as one of the church's trustees and receives remuneration and other benefits in respect of their services as Minister, including the provision of manse accommodation, owned by the church. A new Minister was appointed from November 2023.
Page 3 of §
## 6.Mission
|6.Mission|||
|---|---|---|
||2024|2024|
|Hospitality|-|198|
|Events and Outreach|2,915|1,080|
|Home Mission|3,900|3,900|
|BMSWorld Mission|2,700|2,700|
|Wycliffe|2,400|2,400|
|SYFC|240|240|
|Arshad/Pakistan|1,200|1,200|
|Other gifts|828|442|
|Total Mission|14,183|12,160|
|7. Upkeep ofchurch premises|||
||2024|2023|
|Repairs and maintenance|5,421|8,749|
|Utilities|8,003|5,716|
|Insurance|1,721|1,685|
|Total Upkeep ofchurch premises|15,145|16,150|
|8.Administration|||
||2024|2023|
|Equipmentand stationery|-|5,910|
|Telephoneand postage|667|624|
|Books and Training|324|230|
|Subscriptions& Licence fees|1,392|1,459|
|Website|-|519|
|Misc./Other administration|408|1,274|
|Total Administration|2,791|10,016|
|9.Investment Assets|||
||2024|2023|
|Stocks and Shares|-|-|
|Corporate bonds/gilts/Inv properties|-|-|
|TotalInvestmentAssets|.|-|
## 10. Assets Held for the Church’s own use
The church is the beneficial owner (subject to the relevant trusts) of the following assets, the legal title to which is held by the church’s custodian trustee.
- e Church premises at Bromsgrove, Faringdon. It has been the tradition of the church to value this asset at £0.
- e Church manse at 13 Berners Way, Faringdon valued at 375,000 based on market value. No uplift to this figure has been applied for 2023/24
- e The church also owns an original chained John Bunyan bible and other historic documents that are held on trust by Regents College, Oxford. The value of these has not been assessed.
Page 4 of §
|11. Current Liabilities|||
|---|---|---|
||2024|2023|
|Electricity billed but not yet paid|500|-|
|Cheques written but not cashed|240|<|
|PAYE payable|854|-|
|Council tax payable|824|=|
|Othercurrent liabilities - restricted giftspayableto charities|960|720|
|Total Current Liabilities|3,378|720|
|12. Long-Term Liabilities|||
||2024|2023|
|Baptist Building Fund Loan|=|=|
|Baptist Union Loan Fund Loan|=|=|
|Loans from Church Members’|~|=|
|Other [detailifmaterial||-|-|
|Total Long-Term Liabilities|=|-|
|13.PensionSchemeLiabilities|||
The Church is a participating employer in the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers.
The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. Since 1 January 2012, benefits have been provided through a Defined Contribution (DC) Plan.
A formal valuation of the DB Plan was last performed as at 31 December 2019 bya professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit. The next actuarial valuation of the DB Plan within the Scheme was due to take place not later than as at 31 December 2022.
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.
14. Funds forming part of the BUC deposit account
The Future Fund: £82,785. The Future Fund is being held for possible use for major development of the Bromsgrove premises or the acquisition of other premises unless or until a Special Church Meeting otherwise resolves. This sum is net of any interest that is attributable to the sum held.
The John Colligan Legacy Fund: £83,008 (28 Feb 2023). The Special Church Meeting of 28th November 2019 resolved that the money from this legacy, both capital and income, could be used for the general purposes of the Church. At the Special Church Meeting held on 16 May 2024 it was agreed that the funds held as to both capital and income as a reserve fund can be used for the improvement or maintenance of any Church owned property and/or employment of a further Church worker and that this designation to remain unless or until a Special Church Meeting otherwise resolves.
Page 5 of 5
fe BAPTISTS TOGETHER
**----- Start of picture text -----**
~~,
**----- End of picture text -----**
## FARINGDON BAPTIST CHURCH
## FINANCIAL STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2024
## GENERAL RECEIPTS & PAYMENTS ACCOUNT
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Note|2024|2023|
|Receipts|
|Regular|Giving|44,402|47,553|
|Weekly|offerings|1,505|2,958|
|Donations|and|other|income|2|20,474|5,555|
|Income|tax|recovered|on|gifts|11,666|11,930|
|Investment|income|3|5,622|2,714|
|Rents and|contributions|for use of premises|(incl Manse)|9,383|9,201|
|Raised|for|other|causes|4|258|300|
|Total|Receipts|93,310|80,211|
|Payments|
|Ministry|5|25,293|3,707|
|Mission|6|14,183|12,160|
|Upkeep|of church|premises|7|15,145|16,150|
|(excluding|extra-ordinary|repairs)|
|Administration|8|2,791|10,016|
|Total|Payments|57,412|42,033|
|Net|receipts|/|(payments)|for the year|35,898|38,178|
|Extra-ordinary|repairs|55,740|-|
|Increase|in|value|of manse|-|65,000|
|Net (deficit)/surplus|for the year|(19,842)|103,178|
|Cash|balance|at previous year end|249,545|203,391|
|Add|net cash|receipts/(payments)|for the|year|(19,842)|38,178|
|Change|in|current|assets/|liabilities|2,235|7,976|
|Cash|balance at current year end|231,938|249,545|
**----- End of picture text -----**
Page 1 of §
## STATEMENT OF ASSETS AND LIABILITES AT 29 FEBRUARY 2024
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|Note|2024|2023|
|Assets|
|Bank and|other|cash|balances|
|Santander Bank Account|37,221|60,450|
|BUC|deposit|account|14|194,717|189,095|
|Other|monetary|assets:|
|Debtors|4,064|3,450|
|Gift|aid|claimed|but|not|received|5,884|6,075|
|Investment|Assets|9|as|=|
|Assets|Held|for Church’s own|use|10|375,000|375,000|
|Total Assets|616,886|634,070|
|Liabilities|
|Current|Liabilities|11|3,378|720|
|Long|Term|Loans|12|a|as|
|Pension|Scheme|liability|13|ze|x|
|Total|Liabilities|3,378|720|
|Net Assets|613,508|633,350|
|Reserves|at|1|March|633,350|530,172|
|Net surplus for the|year from|receipts and|payments account|(19,842)|103,178|
|Reserves at 29|February|(28|February|2023)|613,508|633,350|
**----- End of picture text -----**
**----- Start of picture text -----**
The accounts and statemnept OF assets 3 nd liabilities set out on pages [1 & 2] relating to the year ending 29
February 2024 are as approsGsey ees and have been independently certified.
BEA
, Za ~*~
**----- End of picture text -----**
Michael Smedley Treasurer authorised to sign on behalf of all trustees)
Date OTswre 2OLLL
Independent Examiner JTUie ©& LETCHER
Date SYNE... 22
Page 2 of §
## NOTES TO THE ACCOUNTS
## 1. Basis of accounts
These accounts have been prepared on a ‘receipts and payments’ basis and in accordance with Section
## 133 Charities Act 2011.
## 2.Donations and other income
|2.Donations and other income|||
|---|---|---|
||2024|2023|
|Donations / Gifts|5,828|5,555|
|Legacies|14,646|-|
|Other income|-|-|
|Total Donationsand OtherIncome|20,474|5,555|
|3.Investment income|||
||2024|2023|
|Bank interest (BU Deposit account)|5,622|2,714|
|Other investment income|7|=|
|Total InvestmentIncome|5,622|2,714|
|4.Raised for Other causes|||
||2024|2023|
|Total Raised for Other causes|258|300|
|5.Ministry|||
||2024|2023|
|Minister's stipend|7,336|=|
|Pensioncontribution|1,603|1,569|
|National insurance/ PAYE|1,225|59|
|Minister’sexpenses|1,196|-|
|Pastoral Worker|-|1,350|
|Manse running costs|12,599|729|
|Other ministry costs [incl. Moderator)|1,334|0|
|TotalMinistry|25,293|3,707|
The Minister acts as one of the church's trustees and receives remuneration and other benefits in respect of their services as Minister, including the provision of manse accommodation, owned by the church. A new Minister was appointed from November 2023.
Page 3 of §
## 6.Mission
|6.Mission|||
|---|---|---|
||2024|2024|
|Hospitality|-|198|
|Events and Outreach|2,915|1,080|
|Home Mission|3,900|3,900|
|BMSWorld Mission|2,700|2,700|
|Wycliffe|2,400|2,400|
|SYFC|240|240|
|Arshad/Pakistan|1,200|1,200|
|Other gifts|828|442|
|Total Mission|14,183|12,160|
|7. Upkeep ofchurch premises|||
||2024|2023|
|Repairs and maintenance|5,421|8,749|
|Utilities|8,003|5,716|
|Insurance|1,721|1,685|
|Total Upkeep ofchurch premises|15,145|16,150|
|8.Administration|||
||2024|2023|
|Equipmentand stationery|-|5,910|
|Telephoneand postage|667|624|
|Books and Training|324|230|
|Subscriptions& Licence fees|1,392|1,459|
|Website|-|519|
|Misc./Other administration|408|1,274|
|Total Administration|2,791|10,016|
|9.Investment Assets|||
||2024|2023|
|Stocks and Shares|-|-|
|Corporate bonds/gilts/Inv properties|-|-|
|TotalInvestmentAssets|.|-|
## 10. Assets Held for the Church’s own use
The church is the beneficial owner (subject to the relevant trusts) of the following assets, the legal title to which is held by the church’s custodian trustee.
- e Church premises at Bromsgrove, Faringdon. It has been the tradition of the church to value this asset at £0.
- e Church manse at 13 Berners Way, Faringdon valued at 375,000 based on market value. No uplift to this figure has been applied for 2023/24
- e The church also owns an original chained John Bunyan bible and other historic documents that are held on trust by Regents College, Oxford. The value of these has not been assessed.
Page 4 of §
|11. Current Liabilities|||
|---|---|---|
||2024|2023|
|Electricity billed but not yet paid|500|-|
|Cheques written but not cashed|240|<|
|PAYE payable|854|-|
|Council tax payable|824|=|
|Othercurrent liabilities - restricted giftspayableto charities|960|720|
|Total Current Liabilities|3,378|720|
|12. Long-Term Liabilities|||
||2024|2023|
|Baptist Building Fund Loan|=|=|
|Baptist Union Loan Fund Loan|=|=|
|Loans from Church Members’|~|=|
|Other [detailifmaterial||-|-|
|Total Long-Term Liabilities|=|-|
|13.PensionSchemeLiabilities|||
The Church is a participating employer in the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers.
The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. Since 1 January 2012, benefits have been provided through a Defined Contribution (DC) Plan.
A formal valuation of the DB Plan was last performed as at 31 December 2019 bya professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit. The next actuarial valuation of the DB Plan within the Scheme was due to take place not later than as at 31 December 2022.
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.
14. Funds forming part of the BUC deposit account
The Future Fund: £82,785. The Future Fund is being held for possible use for major development of the Bromsgrove premises or the acquisition of other premises unless or until a Special Church Meeting otherwise resolves. This sum is net of any interest that is attributable to the sum held.
The John Colligan Legacy Fund: £83,008 (28 Feb 2023). The Special Church Meeting of 28th November 2019 resolved that the money from this legacy, both capital and income, could be used for the general purposes of the Church. At the Special Church Meeting held on 16 May 2024 it was agreed that the funds held as to both capital and income as a reserve fund can be used for the improvement or maintenance of any Church owned property and/or employment of a further Church worker and that this designation to remain unless or until a Special Church Meeting otherwise resolves.
Page 5 of 5