REGISTERED CHARITY NUMBER: 1148492 Re ort of the Trustees and Financial Statements forthe Year Ended 31 Au ust 2024 Corsharn Ba tist Church Mander Duffill Chartered Accountants The Old Post Office 4143 Market Place Chippenham Wiltshire SN15 3HR
Corsham Ba tist Church Contents of the Financial Statements for the Year Ended 31 Au ust 2024 Page Report of the Trustees 1 to 7 Independent Examinerfs Report Statsment of Financial Activities Balance Sheet 10 Notes to the Financial Statements 11 10 19 Detailed Statement of Financial Activities 20 10 21
Corsham Ba st Church Re ort of the Trustees for the Year Ended 31 Au ust 2024 The trustees present their report together with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI 'A¢counling and Reporting by Charities,. OBJECTIVES AND ACTIVITIES Principal activity The principal purpose of the Church is the advanrnent of the Christian faith according lo the principles of the Baptist denomination. The Church may also advance educab-on and carry out other charitable purposes in the United Kingdom andlor other parts of the world. The Church makes grants lo organisalions, provides building and open space facilities., and other services. such as a Communty Money Advice Centre, to the general public. The trustees have had regard to the guidance issued by the Charity Commission on public benefit The charitsble purposes include the provision and upkeep of the Place of Worship and burial grounds, the carrying on of all religious services, the payment. housing and pensioning of hvo Ministers of Religion, and a Youth Pastor. OTHER NAMES CHARITY KNOWN BY The Charity is also known as CBC. Page 1
Corsham Ba tlst Church Re ort of the Trustees for the Year Ended 31 Au ust 2024 ACHIEVEMENT AND PERFORMANCE Ministries and Activities This report covers a period when Corsham Baptist Church (CBC) relumed to normal in person Sunday gatherings following the lifting of Covid restrictions and all our ministries returned lo in person events. The main purpose of these meetings and events 15 lo proclaim the Gospel of our Lord Jesus Christ which is our primary calling. This was done al our three Sunday morning congregations at CBC {Corsham 9.15 and 11.15 congregations, Church on the Greenl and the fourth congregation, which is a fortnightly mid-week congregation mainly for the elderty in our church meeting in Corsham. Following work on the premises where the Church on the Green met in Rudloe and internal discussions at CBC it was agreed to slop the Church on the Green meeting and most of the members moved to the 9.15 service al Corsham in the autumn of 2023. Following this move we believed God was calling us to plant a congregation in Neston a Ial village near Corsham_ The new congregation called CBC Neslon started to meet in Neston village hall in January 2024 and was largely made up of members from the Church on the Green arid the 9.15 Corsham congregations. Our new Associate Pastor who joined us in August 2023 leads the Neston congregation alongside other CBC church leaders. For the rest of the year the Sunday nY)ming meelings were held at CBC Corsham and CBC Neston wlh the fortnightly mid-week congregation meeting in Corsham. We have continued to live stream our Sunday morning services for the benefit of those who are unable to attend in person. Unfortunately, in January our Senior Pastor beeame ill and was off work for the rest of the year. Our Associate Pastor and the elders and other leaders covered all the aspects of the Senior Pastors role. Souper Friday Ministry Report Souper Friday was established a few years ago to provide a simple meal and companionship, primarily aimed at those living alone. This ministry continues to thrive and is held every Friday at CBC Corsham. It is open to all members of the community, offering an opportunty to share food and enjoy fellowship. In addition lo the meal, the ministry supports individuals and families through a food bank. Most of the food is generously donated by local 5uperrnarkets. other Organali0ns. and CBC members, making il a great way to share the love of our Lord Jesus with those who attend. Furthermore. we offer support to those in financial need through a money advice service. At CBC, our priority is to express the truth of the Gospel and the love of God to a needy world. This is done through our Sunday morning and mid-week services. as well as through our various outreach inib"atives, such as.. Toddlers group.. Holiday Bible Club and Light Party (outreach mission to local children)", Easter and Christmas outreach events.. regular women's and men's meetings," the Corsham Community Money Advice Centre., and church midweek Life Groups for fellowship and the growth of faith and discipleship. Through these effort5. we aim to serve the communtty, meet phYsal and spiritual needs. and provide opportunities for individuals to grow in faith. Our Youth Pastor and Children's Worker lead our work wilh young people with the aim of sharing God's love and the Gospel with them dun9 these regular meetings and activibes_ We are actively involved in supporting children and young people in local schools. The church seek5 to implement good safeguarding practice with regards to Child Protection and Protection to adults al risk. The church has a child and youth protection policy based on the Baptist Unions "Safe to Grow" policy, both of which are available on request. DBS compliance and checks have been done throughout the year and the team is headed by our Safeguarding Trustee. We contr'nued to support our mission partners throughout the year in prayer and financially. Our mission partners are the Oasis Centre a refugee ministry near Vienna in Austria Irun by international leamsl.. African Inland Mission., Baptist Missionary Society supporting a specific project in India., The Bible Society.. Compassion UK,. Open Doors and Tearfvjnd. Page 2
Corsham Ba tist Church Re ort of the Trustees forthe Year Ended 31 Au ust 2024 During the year there was 1 child's dedication service. 3 funerals, 2 baptisms and 2 weddings. Current and Future Plans Senior Pastorfs Health and Insurance Provision. Our Senior Pastor is currently off on long-term sick leave due to ill health. In respor¢se lo this situation, we are utilizing the insurance provision available through the Bapt'st Union IBUI Ministers Pension Scheme. This insurance covers the nece55ary financial support during this time. We are in the proce55 of ensuring that the pension scheme makes these payments direcuy to the rninister to streamline the financial support. We are actively discussing and planning the next steps regarding Ihe apF)ointment of a new Senior Pastor. Further conversations will be held to ensure a smooth transits.on when the time cornes. Rudloe Community Centre {RCC) and Partnership with Rudloe Community Association IRCAI. The Rudloe Community Centre {RCCI, owned by Wiltshire Council IWCI. has been vacant since 2017. RCA is currently negotiati'ng a lease agreement with Wiltshire Council to manage the property. CBC is looking to partner with RCA to support the local community through a servicing agreement. This collaboration would focus on enhancing our ability lo reach and support the people of Rudloe. The goal is to help revitalise the community centre and use it as a hub for community acb"vities. Through this partnership. CBC aims to make a meaningful impact on the local area and extend our support lo those in need in Rudloe in a Jesus shaped way. Other oryanisations with which the charity operates The church is a member of the Baptist Union of Great Britain and the Evangelical Alliance. We are also involved with the Corsharn Ecumenical Group of Churches primarily aimed at organvzing the annual Good Friday walk of witness," the Christmas Town carol Service., Bible Sunday.. Christian Week of Prayer and the Women's International Day of Prayer. Page 3
Corsham Ba t Church Re ort of the Trustees forthe Year Ended 31 Au U5t 2024 FINANCIAL REVIEW Financial position The Church eonlinues to raise the funds which it needs to carry on ils activities frorn within its own membership and congregations. No wider public appeal was made for lunds during the year. The most significant expense relates lo funding the pastoral staff to le2d and coordinate the church's activities including the Sunday Services, lo provide pastoral care for the congregations and the young People of the church, and lo equip and encourage the membership in their life, Christian witness and service. In addition, the Church Administrator oversaw administration and provided support to both the pastoral staff and the trustees. The Church continues to express its part in the life of the wider church by making gonts to national and international Christian organisations and sctielies with Christian aims and objectives compatible with the church's own charitable purpose. These grants amount to around 120A of the church's estimated annual genera5 income during the year. The Church is heavily dependent on ils membership working as volunleets in all aspects of the church'5 activities, many of which run with little or no impact on the church's expenditure but nevertheless contribute substantially lo the achievement of the church's objectives. The financial results for the year, together with a summary of the accounting F)olicies adopted are set out in the accompanying financial statements. The church is a participating ernployer in the Baptist Pension scheme. Unlike previous years, as of 31st August 2024 there was no shortfall and deficit payments to cover the costs of past service of rts employees who are members of the Defined Benefit Plan when the scheme ceased. In 2009, the church had a cessalion event under Section 75 of the Pensions Act 1995. As of 31stAugUSt 2024. the church understsnds that there was no deficit. The church has no plan to leave the scheme. In November 2019 the church entered into a "Double Cessation Debts Arrangemeny. with the Baptist Union of Great Britain and the Baptist Pension Trust Ltd. It should also be noted that The Trustee of the Scheme and the Bap115t Union formally triggered the wind-up of the DB Plan with effect from 31 March 2024 and currently expect the wind-up of the DB Plan to be completed in the first half of 2025. After wind-up was triggered in March 2024. we have been advised by the Baptist Union and Trustee of the scheme that the previous cessation event regime fell away. Vvhilst at that stage employers remained potentially liable should any shortfaS1 arise, they have confirmed impacted organisalions should be released from this commitment with effect from 31 October 2024. The great majority of donations to the Church continue to be made by standing order or bank transfer. and throughout the last 4 years, regular giving has held up well_ Trustees have taken note of the changes in giving patterns and continue lo regularly monitor cash flow. Moreover, at the point of signature. the trustees do not anticipate that the ability of Corsham Baptist Church to continue operating as a going concern over the next 12 months will be affected. Page 4
Corsham Ba tist Church Re ort of the Trustees forthe Year Ended 31 Au ust 2024 FINANCIAL REVIEW Reserves policy The Trustees have established a ReseNes policy to enable the church to fvnclion effectively and meet its obligations in the event of a decline in our income. or a major cost. Having considered the relevant risks of changes in income and expenditure. the Trustees have determined that the appropriate level of Free ReseNes is in the range of 24 months normal running costs (£40,000 £80,000). The Restricted and Designated Funds largety relate to the church's WOTk supporting our mission partners, including mission trips, and to events being run by the church for both adults and young people. Where Designated Funds are in deficit, this irkvariably relates to where the church has funded booking deposits or tickets for events or mission trips up front, with recovery from participants to follow. As at 31 August 2024. the church held total reserves of £1.523,699 of which £26.437 were Restricted and £1.372.342 were Designated. Reserves that were neilher Restricted nor Designated amounted to £124,920. The overriding aim for the year ending 31 August 2024 was lo work within a balanced budget but allocate sufficient funds to continue lo upgrade our Audio Visual systems. continue our giving to support the work of our Mission Partners at least for this year. and set aside money for building maintenance following the quinquennial survey of our listed buildings. CURRENT AND FUTURE PLANS As mentioned earlier in the Report of the Trustees, the long term sickness of our Senior Pastor has brought about 8 need for our A550ciate Pastor, Elders and other leaders to cover all the aspects of their role. Discussions around future plans are undenyay for the potential next steps in identifying a new Senior Pastor. Alongside the above, CBC is looking to partner the Rudloe Community Association {RCAI to support the local community in Rudloe. RCA are currently negotiating a lease agreement with Wiltshire Council IWCI for the Rudloe Community Centre IRCCI, which has been vacant since 2017. Some funding would be reqLJired from CBC for the initial refurbishment of the premises and operating costs and pledges of increased giving have already been rnade in this regard from within CBC. with one donor pledging £37,500 {including gift aid) for a 5 year period. This will allow ongoing consideration of the financial viability of this initiative during the remainder of 2024 and into 2025, noting the first payment has been receNed and is held within a DeSnated Fund. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Church is govemed by a Constitution adopted on 22 October 2018. This was a minor revision to that adopted on 26 January 2009 to reduce the number of Trustee meetings required. which reflects the growth of the church and the consequent necessity for greater delegation of authority. Previously the Church was an "excepted" Charity under Sub -section 5 of section 3 of The Charities Act 1993. However, the Charities Act 2011 requires "excepted" charities to register with the Charities Commission rf their income exceeds £100,000 per year. The Board of Ttustees registered the Church with the Charity Commission on 9 August 2012. The charity number is 1148492. Corsham Baptist Church (also known as CBC) is a member of the Baptist Union of Gteat Britain. The West of England Baptist Network IWEBNet} takes responsibility as custodian trustee5 for the church, manse and 16 Amolds Mead properties. Recruitment and appointment of trustees The Board of Trustees s*ks to ensure that the needs of the Church are appropriately served through the diversity ofthe trustee body. The more traditional business skills are well represented on the Board of Trustees. In the event of particular skills being lost due to retirements. individuals are approached to offer themselves for election lo the Board of Trustees. Page 5
Corsham Ba tist Church ort of the Trustees forthe Year Ended 31 Au ust 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Leadership The church is govemed by the Church Meeting. which seeks to discem the mind of Christ for the church. Church Meetings are held once a quarter. Church members may serve as Deacons IresF)onsible for practical matters) or Elders (responsible for spiritual oversight). Elections are held in accordance with the Church's Governing Document. Elders and Deacons are elected for a three-year temi. with no limit to the number of terms they may serve. The Elders. together with the pastors, meet as the Oversight Team IOTI to seek the mind of God for the running of the Church. The Deacon5 and Church Administrator meet as the Facilitation Team lo provide practical irnplemenlation of OT direction. Each group meets once a quarter and additionally as needed. The full Leadership TeaTn also meets together On per quarter. The day-to-day management of the Church 15 carried out by the A550ciale pastor Adam Jacques, supported by Ruth Lancaster as Church Administrator and members of the Eldership team. The church employs two other members of stsff to run Church ministlles. Dan Ovens is our Youth Pastor. Dan and Natalie Ovens and their three children are living in the 16 Amolds Mead property- Rhiannon Price is our Children's Worker. In the light of the growth in the church and its needs for the future, the Leadership stfucture is under constant review in consultation with church members. The new leadership 5ttucture was adopted from 1 January 2019. Trustees meet less frequently as a whole group. bul these meetings are supplemented by smaller groups focussed on specific areas of church life. A minor amendment lo the constitution was required to allow this. Risk management The trustees have undertaken a detailed considerabon of the financial and olhei risk5 to which the Church may be exposed and they have agreed that these are adequately mitigated by the nature of the Church's activities and the spectfic CiTCUmStances in which it operates. Inlernal control risks are minimised by the implemenlalion of prOdureS for authorisation of all transactions and projects. produreS are in place to ensure compliance with health and safety of stsff, volunteers and associates. These procedures are periodically reviewed to ensure that they continue lo meet the requirements of the Church in satisfying the stalulory and moral obligabons imposed by its activities. Controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity nurnber 1148492 Principal address Priory Street Corsham Wiltshire SN13 OAS Trustees A Christie A G Pillinger Rev R Durant l HoSmes Mrs E Pitsnan J Street T Lewis (resigned 29.4.2024} Mrs S Wingrave (resigned 29_4.2024) J Prior RJWPerks S Rowe (appointed 29.4.20241 A Jacqtjes Page 6
Corsharn Ba tist ChUh Re ort of the Trustees forthe Year Ended 31 Au ust 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent ExarnineT Andy Davis FCA Mander Duffill Chartered Accountants The Old Post Office 4143 Market Place Chippenham Wiltshire SN15 3HR Approved by order of the board of trustees on _--...--....-- Jwlol and signed on its behalf by= J Prior- Trustee Page 7
Inde endent Examiner's Re ort to the Trustees of Corsharn Ba tist Church Independent exarninevs report to the trustees of Corsharn BaptTSt Church I report to the charity trustees on my examination of the accounts of Corsham Baptist Church {the Trust) for the year ended 31 August 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Chartties Act 2011 I'lhe Act'l. I report in respect of my examination of the Trusys accounts carried out under Section 145 of the Act and in arrying out rny examination I have followed all applicable Directions given by the Charity Commission under Section 14515}Ibl of the Act. Independent examinerfs statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confimi that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have cornpleted my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any rnaterial respecL' accounting records were not kept in respect of the Trust as required by Section 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable reqU1ments concerning the foTm and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounls 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 exarnination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Andy Davis FCA The Institute of Chartered Accountants in England and Wales Mander Duffill Chartered Accountants The Old Post Office 4143 Market Pla Chippenham Willshire SN15 3HR Dale.. P2ge 8
Cotsham Ba tist Church Staternent of Financial Activities for the Year Ended 31 Au ust 2024 31.8.24 Total funds 31.8.23 Total funds Unrestricted funds Restricted funds Note5 INCOME AND ENDOWMENTS FROM Donations and legacies 316.760 19.586 336.346 277,427 Investment income 1.947 1.947 6,368 Total 318,707 19.586 338.293 283,795 EXPENDITURE ON Raising funds 252,923 23,904 276,827 221.838 Total 252,923 23,904 276,827 221.838 NET INCOMEIIEXPENDITURE} Transfers between funds 65.784 1.880 14,3181 1.8801 61,466 61,957 Net movement in funds 67.664 16,1981 61,466 61.957 RECONCILIATION OF FUNDS Total funds brought forward 1.429.598 32,635 1,462,233 1,400,276 TOTAL FUNDS CARRIED FORWARD 1.497,262 26,437 1.523,699 1.462.233 The notes fomi part of these financial statements Page 9
Corsham Ba tist Church Balance Sheet 31Au ust 2024 31.8.24 Total funds 31.8.23 Total funds Unre5trtcted Restricted funds funds Notes FIXED ASSETS Tangible assets 1.315.964 1,315,964 1,317,094 CURRENT ASSETS Debtors Cash at bank and in hand 34,433 149.362 225 26,212 34,658 175,574 15,485 134,212 183.795 26.437 210.232 149,697 CREDITORS Amounts falling due wrthin one year (2.4971 12,4971 14.5581 NET CURRENT ASSETSIILIA81LITIESI 181,298 26.437 207,735 145.139 TOTAL ASSETS LESS CURRENT LIABILITIES 1.497.262 26.437 1.523,699 1.462,233 NET ASSETS 1.497.262 26,437 1,523,699 1,462.233 FUNDS Unrestricted funds Restricted funds 1,497,262 26.437 1.429,598 32.635 TOTAL FUNDS 1,523,699 1.462.233 The financial statements were approved by the Board of Trustee$ 2nd authorised for issue on - and were signed on its behalf by.. R Perks J Prior- Trustee The notes fomi part of these financial statements Page 10
Corsham Ba tist Church Notes to the Financial Statements for the Year Ended 31 Au ust 2024 ACCOUNTING POLICIES Basis of preparing the financial stateTnents The financial statements of the charity, which is a public benefrt entity under FRS 102, have been prepared in accordance with the Chaaties SORP {FRS 1021 'Accounling and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financtal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,. Financial Reporttng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charits"es Act 2011. The financial statements have been prepared under the historical cost convention. The charity is controlled by ils governing document, a deed of trust and constitutes an unincorporated harity. The address of the registered office is given in the legal and administrative information on page 3 of the financial statements. The nature of the charity's operations and principal activities are provided in the Report of the Tnjstees. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constnjctive obligation committing the charity to that expenditure, il is probable that a transfer of economic benefits will be required in Settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been elas5ified under headings that aggfegale all cost related lo the category. Vlhere costs cannot be directly attributed to parb"cular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Church Building Hut Manse Motor Vehicles Fixtures and fittings Not provided Not provided Not provided 250h on reducing balan 20% on cost and 1 on cost Office equipment Amolds Mead 33% on cost Not provided Taxation The charity is exempt from tax on ils charitable activities. Fund accounting Unrestricted funds are available for use al the discreb.on of the trustees in furtherance of the general objectives of the church. They have not been designated for other purposes. Restricted fttnds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the church for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Designated funds are funds which are to be used for particular projects as designated by the trustees. The cost of raising and administering such funds are charged against the specrfic fvnd. Page 11 continued...
Corsham Ba tist Church Notes to the Financial Staternents - continued forthe Year Ended 31 Au ust 2024 INVESTMENT INCOME 31.8.24 31.8.23 Tynings rent received Deposit account interest 4,200 2,168 1,947 1.947 6.368 TRUSTEES. REMUNERATION AND BENEFITS Over the year, a total of £521.0812023". £1.575.46} was paid out in expenses between 212023.. 41 of the Trustees. All of these expenses related to costs incurred as part of the general running of the charity. During the year. salary of £33.154 12023.. £31,100) was paid to Rev. Robert Durant in his role as a Minister. Rev_ Robert Durant is a trustee of the Church. In addition, pension contributions of £4.093 12023.. £3,802), rent £8,400 12023. £8,400), council lax of £1,724 12023.. £1.636}, and water rates of £56012023.. £461} were paid ork behalf of the Rev. Robert DuranL Adam Jacques also received a salary as a trustee of £28.458 12023 £2,327}. In addition, pension contn"butions of £3,022 {2023 £1911, council tax of £2.38012023 £1911 and water rates of £53212023 £0) STAFF COSTS Wages and salaries 2024= £139,951 (2023= £105,453) The average monthly number of employees during the year was as follows- 31.8.24 31.8.23 No. of employees No employees received emoluments in excess of£60.CKJO. TANGIBLE FIXED ASSETS Church Building Motor Vehicles Hut Manse COST At I September 2023 Additions 834,402 37,918 211.132 7.200 At 31 August 2024 834,402 37,918 211.132 7.200 DEPRECIATION At 1 Septernber 2023 Charge for year 6,479 180 At 31 August 2024 6,659 NET BOOK VALUE At 31 August 2024 834,402 37.918 211,132 541 At 31 August 2023 834,402 37.918 211.132 721 Page 12 continued.-.
Corsham Ba tist Church Notes to the Financial Staternents - continued for the Year Ended 31 Au ust 2024 TANGIBLE FIXED ASSETS - continued Fixtures and fith.ngs Office equipment Arnolds Mead Totals COST At 1 September 2023 Additions 94.797 1.994 9.958 219,501 1,414,908 1,994 Al 31 August 2024 96.791 9.958 219,501 1,416,902 DEPRECIATION At 1 September 2023 Charge for year 83,270 2,470 8.[5 475 97,814 3,125 At 31 August 2024 85.740 8.540 100,939 NET BOOK VALUE At 31 August 2024 11.051 1,418 219,501 1,315,964 At 31 August 2023 11.527 1,893 219,501 1,317,094 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Trade debtors Prepayments 27.074 7,585 11.292 4.193 34,659 15,485 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Trade creditors Other creditors 697 1.800 1,575 1,862 2.497 3,437 Page 13 continued...
Corsharn Ba tist Church Notes to the Financial Statements- continued for the Year Ended 31 Au ust 2024 MOVEMENT IN FUNDS Net movement in funds Transfers between funds Al 31.8.24 At 1.9.23 Unrestricted funds General fund Anne Killingback Mission Fund - Designated Fixed Asset Fund - Designated Ladies Ministry - Designated Men's Ministry - Designated Youth Events - Designated Childrens Events- Designated Youth Weekend- Designated DTI Camp - Designated Ladies Residential - Designated Events 11.15 - Designated CBC Benevolent Fund NeslonlRudloe- Designated Souper Friday - Designated Legacies - Designated 96,918 4,613 28,002 124.920 4,613 1.317,094 673 1,585 1941 (1,130) 379 11.5961 988 {261 {1.0401 1,396 {2,1721 15281 16261 38,410 5,605 1,315,964 1,052 894 1261 17441 2,842 13,0051 15281 4,878 38,410 7,002 1,000 296 1.446 1834) 5.504 1.397 1.000 1.429.598 67.664 1.497,262 Restricted funds Mission Fund Junior Church Tearfund Mission Fund-mission trips EbolalOasislOasis IT Austria Compassion Debt Avice Souper Friday - Restricted 19.352 75 736 6.367 79 20 1.910 4.096 {1,9701 17.382 75 1.107 1.245 79 199 910 5,439 371 15.1211 179 11.0001 1,343 32.635 6.198 26,437 TOTAL FUNDS 1.462,233 61,466 1.523,699 Page 14 continued...
Cotsham Ba tlst Church Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 MOVEMENT IN FUNDS- continued Net movement in funds, included in the alxjve are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fund Fixed Asset Fund - Designated Ladies Ministry - Designated Men's Ministry - Designated Youth Events - Designated Childrens Events- Designated Youth Weekend- Designated DTI Camp - Designated Ladies Residential - Designated Events 11.15 - Designated CBC Benevolent Fund NestonlRudloe - Designated Souper Friday - Designated 262.290 {234,2881 11,1301 11,4021 {3.3411 {1,1251 1261 12.5801 12.8981 17,9591 15281 17261 11101 s.(7 28,002 11,130) 379 11,5961 988 126) 11,040} 1,396 12,172} {528} {626} 38,410 5,605 1.781 1,745 2.113 1.540 4.293 5.787 100 38,520 538 318.707 1251.0431 67,664 Restricted funds Mission Fund Tearfund Mission Fund-mission trips Compassion Debt Avice Souper Friday - Restricted 2.220 372 120 179 1,000 15.696 {4,1901 11.970} 371 15,121} 179 11,000} 1,343 15,2411 12,0001 14,3531 19,586 25.785 6,198 TOTAL FUNDS 338.293 276,8271 61,466 Page 15 continued...
Corsham Ba 1st Church Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted funds General fund Anne Killingback Mission Fund - Designated Fixed Asset Fund - Designated Ladies Ministry - Designated Men's Ministry - Designated Youth Events - Designated Youth Weekend- Designated DTI Camp - Designated Covid 19 Benevolent - Designated Ladies Residents"al - Designated 61.3C 974 51,848 (9741 113.154 1,315,973 98 {1,401} 448 13681 {2,2761 720 834 1.315.973 1981 1,401 14481 368 2.276 {7201 8341 1.376,308 52,819 1.429,127 Restricted funds Mission Fund Mission Fund-mission trips Debt Avice Souper Friday - Restricted General Funds - Reslricted {2,7991 119 90 {6.0771 32,635 2,799 11191 1901 6,548 471 32.635 23,968 9,138 33,106 TOTAL FUNDS 1,400,276 61,957 1,462,233 Page 16 continued...
Corsham Ba tist Church Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the atove are as follows" Incoming resources Re50urces expended Movement in funds Unrestricted funds General fund Anne Killingback Mission Fund- Designated Ladies Ministry - Designated Men's Ministry - Designated Youth Events - Designated Youth Weekend- Designated DTI Camp- Designated Covid 19 Benevolent- Designated Ladies Residential - Designated 258.076 1206,2281 19741 51,848 1974} 529 2.478 881 1.607 3.498 16271 (1,0771 {1,3291 (1,2391 (1,2221 17201 5.5951 1981 1,401 {4481 368 2,276 17201 8341 4.761 271.830 1219.0111 52,819 Restricted funds Mission Fund Tearfund Mission Fund-mission trips EbolalOasislOasis IT Austria Compassion Debt Avice Souper Friday - Restricted 3,299 674 1,406 358 151 15001 16741 11.5251 {3581 1151} 190} 471 2,799 11191 1901 6,548 6.077 11.965 2.827 9,138 TOTAL FUNDS 283.795 221.838) 61,957 General fund.. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the church. They have not been designated for other purposes. Fixed asset fund.. Is repented by the value of fixed assets. Restricted funds.. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the church for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Designated funds.. Designated funds are funds which are to be used for particular projects as designated by the trustees. The cost of raising and administering such fvnds are charged against the specific fund. Page 17 onb'nued...
Corsham Ba tist Church Notes to the Financial Statements - continued forthe Year Ended 31 Au ust 2024 CONTINGENT LIABILITIES The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme l-the Scheme"), which is administered by the Pension Truslee {Baplist Pension Trust Limited). The Scheme is a separate legal entity and the assets of the Scheme are held separately from those of the Employer and the other participating employers. For any mnth, each participating employer in the Scheme pays contrtbutions as set out in the Schedule of Contributions in force at that time. The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Scheme's assets and liabilities to specific employers and mean5 that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year. plus any impact of deficiency contributions The Ministers are eligible lo join the Scheme. From January 2012, pension provision is being made through the Defined Contribution (DCI Plan within the Scheme. In general, members pay 8Vo of their Pensionable Income and employers pay 60A 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 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 lo long- term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. Imembers of the Basic Section pay reduced contribution5 of 50k of Pensionable Income, and their employers also pay a total of 5Vo.l The further 40k contribution rate is reduced to 30 for Employer contributions made to the Segregated DC Arrangement Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit IDB} Plan within the Scheme. The main benefits for pre-2012 service were a defined benefft pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Servi, together with additional pension in respect of premiums paid on Pensionable Income in eXsS of Minimum Pensionable Income. The Scheme. previously known as the Baptist Ministers. Pension Fund, stsrted in 1925, but was Closed to future accrual of defined beneffts on 31 Dernber 2011. A formal valuation of the Defined Benefft {DB} Plan was perfomied at 31 December 2016 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets al 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 lo a past Servi funding level of 70Yol. The Church and the other employers supporting the DB Plan are collectively responsible for funding this deficit The key financial assumptions underlying the valuation were as follows.. Type ol Assumption RPI price inflation assumption CPI price inflation assumption Minimum Pensionable Income increases {CPI plus 0.75% pal 3.50 2.75 3.50 Assumed investment returns Pre-retirement Post retirement 3.50 2.25 Deferred pension increases Pre April 2009 Post April 2009 3.50 2.50 Page 18 continued...
Corsham Ba tist Church Notes to the Financial Staternents - continued forthe Year Ended 31 Au ust 2024 10. CONTINGENT LIABILITIES- continued Pension increases Main Scheme pension Pre April 2006 Main Scheme pension Post April 2006 2.70 2.00 As there is a large number of contributing employers participating in the Scheme, the Church is unable to identify its share of the underlying assets and liabilities of Ihe scheme. Accordingly. due to the nature of the Scheme, the charge shown in the Statement of Financial Ath"vities for the period represents the employer contributions payable_ The total pension cost for the Church is £7.46612018 £7,286). Consequent upon the departure of the Minister from the Church the Church would have a cessation event under Section 75 of the Pensions Act 1995. This would make the Church liable for the proportion of the overall deficit (assessed by reference to the cost of securing benefits by the purchase ofannuitiesl applicable lo its previous Ministers who were members of the Scheme. It would not be possible to quantify this debt wilhoul an actL¢arial calculation. An estimate has en provided by the Baptist Pension Scheme for the Church's debt relating to the deficit. the eslimale, based on a cessation date of 20 August 2019 is £126,700 122 August 2018 £153,500). However, as the estimate does not meetthe FRS 102 Section 21.4lc} criteria for a provision. the Iruslees have decided to disclose this as a contingent liability. The Trustees and the Baptist Union formalty triggered the wind up of the DB Plan with effeet from 31 March 2024 and currently expect the wind up of the DB Plan to be completed in the first half of 2025. After windup was triggered in March 2024, we have been advised by the Baptist Union and Trustees of the scheme that the previous cessation event regime fell away. Whilst at that stage employers remained potentially liable should any shortfall arise, they have confirmed impacted organisations should be released from this commitment with effect from 31 October 2024. 11. RELATED PARTY DISCLOSURES The custodian Truslee of the church is the West of England Baptist Network {WEBNetl (formerly known as the Wesl of England Baptist Association)- Chartty number 1092443. The church is also a member of the Baptist Union of Great Britain. The church made a donation to the Baptist Union Home Mission Scheme IWEBNel Partnership for Mission Fund) of £7,00012023". £4,6671 during the year. The total amount of employee benefits r1Ved by key management personnel during the year was £85,061 12023. £71,100). The church rnade a donation to The Bible Society of£2.250 during the year. Susan Wngrave (Trustee} is employed by The Bible Society who receive Mission Support from the Church however, she left her role as a Trustee of CBC on 29 April 2024. Mrs Anne Holmes who is married to lan Holmes. a trustee of the church, is employed as the Church Cleaner. During the year. she wa5 paid a Salary of £4.51812023'. £4,123). Page 19
Corsham Ba tist Church Detailed Statement of Financial Activities for the Year Ended 31 Au ust 2024 31.8.24 31.8.23 INCOME AND ENDOWMENTS Donations and legacies General offerings and donations General offerings and donalions-reslricled 316,760 19,586 251,190 26,237 336,346 277.427 Investment income Tynings rent received Deposit account interest 4.200 2,168 1,947 1.947 6.368 Total incoming resources 338,293 283,795 EXPENDITURE Raising donations and legacies Salaries Ministry and Pastoral care Worship expenses Publicsty Admin .' subscriptions Admin .' telephone Admin .' other costs Ministry expenditure.'Other Outreach CMDAC Outreach.. Mums and Tots Outreach.. Christianity explored Outreach. Events ission Home mission Mission Others Upkeep of Church Other Premises Costs.. Council lax & Insuran Other Premises Costs.. Water Other Premises Costs.. Kitchen Other Premises Costs.. Heath & safety Other Premises Costs.. Building hire & professional fees Upkeep of Church.. heat & light Upkeep of chUh ." insurance Upkeep of church.. Repairs & maintenance Outreaeh.. The Ark Fabric.. Arnolds Mead Fabric.'The Tynings Fabric.. General other Premises Costs.. Long Close Ave rent Other Premises Costs.. Long Close Avenue CTaxlwater Carried forward 139,951 14,849 5,051 933 1,348 579 2,953 609 1,880 120 132 19,965 7,000 15,836 5,170 5.500 181 1.280 78 105,453 3,748 2,116 432 1,203 718 2,930 884 2,235 55 78 21.303 4.667 14,487 6,757 1.813 134 1,125 675 3,196 8,706 2,816 3,074 98 1,768 2,866 395 8.400 1,875 7,446 1,839 3,540 215 1,501 2,942 654 8,400 2,284 257,018 1.932 201.157 This page dS not form part of the statutory financial stslements Page 20
Corsharn Ba tist Church Detailed Statement of Financial Activities for the Year Ended 31 Au ust 2024 31.8.24 31.8.23 Raising donations and legacies Brought forward Fabric". The Hul AIM ICT BMS The Bible Society Open Doors Teaching.- Junior Church Teaching.. Small Groups Teaching.. Youth Teaching." Ministry Training Named projects Depreciation of tangible fixed assets Bank charges 257,018 201.157 30 1,761 1,909 1,150 2,850 2,650 323 2.500 1.053 1.000 2.250 2.250 70 {601 274 679 3.980 3.125 106 310 205 7,117 99 274.243 219,361 Support costs Governance costs Accountancy and legal fees 2,584 Totsl reSoUrS expended 276,827 221 838 Net income 61,466 61,957 Thi5 page does not form part ofthe stslutory financial statements Page 21