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2022-12-31-accounts

Stockton Baptist Church

Registered Charity No: 1147883

Financial Statements and Reports for the year ended 31 December 2022

Stockton Baptist Church

Contents

Contents
Item Page No.
Legal and Administrative Information 3-4
Trustees’ Annual Report 5-7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11-15

Charity Reg. No. 1147883

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Stockton Baptist Church

Legal and Administrative Information

Name:

Stockton Baptist Church

Charity No: 1147883 Principal Address: The Square Stockton-on-Tees TS18 1TE

Trustees:
PASTORAL TEAM
Trustee Senior Minister/Chair Craig Downes
Associate Minister Matty Steel
Children’s Pastor Lydia Gurney
Youth Pastor Jess Steel
CHURCH OFFICERS
Trustee Church Secretary Peter Dawson
Trustee Church Treasurer Carlie Ryder
ELDERS
Trustee Dave Blackman
Resigned John Bunce Resigned November 2022
Trustee Cath Ingram
Resigned Vicky Smith Resigned March 2022
Trustee Ken Toop
Trustee Daisy Taylor Appointed June 2022
Trustee John Mark Ryder Appointed June 2022
Trustee Seyedemad Nejati Appointed June 2022
Trustee Mohamad Jalili Appointed June 2022
Resigned John Stapleton Resigned January 2022
DEACONS
Trustee Adrian Korynek
Trustee Andrew Barnett
Trustee Peter Gurney
Resigned Florence Waniwa Resigned July 2022
Trustee Derek Davison
Trustee Khatereh Amiri Appointed June 2022

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Stockton Baptist Church
OTHERS
Resigned
Nick Smith
Operations Manager (Resigned February 2022)
Trustee
Mark Askew
Operations Manager (Appointed July 2022)
Resigned
John Hughes
Buildings Manager (Resigned Dec 2022)
Susan Hughes
Office Manager
Claire Paxton
RAS Administrator
HOLDING TRUSTEES
Alan Bowman
Stuart Cornwell
Ernie Hepplestone
Martin Greenwood
Baptist Union
Corporation
Bankers:
Nat West Bank plc
123 High Street
Stockton-on-Tees
TS18 1AY
Independent Examiner:
Kate Tully FMAAT FCIE AATQB
20 Ennerdale Crescent
Winlaton
Blaydon on Tyne
NE21 6PS		 OTHERS
Resigned Nick Smith Operations Manager (Resigned February 2022)
Trustee Mark Askew Operations Manager (Appointed July 2022)
Resigned John Hughes Buildings Manager (Resigned Dec 2022)
Susan Hughes Office Manager
Claire Paxton RAS Administrator
HOLDING TRUSTEES
Alan Bowman
Stuart Cornwell
Ernie Hepplestone
Martin Greenwood
Baptist Union
Corporation

Charity Reg. No. 1147883

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Stockton Baptist Church

Trustees’ Annual Report

1. Structure, Governance and Management The Managing Trustees of the charity comprise the Elders, Deacons, Secretary, Treasurer, Ministers, and Operations Manager.

The Oversight which comprises of the Ministerial Team, Secretary, Treasurer, Elders and Deacons leads the Church in the discovering and implementing of God’s will for the Church, in order that it may fulfil its God-given objectives. It gives the spiritual and practical leadership generally and, in particular, is responsible for day to day administration, acting on behalf of the Church in between Church Meetings, and also advising and guiding the Church in its decision making. The Oversight is accountable to the Church Meeting which has the right to revoke any of its decisions.

2 Objects and Activities

The objects of the Trust are:

3 Achievements and Performance

Stockton Baptist Church is a church established under a Constitution dated 11 April 2012. It is a member of the Baptist Union of Great Britain and the Northern Baptist Association. It is a charity (number 1147883) registered with the Charity Commission. It is also a member of the Evangelical Alliance.

REVIEW OF THE YEAR

The inevitable impact of the pandemic on the life of the church still has ripple effects and this is also noted in the finances, although much less than in the previous two years. Gifts and donations were £8.5k less than we budgeted for and this was also reflected in a reduction in the tax reclaim. The income from the use of the building was £2.5k more than budgeted and is quite an achievement in the environment after than pandemic. In 2022 we benefited again from the generosity of our members through the final settlement of a legacy which the church meeting agreed to gift to the fellowship fund to support those in the fellowship in particular need.

As in previous years, the church has been successful in securing several grants, predominantly by the Christian Against Poverty (CAP), Refugee & Asylum Seekers (RAS) ministries and the Community Garden ministry. These were recognised as restricted funds and managed outside of the church budget.

The Church expressed its part in the life of the wider church by making donations to national and international Christian organisations and societies with Christian aims and objectives compatible with the church’s own charitable purpose. Gifts were also given to specific projects throughout the year, including:

No wider public appeal was made for funds during the year.

Expenditure was more than income received at the year-end resulting in a deficit. Although the Church meeting approved a deficit budget of £26,341 the actual deficit was £9,174 which is an improvement on budgeted position. The Trustees continued to implement the strategy to increase general gift and donations to support a planned future breakeven position.

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Stockton Baptist Church

One of the main focus’ of the year and a large cost to the church was the replacement of the roof. This was funded through a legacy received last year and a gift day which saw the wonderful generosity of the fellowship. Other expenses include an increased spend on equipment more than planned. More was also spent on staff conferences that we deemed important to staff development. A new laptop was purchased for the new Operations Manager who began work with us in May 2022. The main kitchen industrial freezer required replacing with the cost shared with the Coffee House and Luncheon Club. There has been ongoing issues with the boiler that has cost more than we anticipated and will need a full replacement next year at a significant cost. A large cost in year was spent on support for the missional house on Hartington Road. During the year we reviewed the ministry we began on Hartington Road and decided that we would serve notice on the contract held with Green Pastures, who own the house used as a missional community. We are contracted to give notice of one year which will end in January 2024. The rent collected from those involved in the ministry and previously living in the house usually covered the lease payments and other housing costs. It was agreed by the leadership that this would become an expense to the church although financial contributors would be sought through the year’s notice to provide financial support if available.

The Church is heavily dependent on its membership working as volunteers in all aspects of the church’s activities, many of which run with little or no impact on the church’s expenditure, but nevertheless contribute substantially to the achievement of the church’s objectives.

Ministries Review of the Year

The Church continued to grow numerically and spiritually in 2022 and over the course of the year it was a great joy to welcome in new members and see them go onto serve in various aspects of church life. There was quite a movement of those registered as members in year but we continue to see new growth in the changes. There was an increase in applications for Baptism, membership and weddings. We continued to place each aspect of the Church onto a recognisable framework with some success. Each aspect of Church life is being looked at and each team is being encouraged to change, grow and to plan for the future. Since the pandemic, it has been a joy to welcome even more people from a wider cultural background, and to see some take office on our oversight. The leadership has become more diverse and a little more representative of the Fellowship demographic rather than the Membership demographic. Work was conducted with the Welcome and Stewarding team to establish a Welcome Desk to help facilitate new comers to the church feeling welcomed and then going on to get connected with various ministries

As a preaching team, we finished our Sunday morning studies in Luke's Gospel as well as working through a brief study looking at the prayers of the bible. We also tried out a lot of ideas with the way we do Sunday services. We have continued to see growth in the new Sunday evening gathering, 3:20@5 and it is wonderful to see a different expression of teaching and worship.

The church continues to develop the community outreach work around the Mill Lane and Hartington Road area. One area of particular change has been the development of the Petch Street community garden in partnership with Stockton Parish Church and with the support of Stockton Borough Council. The project is headed up by a team lead by our Greater Europe Mission (GEM) missionaries passionate about the area. The presence on Hartington Road in the centre of Stockton continues but the leadership are re-imagining how this will continue in the future. The house on Hartington Road leased from Green Pastures currently remains in use for various ministries but no longer has permanent tenants.

A big operational focus this year was the replacement of part of the church roof that has been an issue almost since the building was built. The areas that required repair have now been replaced. Following significant repairs to the main boiler system this year, we are also considering the options for the heating system at present. Both members and non-members have been generous over the years and it is likely that some of the giving from thanksgiving may be directed this way. Our building is a great resource for outreach and a beacon for our faith on the riverside at Stockton. It draws people in, and we are fortunate to have it. Unfortunately, it comes at a cost.

This year saw the retirement of John Hughes our Church Building Manager. John has been with us since 2005 and has dedicated much of his time and energy both seen and unseen to not only our building but

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Stockton Baptist Church

church family and those who come into our church building and we are grateful to him for his years of service. There has been sickness within the office staff team and we are grateful to those who have supported to ensure the work continues.

Another change in our staffing structure is saying goodbye to Nick Smith as our first Operations Manager and welcomed Mark Askew to take over the role. We are so grateful to Nick for all his work especially his commitment during the pandemic and leading us through the unknown. Mark picks up the reigns established but Nick and we are grateful to both of them.

We have begun to implement new processes and systems which will lead to our Church running better and communications improving. A key change was the implementation of ChurchSuite which is a is a church management system to support the running of churches in a variety of ways.

Children’s Ministry Report

The regular groups continued to meet throughout the year each supported by a team of volunteers. Sunday consisted of three different ages groups making up Bridge Kids. During the week Little Fish Toddlers meet weekly as do Girls and Boys Brigades and Kids Life Group. We continued to run All Age services on the 1[st ] Sunday of every month and Toddler Service on 3[rd] Sunday.

Two day Create and Chat sessions for families took place in February and October half terms holidays with approximately 30 children attending with their families. Annual events included an Easter Trail around the local areas, Kids Easter Service, Duggie Dug Dug Circus Praise Party, Superhero Party, Christingle Service, Park Kids on Mill Lane Park.

Schools work continued with Collective Worship and Year 6 Transition sessions in Holy Trinity school, vice chair of Governors and listening to readers in Mill Lane and CAP children’s course in Mill Lane. We also have a rota of volunteer drivers willing to pick up and deliver food for the Food Pantry at Mill Lane.

It was wonderful to have an intern for Children’s Ministry for June and July and during this time we started Rooted KS2 club that has become a regular weekly group and helps to cross the gap between Children and Youth.

Great to have another opportunity for a Children’s Weekend Away at Knock at beginning of July with 26 children attending which was a mix of those who come on Sundays and those who come to midweek groups supported by, as usual, a wonderful and enthusiastic team.

We had a fantastic time at the annual Boys Brigade camp in Redmire, taking a group of about 35 young people to the camp.

At the beginning of year, our Children’s Pastor attended and passed a Families Ministry Course run by Cliff College. This included writing a dissertation on the theme of Wellbeing in Families Ministry.

Youth Ministry

We continue to see growth in the youth group regular contact with 30+ young people over our weekly programs which include the Sunday morning group and Tuesday night bible study. A new weekly lads group and a monthly year 7,8 and 9 group started up in year and are proving successful.

We were very excited to undertake a two week mission trip with 6th formers youth to Uganda and worked with a UK charity already working there. Each team member had to raise their own funds for part of their ticket and committed to collectively fundraising throughout the year. This also meant that a substantial gift could be given to the charity for the continued work in Uganda. For some of the team it was the first time on mission and everyone had a wonderful time.

Refugee & Asylum Seekers (RAS Work)

Monday and Friday Drop-Ins going well and appreciated by RAS community, giving opportunity for socialisation, activities and friendship. Red Cross attend regularly to provide specialist advice and sign

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Stockton Baptist Church

posting to appropriate services. The North Eastern housing provider has donated a pool table that enhances the experience for the guys on Mondays.

English classes continue to run at 3 levels. They are particularly helpful for those who do not qualify for formal classes at the college. Light lunch afterwards provides further opportunity for students to use their English and make friends.

A training weekend with Rev. Elnur Jabayev of Turkic Ministries was very helpful for both the RAS community and our volunteers in understanding and appreciating the cultural issues in coming to Christ from an Islamic background.

It has been a joy to see people grow in their faith and service, and to see some receiving permission to stay in UK. Family reunions are always a joy, particularly when they decide to stay in the area as it has become 'home'.

Reserves Policy

It is currently the policy of Stockton Baptist Church is to hold three months’ worth of all expenditure to allow the church to adapt to any changes in circumstance of the church. Based on the planned contractual and other essential expenditure within this year’s budget this amount is £84,000. It is proposed that we will hold sufficient free cash reserves at the year end to satisfy this policy. This policy will be reviewed annually.

4 Plans For Future Periods

The Trustees expect to continue the activities of the charity in accordance with their current objectives.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable Charity Law and United Kingdom Generally Accepted Accounting Practice.

Charity Law requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the Trustees are required to:

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. They 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.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed on behalf of the Trustees

Name Position Signature Date

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Stockton Baptist Church

Independent Examiner’s Report

Report to the Trustees of Stockton Baptist Church on Accounts for the year ended 31 December 2022 set out on pages 10-15.

Respective responsibilities of the Charity and the Independent Examiner

As members of the Charity you are responsible for the preparation of the financial statements; you consider that the audit requirement of Regulation 3(3) and section 144(2) of the Act do not apply and that an independent examination is needed. It is my responsibility to

Basis of examiner’s statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with these records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

Independent examiner’s statement

In connection with my examination no matter has come to my attention:

Kate Tully FMAAT FCIE

Date 28th October 2023

Signed

acie

association of charity independent examiners

Kate Tully is a Fellow Member of the Association of Charity Independent Examiners and a Fellow Member of the Association of Accounting Technicians

Charity Reg. No. 1147883

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Stockton Baptist Church

Statement of Financial Activities For the year ended 31 December 2022

Note
Income and Endowments
from
Donations and Legacies
2
Charitable Activities
2
Other Trading Activities
2
Investments
2
Total Income and
Endowments
Expenditure on:
Charitable activities
2
Other
2
Total Resources Expended
Net movement in funds
Transfers Between Funds
Total Funds brought forward
Total funds carried
forward		 Unrestricted Restricted
Designated
Funds
Funds
Funds
£
£
£		 Unrestricted Restricted
Designated
Funds
Funds
Funds
£
£
£		 Total
Funds
2022
£		 Total
Funds
2021
£
268,604
38,448
31,684
84,265
0
0
0
467
0		 338,736
84,265
0
467		 474,391
25,825
52,686
289
353,336
38,448
31,684		 423,468 553,191
362,511
104,654
30,890		 498,056
0		 446,078
0
362,511
104,654
30,890		 498,056 446,078
(9,175)
(66,206)		 794 (74,588) 107,113
(117,494)
117,099
395		 0 0
2,628,067
31,035
3,865		 2,662,967 2,555,854
2,501,398
81,928
**5,054 **		 2,588,380 **2,662,967 **

Charity Reg. No. 1147883

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Stockton Baptist Church

Balance Sheet

As at 31 December 2022

Note
Fixed Assets:
3
Land and buildings
Total Fixed Assets:
Current Assets
Debtors/Prepayments
5
Cash at Bank and In Hand
Held in BU Trust
Total Assets
Liabilities
Creditors: Amounts falling due within one
year
6
Creditors: Amounts falling due after one year
Total Assets less Liabilities
The Funds of the Charity:
Restricted income funds
Designated Funds
Unrestricted income funds
TOTAL CHARITY FUNDS		 2022
Funds
£
2,405,392
0		 2021
Funds
£
2,405,392
0
2,405,392 2,405,392
9,545
170,319
7,600		 8,182
248,962
7,484
2,592,856 2,670,020
(2,476)
(2,000)		 (5,053)
(2,000)
2,588,380 2,662,967
81,928
5,054
2,501,398		 34,900

2,628,067
2,588,380 2,662,967

Approved by Stockton Baptist Church and signed on their behalf by:

Signature

Print Name Peter Dawson

Signature

Print Name

Date of Approval

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Stockton Baptist Church

NOTES TO THE FINANCIAL STATEMENTS

For the period 1 January to 31 December 2022

1 Accounting Policies

Basis of Preparation

These Financial Statements have been prepared in accordance with 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) (effective January 2015) – Charities SORP (FRS 102).

Stockton Baptist Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Incoming Resources

These are included in the Statement of Financial Activities (SOFA) when:

Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Capital Grants are released over the economic useful life of the asset to which they relate

Resources Expended and Liabilities

Resources expended have been analysed using a natural classification.

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fixed Assets

Depreciation is provided to write off the cost, less estimated residual values, of all fixed assets, over their expected useful lives. It is calculated at the following rate:

Land and Buildings Reviewed as needed for revaluation but not depreciated Church Organ 5% Straight Line basis

Other fixed assets are written off in the year of purchase. The trustees consider that this is prudent in view of the short life of these assets.

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Stockton Baptist Church

2 Funds

The Charity has one fund, an unrestricted general fund and a number of restricted and designated funds.

Restricted Funds Balance B/f
01/01/2022
£		 Income
£		 Agreed
Transfer from
Reserves £		 Expenditure
£		 Funds C/f
31/12/2022
£
Andrew & Helen Symmonds
(MAF)		 0 2,500 0 2,500
BMS 228 1,937 10 0 2,175
Building Fund 18,877 175 64,335 74,660 8,727
CAP 1,736 1,000 1,191 1,545
Fellowship fund 675 10,123 9,356 1,443
Funeral Collections 134 0 0 134
Garden Fund 0 156 0 156
Gifts 30 2094 655 1,469
Hartington Road 0 14,950 14,950 0
Ministry & Mission Work 0 0 52,604 0 52,604
Overseas Mission 3,095 500 500 3,095
RAS 3,763 5,013 150 1,240 7,686
Spurgeon's Childcare 394 0 0 394
Youth Missions 2,103 0 2,103 0
Total Restricted Funds 31,035 38,448 117,099 **104,654 ** 81,928
Designated Funds Balance B/f
01/01/2022
£		 Income
£		 Agreed
Transfer from
Reserves
£		 Expenditure
£		 Funds C/f
31/12/2022
£
Children's Work 1,033 3,137 3,149 1,021
Community Garden 1,000 5,070 4,157 1,913
Event Income 0 253 395 339 309
Tab Toddlers 1,007 320 75 1,252
Youth Work 825 22,904 23,171 558
Total Designated Funds 3,865 **31,684 ** 395 30,890 **5,054 **
Total Restricted &
Designated Funds		 34,900 70,132 117,494 135,545 86,982

Name of fund

Andrew & Helen Symmonds (MAF)

BMS Building Fund

Description, nature and purposes of the fund

Gifts made to support the Symmonds family in their work in Papua New Guinea with Mission Avation Fellowship

Donations towards Baptist Mission Society

Gifts made to support major works required on the church and associated buildings.

CAP Children's work Community Garden Event Income Fellowship Fund Funeral collections Garden Fund Gifts Hartington Road Ministry and Mission Work Overseas Mission RAS Spurgeon's Childcare Tab Toddlers Youth Mission Youth Work

Grants received for activities relating to the Christians Against Poverty (CAP) ministry Donations towards the church's work among children

Grants and gifts received for the work and development of a community garden. Amounts collected for non-profit making ticket sales from events Donations towards those in the church suffering har dship Amounts collected at funerals

Gifts towards the development of the church garden Donations towards specific gifts made to members of the congregation Donations towards repairs and maintenance of a property to support the vulnerable Donations towards the church's work and ministries & mission Donations towards a medical clinic in Uganda Grants and gifts received for activities among asylum seekers Christmas collection for the work of Spurgeons Childcare Donations towards the church's work among young ch ildren Donations towards youth missions Amounts received towards the church's youth work

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Stockton Baptist Church

Income and Expenditure Analysis 2022

Income and Endowments from:
Donations and Legacies
Gifts and Donations
Asylum Seakers and Refugees
Other Donations/Grants
Legacy
Income from Charitable Activities
Use of Building
Thanksgiving
Tax Reclaims
Other Trading Acivities
Investment Income
Bank Interest Earned
Total Incoming Resources
Resources Expended:
Cost of Charitable Activities
Administration
Office Costs
Building Costs
Equipment
Ministries
Mission
Housing
Salaries
Bank Charges
Depreciation
Independent Examination of Accounts
Total Resources Expended
Support Costs
Support Cost Type
Administration
Office Costs
Building Costs
Equipment
Ministry Team
Mission
Independent Examination of Accounts
Housing
Total
Unrestricted
Restricted
Designated
252,595
33,435
31,684
5,405
5,013
1,856
8,748		 Total
317,714
10,418
1,856
8,748
268,604
38,448
31,684		 338,736
17,699
9,246
57,320		 17,699
9,246
57,320
84,265
0
0		 84,265
0
0
0
0
0		 0
467 467
467
0
0		 467
353,336
38,448
**31,684 **		 423,468
Unrestricted
Restricted
Designated		 Total

6,494
4,194
52,094
74,660
7,591
18,152
29,994
30,891
42,943
4,914
224,211
1,319
600		 6,494
4,194
126,754
7,591
79,037
42,943
4,914
224,211
1,319
0
600
0
362,511
104,654
30,891		 498,056
362,511
**104,654 **		 **30,891 ** 498,056
Fundraising

Activity
Charitable
Governance
£
Activity
Activity
£
£
6,494
4,194
52,094
7,591
18,152
42,943
600
4,914
Total Cost
£
6,494
4,194
52,094
7,591
18,152
42,943
600
4,914
0
136,382
600		 **136,982 **

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Stockton Baptist Church

3 Fixed Assets


Fixed Assets
Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge this period
At 31 December 2022
Net Book Value
At 31 December 2022		 Land and
Buildings
Total
£
£
2,405,392
2,405,392
0
0
0
0
2,405,392
2,405,392
0
0
0
0
0
0
2,405,392
2,405,392

4 Salaries/Wages


Gross Salaries and NI		 Unrestricted
Restricted
£
£
224,211		 Total 2022
£
224,211
0
224,211
0		 224,211
2022
Number
11

There were no employees whose remuneration was over £60,000.

5 Debtors

Bridge Coffee House
Trade Debtors/Prepayments		 Unrestricted
Restricted
Funds
Funds
£
£
7,740
1,805		 2022
Total
£
7,740
1,805
9,545
0		 9,545

6 Creditors: Amounts falling due within one year

Trade Creditors/Accruals
Independent Examination		 Unrestricted
Restricted
Funds
Funds
£
£
1,876
600		 2022
Total
£
1,876
600
2,476
0		 2,476

7 Creditors: Amounts falling due after one year

Loan Unrestricted
Restricted
Funds
Funds
£
£
2,000		 2022
Total
£
2,000
0
2,000
0		 2,000

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Stockton Baptist Church

8 Governance Costs


Governance Costs
Independent Examination Unrestricted
Restricted
Funds
Funds
£
£
600		 2022
Total
£
600
0
600
0		 600

9 Bank and Cash in Hand

Baptist Together
NatWest Current
NatWest Reserve
Petty Cash		 2022
£
7,600
14,804
155,515
177,919

10 Baptist Pension Scheme

The church is a participating employer within the Baptist Pension Defined Benefits Scheme and has been making ongoing deficit payments to cover the costs of past service of its employees within the scheme under a recovery plan. In July 2022 The Baptist Union announce that the scheme is now in surplus, ahead of schedule.

This means that effectively there is no shortfall debt at the present time although it will be kept under review. However, there will be an administrative cost of £1,000 to process any employers leaving the Scheme. It is important to be aware that cessation events will still be triggered even in a no-debt situation, and they must continue to be manage in line with regulations set out in The Occupational Pension Schemes (Employer Debt) Regulations 2005. The monthly deficit repair contributions will be reduced to a minimal level of £1 per employer per month from August 2022 onwards.

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