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2021-12-31-accounts

Registered Charity number 1140231

CHRIST CHURCH, IPSWICH FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

CHRIST CHURCH, IPSWICH

INDEX YEAR ENDED 31 DECEMBER 2021

Page
Administrative Information 1
Trustees' Report 2-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9-17

CHRIST CHURCH, IPSWICH

ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2021

Registered charity number : 1140231 Address: Tacket Street, Ipswich, Suffolk IP4 1AU Website: www.christchurch-ipswich.org.uk Trustees: Chair Rev N A Coulson Secretary R S King Treasurer J Durnford J M Jones J M Lane - resigned 31/12/2021 B S Naunton D K Stainer J D Thornton J F Waters - resigned 31/12/2021 W G C White - resigned 31/12/2021 N F Bridgland – from 01/01/2022 J D Byford – from 01/01/2022 A E Fox - from 01/01/2022 M G Smith – from 01/01/2022 Trustees: (Manse Property and Investments) Baptist Union Corporation Ltd Baptist House, 129 Broadway Didcot, OX11 8RT

The Church buildings at Tacket Street Ipswich,IP4 1AU are vested in 'The United Reformed Church (Eastern Province) Trust' as trustee and held for the benefit of Christ Church , Ipswich in accordance with the trusts applicable to United Reformed Church Properties.

Bankers: CAF Bank Ltd 25 Kings Hill, West Malling Kent, ME19 4JQ COIF Charities Deposit Fund Senator House 85 Queen Victoria Street London EC4V 4ET Independent Examiner: Mrs Helen Rumsey, FCA Ensors Accountants LLP Connexions 159 Princes Street Ipswich, IP1 1QJ

1

CHRIST CHURCH, IPSWICH

TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2021. The details on page one form part of this report.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and 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).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Christ Church, Ipswich is a charitable unincorporated association and is governed in accordance with a Constitution dated 28[th] November 2010.

The church is a member of the Baptist Union of Great Britain and of the United Reformed Church and more locally the Eastern Baptist Association and the Eastern Synod of the United Reformed Church.

The principal decision-making body is the Church Meeting which normally convenes ten times each year. Every church member is encouraged to attend and vote on the issues after a process of prayerful thought and mutual listening. In 2021 the Coronavirus pandemic restrictions caused the cancellation of the meetings until September when we felt able to resume monthly meetings whilst observing the recommended guidance.

Committees , answerable to the Church Meeting, help to prepare the issues, on occasions making recommendations, and are then charged to execute the decisions.

Trustees/Deacons . A maximum of fifteen Deacons may be elected and in 2021 the church had nine elected Deacons plus the Minister is a trustee ex officio. This body functions as its Managing Trustees and they aim to meet ten times each year. From March 2020, and continuing until July 2021, these meetings were held using Zoom. Face-to-face meetings were held from September 2021. Each Deacon serves for three years and can be re-elected for another three-year term before being obliged to stand down for at least a year. Deacons must achieve an absolute majority of votes cast in a secret ballot and their terms of office run from January to December. In November 2021 elections were held and from January 1[st] , 2022 there will be ten elected deacons plus the Minister.

Other committees are delegated to deal with Property, Finance, Church Life, and Community Engagement. Again, during the pandemic these meetings were not conducted in person but by other means.

AIM AND PURPOSE

The purpose of the charity is to advance the Christian faith in Ipswich and East Suffolk in accordance with the principles and practices of the Baptist and United Reformed Churches.

To achieve this purpose the charity engages in a range of activities i ncluding,

2

CHRIST CHURCH, IPSWICH

TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2021

OBJECTIVES

The church family at Christ Church is a worshipping, welcoming community in which all can come to experience the love of God.

We seek to share this love, to care for each other, to challenge injustice and to meet need. We seek:

PUBLIC BENEFIT

The Trustees are aware of the Charity Commission’s guidance in relating to delivering public benefit. The Trustees consider that they are fulfilling the requirements to deliver a public benefit.

The church aims to provide a celebration of public worship and the teaching of the Christian faith which is open to all. The recent acquisition of the audio-visual equipment enhances the worship experience not only for those in church but also for those unable to attend. Future possible development would allow live participation for those at home.

Several members volunteer to support the Winter Night Shelter which offers meals, warmth, assistance and safety to the homeless.

The weekly Thursday Forum is organised and managed by church members and provides a lunch followed by a meeting with local speakers on a wide range of topics or with music groups. This attracts an audience of members of Christ Church, other churches and those of no church.

Similarly, the church runs the Tots+ meeting which gives a weekly session for pre-school children and parents/carers from the community where play, chat and refreshments can be enjoyed, and support given where it may be required.

The church provides rooms for meetings of local organisations and charities such as Support Groups and uniformed youth organisations. Again, these activities have resumed in the buildings since September 2021.

The church actively and financially supports local, national and international charities.

ACHIEVEMENTS

Through the first half of the year the church continued its worship at home. Text-based services were distributed by email or safely by hand to those without the necessary IT facilities. Members were kept informed of other developments and matters of interest by the same means. These methods of communication were widely appreciated. The church resumed the celebration of worship and the teaching of the Christian faith in the church building at the end of May 2021 whilst still observing the basic restrictions to provide a Covid-secure environment for the congregation. Some worshippers still felt uneasy about returning in person and the church has continued to make available text copies of the service in advance and videos of services on the church website and YouTube channel. This provides easy access to the worship for members and for the general public. This year we were able to celebrate both Harvest Festival and Christmas with most of the traditional services and activities.

As Covid restrictions and advice from the denominations were slowly relaxed the church actively modified risk assessments to gradually allow its extensive buildings to be used for events organised by the church, for youth and support groups and external hirers. Such events were warmly welcomed and attendances, though noticeably reduced initially, are beginning to increase.

3

CHRIST CHURCH, IPSWICH

TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2021

Although the lack of activity reduced the financial income in some areas the level of voluntary giving was to a large extent maintained. The contributions to external causes were generous and this year Harvest and Christmas gifts of food and other provisions were replaced by monetary gifts. The offerings to local, national and international charities continued.

Employment costs were not affected. The Minister worked from home during the first half of the year and for the same period the church continued to make use of the Coronavirus Job Retention Scheme with the full agreement of the caretaker.

Maintenance work on the church property continued where possible during the closure, and subsequently, on essential routine checks, improvements to security, fire safety and electrical work. The acquisition of additional funding required for the repair to the stonework and window could not be pursued during lockdown, but discussions were renewed during late-2021.

The Trustees acknowledge that much of the management of the charity is carried out voluntarily by the members. Additionally, the membership is responsible with the stipendiary Minister in providing:

TRANSACTIONS AND FINANCIAL POSITION

The Statement of Financial Activities (page 7) shows a net surplus on the general unrestricted fund for the year of £5,059. A deficit of £5,237 has arisen on the designated (unrestricted) funds. The deficit on restricted funds amounted to £405. The movement on the endowment fund of £17,618 reflects the gain on the revaluation of the investments.

The general funds carried forward amount to £42,253

The designated funds carried forward amount to £324,299 including £164,681 relating to the Manse property.

The restricted funds carried forward amount to £68,499 including £67,819 relating to the Manse property.

The endowment fund carried forward amounted to £387,278

TRUSTEES

The Trustees of the charity are detailed on page 1 of these accounts.

TRUSTEES' RESPONSIBILITIES

The Charities Act requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the church at the end of the period and of the surplus or deficit for the period then ended.

In preparing those financial statements, the trustees are required to select suitable accounting policies, as described on pages 9 to 10, and then apply them on a consistent basis, making judgments and estimates that are prudent and reasonable. The trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the church will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

4

CHRIST CHURCH, IPSWICH

TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2021

APPOINTMENT OF TRUSTEES

When a vacancy occurs for a trustee, the church members seek to elect an individual with skills and experience which they feel will be of benefit to the church.

On appointment, new trustees are given copies of the latest Annual Report and Accounts. There is no formal induction and training programme, but individual trustees attend seminars to update themselves when they feel it necessary.

MANAGING RISK

The Trustees have considered the major risks to which the church is exposed, and systems have been established to mitigate those risks. The implementation of these procedures minimises those risks. These procedures are regularly reviewed to ensure that they still meet the needs of the charity. In particular, to minimise any financial risks the trustees would seek reputable banks and other investment institutions into which they could place funds. The performance of their investment would then be reviewed.

RESERVES

The church has eleven designated funds, including one relating to the Manse property.

Seven funds are property-related and cover the probable causes of unexpected expense and also for planned maintenance expenditure.

Three other designated funds were set up to smooth the impact of exceptional expenditure. The current values of these funds are presented within the accounts.

The authority of Church Meeting is required for expenditure in excess of £4,000; up to £4,000 can be authorised by the Finance Committee on recommendation of the Property Committee.

Additions to these funds are incorporated in the annual budgeting process, taking into account expected running expenses and anticipated income in the next year. It has to be a matter of concern that, although the church continues to meet its running costs on a yearly basis, it has not been possible to increase all of these funds on a regular basis in order that they might meet the unexpected costs for which they were set up.

INVESTMENT POLICY

Christ Church money is held in accounts with recognised financial institutions. We would aim to make Ethical and Socially Responsible investments which provide readily available funds consistent with best returns and limited risk.

EMPLOYMENT MATTERS

The trustees are responsible for implementing Church Meeting decisions regarding the appointment of employees and other staff-related matters, including determining salaries. There is a contractual obligation to make payments to a workplace pension scheme for any employee. However, there is no contractual obligation to make termination payments in lieu of notice. Each case arising will be dealt with according to circumstances and employment in force at that time.

Signed by order of the trustees on

…………………………………………………. …..........................................................

RS King (Secretary) J Durnford (Treasurer)

5

CHRIST CHURCH, IPSWICH

INDEPENDENT EXAMINER'S REPORT YEAR ENDED 31 DECEMBER 2021

I report to the Trustees on my examination of the accounts of Christ Church, Ipswich for the year ended 31 December 2021.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed …………………….. 13 June 2022

H Rumsey FCA Ensors Accountants LLP Connexions 159 Princes Street IPSWICH IP1 1QJ

6

CHRIST CHURCH, IPSWICH

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021

Notes
General
Designated
£
£
Income and Endowments from:
2
87,114
920
3
1,029
-
4
9,923
-
5
2,500
-
Total
100,566
920
6
95,507
6,052
Raising funds
7
-
105
95,507
6,157
Realised gain/(loss) on investments
9
-
-
Unrealised gain/(loss) on investments
9
-
-
5,059
(5,237)
(20,750)
20,000
(15,691)
14,763
Reconciliation of Funds
57,944
309,536
42,253
324,299
Total funds carried forward
Charitable activities
Total
Net income/(expenditure)
Gross transfers between funds
Net movement in funds
Total funds brought forward
Unrestricted Funds
Donations and legacies
Charitable activities
Investments
Other
Expenditure On:		 Restricted
Funds
£
10,754
-
-
-
10,754
11,159
-
11,159
-
-
(405)
750
345
68,154
68,499		 Endowment
Fund
£
-
-
-
-
-
-
-
-
8,571
9,047
17,618
-
17,618
369,660
387,278		 Year ended
Year ended
2021
2020
£
£
98,788
98,692
1,029
3,070
9,923
11,332
2,500
3,570
112,240
116,664
112,718
116,675
105
105
112,823
116,780
8,571
-
9,047
(8,326)
17,035
(8,442)
-
-
17,035
(8,442)
805,294
813,736
822,329
805,294

All income and expenditure derive from continuing activities

The notes on pages 9 to 17 form part of these accounts

7

CHRIST CHURCH, IPSWICH

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed Assets
Investments
9
Property
10
Equipment
11
Current assets
Debtors
12
Bank and other cash balances
Liabilities
Amounts falling due within 1 year
13
Net current assets
Net Assets
Funds
Unrestricted
Designated
17
Restricted
18
Endowment
9
Total Funds		 2021
£
387,278
232,500
18,669
638,447
1,488
185,547
187,035
3,153
183,882
822,329
42,253
324,299
68,499
387,278
822,329		 2020
£
369,660
232,500
16,632
618,792
1,842
187,989
189,831
3,329
186,502
805,294
57,944
309,536
68,154
369,660
805,294

Approved by the deacons and signed on their behalf by:

……………………………………… ….................................................. R S King J Durnford Secretary Treasurer Date:

The notes on pages 9 to 17 form part of these accounts

8

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES

1a Basis of preparation

The accounts have been prepared in accordance with the 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 (FRS102).

The accounts have departed from the Charities' (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Statement of Recommended Practice applicable to Charities applying FRS102 rather than the version referred to in the regulations which has since been withdrawn.

The charity has taken advantage of the provisions in the SORP not to prepare a statement of Cash Flows.

The accounts are prepared in sterling, which is the functional currency. Monetary amounts in these accounts are rounded to the nearest £.

The accounts have been prepared on the going concern basis as the Committee have a reasonable expectation that the Church has adequate resources to continue operating for the forseeable future. For much of the year the activities of the church have been considerably affected by the Coronavirus pandemic (and continues to be so affected) and is referred to in the Trustees Report.

Christ Church, Ipswich is a public benefit entity as defined under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless stated in the relevant accounting policy note.

The accounts include all transactions, assets and liabilities for which Christ Church, Ipswich is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members.

Unrestricted funds are available for use at the discretion of the church in furtherance of its charitable objectives and are not subject to restriction on their use. These are able to be applied for general purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor, or contained in the terms of a grant.

Designated funds are funds earmarked at the discretion of the Trustees for specific projects or reserves.

Endowment funds are restricted funds held in Trust to generate investment income used for general purposes.

1c Fixed Assets

Property:

The property used as the manse is held in Trust by the Baptist Union Corporation but Christ Church, Ipswich is the beneficial owner. The property is stated at cost. No depreciation has been charged since it is the charity's policy to maintain the asset in a continual state of sound repair, and accordingly the Trustees consider that any depreciation charges would be insignificant. The value of the property is reviewed on a regular basis to consider if there has been any material change.

The church buildings on the Tacket Street site are owned by URC Eastern Province Trust Fund for use by Christ Church, Ipswich. These are excluded from these accounts.

Expenditure incurred on the church, halls and manse is written off in the year it is incurred.

Equipment: Depreciation is provided at the following annual rates calculated to write off assets over their estimated useful lives where the initial purchase price of an asset exceeds £750: Furniture and Heating Appliances 10% straight line (over 10 years) Audio/Visual Equipment 20% straight line (over 5 years) IT Equipment 33.33% straight line (over 3 years) Computer Software written off in the year of purchase

Impairment of fixed assets

At each reporting date the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1d Investments

The Baptist Union Corporation holds in trust, on behalf of the Baptist Building Fund, a capital sum derived from the sale of the Turret Green site. This sum has been invested and the investments are shown at market value. The difference in the closing market value from the preceding year is taken to the Statement of Financial Activities as an unrealised movement. The investments are regarded as endowment funds of Christ Church, Ipswich.

9

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

1e Income

Income is included in the accounts when the charity has entitlement to the funds, any perfomance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income and donations are recognised as income when they are received.

Grants are recognised when they are receiveable. Grants received for the purchase of fixed assets are written off over the useful economic life of the asset for which the grant was received.

Legacies are recognised when there is entitlement to the funds and it is probable that the income will be received. They are accounted for on an accruals basis.

Income from charitable activities is shown gross with associated costs included as charitable expenditure. The income is accounted for when received.

Income from fundraising activities is shown gross with associated costs included as charitable expenditure. The income is accounted for when received.

Investment income is included when receivable and the amount can be measured reliably by the Church.

All other income is generally recognised when it is receivable.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Charitable activities: Includes the costs of activities undertaken to further the purposes of the church and their associated support costs.

Costs of raising funds are shown gross.

1h Cash at bank and in hand

Cash at bank and in hand includes cash and highly liquid investments.

1i Accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical accounting estimates. A professional valuer provided an estimate of the property value of the manse in January 2020 on an informal basis.

1j Taxation

As part of the United Reformed Church, the church is an excepted charity within the meaning of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that income and gains are applied to its charitable objects.

No provision for taxation has been made in these accounts.

1k Leases

Rentals payable under operating leases are charged against income as they become payable.

1l Pensions

The church operates pension schemes compliant with the 2008 Pensions Act for the benefit of its employees. Contributions payable are charged to the Statement of Financial Activities in the year they are payable.

There is currently no provision for contractual payments on termination of employment in staff contracts. If a termination becomes necessary it will be dealt with in accordance with circumstances and employment law in force at that time.

Provision is made for unused holiday pay at the period end.

10

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

2
Donations and Legacies
General
Designated
£
£
Offerings
63,346
-
Special Offerings and Donations
-
-
Income Tax refunds Gift Aid & GASD
14,598
70
Donations
4,872
350
Grants
4,298
-
Transient income
-
-
Transient income - Gift Aid
-
-
Legacies
-
500
87,114
920
Comparative: 2020
89,817
-
3
Charitable activities
General
Designated
£
£
Church Lettings
925
-
Refreshments
104
-
1,029
-
Comparative: 2020
3,070
-
4
Investment Income
General
Designated
£
£
Dividends and distributions
9,902
-
Bank Interest
21
-
Totals
9,923
-
Comparative: 2020
11,332
-
5
Other Income
General
Designated
£
£
Car Parking
1,350
-
Ground rent from Turret Green Site
1,150
-
Totals
2,500
-
Comparative: 2020
3,570
-
6
Costs of activities in furtherance of the charity's objects
General
Designated
£
£
Denominations (URC & Baptist)
15,336
-
Ministerial Costs
33,922
-
Pulpit Supply
565
-
Other Ministry – Junior Church
234
-
Music
3,877
-
Communications
2,278
-
Heat and Light
2,558
-
Water
455
-
Insurance
8,135
-
Other running costs
482
-
Caretaker
16,051
-
Property
4,800
2,357
Annuity
1,431
-
Grants payable & Restricted funds
passed on (see note 8)
531
-
Cost of events
686
-
Training & Education
-
-
Bank charges
8
96
Professional fees
-
666
Independent Examination
-
2,244
Depreciation
4,158
689
95,507
6,052
Comparative: 2020
98,340
6,387
Unrestricted Funds
Unrestricted Funds
Unrestricted Funds
Unrestricted Funds
Unrestricted Funds		 Restricted
Funds
2021
2020
£
£
£
-
63,346
67,436
-
-
270
-
14,668
14,209
-
5,222
3,783
-
4,298
4,389
9,121
9,121
7,423
1,633
1,633
1,182
-
500
-
10,754
98,788
98,692
8,875
98,692
Restricted
Funds
2021
2020
£
£
£
-
925
2,923
-
104
147
-
1,029
3,070
-
3,070
Restricted
Funds
2021
2020
£
£
£
-
9,902
10,858
-
21
474
-
9,923
11,332
-
11,332
Restricted
Funds
2021
2020
£
£
£
-
1,350
2,420
-
1,150
1,150
-
2,500
3,570
-
3,570
Restricted
Funds
2021
2020
£
£
£
-
15,336
15,852
-
33,922
34,394
-
565
222
-
234
117
-
3,877
3,030
-
2,278
2,344
-
2,558
4,327
-
455
933
-
8,135
7,895
-
482
789
-
16,051
14,884
-
7,157
9,051
-
1,431
1,425
11,159
11,690
12,433
-
686
273
-
-
8
-
104
60
-
666
1,370
-
2,244
2,260
-
4,847
5,008
11,159
112,718
116,675
11,948
116,675

11

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

7
Raising Funds
Baptist Union Investment Fee
Comparative: 2020
8
Grants payable
Benevolent fund
Other Programmes
Restricted gifts (Note 16)
Transient Expenditure
Special Grants / Donations
Comparative: 2020
9
Assets - Investments (Endowment Fund)
Epworth Multi- Asset Income Fund
BUC Trust Fund
Barings Targeted Return Fund		 General
Designated
£
£
-
105
-
105
-
105
General
Designated
£
£
-
-
-
-
-
-
-
-
531
-
531
-
485
-
Cost
At 1
January
2021
£
£
-
284,539
293,110
84,702
85,121
377,812
369,660
Unrestricted Funds
Unrestricted Funds		 Restricted
Funds
2021
2020
£
£
£
-
105
105
-
105
105
-
105
Restricted
Funds
2021
2020
£
£
£
2,525
2,525
2,297
-
-
344
8,329
8,329
8,605
305
305
702
-
531
485
11,159
11,690
12,433
11,948
12,433
Realised
gain Unrealised gain
At 31
December
2021
£
£
£
(284,539)
-
293,110
9,047
293,110
-
-
85,121
8,571
9,047
378,231

During 2021 Barings closed the Targeted Return Fund and the Investment sold for £293,110 on July 31[st] 2021. That sum was invested by the Baptist Union Corporation Ltd. in the Epworth Multi-Asset Income Fund on 25 August 2021.

Both of these funds are held by, and administered by, the Baptist Union Corporation Ltd on behalf of Christ Church, Ipswich. The income from these funds is available to Christ Church, Ipswich as unrestricted funds.

10 Assets Held for Church's own use i Manse 118 Larchcroft Road

The manse was purchased using monies from three sources. The Trustee of the Manse is the Baptist Union Corporation who hold it upon trust as a Manse for Christ Church, Ipswich.

Financed by:
Turret Green Restricted Fund
Christ Church Designated Fund
Cost at 1 January and 31 December 2021
Tacket Street Restricted Fund		 £
232,500
34,819
33,000
67,819
164,681

A professional valuer, Henry Rose Estate Letting Agents, Ipswich provided an estimated value of £335,000 in January 2020, on an informal basis.

% of
Purchase
Price
14.98
14.19
70.83
Turret Green Manse Fund – Restricted Fund
Christ Church Legacies Fund – Designated Fund
Tacket Street Manse Fund – Restricted Fund		 Purchase
Price 2005 £
34,819
33,000
164,681
232,500

A sharing agreement of December 2014 governs the management of the manse.

12

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

10 (continued)

ii Church Buildings

The Trustees of the church and buildings on the Tacket Street site are the URC (Eastern Province) Trust Fund who hold them upon trust for purposes connected with Tacket Street URC.

.
Church -
Building
Contents
Organ
Hall -
Building
Contents
Church House –
Building		 2021
2020
£
£
10,630,878
9,185,122
295,547
281,470
1,108,879
1,056,075
2,626,479
2,755,540
78,881
75,124
201,838
194,205
Insured Value
14,942,502
13,547,536

During 2020, Christ Church, The United Reformed Church Eastern Synod and Suffolk County Council determined that the piece of land between the church, the car parking area and Tacket Street, currently owned by the Council but which has been maintained by the church, be transferred to the ownership of the United Reformed Church. No charge was attached to the transfer. The maintenance of the land and the surrounding wall will continue to be carried out by Christ Church. The church will not sell the land nor erect any buildings thereon.

11
Other assets
Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation
At 1 January 2021
Charge for year
At 31 December 2021
Net Book value 31 December 2021
Net Book value 31 December 2020		 Total
£
29,254
6,884
36,138
12,622
4,847
17,469
18,669
16,632		 Audio Visual
Equipment
£
£
20,790
8,464
-
6,884
20,790
15,348
4,158
8,464
4,158
689
8,316
9,153
12,474
6,195
16,632
16,632
Furniture
and Fittings
12
Debtors
Other debtors including Gift Aid claim
13
Current Liabilities
Creditors
Accruals
Total Liabilities		 2021
2020
£
£
1,488
1,842
1,488
1,842
2021
2020
£
£
392
445
2,761
2,884
3,153
3,329

13

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

14
Staff costs
Number of employees during the year
Employment costs
Wages and Salaries - Gross
Employer Pension costs - (see also note 19)		 2021
2020
2
2
2021
2020
£
£
39,837
39,217
4,202
4,059
44,039
43,276

Employers NIC – covered by Employment Allowance (2020: covered by Employment Allowance).

No employee received emoluments in excess of £60,000 during the year (2020 :NIL).

The minister (a trustee) received a salary of £26,952 (2020: £26,412) and employer pension contributions were paid of £3,023 (2020: £2,972).

No redundancy or termination payments were made during the year (2020:NIL). An annuity is paid to the widow of a deceased employee totalling £1,431 (2020: £1,425).

Grants totalling £4,299 were received from HMRC job retention scheme in respect of the caretaker.(2020, £4,389).

Christ Church, Ipswich settled all Defined Benefit pension scheme liabilities during the year ended 31 December 2017. ( see note 19).

The annual leave accrual at 31 December 2021 amounted to £517 excluding employers NIC (2020:£724).

No accrual for paid sick leave is required to be disclosed.

15 Relationship with Trustees

During the year the trustees donated £15,897 to the church for the futherance of its objectives. These included £2,105 which were restricted in character. (2020: Unrestricted £14,396).

With the exception of the Minister no other trustee, nor any person connected to them, benefited from any contract or work awarded during the year.

The management is carried out without charge by volunteers. During the year four trustees were reimbursed expenses for postage and other running costs totalling £990 (2020: five trustees £1,912).

16 Donations passed to Other Charitable Causes

Donations passed to Other Charitable Causes
Christian Aid
Helwel Trust
Families in Need (FIND)
Suffolk Refugee
Home-Start Suffolk
The Leprosy Mission
Commitment for Life
Operation Agri
Traidcraft Exchange
Iceni Ipswich		 2021
2020
£
£
2,110
2,153
-
1,267
630
912
2,038
88
1,227
1,725
1,013
708
675
775
635
748
-
174
-
55
8,329
8,605

14

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

17 Designated Funds

The church operates the following Designated Funds:

Church Redecoration Fund Kitchen Equipment Replacement Fund General Repairs Fund Church Heating Fund Organ Repairs Fund Manse Maintenance Fund Professional Fees Fund Church House Maintenance & Repair Fund Vision Fund Legacies Fund Manse Property Fund

The Church Redecoration Fund, the Church Heating Fund and the General Repairs fund are intended to fund large infrequent projects, as described in their titles. Authority to spend is the Church Meeting.

The Kitchen Equipment Replacement Fund and Organ Repairs Fund are intended to smooth out the impact smooth out the impact of expenses which often fluctuate widely between years.

The Professional Fees fund has been introduced to recognise the very erratic nature of Professional Fees which can vary from nearly nothing in some years to many thousands of pounds in others. The use of a fund smooths the impact on General funds.

The Church House & The Manse Maintenance & Repair Funds have been introduced to help spread the impact.

The Vision Fund will be used to fund expenditure to make the premises more welcoming, generally improve the premises and the experience of visitors.

The Legacy fund will be used to assist with future work or used to fund appropriate capital items that may be required.

The Manse property fund (note 10) represents the proportion of the purchase cost financed by designated funds.

Authority to spend over £4,000 lies with the Church Meeting. For lower sums it lies with the Finance Committee on the recommendation of the Property Committee.

Church Redecoration Fund
Kitchen Equipt. Replacement Fund
General Repairs Fund
Church Heating Fund
Organ Repairs Fund
Manse Maintenance Fund
Professional Fees Fund
Church House Maintenance Fund
Vision Fund
Legacies Fund
Manse Property		 Balance at
1 Jan 21
£
55,562
4,732
30,717
34,002
6,997
1,136
1,212
2,745
4,610
3,143
164,681
309,536		 Incoming
Resources
£
-
-
-
-
-
420
-
-
-
500
-
920		 Resources
Gross
Balance at
Expended
Transfers
31 Dec 21
£
£
£
-
(5,000)
50,562
(1,091)
-
3,641
-
12,000
42,717
-
-
34,002
-
-
6,997
(1,205)
7,000
7,351
(3,111)
6,000
4,101
(82)
-
2,663
-
-
4,610
(668)
-
2,975
-
-
164,681
(6,157)
20,000
324,299
Church Redecoration Fund
Kitchen Equipt. Replacement Fund
General Repairs Fund
Church Heating Fund
Organ Repairs Fund
Manse Maintenance Fund
Professional Fees Fund
Church House Maintenance Fund
Vision Fund
Legacies Fund
Manse Property		 Balance at
1 Jan 20
£
60,562
4,732
18,717
34,002
6,997
1,452
7
2,822
4,610
26,236
164,681
324,818		 Incoming
Resources
£
-
-
-
-
-
-
-
-
-
-
-
-		 Resources
Gross
Balance at
Expended
Transfers
31 Dec 20
£
£
£
-
(5,000)
55,562
-
-
4,732
-
12,000
30,717
-
-
34,002
-
-
6,997
(316)
-
1,136
(3,795)
5,000
1,212
(77)
-
2,745
-
-
4,610
(2,303)
(20,790)
3,143
-
-
164,681
(6,492)
(8,790)
309,536

15

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

18 Restricted Funds

The church accounts include Restricted Funds where the monies can only be used for the specific purpose for which they were entrusted in the church. These monies are not at the disposal of the Church Meeting for any other purpose and represent:

Transient Restricted Fund for external charities

Transient Expenditure Fund

Used for the proceeds of offerings and donations for other charities. The purpose is to record this giving while the proceeds are in the custody of the church before being remitted to the charity.

Used to record the payments made by individuals for future payment of publication subscriptions, outings etc. prior to purchasing goods and services in bulk.

Holiday at Home

To record grants received and monies spent for this annual project.

Benevolent Fund

To record contributions towards legal costs for a member of the congregation.

Manse Property

Represents the proportion of the purchase cost financed by restricted funds

Transient Restricted Fund -
External Charities (note 16)
Transient Expenditure Fund
Grant Ipswich BC- Holiday at Home
Benevolent Fund
Manse Property
Christ Church Night Shelter Fund -closed		 Balance at
£
200
3
132
-
-
67,819
68,154
01-Jan-21		 Incoming
Resources
£
8,329
650
-
1,775
-
-
10,754		 Resources
Balance at
Expended
Transfers
31-Dec-21
£
£
£
(8,329)
-
200
(305)
-
348
-
-
132
(2,525)
750
-
-
-
-
-
-
67,819
(11,159)
750
68,499
Transient Expenditure Fund
Grant Ipswich BC- Holiday at Home
Benevolent Fund
Christ Church Night Shelter Fund
Manse Property
Transient Restricted Fund -
External Charities (note 16)		 Balance at
£
200
3
132
2,297
1,256
67,819
71,707
01-Jan-20		 Incoming
Resources
£
8,605
-
-
-
270
-
8,875		 Resources
Balance at
Expended
Transfers
31-Dec-20
£
£
£
(8,605)
-
200
-
-
3
-
-
132
(2,297)
-
-
(1,046)
(480)
-
-
-
67,819
(11,948)
(480)
68,154

19 Pensions

Minister

From 1 September 2018 onwards the church had the services of a Minister.

The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”). The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited).

The minister is eligible to join the scheme.

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 (or 3% if the employer is in the segregated DC section) 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 Aviva. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income and their employers also pay a total of 5%.

Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit 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.

16

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

19 (continued)

A formal evaluation of the Defined Benefits Plan was performed at 31 December, 2016 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £219 million. The valuation of the DB Plan revealed a deficit of assets compared with the value of of liabilities of £93 million (equivalent to a past service funding level of 70%). As a result of the valuation, in addition to the contributions to the DC plan set out above, it was agreed that the standard rate of deficiency contributions from churches and other employers involved in the DB plan will remain at previously agreed levels, increasing each year in line with Pensionable Income. The deficiency contributions are broadly based on 12% of Pensionable Income / Minimum Pensionable Income, reflecting each employer's contributions in March 2015. Some employers that were involved in the DB Plan for a short period pay lower contributions.

Christ Church, Ipswich made a payment in respect of the DB scheme deficit each month as set out in the Schedule of Contributions. In March 2017 Christ Church, Ipswich was advised that the cost for the church to buy out their Pension Scheme liabilities was £62,381.12 and it was decided that this payment should be made at that time. The church is now absolved from all its liabilities of this Scheme.

The total pension cost to the Church in 2021 was £3,023 (2020 : £2,972).

Caretaker

Pension contributions are paid to a defined contribution pension scheme on behalf of the caretaker. From April 2016 the Pension provision is provided by NEST to comply with the new pension regulations. The total pension cost for the Church in 2021 was £1,178 (2020: £1,087).

No contributions were outstanding at the Balance Sheet date.

20 Analysis of net assets between funds

Investments
Property
Other Fixed Assets
Current Assets
Current Liabilities
Investments
Property
Other Fixed Assets
Current Assets
Current Liabilities		 Unrestricted
£
-
-
18,669
26,737
(3,153)
42,253
Unrestricted
£
-
-
16,632
44,641
(3,329)
57,944		 Designated
£
-
164,681
-
159,618
-
324,299
Designated
£
-
164,681
-
144,855
-
309,536		 2021
Restricted
Endowment
Total
£
£
£
-
387,278
387,278
67,819
-
232,500
-
-
18,669
680
-
187,035
-
-
(3,153)
68,499
387,278
822,329
2020
Restricted
Endowment
Total
£
£
£
-
369,660
369,660
67,819
-
232,500
-
-
16,632
335
-
189,831
-
-
(3,329)
68,154
369,660
805,294

21 Operating lease commitments

On 8 August 2017 the church agreed to a 5 year operating lease agreement in respect of a photocopier. No further lease payments were made after 31 December 2021.

The lease contract was terminated January 24, 2022 and replaced with a new 3-year rental agreement.

The amount outstanding at 31 December 2021 was as follows:

Within 1 year
More than 1 year		 2021
2020
£
£
-
612
-
306
-
918

22 Post Balance Sheet Events

In 2021 the church pursued the delayed structural repairs to the west wall and window. The architect reviewed the specification and three companies were invited to tender. The expected cost is £100,000 + VAT. This will be funded by a grant of £50,000 from the URC Eastern Synod, £30,000 from the Turret Green investment held by the BUC. The church will fund the remainder, plus all associated professional fees, from the designated General Repairs Fund. The VAT will be recovered from the Listed Place of Worship Grant Scheme.

17