2023-08-31-accounts

REGISTERED CHARrtY NUMBER 1186522 FINANCIAL sfATEMENfs FOR THE PERIOD ENDED 31 AUGUST 2023 FOR SANDBACH BAPTIST CHURCH ICHARITABLE INCORPORATED ORGANISATION) FINAL Page l of 17

SANDBACH BAPTIST CHURCH coKrErirs OF THE FINANCIAL ￿ATEmE1￿[S FOR THE PERIOD ENDED 31 AUG￿ 2023 PAGEIS) RepK)rt of the Tr￿te￿5 IrnIer£￿t Examinerfs Ret(rt 10-12 ststen*nt of Assets and Liabilities 13 Notes to the finar￿la1 Statanents 14-17 Page 2 of 17

SANDBACH BAPTIST CHURCH REPORT OF THE TRusfEES FOR THE PERIOD ENDED 31 AUGusf 2023 The trustees present their rep)rt with the finan(ial statements of the charity for the ￿1x1 ended 31 August 2023. Tr trusts have adoEtsI the provi5Dns State￿Ent of Rec(XnnE￿ Practice (SORP)-AaxJuntiNJ arml RetK)rtiThJ by Charities- REFERENCE AND ADMINISTRATON DETAILS Charity name Sandtoch Bapb'st thurth Regi#ered (Jwrity Number 1186522 Prinapal address 36 Green Street {GrouThd A(xJr) Sa￿￿baCh Cheshi CWII IGX Rev A Stewart (Chair) Mr G Hill Mrs A Jones Mr I Parsons Mrs S Ratliffe Mrs H Carter (apkxinted 28111122) Mr B Williams (app)intal 28111122) L my￿ (reS*j￿ 28111122) Mr D Murphy {resiJn&l 28111122) The trusW are all of charty The trustees of the charity at the date the rep(xt and accounts were appn)ved were: Rev A Stewart (Clwir) Page 3 of 17

Mrs H Carter Mr I Par&Jns Mr5 S Kidcliffe Mr B Williams Mr G Hill (apwinted 27111113) MTS A JO￿ (aFyMnt&l 27111123) Bankers Royal Bank of Scodand Indep￿mI￿rt examlner Mr D Hallb*Jth Charitable object incipal purpjses of Church are.. l} The advancemert of the Christian fath ￿cOrdirtyJ to the Princip￿ of the Baptist denomination, aTr 2) The Chur(h may a19) adVart￿ a￿1 cary (Krt otlw dwrTialk in UK andlor other parts of worbj srRucfuRE, GOVERNANCE AND MANAGEMENT Legal structure Sandbach Bapbst Church was stnthred as a CharitatrAe UnincortKJrated however. the Church t￿k the de(iSK)n to convert to a O)aiiiable Ir￿or￿Trted Organisation fCIO arKi rEw CEO was r￿jistered with the tharity CfjmmissK)n for Eroland and wa￿ on 22 November 2019. The (Trority CommtssKJn for EThJlarkl Wales aut￿￿75￿ of assets and liabil￿$ and the granbng of an indernnty under 5￿tIOn 105 of the Charities 2011 iEtween SarKlbach Baptist Church (the uni[￿oI￿rat￿l entity) ￿ SaThJba(h BaOist (hurdt (1186522) on 29 January 2020. The charity is a ffleM￿r of Baptst Union of Great Britain the North W&em Baptist A￿ation. The charity is corthlted ty its g(￿￿￿ENg (kxll￿ (CIO AS￿￿lat￿)n Conststt￿) dated l NovemiEr 2019 arKI ame￿ 7 March 2021. Church MemlRrs' Meetiws are held during the year to diSc￿sS and nwke key decisions on the lrfe of the Church. In accordan￿ with C0rthtu￿n, memters aprKJint Trustees who ale ￿5￿nsible for overdll governa￿ of ￿ Chu￿, and fina￿JaI arKI legal a5[￿ts of the charty. Tr Trustees meet regularty every >4 ￿EekS a￿1 r￿￿e a fina￿JaI rqjxt or upjate at e￿ meeting. The minister a￿1 ehder also meet e￿ ￿Eek try Zcxyn. All meM￿r$ are encouraged to take an apr￿￿kite part in gyritual and k¥actiL31 tasks involved in the furtheTrn￿ of the dwritakAe ob]th Page 4 of 17

In order tr) achieve the prtnopal charItab￿ ob￿￿Ve atrfjve, church wovits a varEty of acbvitie5 both to its rTEmiEr5hip arxl to the c(¥nmunity. Tr aim is b) share the love of Jesus with the community in Sarxlbath, and furt￿ ar￿k1. The Church the5 not own a of KY)rship but a hall at Sandbth Prlmary Acadwny on a Sunday moming. Additionalty, the Church rents a communty buikjing at 36 Green Str (Ground Flcor), Sandbach called Oasis Community Centre Coastsl further of worship. St￿ groups and communty-bawl activities. The Church also makes Oasis avali able to ctnmunity groups to hire. The Church a150 use5 a hybrKJ to ke onhne ad1vi￿ IErrd out Z(￿7 vic conferencing t￿tf0M). A summary of ty aCt1￿je5 is as follows: Worship StUdYa￿lPrBYer Centr31 to the WO￿ arHI WFtn&s of ￿ Churth is the prOv￿￿n of raJular servw of Christian worship arKJ a chiklren's prcordmnE aLg) tak￿ tkne d￿ing the ryK)rniFWJ seTVi(E. • An a￿10 reCOrdir￿ of Surthy Fnomir¥J vKxship is tsken and put (m the Churth websts. The followiro mKf-week groups now meet for W, w￿Ship arml Bib￿ St￿. T￿daY Evening "Er￿Unter with (knl" ￿￿tIng Weyfnesday morniro Ladies Felh)wship wed￿aY Eveniro Bible St￿ty Group Saturday Moming Gatheri Music Group PraCt￿e Thu￿ eveniry Hou group Some of the communicatton thannels duri￿ COVItF19 kKkthiwn have crmttinued i.e. WhatsApp groups. The minister a weekly ￿, vAJich iTKI￿ teathing. famity prayer reque5L5 and stErJal item5 of interest to the Church. These were emai￿ to rr￿l￿rS assc(iates and printed and delNered to those [ witw erro11 . The Church aLg) hdd an awayday in sept￿ll￿r 2022, whth was ￿￿11ErAted by the Northwestem Bapt[ Association Reg￿nal Minister and a furthw time ref￿tKIn in January 2023. sessions focused on where Gcd is kadirrfj us tn the fiJtUTe. In add￿"On to the ￿ to fa￿ t￿ing5 n￿t￿)￿￿ atx)ve Worship, Stthty PtByer, we proVV￿1 the folkjwing Servi￿. BAP for senK)rs Knit arKI natter ShoeLK)x packj.ng the Tems4U sFK*x)x proFtt External letb"rrfJs to groups WOVKlt"ng crffimunty I￿1 th11￿5. Univ&5ity of the yd ￿￿e fu3A Page S of 17

National Childbirth Trust Additionalty, an irMlerErKknt youth ￿ntsK)n c211&l Urban &iiDts at Oasis and the Urban Saints leaders are all of ￿ (hurch. A prcMJramnE rf 9x441 events was durirtsj ts year I￿￿ling walks a￿1 a special event to letx-dte the KiThJ's coronatkn. DurirwJ year. (hurch a new frontage to Oasis, whKh imwwes ￿ to the entran￿ to make the buikjing more accessiE4e for peo with disabiltbes. (hurth is an ￿iVe rnemt￿ of chUrd￿ T(y￿tI￿ in ￿ndbath a￿1 in aklition to joining tfNJether in acts of WOT5hip a￿1 of wf(rEsS to the community, Church members also ioin&J wlth other churches in SaThJbach to supFort bxh finanriatly aThJ with volunteers. the folk)wi￿J IDmfflun services: Sandbach F￿1bank Lifeline DeFrt Ad¥￿e Communty Panty Christian Atd wcek "Net Zero in our neightK)urh￿-_ ￿kling dimate charMJe knlly Our minittr meets regukirty wath other (ryy in &HTKlihxh arKI kxal Baptist ministers. The Church also has stroE¥J tES Wtth SaThJbach Primary Aca￿ v4hete our minister ts a Governor and meets with the teachers does s(Nne work wrth chiklren. In tems of wider missi?n thitses, Churth indth supw)rt for a wide variety Df mission proj in the UK and overseas thr(MJgh ￿Sonal contstt, pTryer and financial gmng as foil0v￿. Baptst UnK)n HCffi￿ MissK)n BMS World Mission Fkaling R(￿S Prison fdlowship CrThpassin Internat￿￿al, thrO￿h whid) Churth supKK)rts five children and youry tEople in differ￿tt (xwntries by C(Krwx￿lng lry kn a￿} can O￿n tknrs Urban Saints ar¥J Nefyn Youth Camp5 Teams4U Shoebox AptEal Tearfund CompassK>n Gkthl Fcoj Awl Sanths Refu￿ SuppNt A R(th3 UK BiLle Society LifelirE Debt Advice SirKlbach Fcojbank Sandbach Pantry On oKcasions, guest 5￿kerS from sorrE of (ganisatK)ns SUPFK)rt share infomiation atx)ut their work at Sunday swvI￿ duriThJ year. s[￿al ap￿lS Fwe ath be￿ hekl thrtiiwJh(Ktt the year the folkmiw wl causes: Page 6 of 17

Batts MIss￿ry W ("BMSJ Harvest apFeal S4ndbach F(KKlbank aThJ sa￿lbth Pdntry Moming Star MinistrEs Christian Aid SFonsored bike rKle Tear (Syria and Turkey ap￿31, Huroer Lu￿h and Big Qutz) Additionalty, a rnaj(K fundraising ap￿1 vias ￿bE[shed Tek Urd Mission in Albania. This wo is led by BMS Missionaries Dan and Annie Dupree. The Tek Ura MissK)n is f￿ng shjnificant financial issues in criti(Al work arKI Church c£KnmitsJ to urgent furNJs, ak)ng with other Churches to keep the work goiry. In finanaal Fer￿￿, the Churth had rais￿1 £2,758, whth was further t£)sted by Gift AkJ to £2.921. Due the fatt that BMS 7MII not Sup￿￿Ling Dan and DU￿￿ in 2024, the Church has commttted to provide further 5UPtK)rt in next ret#JttTrJ tErx)J. Dan and Annie Dupree v￿lted the Church in the summer to gwe a presentatton of ￿ mission wy)Ek uThJertaken by Tek Ura. The Church ok￿rateS a Safeguarding Policy to chiklren arKI vulnerdble ajults which is reviewed regutaty by the leadership team during year arKI atvoved by ￿ Church on an annual basis. The Church arran￿ safeguarding training, for those need it in ac(nrthTKe with the Church S3feguarding Polry. The Church also ensures that r£￿e Vdorking with children and vulnerabie adutts a￿ appropnatety vetted by the Discknsure and Barring Service. The Churth has read the ￿￿￿ty Commisston guXIan￿ on puNrc tnefit aThJ is sat￿fied that the activit￿ ouuineyl ab)ve ckarty tlwt the thaiity is p￿V￿ling a ￿nefit tD the public. The Chur(h d￿5 not Measu￿ the sucress of its pr(KJramrrEs onty in nUM￿r5, i￿lUdI￿j financial numiErs but a19) in less tarKJiNe areas like fellowship erKourngement. The Trustees rÉtDgnise that these a￿ drfficult to meagjre. On 31 August 2023, the ryEmiErship st(MJd at 47. Finanaal Revlew Church c(NItin￿ tD raise the funds, whKh it ￿1$ to (Brry on its ￿VItieS frL¥n within its own memter5h¢plcx)ngregatK)n and extemal ￿1rdj5. urth ernploy5 one memtrEr of siaff, whth is minister arKI is heavity deFeWKknt on its Memt￿r5hiP wothng as volunteer5 in all astects of the djurth's adivit The Treasurer prywre5 a butyt at ts iEginniTKJ of S￿h Fmancial Year, whth is approvaj first by Trustees a￿1 ratrfied by ￿ thurth MeetiNJ in annualty. Within the overdll b(Mlget. the Church sets a missM)n b￿t eath year based approximatdy on 10 of the previous yearfs irKome and supp)its work (rf WKkr Churth (ther natijnal and intemational Christian organisatN)ns through mission gifts. In aJdJts"on to ￿ Mission Buckx the (thurch akn hokls aAEals duriry ￿ year in which mow is ised and paid out to Ott￿r d￿ri￿Ne organtsattons. An agr&d Financial Contrds Poly {l￿aUdI￿ on ReseNes aThl Inves1n￿) is in place tojether with a sdf.assessmt Jjainst the (hrity Commissx)n This cwist contains quest￿￿￿ to help d)arity e￿dI￿ the Charitys against ￿ legal wuirements Page 7 of17

arKJ g￿xI trnt1￿ r￿(￿nme[KktN￿￿ t out ID the a)mmssion's guidar￿e on internal finarmial (Dntrols for charttie5. The financial results f(w the tEric#J, with a summary of a)J)unting polKies are t out in the ac0)M￿4￿YIng finan(ial staternents. financial ststemenLs show an overall surplus for the year of £3,274 vthich Ylas tEtter than IxMJeted. Reserves Policv The Trustees and Church Memter5 have &]r￿ that Stx ￿￿th5, rK)M￿l exwdibjre be keFk in re5etves to mver Unex￿ eX￿nditure, whKh may arise. The Chunth (Mrrenty has suffKient r￿erVeS to meet this EK)licy r￿uIre￿￿￿t Rev AG Stewart Chair of Trust￿5 2sJ.::.]y3.... Page 8 of 17

On the aCC￿nts for the pwiod IA September 2022_ 31S1 August 2023 Respective responsiblllties of T￿￿ and Examin The Churth's TnJ5ts& are reS￿r￿￿b￿ for weFh4Tation of ￿ ￿0)unts. The churth's trustees consider that an audit is not requir￿1 ft)r this under sthn 144 of the Charities kt 2011 ffthe CharitEs Acn and that an In(￿[￿rK1ent examination is n￿￿1. It is my r&ponsitNlty to". ExamirE the accounts 145 of ￿ u￿rTtS Act To follow the pr￿edureS laKI down in the geneRI dI￿tionS given by the Charity Commissi￿1 (uThr 14515Xb) of the Lharities kL and To stste whether particular matters have to my attentN Basis of independent examinerfs Statert￿rt My examination was 12rrie(l tn acc(￿dan￿ with general di￿tx}nS given ty the (harity ComfflissK)n. An examinats.on a review of ac(DuntiNJ records kept by ￿ thurch and a comparison of the accounts pr&ented wtth those r￿$. It aiso Ind￿leS conswJeratKTrn of any unusual items or disdosures in the ￿coUnts a￿1 seeking expLinations from the trustees COn￿mI￿j any such matter5. The pr(Thlutes undertakw (k) n( all the that would be required in an audiL and conswuentty no opinK>n is given as to wlEtlw the ￿Unts ￿esent a True atmj fairf view and the retKrt is limital to I￿e matters set out in the statement telow. In connection with my examinatton, m tnaterial matter5 ha¥E a)me to my attention which gNes me cause to believe that in, any material res￿. accounting records W￿re not kept in with se(thn 130 of tt Chaiities Act; or the accounts do ￿rnrd with the ￿COUntiry r￿ordS I have come across no 0￿r maith in CollF￿n with the eXaMina￿n to which attent)n slM)ukl drawn in order to enable a EKotEr urKkranding of the accounts to be reachexl. Stgnature of i￿￿ndeTrt examiner:.... . . .. . .. ...... Nan￿ of Inde￿nt exaffliner: IT) tlhLLkn%JoQi tl Relevant professional qualifKatTh of exami￿:..... Name of fim) [w￿re appropriate).. Aldress:.... spru.).￿(￿1...... c.ftEsti.11_ Post Ccth..QW.i.l.. J J. Page 9 of 17

SANDBACH BAPTIsf CHURCH FINANCIAL StATEME1￿ FOR THE PEIUOD ENDED 31 AUG￿ 2023 GENERAL RECEIwfs & PAYMENT ACCOUNT (UNRESTrICtED FUNDS) 2023 2022 Receipts WeeW offerings Donations Income tax recovered on gifts Investment income Rents and contribu￿n5 for use wanises Raised for otlw (au Church w￿keThI Rdreats 9,602 42,943 10.894 4,832 850 2.381 6,289 44,335 11,469 835 1,925 1,050 106 66,894 Total Receipts 71092 Minisby mI￿10n Premises (37,377) (7,OLK)) (12.169) (3,604) (2,471) (61621) (37,944) (7,IlX)) {11.800) (4,381) (2,214) (63rt39) Administrdtion a￿1 Other Amounts passeyl onto ottrw causes Total Payments Net receipts l (paymwlts) for the period 9471 3.455 Transfers from General Fund Transfers to General Fund Cash balance at previous year end Cash balan￿ at current year end (28) 240 124,164 133,847 (40) 221 120,528 124,164 Page 10 of 17

BUILDING FUND RECEIwfs AND PAYMENTS ACCOUIIT (DESIGNATED Accourffj 2023 2022 Receipts Grant Oasis GrBnt Manse 750 152 Total Receirts 902 maIntena￿e/RenoVat￿ to Manse Maintenan@Remvation to Oasis Total Payments (3,583) (3,819) (7,402) (3,282) (2,971) (6,253) (7,402) (5,351) Transfers to l (from) Builthng fund Cash balance at wevious year end Cash balance at ￿rrent year end 40,978 33,576 46,329 40,978 SHOEBOX APPEAL (DESIGNATED ACCOUPffj 2023 2022 Receipts Donab"ons 451 142 Total Receipts 457 142 Boxes and contents TransWrt Total PaYn￿nts (185) (3CKI) (485) (54) (54) Net re￿Ipts (paynwits) for the yiod (28) 88 Transfers to SIK•ebox Account- Gift Aid Cash balan￿ at previous year end Cash balance at current year end Page 11 of 17

WELCOME BAP RECEiiYfs AND PAYMEI(rs ACCOUP (REStRICtED FUt4DS) 2023 2022 Re￿ipts Donatior6 and other incrn Memorials Total Receipts 1,692 151 1,692 151 Payments Meals Gifts, cards a￿1 other Total Payments (761) (266) (1.027) (152) {442) (594) Net re￿11￿$ l (paymwts) for the pwiod {443) Transfers to General FurMI . Oasis Cash balan￿ at ￿e¥loUS year end Cash balan￿ at current year end (240) 1.056 IB81 (221) 1,720 1.056 CHILD SPONSORSHIP RECEtFrs AND PAYMEKfs ACCOUNT (REsfRIcfED FUNDS) 2023 2022 Re￿Ipts Weekly (k)natiJns crther incrmne Total Recelpts 2,572 1572 1.905 1,905 Payments Child SFxJnsorship chaiitie5 Total Payments io (2.IKH) (1004) (2,004) (1004) Net receipts l (payments) for the period (99} Transfws from General fund Cash balan￿ at previous year eThl Cash balan￿ at currffit year end 149 90 658 Page 12 of 17

ATEmE￿ OF ASSEfs AND LIABILrrIES AT 31 AUGusf 2023 2023 2022 Bank and other L35h balan Cash in hatKI (UnlAAn￿ Colle(1K￿5} RBS Bank Ac£ourt Bapttst UnK>n Cw. Ltd (7 day notME) Baptist Un￿n Corp. Ltd {3 w¥)nth rkkn) 10,299 14,468 144,883 14,856 14,085 137,435 Gift aid claimed but not ssets held for (Jurch's own use li 388,302 557,952 358,035 524,411 Liabilities Current liabilibes liabilty 12 Other liabilitie£ Totsl Liabilities The accounts and siatement of assets a￿1 lia￿111￿5 as set out on pw 10-13 relatirwJ to the pemd ending 31 August 2023 a￿ ￿ approval truste IH Pdrsons TreaSu￿r Date:.. Page 13 of 17

NOTES TO THE FINANCIAL ACCOUPIts l. Basis of ac£ounts These &counts have I￿n preENared on a-rereipts Pa￿n￿ basts and in accordan￿ with Settion 133 (harTrt￿S Art 2011. 2. Investment Income 2023 2022 Bank and savings interest Trust Incc4ne 4,832 885 Total Investment Income 4￿32 885 3. Raised for other Causes 2023 2022 Tek Ura Albanta Tear Fund BMS Harvest &andbach Fc#)dbank and Panty Moming Star Mini An￿ Tree Chrt5tian Aid char￿ Changing LNes BMS Chad (Chifvets) Teams4U Ukraine Total raised t1￿ q*her Causes 1,184 472 305 438 io 200 647 1381 925 4. Otlw income 2023 2022 Utilty and ottrEr refurKIs Other income 83 23 Total Other Income 106 5. Ministy 2023 2022 Minfsterfs Sti[￿￿1 (19,374) (6.419) (12) (3,916) (2,583) (5.043) (30) (37.377) (18,530) (6,099) {3,420) (3,650) {2,347) (3,898) PAYE and National insurance Council Tax, Travel and general extErses Manse costs (induding U￿]I￿s) Other min Total Minis (37.944) Page 14 of 17

The Minister acts as one of church's trust￿ aThJ rereives remuneTrtion and othw benth in respert of his as Mintster, Ind￿11￿9 the t#Dv￿10Tr of manse ￿(Th￿￿tK)n, owned by the church. 6. Mission 2023 2022 Baptt# MlssÉonary S(K pb.st Home MissKm (I,l(K)) (1,￿) (350) (1￿) (i(Ki) (215) (2￿) (1￿) (135) (I,Ico) (1,9QK)) (350) {Ico) (Iw) (o) {0} {Iw) (o) A R￿ha UK Bible kniety Tek Albani SandlJ3ch Panty GocKi News for Everyc Compassion UK Gkknl Fc) F11 HealiThJ R¢xms Lifeline Debt Ath Open Doors Prison FellowshiplAngel Tree Sanrtus Tear Fund Urban Saints British Red Cross- Ukrai Cry in the Da Total Mission (i(x)) (8(KJ) (250) (950) (250) (o) (4(Xl) (o) (o) (7,000) (l(K)) (I,tKK)) (250) {I,O(K)) (3(K)) (45) {4W) (330) (25) (7,100) 7. Premi 2023 2022 Rert- Oasis utilitEs- Oags Small equiprr*nVfiJmiture - Oass Insuran￿- Fire extinguits checks- Oas6 Hire of Hall - Sandbath AcBdemy Totsl Premises (7,752) (1,355) (365) (434) (223) (2,040) (Il169) (7,752) (1,176) (2￿) (410) (102) (2,160) (1¥800} Page 15 of 17

1. AdministJ*lon & Other 2023 2022 (215) (757) (323} (473) (209} (317) {163) (247) (￿) (o) {3.604) (263) (718) (283) (141) (71) {212) (429) (281) (1,955) {28) (4,381) LicensiThJ fees Subs(TiPtx)ns (BU, NWBA arKI CDS) Other Fees & Training Y￿lSU￿y SchcK CL)nsumables Cards and g5ns Advert Calendars/Easter EgJs Church weeke￿I/Retreats Total Administration and Other 2023 2022 Tear FuThJ (Hutw lurthlsyrial￿lz) SarKibach Panty SaThltxYh Fcthbank Prison Fellowship/Angel Tree stian Aid Moming Star Minsstsies Tek Ura Albania BMS Harvest Apr￿al chan￿ Changing Lives Teams4U Uknine Tearns4U Ukraine Gift AK BMS Chai (Chifver5) lknnatK)ns BMS (Thad (Chilvers) Gift Aid Compassion UK Gift Aid (472) (2(Kl) (Iw) (50) (io} (frfJ} (1.184) (305) (o) (o) (o) (o) (o) (9)) (Z471) (o) (o) (o) (o) (o) (o) (o) {438) (2(K)) (640) (ioi) (647) (95) (93) (1214)

2. Child Sponsorship Charibes 2023 2022 C(ffnpassion International Open Doors (1788) (216) (1,788) (216) Total Child Sp>n50rship Charibes (w) {2,004) Page 16 of 17

3. Assets held for Churth's use 2023 2022 Manse Sound equltKr￿nt Wisual equipment c￿￿PuterS afKI fvmiiure Air Purif Total Assets held for Chur<h'5 Use 386,902 675 100 325 300 388,302 356,260 7(M) 125 350 358,035 The church is the benefiaal owner (subJ"ert to the reknnt t￿￿) of the followFThJ assets, the legal title to whtch is hdd the church's oJst(xlian tnjske [the BaOtst Union CorEK)ratK)n Ltd]: Church mar6e at 53 Ea)th Aven￿, 5aThtt￿. CWII 4JN valu￿1 in the ac(Dunts at £386,902 (basoj on insuraNe val[* ￿ at 3118123) The thurch al￿ ONns fixtures, fijrni￿re and equlrx1￿t with a value of £1,4(K)

4. Pension Stheme Liability The Church is a partlapati￿ anpk)yer ts Bapkn"st Pawn sd￿ fthe Schemel, whth is a separate legal erbtty aJmini5tered by Pension Tnjstee (Baptist Pension Trust knmited). Tr assets of the schen￿ a￿ held sepaTatety from those of the Empk)yer the other partia￿atir￿j empk)yers. The Scheme, previously known as Baptist Ministers, Pension Fund, stsrted in 1925, but was c105ed to fvture accrual of defir￿d tenefts on 31 DecemtEr 2011. Prior to this date the main Ikrfft prowded through the tkfined Be￿ (DB} Plan 7•Yas a wsM)n of one eightEth of final mintmum pensionable Ir￿ome for each year of tEnSK)nabie sery1￿ t(tyh￿ with additK)nal in re5￿t of premiums paid on Pensionable Income in e￿CesS ( Minimum Pensh)nable Income. sin￿ l January 2012, berkn have LEen provided thr(Kgh a Defined Contiibution (DC) Plan. A formal ValUa￿n of the DB Plan as at 31 tknniEr 2019 by a Wo￿l0nallY qualifEd Actuary using the Pn)Je[￿l Unli MethLxJ. At the Val￿￿ClI dale the market of the DB Plan asse15 was £298 million, whilst the level of assets needed to pay terEfits was £316m. grwng a def￿1t of £18m [￿u]Valent to a pyst service furKlirtsJ thl of 94%). The Church (ther partidpating employers in the DB Plan are collecknvely reS￿nsible fundirmj this deficit. The next tharial valuation of DB Plan bvithin the is d￿ to tske pla￿ Trjt Fater than as at 31 Lknmber 2022. On 30th lune 2022 Baplist Pensx)n an ￿jreer￿nt with inSUra￿e ccmpany Just Group fjusv) to secure DB Flan pension ttnefits. Just are now provwjing finanoal bathng for all ￿￿on5 provwjed thrO￿h t￿ khfft's DB Plan and foll(Ming this tran￿￿n, the SChery￿ no lorw has a shortfall. An upthted Recovery ￿an was then sKJned in August 2022 urthr which recovery C￿t￿bUt¥)nS from e￿ FlartKi￿"[wj in ￿ DB Ptan redu￿1 to £1 FEr month from August 2022. Page 17 of 17