CHARITY REGISTRATION NUMBER: 1179894
Canterbury Baptist Church CIO Unaudited Financial Statements 5 April 2021
BURGESS HODGSON LLP
Chartered accountants Camburgh House 27 New Dover Road
Canterbury Kent CT1 3DN
Canterbury Baptist Church CIO
Financial Statements
Year ended 5 April 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 22 |
| Notes to the detailed statement of financial activities | 24 |
Canterbury Baptist Church CIO
Trustees' Annual Report
Year ended 5 April 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2021.
Reference and administrative details
Registered charity name Canterbury Baptist Church CIO Charity registration number 1179894 Principal office Canterbury Baptist Church St. Georges Place Canterbury CT1 1UT United Kingdom
The trustees
Independent examiner
Mr M I Usher Mr M R Elms Mr K J Martin Ms D M Mccauley Rev A L Fitzgerald Ms R Taylor Mr J M Coode Mr PR Enever Ms B Strause-Kalmere Ms M Anderson Mr J Reece Thomas Saltmer
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Canterbury Baptist Church CIO
Trustees' Annual Report (continued)
Year ended 5 April 2021
Structure, governance and management
The Trust is a registered charity, number 1179894, and is constituted under the constitution dated 29 April 2018. The Trust is a Baptist church, affiliated to the Baptist Union of Great Britain (BUGB) and the South Eastern Baptist association.
Nearly all of the funding of the church is derived from the voluntary contributions of members and others who attend church activities. Other sources of income include the hire of the premises to outside bodies, certain grants made to the church for specific activities, and the claiming of Gift Aid for charitable giving.
The constitution of the church is derived from the Approved Governing Document for BUGB churches dated 20th March 2008. Under this constitution, the trustees comprise the minister or ministers (if any), together with elders, the church secretary and church treasurer. Ministers, having been appointed by a vote of church members at a special church members' meeting, are ex officio trustees, and are remunerated by the church. No other trustee is remunerated; elders, the church secretary and church treasurer are elected by church members at an ordinary church members' meeting from among the membership, and serve a three-year term of office, after which they are available for re-election. There is a maximum of 12 and a minimum number of three trustees specified by the constitution, but in practice in recent years the number of trustees at any one time has varied between six and eleven.
Trustees' meetings are typically monthly 'ministry' meetings. A wide range of issues are discussed, including the strategy and vision of the church, the running of church activities, the maintenance of the church premises, the appointment of staff and financial matters. Important decisions are referred to church members' meetings, held at least four times per year. Members' meetings take decisions on such matters as church membership, the appointment of of ministers and other trustees, and the approval of the church budget.
2
Canterbury Baptist Church CIO
Trustees' Annual Report (continued)
Year ended 5 April 2021
Objectives and activities
Canterbury Baptist Church has a vision summarised by the main aim: 'To worship God, to grow in Him and to take the life changing message of Jesus Christ to all with the goal that they become His loyal followers.'
The outworking of this vision is based on six core values, taken from the example for church in the New Testament church at Antioch with the following objectives:
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To be shaped by God's Word and Spirit to be distinctively Christian.
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To have a clear commitment to Bible teaching, prophecy and prayer offering authentic spirituality and expression of worship.
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To train and send individuals for Christian life, ministries and other strategic mission.
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To have a truly generous and gracious attitude towards the needs of others.
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To anticipate the fullness of God's kingdom with ethnic diversity, worshipping together as one gathered community.
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To spread the gospel wherever God has placed us to encourage and see growth.
As part of the church's objectives, a vision has been established to use the church buildings as a community hub and base for social action and community work within the city of Canterbury. Therefore, the church regularly provides free and subsidised use of its building to local charities and organisations carrying out work with local people in the community. Whilst there are cost implications of this (including fuel, wear and tear, loss of potential letting income etc), this is recognised as a key part of the church's vision and values.
3
Canterbury Baptist Church CIO
Trustees' Annual Report (continued)
Year ended 5 April 2021
Achievements and performance
Pandemic
Impact on the church
During the pandemic, church life was significantly affected as the building was closed and no meetings could take place. Also, a number of our congregation went on furlough, as well as most of our church staff. This significantly impacted our income as well, so we had to resort to a 'famine' budget and all expenses were paired down to a minimum.
Hub
The pandemic hit the lettings hard. The best way to show this is that before the pandemic we were looking to get close to £60,000 for the financial year 19/20, but for the financial year 20/21, only made £5,000 from letting. We ensured all that was needed to be done was done, but that at the same time, people still felt as welcome as ever. By God's grace, these will recover as people return back to normal and letting continue to increase.
Response of the church
Online meetings
Before the UK went into lockdown, the former minister and the technical lead met to discuss keeping church going while it couldn't meet in person. An initial basic set up was put together so there was no break in services. As lockdown continued the equipment was improved with a better camera and audio link. The church was also able to keep in touch during the services using the YouTube online chat.
In a similar way, the Housegroups moved online ensure contact was maintained throughout this period. This was a challenging time for all, as quite a few people were not familiar with the technology and had to be brought up to speed quickly, without any one to one assistance.
Rachel
Training as a minister is always a challenge, but combining that with a pandemic makes things all the more difficult. During 2020 - 2021, our minister in training has led and preached at services while continuing her studies remotely. She kept in touch with members of the congregation, and got up to speed with the digital technologies that were necessary to keep the community together. Once volunteers were allowed back in-person to facilitate services, our minister in training always had time to to listen to them, offering a pastoral ear. Her preaching is continually improving, and she's gaining in confidence each week. A true asset to our church. It has been encouraging to see her grow spiritually during this time, clearly preaching as God leads her.
Aylesham
Our relationship with Aylesham only re-started in Sep 2020 when I started as an MiT in both churches. I worked in Aylesham (and still do) every Thursday with Laura, focusing on prayer and evangelism. Between Sep 2020 and April 2021, Laura and I ran a joint Alpha course online. I preached bi-monthly in Aylesham (on zoom) and we ran a joint CBC / Aylesham prayer meeting on zoom alternate Tuesday evenings.
There has been more joined up working since April 2021 (3 x outdoor services last summer and most recently Laura preaching at CBC).
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Canterbury Baptist Church CIO
Trustees' Annual Report (continued)
Year ended 5 April 2021
Community fridge, food parcels
From April 2020 our Community Hub Cafe had to close under government guidelines. So in order to continue to support the community we ran a community fridge scheme from the premises. People in need could continue to come and collect a food parcel from the front door of the church once a week and we ran approximately 30 deliveries of food parcels to people's houses every week. We had a team of volunteers to receive food deliveries, pack, distribute and deliver them in the Canterbury and Herne Bay area. The food was supplied by FareShare Kent who distribute surplus food from supermarkets to charities. The cost of this was covered by a grant obtained by KCC to help those in need during the pandemic.
Financial review
The net value of the assets and liabilities of Canterbury Baptist Church have been recognised on the Balance Sheet. The value of net assets as at 5 April 2021 amounts to £1,614,620.
During the year the the church made a profit of £63,041. A further adjustment was made to revaluate the listed investments of resulting in additional income of £6,059. Without these adjustments to the church made profits of £56,982.
A loan of £480,000 from the Baptist Union in support of the church's large refurbishment project completed in 2014 is being repaid by the church in monthly instalments over a period of ten years, and funds are specifically given for this purpose by members of the congregation. There are two years of repayments remaining on this loan.
The charity converted to a new Charitable Incorporated Organisation on 6 April 2019, and the old charity ceased. All assets and liabilities were transferred from the old charity, with registered charity number 1127789.
ms@burgesshodgson.co.uk The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Jason Reece (Apr 13, 2022 12:41 GMT+1)
Mr J Reece Trustee
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Canterbury Baptist Church CIO
Independent Examiner's Report to the Trustees of Canterbury Baptist Church CIO
Year ended 5 April 2021
I report to the trustees on my examination of the financial statements of Canterbury Baptist Church CIO ('the charity') for the year ended 5 April 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Thomas Saltmer Independent Examiner
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Canterbury Baptist Church CIO
Statement of Financial Activities
Year ended 5 April 2021
| Period from | ||||
|---|---|---|---|---|
| 12 Sep 18 to | ||||
| Year to 5 | Apr 21 | 5 Apr 20 | ||
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 216,557 | 216,557 | 1,702,436 |
| Investment income | 5 | 5,353 | 5,353 | 51,202 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total income | 221,910 | 221,910 | 1,753,638 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 164,927 | 164,927 | 202,060 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 164,927 | 164,927 | 202,060 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Net gains on investments | 8 | (6,059) | (6,059) | – |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Net income and net movement in funds | 63,042 | 63,042 | 1,551,578 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,551,578 | 1,551,578 | – | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 1,614,620 | 1,614,620 | 1,551,578 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 20 form part of these financial statements.
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Canterbury Baptist Church CIO
Statement of Financial Position
5 April 2021
| 5 April 2021 | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 12 | 1,748,794 | 1,773,111 |
| Investments | 13 | 25,268 | 19,209 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| 1,774,062 | 1,792,320 | ||
| Current assets | |||
| Debtors | 14 | 1,711 | 4,512 |
| Cash at bank and in hand | 60,335 | 24,653 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 62,046 | 29,165 | ||
| Creditors: amounts falling due within one year | 15 | 58,224 | 61,223 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net current assets | 3,822 | (32,058) | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total assets less current liabilities | 1,777,884 | 1,760,262 | |
| Creditors: amounts falling due after more than one year | 16 | 83,664 | 110,884 |
| Provisions | 17 | 79,600 | 97,800 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Net assets | 1,614,620 | 1,551,578 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Funds of the charity | |||
| Unrestricted funds | 1,614,620 | 1,551,578 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total charity funds | 19 | 1,614,620 ৶৶৶৶৶৶৶৶৶৶৶৶ |
1,551,578 ৶৶৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:Apr 13, 2022
Jason Reece (Apr 13, 2022 12:41 GMT+1)
Mr J Reece Trustee
The notes on pages 10 to 20 form part of these financial statements.
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Canterbury Baptist Church CIO
Statement of Cash Flows
Year ended 5 April 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 63,042 | 1,551,578 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 24,317 | 27,027 |
| Government grant income | (2,500) | – |
| Net gains on investments | (6,059) | – |
| Dividends, interest and rents from investments | (5,353) | (51,065) |
| Other interest receivable and similar income | – | (137) |
| Interest payable and similar charges | 5,523 | 6,632 |
| Accrued (income)/expenses | (2,000) | 5,000 |
| Changes in: | ||
| Trade and other debtors | 2,801 | (4,512) |
| Trade and other creditors | (1,897) | 3,794 |
| Provisions and employee benefits | (18,200) | (44,900) |
| Donation of net assets on incorporation of old Charity | – | (1,515,319) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | 59,674 | (21,902) |
| Interest received | – | 137 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net cash from/(used in) operating activities | 59,674 | (21,765) |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 5,353 | 51,065 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net cash from investing activities | 5,353 | 51,065 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Cash flows from financing activities | ||
| Repayments of borrowings | (31,845) | (57,228) |
| Government grant income | 2,500 | – |
| Assets introduced from incorporation | – | 52,581 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net cash used in financing activities | (29,345) | (4,647) |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Net increase in cash and cash equivalents | 35,682 | 24,653 |
| Cash and cash equivalents at beginning of year | 24,653 | – |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Cash and cash equivalents at end of year | 60,335 | 24,653 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
The notes on pages 10 to 20 form part of these financial statements.
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Canterbury Baptist Church CIO
Notes to the Financial Statements
Year ended 5 April 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Canterbury Baptist Church, St Georges Place, Canterbury, CT1 1UT, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 75 years straight line Fixtures and fittings - 5 years straight line
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
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Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Government grants (continued)
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises, and is allocated to the appropriate expenditure heading.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Tithes and Offerings | 149,298 | 149,298 | 156,620 | 156,620 |
| Other donations legacies and similar | ||||
| incoming resources | 64,759 | 64,759 | 30,497 | 30,497 |
| Exceptional donations | – | – | 1,515,319 | 1,515,319 |
| Grants | ||||
| Government grant income | 2,500 | 2,500 | – | – |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 216,557 | 216,557 | 1,702,436 | 1,702,436 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
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Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 4,996 | 4,996 | 50,642 | 50,642 | |
| Income from listed investments | 357 | 357 | 423 | 423 | |
| Bank interest receivable | – | – | 137 | 137 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 5,353 | 5,353 | 51,202 | 51,202 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 6. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Main activities | 135,087 | 135,087 | 168,401 | 168,401 | |
| Support costs | 29,840 | 29,840 | 33,659 | 33,659 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 164,927 | 164,927 | 202,060 | 202,060 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 7. | Expenditure on charitable activities | by activity type | |||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly Support costs | 2021 | 2020 | |||
| £ | £ | £ | £ | ||
| Main activities | 135,087 | – | 135,087 | 168,401 | |
| Governance costs | – | 29,840 | 29,840 | 33,659 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 135,087 | 29,840 | 164,927 | 202,060 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 8. | Net gains on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed investments | 6,059 | 6,059 | – | – | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ||
| 9. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 24,317 | 27,027 | |||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
10. Staff costs
The average head count of employees during the year was 8 (2020: 8).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
14
Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
11. Trustee remuneration and expenses
Expenses paid to trustees in the year totalled £7. These expenses were reimbursing the minister for travel, stationery, entertaining and other sundry expenses undertaken on behalf of the church. The church also pays for some of the minister's living expenses within the Manse, including the telephone, alarm, utility and council tax bills and small repairs. These totalled £4,083.
12. Tangible fixed assets
| Freehold | Fixtures and | |||
|---|---|---|---|---|
| property | fittings | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 6 April 2020 and 5 April 2021 | 1,795,812 | 4,326 | 1,800,138 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Depreciation | ||||
| At 6 April 2020 | 23,944 | 3,083 | 27,027 | |
| Charge for the year | 23,944 | 373 | 24,317 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| At 5 April 2021 | 47,888 | 3,456 | 51,344 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Carrying amount | ||||
| At 5 April 2021 | 1,747,924 | 870 | 1,748,794 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| At 5 April 2020 | 1,771,868 | 1,243 | 1,773,111 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| 13. | Investments | |||
| Listed | ||||
| investments | ||||
| £ | ||||
| Cost or valuation | ||||
| At 6 April 2020 | 19,209 | |||
| Additions | – | |||
| Other movements | 6,059 | |||
| ৄৄৄৄৄৄৄৄ | ||||
| At 5 April 2021 | 25,268 | |||
| ৶৶৶৶৶৶৶৶ | ||||
| Impairment | ||||
| At 6 April 2020 and 5 April 2021 | ||||
| Carrying amount | ||||
| At 5 April 2021 | 25,268 | |||
| ৶৶৶৶৶৶৶৶ | ||||
| At 5 April 2020 | 19,209 ৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Financial assets held at fair value
All investments shown above are revalued to market value as at the balance sheet date
15
Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
14. Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 1,594 | 4,395 | |
| Prepayments and accrued income | 117 | 117 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 1,711 | 4,512 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 15. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Bank loans and overdrafts | 53,327 | 52,429 | |
| Trade creditors | 1,897 | 2,494 | |
| Accruals and deferred income | 3,000 | 5,000 | |
| Other creditors | – | 1,300 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 58,224 | 61,223 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 16. | Creditors: amounts falling due after more than one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Bank loans and overdrafts | 83,664 | 110,884 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 17. | Provisions |
| Pensions | |
|---|---|
| and similar | |
| obligations | |
| £ | |
| At 6 April 2020 | 97,800 |
| Additions | (18,200) |
| ৄৄৄৄৄৄৄৄ | |
| At 5 April 2021 | 79,600 |
| ৶৶৶৶৶৶৶৶ |
18. Government grants
The amounts recognised in the financial statements for government grants are as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 2,500 ৶৶৶৶৶৶৶ |
– ৶৶৶৶ |
16
Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
19. Analysis of charitable funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 6 April 2020 | Income | Expenditure | losses | 5 April 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 1,551,578 | 221,910 | (164,927) | 6,059 | 1,614,620 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At | |||||
| 12 September | Gains and | At | |||
| 2018 | Income | Expenditure | losses | 5 April 2020 | |
| £ | £ | £ | £ | £ | |
| General funds | – | 1,753,638 | (202,060) | – | 1,551,578 |
| ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
17
Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
20. Defined benefit plans
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).
The Ministers and some members of the church staff are eligible to join the Scheme, which is not contracted out of the State Second Pension.
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 (or 3% if the employer is in the segregated DC section) 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. This 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.
The 2016 Valuation
The period since the 2013 Valuation has been challenging for all Defined Benefit pension schemes, with the extended period of very low interest rates leading to considerable pressure on scheme deficits. Consequently, the deficit as at 31st December 2016 is £93m, an increase of £9m on the £84m at the previous valuation.
The adjustments to the scheme benefits agreed under the Family Solution have also been implemented starting from the beginning of 2019. These changes are as follows:
• Change from RPI to CPI for the inflation index used to calculate increases to pensions in payment.
• an increase to that part of any pension in payment which was earned on service before 6th April 2006, of up to 1% in addition to CPI for the increase this January and the next 2 years, provided that CPI is less than RPI, and subject to the overall annual cap of 5% on increases contained within the scheme rules.
• An increase to the cap on annual increases for that part of any pension in payment which was earned on service on or after 6th April 2006, from 2.5% to 5%. (This mirrors the cap on increases to pre-6th April 2006 pensions.)
• The manse allowance (which has been frozen for a number of years) will increase in line with CPI inflation, benefitting active scheme members. For 2019 this will be £6,144 up from £6,000.
18
Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
Defined benefit plans (continued)
The key financial assumptions underlying the valuation 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%) | 3.85 |
| Assumed investments 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 |
As there is a large number of contributing employers participating in the BPS and the BUSPS, the Union does not have sufficient information to identify its share of the underlying assets and liabilities of the schemes. Accordingly, due to the nature of the scheme, the profit and loss charge for the period represents the employer contributions payable. The total pension cost for the church is £4,292. The liability payable included within the balance sheet as at 5 April 2021 was £69,600.
19
Canterbury Baptist Church CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2021
21. Analysis of changes in net debt
| At 6 Apr 2020 | Cash flows | At 5 Apr 2021 | |
|---|---|---|---|
| £ | £ | £ | |
| Cash at bank and in hand | 24,653 | 35,682 | 60,335 |
| Debt due within one year | (52,429) | (898) | (53,327) |
| Debt due after one year | (110,884) | 27,220 | (83,664) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| (138,660) ৶৶৶৶৶৶৶৶৶ |
62,004 ৶৶৶৶৶৶৶৶ |
(76,656) ৶৶৶৶৶৶৶৶ |
20
Canterbury Baptist Church CIO
Management Information
Year ended 5 April 2021
The following pages do not form part of the financial statements.
21
Canterbury Baptist Church CIO
Detailed Statement of Financial Activities
Year ended 5 April 2021
| Period from | ||
|---|---|---|
| Year to | 12 Sep 18 to | |
| 5 Apr 21 | 5 Apr 20 | |
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Tithes and Offerings | 149,298 | 156,620 |
| Other donations legacies and similar incoming resources | 64,759 | 30,497 |
| Exceptional donations | – | 1,515,319 |
| Government grant income | 2,500 | – |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 216,557 | 1,702,436 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Investment income | ||
| Income from investment properties | 4,996 | 50,642 |
| Income from listed investments | 357 | 423 |
| Bank interest receivable | – | 137 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 5,353 | 51,202 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Total income | 221,910 | 1,753,638 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 87,666 | 105,272 |
| Other post-retirement benefits | (18,200) | (44,900) |
| Rates and water | – | 2,573 |
| Light and heat | 15,362 | 22,951 |
| Repairs and maintenance | 9,764 | 29,557 |
| Insurance | 5,837 | 7,106 |
| Depreciation | 24,317 | 27,027 |
| Other interest payable and similar charges | 5,523 | 6,632 |
| Bank Charges | 157 | 182 |
| Community Hub Project | 2,733 | 2,279 |
| Entertaining | 109 | 793 |
| Lighthouse | – | 33 |
| Sundry | 3,025 | 5,552 |
| Travel | 7 | 1,352 |
| Administration | 14,209 | 12,483 |
| Subscription and Fees | 2,574 | 1,730 |
| Overseas mission | 3,781 | 9,241 |
| Home mission | 3,038 | 4,962 |
| Children, youth and students | 1,612 | 1,622 |
| Evangelism | 171 | 1,391 |
| Stationery and publicity | 3,242 | 4,222 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 164,927 | 202,060 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Total expenditure | 164,927 ৶৶৶৶৶৶৶৶৶ |
202,060 ৶৶৶৶৶৶৶৶৶ |
22
Canterbury Baptist Church CIO
Detailed Statement of Financial Activities (continued)
Year ended 5 April 2021
| Period from | ||
|---|---|---|
| Year to | 12 Sep 18 to | |
| 5 Apr 21 | 5 Apr 20 | |
| £ | £ | |
| Net gains on investments | ||
| Gains/(losses) on listed investments | (6,059) | – |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net income | 63,042 | 1,551,578 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
23
Canterbury Baptist Church CIO
Notes to the Detailed Statement of Financial Activities
Year ended 5 April 2021
| Period from | ||
|---|---|---|
| Year to | 12 Sep 18 to | |
| 5 Apr 21 | 5 Apr 20 | |
| £ | £ | |
| Expenditure on charitable activities | ||
| Main activities | ||
| Activities undertaken directly | ||
| Wages and salaries | 87,666 | 105,272 |
| Defined benefit plan expense | (18,200) | (44,900) |
| Rates | – | 2,573 |
| Light & Heat | 15,362 | 22,951 |
| Repairs & Renovation | 9,764 | 29,557 |
| Insurance/cleaning | 5,837 | 7,106 |
| Bank Charges | 157 | 182 |
| Community Hub Project | 2,733 | 2,279 |
| Entertaining | 109 | 793 |
| Lighthouse | – | 33 |
| Sundry | 3,025 | 5,552 |
| Travel | 7 | 1,352 |
| Administration | 14,209 | 12,483 |
| Subscription and Fees | 2,574 | 1,730 |
| Overseas mission | 3,781 | 9,241 |
| Home mission | 3,038 | 4,962 |
| Children, youth and students | 1,612 | 1,622 |
| Evangelism | 171 | 1,391 |
| Stationery and publicity | 3,242 | 4,222 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 135,087 | 168,401 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Governance costs | ||
| Governance costs - depreciation | 24,317 | 27,027 |
| Governance costs - other finance costs | 5,523 | 6,632 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 29,840 | 33,659 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Expenditure on charitable activities | 164,927 ৶৶৶৶৶৶৶৶৶ |
202,060 ৶৶৶৶৶৶৶৶৶ |
24
E620 - 2021 Accounts
Final Audit Report
2022-04-13
Created: 2022-04-13 By: Burgess Hodgson (gc@burgesshodgson.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAWCN9ET27af1nDAzbXOHVJRmrgt48JZwF
"E620 - 2021 Accounts" History
Document created by Burgess Hodgson (gc@burgesshodgson.co.uk)
2022-04-13 - 07:22:44 GMT- IP address: 80.88.222.146
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