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2021-12-31-accounts

Broadmead Baptist Church (A Charitable Incorporated Organisation, Charity Number: 1191289)

Trustees' Report and Annual Accounts

For the 15.5 month period ended 31 December 2021

BROADMEAD BAPTIST CHURCH

CONTENTS

Page
Reference and Administrative Information 1
Trustee Annual Report 2 - 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Accounts 10 - 25

BROADMEAD BAPTIST CHURCH

REFERENCE AND ADMINISTRATIVE INFORMATION For the 15.5 month period ended 31 December 2021

Charity status

On 15 September 2020 Broadmead Baptist Church registered as a Charitable Incorporated Organisation ("CIO"). The assets and liabilities of Broadmead Baptist Church, which historically operated as an excepted charity under sub-section 5 of the Charities Act 1993, were only officially transferred to the CIO on 31 August 2021. These accounts therefore present the financial activity of the CIO for the period from 15 September 2020 to 31 December 2021, which includes the financial activity of the Church for the period from 1 September 2021 to 31 December 2021.

Registered office

Broadmead Baptist Church 1 Whippington Court Bristol BS1 3HY

Key management personnel

Rev M Detzler Minister Mr J Cordle Trainee Minister Mrs C Everingham Womens' Worker

Trustees

Mr J Cordle Appointed 15 September 2020 Rev M Detzler Appointed 15 September 2020 Mr O Holmstrom Appointed 15 September 2020 Mr N Howes Appointed 15 September 2020 and resigned 6 February 2022 Mr S Paterson Appointed 15 September 2020 Mr J Staplehurst (Treasurer) Appointed 6 February 2022 Miss K Rogers (Secretary) Appointed 26 September 2021

In addition, the following trustees were all appointed on 15 September 2020 and all resigned on 26 September 2021:

Principal bankers

Independent examiner

Mr A Ajibade Mrs J Duggan Mrs S Ali Mrs E Goddard Mr D Bowden Miss B Hassell Mr R Clark Mr S Jumbe Mrs A Clark Mrs S Leatherbarrow Mr N Dudgeon Mrs A Paterson Mr G Duggan Mr B Thomas HSBC Bank plc and Metro Bank 62 George White Street One Southampton Row Cabot Circus, Bristol BS1 3BA London WC1B 5HA Mr P E Hodges CPFA Independent Examiner 74 Cottrell Road, Bristol BS5 6TN

BROADMEAD BAPTIST CHURCH

TRUSTEE ANNUAL REPORT For the 15.5 month period ended 31 December 2021

The Trustees are pleased to present their report together with the independently examined accounts of Broadmead Baptist Church ("the Church") for the 15.5 month period ended 31 December 2021. The Church registered as a Charitable Incorporated Organisation ("CIO") on 15 September 2020 however the CIO remained dormant until 31 August 2021, the date on which the assets and liabilities of Broadmead Baptist Church were officially transferred to the CIO. These accounts have been prepared in accordance with the Charities Statement of Recommended (Charities SORP 2021) and FRS102.

The Trustees confirm that the report and accounts of the Church comply with the current statutory requirements, the requirements of the Church's governing document and the Charities SORP 2021.

Purpose

Broadmead Baptist Church is governed by an Approved Governing Document which states that the principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world.

The Church occupies premises which are held by the Broadmead Baptist Chapel Trust on trusts which are entirely compatible with the Church's purpose as stated above.

Beliefs

The Church subscribes to the Baptist Union of Great Britain's Declaration of Principle:

"That our Lord and Saviour Jesus Christ, God manifest in the flesh, is the sole and absolute authority in all matters pertaining to faith and practice, as revealed in the Holy Scriptures, and that each church has liberty, under the guidance of the Holy Spirit, to interpret and administer his laws.

That Christian Baptism is the immersion in water into the name of the Father, the Son and Holy Spirit, of those who have professed repentance towards God and faith in our Lord Jesus Christ who 'died for our sins according to the Scriptures; was buried, and rose again on the third day'.

That it is the duty of every disciple to bear personal witness to the gospel of Jesus Christ, and to take part in the evangelism of the world."

Organisational structure and decision making processes

Members of the Church are accepted in accordance with the Constitution which affirms that baptism by immersion upon personal profession of faith in Jesus Christ is the normal mode of entry into membership of the Church.

Church Members' Meetings normally take place at least four times per year. These meetings are an opportunity for Members to consider and review routine matters associated with the life of the Church including issues related to church membership, the appointment of the leaders (Trustees), the approval of the budget, as well as providing opportunities for considering proposals for the development of the Church and advancement of its purpose through its activities.

BROADMEAD BAPTIST CHURCH

TRUSTEE ANNUAL REPORT (continued) For the 15.5 month period ended 31 December 2021

Organisational structure and decision making processes (continued)

Church leaders (Trustees) are responsible for the governance of the Church in accordance with the Constitution and the fulfilment of the purpose through its activities acting according to the will of God as discerned by the Church Members. Church leaders' meetings normally take place at least six times per year.

Objectives and activities

In fulfilling its purpose as stated on page 2, Broadmead Baptist Church engages in a range of activities for the benefit of its Members and the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord.

Central to the work and witness of the Church is the provision of regular public services of Christian worship. These gatherings take place each Sunday at 11:00am. There are also occasional services at other times, including evening Prayer and Praise gatherings. Crèche facilities are provided during the Church's Sunday morning services. The Church seeks to be a friendly and welcoming community and anybody is free to attend any of these gatherings.

The Church runs a series of bible study groups that meet across the City of Bristol in members' homes. These groups usually meet on a weekday evening to study God's word, to enjoy Christian fellowship and to encourage growth in faith and discipleship to the Lord Jesus Christ.

The Church continued to meet regularly for worship, prayer and bible study during the year, albeit mainly online due to COVID lockdown restrictions. The Church was only able to meet in person when Government guidelines allowed, and these activities were severely restricted as a result of the precautions and guidelines that were followed during this time.

The Church continues to let rooms to commercial and charitable organisations both on a long-term regular and occasional basis, however COVID restrictions prevented some of this activity taking place during 2021.

Financial review

This CIO was registered with the Charity Commission on 15 September 2020. On 31 August 2021, the assets and liabilities of Broadmead Baptist Church were officially transferred to this CIO. The CIO remained dormant and made no financial transactions between 15 September 2020 and 31 August 2021. These accounts therefore comprise the assets and liabilities that were transferred to the CIO on 31 August 2021 and the financial activity of the Church for the four months from that date up to 31 December 2021.

During the period ended 31 December 2021 the Church received unrestricted income which amounted to £739,174, comprising unrestricted funds of £693,287 that were transferred to the CIO on 31 August 2021 and £45,887 of unrestricted income received by the Church in the 4 months to 31 December 2021.

Restricted income in the period ended 31 December 2021 amounted to £14,995, comprising restricted funds of £6,582 that were transferred to the CIO on 31 August 2021 and £8,413 of restricted income received by the Church in the 4 months to 31 December 2021.

BROADMEAD BAPTIST CHURCH

TRUSTEE ANNUAL REPORT (continued) For the 15.5 month period ended 31 December 2021

Financial review (continued)

Unrestricted expenditure in the period ended 31 December 2021 amounted to £51,690 and restricted expenditure amounted to £10,449 - these amounts related to expenditure incurred in the 4 months to 31 December 2021. The net movement in funds (after gains on investments, transfers between funds and actuarial losses on the defined benefit pension scheme) for the period ended 31 December 2021 amounted to income of £673,885.

As at 31 December 2021 the Church had net assets of £673,885, of which £4,546 related to restricted funds and £669,339 related to unrestricted funds (of which £543,354 related to the Manse Property designated fund). Details of the Church's restricted and unrestricted funds during the period ended 31 December 2021 are provided in notes 13 and 14 respectively.

Investment policy and performance

Careful stewardship is the driving principle regarding how the Trustees manage finances in general and specifically how the reserve funds of Broadmead Baptist Church are invested. Detailed below are the investment stewardship principles that the Trustees have adopted:

  1. Investments must be made with an appropriate awareness of the need to protect capital;

  2. Investment of reserves and other liquid assets must take into consideration the need for liquidity to meet cash flow needs; and

  3. Investments and holdings must seek to take advantage of opportunities for competitive returns.

Reserves policy

The Trustees' reserves policy is to seek to maintain minimum general reserves greater than or equal to approximately three months' core operating costs. The Church's budgeted costs for the year ending 31 December 2022 is £188,000. The Church's unrestricted general funds at 31 December 2021 (excluding the Manse Property designated fund) was £125,985 meaning that, at the financial year-end, its reserves were confirmed to be at a level in excess of the Trustees' minimum reserves requirement.

Related party transactions

None of the Trustees receive remuneration or other benefit by reason of their position as a Trustee. Trustees are required to disclose to the Board of Trustees all relevant connections and interests in the same way as any other contractual relationship with a related party. During the year no such related party transactions were reported.

The church building relating to Broadmead Baptist Church is held in trust by Broadmead Baptist Chapel Trust, charity registration number 255948, whose registered office is 1 Whippington Court, Bristol BS1 3HY. Broadmead Baptist Church is a member of the Baptist Union of Great Britain (Baptist Union) and the West of England Baptist Network (webnet). Further details are provided in note 17.

BROADMEAD BAPTIST CHURCH

TRUSTEE ANNUAL REPORT (continued) For the 15.5 month period ended 31 December 2021

Risk management

The Trustees' risk management strategy comprises:

The risk management review has identified that financial sustainability is the major financial risk for the Church. A key element in the management of financial risk is the regular review of reserves and the availability of liquid funds to settle debts as they fall due. The Church currently has an acceptable level of reserves which mitigates this risk in the short to medium term.

Trustees' responsibilities statement

The Charities Act 2011 requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of its income and expenditure for that period. In preparing the accounts the Trustees consider the Charity has:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities.

The names of the Trustees who served during the period are listed on page 1. In accordance with charity law, as the Charity's Trustees, we certify that:

Approved by the Trustees and signed on their behalf by:

Rev M Detzler MARK DETZLER Minister Date: 25TH SEPTEMBER 2022

BROADMEAD BAPTIST CHURCH

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BROADMEAD BAPTIST CHURCH

I report to the trustees on my examination of the accounts of Broadmead Baptist Church for the 15.5 month period ended 31 December 2021 which are set out on pages 7 to 25.

Responsibilities and basis of report

The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

The Charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Chartered Institute of Public Finance and Accountancy (CIPFA).

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr P E Hodges CIPFA
Signed:
Independent Examiner
74 Cottrell Road
Bristol BS5 6TN
Date:		 PHIL HODGES
25TH SEPTEMBER 2022

BROADMEAD BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES For the 15.5 month period ended 31 December 2021

----- Start of picture text -----
Restricted Unrestricted 15.5 mths
funds funds 2021
Note £ £ £
Income
Donations and legacies 2 8,413 37,445 45,858
Investment income 3 - 389 389
Charitable activities
Other trading activities 4 - 7,917 7,917
Other income 5 6,582 693,423 700,005
Total income 14,995 739,174 754,169
Expenditure
Expenditure on charitable activities 6 10,449 51,690 62,139
Total expenditure 10,449 51,690 62,139
Net income / (expenditure) before
gains / (losses) on investments 4,546 687,484 692,030
Net gain / (loss) on investments 9,11 - 255 255
Net income / (expenditure) before transfers 4,546 687,739 692,285
Transfers between funds 14,15 - - -
Other recognised gains / (losses)
Actuarial losses on defined benefit
pension scheme 16 - (18,400) (18,400)
Net income / (expenditure) and net
movement in funds for the period 4,546 669,339 673,885
Reconciliation of funds
Total funds brought forward 13-15 - - -
Total funds carried forward 13-15 4,546 669,339 673,885
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure relates to continuing activities.

The notes on pages 10 to 25 form part of these accounts.

BROADMEAD BAPTIST CHURCH

BALANCE SHEET As at 31 December 2021

Note
Fixed assets
Tangible fixed assets
8
Investments
9
Current assets
Debtors
10
Current asset investments
11
Cash at bank and in hand
Creditors
Amounts falling due within one year
12
Net current assets
Net assets excluding pension liability
Defined benefit pension
scheme liability
16
Total net assets
15
Charity funds
Restricted funds
13
Unrestricted funds
14
Total Charity funds		 31 December 2021
£
£
36,409
15,977
52,386
555,191
14,622
70,686
640,499
(600)
639,899
692,285
(18,400)
673,885
4,546
669,339
673,885

The accounts were approved by the Trustees and signed on their behalf by:

Rev M Detzler
Minister
Date:		 MARK DETZLER
25TH SEPTEMBER 2022

The notes on pages 10 to 25 form part of these accounts.

BROADMEAD BAPTIST CHURCH

CASH FLOW STATEMENT For the 15.5 month period ended 31 December 2021

----- Start of picture text -----
15.5 months ended
31 December 2021
£ £
Cash flow from operating activities
Net movement in funds 673,885
Adjustments for:
Depreciation of tangible fixed assets 3,022
Dividend income (included in investing activities) (96)
Interest (included in investing activities) (293)
Actuarial losses on DB pension scheme 18,400
Fixed assets transferred to the CIO (31,500)
Decrease / (increase) in debtors (555,191)
Increase / (decrease) in creditors 600
(565,058)
Net cash inflow / (outflow) from operating activities 108,827
Cash flows from investing activities
Purchase of tangible fixed assets (7,931)
Purchase of investments (31,979)
Proceeds from sale of investments 16,002
Dividend income 96
Interest received 293
Net cash inflow / (outflow) from investing activities (23,519)
Net change in cash and cash equivalents 85,308
Cash and cash equivalents at the start of the period -
Cash and cash equivalents at the end of the period 85,308
Analysis of cash and cash equivalents
Start of the End of the
period Cash flow period
£ £ £
Current asset investments - 14,622 14,622
Cash at bank and in hand - 70,686 70,686
- 85,308 85,308
----- End of picture text -----

The notes on pages 10 to 25 form part of these accounts.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

1. Accounting policies

1.1 Basis of accounting

The accounts have been prepared in accordance with the Charities Statement of Recommended Practice (Charities SORP 2021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Broadmead Baptist Church is a registered charity, no. 1191289 and meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

On 15 September 2020 Broadmead Baptist Church registered as a Charitable Incorporated Organisation ("CIO"). The assets and liabilities of Broadmead Baptist Church, which historically operated as an excepted charity under sub-section 5 of the Charities Act 1993, were only officially transferred to the CIO on 31 August 2021. These accounts therefore present the financial activity of the CIO for the period from 15 September 2020 to 31 December 2021, which includes the financial activity of the Church for the period from 1 September 2021 to 31 December 2021.

The presentation currency of these accounts is Sterling (£) and the accounts are rounded to the nearest £.

1.2 Income recognition

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

1.3 Donations and legacies

Donations are accounted for gross when received. Legacies are accounted for when probate has been completed, the amount of the legacy can be reliably quantified and the conditions of the legacy are within the control of the Church.

1.4 Investment income

Investment income is included in the accounts in the year in which it is receivable.

1.5 Expenditure recognition

All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

1.6 Costs of raising funds

The church does not make formal appeals for funds, and expenditure on these items is therefore not material.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

1. Accounting policies (continued)

1.7 Expenditure on charitable activities

Direct charitable expenditure comprises ministry-related and mission-related costs and premises and administrative costs that are incurred in order to support the Church's charitable objectives and activities. Governance costs relate directly to the costs of the Church fulfilling its governance responsibilities.

Many of the Church's activities, including its management, are carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.

1.8 Tangible fixed assets

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £1,000. They are initially recognised at cost. Depreciation is provided on all fixed assets to write off the cost on a straight-line basis over their expected useful life, at the following rates:

Audio Visual and Computer equipment - 5 years
Kitchen Fittings and equipment - 5 years

The Church occupies premises at 1 Whippington Court, Bristol, which are held by a separate trust, Broadmead Chapel Trust.

Prior to the transfer of the assets and liabilities of the Church to the CIO, the Church had sold its manse property at 47 Filton Avenue, Bristol, the proceeds of which are held by a separate trust, West of England Baptist Trust Company Ltd. The Church intends to reinvest the majority of these proceeds in a new manse property, that will also be held in trust for the Church by West of England Baptist Trust Company Ltd.

1.9 Investments

Investments are initially stated at cost. Subsequently they are measured at fair value with changes recognised in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably.

1.10 Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Church and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Church for specific purposes.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

1. Accounting policies (continued)

1.11 Employee benefits

The Church operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Church pays fixed contributions into a separate entity. Once the contributions have been paid the Church has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balances sheet. The assets of the plan are held separately from the Church in an independently administered fund.

Prior to 2012 pension provision was made through multi-employer defined benefit pension plans. Where it is not possible for the Church to obtain sufficient information to enable it to account for a plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

Where the plan is in deficit and where the church has agreed, with the plan, to participate in a deficit funding arrangement, the Church recognises a liability for its obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. The unwinding of the discount is recognised as a finance cost and any other charges in the measurement of this liability is expensed to the Statement of Financial Activities.

2. Donations and legacies

----- Start of picture text -----
||||| |---|---|---|---| |Restricted|Unrestricted|15.5 mths| |funds|funds|2021| |£|£|£| |Donations and gifts|8,413|37,445|45,858|

----- End of picture text -----

3. Investment income

----- Start of picture text -----
||||| |---|---|---|---| |Restricted|Unrestricted|15.5 mths| |funds|funds|2021| |£|£|£| |Dividend income|-|96|96| |Interest received|-|293|293| |-|389|389|

----- End of picture text -----

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

4.
Other trading activities
Income from premises room hire
5.
Other income
Transferred to the CIO on 31 August 2021
Other income
6.
Expenditure on charitable activities
Direct charitable expenditure
Governance costs		 Restricted Unrestricted
funds
funds
£
£
-
7,917
Restricted Unrestricted
funds
funds
£
£
6,582
693,287
-
136
6,582
693,423
Restricted Unrestricted
funds
funds
£
£
10,449
51,331
-
359
10,449
51,690		 15.5 mths
2021
£
7,917
15.5 mths
2021
£
699,869
136
700,005
15.5 mths
2021
£
61,780
359
62,139

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

6. Expenditure on charitable activities (continued)

a) Analysis of direct charitable expenditure

Ministry:
Church staff costs
DB pension scheme costs
Evangelism ministry
Mens' and Womens' ministry
Pastoral care support
Pulpit supply and service costs
Mission:
Direct missionary support
BMS World Mission support
Home Mission support
Other mission support
Premises and Administration:
Books and materials costs
Cleaning costs
Contract services
Depreciation
Equipment purchases
Flat expenses
Music and sound costs
Office supplies
Subscriptions and licences
Training costs
Utilities costs
Website & advertising costs		 Restricted
funds
£
-
-
-
-
980
-
980
-
4,608
4,461
400
9,469
-
-
-
-
-
-
-
-
-
-
-
-
-
10,449		 General
fund
£
26,801
1,307
1,330
459
-
333
30,230
3,060
1,970
1,970
-
7,000
187
1,315
695
3,022
169
774
568
26
267
5,315
1,241
522
14,101
51,331		 Designated
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 15.5 mths
2021
£
26,801
1,307
1,330
459
980
333
31,210
3,060
6,578
6,431
400
16,469
187
1,315
695
3,022
169
774
568
26
267
5,315
1,241
522
14,101
61,780

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

6. Expenditure on charitable activities (continued)

b) Analysis of governance costs

Independent examiner's fee
Professional fees
Net income for the year is stated after charging/ (crediting):
Independent examiner's fee
Church staff costs and trustee remuneration and expenses
Staff costs during the year were as follows:
Salaries
Social security costs
Pension costs
Other costs		 Restricted
funds
£
-
-
-		 General
fund
£
300
59
359		 15.5 mths
2021
£
300
59
359
15.5 mths
2021
£
300
15.5 mths
2021
£
17,645
-
3,032
6,124
26,801

7. Church staff costs and trustee remuneration and expenses

No employee received employee benefits in excess of £60,000 p.a. during the period.

The Minister and Trainee Minister are Trustees. They each received remuneration of £8,805 and £6,887 respectively, and other benefits in respect of their services, including the provision of manse accommodation rented by the Church from each of them.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

7. Church staff costs and trustee remuneration and expenses (continued)

No Trustee received any remuneration from the Church for their services as a trustee during the period neither were they reimbursed any Trustee expenses during the period.

Total aggregate remuneration paid to key management personnel during the period was £19,292.

The average monthly number of employees during the period was as follows:

----- Start of picture text -----
||| |---|---| |2021| |No.| |Part-time staff|4|

----- End of picture text -----

In addition to its employees, the Church gratefully received voluntary help from members of Broadmead Baptist Church.

8. Tangible fixed assets

----- Start of picture text -----
||||| |---|---|---|---| |Audio Visual|Kitchen| |& Computer|Fittings &| |equipment|equipment|Total| |£|£|£| |Cost| |Transferred to the CIO on 31 August 2021|40,715|-|40,715| |Additions|1,208|6,723|7,931| |Disposals|0| |At 31 December 2021|41,923|6,723|48,646| |Depreciation| |Transferred to the CIO on 31 August 2021|9,215|-|9,215| |Charge in the year|2,734|288|3,022| |At 31 December 2021|11,949|288|12,237| |Net book value| |At 31 December 2021|29,974|6,435|36,409|

----- End of picture text -----

All of the fixed assets are used for direct charitable purposes.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

9. Fixed Asset Investments

Market value
Additions
Revaluation gain / (loss)
At 31 December		 2021
£
16,002
(25)
15,977

The Church's fixed asset investments comprise listed investment funds that are managed by Ruffer Investment Company Limited.

10. Debtors

Other debtors
Gift Aid receivable
Amount receivable from West of England Baptist Trust Company Ltd		 2021
£
450
10,113
544,628
555,191

11. Current Asset Investments

The market valuation of the investments held by the Church relating to the Redcross Street Burial Ground Fund For Broadmead Baptist Chapel was as follows:

Market value
Transferred to the CIO on 31 August 2021
Disposals
Revaluation gain / (loss)
At 31 December		 2021
£
30,343
(16,002)
281
14,622

The Church's current asset investments are income units held in a COIF Investment Fund that is managed by CCLA Investment Management Limited.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

12. Creditors: Amounts falling due within one year

Accruals
Analysis of movements in restricted funds
15.5 month period ended 31 December 2021:
Transferred
to the CIO
£
2,211
40
188
4,143
6,582
Missionary Care Fund
Pastoral Care Fund
Christian Aid
Restricted funds
Broadmead Mission Fund		 Incoming
resources
£
7,588
-
-
825
8,413		 Resources
expended
£
(9,429)
(40)
-
(980)
(10,449)		 Transfers
in / (out)
£
-
-
-
-
-		 2021
£
600
600
Carried
forward
£
370
-
188
3,988
4,546

13. Analysis of movements in restricted funds

Description of restricted funds

Broadmead Mission Fund

Christian Aid

Missionary Care Fund

Pastoral Care Fund

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

14. Analysis of movements in unrestricted funds

15.5 month period ended 31 December 2021:

Transferred
Incoming
to the CIO
resources
£
£
Designated funds
543,354
-
General fund
149,933
45,887
693,287
45,887
Designated funds comprise the following:
Transferred
to the CIO
£
543,354
543,354
Designated funds
Manse Property Fund
Unrestricted funds		 Resources
expended
£
-
(51,690)
(51,690)
Incoming
resources
£
-
-		 Transfers
in / (out)
£
-
-
-
Resources
expended
£
-
-		 Gains /
(losses)
£
-
(18,145)
(18,145)
Transfers
in / (out)
£
-
-		 Carried
forward
£
543,354
125,985
669,339
Carried
forward
£
543,354
543,354

Description of designated funds

Manse Property Fund

15. Analysis of net assets between funds

As at 31 December 2021:

Fixed Assets
Investments
Debtors
Current asset investments
Cash at bank and in hand
Creditors due within one year
Defined benefit pension scheme liability		 Restricted Unrestricted 31 December
funds
funds
2021
£
£
£
-
36,409
36,409
-
15,977
15,977
-
555,191
555,191
-
14,622
14,622
4,546
66,140
70,686
-
(600)
(600)
-
(18,400)
(18,400)
4,546
669,339
673,885

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

16. Pensions

Baptist Pension Scheme

The Church is a participating employer in the Baptist Pension Scheme ("the BPS"), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the BPS are held separately from those of the Employer and the other participating employers.

The BPS, previously known as the Baptist Ministers' Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income.

From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the BPS. In general, members pay 8% of their Pensionable Income and employers pay 6% of members' Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for BPS members if they are unable to wok due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.

The BPS is considered to be a multi-employer scheme as described in Section 28 of FRS102. Because it is not possible to attribute the BPS's assets and liabilities to specific employers, the scheme is accounted for as if the BPS were a defined contribution scheme.

The Minister and some members of church staff are eligible to join the BPS.

Actuarial valuation as at 31 December 2019

A formal 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 £298m, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The Church and other participating employers in the DB Plan are collectively responsible for funding this deficit.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

16. Pensions (continued)

The key financial assumptions underlying the valuation were as follows:

Type of assumption % p.a.
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum Pensionable Income Increase Adjustment (above CPI) 0.50
Pre-retirement assumed investment returns (gilt yield plus 1.75% pa) 2.95
Pre-retirement assumed investment returns (including benefits matched by the
insurance policy) (gilt yield plus 0.5% pa) 1.70
Minimum Pensionable Income increases (CPI plus 0.5%) 3.20
Deferred pension increases (based on RPI)
Pre April 2009 3.20
Post April 2009 2.50
Pension increases
Based on CPI with an annual floor of 0% and an annual cap of 5% 2.70

Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013 in line with the "CMI 2019" projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for females with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%.

The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2022.

Recovery Plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan.

Under the current Recovery Plan signed in September 2020, deficiency contributions are payable until June 2026. These contributions are broadly based on the employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

16. Pensions (continued)

Balance Sheet liability

Section 28.11A of FRS102 requires agreed deficit recovery payments to be recognised as a liability. The provision made in these accounts is set out in the table below:

Balance sheet liability at start of period
Transferred to the CIO
Minus deficiency contributions paid
Interest cost (recognised in the Statement of Financial Activities)
Balance sheet liability at end of period
Remaining change to balance sheet liability* (recognised in the Statement of
Financial Activities)		 2021
£
-
-
(1,307)
(9)
19,716
18,400

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments:

recovery payments:
31 December
2021
Discount rate 2.0%
Future increases to Minimum Pensionable Income 4.1%

The Church has been advised that the cost for the Church to buyout their Pension Scheme liabilities at 31 December 2021 was approximately £26,400.

Defined pension contributions

The Church makes defined pension contributions on behalf of eligible employees. The assets of the scheme are administered by an independent pensions provider. Pension payments, recognised as charitable expenditure within Church staff costs during the period, amounted to £3,032.

17. Related charities

Broadmead Baptist Church is a member of the Baptist Union of Great Britain (Baptist Union) and the West of England Baptist Network (webnet). During the period the Church made payments to West of England Baptist Payroll Company Limited (a subsidiary of webnet) in relation to its Church staff costs as summarised in Note 8 to these accounts. During the period the Church also made donations to the Baptist Union Home Mission fund and to the BMS World Mission fund, which are managed by webnet on behalf of the Baptist Union of Great Britain.

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

BROADMEAD BAPTIST CHURCH

17. Related charities (continued)

The Church occupies premises at 1 Whippington Court, Bristol, which are held by a separate trust, Broadmead Chapel Trust. As recorded in Note 10, the proceeds from the sale of the Church's manse property are currently held by West of England Baptist Trust Company Ltd, a charity which operates as custodian trustees of property and investments owned by individual Baptist churches that are members of the Baptist Union 0f Great Britain (Baptist Union).

18. Transfer of the assets and liabilities of Broadmead Baptist Church to this CIO

On 15 September 2020 Broadmead Baptist Church registered as a Charitable Incorporated Organisation ("CIO"). The assets and liabilities of Broadmead Baptist Church, which historically operated as an excepted charity under sub-section 5 of the Charities Act 1993, were only officially transferred to the CIO on 31 August 2021. These accounts therefore present the financial activity of the CIO for the period from 15 September 2020 to 31 December 2021, which includes the financial activity of the Church for the period from 1 September 2021 to 31 December 2021.

During the 11 months and two weeks period from its registration as a CIO on 15 September 2020 and 31 August 2021, the CIO was entirely dormant. On 31 August 2021 the assets and liabilities of the excepted charity were transferred to the CIO. As at 31 August 2021 the net assets of the excepted charity was £699,869, comprising restricted funds of £6,582 and unrestricted funds of £693,287.

An analysis of the principal Statement of Financial Activity components for the current reporting period are presented below:

15.5 month period ended 31 December 2021:

Total income
Total expenditure
Net income / (expenditure) before
gains / (losses) on investments
Net gain / (loss) on investments
Net income / (expenditure) before transfers
Transfers between funds
Other recognised gains / (losses)
Net movement in funds		 CIO
only
11.5 mths
£
-
-
-
-
-
-
-
-		 Church
+ CIO
4 mths
£
754,169
62,139
692,030
255
692,285
-
(18,400)
673,885		 Total
15.5 mths
£
754,169
62,139
692,030
255
692,285
-
(18,400)
673,885

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

18. Transfer of the assets and liabilities of Broadmead Baptist Church to this CIO (continued)

An analysis of the net assets of Broadmead Baptist Church as at 31 August 2021 that were transferred to the CIO on that date is presented below:

Fixed assets
Tangible fixed assets
Investments
Current assets
Debtors
Current asset investments
Cash at bank and in hand
Creditors
Amounts falling due within one year
Net current assets
Net assets excluding pension liability
Defined benefit pension
scheme liability
Total net assets transferred to the CIO on 31 August 2021
Charity funds
Restricted funds
Unrestricted funds
Total Charity funds transferred to the CIO on 31 August 2021		 £
552,751
30,343
85,575
668,669
(300)		 £
31,500
-
31,500
668,369
699,869
-
699,869
6,582
693,287
699,869

BROADMEAD BAPTIST CHURCH

NOTES TO THE ACCOUNTS For the 15.5 month period ended 31 December 2021

18. Transfer of the assets and liabilities of Broadmead Baptist Church to this CIO (continued)

A memorandum Statement of Financial Activity of Broadmead Baptist Church for the year ended 31 December 2021, compared with the result for the year ended 31 December 2020 is presented below:

Income
Donations and legacies
Investment income
Charitable activities
Other trading activities
Other income
Total income
Expenditure
Expenditure on charitable activities
Total expenditure
Net income / (expenditure) before
gains / (losses) on investments
Net gain / (loss) on investments
Net income / (expenditure) before transfers
Transfers between funds
Other recognised gains / (losses)
Actuarial losses on defined benefit
pension scheme
Net income / (expenditure) and net
movement in funds for the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Restricted Unrestricted
funds
funds
£
£
12,984
132,393
-
1,851
-
12,769
-
545,490
12,984
692,503
14,707
139,133
14,707
139,133
(1,723)
553,370
-
14,597
(1,723)
567,967
(20,605)
(962)
-
(18,400)
(22,328)
548,605
26,874
120,734
4,546
669,339		 Year ended 31 December
2021
2020
£
£
145,377
142,571
1,851
369
12,769
24,926
545,490
3,000
705,487
170,866
153,840
134,142
153,840
134,142
551,647
36,724
14,597
-
566,244
36,724
(21,567)
-
(18,400)
-
526,277
36,724
147,608
110,884
673,885
147,608