## **NEW RIVER BAPTIST CHURCH** 

**Charity Number: 1161039** 

**ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED** 

**31ST DECEMBER 2022** 



## **New River Baptist Church Legal and Administration** 

**Current Trustees:** 

**Current Trustees:** D Watson Chair R Plummer E Chew Treasurer K Beruffi resigned June 2023 S Hulcoop G Edward Senior appointed 26 Mar 2023 Treasurer **Principal Address:** New River Baptist Church 80 Arran Walk Islington London N1 2TL **Independent Examiner:** Accounting Without Borders St Mary's Court The Broadway Amersham HP7 0UT United Kingdom **Bankers:** The Co-operative Bank P O Box 250 Delf House Skelmersdale WN8 6WT 

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## **New River Baptist Church Trustees Report For the year ended 31st December 2022** 

The trustees present their report and financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The board of trustees are satisfied with the performance of the charity during the year and the position at 31st December 2021 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations. 

The charity is entered on the Register of Charities with the Registered Charity Number 1161039 and is governed by a constitution. The Charity’s Purpose is defined as follows: 

The principle 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. 

Reference and administrative details of the charity, its trustees and advisers 

This is set out on page 2. 

## **Structure, governance and management** 

The Charity is governed by its trustees, who meet regularly to manage its affairs. The trustees are subject to the directions of, and are appointed by vote by, the Church Members Meeting in relation to decisions concerning church property, the appointment and removal of a Minister or other member of staff, the administration of the membership list, and the closure of the Church and any other decision with a direct financial impact of greater than £3,000 or which might otherwise have a major impact on the operation of the charity. The charity employed the Minister during the year ended 31 December 2021, together with three part-time staff who were engaged in charitable activities, finance and day to day administration. Day to day management is delegated to the church eldership which makes the day to day decisions. 

Governing Document 

The organisation is an Unincorporated Association, constituted on 11 May 2011. The charity is governed in accordance with the terms of the Constitution. 

Recruitment and Appointment of Trustees 

The trustees are appointed for an initial three-year term with the opportunity to be nominated for reappointment at the end of each three- year term. The Church Members’ Meeting appoints Charity Trustees, via vote, in accordance with the articles of the Constitution. 

Current Trustees at the time of audit: 

Robin Plummer, Sarah Hulcoop, Daniel Watson (chair), Earn Chew &  Kasia Beruffi Emma Green resigned as a trustee in Dec 2021 

Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees have: 

- selected suitable accounting policies and then applied them consistently; 

- made judgements and estimates that are reasonable and prudent; 

- stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in 

- the financial statements; and 

- prepared the financial statements on the going concern basis. 

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## **New River Baptist Church Trustees Report For the year ended 31st December 2022** 

The trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charity SORP. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Investment performance** 

The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity. In the Financial Review section of this report, there is a description of the investment policies and objectives established by the Trustees and the extent to which social, environmental or ethical considerations are taken into account. 

## **Risk Management** 

The Trustees have conducted a review of the major risks to which the charity is exposed.  Where appropriate, systems or procedures are being established to mitigate the risks the charity faces, including insurance arrangements. The trustees do not envisage any significant external risks to funding which will not be met by church member donations. Internal control risks are being minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are being put in place to ensure the compliance with health and safety of staff, church members, volunteers, and visitors. 

## **Objectives and activities:** 

The main purpose of the charity is the promotion and advancement of the Christian faith according to the principles of the Baptist denomination. The charity’s secondary purposes are the advancement of education and the carrying out of other charitable purposes in the United Kingdom and/or other parts of the world. The charity expresses these purposes through the activity of the church, whose objectives include evangelism; pastoral care and community building; and worship and instruction in the Christian faith. The church is involved in a number of community projects, including: the provision of free English Classes; the running of a local football club; providing care and opportunities for children and young families; and undertaking events and outreach within the local community and particularly the residents of two nearby housing estates. Moreover, our venue and our church members help to host a weekly community meal that is organised by the charity called Foodcycle and we continue to facilitate events for Over 55s through the work of the Dorcas Project and Arsenal Futures. Much of this activity takes place within our venue in Canonbury called The Bridge, a multi-use space that provides a worship space, an industrial kitchen, a dining area and on the first floor further mixed-use rooms, accommodation for church workers and an office. The church also supports international mission work in diverse areas of the world. There are currently up to 40 adults and 20 children and teens attending the Sunday morning services. 

## **Reasons to be thankful:** 

Charity leaders who have experience of responding to emergencies have highlighted three phases for churches working their way through a pandemic: response, recovery and rebuild. If 2020 and 2021 found us responding creatively and carefully to the COVID pandemic, 2022 felt like a period of recovery. Greater opportunities were afforded for activities in person and yet we also acknowledged the need for space and support to be provided for church members and associates to process what they had been through and to connect more deeply with God and with each other. This period has felt like a new season and we have therefore sought to make the most of the opportunity to reflect. We did not want to merely try to reproduce what had gone before. We gave time as leaders and partners to consider where our church has come from, where it is now and where it is heading in order to identify the key features of our vision and values and so that we may specify certain shared priority actions. Our three core discipleship aims of worship, community and mission have guided our steps and with particular attention paid during this season to the way in which we express community together as a church family. 

## **What did we manage to do together in 2022?** 

Hebrews 10:24 ‘And let us consider how we may spur one another on toward love and good deeds’ 

The following list is compiled under the headings of our discipleship values: worship (love for God); community (love for one another) and mission (love for the world around us). We also include a further heading of resources used by us in pursuit of these values: 

## Worship 

•We hosted a regular weekly Worship Service at 11am on Sundays - providing a space to grow together in worship. Part way through the year the focus of these services shifted from a hybrid model which streamed the service online over to an in-person emphasis that nevertheless offered a recording of the talk on our YouTube channel. 

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## **New River Baptist Church Trustees Report For the year ended 31st December 2022** 

•Our teaching series supported our aims of making whole-life disciples: we continued our focus on Ephesians, including considering the gifts that serve all believers; we looked at good and bad kings and kingdoms in Daniel 7-12; we ran a mini-series on finance called 'Jesus + Money = ?’; we spent 7 weeks on the topic of a ‘Resurrection People’ from 1 Cor 1-6; a summer series looked at ‘Drawing Near to God’ from the Psalms; a series called ‘Reframe’ helped us to enter into the big story of Scripture; we meditated on a few ‘Great Prayers of the Bible’ and our advent series was called: ‘Follow the Star!’ 

- •4 Home Groups met regularly either in person or on Zoom to help one another to follow Jesus - this included an online Wednesday evening home group that followed on from the Alpha Course. 

•The team leading sung worship at NRBC continued to expand and included both interns and teenagers. We were blessed to have a team of worship leaders working together to lead this ministry and to offer training and support for the team members. 

- •We ran Baptism preparation classes and we were privileged to baptise a teenager on 26 June 2022. 

- •Our church was represented by Robin in Islington church leaders meetings for prayer and mutual support and also in the London Baptists Central District where Robin continued to provide a support role as a District Minister. 

- •Our AV team responded well to the challenges thrown at them and welcomed and trained new team members. 

•Our Easter worship again incorporated a joint Good Friday service at Cross St, a Good Friday film and an Easter Sunday service at The Bridge. 

•Our Christmas program included a time of outreach with YWAM, a church choir, an all age carol service and a Christmas Day service and shared meal 

•Corporate prayer was facilitated through a combination of weekday prayers, Sunday 10am prayers, and regular prayer texts. We ran a Prayer Room at The Bridge from 4-9 January. 

## **Community** 

•We organised a Weekend Away at High Leigh Conference Centre for the church in March that was attended by over 60 people. Youth and children’s activities were included with an all-age character to the weekend. The theme for the weekend that was drawn from Ephesians was: ‘God is building a home, He is using us all.’ We were grateful for the opportunity to gather together and reconnect in person after the isolation of COVID. 

•We worked to develop our youth ministries and opportunities for teens and pre-teens. This included participation in First Fridays, the Rooted group meeting every other week on a Sunday, Summer 22, Solid festival, serving opportunities on the rota, worship leading development, opportunities for mission and personal development through the Bridge Football Club and youth events organised in conjunction with iNet churches. Work to create opportunities for the younger youth was undertaken in partnership with St Jude's and St Paul’s church. 

•Kids church and crèche was organised as part of the Sunday service through the year and an after-school club ran weekly during termtime for Primary School-aged children during the first half of the year 

- •We participated in the Gratitude Initiative through a Gratitude Sunday service in May 

- •The Pastoral Care group continued to meet through the year helping the church and the eldership in the provision of prayer, emotional and practical support for church members. 

- •Mens events and women’s events ran through the year for community connection and pastoral support 

- •The Bless U Fund continued to make it possible for church members to provide financial support to empower other members of our church community in times of need. 

## **Mission** 

•Robin stepped down from his supporting work as a trustee of the YWAM Urban Key charity but maintained close links for NRBC with YWAM. Robin worked with a London-wide vision for mission as a member of the advisory board for REACH: London and with a few church members attending REACH:London mission events. Robin commenced work to support missions throughout the LBA as a member of the London Baptists Missions Committee. 

•We supported a local charity, Foodcycle, in the delivery of a weekly community lunch at The Bridge on Wednesdays 

•We supported various overseas workers and projects including monthly support for Cleverson in Japan; Peter, Selma and their family as leaders of YWAM Fortaleza in Brazil; an orphan called Milo in Indonesia; church planting initiatives through the Baptist Missionary Society. We were privileged to welcome some of these people to London during 2022 including Peter and Selma and family and Cleverson. 

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## **New River Baptist Church Trustees Report For the year ended 31st December 2022** 

•Dover Soul kids holiday club met in person and was attended by around 50 children. We gained permission from the council to use St Pauls Park South for the first time. Leaders and members of three local churches helped with the delivery of the club.  We once again welcomed a missions team from Crossroads Church, Minnesota who helped us to serve at Dover Soul. 

•We continued the Bridge Football Club using the astro turf pitch at Rosemary Gardens as a venue. The club grew and had up to 30 people attending weekly. A number of these regulars left London in the summer for university and this redirected the club toward a younger group of teens/pre-teens, but with some church adults and some English Class members also attending. 

•We hosted various events at The Bridge to help us to connect with our local community, including: a Pancake Party on 1 March; a Japanese evening on 23 April; a special Jubilee English Class party in June; a Brazilian night on 28 October. 

•The Bridge as a venue continued to host a weekly Over 55s bowls group run by Arsenal Futures and an art group organised by the Dorcas Project. 

•English Classes were able to meet in person on Saturday mornings and with a small group of 6-12 students attending. ‘Faith, Food and Friendship’ lunches were organised monthly to provide an opportunity for English Class guests to be able to ask faith questions. 

•We hosted a YWAM team who helped us to undertake local outreach in the run up to Christmas 2022 

•Our church served the Summer 22 youth mission project, both welcoming a team to assist with Dover Soul and sending teens to help with mission projects in other churches 

## **Resources** 

•We are grateful that our finances have held up well despite all the changes associated with COVID 19 and that we managed to stay on budget for the year. We also note that the Baptist pensions scheme issue is moving on toward a positive resolution and we anticipate that we will receive further communication on this in 2023. 

•We have continued to work on the Churchsuite database, including using the administration services for rotas and bookings 

•We entered into a contract with SumUp to enable NRBC to be able to process online giving and card payments 

•We were grateful to host three interns in 2022: Rick, Jeff and Ed, who helped us with various mission initiatives, with our music and worship, with our design and buildings work and with support to other local churches and ministries. Upon completion of their internships all three interns have gone on to serve Jesus using the skills and experience they have gained whilst at NRBC. 

•The leadership teams of trustees and elders met throughout the year and the elders attended the London Baptists leaders conference in February 

•Joint Leaders comprised of elders and trustees gathered at intervals during 2022 to review the past, present and future at NRBC. This review and strategic work was then discussed with the church partners. 

•Felicia continued to serve the church as our part-time administrator, a role that included finance processing and required Felicia to learn the Quickbooks accounting software 

•Works were undertaken to keep The Bridge venue fit for purpose. This included providing new bike racks and repainting the railings in the garden area, replacing the flooring in the lift and the provision of an additional wifi supply for staff and interns working at The Bridge. The ceiling of the TV room at The Manse was re-papered and painted. Two Building committee meetings were held in the year to oversee buildings matters inc. health and safety. 

•4 Partners Meetings took place in person at The Bridge. The number of partners at 5 Dec 2022 was 35 with seven partners moving on and one deceased and two joining during the year. 

•We raised financial support for church activities and were able to give generously to support mission activities outside of NRBC. 

•External support for NRBC in various areas was gratefully received from the London Baptists, from REACH London, from iNet, from other local churches and from Islington Council. 

•Our pastor continued his studies and ministerial support as a BU Newly Accredited Minister. During this period the LBA has funded for him to receive support through spiritual direction. 

•Robin continued to support Victoria Park Baptist Church through mentoring their Minister In Training, Angel Tiebas, in his placement at VPBC and by preaching at the church. Robin also supported Stoke Newington Baptist Church by preaching there when they were without a minister. 

•Our Family Pastor contributed to the London-wide Baptist Youth Forum and continued her Equipped to Minister studies through Spurgeons College. The LBA arranged for Cecilia to meet with a mentor periodically through the year. 

•We were again able to reduce the outstanding monies on our Philpott Loan 

•The Charity Trustees continued to work to update and expand our charity policies 

•The church worked together to enable Robin to take a sabbatical with Cecilia from August-September. This time involved Robin in undertaking further work to apply his Masters thesis on wisdom for a wider audience. Cecilia undertook strategic planning for her Family Pastor role and continued to work toward the completion of her EtM studies at Spurgeons. Robin and Cecilia were able to undertake an overseas missions connection visit to Crossroads Church in Minnesota 

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## **New River Baptist Church Trustees Report For the year ended 31st December 2022** 

## **Financial review** 

During the year the charity received incoming resources of £110,900 and had outgoing resources of £143,936 leaving total funds carried forward of £1,320,752 with free reserves carried forward of £88,279. 

## **Reserves Policy** 

The trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation. They have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be approximately £63,000. Our reserve at the end of 2022 were £89,279. 

## **Plans for the Future** 

Whilst 2022 may have been defined as a period of recovery for the church from the impact of the COVID pandemic we hope and plan for 2023 to commence a season of rebuilding. We have undertaken work in 2022 to reflect upon the journey that our church has been on since the merger in 2011. We have evaluated where we are at now and prayed and discussed our sense of where God is taking us in the next season. This work has been aimed at giving us a greater shared understanding and ownership of our church’s vision and values. It has also sought to equip us with several priorities for our shared work in 2023 and beyond. Using our church image of a tree by the waters, it may be felt that COVID and its aftermath and other factors have served to prune us back as a church and we mourn for what has been lost. However, we also believe as Christians that a pruning that the Lord undertakes may lead to greater growth. Our task in 2023 and beyond arguably concerns us dialoguing with God for his guidance on what he is stripping back and for his impetus on where the new growth is occurring. We will want to be able to define succinctly our priorities for this new season. We will also want to agree some shared actions on these areas of our church life. We shall then seek to work together as partners for the gospel and using our shared gifts, skills and resources in order to make disciples that love God, love each other and love their world and neighbour. 

1Pet. 2:4    As you come to him, the living Stone—rejected by humans but chosen by God and precious to him— 5 you also, like living stones, are being built into a spiritual house to be a holy priesthood, offering spiritual sacrifices acceptable to God through Jesus Christ. 

May Jesus receive all the glory! 

## **Funds held as Custodian Trustee on behalf of others** 

The members of New River Baptist Church give to specific projects, individuals or charities via earmarked gifts received during church services.  These funds are banked by the charity and passed on to the specified project or charity.  During the year 2022, £1,915 was received in this way and £1,797 was paid out during the year. The remaining balance will be paid out in the year 2023. 

## **Public Benefit** 

The charity's commitment to promote the Christian faith creates an opportunity for all to hear the gospel, and respond to it. Historically there is much testimony as to the benefit of faith and the lifestyle that goes with it, as it produces those who are willing to love, serve and care for those who may have less opportunities than themselves. This is evidenced in the charity’s commitment to work with the elderly, with young children and parents, with those who have English as a second language and those living locally in social housing. Our members are involved in a variety of work that gives rise to public benefit too numerous to mention, and the work of the church is to support them to persevere in it. As it says in Hebrews 10:24 "spur one another on to love and good deeds”. 

## **INDEPENDENT EXAMINER** 

Accounting Without Borders were appointed as the charity’s independent examiners during the year. 

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities and in accordance with the Charities Act 2011. 

This report was approved by the Trustees on 

## Nov 16 2023 


Robin Plummer Minister 

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## **Independent Examiner's Report to the trustees of New River Baptist Church** 

I report on the accounts of the Trust for the year ended 31 December 2022, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. 

## **Respective responsibilities of Trustees and Examiner** 

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees 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; 

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

- to state whether particular matters have come to my attention. 

## **Basis of independent examiner's report** 

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 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 and with the methods and principles of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 

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. 


## **Manish Panjabi** 

St Mary's Court The Broadway Amersham HP7 0UT United Kingdom 

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## **New River Baptist Church Statement of Financial Activities** 

## **(including Income and Expenditure Account) For the year ended 31st December 2022** 

|**Notes**<br>**Income and endowments from:**<br>Donations and legacies<br>Donations and collections at service<br>Other trading income<br>5<br>Investment income<br>6<br>Income from charitable activities<br>**Total income and endowments**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>7<br>**Total expenditure**<br>Net Income/ (Expenditure) before<br>gains and losses on investments<br>Net gains/(losses) on investments<br>Net Income/ (Expenditure) for the year<br>Statement of recognised gains and losses<br>Actuarial (gains)/losses on re-measurement of<br>defined benefit pension scheme liability<br>Net Income/ (Expenditure) for the year<br>Transfers between funds<br>**Net movement in funds**<br>**Reconciliation of Funds**<br>Fund balances brought forward at<br>1st January<br>Fund balances carried forward at<br>31st December|**Unrestricted**<br>**Funds**<br>**£**<br>97,700<br>8,381<br>909<br>106,990<br>3,166<br>106,855<br>110,021|**Designated**<br>**Funds**<br>**£**<br>-<br>33,735<br>33,735<br>(33,735)<br>(33,735)<br>(33,735)<br>(33,735)<br>1,259,549<br>1,225,814|**Restricted**<br>**Funds**<br>**£**<br>3,910<br>3,910<br>180<br>180<br>3,730<br>-<br>3,730<br>-<br>3,730<br>3,730<br>2,929<br>6,659|**Total**<br>**2022**<br>**£**<br>**97,700**<br>**8,381**<br>**909**<br>**3,910**<br>**110,900**<br>**3,166**<br>**140,770**<br>**143,936**<br>**(33,036)**<br>-<br>(33,036)<br>(14,004)<br>(19,032)<br>-<br>(19,032)<br>**1,339,785**<br>**1,320,752**|**Total**<br>**2021**<br>**£**<br>97,128<br>7,293<br>346<br>2,100|
|---|---|---|---|---|---|
||||||106,866|
||||||2,298<br>121,574|
||||||123,872|
||(3,032)<br>(3,032)<br>(14,004)<br>10,972<br>-<br>10,972<br>77,307<br>88,279||||(17,006)<br>-|
||||||(17,006)<br>(2,010)|
||||||(14,996)<br>-|
||||||(14,996)<br>1,354,781|
||||||1,339,785|



All transactions are derived from continuing activities. 

All recognised gains and losses are included in the Statement of Financial Activities. 

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## **New River Baptist Church Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31st December 2021** 

|**Notes**<br>**Income and endowments from:**<br>Donations and legacies<br>Donations and collections at service<br>Other trading income<br>5<br>Investment income<br>6<br>Income from charitable activities<br>**Total income and endowments**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>7<br>**Total expenditure**<br>Net Income/ (Expenditure) before<br>gains and losses on investments<br>Net gains/(losses) on investments<br>Net Income/ (Expenditure) for the year<br>Statement of recognised gains and losses<br>Actuarial loss on defined benefit pension<br>scheme<br>Net Income/ (Expenditure) for the year<br>Transfers between funds<br>**Net movement in funds**<br>**Reconciliation of Funds**<br>Fund balances brought forward at<br>1st January<br>Fund balances carried forward at<br>31st December|**Unrestricted**<br>**Funds**<br>**£**<br>97,128<br>7,293<br>346<br>104,766<br>2,298<br>86,265<br>88,563|**Designated**<br>**Funds**<br>**£**<br>-<br>33,735<br>33,735<br>(33,735)<br>(33,735)<br>(33,735)<br>(33,735)<br>1,293,284<br>1,259,549|**Restricted**<br>**Funds**<br>**£**<br>2,100<br>2,100<br>1,574<br>1,574<br>526<br>-<br>526<br>-<br>526<br>526<br>2,403<br>2,929|**Total**<br>**2021**<br>**£**<br>**97,128**<br>**7,293**<br>**346**<br>**2,100**|
|---|---|---|---|---|
|||||**106,866**|
|||||**2,298**<br>**121,574**|
|||||**123,872**|
||16,203<br>16,203<br>(2,010)<br>18,213<br>-<br>18,213<br>59,094<br>77,307|||**(17,006)**<br>-|
|||||(17,006)<br>(2,010)|
|||||(14,996)<br>-|
|||||(14,996)<br>**1,354,781**|
|||||**1,339,785**|



All transactions are derived from continuing activities. 

All recognised gains and losses are included in the Statement of Financial Activities. 

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## **New River Baptist Church Balance Sheet at 31st December 2022** 

|**Notes**<br>**Fixed Assets**<br>Tangible assets<br>8<br>Investments<br>**Current Assets**<br>Debtors and prepayments<br>9<br>Cash at bank and in hand<br>**Creditors: Amounts falling due**<br>**within one year**<br>10<br>**Net Current Assets**<br>**Creditors: Amounts falling due**<br>**in more than one year**<br>11<br>**Provisions for liabilities**<br>**Net Assets**<br>**Funds**<br>**Restricted funds**<br>**Unrestricted Funds**<br>Designated funds<br>Free reserves<br>Pension deficit fund<br>17|**2022**<br>**£**<br>2,334<br>72,427<br>74,762<br>(11,140)|**2022**<br>**2021**<br>**£**<br>**£**<br>1,315,664<br>9,000<br>998<br>68,671<br>69,668<br>(4,099)<br>63,621<br>(67,533)<br>-<br>1,320,752<br>6,659<br>1,225,814<br>88,279<br>-<br>1,320,752|**2021**<br>**£**<br>1,349,399<br>9,000<br>65,569|
|---|---|---|---|
||||(68,283)<br>(15,900)<br>1,339,785|
||||2,929<br>1,259,549<br>93,207<br>(15,900)|
||||1,339,785|



Nov 16 2023 Approved by the trustees on ____________________ and signed on their behalf by:- 



_____________ _____________ Trustee Trustee 

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## **New River Baptist Church Statement of Cash Flow for the year ended 31st December 2022** 

|**Cash flows from operating activities**<br>**Net income per Statement of Financial Activities**<br>**Adjustments for:**<br>Depreciation of property, plant and equipment<br>Dividends, interest and rents from investments<br>Other gains/losses<br>Decrease in trade and other receivables<br>Increase in trade and other payables<br>**Net cash used in operating activities**<br>**Cash flows from investing activities**<br>Dividends, interest and rents from investments<br>**Net cash from investing activities**<br>Net cash from financing activities<br>**Net increase in cash and cash equivalents**<br>**Cash and cash equivalents at the beginning of the year**<br>**Cash and cash equivalents at the end of the year**<br>**Components of cash and cash equivalents**<br>Cash and bank balances|**2022**<br>**£**<br>(33,036)<br>33,735<br>-<br>14,004<br>(1,337)<br>(9,609)<br>3,757<br>-<br>-<br>3,757<br>68,671<br>72,427<br>72,427<br>72,427|**2021**<br>**£**<br>(17,006)<br>33,735<br>-<br>2,010<br>-<br>-|
|---|---|---|
|||18,739<br>-|
|||-|
||||
||||
|||18,739<br>68,671|
|||87,409|
|||68,671|
|||68,671|



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## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022** 

## **1 Accounting Policies** 

## **Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) - Charities SORP (FRS 102) (effective 1 January 2015) - the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

Change in basis of accounting or to previous accounts 

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. 

## **Going Concern** 

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 December 2023, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern. 

## **Fund accounting** 

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. 

Designated funds are amounts which the Executive Committee have decided at their discretion to set aside for use for a specific purpose. 

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for specific purpose. The cost of raising and administering such funds is charged against the specific fund. 

## **Incoming recognition** 

Income represents the total income receivable during the year comprising grants, donations and gifts, merchandise and publications, and investment income. Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably. 

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met. 

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probably that those conditions will be fulfilled in the reporting period. 

Page:13 



## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

## **1 Accounting Policies (continued)** 

Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably measure the value of the donated items. 

In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of the item to the donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any anticipated costs of sales. 

If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh the benefits, the donated goods are recognised as income when sold, with an equivalent amount being recognised as an expense. 

The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upon receipt. When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at the time of sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made. 

The carrying amount of any stock held for distribution is assessed for impairment at the reporting date. All donated goods are recognised as donation income, and debited to trading stock.When trading stock is subsequently sold, or appropriated to meet an expense, then the carrying value of the stock is recognised as an expense. In accordance with the SORP, goods donated for distribution to beneficiaries, or for consumption by the charity are included in 'legacies and donations'. Goods donated for resale are included in 'Income from other trading activities' 

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt. If the goods held are to be distributed freely or for a nominal consideration, then the carrying amount is subsequently adjusted to reflect the lower of deemed cost adjusted for any loss of service potential and replacement cost. Replacement cost is the economic cost incurred if the charity was to replace the service potential of the donated goods at its own expense in the most economic manner. 

## **Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that a settlement is required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure includes VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. 

Costs of raising funds comprise the fundraising costs and publicity activities incurred seeking donations and grants for the charity and their associated support costs. 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activity. It includes donations made to organisations and costs incurred in the operation of projects and programmes together with their associated support costs. 

Support costs comprise those costs which are incurred directly in support of expenditure on the objects of the charity and include governance, premises, marketing and general office costs. Governance costs are those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. 

## **Stocks** 

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 

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## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

## **1 Accounting Policies (continued)** 

## **Tangible fixed assets and depreciation** 

All assets costing more than £1,000 are capitalised. 

Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives using the following rates: 

Land Not Depreciated Freehold and long lease hold building over 50 years Office equipment & fittings 20% per annum straight line 

## **Leases** 

Rentals under operating leases are charged to the Statement of Financial Activities as they fall due. 

## **Pension Costs** 

The charity currently makes payments to personal pension plans of certain employees. The costs are charged to the Statement of Financial Activities for the period to which they relate. 

The Church is  also an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”), which is administered by the Pension Trustee (Baptist 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 

Consequent upon the departure of the Minister from the Church in 2011, the Church had a cessation event under Section 75 of the Pensions Act 1995. This makes the Church liable for the proportion of the overall deficit (assessed by reference to the cost of securing benefits by the purchase of annuities) applicable to its previous Ministers who were members of the Scheme. In 2019 the Church entered into a “Deferred Debt Arrangement”. Under this arrangement the Church is no longer liable for this debt, but the Church continues to pay the ongoing deficiency contributions as outlined above. There are limited circumstances under the Deferred Debt Arrangement where the Church would become responsible for a debt equal to its share of the current BPS deficit (assessed by reference to the up to date cost of securing benefits by the purchase of annuities) 

## **Cash and cash equivalents** 

Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less. 

## **Debtors and creditors** 

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the represent value of the expected future receipts or payment discounted as a market rate of interest. 

## **Critical accounting estimates and areas of judgement** 

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. 

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. 

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## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

## **2 Net Movement in Funds** 

||||
|---|---|---|
|**Net Movement in Funds**<br>The net movement in funds is stated after charging:<br>Depreciation<br>Independent Examiner's fees<br>Other accounting work<br>**Employees and Staff Costs**<br>In aggregate the number of full and part time persons<br>employed during the year was:<br>Staff members - Operations<br>Staff costs were as follows:<br>Salaries and wages<br>National insurance<br>Pension scheme|**2022**<br>**£**<br>33,735<br>1,080<br>600<br>**2022**<br>**Number**<br>3<br>**£**<br>45,066<br>-<br>2,037<br>47,103|**2021**<br>**£**<br>33,735<br>750<br>100|
|||**2021**<br>**Number**<br>3|
|||**£**<br>38,841<br>-<br>1,645|
|||40,486|



## **3 Employees and Staff Costs** 

No employee received in excess of £60,000 during the year (2020-£nil). 

## **4 Trustees Remuneration and Reimbursed Expenses** 

One trustee is employed under a contract of employment, and was paid £24,750 during the year. This appointment is authorised by the governing document of the charity with a formal approval by Charity Commission. 

Services were provided by one other trustees (K.A. Beruffi) worth £604. The procedures and resolutions required by s185 Charities Act 2011 were completed prior to the provision of these services. 

|**5**<br>**Other trading income**<br>Rental Income<br>**6**<br>**Investment income**<br>Bank Interest received|**2022**<br>**£**<br>8,381<br>8,381<br>**2022**<br>**£**<br>909<br>909|**2021**<br>**£**<br>7,293|
|---|---|---|
|||7,293|
|||**2021**<br>**£**<br>346|
|||346|



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## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

|**7**<br>**Analysis of charitable activities**<br>Mission / Social Action<br>Pastoral<br>Public Worship / Teaching<br>**8**<br>**Tangible Assets**<br>**Cost**<br>At 1st January 2022<br>Additions<br>Disposals<br>At 31st December 2022<br>**Depreciation**<br>At 1st January 2022<br>Charge for the year<br>At 31st December 2022<br>**Net Book Value**<br>At 31st December 2022<br>At 31st December 2021<br>**9**<br>**Debtors**<br>Sundry debtors<br>Prepayments|**Direct**<br>**costs**<br>**£**<br>23,314<br>1,794<br>4,162<br>29,270|**Governance**<br>**costs**<br>**£**<br>1,638<br>1,625<br>1,638<br>4,902|**Support**<br>**costs**<br>**£**<br>38,321<br>33,156<br>38,287<br>109,764<br>**Freehold**<br>**Building**<br>**£**<br>1,686,749<br>1,686,749<br>337,350<br>33,735<br>371,085<br>1,315,664<br>1,349,399|**2022**<br>**Total**<br>**£**<br>63,273<br>36,575<br>44,088<br>143,936<br>**Office**<br>**Equipment**<br>**and Fittings**<br>**£**<br>14,533<br>14,533<br>14,533<br>14,533<br>-<br>-<br>**2022**<br>**£**<br>419<br>1,915<br>2,334|**2021**<br>**Total**<br>**£**<br>50,412<br>36,102<br>35,061|
|---|---|---|---|---|---|
||||||121,574|
||||||**Total**<br>**£**<br>1,701,282<br>-<br>-|
||||||1,701,282|
||||||249,487<br>33,735|
||||||283,222|
||||||1,315,664|
||||||1,349,399|
||||||**2021**<br>**£**<br>-<br>998|
||||||998|



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## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

|**10**<br>**Creditors: Amounts falling due**<br>**within one year**<br>Sundry creditors<br>Accruals and deferred income<br>**11**<br>**Creditors: Amounts falling due**<br>**in more than one year**<br>T.W.Philpot Trust - Loan|**2022**<br>**£**<br>8,167<br>2,973<br>11,140<br>**2022**<br>**£**<br>67,533<br>67,533|**2021**<br>**£**<br>2,549<br>1,550|
|---|---|---|
|||4,099|
|||**2021**<br>**£**<br>68,283|
|||68,283|



The church entered a loan agreement with the trustees of the T.W. Philpot trust for a free of interest loan of £108,685 on its incubation. Repayments are normally arranged to be in equal installments over 15years. Should the church leave the LBA or close, then the loan would be immediately repayable. 

## **12 Analysis of Restricted Funds** 

|Bless You Fund<br>BMS World Mission<br>Gift Fund<br>Grant<br>Philpot Fund<br>Mission Trip<br>Crossroads<br>**13**<br>**Designated Funds**<br>Fixed assets<br>**Designated funds**|**Balance at**<br>**01st Jan.**<br>**2022**<br>**£**<br>1,898<br>10<br>-<br>-<br>895<br>126<br>2,929<br>**Balance at**<br>**01st Jan.**<br>**2022**<br>**£**<br>1,293,284<br>1,293,284|**Incoming**<br>**Resources**<br>**£**<br>2,330<br>30<br>310<br>500<br>713<br>28<br>3,910<br>**(Deficit)/**<br>**Surplus**<br>**for the year**<br>**£**<br>-|**Expenditure**<br>**£**<br>(150)<br>(30)<br>-<br>-<br>-<br>-<br>-<br>(180)<br>**Transfers**<br>**£**<br>-<br>-|**Transfers**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br> -<br>-<br>**Utilised/**<br>**Realised**<br>**£**<br>(33,735)<br>(33,735)|**Balance at**<br>**31st Dec.**<br>**2022**<br>**£**<br>4,078<br>-<br>320<br>500<br>713<br>895<br>153|
|---|---|---|---|---|---|
||||||6,659|
||||||**Balance at**<br>**31st Dec.**<br>**2022**<br>**£**<br>1,259,549|
||||||1,259,549|



The fixed asset fund represents the net book value of the fixed assets - excluding those reflected in the Restricted Funds. 

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## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

|**14**<br>**Analysis of Net Assets between Funds**<br>Tangible assets<br>Net Current assets<br>Long term liabilities<br>Total net assets<br>**15**<br>**Investments**<br>Green Pastures unsecured loan stock<br>Additions<br>Gains / (Losses) on investments<br>Net book value  as at 31 December|**Unrestricted**<br>**Funds**<br>**£**<br>1,324,664<br>56,963<br>(67,533)<br>1,314,094|**Restricted**<br>**Funds**<br>**£**<br>6,659<br>6,659<br>**2022**<br>**£**<br>9,000<br>9,000|**Total**<br>**Funds**<br>**£**<br>1,324,664<br>63,621<br>(67,533)|
|---|---|---|---|
||||1,320,752|
||||**2021**<br>**£**<br>9000|
||||9,000|



Green Pastures (GP) unsecured loan stock is a type of fixed income that is granted in exchange for a loan and does not offer collateral to gurantee that the loan will be repaid back. GP aims to use the proceeds of unsecured loan stock issues to buy properties to house the homeless. 

## **16 Related Party Transactions** 

During the year 2022, a salary of £12,327 was paid to Mrs C. Plummer who is related to Mr. Plummer. Mr Plummer is a Trustee and Minister for the charity. 

## **17 Pension costs and provisions** 

The Church is a participating employer the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited).  The assets of the Scheme are held separately from those of the Employer and the other participating employers. 

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. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a 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. 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 Broadstone Corporate Benefits Ltd. 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 if they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited. 

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102.  Because it is not possible to attribute the Scheme’s assets and liabilities to specific employers, the scheme is accounted for as if the Scheme were a defined contribution scheme. 

The Minister(s)  is eligible to join the Scheme. 

Page:19 



## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

## **17 Pension costs and provisions** (continued) 

## **Actuarial valuation as at 31 December 2019** 

A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%).  The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit. 

## **The key financial assumptions underlying the valuation were as follows** 

|**Type of assumption**|**% p.a.**|
|---|---|
|RPI price inflation assumption|3.2|
|CPI price inflation assumption|2.7|
|Minimum Pensionable Income Increase Adjustment<br>(above CPI)|0.5|
|Pre-retirement assumed investment returns (gilt yield<br>plus 1.75% pa)|2.95|
|Post retirement assumed investment returns||
|(including benefits matched by the insurance policy)|1.7|
|(gilt yield plus 0.5% pa)||
|Minimum Pensionable Income increases (CPI plus<br>0.5%)|3.2|
|Deferred pension increases (based on RPI)||
|Pre April 2009|3.2|
|Post April 2009|2.5|
|Pension increases||
|Based on CPI with an annual floor of 0% and annual<br>cap of 5%|2.7|



Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013 in line with the “CMI 2019” projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for femaleswith the core smoothing parameter and with additional initial mortality improvement factor A=0.5%. 

The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022. **Recovery Plan** 

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions are payable until June 2026. These contributions were broadly based on each employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. 

On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group (“Just”) to secure DB Plan members’ pension benefits. Just are now providing financial backing for all pensions provided through the Scheme’s DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022. 

Page:20 



## **New River Baptist Church Notes to the Financial Statements For the year ended 31st December 2022 (Continued)** 

- **17 Pension costs and provisions** (continued) 

## **Movement in Balance Sheet liability** 

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability.  The movement in the provision is set out in the table below. 

## **Reconcilliation of Pension Liability** 

|**Year Ending**<br>**31-Dec-22**<br>**31-Dec-21**|**Year Ending**<br>**31-Dec-22**<br>**31-Dec-21**|
|---|---|
|Balance sheet liabilityatyear start|15,900<br>21,526<br>(2,192)<br>(3,695)<br>296<br>270|
|Minus deficiencycontributionspaid||
|Interest cost(recognised in SoFA)||
|Actuarial (gains)/losses on re-measurement of liability (re<br>(14,004)<br>(2,201)||
|Balance sheet liabilityatyear end<br>-<br>15,900||



## **Table of Assumptions for calculating the liability** 

|**le of Assumptions for calculating the liability**|**le of Assumptions for calculating the liability**|**le of Assumptions for calculating the liability**|**le of Assumptions for calculating the liability**|
|---|---|---|---|
|**Accounting date**<br>**31-Dec-22**<br>**31-Dec-21**<br>**31-Dec-20**||||
|Discount rate|5.7%|2.0%|1.4%<br>3.0%|
|Future increases to Minimum Pensionable Income|3.3%|4.1%||



## **Cessation Event** 

Consequent upon the departure of the Minister from the Church in 2011, the Church had a cessation event under Section 75 of the Pensions Act 1995. This makes the Church liable for the proportion of the overall deficit (assessed by reference to the cost of securing benefits by the purchase of annuities) applicable to its previous Ministers who were members of the Scheme. In 2019 the Church entered into a “Deferred Debt Arrangement”. Under this arrangement the Church is no longer liable for this debt, but the Church continues to pay the ongoing deficiency contributions as outlined above. There are limited circumstances under the Deferred Debt Arrangement where the Church would become responsible for a debt equal to its share of the current BPS deficit (assessed by reference to the up to date cost of securing benefits by the purchase of annuities) 

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