## **Registered Charity number 1140231**
**CHRIST CHURCH, IPSWICH**
**FINANCIAL STATEMENTS**
**YEAR ENDED 31 DECEMBER 2022**
## **CHRIST CHURCH, IPSWICH**
## **INDEX YEAR ENDED 31 DECEMBER 2022**
||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 2022**
**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 N F Bridgland - from 1/1/2022 J D Byford - from 1/1/2022 A E Fox - from 1/1/2022 J M Jones B S Naunton M G Smith - from 1/1/2022 D K Stainer J D Thornton K M Helleur – from 1/1/2023 N E N Powlett – from 1/1/2023 JF Waters – from 1/1/2023 **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 2022**
The trustees present their report and the financial statements of the charity for the year ended 31 December 2022. 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.
**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 2022 the church had ten elected Deacons plus the Minister who is a trustee _ex officio._ This body functions as its Managing Trustees and they aim to meet ten times each year. 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 2022 elections were held and from January 1[st] , 2023 there will be thirteen elected deacons plus the Minister.
## Other committees are delegated to deal with **Property, Finance, Church Life, Eco Group, and Community Engagement.**
## **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,
- the celebration of public worship;
- the teaching of the Christian faith;
- mission and evangelism;
- pastoral work, including visiting the sick and the bereaved;
- the provision of facilities with a Christian ethos for the local community, including (but not restricted to) the elderly, the young and other groups with special needs; and
- the support of other charities in the UK and overseas.
## **OBJECTIVES**
The core objective of the charity is encompassed in the Vision Statement.
The church family at Christ Church is a worshipping, welcoming community in which all can come to experience the love of God.
2
**CHRIST CHURCH, IPSWICH**
## **TRUSTEES’ REPORT**
## **YEAR ENDED 31 DECEMBER 2022**
We seek to share this love, to care for each other, to challenge injustice and to meet need. We seek:
- to be focused on God in worship together and in our daily lives, through prayer and Bible study, and open to the guidance of the Holy Spirit;
- to be open, friendly and approachable, so that all who come feel welcome;
- to care for and support each other, learning and growing in faith and fellowship;
- to engage with the local and wider community from our existing town centre premises in Tacket Street.
## **PUBLIC BENEFIT**
The Trustees are aware of the Charity Commission’s guidance on delivering public benefit. The Trustees consider that they are fulfilling the requirements to deliver a public benefit. As the restrictions arising from the pandemic were removed attendance at all activities was not impaired.
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.
The weekly Thursday Forum is organised and managed by church members and provides a low-cost 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 Holiday at Home was organised by church members and provided company, entertainment, food and craft activity. Those attending were predominantly non-church guests.
In the autumn, in response to issues caused by the high increase in fuel prices, the church agreed to participate in the “Winter Warm Spaces” when churches and other buildings in the town opened their premises to provide facilities for those in need.
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**
Although worship had resumed in the sanctuary for those able to attend, we continued the distribution of text-based service by email or by hand to those without the necessary IT facilities. The recorded services of worship were made available on the church website and YouTube channel. This provides easy access to the worship for members and for the general public.
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.
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. The financial income from voluntary giving was to a large extent maintained but the church and its members, were not immune to the national issues. The general increase in costs has affected church general funds and will continue to do so. In particular the large increase in gas charges forced a review of our operations and with regret it was decided not to hold some of the winter worship services from December 2022 in the sanctuary, a large building which is very expensive to heat.
3
**CHRIST CHURCH, IPSWICH**
## **TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2022**
Maintenance work on the church property continued. A major project was repairs to the stonework and the glazing of the large window on the west wall of the church which lasted seven months. The final costs of the repair work was in excess of £132,000 plus VAT. A grant totalling £87,000 was received from the Eastern Synod of the United Reformed Church and the VAT was claimed from the Listed Place of Worship scheme. To date the church has paid the remainder and all professional fees. A request to transfer the sum of £30,000 of the investment held by the Baptist Union has been delayed by legal proceedings.
The Eco-group continues to explore and implement ways in which the church premises can change to make our town centre site more attractive to wild-life, less reliant on natural resources and to promote ecological thinking in all areas of personal and church life. Some work on the grounds has been achieved and the possibility of PV panels is being evaluated.
During the year the minister took a short sabbatical for study and during this time visiting ministers and lay preachers led the services of worship.
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:
- funds to ensure the aims of the charity continue to be available
- Christian Worship open to all with Sunday Services, including children's worship, and bible study groups
- staff and facilities to enable services to the community as described under Public Benefit.
## **TRANSACTIONS AND FINANCIAL POSITION**
The Statement of Financial Activities (page 7) shows a net loss on the general unrestricted fund for the year of £2,558. A deficit of £65,284 has arisen on the designated (unrestricted) funds. The deficit on restricted funds amounted to £472. The movement on the endowment fund reflects the loss on the revaluation of the investments of £39,657.
The general funds carried forward amount to £39,678.
The designated funds carried forward amount to £259,015 including £164,681 relating to the Manse property.
The restricted funds carried forward amount to £68,044 including £67,819 relating to the Manse property.
The endowment fund carried forward amounted to £347,621.
The trustees have reviewed the going concern basis and consider that the Church has adequate resources to continue its charitable activities for the foreseeable future.
## **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.
4
**CHRIST CHURCH, IPSWICH**
## **TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2022**
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.
## **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 the circumstances and employment legislation in force at that time.
Signed by order of the trustees on 4 June 2023
…………………………………………………. …..........................................................
RS King (Secretary)
J Durnford (Treasurer)
5
## **CHRIST CHURCH, IPSWICH**
## **INDEPENDENT EXAMINER'S REPORT YEAR ENDED 31 DECEMBER 2022**
I report to the Trustees on my examination of the accounts of Christ Church, Ipswich for the year ended 31 December 2022.
## **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 ……………………..
5 June 2023
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 2022**
|**Notes**
**General**
**Designated**
**£**
**£**
**Income and Endowments from:**
**2**
83,279
-
**3**
4,744
-
**4**
10,761
-
**5**
2,635
-
**Total**
101,419
-
**6**
103,977
65,174
Raising funds
**7**
-
110
103,977
65,284
Realised gain/(loss) on investments
**9**
-
-
Unrealised (loss)/gain on investments
**9**
-
-
(2,558)
(65,284)
(17)
-
(2,575)
(65,284)
**Reconciliation of Funds**
42,253
324,299
39,678
259,015
**Total funds carried forward**
Charitable activities
**Total**
**Net (expenditure)/income**
**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**
**£**
118,836
-
-
-
118,836
119,308
-
119,308
-
-
(472)
17
(455)
68,499
68,044|**Endowment**
**Fund**
**£**
-
-
-
-
-
-
-
-
-
(39,657)
(39,657)
-
(39,657)
387,278
347,621|**Year ended**
**2022**
**£**
202,115
4,744
10,761
2,635|**Year ended**
**2021**
**£**
98,788
1,029
9,923
2,500|
|---|---|---|---|---|
||||220,255|112,240|
||||288,459
110
288,569
-
(39,657)
(107,971)
-
(107,971)
822,329
714,358|112,718
105|
|||||112,823|
|||||8,571
9,047|
|||||17,035
-|
|||||17,035|
|||||805,294
822,329|
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 2022**
|**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**|**2022**
**£**
347,621
232,500
13,822
593,943
3,186
132,055
135,241
14,826
120,415
714,358
39,678
259,015
68,044
347,621
714,358|**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|
Approved by the deacons and signed on their behalf by:
……………………………………… ….................................................. R S King J Durnford Secretary Treasurer
Date: 4 June 2023
The notes on pages 9 to 17 form part of these accounts
8
**CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022**
## **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.
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.
- **1b Fund Accounting**
_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 2022**
- **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 receivable. 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 on accruals basis.
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.
- **1f Expenditure**
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.
**1g Financial instruments** Other than the fixed asset investments the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised in the Balance Sheet when the charity becomes party to the contractual provision of the instrument.
## **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.
- **1m Employment Termination and Holiday Pay** 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 2022**
|**2**
**Donations and Legacies**
**General**
£
Offerings
62,101
Income Tax refunds Gift Aid & GASD
14,123
Donations
6,418
Grants
637
Transient income
-
Transient income - Gift Aid
-
Legacies
-
83,279
**Comparative: 2021**
**87,114**
**3**
**Charitable activities**
**General**
**£**
Church Lettings
3,920
Refreshments
824
4,744
**Comparative: 2021**
**1,029**
**4**
**Investment Income**
**General**
**£**
Dividends and distributions
9,342
Bank Interest
1,419
Totals
10,761
**Comparative: 2021**
**9,923**
**5**
**Other Income**
**General**
**£**
Car Parking
1,485
Ground rent from Turret Green Site
1,150
Totals
2,635
**Comparative: 2021**
**2,500**
**6**
**Costs of activities in furtherance of the charity's objects**
**General**
**£**
Denominations (URC & Baptist)
15,840
Ministerial Costs
34,959
Pulpit Supply
851
Other Ministry – Junior Church
247
Music
4,656
Communications
2,238
Heat and Light
4,693
Water
-
Insurance
8,858
Other running costs
605
Caretaker
16,844
Property
5,017
Annuity
1,458
Grants payable & Restricted funds
passed on (see note 8)
1,249
Cost of events
1,502
Training & Education
802
Bank charges
-
Professional fees
-
Independent Examination
-
Depreciation
4,158
103,977
**Comparative: 2021**
**95,507**
**Unrestricted F**
**Unrestricted F**
**Unrestricted F**
**Unrestricted F**
**Unrestricted F**|**Designated**
**£**
-
-
-
-
-
-
-
-
**920**
**Designated**
**£**
-
-
-
-
**Designated**
**£**
-
-
-
**-**
**Designated**
**£**
-
-
-
**-**
**Designated**
**£**
-
-
-
-
113
-
-
-
-
-
-
51,203
-
-
-
-
90
10,475
2,604
689
65,174
**6,052**
**unds**
**unds**
**unds**
**unds**
**unds**|**Restricted**
**Funds**
**2022**
**£**
**£**
-
62,101
-
14,123
-
6,418
110,979
111,616
6,936
6,936
921
921
-
-
118,836
202,115
**10,754**
**98,788**
**Restricted**
**Funds**
**2022**
**£**
**£**
-
3,920
-
824
-
4,744
-
**1,029**
**Restricted**
**Funds**
**2022**
**£**
**£**
-
9,342
-
1,419
-
10,761
**-**
**9,923**
**Restricted**
**Funds**
**2022**
**£**
**£**
-
1,485
-
1,150
-
2,635
**-**
**2,500**
**Restricted**
**Funds**
**2022**
**£**
**£**
-
15,840
-
34,959
-
851
-
247
-
4,769
-
2,238
-
4,693
-
-
-
8,858
-
605
-
16,844
110,979
167,199
-
1,458
8,329
9,577
-
1,502
-
802
-
90
-
10,475
-
2,604
-
4,847
119,308
288,459
**11,159**
**112,718**|**2021**
**£**
63,346
14,668
5,222
4,298
9,121
1,633
500|
|---|---|---|---|
||||98,788|
||||**2021**
**£**
925
104|
||||1,029|
||||**2021**
**£**
9,902
21|
||||9,923|
||||**2021**
**£**
1,350
1,150|
||||2,500|
||||**2021**
**£**
15,336
33,922
565
234
3,877
2,278
2,558
455
8,135
482
16,051
7,157
1,431
11,690
686
-
104
666
2,244
4,847|
||||112,718|
|||||
11
**CHRIST CHURCH, IPSWICH**
**NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022**
|**7**
**Raising Funds**
Baptist Union Investment Fee
**Comparative: 2021**
**8**
**Grants payable**
Benevolent fund
Restricted gifts (Note 18)
Transient Expenditure
Special Grants / Donations
**Comparative: 2021**
**9**
**Assets - Investments (Endowment Fund)**
Epworth Multi- Asset Income Fund
BUC Trust Fund|**General**
**£**
-
-
**-**
**General**
**£**
-
-
-
1,249
1,249
**531**
**Cost**
**£**
293,110
84,702
377,812
**Unrestricted F**
**Unrestricted F**|**Designated**
**£**
110
110
**105**
**Designated**
**£**
-
-
-
-
-
**-**
**At 1**
**January**
**2022**
**£**
302,157
85,121
387,278
**unds**
**unds**|**Restricted**
**Funds**
**2022**
**£**
**£**
-
110
-
110
**-**
**105**
**Restricted**
**Funds**
**2022**
**£**
**£**
-
-
7,736
7,736
593
593
-
1,249
8,329
9,577
**11,159**
**11,690**
**Realised**
**gain Unrealised loss**
**£**
**£**
-
(39,657)
-
-
-
(39,657)|**2021**
**£**
105|
|---|---|---|---|---|
|||||105|
|||||**2021**
**£**
2,525
8,329
305
531|
|||||11,690|
|||||**At 31**
**December**
**2022**
**£**
-
262,500
85,121|
|||||347,621|
The Epworth fund is an ethically and environmentally friendly investment.
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:
Cost at 1 January and 31 December 2022
Tacket Street Restricted Fund
Turret Green Restricted Fund
Christ Church Designated 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
Tacket Street Manse Fund – Restricted Fund
Turret Green Manse Fund – Restricted Fund
Christ Church Legacies Fund – Designated 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 2022**
## **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|**2022**
**2021**
**£**
**£**
11,268,731
10,630,878
310,329
295,547
1,164,323
1,108,879
2,784,068
2,626,479
82,826
78,881
209,771
201,838
**Insured Value**|
|---|---|
||15,820,048
14,942,502|
|**11**
**Other assets**
**Cost**
At 1 January 2022
and
At 31 December 2022
**Depreciation**
At 1 January 2022
Charge for year
At 31 December 2022
**Net Book value 31 December 2022**
**Net Book value 31 December 2021**|**Total**
**£**
36,138
17,469
4,847
22,316
13,822
18,669|**Audio Visual**
**Equipment**
**£**
20,790
8,316
4,158
12,474
8,316
12,474|**£**
15,348
**Furniture**
**and Fittings**|
|---|---|---|---|
||||9,153
689|
||||9,842|
|||||
||||5,506|
||||6,195|
|**12**
**Debtors**
Other debtors including Gift Aid claim
**13**
**Current Liabilities**
Creditors
Accruals
**Total Liabilities**|**2022**
**2021**
**£**
**£**
3,186
1,488|
|---|---|
||3,186
1,488|
||**2022**
**2021**
**£**
**£**
11,990
392
2,836
2,761|
||14,826
3,153|
13
**CHRIST CHURCH, IPSWICH**
**NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022**
|**14**
**Staff costs**
Number of employees during the year
**Employment costs**
Wages and Salaries - Gross
Employer Pension costs - (see also note 19)|**2022**
**2021**
2
2|
|---|---|
||**2022**
**2021**
**£**
**£**
41,124
39,837
4,317
4,202|
||45,441
44,039|
Employers NIC – covered by Employment Allowance (2021: covered by Employment Allowance).
No employee received emoluments in excess of £60,000 during the year. (2021 :NIL)
The minister (a trustee) received a salary of £27,240 (2021: £26,952) and employer pension contributions were paid of £3,067. (2021: £3,023)
No redundancy or termination payments were made during the year. (2021:NIL)
An annuity is paid to the widow of a deceased employee totalling £1,458. (2021: £1,431)
No further grants were received from HMRC job retention scheme in respect of the caretaker.(2021, £4,298)
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 2022 amounted to £299 excluding employers NIC. (2021:£517)
No accrual for paid sick leave is required to be disclosed.
## **15 Relationship with Trustees**
During the year the trustees donated £13,904 to the church for the futherance of its objectives, of which £2,021 were restricted in character. (2021: Unrestricted £13,792, Restricted £2,105).
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 six trustees were reimbursed expenses for postage and other running costs totalling £2,149. (2021: four trustees £990)
## **16 Donations passed to Other Charitable Causes**
|**Donations passed to Other Charitable Causes**||
|---|---|
|Christian Aid
RNLI
Families in Need (FIND)
Suffolk Refugee
Home-Start Suffolk
The Leprosy Mission
Commitment for Life
Operation Agri
Traidcraft Exchange|**2022**
**2021**
**£**
**£**
2,064
2,110
1,995
-
520
630
-
2,038
990
1,227
751
1,013
565
675
565
635
286
-|
||7,736
8,329|
14
**CHRIST CHURCH, IPSWICH**
**NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022**
## **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 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 22**
**£**
50,562
3,641
42,717
34,002
6,997
7,350
4,101
2,663
4,610
2,975
164,681
324,299|**Incoming**
**Resources**
**£**
-
-
-
-
-
-
-
-
-
-
-
-|**Resources**
**Gross**
**Expended**
**Transfers**
**£**
**£**
-
(15,000)
(565)
-
(49,462)
7,000
-
(8,000)
(113)
-
(1,332)
-
(13,270)
16,000
(541)
-
-
-
-
-
-
-
(65,284)
-|**Balance at**
**31 Dec 22**
**£**
35,562
3,076
255
26,002
6,884
6,018
6,831
2,122
4,610
2,975
164,681|
|---|---|---|---|---|
|||||259,015|
|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
1,135
1,212
2,745
4,610
3,143
164,681
309,536|**Incoming**
**Resources**
**£**
-
-
-
-
-
420
-
-
-
500
-
920|**Resources**
**Gross**
**Expended**
**Transfers**
**£**
**£**
-
(5,000)
(1,091)
-
-
12,000
-
-
-
-
(1,205)
7,000
(3,111)
6,000
(82)
-
-
-
(668)
-
-
-
(6,157)
20,000|**Balance at**
**31 Dec 21**
**£**
50,562
3,641
42,717
34,002
6,997
7,350
4,101
2,663
4,610
2,975
164,681|
|---|---|---|---|---|
|||||324,299|
15
**CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022**
## **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.
Manse Property Represents the proportion of the purchase cost financed by restricted funds
Church Repairs Grants and corresponding expenditure - repairs to stonework and window on west wall
|Transient Restricted Fund -
External Charities (note 16)
Transient Expenditure Fund
Holiday at Home
Manse Property
Church Repairs|**Balance at**
**£**
200
348
132
67,819
-
68,499
**1 Jan 22**|**Incoming**
**Resources**
**£**
7,721
26
110
-
110,979
118,836|**Resources**
**Expended**
**Transfers**
**£**
**£**
(7,736)
40
(315)
(59)
(278)
36
-
-
(110,979)
-
(119,308)
17|**Balance at**
**31 Dec 22**
**£**
225
-
-
67,819
-|
|---|---|---|---|---|
|||||68,044|
|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
**1 Jan 21**|**Incoming**
**Resources**
**£**
8,329
650
-
1,775
-
-
10,754|**Resources**
**Expended**
**Transfers**
**£**
**£**
(8,329)
-
(305)
-
-
-
(2,525)
750
-
-
-
-
(11,159)
750|**Balance at**
**31 Dec 21**
**£**
200
348
132
-
-
67,819|
|---|---|---|---|---|
|||||68,499|
## **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 2022**
## **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 2022 was £3,067 (2021 : £3,023).
## _**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 2022 was £1,250 (2021: £1,178).
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**
**£**
-
-
13,822
40,682
(14,826)
**39,678**
**Unrestricted**
**£**
-
-
18,669
26,737
(3,153)
**42,253**|**Designated**
**£**
-
164,681
-
94,334
-
**259,015**
**Designated**
**£**
-
164,681
-
159,618
-
**324,299**|**Restricted**
**Endowment**
**£**
**£**
-
347,621
67,819
-
-
-
225
-
-
-
**68,044**
**347,621**
**Restricted**
**Endowment**
**£**
**£**
-
387,278
67,819
-
-
-
680
-
-
-
**68,499**
**387,278**|**2022**
**Total**
**£**
347,621
232,500
13,822
135,241
(14,826)|
|---|---|---|---|---|
|||||**714,358**|
|||||**2021**
**Total**
**£**
387,278
232,500
18,669
187,035
(3,153)|
|||||**822,329**|
## **21 Operating lease commitments**
The operating lease agreement ceased during the year. Payments totalled £153. (2021: £660)
## **22 Post Balance Sheet Events**
A transfer of £30,000 is to be made from the BUC Turret Green Funds (endowment) to the church general funds once a revised sharing agreement has been prepared for the Baptist Union Corporation and the United Reformed Church Eastern Synod. This is to assist with the building works completed in 2022.
17