2023-12-31-accounts - Cowes Baptist Church

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COWES BAPTIST CHURCH

Registered Address

Victoria Road Cowes Isle of Wight. PO31 7JJ

Registered Charity No 1143075

Trustees

Mrs Judith Compton Minister Mrs Elaine Cherry Treasurer Mrs Tracey Dancy Secretary Mrs Carol Jennings Deacon Mr Hamish Wilson Deacon Mr Graham Cherry Deacon Mrs Jacqui Spalding Deacon

Property Trustees

The Baptist Union Corporation Limited Baptist House 129 Broadway Didcot Oxfordshire OX11 8RT

Bankers

Barclays Bank St. James Square, Newport, I.W. PO30 1UP

CCLA Investment Management Ltd.

Independent Examiner

A H Cross & Co

COWES BAPTIST CHURCH

Annual Report for 2023

The trustees present their Annual Report and financial statements for the year ended December 31 2023.

Charitable Object

The Charity is governed by an Approved Governing Document which states that the principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world. The Church occupies premises which are held by the Baptist Union Corporation Ltd as holding trustees, on Trusts which are entirely compatible with the above object.

Organisational Structure and Decision making processes

Baptism by immersion upon personal profession of faith is the normal mode of entry into the membership of the church. Persons seeking membership who have not been baptised in the manner described may at the discretion of the Church Members’ Meeting be accepted for full membership based on their own public profession of faith.

The Members’ Meeting normally takes place at least quarterly and has responsibility for the overall policy of the church. In accordance with the Constitution, the members appoint deacons, who together with the Minister, Church Secretary (if there is one) and Treasurer (who are also appointed by the Members), are the Charity Trustees, and are responsible for the day to day running of the church’s work and witness, and the financial and legal aspects of the charity.

Charity Trustees serve so long as they have the support of the Church Members’ Meeting and (except for those in ministerial offices) are actively appointed and reappointed at least once every three years.

Training for Trustees is provided by both the Southern Counties Baptist Association and the Baptist Union of Great Britain, who regularly arrange training days on financial management, safeguarding, legal matters and other aspects of interest to the Trustees. Detailed Guidance notes are also available from the Baptist Union website.

All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Relevant matters may be submitted to the Church meeting by the Trustees for guidance, or may be raised by members in Church meeting for further consideration by the Trustees. Though the Constitution permits decisions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible.

Affiliations

The church is in membership with

The Baptist Union of Great Britain
The Southern Counties Baptist Association
The Evangelical Alliance
Churches Together in Cowes

COWES BAPTIST CHURCH

Annual Report for 2023 continued

Objectives and Activities

In order to achieve the principal objective which is set out above, the Church provides a variety of activities both to its membership and to the community generally. The church’s focus is set out as follows:

“Cowes Baptist Church exists to honour Jesus, bringing people together, sharing facilities and resources, growing, worshipping, praying, serving, seeking to be the best we can, seeking the best for those we serve”.

The Church usually holds public services of Christian worship on Sunday mornings supported by a varied music group. When necessary there are activities for babies, toddlers and children and a thriving parent and toddler group which meets on Tuesday mornings. There are also various small groups which meet on a regular basis.

Details of all church activities are available through the church website at www.cowesbaptistchurch.org.uk

The church works alongside other churches in Cowes and is also active in supporting joint initiatives such as IOW Street Pastors and School Pastors and the Isle of Wight Foodbank which serve vulnerable people in the wider community.

The Church has a Safeguarding policy which is fully compliant with the Baptist Union “Safe to Grow” Child protection document to ensure that all people working with children and vulnerable adults are interviewed and appropriately vetted through the Disclosure and Baring Service.

The church has read the Charity Commission guidance on public benefit, and is satisfied that the activities outlined above clearly demonstrate that the charity is providing a benefit to the public.

Achievements and Performance

During the last year, our core activities have been maintained, with regular Sunday morning services, zoom prayer meetings and the establishment of several small groups. The Renew Café continues to operate and is concerned with people’s wellbeing. In addition several groups supporting those in need in our community are now using the premises on a regular basis, along with music and dance classes for children and adults.

During the year membership has increases slightly to 35.However there are also numerous other members of the congregation who are active in the work of the church but have not yet become church members.

COWES BAPTIST CHURCH

Annual Report for 2023 continued

Reserves Policy

General Fund : Regular income supports the day to day activities of the church, however it has been determined by the trustees that a policy of maintaining a general cash reserve fund of £10,000 should be adopted. This reserve will be available to cover short term reductions in income or unexpected expenditure.

Building Fund : Funds are held for any major works on the church buildings and the manse. No reserve figure has been set as any work needed will be carried out as necessary.

Church / Community Worker : No reserves are required for this account. Currently this account is not being used.

Financial Review

General Fund.

Income for 2023 (excluding funds received for outside causes) was £71,277 a 14.5% increase on 2022. However due to a change in the method of payment of a grant that we receive from monthly to annually, an amount of £5879 relating to 2024 was received in 2023. Taking this into account the increase in income was a more modest 5%. Income from hire of the premises increased as new user groups started to meet regularly.

Overall expenditure increased by 11% on the previous year. This was mainly due to an extremely large increase in energy costs (£1277 in 2022 to £7897 in 2023).

Taking the above into consideration, we ended the year with a surplus on the general fund of £15,203.32. The balance brought forward from the previous year was £48,649.72 so the balance carried forward at the end of 2023 was £65,853.04.

Building Fund . During 2023 our original manse continued to be rented out. The rent received covered the rent payable to the Minister and made a contribution towards the building fund.

There was a balance of £ 2,003.58 as of 31 December 2022. During 2023 this and the income received enabled roof repairs to the lounge area, and a down payment on new windows to be installed in the kitchen and side rooms of the church. The balance on the account at 31 December 2023 was £5,557.96. This will be used to pay the balance due on the windows and for damp proofing in the kitchen.

A new kitchen is also required. Funds will need to be raised to cover this as yet uncosted expenditure.

Funds for the Church/Community Worker were restricted funds for the employment of a Church/Community Worker. The post is now vacant, and there was no income or expenditure during 2022 The balance at the end of 2022 remains at was £15,942.40

There were no unforeseen expenses in 2023. Signed on behalf of the Trustees

On (date)……………………..

…………………………………

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COWES BAPTIST CHURCH

FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF FINANCIAL ACTIVITIES 2023

General Fund 67,117.97 2,283.41 4,019.00	Building Fund 2,260.00 19,200.00	Toddlers 1,219.61	Church Community Worker	Total 2023 Total 2022 69,377.97 62,905 2283.41 363 24,438.61 21,294
73,420.38	21,460.00	1,219.61	0.00	96,099.99 84,562
47,475.83 7,204.99 3,536.24	17,905.62	1,137.22		48,613.05 41,489 7,204.99 7,664 3,536.24 4,085 17,905.62 16,728
58,217.06	17,905.62	1,137.22	0.00	77,259.90 69,966
15,203.32 48,649.72	3,554.38 2,003.58	82.39 1,151.03	0.00 15,942.40	18,840.09 14,596 67,746.73 53,151
63,853.04	5,557.96	1,233.42	15,942.40	86,586.82 67,747

COWES BAPTIST CHURCH

FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

GENERAL FUND RECEIPTS AND PAYMENTS ACCOUNT

Note Receipts Offerings Donations and other income 2 Income tax recovered on gifts Bank Interest Contributions for use of premises Sub Total Raised for other causes 3 Payments Ministry 4 Upkeep of church premises 5 Given to other causes 6 Administration 7 Outreach 8 Surplus/ Deficit for the year Balance brought forward 1/1/23 Balance carried forward 31/12/23		2023 41,041.10 15,687.45 8,246.05 2,283.41 4,019.00 71,277.01 2,143.37 73,420.38 33,954.54 12,315.11 7,204.99 3,536.24 1,206.18 58,217.06 15,203.32 48,649.72 63,853.04 63,853.04	2022 42,855 9,159 7,468 363 2,321 62,166 3,045 65,211 34,229 5,147 7,664 4,312 882 52,234 12,977 35,673 48.650 48,650

COWES BAPTIST CHURCH: NOTES TO THE ACCOUNTS

1. Basis of accounts: These accounts have been prepared on a 'receipts and payments' basis and accord with S.42(3) charities act 1993 ( Amended by section 28 of the Charities Act 2006)

2.Donations and other income Donations HIWCF 2023 HIWCF 2024 in Advance Funeral Donations SCBA Heating Grant Church Meal Christmas Tree Safeguarding Training 3. Raised for other causes Baptist Missionary Society BMS Harvest ( Op Agri) Curins ( Latin Link) Toilet Twinning R West Compassion First(Andrew & Dira) Christmas Hampers Youth Club ( in memory of A Leigh) J & L Ovenden Tearfund Street Pastors Frontline 4. Ministry Ministers Stipend Pension Travel Visiting Speakers Manse Upkeep - Council Tax Insurance Water Repairs	2023 423.20 7,839.00 5,879.25 200.00 500.00 306.00 450.00 90.00 15,687.45 4.87 780.00 200.00 98.50 35.00 10.00 205.00 290.00 200.00 320.00 2,143.37 26,499.96 3,375.36 135.14 300.00 2,711.49 531.01 401.58 33,954.54	2022 220 7,839 200 900
		9,159
		5 328 2,100 132 480
		3,045
		24,750 5,315 326 300 2,607 450 285 196
		34,229

COWES BAPTIST CHURCH: NOTES TO THE ACCOUNTS

5. Upkeep of Church Premises Lighting & Heating Cleaning Insurance Water Repair & Maintenance Equipment 6. Given To Other Causes Home Mission Baptist Missionary Society BMS Harvest ( Op Agri 2022) Toilet Twinning Latin Link ( R Gardner) Compassion First ( Andrew & Dira) Youth For Christ Frontline J & L Ovenden OMF Street Pastors Quiz (Tearfund 2022) SCBA Church of the Year Benevolent 7. Administration Printing & Stationery, Books etc. Telephone Subscriptions & Conference Fees Payroll Fees Independent Examiner Zoom Fees/Website CCLI Mobile Phone Catering Church Meal Other 8. Outreach Christmas Booklets Hampers Christmas Tree /Lights Westar Worship		2023 7,896.76 129.94 2,173.31 456.36 1,610.74 48.00		2022 1,277 99 2,078 357 1,087 249
		12,315.11		5,147
		1,680.00 1,680.00 780.00 124.00 800.00 608.88 180.00 400.00 600.00 200.00 152.11 7,204.99 833.45 144.00 876.20 192.00 150.00 183.48 366.30 253.17 217.19 306.00 14.45 3,536.24 45.00 203.21 622.97 335.00 1,206.18		1,500 1,650 327 600 180 475 2,100 600 132 100 7,664 845 132 969 180 150 894 341 348 227 226 4,312 21 861 882

BUILDING FUND RECEIPTS AND PAYMENTS ACCOUNT

2023 Receipts Donations 2,260.00 Manse Rent ( Baring Rd) 19,200.00 21,460.00 Payments Architects Fees ( Church) 204.00 500 Rent ( Crossfield Ave) 12,000.00 12,000 Rental Expenses/Repairs 1841.62 2.285 Church Windows 2814.00 Lounge Roof Repairs 1,000.00 Other 46.00 Lounge Kitchen Area 1,942 17,905.62 3,554.38 Balance brought forward 1/1/23 2,003.58 Balance carried forward 31/12/23 5,557.96 CHURCH / COMMUNITY WORKER RECEIPTS AND PAYMENTS ACCOUNT balance b'fwd 1/1/2023 15,942.40 Balance c/fwd 31/12/2023 15,942.40 TODDLERS RECEIPTS AND PAYMENTS ACCOUNT 2023 Receipts Fees 1,219.61 1,219.61 Payments Running Expenses 1,137.22 82.39 Balance brought forward 1/1/23 1,151.03 Balance carried forward 31/12/23 1,233.42		2022 379 17,850
		18,229 16,727
		1,502 502
		2,004
		15,942
		15,942
		2022 1,123 1,123 1.005 118 1,033
		1,151

COWES BAPTIST CHURCH

STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023

ASSETS Barclays Current account Barclays Deposit Account COIF Deposit Account Petty cash Toddlers petty cash Representing balances on the following accounts General Fund Building Fund Church / Community Worker Toddlers	2023 4,456.18 22,091.63 59,746.93 37.26 254.82 86,586.82 63,853.04 5,557.96 15,942.40 1,233.42 86,586.82	2022 29,825 37,555 64 303
		67,747
		48,650 2,004 15,942 1,151
		67,747

Non-Monetary Assets

The church is the beneficial owner ( subject to the relevant trusts) of the following assets, the legal title to which is held by the church's custodian trustee [the Baptist Union Corporation Ltd].

Church Premises [Insured value] Church Manse [Insured value] The church also owns fixtures, furniture and equipment with an insured value of	2,154,283 373,644 129,689
	2,657,616

Long Term Liabilities:

Pension Scheme Liabilities

The Church is a participating employer the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers.

The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was

closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. Since 1 January 2012, benefits have been provided through a Defined Contribution (DC) Plan.

A formal valuation of the DB Plan as at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit. The next actuarial valuation of the DB Plan within the Scheme was due to take place as at 31 December 2022.

On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group (“Just”) to secure DB Plan members’ pension benefits. Just are now providing financial backing for all pensions provided through the Scheme’s DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022.

The accounts and statement of assets and liabilities set out on pages 1 to 7 relating to the year ending 31 December 2023 are approved by the trustees.

Tracey Dancy [Secretary]

Elaine Cherry [ Treasurer]