## **REPORT OF THE TRUSTEES AND** **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **FOR** ## **DUNCHURCH BAPTIST CHURCH** **DUNCHURCH BAPTIST CHURCH** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ||**Page**| |---|---| |**Reference and Administrative Details**|1| |**Report of the Trustees**|2 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Statement of Financial Position**|7| |**Notes to the Financial Statements**|8 to 20| |**Detailed Statement of Financial Activities**|21 to 22| **DUNCHURCH BAPTIST CHURCH** **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022** **TRUSTEES** Revd. D Woods (resigned 21/4/22) Mrs K Wederell Mrs R Hobgen (resigned 21/4/22) Miss C Tabor Mrs S Coulon Mr J Robson (appointed 21/4/22) **PRINCIPAL ADDRESS** Coventry Road Dunchurch Rugby Warwickshire CV22 6RF **REGISTERED CHARITY** 1181840 **NUMBER INDEPENDENT EXAMINER** DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ Page 1 **DUNCHURCH BAPTIST CHURCH** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The web address for the Church is: www.dunchurchbaptistchurch.org.uk ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** 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. Our vision is for people to experience the love of God, and hear his message for them. Its objectives are pursued by:- - Regular meetings for public worship at 10.30am and 7.00pm on Sundays. - Weekly classes for children and teenagers on Sundays at 10.30am. - A number of small groups made up of a group of those attending the church and meeting at various homes. - Regular Men's and Women's breakfasts and church lunches - Occasional courses such as Alpha and the Marriage Course. - Messy Church, Holiday Club. - A four sessions a week toddler group called Noah's Ark attended by 65 children per week. - Taking part in the annual village fete. - Helping plan and organise Holiday at Home events for the retired. - Supporting Baptist Home Mission and BMS World Mission. - Close relationship with local primary school (one school governor; leading assemblies). - Walking group. - Lunch club. - Support for local and overseas missions. The church tithed its non-rental, non-building fund income supporting local, national and international charities. The decision on which groups to support is made by the church meeting. The minister is the only paid office holder. The church has no other employees. All of its work, including that carried out by the other trustees, is done by volunteers. Many of these are members of the church but some are those who attend the church but are not members. ## **Public benefit** Our Church is open to all regardless of their faith position. Everyone is welcomed and offered the benefits of our fellowship. We believe that offering the teaching of Christianity is a benefit to the local area and to society at large. Noah's Ark Toddler Group is open to any parent/carer and their child. This was able to re-start in September 2021 for two sessions a week with limited numbers to maintain a Covid-secure environment for those attending. Church rooms are available for hire by community groups. The Trustees have had regard to the Charity Commission's guidance on public benefit, and believe the activities stated above comply with this guidance. Page 2 **DUNCHURCH BAPTIST CHURCH** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** ## **ACHIEVEMENT AND PERFORMANCE Charitable activities** On-going Covid restrictions meant that Sunday morning services continued to be pre-recorded and streamed via YouTube during the first part of the year, followed by Zoom calls to allow people to chat and share. As restrictions eased, we carefully transitioned to in-person services and live-streaming the morning services. Evening services have remained on Zoom with good attendance. Many other meetings have continued via Zoom. We have implemented a rigorous pastoral care system to ensure continuing connections with, and when necessary practical support for, all our contacts. During the year:- - 2 persons came into membership. The Building Committee is responsible to the trustees and church meeting and is made up of volunteers drawn from the church. Work on the building project has continued and services moved into the new Baptist Church building in February 2022. Fund raising for the building project has continued throughout the year and is on-going. ## **Covid-19 Impact** With the easing of restrictions during the year it has been good to be able to re-start face-to-face services and meetings, particularly with the additional space the new building provides, taking care to follow guidelines to ensure we make the environment as covid-safe as we are able. Some meetings and evening services continue to meet on Zoom as this has proved beneficial, particularly for those with health issues. ## **FINANCIAL REVIEW** ## **Financial position and Reserves Policy** The church's reserves policy is to have in hand in the General Fund at any time sufficient to cover two month's unavoidable running expenses. The main funds of the church are: - General Fund (Unrestricted), - Building Fund (Restricted), - Noah's Ark Fund (Restricted), - Manse Fund (Designated), - Crisis Fund (Restricted), - Support Other Churches Fund (Restricted). Funds raised during the year came either directly from those attending the church or from fundraising instigated by them. The church encourages the use of the Gift Aid scheme and made claims for Gift Aid monies each half year. Due to Covid-19 and not being able to have cash collections for part of the year, we have missed out on the full benefit of the Gift Aid Small Donations scheme this year. The church owns (subject to mortgage) a house. The principal reason for ownership is to be able to offer a manse to any future minister who needs the accommodation. Whilst not needed for this purpose the house is let to tenants. The church uses letting agents, Belvoir Rugby. During the year we have been able to use our Support Other Churches Fund to support a church project in Albania to enable them to assist with their building needs. All expenditure supported the objectives of the church. Total funds as at 31 March 2022 amounted to £1,273,410 (2021: £1,130,151), of which £162,413 (2021: £154,397) were unrestricted. Page 3 DUNCHURCH BAPTIST CHURC REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2022 sTR￿TURE, GOVERNANCE AND MANAGEME G4)veming document The w¥emng dooJmenl H the thurch's constiiLttion. The (*urch Is ￿nstitUted a$ an associatlon. Trustees are elected by the ehurth me8luig. Dunthurth Baptist Churth is 8 member of Ihe Baptisl of Great Britain. It 18 pwt of the Heart of ErKJland Baptist AssocIat￿n (HE￿> It is pwt of the bcal Baptk81 Cluster abng vAlh the thur(*es at C*￿rrtry. Ruoby and INotst￿. The thurth woth8 r ¢oop8ration wth DunC*U￿￿ Mgthodist Churth and St. Peters Ch￿￿ in Dunthur(*. The Iwste8s ensuwv that all work of the thuri* 13 subieci to regularty rfgk a￿esSment. It operato¥ safeguardlng lo he* ￿￿re Ihe safety ol thiklren and adLtits at ri¥k. In addIt￿n lo Iwslees Ihè thurth uses'ministy coordlnators, tt) oversee speclffc areas of churd) Ime. The#0 ccordnatixs not have any kadership fijnctlons and are subied to Ihe trustees in all of their actlons. Cu•iodlan Trust•• The Baptist Uni)n Cryporati￿ ads as Cust&11￿ for Ihe c*arlty as far a# it# r•81 prop•ty is c￿nCerned. Managlng Truste￿ Ir*f•rr•d to as Truste•sl All trustees arE ol¢eted to office by the cthurch wneeung. olhw Ihan the n*ni5ter, trustees are ek%led for pen.ods of three y88rs. The miiistefs appointment is Indefinitè. Appro¥ed ty order of the board of trust809 on ......... . and signed on tts behalf try.. . TnJ8tsè Pall• 4 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUNCHURCH BAPTIST CHURCH** ## **Independent examiner's report to the trustees of Dunchurch Baptist Church** I report to the charity trustees on my examination of the accounts of Dunchurch Baptist Church (the Trust) for the year ended 31 March 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts 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. ## **Use of our report:** ������������������������������������������������������������������������������������������������������������ (Accounts and Reports) Regulations 2008. Our independent examination work has been undertaken so that ������������������������������������������ hose matters we are required to state to them in an independent �������������������������������������������������������������������������������������������������������� ���������������������������������������������������������������������������������������� ody, for our independent examination work, for this report, or for the opinions we have formed. Nicola Fox FCA DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ Date: 12 January 2023 Page 5 **DUNCHURCH BAPTIST CHURCH** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
Other income
4
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Charitable activities
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
56,923
10,501
398
67,822
2,107
57,699
-
59,806
8,016
154,397
162,413|
Restricted
funds
£
150,677
362
6,745
157,784
-
22,541
-
22,541
135,243
975,754
1,110,997|2022

Total
funds
£
207,600
10,863
7,143
225,606
2,107
80,240
-
82,347
143,259
1,130,151
1,273,410|2021
Total
funds
£
145,092
11,309
-
156,401
4,791
52,212
-
57,003
99,398
1,030,753
1,130,151| |---|---|---|---|---| The notes form part of these financial statements Page 6 DUNCHURCH BAPTIST CHURCH STA TEMENT FINA TrKIAL POSITION 31 MARCH 2022 2022 Toial nds 2021 Tol lunds lthro8tr￿ted Rastrlcted tuThJs funds Not•$ FIXED ASSETS Tangible assets 12 174.470 1,511,418 1.685.888 1,077.812 uRRE￿ ASSETS Debtors Cash at bank 13 8.616 14.864 4,939 11.555 113.003 7.$00 X39,415 21.480 103,078 124.558 346.915 CREEITORS Amounts falling thje vmlin one year 14 {16,737 153,4991 (70,2381 137.4011 NET CURRENT ASSETS 4.743 49579 54.322 TOTAL ASSETS LESS CURRE LIABIUTIES 179,213 1.560,997 1,740,210 1.387,326 CREfA TORS Amunts fal￿n9 ¢JJ• more than ￿ar 15 {4SO,C4J)I {4￿.{￿XI) 1236,050) PROVISIONS FOR LIABILITIES 18 118.8001 (16,8001 (21,12S} NET ASs￿s 162,413 1,110,g97 1.273,410 1,130,151 FUNDS Unreslrictsd Restrictei1 funds 19 162.413 1,110.997 154,397 975,754 TOTAL FUNDS 1,273.410 1.130,151 Th financial statements %%*r• appro¥ed the Board ol TnJgla•s a￿1 aulhoithd for issu8 on . a)d wra slqn¢d on lis b•half ty.. Mr J Robson- Trustee Mr¥K 11- Trusta• Th¢ Th)tas fomi part 0fth8￿ fin￿da1 stat•NEnts P￿￿7 **DUNCHURCH BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Dunchurch Baptist Church is a registered charity. The charity's registered number and principal office address can be found on the Company Information page. No material uncertainties exist in relation to going concern. The presentation currency of the financial statements is the Pound Sterling (£). ## **Significant judgements and estimates** The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** For inalienable property acquired prior to 2004, there is insufficient cost information available and therefore such assets are not valued in the accounts. Any items acquired during the year that do not exceed £1,000 are written off. The Manse is not depreciated as the residual value is greater than or equal to its cost. The Coventry Road property is depreciated by 2% on a straight line basis. Fixtures and fittings are depreciated by 20% on a straight line basis. Other fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The trustees are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The trustees consider that the individual carrying values of assets are supportable by their value in use. Page 8 continued... **DUNCHURCH BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **1. ACCOUNTING POLICIES - continued** ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Financial instruments** Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. 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 statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. ## **2. DONATIONS AND LEGACIES** |General giving
Gift aid
Grants
Giving for special causes
Fundraising giving
Gift day|2022
£
87,531
18,956
54,615
460
10,268
35,770
207,600|2021
£
115,666
15,775
-
-
1,626
12,025
145,092| |---|---|---| Page 9 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **2. DONATIONS AND LEGACIES - continued** Grants received, included in the above, are as follows: |Dunchurch Festival Group
Joseph Rant Trust
Dunchurch and Thurlaston Community Trust
Rugby Group Benevolent Fund
Warwickshire CC
**3.**
**INVESTMENT INCOME**
Manse rent
Deposit account interest
**4.**
**OTHER INCOME**
Church building hire
Noah's Ark income
Children & Young People (Lazer ) Income
**5.**
**RAISING FUNDS**
**Raising donations and legacies**
Manse maintenance
Manse building insurance
Manse letting expenses|2022
£
1,000
30,000
17,500
5,000
1,115
54,615
2022
£
10,500
363
10,863
2022
£
398
1,164
5,581
7,143
2022
£
317
278
1,512
2,107|2021
£
-
-
-
-
-
-
2021
£
10,500
809
11,309
2021
£
-
-
-
-
2021
£
3,067
212
1,512
4,791| |---|---|---| |||| Page 10 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **6. CHARITABLE ACTIVITIES COSTS** |Direct
Costs (see
note 7)
£
Charitable activities
78,680
**7.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Staff costs
Church electricity
Church water rates
Church telephone
Church building maintenance
Church insurance
Church cleaning
Furnishings and Equipment
Post & Stationery
Fellowship and discipleship
Venue hire
Subscriptions
Normal giving
Giving from fundraising
Giving to special causes
Minister's stipend
Minister's pension - dbc share
Minister's house rental
Minister's house utilities and insurance
Minister's expenses
Minister's telephone costs
Minister's council tax
Minister's house repairs
Minister's payroll management
Church catering
CCLI Music copyright licence
Training
Accountancy software
Speaker's expenses
Children & young people's work
Noah's Ark expenditure
Depreciation
Loss on sale of assets
Interest payable and similar charges|Support
costs
£
1,560
2022
£
(526)
2,298
79
635
1,625
1,933
1,419
8,994
409
101
7
475
5,700
-
3,981
23,939
3,448
6,329
2,098
197
440
2,485
300
135
155
607
145
150
597
652
1,874
2,826
4,958
215
78,680|Totals
£
80,240
2021
£
(9,331)
1,113
103
625
298
685
637
1,491
182
17
1,350
561
5,727
6,000
400
23,569
3,479
6,253
2,092
77
521
2,407
-
130
-
625
20
150
100
519
669
-
-
351
50,820| |---|---|---| Page 11 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **8. INDEPENDENT EXAMINERS' REMUNERATION** |Fees payable to the charity's independent examiners' for the independent
examination
Fees payable to the charity's independent examiners' for the accounts
preparation|2022
£
575
985
1,560|2021
£
500
892
1,392| |---|---|---| ## **9. TRUSTEES' REMUNERATION AND BENEFITS** During the year Revd D Woods, a Trustee of the charity was paid a Stipend of £23,939 (2021 £23,569) for his role in the charity as the Church Minister. Pension contribution payments of £3,448 (2021 £3,479) were also made by the charity for the Trustee Revd D Woods. This is paid under the legal authority of the charity as set out by a a provision made in the governing document of the charity. No other Trustees received any further remuneration or other benefits during the year, nor for the year ended 31 March 2021 ## **Trustees' expenses** Expenses of £1,182 (2021: £813) were reimbursed to 3 (2021: 3) Trustees for expenses paid on behalf of the charity during the year. Expenses of £9,110 (2021: £11,273) were also reimbursed to the Minister D Woods and paid in relation to the property occupied by the Minister during the year. ## **10. STAFF COSTS** |Ministers Stipend
Pension costs
Unwinding of pension provision|2022
£
23,939
3,448
(526)
26,861|2021
£
23,569
3,479

(9,331)
17,717| |---|---|---| The average monthly number of employees during the year was as follows: ||2022|2021| |---|---|---| |Church minister|1|1| No employees received emoluments in excess of £60,000. Trustee and key management remuneration totalled £27,387 (2021: £27,048) during the year. Page 12 continued... **DUNCHURCH BAPTIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** |**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
57,183
Investment income
10,584
**Total**
67,767
**EXPENDITURE ON**
Raising funds
4,791
**Charitable activities**
Charitable activities
45,543
**Total**
50,334
**NET INCOME**
17,433
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
136,964
**TOTAL FUNDS CARRIED FORWARD**
154,397
**12.**
**TANGIBLE FIXED ASSETS**
Freehold
property
£
**COST**
At 1 April 2021
1,077,812
Additions
612,660
Disposals
(10,358)
At 31 March 2022
1,680,114
**DEPRECIATION**
Charge for year
2,509
**NET BOOK VALUE**
At 31 March 2022
1,677,605
At 31 March 2021
1,077,812|**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
57,183
Investment income
10,584
**Total**
67,767
**EXPENDITURE ON**
Raising funds
4,791
**Charitable activities**
Charitable activities
45,543
**Total**
50,334
**NET INCOME**
17,433
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
136,964
**TOTAL FUNDS CARRIED FORWARD**
154,397
**12.**
**TANGIBLE FIXED ASSETS**
Freehold
property
£
**COST**
At 1 April 2021
1,077,812
Additions
612,660
Disposals
(10,358)
At 31 March 2022
1,680,114
**DEPRECIATION**
Charge for year
2,509
**NET BOOK VALUE**
At 31 March 2022
1,677,605
At 31 March 2021
1,077,812|
Restricted
funds
£
87,909
725
88,634
-
6,669
6,669
81,965
893,789
975,754
Fixtures
and
fittings
£
-
8,600
-
8,600
317
8,283
-||
Total
funds
£
145,092
11,309
156,401
4,791
52,212
57,003
99,398
1,030,753
1,130,151
Totals
£
1,077,812
621,260
(10,358)
1,688,714
2,826
1,685,888
1,077,812| |---|---|---|---|---| |||||| |||||| |||||| |||||| The properties are held in Trust with the Baptist Union Corporation Limited as the Holding Trustee, but the Charity have the economic and beneficial rights to the properties. A new church building, which was under construction at the prior year end, has been brought into use in February 2022. Page 13 continued... **DUNCHURCH BAPTIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** |**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Prepayments and accrued income
11,555
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Bank loans and overdrafts (see note 16)
11,068
Other loans (see note 16)
25,000
Social security and other taxes
428
Accruals and deferred income
33,740
70,236
**15.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2022
£
Bank loans (see note 16)
-
Other loans (see note 16)
450,000
450,000
**16.**
**LOANS**
An analysis of the maturity of loans is given below:
2022
£
Amounts falling due within one year on demand:
Bank loans
11,068
Other loans
25,000
36,068
Amounts falling between one and two years:
Bank loans - 1-2 years
-
Other loans - 1-2 years
25,000
25,000
Amounts falling due between two and five years:
Bank loans - 2-5 years
-
Other loans - 2-5 years
75,000
75,000
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal
350,000|2021
£
7,500
2021
£
7,143
25,000
327
4,931
37,401
2021
£
11,050
225,000
236,050
2021
£
7,143
25,000
32,143
7,230
25,000
32,230
3,820
75,000
78,820
125,000| |---|---| Page 14 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **17. SECURED DEBTS** The following secured debts are included within creditors: |Bank loans
Other loans|2022
£
11,068
475,000
486,068|2021
£
18,193
-| |---|---|---| |||18,193| An outstanding bank loan totalling £11,068 is secured against the freehold property at Weston Close, as detailed in the financial statements. An outstanding bank loan totalling £225,000 is to continue the build of the new Church which is near completion at the year end. This is be secured against the assets of the Charity. An additional private loan totalling £250,000 is to continue to fund the build of the new Church which is near completion at the year end. This is be secured against the assets of the Charity. ## **18. PROVISIONS FOR LIABILITIES** |Provisions
Provision at 1 April 21
Deficit contribution paid in the year
Unwinding of the discount factor (interest expense)
Impact of changes in assumptions
Provision at 31 March 22||2022
£
16,800
2022
£
21,125
(3,799)
173
(699)
16,800|
|2021
£
21,125
2021
£
33,262
(2,806)
701
(10,032)
21,125| |---|---|---|---|---| |||||| The provision is the net present value of additional contributions payable to The Baptist Pension Scheme, administered by the Baptist Pension Trust Limited. The contributions arise from the deficit recovery agreement and is payable annually until 30 June 2026. This liability represents the net present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments: |Accounting date|31 March 2022|31 March 2021|31 March 2020| |---|---|---|---| |Discount rate|3.0%|0.9%|2.2%| |Future increases to minimum pensionable|||| |income|4.9%|3.5%|2.8%| Page 15 continued... **DUNCHURCH BAPTIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **19. MOVEMENT IN FUNDS** |At 1/4/21
£
**Unrestricted funds**
General fund
19,178
Manse Fund
156,344
Pension Fund
(21,125)
154,397
**Restricted funds**
Building Fund
961,817
Crisis Fund
150
Children & Young People (Lazer) Fund
680
Noah's Ark Fund
1,717
Support Other Churches Fund
11,390
975,754
**TOTAL FUNDS**
1,130,151
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
57,322
Manse Fund
10,500
Pension Fund
-
67,822
**Restricted funds**
Building Fund
148,492
Children & Young People (Lazer) Fund
5,581
Noah's Ark Fund
2,279
Support Other Churches Fund
1,432
157,784
**TOTAL FUNDS**
225,606||Net
movement
in funds
£
(4,487)
8,178
4,325
8,016
130,855
-
5,551
405
(1,568)
135,243
143,259
Resources
expended
£
(61,809)
(2,322)
4,325
(59,806)
(17,637)
(30)
(1,874)
(3,000)
(22,541)
(82,347)|
At

31/3/22
£
14,691
164,522
(16,800)
162,413
1,092,672
150
6,231
2,122
9,822
1,110,997
1,273,410

Movement

in funds
£
(4,487)
8,178
4,325
8,016
130,855
5,551
405
(1,568)
135,243
143,259| |---|---|---|---| ||||| ||||| ||||| ||
||| Page 16 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **19. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Manse Fund
Pension Fund
**Restricted funds**
Building Fund
Crisis Fund
Children & Young People (Lazer) Fund
Noah's Ark Fund
Support Other Churches Fund
**TOTAL FUNDS**|At 1/4/20
£
19,240
150,986
(33,262)
136,964
874,367
150
680
2,386
16,206
893,789
1,030,753|Net
movement

in funds
£
2,744
5,358
9,331
17,433
87,450
-
-
(669)
(4,816)
81,965
99,398|Transfers

between

funds
£
(2,806)
-
2,806
-
-
-
-
-
-
-
-|
At
31/3/21
£
19,178
156,344
(21,125)
154,397
961,817
150
680
1,717
11,390
975,754
1,130,151| |---|---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Manse Fund
Pension Fund
**Restricted funds**
Building Fund
Noah's Ark Fund
Support Other Churches Fund
**TOTAL FUNDS**|Incoming
resources
£
57,267
10,500
-
67,767
87,450
-
1,184
88,634
156,401|Resources
Movement
expended
in funds
£
£
(54,523)
2,744
(5,142)
5,358
9,331
9,331
(50,334)
17,433
-
87,450
(669)
(669)
(6,000)
(4,816)
(6,669)
81,965
(57,003)
99,398| |---|---|---| The Manse Fund is for income, expenses and maintenance of the Manse and the repayment of the mortgage. The Pension Fund is the net present value of the provision for the additional contributions payable to the Baptist Pension Scheme, which arose from the deficit recovery agreement. The contributions are payable annually until 30 June 2026 to bring the fund to £nil. The transfer from the General Fund to the Pension Fund is deficiency contributions paid during the year. Page 17 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **19. MOVEMENT IN FUNDS - continued** The Building Fund is for the Building project, used for paying out associated costs relating to the preparatory work and for the costs of the build. The Crisis Fund is to enable financial assistance to be given to individuals in crisis, as deemed appropriate by the Minister. The Children & Young People (Lazer) Fund is for youth related expenditure. Noah's Ark Fund is to support the toddler group. The Support Other Churches Fund is to enable the church to support other churches in need. ## **20. EMPLOYEE BENEFIT OBLIGATIONS** The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme ��������������������������������������������������������������������������������������������������� Scheme is a separate legal entity and the assets of the Scheme are held separately from those of the Employer and the other participating employers. For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at that time. The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. ���������������������������������������������������������������������������������������������������������� and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficiency contributions (see below). The Minister is eligible to join the Scheme. 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% �������������������������������������������������������������������������������� ted and managed on behalf of the Pension Trustee by Legal and General Life Assurance Society Limited. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members in the event that they are unable to work due to long-term incapacity. 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%.] The further 4% contribution rate is reduced to 3% for Employer contributions made to the Segregated DC Arrangement. 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 �������������������������������������������������������������������������������������������������� in 1925, but was closed to future accrual of defined benefits on 31 December 2011. ## **Actuarial valuation as at 31 December 2019** A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £298 million. The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). The Church and the other employers supporting the DB Plan are collectively responsible for funding this deficit. Page 18 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **20. EMPLOYEE BENEFIT OBLIGATIONS - continued** The key assumptions underlying the valuation were as follows: Type of financial assumption % pa RPI price inflation assumption 3.20 CPI price inflation assumption 2.70 Minimum Pensionable Income increases (RPI) 3.20 Assumed investment returns - Pre-retirement 2.95 - Post retirement 1.70 Deferred pension increases - Pre April 2009 3.20 - Post April 2009 2.50 Pension increases - Main Scheme pension 2.70 Post-retirement mortality in accordance with 80% of the S2NFA and S2NMA tables, with allowance for future improvements in mortality rates from 2013 in line with the CMI 2019 core projections, with a long term annual rate of improvement of 1.75% for males and 1.5% for females, with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%. The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022. ## **Recovery Plan** In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Under the current Recovery Plan dated 30 September 2020, deficiency contributions are payable until 30 June 2026. These contributions are broadly based on the employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. However, the Trustee and the Council agreed a 50% reduction for all deficiency contributions payable between 1 July 2020 and 31 December 2020. ## **Cessation Event** Consequent upon the departure of the Minister from the Church in 2006, the Church had a cessation event under Section 75 of the Pensions Act 1995. This makes the Church liable for the proportion of the overall deficit (assessed by reference to the cost of securing benefits by the purchase of annuities) applicable to its previous Ministers who were members of the Scheme. In 2020 the Church entered into a "Deferred Debt Arrangement". Under this arrangement the Church is no longer liable for this debt, but the Church continues to pay the ongoing deficiency contributions as outlined above. There are limited circumstances under the Deferred Debt Arrangement where the Church would become responsible for a debt equal to its share of the current BPS deficit (assessed by reference to the up to date cost of securing benefits by the purchase of annuities). Page 19 continued... **DUNCHURCH BAPTIST CHURCH** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** ## **21. CAPITAL COMMITMENTS** Contracted but not provided for in the financial statements 2022 2021 £ £ - 40,029 ## **22. OTHER FINANCIAL COMMITMENTS** The Charity has a commitment in place in the Terms of Settlement for the Minister D Woods, to pay the rental and associated property costs while he remains a Minister. The costs for the Minister's property for the current year are displayed separately within the financial statements and totalled £2,024. These costs are not expected to change materially for the next financial year. ## **23. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2022. [2021: Nil] Page 20 **DUNCHURCH BAPTIST CHURCH** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
General giving
Gift aid
Grants
Giving for special causes
Fundraising giving
Gift day
**Investment income**
Manse rent
Deposit account interest
**Other income**
Church building hire
Noah's Ark income
Children & Young People (Lazer ) Income
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Manse maintenance
Manse building insurance
Manse letting expenses
**Charitable activities**
Unwinding of pension provision
Church electricity
Church water rates
Church telephone
Church building maintenance
Church insurance
Church cleaning
Furnishings and Equipment
Post & Stationery
Fellowship and discipleship
Venue hire
Carried forward|2022
£
87,531
18,956
54,615
460
10,268
35,770
207,600
10,500
363
10,863
398
1,164
5,581
7,143
225,606
317
278
1,512
2,107
(526)
2,298
79
635
1,625
1,933
1,419
8,994
409
101
7
16,974|2021
£
115,666
15,775
-
-
1,626
12,025
145,092
10,500
809
11,309
-
-
-
-
156,401
3,067
212
1,512
4,791
(9,331)
1,113
103
625
298
685
637
1,491
182
17
1,350
(2,830)| |---|---|---| This page does not form part of the statutory financial statements Page 21 **DUNCHURCH BAPTIST CHURCH** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022** |**Charitable activities**
Brought forward
Subscriptions
Normal giving
Giving from fundraising
Giving to special causes
Minister's stipend
Minister's pension - dbc share
Minister's house rental
Minister's house utilities and insurance
Minister's expenses
Minister's telephone costs
Minister's council tax
Minister's house repairs
Minister's payroll management
Church catering
CCLI Music copyright licence
Training
Accountancy software
Speaker's expenses
Children & young people's work
Noah's Ark expenditure
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets
Bank interest
Bank loan interest
**Support costs**
**Governance costs**
Independent examiners fees
Total resources expended
**Net income**|2022
£
16,974
475
5,700
-
3,981
23,939
3,448
6,329
2,098
197
440
2,485
300
135
155
607
145
150
597
652
1,874
2,826
4,958
42
173
78,680
1,560
82,347
143,259|2021
£
(2,830)
561
5,727
6,000
400
23,569
3,479
6,253
2,092
77
521
2,407
-
130
-
625
20
150
100
519
669
-
-
43
308
50,820
1,392
57,003
99,398| |---|---|---| This page does not form part of the statutory financial statements Page 22