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2023-12-31-accounts

Registered Charity number 1140231

CHRIST CHURCH, IPSWICH

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

CHRIST CHURCH, IPSWICH

INDEX YEAR ENDED 31 DECEMBER 2023

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 2023

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 J D Byford A E Fox K M Helleur – from 1/1/2023 J M Jones B S Naunton N E N Powlett – from 1/1/2023 M G Smith D K Stainer J D Thornton J F 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 CCLA PO Box 12892 Dunmow Essex CM6 9DL 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 2023

The trustees present their report and the financial statements of the charity for the year ended 31 December 2023. 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 five 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 2023 the church had thirteen 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. The diaconate is unchanged for 2024.

Other committees are delegated to deal with Property, Finance, Church Life, Community Engagement and ECO group and all report to the diaconate and then to the Church Meeting.

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,

Holy Communion is celebrated once each month and all are invited to receive the bread and wine.

Junior Church is provided each week for the children and a Cafe-style meeting once each month for the young people to explore wider topics.

Three further small groups of members meet regularly for bible study and discussion.

OBJECTIVES

2

CHRIST CHURCH, IPSWICH

TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2023

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 on 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 audio-visual equipment enhances the worship experience not only for those in church but also for those unable to attend and services are made available via the church website.

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 of local and national interest and particularly hearing about the valuable work of lesser-publicised local charities. This attracts an audience of members of Christ Church, other churches and those of no church and they may make a donation which benefits the speaker's charity.

The church members offer a “Tots+” meeting which gives a weekly session for pre-school children and their parents/carers. Those making use of this activity are predominantly from the local community. Here play, chat and refreshments can be enjoyed, and support given where it may be required.

For three days in the summer, the “Holiday at Home” was organised by church members and provided company, entertainment, food and craft activity. Those attending were predominantly non-church guests and they were supported by church members during the day

Early in the year, 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.

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 services 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.

The contributions to external causes were generous and the Harvest and Christmas gifts of food and other provisions were replaced by monetary gifts. Further financial gifts were made to assist local, national and international charities.

The financial income to the church from voluntary giving was maintained but the church and its members, continued to be affected financially by 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 it was decided to repeat the 2022 decision to use the church hall for the winter worship services as the sanctuary is a large building which is very expensive to heat.

3

CHRIST CHURCH, IPSWICH

TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2023

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 wildlife, 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. It is acknowledged that the age and construction of the sanctuary constrains the implementation of some Eco -friendly changes but the award of the Bronze status from the A Rocha Eco Church scheme is evidence of some progress and can stimulate further thinking and action. The promise of a substantial personal gift has enabled the church to explore the provision of photo-voltaic panels to the building.

Before the Covid epidemic the Church Meeting started to examine its views towards same-sex marriages and the implications for church building and the ministry of the church. The meeting returned to this subject in 2023 and in April 2024 with a formal vote, gave its consent to the marriage of same-sex couples in Christ Church. It also requested that the trustees of the church buildings at Christ Church, Tacket Street, Ipswich apply for the church buildings to be registered for the marriage of same-sex couples.

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 gain on the general unrestricted fund for the year of £8,928. A deficit of £13,941 has arisen on the designated (unrestricted) funds. The deficit on restricted funds amounted to £65. The movement on the endowment fund reflects the gain on the revaluation of the investments of £12,864.

The general funds carried forward amount to £48,606.

The designated funds carried forward amount to £245,074 including £164,681 relating to the Manse property.

The restricted funds carried forward amount to £67,979 including £67,819 relating to the Manse property.

The endowment fund carried forward amounted to £360,485.

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 2023

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. The transfer of £30,000 to the church funds from the endowment investment will improve the reserve funds but it is to be realised that this change will reduce the dividend on this investment and consequently reduce the annual income to the general funds.

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

……………………… …………………………… R S King (Secretary) J Durnford (Treasurer)

5

12 September 2024

CHRIST CHURCH, IPSWICH

INDEPENDENT EXAMINER'S REPORT YEAR ENDED 31 DECEMBER 2023

I report to the Trustees on my examination of the accounts of Christ Church, Ipswich for the year ended 31 December 2023.

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.

16 September 2024 Signed ……………………..

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 2023

Notes
General
Designated
£
£
Income and Endowments from:
2
93,194
4,819
3
5,494
-
4
15,152
-
5
3,330
-
Total
117,170
4,819
6
108,242
18,650
Raising funds
7
-
110
108,242
18,760
Realised gain/(loss)
9
-
-
Unrealised gain/(loss) on investments
9
-
-
8,928
(13,941)
-
-
8,928
(13,941)
Reconciliation of Funds
39,678
259,015
48,606
245,074
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
£
8,634
-
-
-
8,634
8,699
-
8,699
-
-
(65)
-
(65)
68,044
67,979		 Endowment
Fund
£
-
-
-
-
-
-
-
-
-
12,864
12,864
-
12,864
347,621
360,485		 Year ended
2023
£
106,647
5,494
15,152
3,330		 Year ended
2022
£
202,115
4,744
10,761
2,635
130,623 220,255
135,591
110
135,701
-
12,864
7,786
-
7,786
714,358
722,144		 288,459
110
288,569
-
(39,657)
(107,971)
-
(107,971)
822,329
714,358

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 2023

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		 2023
£
360,485
232,500
8,975
601,960
7,206
118,022
125,228
5,044
120,184
722,144
48,606
245,074
67,979
360,485
722,144		 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

Approved by the deacons and signed on their behalf by:

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

Date: 12 September 2024

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

8

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

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.

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.

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).

9

CHRIST CHURCH, IPSWICH

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

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.

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.

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

10

CHRIST CHURCH, IPSWICH

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

2
Donations and Legacies
General
£
Offerings
62,597
Income Tax refunds Gift Aid & GASD
16,049
Donations
13,950
Grants
598
Transient income
-
Transient income - Gift Aid
-
93,194
Comparative: 2022
83,279
3
Charitable activities
General
£
Church Lettings
4,800
Refreshments
694
5,494
Comparative: 2022
4,744
4
Investment Income
General
£
Dividends and distributions
10,560
Bank Interest
4,592
Totals
15,152
Comparative: 2022
10,761
5
Other Income
General
£
Car Parking
2,180
Ground rent from Turret Green Site
1,150
Totals
3,330
Comparative: 2022
2,635
6
Costs of activities in furtherance of the charity's objects
General
£
Denominations (URC & Baptist)
11,100
Ministerial Costs
37,462
Pulpit Supply
603
Other Ministry – Junior Church
183
Music
4,488
Communications
1,379
Heat and Light
6,331
Water
678
Insurance
9,777
Other running costs
578
Caretaker
18,523
Property
8,983
Annuity
-
Grants payable & Restricted funds
passed on (see note 8)
1,825
Cost of events
2,101
Training & Education
73
Bank charges
-
Professional fees
-
Independent Examination
-
Depreciation
4,158
108,242
Comparative: 2022
103,977
Unrestricted F
Unrestricted F
Unrestricted F
Unrestricted F
Unrestricted F		 Designated
£
-
-
-
4,819
-
-
4,819
-
Designated
£
-
-
-
-
Designated
£
-
-
-
Designated
£
-
-
-
-
Designated
£
-
-
-
-
-
-
-
-
-
-
-
4,910
-
-
-
-
85
9,420
3,546
689
18,650
65,174
unds
unds
unds
unds
unds		 Restricted
Funds
2023
£
£
-
62,597
-
16,049
-
13,950
315
5,732
7,191
7,191
1,128
1,128
8,634
106,647
118,836
202,115
Restricted
Funds
2023
£
£
-
4,800
-
694
-
5,494
-
4,744
Restricted
Funds
2023
£
£
-
10,560
-
4,592
15,152
-
10,761
Restricted
Funds
2023
£
£
-
2,180
-
1,150
-
3,330
-
2,635
Restricted
Funds
2023
£
£
-
11,100
-
37,462
-
603
-
183
-
4,488
-
1,379
-
6,331
-
678
-
9,777
-
578
-
18,523
-
13,893
-
-
8,384
10,209
315
2,416
-
73
-
85
-
9,420
-
3,546
-
4,847
8,699
135,591
119,308
288,459		 2022
£
62,101
14,123
6,418
111,616
6,936
921
202,115
2022
£
3,920
824
4,744
2022
£
9,342
1,419
10,761
2022
£
1,485
1,150
2,635
2022
£
15,840
34,959
851
247
4,769
2,238
4,693
-
8,858
605
16,844
167,199
1,458
9,578
1,502
802
90
10,475
2,604
4,847
288,459

11

CHRIST CHURCH, IPSWICH

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

7
Raising Funds
Baptist Union Investment Fee
Comparative: 2022
8
Grants payable
Restricted gifts (Note 16)
Transient Expenditure
Special Grants / Donations
Comparative: 2022
9
Assets - Investments (Endowment Fund)
Epworth Multi- Asset Income Fund
BUC Trust Fund		 General
£
-
-
-
General
£
-
-
1,825
1,825
1,249
Cost
£
293,110
84,702
377,812
Unrestricted F
Unrestricted F		 Designated
£
110
110
110
Designated
£
-
-
-
-
-
At 1
January
2023
£
262,500
85,121
347,621
unds
unds		 Restricted
Funds
2023
£
£
-
110
-
110
-
110
Restricted
Funds
2023
£
£
8,384
8,384
-
-
-
1,825
8,384
10,209
8,329
9,578
Realised
gain
Unrealised
Gain
£
£
-
12,864
-
-
-
12,864		 2022
£
110
110
2022
£
7,736
593
1,249
9,578
At 31
December
2023
£
-
275,364
85,121
360,485

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 2023
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 2023

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
11
Other assets
Total
Cost
£
At 1 January 2023
and
At 31 December 2023
36,138
Depreciation
At 1 January 2023
22,316
Charge for year
4,847
At 31 December 2023
27,163
Net Book value 31 December 2023
8,975
Net Book value 31 December 2022
13,822		 Audio Visual
Equipment
£
20,790
12,474
4,158
16,632
4,158
8,316		 2023
2022
£
£
12,620,979
11,268,731
347,571
310,329
1,304,042
1,164,323
3,118,157
2,784,068
92,766
82,826
234,944
209,771
Insured Value
17,718,459
15,820,048
£
15,348
9,842
689
10,531
4,817
5,506
Furniture
and Fittings
12
Debtors
Other debtors including Gift Aid claim
13
Current Liabilities
Creditors
Accruals
Total Liabilities		 2023
2022
£
£
7,206
3,186
7,206
3,186
2023
2022
£
£
1,684
11,990
3,360
2,836
5,044
14,826

13

CHRIST CHURCH, IPSWICH

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

14
Staff costs
Number of employees during the year
Employment costs
Wages and Salaries - Gross
Employer Pension costs - (see also note 19)		 2023
2022
2
2
2023
2022
£
£
44,427
41,124
4,705
4,317
49,132
45,441

Employers NIC – covered by Employment Allowance (2022 – covered by Employment Allowance).

No employee received emoluments in excess of £60,000 during the year. (2022 :NIL)

The minister (a trustee) received a stipend of £29,160 (2022: £27,240) and employer pension contributions were paid of £3,331 (2022: £3,067)

No redundancy or termination payments were made during the year. (2022:NIL)

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 2023 amounted to £240 excluding employers NIC. (2022:£299)

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

15 Relationship with Trustees

During the year the trustees donated £18,817 to the church for the futherance of its objectives, of which £2,260 were restricted in character. (2022: Unrestricted £11,883, Restricted £2,021).

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 £3,315. (2022: Six trustees £2,149)

16 Donations passed to Other Charitable Causes

Christian Aid
RNLI
Families in Need (FIND)
Suffolk Accident Rescue (SARS)
Home-Start Suffolk
The Leprosy Mission
Commitment for Life
Operation Agri
Traidcraft Exchange		 2023
2022
£
£
2,135
2,064
-
1,995
780
520
1,554
-
1,039
990
1,040
751
804
565
830
565
202
286
8,384
7,736

14

CHRIST CHURCH, IPSWICH

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

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 23
£
35,562
3,076
255
26,002
6,884
6,018
6,830
2,122
4,610
2,975
164,681
259,015		 Incoming
Resources
£
-
-
2,371
-
-
-
2,448
-
-
-
-
4,819		 Resources
Gross
Expended
Transfers
£
£
-
(10,000)
(112)
-
(3,953)
4,000
-
-
-
-
(1,117)
1,000
(13,161)
5,000
(417)
-
-
-
-
-
-
-
(18,760)
-		 Balance at
31 Dec 23
£
25,562
2,964
2,673
26,002
6,884
5,901
1,117
1,705
4,610
2,975
164,681
245,074
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)
-
(13,271)
16,000
(541)
-
-
-
-
-
-
-
(65,284)
-		 Balance at
31 Dec 22
£
35,562
3,076
255
26,002
6,884
6,018
6,830
2,122
4,610
2,975
164,681
259,015

15

CHRIST CHURCH, IPSWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

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
£
225
-
-
67,819
-
68,044
1 Jan 23		 Incoming
Resources
£
8,319
-
315
-
-
8,634		 Resources
Expended
Transfers
£
£
(8,384)
-
-
-
(315)
-
-
-
-
-
(8,699)
-		 Balance at
31 Dec 23
£
160
-
-
67,819
-
67,979
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

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 2023

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 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 DB Scheme.

The total pension cost to the Church in 2023 was £3,331 (2022 : £3,067).

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 2023 was £1,374 (2022: £1,250).

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		 Unrestricted
£
-
-
8,975
44,675
(5,044)
48,606		 Designated
£
-
164,681
-
80,393
-
245,074		 Restricted
Endowment
£
£
-
360,485
67,819
-
-
-
160
-
-
-
67,979
360,485		 2023
Total
£
360,485
232,500
8,975
125,228
(5,044)
722,144
Investments
Property
Other Fixed Assets
Current Assets
Current Liabilities		 Unrestricted
£
-
-
13,822
40,682
(14,826)
39,678		 Designated
£
-
164,681
-
94,334
-
259,015		 Restricted
Endowment
£
£
-
347,621
67,819
-
-
-
225
-
-
-
68,044
347,621		 2022
Total
£
347,621
232,500
13,822
135,241
(14,826)
714,358

21 Post Balance Sheet Events

A transfer of £30,000 is to be made from the BUC Turret Green Funds (endowment) to the church funds. The revised sharing agreement, between the Baptist Union Corporation and the United Reformed Church Synod has been signed but the process is still to be completed . The transfer is to assist with the building works completed in 2022.

17