REGISTERED CHARITY NUMBER: 1187105
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 5 April 2022
for
Godalming Baptist Church CIO
Chrissie Bacon
Ynot House
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Godalming Baptist Church CIO
Contents of the Financial Statements
for the Year Ended 5 April 2022
|
|
Page |
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Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
|
6 |
|
Notes to the Financial Statements |
7 |
to |
16 |
Godalming Baptist Church CIO
Report of the Trustees for the Year Ended 5 April 2022
The trusteespresenttheir reportwith the financialstatementsof the charityfor the year ended 5 April2022. The trustees
have adoptedthe provisionsof Accountingand Reportingby Charities:Statementof RecommendedPracticeapplicable to
charitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and Republic
of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
TheprincipalpurposeoftheChurchistheadvancementoftheChristianfaithaccordingtotheprinciplesofthe Baptist
denomination.TheChurchmayalsoadvanceeducationandcarryoutothercharitablepurposesintheUnited Kingdom
and/or other parts of the world.
Summary of activities
The activities may include but are not restricted to:
*regular public worship, prayer, Bible study, preaching and teaching;
-
baptism, as defined in the Union's Declaration of Principle;
-
*the Communion of the Lord's Supper which shall be observed at least once a month;
-
*evangelism and mission, locally, regionally, nationally and internationally;
-
*the teaching, encouragement, welcome and inclusion of young people;
-
*nurture and growth of Christian disciples;
-
*education and training for Christian and community service;
-
*giving and encouraging pastoral care;
-
*supporting and encouraging charitable social action in the United Kingdom and abroad;
-
*encouraging relationships with and supporting Baptists and other Christians.
ThetrusteesconfirmthattheyhavereferredtotheguidancecontainedintheCharityCommission'sgeneralguidance on
public benefit when reviewing the charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
DuringtheperiodtheChurchhassoughtto meet itsobjectivesbycarryingoutmanyof theactivitieslistedabove.It has
carriedouta numberof its activitiesandhas alsosupportedotherpeopleas theyhave soughtto meet similar objectives.
However,theintermittentlockdownrestrictionsattimesmeantthatchurchactivitieswereeitherheldonlineor were
curtailed or were not run.
The Charitycontinuedto supportthose missionariesserving overseas who are members of the Churchand whowere sent
out through the Ambassadors' Fund.
The trusteesfeel that over the courseof the year, the Charityhas been successfulin meetingits statedobjectives through
many of the activities that it has embarked upon.
Page 1
Godalming Baptist Church CIO
Report of the Trustees for the Year Ended 5 April 2022
FINANCIAL REVIEW
Duringtheyearunderreview,theincomeoftheCharitywas£112,743(8monthsended5.4.21:£120,706,including a
legacyof£28,653butexcludingthetransferfromtheoldCharitableUnincorporatedAssociation["CUA"]of £1,725,991).
Incomefromdonationswasslightlyhigherthanin2021but,asnoted,thatwasforan8 monthperiod.Incomethis year
has been boostedby rentingout the manse, yielding£21,600 (2021: £nil), but overall income still continuesto be affected
by the coronavirus lockdown.
Expenditurefortheperiodwas£133,113(8monthsended5.4.21:£118,422),ofwhichdepreciationof£46,690 (2021:
£32,217)wasbyfarthemajoritem.Staffcostsfellfrom£24,886to£9,954,mainlyduetothefactthatthe Minister
resignedon4.5.21andhasnotbeenreplacedyet.Majorcategoriesofexpenditureweregrantstoinstitutions, £22,512
(2021:£15,498), and repairs and decorating £10,142 (2021: £14,956).
Thechurchrecordedadeficitof£20,370(2021:surplusof£2,014excludingtheamountof£1,725,991transferred from
the CUA). After the gain of £969 (2021: £14,839)on the provisionin respect of the BaptistPensionScheme liabilitythe net
movementinfundsisadeficitof£19,401tobedeductedfromtotalfundsbroughtforward,leavingreserves of
£1,723,443 to be carried forward (2021:surplus of £1,742,844 after the transfer from the CUA).
Thetrusteesareawarethat,evenafterthepositivemovementonthepensionschemeliability,thechurchsuffered a
deficit.However,£46,690relatedtodepreciationofthepremisesandequipmentandthereforedidnotrepresenta cash
movement. They will continue to monitor the financial situation carefully.
Reserves policy
Thetrusteeshaveestablishedthelevelofreserves(thatisthosefundsthatarefreelyavailableexcluding designated
funds)thatthecharityoughttohave.Reservesareneededtoensurethatregularexpenditureanddonationsand grants
canbe maintainedintheshorttermshouldtherebe a reductioninthelevelof voluntaryincomereceived.Reserves are
heldtocoverpossibleemergencyrepairstotheChurchandotherbuildings.Thetrusteesconsiderthattheideallevel of
reservesis £50,000,approximatelythreemonthsof regularexpenditure.Unrestrictedcashbalancesat 5 April2022 were
£375,714, thus exceeding the desired level of reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
GodalmingBaptistChurchisanunincorporatedcharitygovernedbyitsConstitutiondated19December2020.It was
registered as a charity with the Charity Commission on the same date, receiving charity number 1187105.
Appointment, recruitment and training of trustees
The managementof the charityis the responsibilityof the trusteeswho are electedby nominationat the churchAGM by
the membershipof the churchunderthe terms of the Constitution.The trustees(except for those in ministerialoffice) are
appointedforaninitialthreeyeartermwiththeopportunityforre-appointmentattheendof thethreeyearterm. Each
trusteeis providedwith copiesof the Constitutionon request,as well as accountsand minutes,and is made aware of the
legal responsibilities they are accepting on their appointment.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1187105
Principal address
Godalming Baptist Church
Queen Street
Godalming
Surrey
GU7 1BA
Page 2
Godalming Baptist Church CIO
Report of the Trustees for the Year Ended 5 April 2022
Trustees
Rev S A Platford (resigned 4.5.21)
Mrs C Lawton
Mrs J Farrow (resigned 18.1.22)
Mrs S Lucas
A Lucas
Mrs M Jones
Mrs M Toombs
P Barringer (appointed 18.1.22)
Independent Examiner
Chrissie Bacon
Institute of Chartered Accountants in England and Wales
Chrissie Bacon
Ynot House
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Approved by order of the board of trustees on 10 November 2022 and signed on its behalf by:
A Lucas - Trustee
Page 3
Independent Examiner's Report to the Trustees of Godalming Baptist Church CIO
Independent examiner's report to the trustees of Godalming Baptist Church CIO
IreporttothecharitytrusteesonmyexaminationoftheaccountsofGodalmingBaptistChurchCIO(theTrust)for the
year ended 5 April 2022.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin carrying out
myexaminationI havefollowedallapplicableDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnectionwith 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 concernsand have come acrossno othermattersin connectionwith the examinationto whichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Chrissie Bacon
Institute of Chartered Accountants in England and Wales
Chrissie Bacon
Ynot House
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Date: .............................................
Page 4
Godalming Baptist Church CIO
Statement of Financial Activities
for the Year Ended 5 April 2022
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Premises hire
Income from events
Manse rental income
Investment income
3
Other income
4
Total
EXPENDITURE ON
Charitable activities
5
Ministry costs
Administrative costs
Establishment costs
Mission costs
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
14
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
75,457
6,371
1,784
21,600
50
-
105,262
10,249
12,374
77,996
10,234
110,853
(5,591)
(15,827)
969
(20,449)
1,738,441
1,717,992 |
Restricted
funds
£
7,481
-
-
-
-
-
7,481
-
-
-
22,260
22,260
(14,779)
15,827
-
1,048
4,403
5,451 |
Year Ended
5.4.22
Total
funds
£
82,938
6,371
1,784
21,600
50
-
112,743
10,249
12,374
77,996
32,494
133,113
(20,370)
-
969
(19,401)
1,742,844
1,723,443 |
Period
20.12.19
to
5.4.21
Total
funds
£
114,250
6,154
-
-
32
1,725,991 |
|
|
|
|
1,846,427 |
|
|
|
|
21,491
13,913
60,971
22,047 |
|
|
|
|
118,422 |
|
|
|
|
1,728,005
-
14,839 |
|
|
|
|
1,742,844
- |
|
|
|
|
1,742,844 |
The notes form part of these financial statements
Page 5
Godalming Baptist Church CIO
Balance Sheet
5 April 2022
Notes
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
PROVISIONS FOR LIABILITIES
13
NET ASSETS
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
1,346,271
21,353
375,714
397,067
(3,146)
393,921
1,740,192
(22,200)
1,717,992 |
Restricted
funds
£
-
-
5,451
5,451
-
5,451
5,451
-
5,451 |
5.4.22
Total
funds
£
1,346,271
21,353
381,165
402,518
(3,146)
399,372
1,745,643
(22,200)
1,723,443
1,717,992
5,451
1,723,443 |
5.4.21
Total
funds
£
1,392,961
28,569
357,362 |
|
|
|
|
385,931
(8,078) |
|
|
|
|
377,853 |
|
|
|
|
1,770,814
(27,970) |
|
|
|
|
1,742,844 |
|
|
|
|
1,738,441
4,403 |
|
|
|
|
1,742,844 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon10November2022 and
were signed on its behalf by:
A Lucas - Trustee
C Lawton - Trustee
The notes form part of these financial statements
Page 6
Godalming Baptist Church CIO
Notes to the Financial Statements for the Year Ended 5 April 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicablein the UK and Republicof Ireland(FRS 102) (effective 1 January2019)', FinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCharitiesAct2011. The
financial statements have been prepared under the historical cost convention.
Income
All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
the amountof the obligationcanbe measuredreliably.Expenditureis accountedforon an accrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Freehold property |
Straight line over 26 years. The church was being depreciated over 50 years in |
|
the books of the old unincorporated charity and 24 years' depreciation had |
|
been provided to the date of transfer. |
Plant and machinery |
25% on the reducing balance basis |
Fixtures and fittings |
25% on the reducing balance basis |
Depreciationisnotprovidedonthemanseasthetrusteesconsiderthatitsvalueexceedsthecostatwhichit is
held in the books of the charity.
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.
Restrictedfundscanonlybe usedforparticularrestrictedpurposeswithinthe objectsof 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.
continued...
Page 7
Godalming Baptist Church CIO
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
1. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The churchpayspensioncontributionsforitseligibleministerialstaffto theBaptistPensionScheme,whichis not
contractedoutforStatePensionpurposes.Contributionstothedefinedcontributionpensionelementof the
pensionschemearechargedtotheStatementofFinancialActivitiesintheyeartowhichtheyrelate.Italso pays
deficitcontributionstotheBaptistPensionSchemeinrespectofthecloseddefinedbenefitplan.Movements in
theprovision,includingthechargetotheStatementofFinancialActivitiesandfurtherdetailsregarding the
definedbenefitplan,are set out in the notes to the financialstatements.The scheme is a multi-employer pension
schemeanditisnotpossibletoidentifytheassetsandliabilitiesoftheschemewhichareattributableto the
church.InaccordancewiththeSORP(FRS102)theschemeisthereforeaccountedforasadefined benefit
contribution scheme.
Thechurchalsopayspensioncontributionsforeligiblenon-ministerialstafftoaseparatedefined contribution
scheme. These are charged to the Statement of Financial Activities in the year to which they relate.
2. DONATIONS AND LEGACIES
Year Ended
5.4.22
£
Donations
62,030
Gift aid
13,689
Legacies
1,513
Designated gifts
5,706
82,938
INVESTMENT INCOME
Year Ended
5.4.22
£
Deposit account interest
50 |
Period
20.12.19
to
5.4.21
£
60,135
21,197
28,653
4,265 |
|
114,250 |
|
Period
20.12.19
to
5.4.21
£
32 |
3. INVESTMENT INCOME
continued...
Page 8
Godalming Baptist Church CIO
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
4. OTHER INCOME
Otherincomerepresentsthe donationof the net fundsfrom the oldcharity,GodalmingBaptistChurch (1127320)
to the new charity, Godalming Baptist Church CIO (1187105) at the date of transfer, 5 August 2020.
The net assets donated were as follows:
|
£ |
Tangible fixed assets |
1,421,598 |
Debtors |
24,264 |
Cash at bank |
331,345 |
Creditors- amounts falling due within one year |
(6,747) |
Provisions for liabilities |
(44,469) |
|
|
|
1,725,991 |
|
|
5. CHARITABLE ACTIVITIES COSTS
Ministry costs
Administrative costs
Establishment costs
Mission costs |
Direct
Costs
£
10,249
12,374
77,996
-
100,619 |
Grant
funding of
activities
£
-
-
-
32,494
32,494 |
Totals
£
10,249
12,374
77,996
32,494 |
|
|
|
133,113 |
6. TRUSTEES' REMUNERATION AND BENEFITS
During the year, remuneration and benefits were paid to the following trustee:
SandraPlatfordreceivedremunerationof£4,015fortheperiod6.4.21to4.5.21,herdateofresignation (2021:
£17,940 for the period6.8.20 to 5.4.21) and pensioncontributionspaid on her behalf were £ 259 (2021: £1,968 for
the period 6.8.20 to 5.4.21).
Trustees' expenses
Duringthe yearno expenseswere paidto trustees(2021:a totalof £98 was reimbursedto onetrusteein respect
of printing and computer expenses).
continued...
Page 9
Godalming Baptist Church CIO
Notes to the Financial Statements - continued
for the Year Ended 5 April 2022
7. STAFF COSTS
Year Ended
5.4.22
£
Wages and salaries
9,524
Other pension costs
430
9,954
The average monthly number of employees during the year was as follows:
Year Ended
5.4.22
Ministry
-
Administration
1
1
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
108,096
6,154
Charitable activities
Premises hire
6,154
-
Investment income
32
-
Other income
1,723,883
2,108
Total
1,838,165
8,262
EXPENDITURE ON
Charitable activities
Ministry costs
21,491
-
Administrative costs
13,913
-
Establishment costs
60,971
-
Mission costs
7,044
15,003
Total
103,419
15,003 |
Period
20.12.19
to
5.4.21
£
22,837
2,049
24,886
Period
20.12.19
to
5.4.21
1
1
2
Total
funds
£
114,250
6,154
32
1,725,991 |
|
1,846,427 |
|
21,491
13,913
60,971
22,047 |
|
118,422 |
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 10
Godalming Baptist Church CIO
Notes to the Financial Statements - continued
for the Year Ended 5 April 2022
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
NET INCOME/(EXPENDITURE)
Transfers between funds
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
Net movement in funds
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
1,734,746
(11,144)
14,839
1,738,441
1,738,441 |
Restricted
funds
£
(6,741)
11,144
-
4,403
4,403 |
Total
funds
£
1,728,005
-
14,839 |
|
|
|
1,742,844 |
|
|
|
1,742,844 |
9. NET MOVEMENT IN FUNDS
The net movement in funds is stated after (crediting)/ charging the following:
|
Year ended |
20.12.19 |
|
5.4.22 |
-5.4.21 |
|
£ |
£ |
Donation received from Godalming Baptist Church (1127320) |
- |
(1,725,991) |
Independent Examiner's Remuneration |
- |
- |
10. TANGIBLE FIXED ASSETS
COST
At 6 April 2021 and 5 April 2022
DEPRECIATION
At 6 April 2021
Charge for year
At 5 April 2022
NET BOOK VALUE
At 5 April 2022
At 5 April 2021 |
Freehold
property
£
1,373,428
23,890
35,834
59,724
1,313,704
1,349,538 |
Plant and
machinery
£
629
105
131
236
393
524 |
Fixtures
and
fittings
£
51,121
8,222
10,725
18,947
32,174
42,899 |
Totals
£
1,425,178 |
|
|
|
|
32,217
46,690 |
|
|
|
|
78,907 |
|
|
|
|
1,346,271 |
|
|
|
|
1,392,961 |
Tangiblefixed assets were transferredfrom GodalmingBaptistChurch(1127320)to the CIO at their net book value
at the date of transfer (£1,421,599).
Underthetermsof the1903TrustDeed,thechurchmustuse anyproceedsfromthesaleof thechurch premises
to buy or erect new premises for the furtherance of the Kingdom of God.
continued...
Page 11
Godalming Baptist Church CIO
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Other debtors
Prepayments and accrued income
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors |
5.4.22
£
13,460
7,893
21,353
5.4.22
£
3,146 |
5.4.21
£
21,197
7,372 |
|
|
28,569 |
|
|
5.4.21
£
8,078 |
13. PROVISIONS FOR LIABILITIES
ThechurchisanemployerparticipatinginapensionschemeknownastheBaptistPensionScheme ("the
Scheme").TheSchemeisaseparatelegalentitywhichisadministeredbythePensionTrustee(Baptist Pension
Trust Limited).
The minister is eligible to join the Scheme.
FromJanuary2012,pensionprovisionfortheMinisterswasmadethroughtheDefinedContribution(DC) Plan
withintheBPS.Ingeneral,memberspay8%oftheirPensionableIncomeandemployerspay6%of members'
PensionableIncomeintoindividualpensionaccounts.In addition,the employerpaysa further4% of Pensionable
Income(or3%iftheemployerisinthesegregatedDCsection)tocoverDeathinServiceBenefits, administration
costs,andanassociatedinsurancepolicywhichprovidesincomeprotectionforBPSmembersintheevent that
they are unable to work due to long-termincapacity.This income protectionpolicy has been insuredby the Baptist
UnionofGreatBritainwithAviva.MembersoftheBasicSectionofBPSpayreducedcontributionsof5% of
Pensionable Income, and their employers also pay a total of 5%.
Benefits in respect of service prior to 1 January2012 are providedthroughthe Defined Benefit (DB) Plan within the
BPS.Themainbenefitsforpre-2012servicewereadefinedbenefitpensionofoneeightiethofFinal Minimum
PensionableIncome for each year of PensionableService, togetherwith additionalpensionin respect of premiums
paidonPensionableIncomeinexcessofMinimumPensionableIncome.TheScheme,previouslyknownas the
BaptistMinisters'PensionFund,startedin1925,butwasclosedtofutureaccrualofdefinedbenefitson 31
December 2011.
AformalvaluationoftheDefinedBenefit(DB)Planwasperformedat31December2019bya professionally
qualifiedActuaryusingtheProjectedUnitMethod.ThemarketvalueoftheDBPlanassetsatthevaluation date
was £298 million.
ThevaluationoftheDBPlanrevealedadeficitofassetscomparedwiththevalueofliabilitiesof£18 million
(equivalentto a past service fundinglevel of 94%). As a resultof the valuations,in additionto the contributions to
theDCPlansetoutabove,itwasagreedthatthestandardrateofdeficiencycontributionsfromchurches and
otheremployersinvolvedintheDBPlanwillremainatpreviouslyagreedlevels,increasingeachyearinline with
increasesintheMinimumPensionableIncome.Thedeficiencycontributionsarebroadlybasedon12% of
PensionableIncome/MinimumPensionableIncome, reflectingeach employer'scontributionsin March 2015. Some
employersthatwereinvolvedintheDBPlanforashortperiodpaylowercontributions.TheTrusteeand the
Councilagreeda50%reductionforalldeficiencycontributionspayablebetween1July2020and31 December
2020.
continued...
Page 12
Godalming Baptist Church CIO
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
13. PROVISIONS FOR LIABILITIES - continued
Inaddition,theBaptistUnionofGreatBritainagreedtocontributealumpsumof£0.5mby31December 2020.
The Recovery Plan dated 30 September 2020 envisaged deficiency contributions continuing until 30 June 2026.
At the end of June 2022, the BPS signed an agreementwith the insurancecompanyJust Group to secure members'
pensionbenefitsundertheDBPlan.Asaresult,theSchemenolongerhasashortfall.Arevisedstatement of
contributionswasannouncedinJuly2022withdeficitcontributionsfromeachparticipatingemployerinthe DB
Planreducingto£1permonthfromAugust2022.However,participatingemployersremainresponsible for
providing a share of any additional funds that the DB Plan may require in the future.
The key financial assumptions underlying the valuations were as follows (% pa):
Type of assumption: |
% pa |
RPI price inflation assumption |
3.20 |
CPI price inflation assumption |
2.70 |
Minimum Pensionable Income increases (CPI plus 0.75% pa) |
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 |
2.70 |
As thereis a largenumberof contributingemployersparticipatingin the Scheme,the Churchis unableto identify
its share of the underlyingassets and liabilitiesof the scheme. Accordingly,the chargefor the periodrecognised in
the Statement of Financial Activities represents the employer contributions payable.
Movement in Balance Sheet liability
Section 28.11A of FRS 102 requiresagreed deficit recovery paymentsto be recognisedas a liability.The movement
in the provision is set out in the table below.
|
Year ended
5.4.22 |
20.12.19-5.4.2
1 |
|
£ |
£ |
Liability at 6 April 2021 |
27,970 |
44,469 |
Contributions for the period |
(5,030) |
(2,279) |
Interest cost |
229 |
619 |
Remaining charge/(credit) to Balance Sheet (recognised in SOFA) |
(969) |
(14,839) |
|
|
|
Liability at 5 April 2022 |
22,200 |
27,970 |
|
|
|
continued...
Page 13
Godalming Baptist Church CIO
Notes to the Financial Statements - continued
for the Year Ended 5 April 2022
14. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Church Premises Fund
Legacy fund
Restricted funds
Ambassadors' Fund
Pastoral Fund
Other restricted donations
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Church Premises Fund
Restricted funds
Ambassadors' Fund
Pastoral Fund
Other restricted donations
TOTAL FUNDS |
At 6.4.21
£
65,843
1,349,539
323,059
1,738,441
1,500
2,387
516
4,403
1,742,844
as follows:
Incoming
resources
£
105,263
(1)
105,262
3,550
1,775
2,156
7,481
112,743 |
Net
movement
in funds
£
31,213
(35,835)
-
(4,622)
(17,327)
862
1,686
(14,779)
(19,401)
Resources
expended
£
(75,019)
(35,834)
(110,853)
(20,877)
(913)
(470)
(22,260)
(133,113) |
|
Transfers
between
funds
£
(15,827)
-
-
(15,827)
15,827
-
-
15,827
-
Gains and
losses
£
969
-
969
-
-
-
-
969 |
At
5.4.22
£
81,229
1,313,704
323,059
1,717,992
-
3,249
2,202
5,451
1,723,443
Movement
in funds
£
31,213
(35,835)
(4,622)
(17,327)
862
1,686
(14,779)
(19,401) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 14
Godalming Baptist Church CIO
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Church Premises Fund
Legacy fund
Restricted funds
Ambassadors' Fund
Pastoral Fund
Other restricted donations
TOTAL FUNDS |
Net
movement
in funds
£
76,987
1,349,539
323,059
1,749,585
(9,644)
2,387
516
(6,741)
1,742,844 |
Transfers
between
funds
£
(11,144)
-
-
(11,144)
11,144
-
-
11,144
- |
At
5.4.21
£
65,843
1,349,539
323,059 |
|
|
|
1,738,441
1,500
2,387
516 |
|
|
|
4,403 |
|
|
|
1,742,844 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Church Premises Fund
Legacy fund
Restricted funds
Ambassadors' Fund
Pastoral Fund
Other restricted donations
TOTAL FUNDS |
Incoming
resources
£
141,677
1,373,429
323,059
1,838,165
2,980
3,171
2,111
8,262
1,846,427 |
Resources
expended
£
(79,529)
(23,890)
-
(103,419)
(12,624)
(784)
(1,595)
(15,003)
(118,422) |
Gains and
losses
£
14,839
-
-
14,839
-
-
-
-
14,839 |
Movement
in funds
£
76,987
1,349,539
323,059 |
|
|
|
|
1,749,585
(9,644)
2,387
516 |
|
|
|
|
(6,741) |
|
|
|
|
1,742,844 |
TheChurchPremisesFundisafixedassetreserve,maintained(byatransfertoorfromgeneralfunds)ata level
equal to the net book value of freehold land and buildings.
The Legacy Fund was establishedin order to recordseparatelythe income and expenditurerelatingto the legacies
from former members.
continued...
Page 15
Godalming Baptist Church CIO
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
14. MOVEMENT IN FUNDS - continued
The AmbassadorsFund was establishedto providefinancialsupportfor the work of missionariessent out from the
Church.
ThePastoralFundwasestablishedtoprovidefinancialassistancetothoseinneedinthechurchand local
community.
Other Restricted Donations relate to specific donations made by church members.
15. RELATED PARTY DISCLOSURES
Donationstotalling£16,170werereceivedfromthetrusteesduringtheyear(2021:£12,960fortheperiod 6.8.20
to 5.4.21).
Page 16