QUORN BAPTIST CHURCH
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 JANUARY 2021
REGISTERED CHARITY NUMBER: 1148704
Cound & Co LLP Chartered Accountants
1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163
QUORN BAPTIST CHURCH
CONTENTS
Report of the Trustees Independent Examiner’s Report Receipts & Payments Account Statement of Assets and Liabilities Notes to the Accounts |
Page No |
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1 3 4 - 5 6 7 - 9 |
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QUORN BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021
The trustees are pleased to present their report together with the financial statements for the year ended 31 January 2021.
Reference and Administrative Details
Charity Registration Number: 1148704 Principal Office: Quorn Baptist Church, Meeting Street, Quorn, Loughborough, LE12 8AQ Bankers: Santander Bank HSBC, 41 Market Place, Loughborough, LE11 3EJ Independent Examiner: Cound & Co LLP, 1 Princes Court, Royal Way, Loughborough LE11 5XR Custodian Trustees: East Midlands Baptist Trust Corporation, 129 Broadway, Didcot, OX11 8RT
Trustees:
The trustees during the year were:
Rev I Smith, Minister Miss G Clement, Secretary Mr A Gibb Mr P Vanlint Mr J Stow Mr T Hills Mrs A Shipway Mr K Rimmer, Treasurer Mrs H Andrews Mr D Bates Mrs J Lister Mrs R Thomson
Objectives, Activities and Achievements
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.
Details of activities and achievements during 2020/2021 can be found in the Annual Report.
Structure, Governance and Management
The activities of the Church are governed by a trust deed, and a constitution adopted on 3 February 2012.
The Church is managed on a day to day basis by its Minister, Treasurer, Secretary and a number of Deacons. Apart from the Minister, the trustees and officers are elected as Deacons to be in office for three years. Elections take place at a Church members’ meeting, normally the AGM. Members may be nominated for election as trustees by a fellow member and seconded by two other members. Trustees are elected from among the nominations by means of a secret ballot of members.
There are four members’ meetings per annum at which the activities of the trustees may be scrutinised and where decisions may be taken which are beyond the trustees' expenditure authorisation limits.
The trustees have a staggered year for retirement or re-election, so that not all are replaced at the same time, allowing overlap and transfer of information to any newly elected trustees.
The Secretary and Treasurer have the resources of the Baptist Union to keep them abreast of any changes made to charity-related as well as Church related laws.
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QUORN BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021
Financial Review
Like many others we have been affected by the corona virus. Activities have been curtailed but most weeks a service has been held in the church and/or on-line. Many of our senior congregation have heeded government advice to keep their distance, but have remained in touch through use of modern technology.
Income has fallen marginally.
During this period major refurbishment work was completed including decoration £11076 and electrical work £2271 and a new photocopier £3510.
We have however continued to support missionary and other Christian causes at similar levels to the previous year.
The unrestricted funds show a deficit of £7649 after the surplus of £18278 in the previous year.
The Baptist Union pension scheme continues to show a deficit, which has been considerably reduced and should be clear in 2026. There was a reduction in deficit payments for much of the year due to the coronavirus pandemic.
The next major expense/project is the replacement of the church roof. Funds are in place through our regular savings into the Extraordinary Repair Fund.
In the forthcoming year, we hope to celebrate belatedly our 250 year anniversary.
The Trustees are satisfied with the current financial position.
Public Benefit
The Church provides Christian education at its weekly public meetings for worship, and public courses covering the basics of the Christian faith. The Minister and members of the congregation are also involved in the local primary school's assemblies and religious education as well as providing spiritual comfort to the elderly in residential care.
The Church provides the local community with a Mums and Toddlers group, a coffee morning, and activities for children and young people both on Sundays and during the week. We also run an annual holiday club. The Minister is made available by the Church to the public, at his discretion and availability, to assist with funerals, weddings, and to visit the bereaved, the sick, and others in need. He also has access to specific funds to assist those in dire financial need. The Church supports local events designed to bring cohesion to the village by providing, for example, refreshments at village events, and, where applicable, by making the facilities of our buildings available to the public or public groups, such as Ranger Guides and the Royal British Legion.
The Church also provides funds for charitable relief and development work in developing countries via the medium of Christian aid agencies. We also support individuals engaged in providing medical care and Christian mission world-wide via charitable agencies. On top of this the Church provides its members with opportunities to take part in nationwide collections for disasters.
……………………………….
Miss G Clement
13 April 2021
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INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF QUORN BAPTIST CHURCH
I report on the accounts of the Charity for the year ended 31 January 2021, which are set out on pages 4 to 9.
Respective Responsibilities of Trustees and Examiner
The church officers are responsible for the preparation of the accounts; consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to our attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep proper accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
13 April 2021
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QUORN BAPTIST CHURCH
RECEIPTS & PAYMENTS ACCOUNT - FOR THE YEAR ENDED 31 JANUARY 2021
| Unrestricted Restricted Income 2021 2021 Offertories – Plate 8457 - Offertories – Regular 61310 - Gifts & Donations 453 - Missions & Other Causes BMS - 216 Disaster Relief - - Funeral Donation - - Spurgeons - 429 The Bridge & Carpenter’s Arms - - Tear Fund - 439 Trevor and Jan Long - 240 Venezuela Refugees - 755 Other - 76 Fellowship Activities - - Day or Weekend Away Contributions - - Fellowship Fund - 100 Gift Aid Tax Recovery 16413 - Interest Received 459 - ChariFund Dividends 1037 - _ __ TOTAL INCOMING RESOURCES 88129 2255 _ ____ |
Total Unrestricted Restricted 2021 2020 2020 8457 7976 - 61310 63925 - 453 8733 - 216 - 204 - - 788 - 960 - 429 - 1018 - - 639 439 - 1398 240 - 600 755 - 813 76 - 140 - 395 - - - - 100 - 4026 16413 15825 - 459 460 - 1037 1071 - __ _ _ 90384 99345 9626 ___ |
Total 2020 7976 63925 8733 204 788 960 1018 639 1398 600 813 140 395 - 4026 15825 460 1071 __ £108971 _____ |
Total 2020 |
|---|---|---|---|
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QUORN BAPTIST CHURCH
RECEIPTS & PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2021
| Unrestricted Restricted Expenditure 2021 2021 Minister’s Employment 37606 - Cleaners’ Employment 4564 - Manse Costs 3723 - Ministry Costs - - Chapel Utility Bills 4672 - Maintenance and Fabric 20528 - Running Costs and Consumables 736 - Printing, Publicity & Stationery 1057 - Legal and Insurance Costs 1801 - Children’s Musical Instrument - - Subscriptions 353 - Fellowship Activities - - Day or Weekend Away Costs - - Fellowship Fund - 700 Youth and Sunday School 554 - Taxis 88 - Independent Examination Fee 456 - Licence 863 - Safeguarding Course - - First Steps Operating Costs - - Missions and Causes (see note 3) 18777 2205 __ TOTAL OUTGOING RESOURCES 95778 2905 NET INCOMING/(OUTGOING) RESOURCES (7649) (650) TOTAL FUNDS BROUGHT FORWARD 75796 7793 TOTAL FUNDS CARRIED FORWARD 68147 7143 ___ |
Total Unrestricted Restricted 2021 2020 2020 37606 37757 - 4564 4460 - 3723 2720 - - 184 - 4672 3327 - 20528 3625 - 736 1622 - 1057 2192 - 1801 1466 - - - 421 353 338 - - 991 - - 459 - 700 - 145 554 571 - 88 451 - 456 456 - 863 652 - - 230 - - 414 - 20982 19152 5640 __ _ __ 98683 81067 6206 __ _ (8299) 18278 3420 83589 57518 4373 75290 75796 7793 ___ |
Total 2020 37757 4460 2720 184 3327 3625 1622 2192 1466 421 338 991 459 145 571 451 456 652 230 414 24792 _ 87273 _ |
Total 2020 |
|
|---|---|---|---|---|
| 21698 61891 __ 83589 _____ |
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QUORN BAPTIST CHURCH
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 JANUARY 2021
| CURRENT ASSETS Investments HSBC Bank Accounts Santander Bank Accounts First Steps Balance Cash in Hand Stewardship Account Debtors TOTAL CURRENT ASSETS CURRENT LIABILITIES TOTAL CURRENT LIABILITIES NET CURRENT ASSETS TOTAL NET ASSETS CHARITABLE FUNDS Restricted Designated Unrestricted |
NOTE 4 5 6 7 |
2021 34780 24051 14974 463 552 200 270 _ £75290 _ - _ £- _ 75290 _ £75290 _ 7143 24780 43367 _ £75290 _ |
2020 30743 36847 15021 749 789 - - _ £84149 _ |
2020 |
|---|---|---|---|---|
| 560 _ £560 _ 83589 _ £83589 _ |
||||
| 7793 20743 55053 _ £83589 _ |
Approved by the Church Officers on 13 April 2021 and signed on their behalf by;
………..………………………
Mr K Rimmer Treasurer
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2021
1 ACCOUNTING POLICIES
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a) These accounts have been prepared on a cash basis and include income and expenditure as cash is received or paid.
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b) The accounts have been prepared in accordance with:
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i) The Charities Act 2011.
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ii) The historic cost basis of accounting.
2 PENSION COSTS
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).
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 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. The income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. 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 (DB) 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.
A formal valuation of the Ministers’ Fund was performed at 31 December 2013 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £162 million.
The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £84 million (equivalent to a past service funding level of 66%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, it has been agreed to increase the standard rate of deficiency contributions from churches and other employers involved in the DB Plan from 11% of Pensionable Income/Minimum Pensionable income to 12% from 1 January 2017. The contributions will be based on each church’s or other employer’s position at March 2017. Some churches and other employers that were only involved in the DB Plan for a short period will pay less than 12%. As at 31 December 2018 the estimated deficit on a technical provision basis has reduced to around £50m. The Recovery Plan envisages deficiency contributions continuing until December 2028.
The key financial assumptions underlying the valuations were as follows:
Type of assumption % pa RPI price inflation assumption 3.60 CPI price inflation assumption 2.85 Minimum Pensionable Income Increases (CPI plus 1.0% pa) 3.85 Assumed investment returns - Pre retirement 5.10 - Post retirement 3.95 Deferred pension increases - Pre April 2009 3.60 - Post April 2009 2.50 Pension increases - Main Scheme pension Pre April 2006 3.40 - Main Scheme pension Post April 2006 2.30
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2021
2 PENSION COSTS (Continued)
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 the Scheme. Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable.
The next actuarial valuation of the DB Plan within the Scheme is due to take place no later than as at 31 December 2020.
| 3 | MISSIONS AND CAUSES Unrestricted Restricted Funds Funds 2021 2021 Venezuela Refugees - 775 Faith in Later Life 200 - EMBA Home Mission 3000 - BMS 3960 241 DUF India 1200 - Taste - - Spurgeons - 434 The Bridge and Carpenter’s Arms - - New Life - Gambia 600 - Tear Fund - 439 Steps 100 - Peru Children’s Trust 307 13 Japan Mission 600 - SOAR 600 - Shoebox Appeal - - Rainbows 100 - Bulgaria Appeal 600 - BG & RE Kim 1200 - Trevor and Jan Long 810 240 Castle Donington Church 2000 - Other Donations - - T Willson - - Samaritans Purse 100 - OMF E Lee - - K Andrews 1200 - I Horne 1200 - S Gibb 1000 - Latin Link - 63 _ _ 18777 2205 _ _ |
Total Unrestricted Restricted Funds Funds Funds 2021 2020 2020 775 - 793 200 - 140 3000 3000 4 4201 3960 260 1200 1200 - - 210 - 434 - 1018 - - 639 600 - - 439 50 2186 100 100 - 320 390 - 600 - - 600 - 102 - 100 100 - 600 - - 1200 840 - 1050 1200 600 2000 2000 - - 100 - - 400 - 100 - - - 3000 - 1200 1900 - 1200 600 - 1000 - - 63 - - _ _ _ £20982 19152 5640 _ _ _ |
Total Funds 2020 793 140 3004 4220 1200 210 1018 639 - 2236 100 390 - 102 100 - 840 1800 2000 100 400 - 3000 1900 600 - - _ £24792 _ |
|---|---|---|---|
| 4 | INVESTMENTS M & G ChariFund Green Pastures |
2021 2020 24780 20743 10000 10000 __ _ £34780 £30743 __ |
2020 |
|---|---|---|---|
The market value of the M & G ChariFund at 31 January 2021 was £22939 (2020: £22182). Interest on the Green Pastures investment is received annually.
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2021
| 5 | CURRENT LIABILITIES “Weekend Away” deposits |
2021 £- ____ |
2020 |
|---|---|---|---|
| £560 ____ |
6 RESTRICTED FUNDS
Movements of restricted funds where the fund is not wholly received and expended during the year are show below:-
| 31 Fellowship Fund BMS Birthday Scheme Children’s Musical Instrument Fund Trevor and Jan Long Spurgeons Other Venezuelan Refugees Tear Fund |
As at January 2020 5965 25 1778 - 5 - 20 - __ £7793 ____ |
Income 100 216 - 240 429 76 755 439 __ 2255 ____ |
31 Expenditure 700 241 - 240 434 76 775 439 _ 2905 _ |
As at January 2021 5365 - 1778 - - - - - __ £7143 ____ |
|
|---|---|---|---|---|---|
7 DESIGNATED FUNDS
| DESIGNATED FUNDS | ||||||
|---|---|---|---|---|---|---|
| 31 Extraordinary Repair Fund |
As at January 2020 20743 __ £20743 ____ |
Income 1037 __ 1037 ____ |
Expenditure - _ - _ |
31 Transfer 3000 __ 3000 ____ |
As at January 2021 24780 __ £24780 ____ |
|
The Trustees have agreed that £3000 per annum should be transferred from Unrestricted Funds into a Designated Fund for 10 years to build up a fund to cover expected repair costs to the Chapel Roof.