Redcar Baptist Church Charlty numb8r: 1186196 Financlal Statements for the year ended 31 December 2022
Radcar Baptist Church Financial Statements for the year ended 31 December 2022 General Recèipts and Payments Account Notes 2022 2021 April to Receipts Offerings and donations GÉft aid Grant inwme Hire of pmiseS Manse Common Ground Eden Interest Other income 59,391 9,665 82,482 5,417 6,600 30,891 1,503 191 2,395 36,384 6,569 20,525 2,432 4,744 11,835 100 19 4,072 Total Receipts 198,535 86,680 Payments Ministry, Youthlchildren & Administration Premises Impact Giving Other Ministries Common Ground BU Pension Deficit Manse Eden Sundries 44.994 39.811 28,129 11,509 2,564 3.755 1.219 10,274 2,771 4,500 20,001 18) 6,322 2,936 31,291 2,192 6,000 30,763 290 Total Payments Surplus of receipts over payments 33,936 1,966 Bank accounts and cash at 1 January 75,266 Bank accounts and cash at 31 December 109.202 75,266
Redcar Baptist Church Financial Statements for the year ended 31 December 2022 Statement of Assets and Liabilities at 31 December 2022 2022 2021 Cash Funds as at 31 December Cash Barclays CUrn1 Account Barclays Deposit Account Baptist Union Account Cash {Common Groundl Barclays Current Account (Common Ground) Barclays Current Accourit (Edenl Barclays 08POSit Account (Eden) 70 3,059 75,822 6,652 127 3,139 41,992 6,550 2.598 468 20,522 3,006 463 19,987 109,202 75,266 Represented by Cash funds as at t January/1 April Cash Barclays Current Account Barclays Deposit Account Baptist Union Account Cash (Common Groundl Barclays Current Account {Common Ground) Barclays Current Account (Edenl Barclays Deposit Account (Ed8nl 127 3,139 41,992 6,550 70 2,072 44,798 6,536 3,006 463 19,987 19,824 Surplus of receipts over paym8nts 33,936 1,966 109,202 75,266 Approv8d at a meeting of the Redcar Baptist Church's Leadership Team on 15 February 2023 which authoris8d the following trustees to sign on their behalf.. Mrs Cindy Riches Church Secretary Mrs Elizabelh Gibson Treasurer
Redcar Baptist Church Financial Statoments for tho year endèd 31 December 2022 Notes to the Financial Statements Accounting policies Basis of the financial statements The financial statemonts of Redcar Baptist Church have been prepared in accordance with section 133 of the Charities Act 2011 using the R8ceipts and Payment basis Fixturns. ffttlngs and 8qulpm8nt The fumiture, fittings and other items of equipment are held on the premises. It is unlikely that anything has significant market value. No asset register Is maintained. Grant in¢ome 2022 2021 Lady Hewley Trust Brffa Award Grant Eden Network Grant Funding {Eden) BU Insupnce (Eden) Church Urban Fund {Ed8n) Amold Clark (Edenl All Churches Trust Allan Lane Foundation 35,877 16,820 16,980 7,090 4,715 1,000 12,525 4,500 3,500 Total 82,482 20,525 Ministry. Youthlchildren & Administration 2022 2021 Ministry Youthlchildren Administration 30,906 1.667 17.284 23,224 385 4,520 49,857 28,129 Less Amount charged to Eden Amount charged to Common Ground (2,496) (2.367) Total
Redcar Baptist Church Financial Statements for the year ended 31 December 2022 Premises 2022 2021 Church maintenan Refijrbishment (Brffa Award Grant) Manse maintenance Church cleaning Church insurance and utilities 3,800 27,123 70 3.373 9,045 4,136 728 1,334 5,311 43,411 11,509 Less Amount charged to Common Ground {3,600) Totsl 39,811 11,509 Common Ground Coffee Shop 2022 2021 Recelpts Sales 30,891 11,835 Total 30,891 11,835 Paymerrts Staffing Management Premises Adminloperational Resources Set Up Costs 8,989 2,367 3,600 665 15,670 882 961 6,377 2,054 Total 31,291 10,274
Red¢ar Baptlst Church Flnancial Statements for the year ended 31 December 2022 Eden 2022 2021 Recelpts (Grant Income- see above (2)) Additional Giving 1,503 100 Total 1,503 100 Payments Team Leader Salary Activity Costs Management Admin & Operational Partnership Contribution to Eden Nerk 25,011 1,307 2.496 749 1.200 18.786 132 183 900 Total 30,763 20,001 Assets held for thg church's own uso The church is the beneficial owner {subject to the relevant trusts) of the following assets, the legal title to which is held by the church's custodian trustee, the Baptist Union Cotporation Limited.. Church premises forwhich no valuation is included in the ftnanclal statements, but the building is insured at a value of £1,415,112. The manse for which no valuation is included in the financial statements, but the building is insured at a value of £272,141. The church also owns fixtures, fumiture and equipment with an insured value of£73,413.
Redcar Baptist Church Financial Statèments for the year ended 31 December 2022 Pension Scheme Liabilitles The Church is a participating employer the Baptist Pension Scheme I'the Scheme'}. which is a separate legal entity administered by the Pension Trustee (Baptist Pension TnJst Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers. The Scheme, previously known as the Baptist Ministers. Pension Fund, started in 1925. but was closed to future accrual of defined benefits on 31 Dernber 2011. Prior to this date the main benefjt provided through the Defined Benefit {DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable seNice together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. sin 1 January 2012, benefits have been provided through a Defined ContribLrtion {DC} Plan. A fomial valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed lo pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding18vel of 940AI. The Church and the oth8r participating employers in the DB Plan are collectively responsible for funding this deficit. The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022. On 30th June 2022 the Baptist Pension Scheme Signed an agreement with the insuran¢e company Just Group {'Just'l to secure DB Plan members, pension benefits. Just are now providing financial backing for all pensions provided through the Scheme's DB Plan and following this transaction, the S¢heme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which re¢overy contributions from each participating employer In the DB Plan reduced to £1 per month from August 2022.
Redcar Baptist Church Financial Statements for the year ended 31 December 2022 Independenl Examiner's Rèport to the TStee8 and Members of Redcar Baptist Church I report on the financial statements of the Redcar Baptist Church (the Church) for the year ended 31 December 2022 set out on pages 1 to 6. Respective Responsibilitiès of trustees and examiner The Church's trusteès are responsible for thè preparation of the financial statements. They consider that an audit is not required for this year under section 144 of the Charities Act 2011 {thè Charitiès Act) and that an indèpendent examination is needed. It is my responsibility to.. examina the accounts under section 145 of tha Charities Act to follow the procedures laid down in the Directions given by the Charity Commission under section 145(5}Ib} of the Charities Act,. and to state whether particular matters have come to my attention. Basls of Independent examln8rf8 report My examination was carried out in accordance with iha Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with thos8 récords. It also includ8s consid8ration of any unusual itèms or disclosures in the financial statements and seeking explanations from the trustees Conrning any such matters. Th8 procedures undertaken do not provide all the evidence that would be required in an audit, and subsequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. Independènt Examlner's SLthm8nt l am satisfled that the General Rec81Pts and Payments Account discloses money reiVed and expended by Redcar Baptist Church and that the Statement of Assels and Liabilitles and the Notes to the Financial Statèm8nts present the financial position of the church to the degree requlred by the Charities Act. I have come across no matters of concern in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Jonathan Thompson Date 1 Manor Farm Place Graat Smeaton Northallerton DL6 2HP
Redcar Baptist Church Financial Statements for the year ènded 31 December 2022 Report on Financial Managemènt for year 2022 Introduction The Gen8ral Receipts and Panents Account and the Statement of Assets and Liabilities summarise the finances for the year and disclose the financial position at the end of the year. A defficit budget was set and approved by the Church Business M88ting in November 2021. Monthly reports were reiVed by the leadership team which enabled them to monitor perfomiance against budget and to consid8r any signfficant variances from budget and the reasons for them. Review of the Financès Based on the combined General Receipts and Payments Account, the principal points to be made are as follows= Offerings have been higher than the budget set. We have been thankful for members increasing their giving and for some lo start giving for the first time. Thank you. W6 have also received one off donations this year and reiVed legacies from members who are sadly no longer with us. During the year a partnership was fomied between the Baptisl Church and tho Redcar URC. A Lady Hewley Grant of £35,877 was received in July and this was lo be used to fvnd a full time interim Baptist Pioneer Minister as per the application. The Baptist Pioneer Minister would work with the local and regional leadership of both the Baptist and URC churches and their role would be lo ensure the URC building remain viable, that the building be used as a space for use by the local community and to minister in word and sacrament to the existing congregation. It was decided that the cuent Baptist Minister take on this role and to appoint a second Minister to minister at Redcar Baptist Church. The new Minister will not be in post until 2023 so the Grant reiVed will be used in 2023 and not 2022. Due to our two main projects namely The Eden Project and Common Ground Coffee Shop successfully moving forward it was agreed by members at the Members meeting in November that a contribution to cover the management of staff and use of facilities e.g gaslelectricjhire of building be transferred on a monthly basis from the respective projects. This was reviewed after 6 months and continued for the st of the year. utilitieslPremises. The roof was repaired at the start of th8 year, and we were fortunate to be successful in receiving a grant from BIFFA for £27,965 which has enabled us to refu$Sh the Kitchen, install hand driers in the toilets and install an air conditioning unit in the Coffee Shoplcommunity Grocery area. We have received £16,819.67 to date and will receive the balance lo cover the outstanding expenditure in 2023 (approx. £10K).
Redcar Baptist Church Financial Statements for the year ended 31 December 2022 Review of the Finances (continued) The Eden Project continues to evolve and as per the partnership agreement with The Eden Nerk a grant of £16,980 has been receivad from Eden Neiwork. The is also a responsibility for Redcar Baptist Church to raise additional funding each year. The following Grants have also been received., £7,090 from BU Insura[7, £4,714.99 from Church Urban Fund for a Ukrainian Support Hub, £1,000 from Amold Clark to help fund a number of activities now run by the team e.g Community Allotffent. As activities continue into the next financial year a proportion of these grants received will be carried foNard into 2023. The Common Ground Coffee Shop sales have steadily increased during the year and a suc¢essful stall at the Festival ofThrift in September bought in much needed funds. A freezer was purchased and repairs to the coffee machine were quired during the year hen just about breaking even on the year. The Baplist Union Pension Scheme. At the end of June 2022, the Baptist Pension Scheme signed an agreement with the Insuran company Just Group {'Just'l to secure members. pension benefits under the Defined Benefit ('DB') Plan. This agreement is referred to as a 'buy-in Folicy,. It follows a similar agreement with Just in 2019 thal covered most pensions in payment at that time. The combined agreements mean that Just are now providing financial backing for all D8 pensions provided through the Scheme's DB Plan. For us this meant a reduction in contributions from £312.48 per month to £1 per month. Reserves Policy The reseNes policy of Redcar Baptist Church is to hold three months of all expenditure to allow the church to adapt to any changes in the financial position of the church. The Trustees currently believe this amount to be £23,174 compared to £49,726 in free cash reserves held at 31 December 2022. The Trustee6 would lik8 to take the opportunty to thank the church family for their continued fmancial support over this period. The Trustees of Redcar Baptist Church (15 February 2023)