QUORN BAPTIST CHURCH
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 JANUARY 2022
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 2022
The trustees are pleased to present their report together with the financial statements for the year ended 31 January 2022.
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 Mr K Rimmer, Treasurer until AGM in April 2021 Mrs A Shipway Mrs H Andrews Mr D Bates, Treasurer after AGM in April 2021 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 2021/2022 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 2022
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.
Weekly ‘plate’ collections have decreased but giving by bank transfer and by standing orders has increased. Overall giving has increased by £2387.
We have continued to support missionary and other Christian causes at similar levels to the previous year. The unrestricted funds show a surplus of £15,136 after the deficit of £7,649 in the previous year.
The Baptist Union pension scheme continues to show a deficit, which has been considerably reduced and is expected to be cleared by June 2026.
We continue to make regular savings in our Extraordinary Repair Fund which we intend to use for the replacement of the church roof. Further building projects are under discussion by the Church membership.
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. This year we have started a Baby Steps group for pre-toddlers. 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.
Reserves Policy
The church adopted a Reserves Policy in 2014 which states that unrestricted funds should be equivalent to at least six months’ employment costs.
……………………………….
Miss G Clement
12 April 2022
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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 2022, 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 12 April 2022
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QUORN BAPTIST CHURCH
RECEIPTS & PAYMENTS ACCOUNT - FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Restricted Income 2022 2022 Offertories – Plate 3505 - Offertories – Regular 68649 - Gifts & Donations 1397 - Missions & Other Causes BMS - 209 Disaster Relief - - Funeral Donation 1100 - Spurgeons - 372 The Bridge & Carpenter’s Arms - 250 Tear Fund - 376 Trevor and Jan Long - - Venezuelan Refugees - 150 Peru Children’s Trust - 5 The Bible Society - 267 Manali Hospital - 400 Latin Link - - Fellowship Activities 60 - Fellowship Fund - 200 Gift Aid Tax Recovery 15338 - Interest Received 403 - ChariFund Dividends 1195 - _ ______ TOTAL INCOMING RESOURCES 91647 2229 |
Total Unrestricted Restricted 2022 2021 2021 3505 8457 - 68649 61310 - 1397 453 - 209 - 216 - - - 1100 - - 372 - 429 250 - - 376 - 439 - - 240 150 - 755 5 - 13 267 - - 400 - - - - 63 60 - - 200 - 100 15338 16413 - 403 459 - 1195 1037 - __ _ ____ £93876 88129 2255 |
Total 2021 8457 61310 453 216 - - 429 - 439 240 755 13 - - 63 - 100 16413 459 1037 ______ £90384 |
Total 2021 |
|---|---|---|---|
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QUORN BAPTIST CHURCH
RECEIPTS & PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Restricted Expenditure 2022 2022 Minister’s Employment 38732 - Cleaners’ Employment 4668 - Manse Costs 3712 - Ministry Costs 213 - Chapel Utility Bills 2703 - Maintenance and Fabric 2238 - Running Costs and Consumables 464 - Printing, Publicity & Stationery 474 - I.T. 562 - Legal and Insurance Costs 353 - Bank Charges 45 - Subscriptions 603 - Fellowship Activities 961 - Fellowship Fund - - Youth and Sunday School 435 - Taxis - - Independent Examination Fee 456 - Licence 738 - Safeguarding Course 20 - Treasurer’s Course 60 - Missions and Causes (see note 3) 19062 2041 __ TOTAL OUTGOING RESOURCES 76499 2041 NET INCOMING/(OUTGOING) RESOURCES 15148 188 TRANSFERS (12) 12 TOTAL FUNDS BROUGHT FORWARD 68147 7143 ___ TOTAL FUNDS CARRIED FORWARD 83283 7343 |
_ | Total Unrestricted Restricted 2022 2021 2021 38732 37606 - 4668 4564 - 3712 3723 - 213 - - 2703 4672 - 2238 20528 - 464 736 - 474 1057 - 562 - - 353 1801 - 45 - - 603 353 - 961 - - - - 700 435 554 - - 88 - 456 456 - 738 863 - 20 - - 60 - - 21103 18777 2205 __ _ __ £78540 95778 2905 __ _ 15336 (7649) (650) - - - 75290 75796 7793 ___ £90626 68147 7143 |
Total 2021 37606 4564 3723 - 4672 20528 736 1057 - 1801 - 353 - 700 554 88 456 863 - - 20982 _ £98683 _ (8299) - 83589 ______ £75290 |
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| _ |
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QUORN BAPTIST CHURCH
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 JANUARY 2022
| 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 |
2022 38975 35587 14975 710 329 50 - _ £90626 _ - _ £- _ 90626 _ £90626 _ 7343 28975 54308 _ £90626 |
2021 34780 24051 14974 463 552 200 270 _ £75290 |
2021 |
|---|---|---|---|---|
| _ - _ £- _ 75290 _ £75290 |
||||
| _ 7143 24780 43367 _ £75290 |
Approved by the Church Officers on 12 April 2022 and signed on their behalf by;
………..………………………
Dr D Bates Treasurer
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QUORN BAPTIST CHURCH
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 JANUARY 2022
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 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 2022
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.
Under the current Recovery Plan signed in September 2020, deficiency contributions are payable until June 2026. These contributions are broadly based on the employer’s membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.
3 MISSIONS AND CAUSES
| Unrestricted Restricted Funds Funds 2022 2022 Venezuelan Refugees - 150 Faith in Later Life - - EMBA Home Mission 3000 - BMS 3960 209 DUF India 1400 - Spurgeons - 371 The Bridge and Carpenter’s Arms 500 250 New Life - Gambia 700 - Tear Fund - 376 Steps - - Peru Children’s Trust 422 18 Japan Mission 700 - SOAR 600 - Rainbows - - Bulgaria Appeal 700 - BG & RE Kim 1440 - Trevor and Jan Long - - Castle Donington Church 2000 - The Bible Society - 267 Manali Hospital - 400 Samaritans Purse - - K Andrews 1200 - I Horne 1440 - S Gibb (Hope Church) 1000 - Latin Link - - _ _ 19062 2041 |
Total Unrestricted Restricted Funds Funds Funds 2022 2021 2021 150 - 775 200 - 3000 3000 - 4169 3960 241 1400 1200 - 371 - 434 750 - - 700 600 - 376 - 439 - 100 - 440 307 13 700 600 - 600 600 - - 100 - 700 600 - 1440 1200 - - 810 240 2000 2000 - 267 - - 400 - - - 100 - 1200 1200 - 1440 1200 - 1000 1000 - - - 63 _ _ _ £21103 18777 2205 |
Total Funds 2021 775 200 3000 4201 1200 434 - 600 439 100 320 600 600 100 600 1200 1050 2000 - - 100 1200 1200 1000 63 _ £20982 |
|---|---|---|
4 INVESTMENTS
M & G ChariFund Green Pastures
| 2022 | 2021 |
|---|---|
| 28975 | 24780 |
| 10000 | 10000 |
| ______ | ______ |
| £38975 ______ |
£34780 _____ |
The market value of the M & G ChariFund at 31 January 2022 was £30559 (2021: £22939). 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 2022
5 RESTRICTED FUNDS
| 31 Fellowship Fund BMS Birthday Scheme Children’s Musical Instrument Fund Peru Children’s Trust Spurgeons The Bible Society Venezuelan Refugees Tear Fund The Bridge/Carpenter’s Arms Manali Hospital |
As at January 2021 5365 - 1778 - - - - - - - ______ £7143 |
_ | Income 200 209 - 5 372 267 150 376 250 400 ______ 2229 |
Expenditure - (209) - (18) (372) (267) (150) (376) (250) (400) _ (2041) |
31 Transfer - - - 12 - - - - - - ______ 12 |
As at January 2022 5565 - 1778 - - - - - - - ______ £7343 |
|---|---|---|---|---|---|---|
6 DESIGNATED FUNDS
| 31 Extraordinary Repair Fund |
As at January 2021 24780 ______ £24780 |
_ | Income 1195 ______ 1195 |
Expenditure - _ - |
31 Transfer 3000 ______ 3000 |
As at January 2022 28975 ______ £28975 |
|---|---|---|---|---|---|---|
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.
7 FREEHOLD PROPERTIES
The chapel building (Meeting Street, Quorn, LE12 8AQ) and the manse (23 Cradock Drive, Quorn, LE12 8ER) are owned by the East Midland Baptist Trust Company Ltd as custodian trustees for the church.