## **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** 

|<br>Report of the Trustees<br>Independent Examiner’s Report<br>Receipts & Payments Account<br>Statement of Assets and Liabilities<br>Notes to the Accounts|Page No|
|---|---|
||<br>1<br>3<br>4 - 5<br>6<br>7 - 9|





**- 1 -** 

## **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. 



**- 2 -** 

## **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 



**- 3 -** 

## **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: 

- examine the accounts under section 145 of the 2011 Act; 

- follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and 

- 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: 

1. which gives me reasonable cause to believe that, in any material respect, the requirements: 

- to keep proper accounting records in accordance with section 130 of the 2011 Act; and 

- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act 

- have not been met; or 

2. 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 



**- 4 -** 

## **QUORN BAPTIST CHURCH** 

## **RECEIPTS & PAYMENTS ACCOUNT - FOR THE YEAR ENDED 31 JANUARY 2021** 

|Unrestricted<br>Restricted<br>Income<br>2021<br>2021<br>Offertories – Plate<br>8457<br>-<br>Offertories – Regular<br>61310<br>-<br>Gifts & Donations<br>453<br>-<br>Missions & Other Causes<br>BMS<br>-<br>216<br>Disaster Relief<br>-<br>-<br>Funeral Donation<br>-<br>-<br>Spurgeons<br>-<br>429<br>The Bridge & Carpenter’s Arms<br>-<br>-<br>Tear Fund<br>-<br>439<br>Trevor and Jan Long<br>-<br>240<br>Venezuela Refugees<br>-<br>755<br>Other<br>-<br>76<br>Fellowship Activities<br>-<br>-<br>Day or Weekend Away Contributions<br>-<br>-<br>Fellowship Fund<br>-<br>100<br>Gift Aid Tax Recovery<br>16413<br>-<br>Interest Received<br>459<br>-<br>ChariFund Dividends<br>1037<br>-<br>_______<br>______<br>TOTAL INCOMING RESOURCES<br>88129<br>2255<br>_______<br>______|Total<br>Unrestricted<br>Restricted<br>2021<br>2020<br>2020<br>8457<br>7976<br>-<br>61310<br>63925<br>-<br>453<br>8733<br>-<br>216<br>-<br>204<br>-<br>-<br>788<br>-<br>960<br>-<br>429<br>-<br>1018<br>-<br>-<br>639<br>439<br>-<br>1398<br>240<br>-<br>600<br>755<br>-<br>813<br>76<br>-<br>140<br>-<br>395<br>-<br>-<br>-<br>-<br>100<br>-<br>4026<br>16413<br>15825<br>-<br>459<br>460<br>-<br>1037<br>1071<br>-<br>______<br>_______<br>______<br>90384<br>99345<br>9626<br>______<br>______<br>______|Total<br>2020<br>7976<br>63925<br>8733<br>204<br>788<br>960<br>1018<br>639<br>1398<br>600<br>813<br>140<br>395<br>-<br>4026<br>15825<br>460<br>1071<br>______<br>£108971<br>_______|Total<br>2020|
|---|---|---|---|





**- 5 -** 

## **QUORN BAPTIST CHURCH** 

## **RECEIPTS & PAYMENTS ACCOUNT** 

## **FOR THE YEAR ENDED 31 JANUARY 2021** 

|Unrestricted<br>Restricted<br>Expenditure<br>2021<br>2021<br>Minister’s Employment<br>37606<br>-<br>Cleaners’ Employment<br>4564<br>-<br>Manse Costs<br>3723<br>-<br>Ministry Costs<br>-<br>-<br>Chapel Utility Bills<br>4672<br>-<br>Maintenance and Fabric<br>20528<br>-<br>Running Costs and Consumables<br>736<br>-<br>Printing, Publicity & Stationery<br>1057<br>-<br>Legal and Insurance Costs<br>1801<br>-<br>Children’s Musical Instrument<br>-<br>-<br>Subscriptions<br>353<br>-<br>Fellowship Activities<br>-<br>-<br>Day or Weekend Away Costs<br>-<br>-<br>Fellowship Fund<br>-<br>700<br>Youth and Sunday School<br>554<br>-<br>Taxis<br>88<br>-<br>Independent Examination Fee<br>456<br>-<br>Licence<br>863<br>-<br>Safeguarding Course<br>-<br>-<br>First Steps Operating Costs<br>-<br>-<br>Missions and Causes (see note 3)<br>18777<br>2205<br>______<br>_____<br>**TOTAL OUTGOING RESOURCES**<br>95778<br>2905<br>______<br>______<br>NET INCOMING/(OUTGOING)<br>RESOURCES<br>(7649)<br>(650)<br>TOTAL FUNDS<br>BROUGHT FORWARD<br>75796<br>7793<br>______<br>______<br>TOTAL FUNDS<br>CARRIED FORWARD<br>68147<br>7143<br>______<br>______|_<br>_|Total<br>Unrestricted<br>Restricted<br>2021<br>2020<br>2020<br>37606<br>37757<br>-<br>4564<br>4460<br>-<br>3723<br>2720<br>-<br>-<br>184<br>-<br>4672<br>3327<br>-<br>20528<br>3625<br>-<br>736<br>1622<br>-<br>1057<br>2192<br>-<br>1801<br>1466<br>-<br>-<br>-<br>421<br>353<br>338<br>-<br>-<br>991<br>-<br>-<br>459<br>-<br>700<br>-<br>145<br>554<br>571<br>-<br>88<br>451<br>-<br>456<br>456<br>-<br>863<br>652<br>-<br>-<br>230<br>-<br>-<br>414<br>-<br>20982<br>19152<br>5640<br>______<br>______<br>_____<br>98683<br>81067<br>6206<br>______<br>______<br>______<br>(8299)<br>18278<br>3420<br>83589<br>57518<br>4373<br>______<br>______<br>______<br>75290<br>75796<br>7793<br>______<br>______<br>______|Total<br>2020<br>37757<br>4460<br>2720<br>184<br>3327<br>3625<br>1622<br>2192<br>1466<br>421<br>338<br>991<br>459<br>145<br>571<br>451<br>456<br>652<br>230<br>414<br>24792<br>_______<br>87273<br>_______|Total<br>2020|
|---|---|---|---|---|
||||21698<br>61891<br>______<br>83589<br>_______||





**- 6 -** 

## **QUORN BAPTIST CHURCH** 

## **STATEMENT OF ASSETS AND LIABILITIES AS AT 31 JANUARY 2021** 

|**CURRENT ASSETS**<br>Investments<br>HSBC Bank Accounts<br>Santander Bank Accounts<br>First Steps Balance<br>Cash in Hand<br>Stewardship Account<br>Debtors<br>**TOTAL CURRENT ASSETS**<br>CURRENT LIABILITIES<br>**TOTAL CURRENT LIABILITIES**<br>**NET CURRENT ASSETS**<br>**TOTAL NET ASSETS**<br>**CHARITABLE FUNDS**<br>Restricted<br>Designated<br>Unrestricted|**NOTE**<br>4<br>**5**<br>**6**<br>**7**|**2021**<br>34780<br>24051<br>14974<br>463<br>552<br>200<br>270<br>_______<br>£75290<br>_______<br>-<br>_______<br>£-<br>_______<br>75290<br>_______<br>£75290<br>_______<br>7143<br>24780<br>43367<br>_______<br>£75290<br>_______|**2020**<br>30743<br>36847<br>15021<br>749<br>789<br>-<br>-<br>_______<br>£84149<br>_______|**2020**|
|---|---|---|---|---|
||||560<br>_______<br>£560<br>_______<br>83589<br>_______<br>£83589<br>_______||
||||7793<br>20743<br>55053<br>_______<br>£83589<br>**_______**||



Approved by the Church Officers on 13 April 2021 and signed on their behalf by; 

………..……………………… 

Mr K Rimmer Treasurer 



**- 7 -** 

## **QUORN BAPTIST CHURCH** 

## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2021** 

## 1 ACCOUNTING POLICIES 

- a) These accounts have been prepared on a cash basis and include income and expenditure as cash is received or paid. 

- b) The accounts have been prepared in accordance with: 

   - i) The Charities Act 2011. 

   - 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 



**- 8 -** 

## **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<br>Unrestricted<br>Restricted<br>Funds<br>Funds<br>2021<br>2021<br>Venezuela Refugees<br>-<br>775<br>Faith in Later Life<br>200<br>-<br>EMBA Home Mission<br>3000<br>-<br>BMS<br>3960<br>241<br>DUF India<br>1200<br>-<br>Taste<br>-<br>-<br>Spurgeons<br>-<br>434<br>The Bridge and Carpenter’s Arms<br>-<br>-<br>New Life - Gambia<br>600<br>-<br>Tear Fund<br>-<br>439<br>Steps<br>100<br>-<br>Peru Children’s Trust<br>307<br>13<br>Japan Mission<br>600<br>-<br>SOAR<br>600<br>-<br>Shoebox Appeal<br>-<br>-<br>Rainbows<br>100<br>-<br>Bulgaria Appeal<br>600<br>-<br>BG & RE Kim<br>1200<br>-<br>Trevor and Jan Long<br>810<br>240<br>Castle Donington Church<br>2000<br>-<br>Other Donations<br>-<br>-<br>T Willson<br>-<br>-<br>Samaritans Purse<br>100<br>-<br>OMF E Lee<br>-<br>-<br>K Andrews<br>1200<br>-<br>I Horne<br>1200<br>-<br>S Gibb<br>1000<br>-<br>Latin Link<br>-<br>63<br>_______<br>_______<br>18777<br>2205<br>_______<br>_______|Total Unrestricted<br>Restricted<br>Funds<br>Funds<br>Funds<br>2021<br>2020<br>2020<br>775<br>-<br>793<br>200<br>-<br>140<br>3000<br>3000<br>4<br>4201<br>3960<br>260<br>1200<br>1200<br>-<br>-<br>210<br>-<br>434<br>-<br>1018<br>-<br>-<br>639<br>600<br>-<br>-<br>439<br>50<br>2186<br>100<br>100<br>-<br>320<br>390<br>-<br>600<br>-<br>-<br>600<br>-<br>102<br>-<br>100<br>100<br>-<br>600<br>-<br>-<br>1200<br>840<br>-<br>1050<br>1200<br>600<br>2000<br>2000<br>-<br>-<br>100<br>-<br>-<br>400<br>-<br>100<br>-<br>-<br>-<br>3000<br>-<br>1200<br>1900<br>-<br>1200<br>600<br>-<br>1000<br>-<br>-<br>63<br>-<br>-<br>_______<br>_______<br>_______<br>£20982<br>19152<br>5640<br>_______<br>_______<br>_______|Total<br>Funds<br>2020<br>793<br>140<br>3004<br>4220<br>1200<br>210<br>1018<br>639<br>-<br>2236<br>100<br>390<br>-<br>102<br>100<br>-<br>840<br>1800<br>2000<br>100<br>400<br>-<br>3000<br>1900<br>600<br>-<br>-<br>_______<br>£24792<br>_______|
|---|---|---|---|



|4|INVESTMENTS<br>M & G ChariFund<br>Green Pastures|2021<br>2020<br>24780<br>20743<br>10000<br>10000<br>______<br>______<br>£34780<br>£30743<br>______<br>_____|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. 



**- 9 -** 

## **QUORN BAPTIST CHURCH** 

## **NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2021** 

|5|CURRENT LIABILITIES<br>“Weekend Away” deposits|2021<br>£-<br>____|2020|
|---|---|---|---|
||||£560<br>____|



## 6 RESTRICTED FUNDS 

Movements of restricted funds where the fund is not wholly received and expended during the year are show below:- 

|31<br>Fellowship Fund<br>BMS Birthday Scheme<br>Children’s Musical Instrument Fund<br>Trevor and Jan Long<br>Spurgeons<br>Other<br>Venezuelan Refugees<br>Tear Fund|As at<br>January<br>2020<br>5965<br>25<br>1778<br>-<br>5<br>-<br>20<br>-<br>______<br>£7793<br>______|_<br>_|Income<br>100<br>216<br>-<br>240<br>429<br>76<br>755<br>439<br>______<br>2255<br>______|31<br>Expenditure<br>700<br>241<br>-<br>240<br>434<br>76<br>775<br>439<br>_______<br>2905<br>_______|As at<br>January<br>2021<br>5365<br>-<br>1778<br>-<br>-<br>-<br>-<br>-<br>______<br>£7143<br>______|
|---|---|---|---|---|---|
|||||||



## 7 DESIGNATED FUNDS 

|DESIGNATED FUNDS|||||||
|---|---|---|---|---|---|---|
|31<br>Extraordinary Repair Fund|As at<br>January<br>2020<br>20743<br>______<br>£20743<br>______|_<br>_|Income<br>1037<br>______<br>1037<br>______|Expenditure<br>-<br>_______<br>-<br>_______|31<br>Transfer<br>3000<br>______<br>3000<br>______|As at<br>January<br>2021<br>24780<br>______<br>£24780<br>______|
||||||||



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.