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2022-12-31-accounts

Trustees’ Annual Report for the period

From: 01/01/22 Period start date To: 31/12/22 Period end date

Charity name: Tove Valley Baptist Fellowship.

Charity registration number: 1179215

Objectives and Activities

SORP
reference		 FRS-102
Summary of the
purposes of the charity
as set out in its
governing document		 Para 1.17 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.
Summary of the main
activities in relation to
those purposes for the
public benefit, in
particular, the
activities, projects or
services identified in
the accounts.		 Para 1.17
and 1.19		 1In fulfilling the Purpose the
Church will engage in a range of
Activities either on its own or with
others that will vary from time to
time with Activities being initiated,
expanded, or closed, as
appropriate.
2The Activities may include but
are not restricted to:
regular public worship, prayer,
Bible study, preaching and
teaching;
baptism, as defined in the
Baptist Union’s Declaration of
Principle;
the Communion of the Lord’s
Supper which shall normally be

1

observed at least once a month;
evangelism and mission,
locally, regionally, nationally and
internationally;
the teaching, encouragement,
welcome and inclusion of young
people;
nurture and growth of Christian
disciples;
education and training for
Christian and community service;
giving and encouraging
pastoral care;
supporting and encouraging
charitable social action in the
United Kingdom and abroad, and;
encouraging relationships with
and supporting Baptists and other
Christians.
3Notwithstanding the
appointment of persons to accept
responsibility for any of the
Activities, all individuals,
organisations, groups, and
committees operating within the
life of the Church, and their
leaders, shall be accountable to
the Charity Trustees and also
through any specific direction of
the Church Members’ Meeting.
Statement confirming
whether the trustees
have had regard to the
guidance issued by the
Charity Commission
on public benefit		 Para 1.18 The trustees are aware of the
requirements of the Charities Act
2011 regarding the reporting of
the public benefit of the charity.
The trustees recognise that, for
the accounting period ending
31 December 2022, the trustees'
report is required to include such
a report. In setting the charity’s
objectives and planning activities,

2

the trustees and management have given consideration to the Charity Commission’s general guidance on public benefit and believe that the charity meets the public benefit requirement.

Additional information (optional)

Additional information (optional) Additional information (optional) Additional information (optional)
You may choose to include further statements where relevant about:
SORP
reference
Policy on grant making Para 1.38
Policy on social
investment including
program related
investment		 Para 1.38
Contribution made by
volunteers		 Para 1.38
Other
Achievements and Performance
SORP
reference
Summary of the main
achievements of the
charity, identifying the
difference the charity’s
work has made to the
circumstances of its
beneficiaries and any		 Para 1.20 Expressing God’s heartbeat in the
community through social action,
involvement in a local food bank and
“Wellbeing Cafe” Tots groups,
education projects in local schools,
youth and summer holiday clubs,
andpromotingsocial cohesion.

3

wider benefits to Sharing the gospel of Jesus Christ in society as a whole. word and deed.

Additional information (optional)

You may choose to include further statements where relevant about:


Achievements against
objectives set
Para 1.41
Performance of
fundraising activities
against objectives set		 Para 1.41
Investment
performance against
objectives		 Para 1.41
Other

4

Financial Review

Review of the charity’s
financial position at the
end of the period		 Para 1.21 Income for the period was £188188,
compared with expenditure of
£182339.
We were able to donate over £9,000
to various charities that we
supported during the period, and
help those in need, as best we
could, through our benevolent fund.
We supported the work of a full time
pastor until July 2020 when he
retired, and a part-time Youth,
Children and Families Team Leader.
Work began to build the Tove Valley
Centre during March 2020, however
because of the pandemic
construction was delayed and only
resumed during May.
Statement explaining
the policy for holding
reserves stating why
they are held		 Para 1.22 In accordance with Baptist Union
recommendations, we hold about 3
months cash reserves.
Amount of reserves
held		 Para 1.22 £25,000
Reasons for holding
zero reserves		 Para 1.22 Not applicable
Details of fund
materially in deficit		 Para 1.24 Not applicable
Explanation of any
uncertainties about the
charity continuing as a
going concern		 Para 1.23 None

Additional information (optional)

5

You may choose to include further statements where relevant about:


The charity’s principal
sources of funds
(including any
fundraising)
Para 1.47
Investment policy and
objectives including
any social investment
policy adopted		 Para 1.46
A description of the
principal risks facing
the charity		 Para 1.46
Other

6

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing
document		 Para 1.25 Constitution
How is the charity
constituted?		 Para 1.25 As A Charitable Incorporated
Organisation.
Trustee selection
methods including
details of any
constitutional
provisions e.g. election
to post or name of any
person or body entitled
to appoint one or more
trustees		 Para 1.25 The Church Members’ Meeting shall
appoint Charity Trustees chosen
from among Church Members,to be
responsible for the governance of
the Church. Where there is a
Minister that person is a Charity
Trustee because of their role and
responsibilities. Subject to any
specific or general directions of the
Church Members’ Meeting the
control, management, and
administration of the Church shall be
by the Charity Trustees, save that
the Charity Trustees are not required
to do anything that would cause
them to be in breach of its
Constitution or any trustee duty
placed upon them as a result of this
role.
No person may serve as a Charity
Trustee if they are disqualified.
In this Church it shall be the
Minister(s) if any and Leadership
Team comprising:
 Deacons;
 Elders;
 the Secretary, and;
 the Treasurer
who together are the
CharityTrustees of the Church

Additional information (optional)

7

You may choose to include further statements where relevant about:


Policies and
procedures adopted
for the induction and
training of trustees
Para 1.51
The charity’s
organisational
structure and any
wider network with
which the charity
works		 Para 1.51
Relationship with any
related parties		 Para 1.51
Other

Reference and Administrative details

Charity name Tove Valley Baptist Fellowship
Other name the charity
uses		 None
Registered charity
number		 1179215
Charity’s principal
address		 The Secretary.
Tove Valley Centre
Northampton Road
Towcester
NN12 7AH

8

Names of the charity trustees who manage the charity

Names of the
charity trustees
who manage the
charity
1
2
3
4
5
6
7
8
9
10
11
12		 Trustee name Office (if any) Dates acted if
not for whole
year		 Name of person
(or body) entitled
to appoint trustee
(if any)
Paul Knight Pastor Retired July20
Melanie Whitlock Youth,Children and
Families Team Lead
Su Brazell Secretary
RosemaryFischer Asst Secretary
Edgar Thompson Treasurer TVBF Retired Nov 20
Colin Richardson Asst Treasurer TVBF
Mark Senior
Emi Farnham
Ben Hare
Chris Johnson
Richard Owen
Loretta Boreham

9

– Corporate trustees names of the directors at the date the report was approved

Director name None

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for
whole year
None

10

Funds held as custodian trustees on behalf of others Funds held as custodian trustees on behalf of others
Description of the
assets held in this
capacity		 None
Name and objects of
the charity on whose
behalf the assets are
held and how this falls
within the custodian
charity’s objects		 N/A
Details of
arrangements for safe
custody and
segregation of such
assets from the
charity’s own assets		 N/A

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of adviser Name Address

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

11

Reason for non-disclosure of key personnel details

N/A

Declarations The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees Signature(s) Full name(s) Edgar Thompson Position (eg Secretary, Treasurer Chair, etc)

Date 29 Jun 2023

12

TOVE VALLEY BAPTIST FELLOWSHIP

CHARITY NUMBER 1179215

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31st DECEMBER 2022

Page 1

TOVE VALLEY BAPTIST FELLOWSHIP

CONTENTS Page 3 Examiner's Report to Trustees Page 4 Statement of Financial Activities Page 5 Balance Sheet Pages 6 to 15 Notes to the Financial Statements

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE

TRUSTEES OF TOVE VALLEY BAPTIST FELLOWSHIP

My report on the financial statements on the following pages for the year ended 31 December 2022 which have been prepared in accordance with the Charities Act 2011 (the Act) and with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.

Respective responsibilities of Trustees and Independent Examiner

The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of the Chartered Institute of Management Accountants.

It is my responsibility to:

Basis of Examiner's Statement and scope of work undertaken

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 the seeking of explanations from the 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:

have not been met; or

Dated 16/06/2023 For and on behalf of: Tove Accountancy Ltd

Office 6, Town Hall, 86 Watling Street East, Towcester, Northants, NN12 6BS

Page 3

TOVE VALLEY BAPTIST FELLOWSHIP

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2022

Notes
INCOME
Donations and Legacies
Weekly offerings
3
Donations
4a
Grants
4a
Gift Aid tax refunds
3 and 4a
Weston project
5e
Charitable Activities
Youth Club
3
Sundry
3
Investment
Investment income
3
Interest
3
Other
Rental income
3
TOTAL INCOMING RESOURCES
EXPENDITURE
Costs of Raising Funds
Charitable Activities
Other Expenditure
6d
TOTAL RESOURCES USED
NET INCOMING RESOURCES
Revaluation of assets
Transfers between funds
balances brought forward
BALANCES CARRIED FORWARD		 Restated
2022
2021
Unrestricted
Endowment
Restricted
Total
Total
£
£
£
£
£
83,431
0
0
83,431
56,289
0
46,813
0
46,813
58,083
0
3,250
0
3,250
1,012
15,039
6,013
0
21,052
47,491
0
0
2,280
2,280
405
1,502
0
0
1,502
3,555
1,053
0
0
1,053
2,543
0
0
0
0
500
2
0
0
2
313
28,805
0
0
28,805
28,290
129,832
56,076
2,280
188,188
198,481
0
0
0
0
0
129,415
32,599
949
162,963
135,859
19,376
0
0
19,376
0
148,791
32,599
949
182,339
135,859
-18,959
23,477
1,331
5,849
62,622
0
0
0
0
0
-1,245
-11,480
1,877
-10,848
-80,176
821,994
722,739
9,284
1,554,017
1,571,571
801,791
734,736
12,492
1,549,019
1,554,017

  1. Movements of all reserves and all recognised gains and losses are shown above.

  2. All of the charity's operations are classed as ongoing.

  3. The notes on pages 6 to 15 form part of these financial statements

Page 4

TOVE VALLEY BAPTIST FELLOWSHIP

BALANCE SHEET AS AT 31ST DECEMBER 2022

Notes
Fixed Assets
Non-monetary assets
2
Current Assets
Debtors
12
Cash at bank and in-hand
9
Other monetary assets
8
Creditors: amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETSless current liabilities
Creditors: amounts falling due after one year
NET ASSETS
CAPITAL AND RESERVES
General Funds
3
Endowment funds
New Christian Centre funds
4a
Restricted Funds
Mission fund
5a
Benevolent fund
5b
Capital Renewal 1% Gen
5f
TVC fund
5g
Weston Funds
5e
Revaluation Reserve
Date approved by the trustees
and		 £
£
1,896,524
100,229
135,283
3,343
238,855
586,359
-347,504
1,549,019
0
1,549,019
597,256
734,736
734,736
352
0
3,288
2,161
6,691
12,492
204,535
1,549,019
2022		 £
£
1,935,251
113,812
110,760
3,341
227,913
609,147
-381,234
1,554,017
0
1,554,017
617,459
722,739
722,739
352
-928
3,288
2,161
4,411
9,284
204,535
1,554,017
2021
Restated		 £
£
1,935,251
113,812
110,760
3,341
227,913
609,147
-381,234
1,554,017
0
1,554,017
617,459
722,739
722,739
352
-928
3,288
2,161
4,411
9,284
204,535
1,554,017
2021
Restated
1,554,017
617,459
722,739
722,739
352
-928
3,288
2,161
4,411
9,284
204,535
1,554,017

Signed on their behalf by Trustee

Page 5

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022

1. BASIS OF ACCOUNTING

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Voluntary income is received by way of donations and gifts. It is shown in the full Statement of Financial Activities when received. Gifts in Kind are valued at their estimated value to the charity and are included under the appropriate headings.

Intangible income is valued and included in the income to the extent that it represents goods or services which would otherwise be purchased. Where it is difficult or not possible to value the goods or services, such as volunteer time, the accounts do not include them.

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are received.

Restricted funds are to be used for specified purposes as required by the donor. Expenditure which meets these criteria is allocated to the relevant fund. Income derived from these funds is retained within the funds concerned.

Designated funds are unrestricted funds which the trustees have designated to be used for a specific purpose. Where these funds yield investment income, this is available for general purposes.

Unrestricted funds are funds which are not designated or restricted.

Fixed assets
 are for use by the charity in fulfilling its main charitable objectives and are capitalised and depreciated at the are for use by the charity in fulfilling its main charitable objectives and are capitalised and depreciated at the
following rates:
Buildings 2% reducing balance
Furniture & Equipment 25% reducing balance

The rates chosen are calculated to write off the cost of the asset over its estimated useful life of serving the charity.

Tove Valley Baptist Fellowship became a charitable incorporated organisation (CIO) on 31st March 2019 and all assets were transferred across at current written down value.

2. FIXED ASSETS

Deemed Cost :
Cost brought forward 1 January 2022
Additions
Disposals
Revaluation
As at 31st December 2022
Depreciation :
Depreciation brought forward 1 January 2022
Disposals
Charge for the year
As at 31st December 2022
Net Book Value
As at 31st December 2022
As at 31st December 2021		 Property
Furniture &
Equipment
£
£
2,043,811
4,510
0
0
0
0
0
0
2,043,811
4,510
108,658
4,412
0
0
38,703
25
147,361
4,437
1,896,450
73
1,935,153
98		 Total
£
2,048,321
0
0
0
2,048,321
113,070
0
38,728
151,797
1,896,524
1,935,251

Page 6

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

3. GENERAL FUNDS
Notes
Income
Weekly offerings
Gift aid tax refunds
Investment income
Rental income
Youth Club
Sundry
7
Interest
Expenditure
Pastors costs
6a
Youth work
6b
Church expenses
6c
Other expenses
6d
Total Resources Used
Income over expenditure
Transfers between funds
Revaluation of property
Balances brought forward
Balances carried forward		 Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
83,431
83,431
56,289
15,039
15,039
30,405
0
0
500
28,805
28,805
28,290
1,502
1,502
3,555
1,053
1,053
2,543
2
2
313
129,832
129,832
121,895
20,681
20,681
35,741
25,637
25,637
2,392
83,097
83,097
75,898
19,376
19,376
0
148,791
148,791
114,031
-18,959
-18,959
7,864
-1,245
-1,245
-16,996
0
0
0
617,460
617,460
626,592
597,257
597,257
617,460

Page 7

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

4. ENDOWMENT FUNDS
Notes
(a) NEW CHRISTIAN CENTRE FUND
Income
Donations
Grants
Gift aid tax refunds
Investment income
Total Income
Expenditure
Sundries
Professional fees
Total Expenditure
Net Income
Transfers between funds
Balances brought forward
Balances carried forward		 Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
46,813
46,813
58,083
3,250
3,250
1,012
6,013
6,013
17,086
0
0
0
56,076
56,076
76,181
32,599
32,599
21,828
0
0
0
32,599
32,599
21,828
23,477
23,477
54,353
-11,480
-11,480
-63,180
722,739
722,739
731,566
734,736
734,736
722,739

Page 8

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

5. RESTRICTED FUNDS
Notes
(a) MISSION FUND
Income
Donations
Gift aid tax refunds
Interest
Total Income
Expenditure
Expenses
Total Expenditure
Net Income
Transfers between funds
Balances brought forward
Balances carried forward
5. RESTRICTED FUNDS
(b) BENEVOLENT FUND TOWCESTER
Notes
Income
Donations
Interest
Gift aid refunds
Total Income
Expenditure
Expenses
Total Expenditure
Net Income
Transfers between funds
Balances brought forward
Balances carried forward		 Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
352
352
352
352
352
352
Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
0
0
0
0
0
0
0
0
0
0
0
949
949
0
0
949
949
0
-949
-949
0
1,877
1,877
0
-928
-928
-928
0
0
-928

Page 9

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

5. RESTRICTED FUNDS
(c) WESTON FUNDS
Notes
Income
Donations
Rental income
Interest
Total Income
Expenditure
Expenditure
Total Expenditure
Net Income
Transfers between funds
Balances brought forward
Balances carried forward
5. RESTRICTED FUNDS
(d) CAPITAL RENEWAL 1% GEN
Notes
Income
Donations
Gift aid tax refunds
Interest
Total Income
Expenditure
Expenditure
Total Expenditure
Net Income
Transfers between funds
Balances brought forward
Balances carried forward		 Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
700
700
405
1,580
1,580
0
0
0
0
2,280
2,280
405
0
0
0
0
0
0
2,280
2,280
405
0
0
0
4,411
4,411
4,006
6,691
6,691
4,411
Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,288
3,288
3,288
3,288
3,288
3,288

Page 10

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

5. RESTRICTED FUNDS

5. RESTRICTED FUNDS
(e) TVC FUND
Notes
Income
Donations
Gift aid tax refunds
Interest
Total Income
Expenditure
Expenditure
Total Expenditure
Net Income
Transfers between funds
Balances brought forward
Balances carried forward		 Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,161
2,161
2,161
2,161
2,161
2,161

Page 11

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

6. GENERAL RESOURCES USED
Notes
(a) Pastors costs
Stipend
Employers NI
Pension contribution
Water rates - Manse
Repairs - Manse
Expenses
Telephone
Lighting/heating
Council tax
Insurance - Manse
(b) Payments - Youth Work & Sunday School
Youth work
Youth Club
Sunday School supplies
(c) Payments - Church expenses
Books & Publishing
Lighting/heating
Water rates
Hire of premises
Insurance
Accounts compilation fees
Printing/stationery
Telephone
Advertising
Repairs
IT costs
Conferences and subscriptions
Evangelism
Mums & Tots
Sundries
Professional Fees
Bank Charges
Training/Courses
Staff costs
Home Mission
Depreciation
(d) Payments - other expenses
Weston manse rental costs		 Unrestricted
Endowment
Restricted
2022
2021
Funds
Funds
Funds
Total
Total
£
£
£
£
£
9,511
9,511
23,728
0
0
0
3,923
3,923
6,616
183
183
0
5,136
5,136
2,399
264
264
954
66
66
247
98
98
1,452
1,206
1,206
0
294
294
345
20,681
20,681
35,741
23,072
23,072
323
2,134
2,134
1,683
431
431
386
25,637
25,637
2,392
0
0
0
4,791
4,791
4,226
367
367
287
0
0
0
3,654
3,654
6,463
0
0
0
464
464
50
456
456
368
468
468
0
4,803
4,803
2,140
2,365
2,365
894
558
558
601
3,190
3,190
689
169
169
347
6,823
6,823
5,109
0
0
0
113
113
8
0
0
0
12,510
12,510
5,186
3,638
3,638
9,622
38,728
38,728
39,908
83,097
83,097
75,898
19,376
19,376
0
19,376
19,376
0

Page 12

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

Unrestricted
Endowment
Restricted
Funds
Funds
Funds
7. RECEIPTS - Sundry income
£
£
£
Mums & Tots
Sundry income
1,053
Leeson Court
0
Ladies breakfast/lunch
0
The Giving machine
0
Refund cleaner
0
1,053
8. OTHER MONETARY ASSETS
Held for investments:
Towcester
Helmdon
New Christian Centre
9. CASH AT BANK AND IN HAND
Cash
Bank Current Account
Bank Building Account
Youth Club
10. CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
Loan
11. STAFF COSTS AND NUMBERS
Gross Wages and Salaries
National Insurance Contributions
Pension
No employees received employee benefits exceeding £60,000.
The average monthly number of employees during the period were as follows :
Pastors		 Unrestricted
Endowment
Restricted
Funds
Funds
Funds
£
£
£
1,053
0
0
0
0		 2022
2021
Total
Total
£
£
0
43
1,053
2,500
0
0
0
0
0
0
0
0
1,053 1,053
2,543
2022
2021
£
£
1,251
1,251
2,092
2,090
0
0
3,343
3,341
2022
2021
£
£
0
0
67,627
71,837
66,372
37,050
1,284
1,873
135,283
110,760
2022
2021
£
£
1,096
750
585,263
608,397
586,359
609,147
2022
2021
£
£
14,552
28,769
145
145
3,923
6,616
18,620
35,530
1
1

Pension Costs

The Charity operates a contributory pension scheme. It is a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue.

12. DEBTORS
Endowment:
Helmdon – net proceeds held by Baptist Union
Unrestricted		 2022
2021
£
£
100,229
113,812
0
0
100,229
113,812
Page 14

TOVE VALLEY BAPTIST FELLOWSHIP

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022

13. PAYMENTS TO TRUSTEES

1 or more trustees has been paid remuneration or has received other benefits from employment with the charity.

M Whitlock has been paid for employed services as the pastor. M Whitlock has been paid for employed services as the pastor.
Salary £20,658
Pension contributions £751
6 trustees have claimed £2864 expenses
Evangelism £445
Office £15
IT £415
Weston Maintenance £34
TVC Maintenance £69
Manse maintenance £799
Cleaning/consumables £810
Sundry Church costs £277
£2,864

There were no related party transactions for the period.

14. PENSION SCHEME LIABILITIES

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. Since 1 January 2012, benefits have been provided through a Defined Contribution (DC) Plan.

A formal valuation of the DB Plan as at 31 December 2016 by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £219 million, whilst the level of assets needed to pay benefits was £312m, giving a deficit of £93m (equivalent to a past service funding level of 70%). The Church and the other participating employers in the DB Plan are collectively responsible for funding this deficit. The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2019.

Page 15

TOVE VALLEY BApnsTFELLOWSHIP 8AiANCE SHEET AS AT31ST DECEMBER 2022 Restated 2021 Z022 Not•s Flx¢d Assets Non-monetary assets IA96,524 1,935,251 Current A55¢ts Debtors Cash at bank and in-hand Other monetary a55ers 12 ILK).229 135,283 3,343 238.855 113,812 110,760 3,341 227,913 cr•d￿0￿.. amounts fallin¢ due wrthin one year io 586.359 609.147 NETCURRENT AS5Ers .347.504 -381.234 TOTAL ASSEfs less current li•bllStles 1,549,019 I,S54,017 Credltor5'. amounts fallln8 due after gfie year NET ASSETS 1,549,019 1.554,017 CAPITALAND RESEAVES General Funds Endowment funds New Christian Centr¢fund5 597,256 617.459 734,736 734,736 722,739 722.739 Re5trided Funds Mission fund Benevolent Ivnd Capital Rtnowal 156 Gen TVC fund Weston Funds 352 352 -928 3,788 2,161 4,411 9,2B4 5b 51 58 3,288 2,161 6,691 12,492 Revalv•iion Rese 204.53S 204.535 1.549.019 1,554,017 Date 3pproved by the tru5tee5 and 211/,, Signed on their behalf bv TTU5tee Pa8e 5