BRIDGNORTH BAPT15T CHURCH CONTENTS OF THE FINANaAI STATEMENT R THE YEAR ENDED Poge Report ol the Trustees Independent Exarninerfs Report stotemenl of Rnundol Acllvl Balan¢È Sheet 6 to 12 Detalled Stalemen* ol Fknuncld Acllvfrfes 13 10 14 REGISTEIEED COMPANY NUM8ER: CE015834 (England and Woles) REGISTER&) CHARItY NUMBER: 1181045 REPORT OF THE TRUSTEES AND FINAN IAL STATEMENIS ND D 31ST DECEMB FOR BRIDG RTH BAPTIST CHURCH stanlon Ralph & Co Li￿ted Chartered Accounlonts Ihe Oky Pdice Stolior) Whitbufft Street Bn"d￿( SI￿pShIre VIV16 4QP bllDGNORTH BApnsr CHUR RtPOlT OF THE TRUSTEES R THEYEAR ENDED The Injstees who ore atso directcws of the chority for Ihe purposes of Ihe Componies A£t 2Crf)6. present their rer)ort wth the finonciol Statements of the charity for the yeoT ended 31st Decembe¥ 2023. Tre trustees have odopted the provsions of Accounting ond Reporting by Choritie5- 5talemenl ol Recommended Practice app￿¢¢ble to ¢￿￿ties weporing their occounls in occordance with the Financial Reporting Stondard OPFAicable iyt Ihe UK and Repubfic of Irdond IFRS 1021 leflective l Jonuory 20191. Trustees are 0150 known a5 Leoder5 (rt ow chwch arKI have two key roles.. l. Overseeing church fimnces ond othw Fegol ond odrrmntholive rn(rtters rekjled to the operation ol the Charity including re5ponsibifity for Ihe employ￿￿￿1 of staff. Leoders receNe regutar reports on safeguarding, hedlh and solety, prem￿e$ and resources. 2. To act Os'guurclians" of the vigon ond direction of the church. engJring thot os o body of bdievers ond followers ol Jesus. we ¥enK)in Irue lo the thctrine and ￿hcleS of fatlh ogeed by the church members. Leoders meet every 2 or 3 weeks ond receive regulor reports coveriru al ospects of church life including worship. teaching. proyer ond fTh5SiOn. Three truslees continued lo seNe the church in ￿23.. two wiyking os leodership coordinalcws and one as treosurer. This was in the absence of a past￿/rrInsler. lollowng the rehrement of froeme Cloth ot the end of December 2022. Ou church larrmty experienced being led in a different woy when the ￿adership coordinotors set vp fNe CKJership team5. u%ng the slrvcfure of o five-fold nintsty. -Workirig lowLYds new leodership f(K our church IAFx)stor￿ Teom and ometsl -Fro￿dIng oppoluntrfes fot us ol to KYOY ond w(¥ship in o coheyve way IPrOphet￿ Team ond others) -sharing Jesus wlh others IEvongdism Teom arKJ othersl -Looknng oftw each other and LYm)ptinglfocifrtoting peop￿ in dIscip￿ship (Shepherdir¥J Team and ott)ersl - Planning ond defivering a stiniJloh"ng teaclN"ng progonyne forchildren and adults ffeaching Team ond others) We had lo look more dlrec1ty to God g1K1(￿ce. rolher Ihon 1vrr¥ng immediaFety to a person to ￿ad in a parh"cvlor direclion or ￿￿keIVdgemeTrl cols. We were I￿essed wth mony PeOF)le stepping into rotos ond foithfulty helping out in vorioLJS ways. Home groups continued to flourish. with new gr¢yJps starhng t<)0. New peop￿ started coning lo church services: we baptised seven peop￿ during Ihe year.. and T4 peo￿ to comrrot to church membership. Tow(xds the end of 2023. we were reody lo a(fverlise for o new chvrch knder. homng agreed the following.. -To continue sharing ￿adership in leoffts. ond for the new leadu to coordinote thw groups -To unite behind a church proffle and eth05 Stalerrent. ￿lch were then wbrritted to the Baptist Union Posloral Voconcy ￿$* -To start a wder as￿ct ol recruitmenl. adverfiyw on CIwi5tian job webstles -To consult with a representotive from each ol the fve le¢￿ership groups. lo be clear on ￿01 we need from a new leader. based on the goups. experiences over the past hvefve months. Poge I BRIDGNORTH BApnsT CHURCH REPORT OF THE TRUSTEES E YEAR ENDED EA4BER OBJECTIVES AND ACTivillES Objecllves and alms Our objective5 hove been lo tive and wort oul our vi%on ol 'Love Overtknwng,. We befieve we achieve this through providing locililies f(K our Gordening Project Open House. Together ut Christma5, Ihe Food 8onk, CAP Bridgnorth Debt Centre. sar￿￿tan's PLA5e Chn'stmas shoe box appeal. Brvjgnith Yi)uth & Schods PToject. 5hropshire Carers Support Group. Shropshire Recow P(Tlner5hip. Shrop5hire Fomity fime. We51 Mercio Rope & Abuse Centre, NCT Antenotd group. WoryEn5' InstihJte. Bridgnorth Rock Choir. Cruse Bereaverrent Counsdling. 0150 0 chority caled Cvppo SWCKI thjl K￿C￿)te$ heallh and wdlb&ng STRUCTURE, GOVE%NANCE AND MANAGEMENT Govwning document The charity is controlled by 115 goveming docvrrwt. o deed ol Injst, and constilvtes a charitot4e incorporoted orgonis0th0rn. Pvbllc Benefft Slolemènl n)e trustees confim) they (ye solisfied that they hove comFkd wth the¥ duty with reg￿dS to ensuring thot tt charity has undertaken Suitab￿ works fu the benefft of Ihe public as required by the Charilies Commis%on. REFERENCE AND ADMINISTrAIIVE DETAILS egisterèd Compqny numb CEOI 5834 (Englond orKI Wole51 egislered Choiity number 1181045 Registered offire Bridgnorth Bapt￿t Church 7 West Coslle Street Bridgnorth Shropshire WV16 4AB Trvslees Mrs L Moson Gibbons Mrs K Roy Independent Examlner stonton Rolph & Co Lirruted Chartered Accountants The (Jd Police Station Whilburn Street Bridgnorth Shropshire 164QP Approved by order of the bo(¥d of trustees on ............. .. and signed on its behatf by.. Mrs L Mason - Trustee Page 2 IMDEPENDENt EXA NER. EPORT TO IHE TRUSIEES OF BRIDGNORTH BAP Independenl examine¢s repcrtto Ihe truslees of s￿l9r1011h Bapllsl Church Iyhe Cornpanv) I report to the ch(xity IFV5Fees on rTry exonNrK]Iton of Ihe occwnts of Ihe CorTwny fry the year ended 31 st December 2023. Re5ponslblfllles and basls el rèwt As the choriws trustees of the Corrpany lond oLso its direct￿ the PLKposes of company bwl you ore responsible the preparalion ol Ihe ryccovnts ir? occordance with Ihe requirements of Ihe Companies Act 2￿61'the Acfl. Hoving sotisfied mysell tt￿t the occounts of Ihe Company rye not reqvKeiJ to be ovdited under Part 16 of the 2C()6 Act and a￿ e&gib￿ for independent examinotion. I report in respect of my exominatK)n of your charity's account5 os caThed oul under Section 145 of the chariti￿ P£t 201 I I'lhe 2011 Acl'l. In carrying out my exominotion I hove folh)wed Me Diieclions gNen by Ihe Charity cornm￿￿0n vnder Section 145151 Ibl of the 2011 Act. Independènl examlnèrfs slalement I hove completecl my exorrinotion. I confirm thal r)0 mattw hove come to my ottention in connection wlh the exorrinotton giviru rrE cavse to beSeve: accoun*ng records were rKJt kepl in respect of the Cc4npany os required by Secti1￿ 386 of the 2LX)6 Act: or the OCCDunts do not occord wilh Ihose rec(wds,' or the accoun15 do not Corr￿￿ wlh the ￿counti￿j requirements of Section 396 of the 2LK)6 Act other than any requirement thot the occounts giva o true ond fair triew whrh 15 not a matter considered os port of on independenl exorrinoh"on.' or the occounts I￿ve nol been EYep(Jred in occudonce *ilh the rr*lfr*)ds ond princ¥)les of the Stalement of Recommended Proctice for accounting ond reporhng by choriltes lopplicat4e to charities prep(￿ng their occ(MJnts in o¢c¢xdonce wlh fhe fvortiol Reporhng Sfondord oppr1cab￿ in Ihe UK ond Republic of Ire&Jnd (FRS 10211. I hove no concems and have come across other molteT5 in comection wth Ihe exominotion lo which ottention should be dr(Thvn in this reFth in order to enable a Prop￿ understonding ol the o¢coun15 to be reoched. 4Iiion Ralph FCA CTA Stanton Ralph & Co Lirrxted Chortered Accountants The Old Police Stotion hitbvm Street Brid9north Shropshire WV16 4QP 9th Moy 2(Y24 Page 3 BRIDGNORTH BApTisr STATEMENT OF FINANCIAL ACTIVfflES 31.12.23 Totol f(snd% 31.12.22 Total funds UNestricted lund Reslricted fund Note5 INCOME AND ENDOWMEPItS FROM Voluntcry income I(￿.985 1.120 110.105 95.090 Investment income 11.875 6,236 Tolal 120.81 1,120 121.980 101226 EXPENDITURE ON Roising funds 63.921 63.921 62.044 Church Expenditure 17.312 17.312 45.577 Totol 81.233 81.233 107.621 NEf INCOME/[EXPENDifuRE) 39.627 1,120 40.747 16.2951 RECONCIUATh?N OF FUNDS Tofol funds brought forward 1.198.349 1.198.349 1,204.644 TOTAL FUNDS CARRIED FORWARD 1.237.976 1.120 1.239,096 1,198,349 The notes lom) port of Ihese fIr￿n¢M￿ stotements Pogè 4 BRIDGNORTH BAFIIST CHURCH BALANCE SHEE[ EMBER 31.12.23 Totol funds 31.12.72 Totol funds Unreslrfcted lund Rethicted fund Noles HXED ASSErs Tangible assets I.(PD.843 l.(H).843 1.089.098 CURRENT ASSEtS Debt(X5 Co5h ot bonk and in hond 6.785 158.462 6.785 159.582 5.239 111.064 1.120 165.247 1.120 166267 116.303 CREDITORS iounts folling due wilhin one year 17.0521 NE[ CURREN[ ASSEIS 157.133 158.253 109,251 TOTAL AS$Efs LESS CURRENT UABiullES 1.237.976 1,239,096 1.198,349 NET ASSEYS l.T37,976 1,120 1.239.096 1.198.349 FUNDS UrKe51ricted funds Restricted funds 10 l.Z37.976 1,120 1.198,349 TOTAL FUNDS 1.239.096 1.198.349 The charilable company is er)ItlJed lo exeNption from aLKlrt under Section 477 of the Comrxjnies Act 2￿& lor the year ended 31 st December 2023. Ihe member5 hove rK)t required Ihe corr¢)any to obtain an auLfit of it5 ffnonciol 5Fatements fu the yeor ended 3151 December 2023 in occor(*Jnce Section 476 of Ihe Companies Act 2￿6. The trustees acknovAedge their iesponybilties lof lal etF5uring that the charitat4e company keeps accwnting re¢(xds that comtAy wth Seclions 386 and 387 of the Coms)anies Act 21XJ6 and eparing firK7ncial staterrEnts which give a tDJe and fair view of the 51ate ot affa￿5 of the choritoble compony as ot the end of each finonciol yeor ond ol its surpkjs or deficit for eoch financial year in accordonce wtth the requirements of Sections 394 and 395 ond which otherwse Comp￿ with the requirements of the Companie5 Act ￿)6 rek7ting lo ffnanciol slalements. so for as opplicoble to the charitoble comF)ony. These financial slatements have been r*epcred Trn accordonce wtlh Ihe prov75ions 0Oicat￿e to charitable corrpontes subjecl to the m]1 corrpardes regnE. Trbe financial stcttemenls were aK¥)roved by Ihe Board of Tr￿tee5 aulhcyised lor i55ue on .. ond ￿e Sgned on its behdf by: L Ma50n- Truslee The noles fomi pcwt of these finonciol stotements Poge 5 BIEIDGNORTH BApnsT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED ACCOUNIING POUCIES basls of preparfng Ihe ffnanclal statements The financial statements of Ihe chotttobk compony. vlhich is O Fxjbfic benefit entity under FRS 102, have been wepared in accordance wlh the Chorthes SORP IFRS 1021 'Accounting and reporling by Chqrihe5". Stotemenl of Recommended Proctice orw￿1￿￿￿e to ch￿the5 weporing their accounts ir) accordance wth the Financiol ReportirvJ StarKld the arrK>unt can be measured reliabw. Expendllwe Liabilities ore recognised os expenditiJre 05 soon as there is a ￿goI or corthctive obligation commilh"n9 the chority to that expen(fiture. il 15 pro￿l￿e thol o tronsfer ol econoFThc beneftt5 will be required in 58tllemenl ond the an￿Unt of fhe obSgatton con be meosured reliotdy. Expenditure is accounted for on on accru0￿ bosis ond hos been clossified under heodings lho* oggregote oll cost related to the coleg(¥y. Where cosls conrK>t be orticukJr headings they hove been ollocoted to octivities on o bos￿ cor￿￿tent wlh Ihe use ol resources. Tanglble Ilxed assets Deweciotion is prowded ot the lolkjwro annual rotes in order lo write off fhe det*ecioble omount of each (￿Set over ifj5 eslim(Jled useful frfe. where opplcoble after toking account ol freehold larKJ wh￿h is not deprecioled and estimated residual values ctt the end of each asset's useful life. Freehoky propety- 1% Iprenlsesl ond 6.6% loutbuikliwsl on the depreCKlb￿ cNn(xJnt Fixtures, fittin￿ & èquipmenl- 20% on cost The trv5tee5 have taken 0dvOnt￿ of the tronsih.onol [*0￿$10n$ ol FR5102 $0 0$ to include Ihe previous revalualiorts of freek4d propth a5 Ihe es not legolw reshict the trustees, discreh.on lo spend the fund. kn examp￿ of o dey"gnated ￿nd rrught be o specific church ¢olleckn"on for o porhcuk)r covse. Al 31 Decembw 2(Y23 deygnoted ￿ndS totolle(1 %1.120. Page 6 BRIDGNOItTH BApllsT CHURCH hlOTES TO THE FINANCIAI STATEMENTS - conlln R ENDED DE EMBEII ACCOUNTING POUCIES - con¥nued Jnd occounting ffte bolonce re￿￿Ining ol UnresfrictedlGenerol Fvnds con be mode freety available to spend on ony of the Church's Purposes arKI totoled £158.462 at 31 December 2023. Plowever the fnjslees ¢on5ider thot". Bridgnorth BoptisP Church shrnjkl hokj Funds orrK)unling to Opwo￿rnO1e￿ months expendilure. This recognlses Ihat there are finoncial obbgations in iekjtion to the employment of staff ond ongoing cost of m¢intoining ond running the Chvrch arKI No.7. A budget hos been drawn up lor year ending 31 December 2024 which 5how5 this figuie 15 50rrE £35.0 The exterior ol the moin chvrch builthng requires otlen*on. There ore, oiso, severol oreos ofwork ot bolh in the main church tyjilrfing on(J No 7 wll need lo be odthessed in the neor future to impiove internol decorohon. facilitale better use ol space and oddress general wear and lear.lt is therefore con%dered prudent given the cjge of both building5. to sel oyde £20.(X)O ogoinst unforeseen expenses to rThJintain the txop￿h"es in good condition. After deduction ol the obove kn items o bO￿nCe of £69.251 of freetry ovailotde fund5 remai￿. Ihe Trustees consider thot there c¥e sufficient lunds aval￿ble to meet its ob5igations. The Iwstee5 inlend to remew fhe poficy ot leost once every 12 months. Penslon c0515 ond olhd posl-rellrement benellts The chc•3toble compony opwales o defined contributron pension scheme. Contributions payoble to the choriloble company's penson scherrE ore chorged to Ihe StoteryEnt of finonciol Activitie5 in the period lo which they relote. INVESTMENT INCOME 31.12.23 31.12.22 Ren15 ieceNed Interest recewable- troding 8,697 3.178 5,268 968 11.875 6236 RAISING FUNDS Rolskng donallons and legudes 31.1223 31.12.22 supp￿ costs 63.921 62,044 NET INCOME/(fXPENDmlRE) Net incomellexpendtlurel is stated after chargiro/lcrerfitingl.' 31.12.23 31.12.22 Depreciation- 0￿ed owts 10.444 10,043 Poge 7 JRIDGNORTH BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS - conlift THE YEAR ENDED TDE BER TRUSTEES. REMUNERATION AND BENEFlfS 31.12.23 31.12.22 TFUStees' salaries 39.153 Twslees. expenses There w8r8 no ttustee's expenses poid for the year ended 31 st December 3)23 COMPARATIVES FOR THE STATEMEN[ OF FINANCIAL AcnvmES Unreslticted lund Rethicted hjnd Totol funds INCOME AND ENDOWMENTS FROAI Volvntary income 94.890 95.090 Inveslment incom 6.236 6.236 Total 101.12 3)0 101.326 EXPENDITURE OM Roising furmjs 61.844 62.044 Church ExperKfjture 45.577 45￿77 Total 107.421 107.621 NET INCOME/(EXPENDilliRE) 16.2951 16.2951 RECONCIiIATION OF FUNDS Total funds tyought l(xw(xd 1204.644 1.204,644 TOTAL FIJNDS CARRIED FORWARD .198.349 1.198.349 Poge 8 BIEID RTH wllsT CHURCH NOTES TO THE FINANCIAL STATEMENTS- conffin FOR THE YEAR ENDED IST DEC8MBER TANGIBLE FIXED ASSETS Fixlures and fittings Freehold property Totals COST At I st Jonuory 2￿23 Addition5 1.123.521 98.118 2.189 1.221.639 2.189 Al 31 st Decerrl)er 2023 1.123.521 I(K).307 1.223.828 DEPRECIATION At 1st Jonuary 2￿23 Chorge for year 42.421 6227 90.120 4.217 132.541 10.444 At 3151 December 2023 94.337 142.985 NET BOOK VALUE At 3151 December 2023 1.074A73 5,970 1.080.843 At 31st December 2022 lJ)81.TC() 7.998 1,089.098 DEBTORS: AMOUNTS FALUNG DVE WIIHIN ONE YEAR 31.12.23 31.1222 Prepayments ond accwed income 6.785 5,239 CREDifo*s: AMOUNf5 FALUNG DUE wifHIN ONE YEAR 31.12_23 31.12. Sociol secvrity and other laxes Other creditors 122 7.992 6.210 8.114 7.052 io. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At i.i.YJ Umestrlclèd fvjnds Generol fund 1.198.349 39.627 1,237.976 Re5Mcled fvnds Restricted lund 1.13) TOTAL FUNDS 1.198.349 40.747 1.239.096 Poge 9 BRIDGNORTH BAPTIST CHUR NOTES TO THE FINANCIAL STATEMENTS- conlinu FOR TTrIE YEAR ENDED 31ST DECEMIER 2023 io. MOVEMEP￿ IN FUNDS- c¢nknued Net movement in funds. inc￿ded in the obove ore as folows: Incoming reS0￿ceS Resources expended Movement in lund5 VNe51rided lunds General fund IW.860 181,2331 39.627 Reslricted fvnds Restricted fund 1,120 TOTAL FUNDS 121.980 181.2331 40.747 Cornparallves for movemenl kn fvnd5 Nel movement in funds Al 31.12.22 At 1.122 UrYestii¢led lunds Generol fund 1.204.644 16,2951 1,198.349 TOTAL FUNDS 1.204.644 16.2951 1.198.349 ComparatNe net Move￿￿t in funds. included in the above are os Idk)ws: Incoming resources Resources expended Movement in funds Urneslrfcted funds Generol fund 101.126 1107.4211 16.2951 Re5tr1cled fvnds ReStr￿ted fund I2￿) TOTAL FUNDS 101.326 1107,6211 16.2951 A current year 12 months and prior yeaT 12 rnonths combined position is as folows.. Net movement in funds At 31.12.23 Ati.i.22 IIMesfrlcted funds General fund 1.3)4.644 33.332 1,237.976 Restrlcled Ivnds Restricted Ivnd 1.120 1,12) TOTAL FUNDS i.2M.644 34.452 1,239.096 Page 10 BRIO NORTH BApllsT CHURCH TO THE FINANCIAL ￿ATEmENTs - continuèd FOR THE YEAR END DEC&MBER 2023 io. MOVEMENT IN FUNDS- conlinued A cMenl yeor J2 months and yeor 12 mnlhs con*xned net nK)vement in funds. inclvded in the obove ore as follow5-. kncorTyng resouice5 Re50urce5 expended Movemenl in funds Unreslricled lunds G8neral fund 221,986 1188.6541 33.332 Restrfcted fvnds Restricted fund 1.320 1.120 TOTAL FUNDS 223.306 1188.8541 34.452 EMPLOYEE BENEF￿ OBLIGATIONS Dwing the period the Church mode confvibution5 of £316 I%Y22 £4,143). Employee benefft ob¥gallons The Chvrch is o participating ernpk>yer in the Bopti5t Pen*on Schema fihe Scheme l. which is o sepaTOte legal entrty odministered by the Pen&on Tru51ee (Boptist Pension Trust Limitedl. Tre assels of the Scheme ore hekj 5ewrotdy from ItK)se of the EM￿0ye[ ond the other rKJrticipoting empbyers. The Schema. pre￿￿ os the Baptisl Minislws. Pension Fund. storted in 1925. but wos ¢105ed to future accrual of defined benerrt5 on 31 Decert)er l. Pric￿ to this dale the moin benefit provided through the Defined Benefit IDBI Pkm w05 a pension of one eightieth ol finol minimum pensionoble income lor eoch year of pensionable seryice together with odditionol pen&on in respect of prerriuN paid on Perh51Onab￿ Income in excess of Minilwm PertsK)noble Income. From January 2012, penslon wo*iyon ￿ being nx)de through the Defined Confribution IDCI Plan wthin the Scheme. In genero( rnernbe￿ p(ry 8% 01 their pensionab￿ Income and employer5 poy 6% 01 membets. Pensionab￿ Income into indmdual persKJn occounls. which are operoted ond mornged on behaLf of the Pension TrusFee by Brood51one CorFuate Benefits Lld. In addition. the empk)yeT a further 4% 01 Pensionoise Income to cover De(rth in Service Benefrt5. odministralion c05ts, and an 0SSOCiQted in5uronce pclicy which PFowdes income protection for Scheme members rf they ore vnable to work due to k>n*term incopocity. This income ryotec*"on FX)licy has been insured by the 8opti%l Union of Great 8n.toin wlh Avivo knmtled. (mem￿ ol the Basc Section poy reduced Contributior￿ ol 5% of Pensionab￿ Income. ond the￿ en¥&)yers obo kxjy o total of 5%1. The scheme i£ Conside￿ to be a rwltFeNWoyer Scheme os described in Secti￿ 28 of FRS 102. Becavse il ￿ not r>o￿lI￿e lo ¢JMribvte the Scheme's ￿￿e*S ond liabiWEs lo specific ery)loyer5. the scheme is accovnled for as if Ihe sche￿￿ were a defined contr[L￿h"on scheme. A formal voluathon of the Defined BerEfit IDBI Pbn was perforn￿d at 31 December 2019 by o prolessionolfy quarif￿d Acluory using the Projected Unil Method. FUH delaqs of Ihot voknolion were inclvded within the corry)onVs X)22 fiwncKyl statements. Rec<>very Plan here a valuation ol the DB Flon reveaL% a deficit the Trustee ond the Council ogree to a rate of deficiency cor>lribuh"ons trom churches ar￿ Oth￿ employers invofved in the DB Pjon. Following the 2019 valuation a Recovery Plan was signed in Septemb￿ 2020 under which deficiency contributions were payoble until June 2026. These Conlrit)Utio￿ L¥oady based on eoch employerfs membet5hip ot 31 December 2014 increosing annuolty in fine wth increases to Minimum Pen%onable Income as defined in the Rules. Page 11 BRIDGNORTH BA 14OTES TO ThE FINANCIAL THE YEAR E ATEm￿ - conlinued EMPLOYEE BENEAT OBLIGATIONS- conlinved On 30th June 2022 the Baph"sl Pension Scheme ￿gThed an ogeement with the in5uFonce company Just Group fJusY'I to secure DB Pion members. pension benefits_ Just promding financial backing for oll pensions promded Ihrough the ScherrE's DB Plon and. lo￿￿1n9 thi5 tlQll50Ction. the SchenE 45 onydered to no ionger hove a shortfall. kC￿dIn￿Y th8re t5 COn5Klered to be no Scheme liability requiring disclos￿e ot 315t December 2023 or at 31st Decer￿er 3)22. An updcted Recovery plan wa5 signed irn ￿JguSt %)22 under which recovery contiibulions from each parh"cipoting employer in Ihe DB Plan reduced to £1 per month from *LJwsf Tr22. During the ye(x the Church mode deficiency contributions ol £1212U22 £4.1431. At the dole of &gning ol the 2023 finonciol 5Fotements the transilion to Just. which will include a buy our of ond subsequenl wnding up of the DB Plon with the company ceosing to be o t>orhopoling emplDyer in thot plon, remoins in ￿￿esS with COm￿etiOn onthcipoted later in 2024. Until the tw ouk hos completed Ihe risk of o ftjrther Scheme shortfoll cannol be eliminoted." however Ihe latesl corre5w)fKJence from the ScherrE administrator anticipotes a small Surplus. Cessalon fvenl Consequent upon the depLYlvre of o ftyrrw Postor in 2))7. the Church hod o cessolion event under Section 75 01 Ihe Pertsions 1995. ThFS rmkes the Church Sable for the proporlion ol the overall deficit lossessed by reference to the cost of Securing benefits by the Pufchose of annuitiesl applcoblg to its previous Pastor5 who were members ol the Scheme. At wesent the Chvrch is F>oiryng the rrNnimal ongoing deficiency contributions oullined oty)ve. However. unlil the buy wt detailed obov8 is completed the Perty￿ Scheme Trustee h05 the right to qvantify orKJ seek p(wnent ol the debt ot ony lime. 12. RELATED PATh DISCLOSURES Th￿e were no reknled party IransactK)ns lor the ye(r ended 31st December 2tr23. Page 12 BIEIDGNORTH 8APIISt CHURCH AILED STATEMENT OF FINANCIAL A THE YEAR ENDED 31ST DECEMBER 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Voluntary Income Colleclion5 Covenonts IGift a￿1 Sundry Receipts Specified Gilts 88.196 17.OTO 547 4.352 74.578 13.819 371 6,322 110.105 95.090 Investment Income Rents received Interesl receiv0b￿- tr(Jcfing 8.097 3.178 5.268 11.875 6.236 Tolol incomlng resources 121.980 101,326 EXPENDITURE Church Expertdl￿re Church Leoders Sak]ries trrusleesl other salaries Social security Pensions Increosellreductionl in pensron SoEiltty Telephone Conference Fees 39.153 15A56 773 4.143 115.1081 392 16,765 316 12 39 180 17.312 45,577 Support costs Chtjrch B￿ldIng Expenses Repav5 & Maintenance Insuronce Light ond heat Telephone Postoge arKI stohonery Sundries Cleoning Copyright 3.459 1168 3,099 2,705 377 1,975 4.829 718 3.509 1.386 2.ODrJ 1.279 877 4.928 671 18,430 17.080 7 West Casllè Street Expenses Cleaning Rotes and water Insurance Light and hec7t Repoi5 & Maintenance 477 507 149 498 2.055 566 1.664 4.017 6,766 This page does not t￿rn part ot Ihe st¢JhJtw financiol statements Poge 13 BRIDGNORTH BApnsr CHURCH DETAILED STATEMENT OF HNANCIAL ACTivm EYEARE IER 31.12.23 31.12.22 7 Wesl Coslle Streel Expènses Mlsslon Hecv* of Englond Bopti￿ Association 1,500 Oulreach. GIN5 & Home Mlsslon Speciol Even15 Specified Gifts- De%gnated CAP Bridgnorth Youth & SchooL5 Projecl Renew Wellbeing Open the Book Fund other 285 4.352 8.092 56 6,322 5,588 7.833 500 4.465 2,400 25.194 22B60 Olher resources expended Troining & conferences Speokers & Communbon Supples Youth & Rainbow Bonk chorges Bible Proyer Notes & Resowces Accounlancy and legal fee5 subscriph.ons Depreciation- Church Depreciation- No. 7 45 790 13 385 748 1.662 753 7A37 2,605 167 385 791 2.049 859 7,599 2047 14,792 13.838 Total re50urce5 expended 81.233 107.621 Net Incom•l(•xpendllure) 40.747 16.2951 Thi5 poge does r￿t frcxm of the slatutory finonciol slotements Page 14