HOPE BAwfIsT CHURCH, PLYMOUTH FtNAIYCIAL STATEMEf4TS FOR THE YEAR F.NDED 31 DECEMBER 2024 HOPE BAvfIsT CHURCH, PLYMOUTH Fif4ANCIAL STATEMEP*TS for ¢he )'ear ended 31 December 2024 Legal and admitiistrdtii'e infomiation Trusiees. / Directors. rewrt 4t07 Independent Examiner's report Statement of financial a¢tivities Balance sheet 10 Notes io ihe financial staiements Detailed income and expenditure account (not part of the statutory financial statements) 20to22 HOPE BAvfisT CHURCH, PLYMOUTH LEGAL AIYD ADMINISTRATIVE INFORMATION Charity No: 1187113 Trustees who served in ihe year: Mr A P Jopson (Treasurer) Mr R Dymond (Secrelary) Mrs S Dixc)n Mr M Brooking {appoiftted March 24) Mr J Cole (appointed March 241 Mr J Bush (appointed March 24) Mrs K Dixon (appointed Sept 24) Mrs G Knighi (appoiniLd Sept 24) Mrs C Caird (appointed Nov 24) Mrs B Pavelle (appointed Nov 24) Ministers who served in year: R¢v l_ N Mai)sfield Rev Z R Lane (apFK>iJiled S¢pt 24) Secretary: Mr R Dymond Independent Examiner: S Glenister Deepblue Accountants Ltd Unli 11 ? 91 Mayflower Street Plymouih PLI ISB Bankers: The Co-operative Bank plc PO Box 250 Delf House Southii"a)' Skelmersdale WN8 6WT CCLA Invesimeni Management Ltd COIF Chariry Fund5 80 Cheapside l.ondon EC2V 6DZ HOPE BAPTIST CHURCH, PLYMOUTH TRUSTEES, REPORT For the year end¢d 31 December 2024 The Trustees are pleased to present their report togeihcr with the financial statements of the charity for the y'ear ended 31 December 2024. Legal and adminislrative infomiation set out on page 3 fomis part of thhs report. Structure, Governance and Management Governing Document Hope Baptist Church. Plymouth is an independent Baptist church a￿lItated to the Baptist Union of Great Britain {"BU"). It is legally siructured as a Charitable Incorporated Orgaiiisation {"CIO") and governed by a constitution. It is a regisiered charity in its own right refereiic¢ 1187113 and as from l January 2091 incorporated by ￿'3Y of a mergcr wilh ihe previous regist¢red charitv. Hope Baptist Church, Pl)'mouth. regisiered nuFnber 1127869. froin January 2021 the operations of the church came under the new CIO. Appointment of trustees The tn]stees seTh' ing during the vear and sin¢e the year end up to the date these accounts are signed off are listed on pagc 3. Trusiees are nominaied from within ihe membership and cl¢L(ed at the Annual General Mecting. Usually 2 or 3 Trustees (dependitlg on the size of the team) stand down each year. All Inembers are circulated %vith inviiaiions to notninate trustees prior to the AGM advising them of the reliring trustees and requesting nominations for the AGM. Trustees must be members of the church baptised by full immersion. Truslee induction and iroining New Trustees are provided with an ori¢ntstion pack to brief them on their l¢gal obligations under charity law. the content of th¢ church rules and decision making processes, and recent financial perfomiance of the chur¢h and other important doLumenis which are contained in an induction pack. Trustees are encouraged to attend appropriate extemal training events i¥here th¢se will facilitsie th¢ undertaking of their role. Organis￿10￿ The Board of Trustees. currently called ihe Leadership Team (including a S¢¢retary and a Trcasurer), adminisiers the church. The board nottnally meets monthly. A ministerfs) is appointed by the church io manage its day io day operdlion5. ObjectiTres and *clivities undertakeD The church exists io pro¢laim the gospel of Jesus Christ and io make Him known. Our objectives are achieved in the following ways.. Ministry Staff As at 31.12.24 the church employed two full time ministers and a part time office manager on the paid staff. The chur¢h Secretsry worked part titn¢ on a voluntarj basis. In addition, the church runs a debt counselling cenire under Chrisiians Against Poverty ("CAP"). During the vear end there il'as on¢ accredited dcbt coach. who worked one day each we¢k throughout the ￿'ear on a voluntari. basis. Regular aetivities UDdertaken The church wns regular worship tneetings on Sundays and midweek on occasions and the tnini5ters and other church tncmbers are available to anyoii¢ to assist in minisiering to individual needs. Numbers attcndinLTr on Sunday mornings have continued to rise in 2024 but are still some 2￿/0 lower than prc March 2020. The church now runs lis regular midiveek piogjrams mainlv in pers051. although there are siill some hybrid meetings on Zoom, including life groups. which study the Bible in people.s homes. There is a weekly youth club and various outreach events throughout the year with the aim of drawing people from ihe local community to hear the gospel. The aclivilies undertaken are to furthcr the charity's purposes for the Public Benefit. The trustees confirn1 that ihey have given due consideration lo the Charity Commission's published guidance on the Public Benefit under the Charities Act 2011. The church runs training courses for its members on occasions and facilitates individual's attendance at external training courses and Christian conferences. Developments over the last year The key developments during 2024 can be sutnmarised as follows.. the continued streaming of most services in real time on YouTube and Facebook Regular in person aciivitie& including the Ignile youth club. a parents and babies group and a toddlers group the church's weekly 50up run Minis￿ ¢ontinued the church ¢ontinLied to off¢r an accredilcd debi coaching s¢rviLe within its CAP ceiitr¢, whiLh enabled th¢ church to offcr debi resolution and budgeting advice to people with thcse problems and intruduLe Ilieiii lo Ilie Clirisiian failh. Metllb¢rship at 31 Deccmber 2024 totalled 141 (2023 - 129). Finallcial Review Hope Baptisi Church, Plymouth has ali operational surplus in 2024 of £52,752 (?023 operational surplus o1-£24,2941. The bulk of the 20?4 surplus ivas due io a legacy of £40.000 received from 2 ex members who had passed away. The overall net assel position of the ¢hur¢h stands at £1,090,4J3 at31.12.24 (£1,037,681 at 31.12.23). An Em¢rg¢ncv Operating Reserve has been s¢t up to reflect 2 months averdge operating costs. This stood ai £34,000 at 31 December 2024 (20?3 £34,000). This remains in line wilh the organisation's published reserves policy. Reserves Poliey The Trusiees beliei'e that th¢ church should hold finai)cial reserves (the Ettlergeiicy Operating Reserv¢ - EOR) io protect against fluctuations in ftsnding and to liave tlie abilily io mainiain its a¢tiviiies in the short tcrm if funding is uncertain. The tn]stees believe thai the minimum lei'el of the EOR should be the equivalent of 2 mottths of annual operating cosis calculated and reyieived annually and built up to Ihc desired level in stages in accordance with the church's over&ll financial position and it5 need to maintain ils a¢tivitie5. The g¢n¢ral unrestricted reserve is d¢tsiled under note 13, together with r¢siri¢t¢d funds. Risk Review The Trustees identify and discuss risks on a monthly basis al team meetings. One key risk identified is ihe church's dependency on income sources in a recessionary economic climalc and it is acknowledged ihat (105¢ monitoring needs to be maintained on finances and ways of improving income streams explored. The Trustees are developing a comprehensive risk management 5trydtegy. which will compri5e'. an annual re%'iew of the ri5k5 the church may face; the establishtnenl of systems and pr(Kedures to fflitigaie those risks identified and the itnplementation of procedures design¢d to Tninimise any poteiitial impact on the church should those risks tnalerialise. Related Parties Trustees and management of the charity are required to disclose conne¢iions with any organisaiion applying to the church for funding or being considered as a supplier. In such circutnstances, the relevant individual takes no part in the related decision making process. Trustees, responsibilities in relation to tbe fJn#ncial $¢atements Charitv law requires the irustees lo prepare financial statements in accordance with applicable lai¥ aiid Uiiited Kiiigdoin (Jenerally Accepied Accoui)ting Practice thai give d irue and fair view of th¢ stal¢ of the affairs of the church al the ¢nd of the fittancial year and of its surplus or deficil for the financial year. Sn doing so the trustees are required io.. Select suitable ￿￿oUnting wlicies and then apply them consistently: Make judgements and e5limalc5 Ihat are reasonable and prudent; and Prepare the financial staiementS 011 th¢ going concern basis unless il is inappropriate to presume Ihe church will coniinue its operations. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accurac! at any tiin¢ th¢ financial position of the church and enables thejn to ensure Ihat the financial statements comply with the Stalement of Recommended Practice (SORP) issued by the Charit). Commission. The trustees are r¢5ponsible for safeguarding the assets of the church and hence for iaking reasonable steps for ihe prevention and detection of fraud and other irregularities. In so far as the trustees are aware: Th¢r¢ is no relevant audit inforniation of which thc ¢hurch's independent examiner is unaware. We as Irustces have iaken all steps that we ought to have thken to make ourselves aware of any relevani audit informalion and to estsblish ihat the indcpend¢nt ¢xaminer is aware of that inforniation. Approved by the trustees on and signed on its behalf by- R Dymond (Secrelary) lhi ¥hAriti % 1rn8lees ATf ￿[M￿lS1h1¢ f%V Ihe PTeparalif>n lif iht &c+iiJiil% fht InI￿re< conqider ihAI 8n Aiiilit 1% nibl r￿IllITe￿ fi)T Ihi% % linder w'tion 1441,1 o( Ihe ("halilT￿ A¥1 2011 I'll￿ ( hhiilies A('I" i Ihal Inde￿ndenT examinatrTrn is n(rded. exaniinc Ihc ai¥i)Iinls iJnr¢s¥nied wilh ihose TeLords. li also include% consideration of any unusual iiem5 vr discl¢)sure8 In the account>. and s¢ekino explan81ions from the trullees Conceming any such matters The prIX￿ureS undenaken do not provide all the evkdence thai would ￿ r¥quired in an audiL and con>equenilv no opinion is given as io whcthei lh¢ accounts pre5er¥t a 'tsue and fair view and the report hs limited io those mattets set out in the s￿leMent below. In conn¢ciion with exaTnination, no matter has come to Tn) attenrion which gives me r¢asonabl¢ cause lo ￿lIeVe ih81 in. an). malerial res￿( the reqiiirements." io keep accouniing r￿ordS in accordance with section 130 of the Charities Acl: and io prepare accounis which xLord with ihe a¥counliiig records aiid ionipl with the accounting rcquiremcnts of the Chariti¥s Ail have nvi b¢¢n met- or 2. 10 which. in my opinion. attcJ)lion should be drawn in order tn enable a Pr[)￿r urid¢rstsnding olthe accounls to be rtx¥h¢d. S Glciiisier Dal¢ Lharfered Certified Ac¢ountaNI D¥¢pblue A¢L(Truntsnls Lid. Unil 112. 91 Mayllowcr Stred. Plyiiiouih, PL I ISB HOPE BAvfisT CHURCH. PLYMOUTH STATEMENT OF FINANCIAL ACTIVITIES (including iDeome and expenditure account) lor the year ended 31 December 2024 Unrestricted Funds Restrided Funds Total 2024 Total 2023 Iyotes Incoming resources Incoming resources from genernted lunds Voluntary Income Investment income Incoming resources from charitable activities Grants & oiher resiricied income Other activiti¢s 182.773 10.351 182,773 10.351 132,963 6.558 105,902 9,059 114,961 97,769 Total ill¢oming resources 299.026 9,059 308,085 237,290 ResourLes expended Charitable aclivilies Governance & support costs 221,598 25,219 8,)16 230.114 25.219 195.689 17,306 Total resources expended 617 246017 8,516 255J33 212,995 Net incoming resources 52209 543 52,752 24295 Actuarial gains on defined penshon scheme 15 Overall surplus (deficit) 52209 543 52,752 24,295 Tolal funds at l January 1,026.159 11.522 1.OJ7.681 1.013.386 Total funds at 31 December 13114 1.078J68 12.065 1,090,433 1,037,681 Movement in funds are disclosed in note 13 to the fintyncial statements. All of the above results are derived from continuing aclivities. There are no gains or losses in the year oiher than those shown abov¢. HOPE BAvfisT CIILRCH, PLYMOUTH BALANCF. SHEET at 31 December 2024 2023 otes FIXED ASSETS Tangible ass¢ts 10 851,400 840,230 CURRENT ASSETS Debtors PrepayTnents & accrued in¢om¢ Cash at bank and in hand Groups cash at bank 9.375 3.500 238.J64 258 10,698 3.000 193.903 690 251,497 208,291 CREDITORS: atnounts falling due within one year Accruals Deferred income 12 (7.714) (4.750) {4,120) (6.720) {12,464) (10,840) Net current assets 239.033 J97.451 Defined b¢ncfit pension scheme liability 15 NET ASSETS 1,090,433 1.037.681 Unrestricted funds Restricted funds 13114 13114 1,078,368 12,065 1,026.159 11,522 TOTAL FUNDS 1,090,433 1,037,681 The finan¢ial siatcmenis on pages 9 to 20 were approved by the Trustees on aiid sigJ)ed on (heiF behalf by:_ Iv61_ A P Jopson Treasurer The note5 on page5 1 I to 19 form part of the financial Statements HOPE BAPTIST CHURCH. PLYMOLTTH NOTES ON FINAN'CIAL STATEMENTS For the year ended 31 December 2024 Accounting policies Basi5 of accounting The financial statements have been prepared under the historical cosi convention as modified by the revaluation of freehold property. The accounts haie been preparcd in accordance with the Statemeni of Recommended Practice 'Accounting and Reporting by Charities. preparing iheir account5 in ac¢ordan¢e i¥ith ihe Financial Rcporting Standard applicable in the UK and Republic of Ircland (FRS 102) effective l Januarv 2019 and with the Financial Reporting Standard applicabl¢ in th¢ United Kingdom and R¢publi¢ of Ireland (FRS 102) Going coneern The accounts have bc¢n prepared on the going concern bosis. Income reeognition from grant5 Income from grants is included in incoming rcsources when the church is legall J ¢nli(led Éo the income and the amouiit can IK quantified with rcasonable a¢¢uracv. If the grants arc r¢¢eii"ed as an 'up front" payJnent for whsch the conditions of paymenis have vet to be met then this income is defe￿ed until th¢ Conditions are met. Fund aecounting Restricted funds are those that are held for 5pc¢ific (restricted) purpose5 and must be applied for these purposes. Designated funds comprise Linresiricted funds that have been set aside by the truste¢s for particular purposes. The aim and use of each de5ignoied fund is shown in the noies io the financial stateinenis but they remain unrestricted funds. Tangible fixed assets Depreciation of fixed assets is calculated to write off their cost on a reducing balance basis at tli¢ following p¢rcentage raies'.- Freehold buildings Solar Panels 50 /Tr y¢ar l- l ￿/ts years 2-5 (now wld to £nil) Minibus 25Q/a Music, Projector & PA 2(V/. Fiirniture 250/0 Not¢.. the church building (£650,000) and the property at 34 Cedarcroft Road (£180.000) have bc¢n included witliin the church assets at iheir laiest eslimaied current open market values. A buildiiig revaluation reserve lias been set up to reflect this. Basis of allocation ofexpenditure Resources expcndcd are included in the Statement of Finan¢ial Activities on an accruals basis, inclusive of any V AT which cannoi be recovered. Grants Tlie cliurch receivcs occasional grants. The criteria for the use of the grants are governed by the contract between the church and any grant making kndy. Voluntary income UDre$tritted Restricted 2024 Total 2024 Total 2023 2024 orr¢rings- Non Gift Aid Offerings- Gift Aid L.egacies & '-one off, gifis 20.09i 121.875 40,805 20.093 121,875 40.805 15.281 113.407 4,275 182,773 182,773 lJ2,963 HOPE BAvfisT CHLRCH, PLYMOUTH TrIOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 Charitable Activities- Grants and loans income Unrestricted 2024 Restricted 2024 Total 2024 Total 2023 Grants Charitable A¢tivitie5 - Other activities income Unrestricied 2024 Restricted 2024 Tolal 2024 TotAI 2023 Renlal Income - Hope BC buildings Rental income - 34 Cedarcroft Road li) & out donatiuiis lo others SWYM worker deferred iniome applied Mission Dui)alions froin g?roups l oihcr income En)ploym¢ni allowanLe Community cafe l ouireach CAP income SOLIP Run Gift ol. Hope hampers Spree Sub¥roups 'I'h¥iik offerin8 202413 Gif( Aid R¢¢overed SnlAr panels- Fl-r tariff income Miiiibu5 fundraiser Profil on assel disposa15 Suiidry WLLkend away income 22.764 22,764 19.666 10,800 2,314 1.273 5.168 5.166 2.626 5,168 5,166 2.626 7,076 4.698 2,665 1,000 3,718 500 6.629 6.629 3,328 1,376 3,328 1,376 2,430 35,071 5,484 13,316 450 22 5,516 32.609 5,606 2,430 35.071 5,484 13,316 450 31 300 10S.902 9,OS9 114,961 97,769 Bank interest IOJ51 IOJ51 6,558 TOTAI. INCOME 299.026 9.059 308,085 237.290 12 HOPE BAPTIST CHURCH, PLYMOUTH NOTES ON FINANCIAL STATEMENTS For the year ellded 31 December 2024 Ch#ritable a¢tivities- resources expended Unrestricted 2024 Restricted 2024 Total 2024 Total 2V23 Staff costs minisiry (see note 9) Other direct aciivities Designated fund5- church sulkgroups Depreciation 91,592 1 ?8,223 1,783 6,789 91,592 136,739 1,783 6.789 123,086 69,130 22 3,451 8.516 228J87 8516 236,903 195.689 The detailed income and expenditure account on pages 20 to 22 contains an analysis of ihese expenses. Governance costs Unrestricted 2024 Restricted Total 2024 Total 2023 2024 Salaries (operations & adrtlinistration manager) Independent Examiner"s fee 18,010 420 18,010 420 17,166 140 18.430 18,430 17,306 TOTAL RESOURCES EXPELNDED 246.817 8,516 255J33 212.995 Trustees and related parties The trustees neiiher re¢eived. nor waived or reimbursed any ewnolum¢niS during the s'ear {2023.' nil). There were no other transactions with related parties, which are required io be disclosed in these accounts. HOPE BAPTIST CHURCH, PLYMOUTH NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 Staff costs 2024 2023 Ministry- Siipends + employer Nl Ministry- Pensions Ministry. Housing Allowance Ministry - Minister relatcd expenses (C trdvel. water. ins, buildings) Ministry support costs Trainee Minister / NIAM costs + expenses Youth Worker (& SWYMI YFC)- salary, training & allowances Caretaker sal8ry 31,422 7.033 10,800 4,490 1.021 33,793 3,034 29,015 6,)43 9.600 3,878 2,106 30.445 21,369 2.964 91,592 105,920 Note 7 Administration & Operations manager {gov¢rnance c05t note 7) 18.010 17,166 109,602 123,086 No employee emoluments amounied io over £60.000 in the year (2023.. nil)- The average number of employc¢s, ¢al¢ulaied on a full time equivalent basis. analysed by function was'.- 2024 2023 Furtherance of objectii'e5. including support 14 HOPE BAPTIST CHURCII, PLYMOUTH NOTLS TO THE FINANCIAL STATEMEf4TS FOT the year ended 31 December 2024 10. Tangible fixed assets Freehold All furniture & Minibus Equipment TOT AL Cost I valuation At l January ?024 * Additions Disposal 830.000 4,395 21.510 (4.395) 66,155 900,550 21.510 (9,395) (5,000) At 31 December 2024 830,000 21.510 61,156 912,665 Depreciation Ai l January 2024 Charge for year Disposal 4.345 5,378 (4.345) 55.975 60,320 6,789 (5.845) ( i.soo) At 31 Dcccmber 2024 5.378 55,887 61.265 Net book amount A5 at 31 December 2024 830.000 16,132 5.268 851,400 As ai 31 December 2023 830.000 50 10,180 840,230 wiihin freehold property 15 a propeny at 34 Cedarcroft Road. Plymouth. valued ai £1 80.000 which was held as a Manse for the minister's fatnilv"s use. This ￿alUaTion M'as based on an informal view from a qualified valuer in February ?019. This was not used as a Manse in 20?4 atld was rented our to providc an income. It should iheiefore more correctl). be ¢lass¢d noi4. as an Ini'estmeni Property. The church building has been infom)ally valued b). a qualified valLter in February 2019 ai £650,000. This valuation was based on the vieiv of the surve}'or w,ho undert(K)k ihe most recent quinquennial review of tlie prop¢rty in February 2019. and was not fornialised but bas¢d on the best esiimate of ih¢ open market value at the lime. The Church property is a mixed use piopertfv as part ol it is rented out as a Ictal library to provide r¢n¢al income for the Church. It is not considcrcd pra¢ii¢al at tliis tiine to allocaie the valuatioii betwLen tan¥ible fixed assets and investwneni property. No depreciation has been charged where freehold property is carried ai laEesi valuation. 11. Debtors & Prepaymellts 2024 2023 Gift Aid Debtor Otlier debtors (including FIT) Trade dcbtors 8,355 1.000 20 8.698 1,700 300 9,375 10.698 Prepayment - Insurance Prepayment- subscripiions Prepdyment - study fees 2,000 1,000 500 2.000 1.000 12.875 13,698 15 HOPE BAPTIST CHURCH, PLYMOUTH NOI'ES TO TIIE FINAYCIAL STATEMENTS For the year ended 31 Deeember 2024 12. Creditors: amouDts falling due within one year 2024 2023 Deferred in¢ome - Employcrs NIC allowance Deferred income- rent received in advance Funds held for others 1,000 3.720 30 1.000 5.720 Total 4,750 6,720 Accru#ls Accrual - Gas Accrual eleciri¢ily A¢¢rual- independent examiner A¢crual - Water Accrlial - signagL Accrual cleaning costs 1.000 750 420 200 2.914 2,430 1.500 1.000 420 200 1,000 Tol41 aecruA15 7,714 4,120 TotAI creditors & provisions 12,464 10,841) HOPE BAPTIST CHURCH, PLYMOUTH NOTES TO TIIL FINAN4CIAL STATE.MEYTS For the year ended 31 December 2024 13. Movement in (unds At l Januar). 2024 At 31 December 2024 ID¢ome Expeuditure Trnnsfers Unrestricted funds: General reserve Revalualion reserve 108.466 830.000 273,205 192,561 189.110 830,000 938.466 273205 192,561 1.019,110 Designated funds Designated emergency reserve Fabric Minibus & equipment Youth Flind Lunchcon Club Women's Rendezvous Flower Fund 34.000 48,000 5.000 28 469 168 28 34,000 25,000 25,000 48.000 5,000 28 762 231 234 322 29 226 209 87,693 25,820 54255 59,258 Total unrestricted funds 1,026,159 299.025 246,816 1,078.368 Restricted fund5 Soup run (incl TO 24) Gifi of Hope Thank Offering 2023 (Spr¢e) Thanks offering 2024 (kids) 596 5,410 5,516 6,629 3,981 2.125 2.410 3,244 3,285 3.106 2,430 2.430 Total re5trieted fulld5 11522 9,059 8,516 12,065 Total funds 1.037,681 308,084 255J32 1,090.433 The General res¢tve represents the free funds of the church. which ar¢ not designated for particular purpose5. The Emergency operaiing reserve represents funds which th¢ irustees have Set aside to both prote¢t against. and to continu¢ opera(ing in ihe evcnt of. unforeseen events. Restricted fund5 Reslricied funds are those funds set aside for a particular 5pecifi¢ use. Movements in and oui during the year are shown above and remaining funds held at the end of the year are shown in creditors in th¢ balance sheet. Designated funds These are the funds held by sub-groups of the chU￿h set aside to be applied to their particular area5 of ministry. Th¢ transfer was lund5 Iransferred from main church to youth account. 17 HOPE BAPTIST CHLRCH. PLYMOUTH NOTES TO THE Fif*LYCIAL STAI'EMENTS For the year ended 31 December 2024 14. Analysi5 of net assets between funds Unrestricted Funds Restrieted Funds Total Funds Fund balances at 31 December 2024 are represented by: Tangible fixed asset- church freehold building 650.000 Tangible fixed asset- investment property 180.000 Tangible fixcd asset - Minibus Chairs & ¢quipmeni Music Proje¢tor & PA Solar Panels 650,000 180.000 16.133 1.123 4,144 4.144 Current assets Current liabilities 239.432 (12.464) 12,065 251,497 (12,464) N¢t ass¢ts at 31 December 2024 1,078,368 12.065 1,090.433 15. Defined benefit pension sebeme liability PeDsion s¢heme arrangement5 The charity is a participaiin8 emplo)'er in the Baptist Union Pension S¢heme, which. prior io January 2012. was a multi-employer defined benefit scheme. The last actuarial valuation indicated that (he obligation to provid¢ d¢fined benefits gives rise to a funding deficit and the charity, along with other participatliig employers. musi make additional contribulions to remed). the d¢ficit. The obligation to make deficit reduction ontributions in future Jears has been included as a liabiliti. in ihese finaneial statemenls. Funh¢r inforination aboul Ihis defined bencfils SLheme and the cliaritv s obligaiioii to contribut¢ towards the funding deficil, is disclosed elsewhere in the notes to these a¢¢ounts. Pension commitments The Baptl5t Union Pension S¢hetne Backgrvund to the disclosur¢ The charity is a participating emplover in the Baplisi Pension Scheme ('Xhe scheme".). which is adtninisiered by the P¢nsion 'l'rustee (Baptist P¢nsion Trtkst Limited). The scheme is a separate legal cntity and the assets of the 5chetne are held separdtely froln those of Ihe employer and othcr participaling ¢inployers. The scheme comprises a D¢fined Contribution {"DC") plan, and a Defined Benefil ("DB") plan. The pensions costs Charged to the SOFA in the jear comprise contributions a¢cruing in ilie year in respect of the DC plan plus the impaci of deficiencs. contributions to ihe DB plan (sce below). The charity recognised a liability foi its expecied besi estimale of the future deficiencv conlributions to ihe DB plai1. on ilie basis set out below Linder thc hcading "Basis for determining the DB plan liability" The Minisi¢ts (including trdinees) are eligible io join the scheme. The defined contribution plan From January 2012, pension provision is being made through ihe Defined Contribution ("DC") plan within thc scheme. In generdl. members pav 80/0 of iheir pensionablc incom¢ and emplovers pay 6Q/o of Ineinbers, pensionable incotne into individual pension accounts, which are operaied and managed on behalf of th¢ Pension Trustee by. Legal and General Life Assurance Societ! Limited. In addition, the employer pays a further 4•/0 of Pensionable Income (or 3U/o ifthe employer is in Ihe segregaied DC section} to cover Death in Service Benefits. administration costs, and an ass(Kiated insurance polic) which provides income protection for Scheme members in the event that they are unable io work due to long-term incapacity. Tliis income protection policy has been insured by the Baptist Union of Great Brilain with Awiva. Members of the basic section pay reduced contribuiions of 59/0 of Pcnsionable Income. and their employers also pay a total of 50/0. The defined benefit plaD B¢nefits in resp¢¢i of service prior lo l January 2012 are provided through the Defined Beiiefit {DB) Plan within the Scheme. The main benefiis for pre-2012 service were a defined IKnefit pension of one eightielh of Final Minimum Pensionable Income for eaLh year of Pensionable S¢rvic¢. tog¢thcr wilh additional peiisioii i respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as thc Baptist Ministers. Pension Fund, started in 1925, but was closed io future accrual of defiD¢d benefits on 31 December 2011. A fornjal valuation of the Defined Benefii (DB) Plan was performed at 31 DeCe￿ber 2019 by a professionally qualified Actuary using the Projected Unli M¢thod. Th¢ market value of the DB Plan assets at the valuation date was £298 tnillion. Th¢ i'aluation of thc DB Plan reK'ealed a deficit of asseis compared with the value of liabililies of £18 million (equivalent lo a past service funding level of 94Q/o). Recovery plan A recovery plan daied 30 Seplember 2020 was agreed to make good the above defiCIt in assets. Therefore, in addition to the contributions io the DC plan set out abov¢. th¢ tru5t¢es ai)d the council agree to a rate of dLficiency contributions from churches and oiher employers involved in ihe DB plai). It was agreed that the Standard rate of d¢fi¢i¢ncy conlributions from the churches and oiher einployers involved in the DB plan will remain at the previously agreed levels, increasing each year in line with the increases in ihe minimum pensionable income. The defici¢nc)' contributions were broadly based 011 120/0 of tlie Peiisionable incoine I minimum peiisionable income. refletiing eaLh employer s coniiibulioii in Marcli ?015. Some employers ihai werc inl'olvcd in thc DB plaii for a shon period paid I0￿,er contributions. The recovery plan oi1¥inall￿ ¢ni"isagcd d¢ficienc}' contributions contii)uing until June 2026. I)owever, a valuation ol-lhe d¢fi¥ii as ai 30 November 20?2 ¢siablish¢d Ihat thc dcficit had been cleared. partly. by defiCIt contributions paid io thai dale. bui partl). b) the BaptlSt L'nion of Gr¢at Britain contributions and property and other asset sales. Basis for determining the DB platt liability The pcnsion liability included in these accounls is based on an estimate of the aTnount that thc charity would be Tequired to pay should th¢ charil). decide have lo setile the pension schetne debt irntnedi&l(ely: tlie Baptist Pension Schetne (the "BPS-') has provided this eslimate. The BPS ¢ollec¢ed deficii conlribulions monihly throughout the ycar unlil it realised that the deficit had been cleared, following which COT)tributions contiiiued at the rate of £ I per month. The church's share of ihe overall pension 5chctnc deficit as ai 31 December 2024 is eslimated by the pension trustees at £nil (2023 £nil). -rhe profit and loss charge for ihe period represeTJts the total pension contribuiions pavable. The ioral pension cosi for the Church of the BU scheme (inLludinLJ eTnploN'ccs contributions and deficii contributions of £12) was £ l O,?17 (202) £1 O.? l ? including deficit oonlribulioiis of £ l ? 19 HOPE BAYfisT CHURCH, PLYMOUTH DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Income Unrestrieted Offerings Legacies / one off gifts Mission Rental In¢om¢- church buildings Rental income- 34 Cedarcroft Rd Other Income & Donations from church groups Youth. toddlers & babies incowne Church weekend away Cojnmuiiity Cafe l outreach In & Out donations to others SWYM worker income Spr¢¢ income CAP project income Gift Aid Recovered Sub groups Solar Pancls FIT tariff income Minibus pur¢hase fund Profit on assets disposal Sundry Bank Inlcr¢5t Lmploytncnt Allowance (HMRC) 141.969 40,805 128,688 4.275 22,764 19.666 10,800 7,097 2.832 2,336 300 2,665 2.314 1,252 2.625 3,328 1.000 32,609 22 5,606 35,071 1.376 5.484 13,316 450 10,351 5,166 6,558 4,698 299,026 227,556 Restricted Soup Run (incl TO 2024) Giftof Hop¢ Thank offcring 2023 7024 {kid5) Th41nk offertng_ 6.629 3.718 500 5,516 2.430 9,059 9,734 308,085 237,290 Expenditure Charitable activities (page 21) 230,114 192,238 Governance & support costs (page 22) 25,219 20.757 255J33 212,995 Net operational income (expenditure) for tbe year 52.752 24.295 Pension scheme adjllstmettl Net income for the year 52,752 24,295 20 HOPE BAwfisT CHLRCH, PLYMOLTH DETAILED INCOME A.YD EXPEL%DITURE ACCOUNT FOR TFIE YEAR Ef*DED 31 DECEMBER 2024 EJpenditure Charitable Activities- Unrestricted Direct Aetivities 2024 Support Costs 2024 Total 2024 Total 2023 Minister (incl BU pension deficit costs) Trainee l NAM Minister SWYM ￿Ork¢1 Youth worker. YFC. youth work. tuck eic Spree Caretaking & Cleaning costs Training & other slaff cosis Recruitment / marketing Ministry & visiting speak¢r expenses Mission Buildiiig repair. mainienance & upkeep Catering, kiichen & cominunion Utilities (Ivatcr. gas, elec) & internei Multimedia Maint¢nance & Development & outs Adminislralion (photocopying et¢.) Office equipment Outreach events & publicity Discipleship CAP project Coininuiiity Caf¢ Minibus Expenditurc Church iveekend away Depreciation Designaied funds- church sub-groups Children r¢sour¢¢s, toddlers etc. Other Expenditure (subscripiions etc.) Bank charges & commission 53.755 33,793 53,755 33,793 49,036 30.445 5.025 21,369 3.034 3.000 18.924 2.641 588 1,021 15,750 59,193 1.447 3,034 18.924 2,641 588 .021 15.750 59.193 1.447 7.225 3,536 15,128 1,776 2,106 12.729 4.521 9.235 3.312 2,314 3,565 552 263 807 4.652 3.536 2,514 2,514 162 3.751 784 2.838 162 3,751 784 2,838 2,436 330 3.451 22 2.217 3,818 184 6,789 6.789 1,783 1.530 3,920 98 1.783 3.920 98 TOIAI unrestricted expenditure 221.598 6,789 228J87 190,487 Charitable ActiTr'ities- Restricted Direct ActiTrities Support Costs Total 2024 Total 2023 2024 2024 Soup run Gift of Flope Thank offering 2023 (Spree) 3.981 2.125 2,410 3.981 2,125 2.410 3,534 1,668 8516 8516 5,202 TOTAL CHARITABLE ACTIVITIES 230,114 6,789 236,903 19S.689 21 Governance costs Office manager salary Indep¢ndei)i Exaininers fee 18.010 420 18,010 420 17,166 140 18,430 18,430 17J06 TOTAL EXPF.NDITURE 230.114 25,219 255J33 212,995 22