Oban Baptist Church Unaudited Financial Statements for the year ended 31 December 2021 Charity No: SC021242 Simiiiers & Co OBAN
Oban Baptlst Church Financial Statements Year ended 31 December 2021 Page Trustees, annual report Independent examiner's report to the trustres Statrment of financial activities Statement of financial position Statement of cash flows Notes to the financial statements The following pages do not fomi part of the financlal statements Detailed statement of financial activities 21 Notes to the detailed statement of financial activities 22
Oban Baptist Church Trurtees. Annual Report (continued) Year ended 31 December 2021 The trustees present their report and the unauditrd financial statements of the charity for the year ended 31 December 2021. Reference and administrative details Registered charity name Oban Baptist Church Charity registration number SC021242 Principal office The trustees The Deacons Independent examiner immers & Co Chartered Accountants and Reg'strred Auditor5 Albany Chamber5 Albany Street Oban Argyll PA34 4AL Structure? governance and management Legal and Administrative Statu5 Oban Baptist Church is esfablished by constitution. The church is a Scottish Charity (No SC021242) and is recognised by the HM Revenue & Customs under reference number CR45549. The church is congregational in policy. The trustees oversee the running of the Church with its day to day delegated to the Deacons. The Deacons are named on page l. Recruitment and Appointment of Trustees The Trustees are appointed from within the congregation and members of the congregation are tnvited £0 nominate indlviduals. who are believed to have the skills to be a Truse. Trustees a then appointed at the AGM and Serve for a period of a year after which they must seek re-election at the AGM.
Oban Baptist Church Trustees. Annual Report (coJJtinued) Year ended 31 December 2021 Risk Management The TrusteeslDeacons assess the major risks to which the charity is exposed on an ongoing basis and have established procedures to mitigate those that are identified as a result of these reviews. Related Parry Transactions There are related party transattions. these are disclo*d in Note 12. Objertives and artivities The aims of che church are, as Orded in its constitution, the advancement of the Christian faith primarily in the area of Oban by all means consistent with the Christian Bible. The church is affiliated to the Baptist Union of Scotland. Achievements and performance At 08C, 2021 strrted similar to how 2020 ended. in that we were still under stringent restricEion5 limiting our public gathered engagemenL However. like in 2020, we determined to make the best of the challenging situation. 4Jcilising online spaces to great effect (livestreaming on Zoom) in the knowledge that national leaders and organisations were championing the importance of churches being open in times of significant national tria15. Around a month before the Easter Sunday Service, we were notified that challenges brought before the government against the restricting of Churche5' ability co Serve and supporc people of faith through in-person gatherings had been successful, and we were delIghd to be able to open our doors on Easter Sunday. albeit with around half the capacity seating in place to offer people a sense of reassurance. Many people were extremely keen to return. and we continued to stream our services live online whi15t accommodating around 50 people in the Albany building. Over the year, we once again grew numerically, with lamilies moving to the area and some local people joining us for the first time. That increased the already significant strain we had faced with our premises. having struggled to accommodate everyone pr&CoYid. However, like many churches aeros5 the country, we noticed that some people had become less inclined to attend consistently on a weekly ba515, meaning that we were ultimately always able to accommodate those attending in person whilst liye-streaming to around 20 households each Sunday. As people settled back into a routine, those attendanee numbers continued to rise, but there were Still a few households that opted to remain online or struggled to reintegrate themselves into the lo[ church routine. On the whole though. 2021 was another year ofgrowth for OBC. Following on from that reality. we continued to dialogue with Angus Design Architects, finalising the drawings for the proposed redevelopment. The plans were almost settled by the end of 2021. with slight amendments still needed to ensure that we could offer our immediate neighbours a better view once the project was complete. Discussions began at the end of the year about how best to move forward with planning and community consultation, with a view to making 2022 really count on these fronts. In the meantime. discussions continued about how best to address the capaciry issues at Albany Stree( with only two realistic options open to us. One was to move to two services on a Sunday morning, or shift towards a larger tempornry venue. Perspettives we shared on the benefits and risks of both.. with a shift to two Services placing even more pressure on already srretched existing ministries. compared to the challenge of setting up and maintaining church in a neutral venue. The decision was made to pursue a neutral, larger venue. albeit with limited option5 available in Oban. We reached out to the High School. and were assured that the facilities could be made available once restrittions were lifd, but as of end of 2021, this was Still to be realised.
Oban Baptist Church Trustees. Annval Report (continued) Year ended 31 December 2021 As 500n as was legally p055ible, we reopened Noah's Ark ministry to parents and carers, offerir¢g a safe and welcoming space to them and their children. As has been noted before, the need for such a space is great in Oban, and throughout 2021 we found ourselves 50 over-subscribed that our OBC Noah's Ark worker had to offer places to each household every fortnight rather than every week, so that double the amount of familiesl children could be accommodated. This reach increased to 60 families. with numbers alway5 growing. Around April, our House Groups returned to in-person small gatherings. and it was such an encoLtragement to be able to meet together and share in the realities of life together on a regular basis. Whi15t the first few months had been restricted to Zoom meetings, where Trustee5' Report 2021 only one person could talk at 2 time, we noticed that with the return to houses and living rooms. there was a beautiful bustle of activity and conversation once again. People were able to be real and be vulnerable. be encouragers and be active in faith. all happening at the same ume across the room. Numbers in attendance continued to rise. with around 50 individuals acr055 3 houses, including children of all ages at our all-ages Ganayan group. We started a Youth Club on the first Friday of the month - a space for young people from Primary 6 - Secondary 4 to pther. playing board Me$ together and being encouraged in Wdlue and worth as well as inviting them to find their roots in Christ Our service users returned to the Church Hall, able to restart their various programs. Not only was this a blessing to them. but we were also delighied to be able to offer the Space once again and, in some vrdy. be part of something bigger in our community. Mission engagement remained as per the previous year.. our primary and Secondary mission focu5es were unchanged. both local and international, 5UPPOrting them with regular financial amounts and one off fundraisers. We were again delighted to be able to welcome our Baptist Missionary Society couple, and continue to deepen that relationship. Access w35 resumed to Ob2n High School, in the form of the Scripture Union lunchtime group. meeting outside in a canvas d offering all who chose to come a warm welcome and word of encouragement. was also able to contribute to a number of Assemblies via recorded Yideos, sharing faith and offering encouragement to the young people through what has been an incredible difficult time for them. We also worked diligently on the development of a new Church Constitution, with the aim being tr) shift over our charity statLts from an Unincorporated Body to a SCIO. We made significant progress on this. and by end of year we were ready to offer up the final drdft for approval at a subsequent120221 members, meeting. As parc of this discussion, we sought opinion on defining membership. given thac whilst our congretdtion had increased our membership roll had dropped. Clearly, this nation-wide pattern needed addressing in Oban, and 50 the Church Membership was invited to consider how best we might re-think membership so that we could be as inclusive as possible whilst remaining faithful to both the Scriptures and the Baptist Union Declarntions of Principle. Even though financial contributions had decreased through 2021. we remained confident that this will gradually resolve as people return to their routines and we welcome our visitors in person once a1n throughout 2022. Financial review The offerings have remained strong due to the increase in numbers atcending on a regular basis. The number ol people now donating by Gift Aid has also increased bringing an increase in Tax Credit. The accounts for the year are attached and form part of this repo Principal source of funding
Oban Baptist Church Trustees. Annual Report (contlnued) Year ended 31 December 2021 The church receives its funding from church members by Vfdy of weekly offerings and Gift Aid donations. Results for the year The financial statements for the year are set out on pages 6 to 12. Total income in the year was £65,88812020 - £60,178), of which £64,771 {2020 £57.850) vrdS unrestritted and £ 1117 (2020 £2.3281 was restricted. Total expenditure was £64.76912020- £55,219) all unrestrlcd. Total reserves at the year end were £547,615 {2020 - £546.4931. unrestricted. Reserves It 15 the policy of the church to maintain free reserves i.e. funds not committed or invesod in fixed assets at a level which equates to approximately three months unrestricted expenditure. Thi5 allows sufficient to enable the ortrgoing work of the church to be maintained. The General Fund amounrs to £105.240 (2020 £101,196) and is above the required level. Total reserves. including the net book value of fixed assets and balances on free reserves amounted to £547.612, £546,495 unrestritted and £ 1117 restricted. (2020 £546,495) all unrestricted. Plans for future periods In many regards, we are looking to press on ir) the direction that God has led Lts thus far with increasing engagement across the existing church family and increasing reach ouc intr) our community, offering a voice of hope in a time of perceived hopelessness. We incend to press on with our building redevelopmen¢ and we hope that 2022 will be the year that drawings are finalised and taken to Oban Council's Planning Department for approval. Our interim challenges regarding space will hopefully be resolved through 2022, whether that be temporarily relocating our Sunday services or reimagining our current service structures. We've seen numerical growth year on year, and we anticipate that this will continue as we seek to do all things well. Our vision for 2022 will be centred around the transformative power of the gospel (good news of Jesus Christ} and the maturing of the existing church in faith, and we trust that as we grow in our ability to do this well, we will see great fruit from them both. The trustees, annual report was approved on 20June 2022 and signed on behalf ofthe board of trustees by.. rustee Trustee
Oban Baptist Church Independent Examiner's Report to the Trustees of Oban Baptist Church Year ended 31 December 2021 I report to the trustres on my examination of the financial statements of Oban Baptist Church ('the charity,) for the year ended 31 December 2021. Responsibilities and basis of report As the trustees of the chariry you are responsible for the preparation of the financial St3Ments in accordance with the requirements of the Charities and Trustee Investment (kotland} Att 2005 (the .2005 Att.) and the Charities Accounts (Scotland) Regulation$ 2006 (as amended). You are satisfied that your charity is not required by charity law to be audited and have chosen instrad to have an independent examination. I report in respett of my examination of the charity'5 financial ststements as carried out under settion 44(1)(c) of the 2005 Acc. In carrying out my examination I have followed the requirements of Regulation I l of the Charities Accounts (Scodand) Regulations 2006 (as amended). Independent examiner's statement Since the charity has prepared its accounts on an accruals basis your examiner must be a member of a body listed in Regulation 1112) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that l am qualified to undertake the examination because l am a registered member of ICAS which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respecL accounting records were not kepc as required by section 44(1)(a) of the 2005 Att and Regulation 4 of the Charities Accounts {Scotland) Regulatyons 2006 (as amended). or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 las amended). I haye 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 Simmers & Co Chartered Accountants and Resired Auditor$ Independent Examiner Albany Chambers Albany Street Oban Argyll PA34 4AL
Oban Baptist Church Statement of Financial Activities Year ended 31 December 2021 2021 Unrestricted Restritted funds funds Total funds Total funds 2020 Note Income and endowments Donations and legacies Other trading attivitie5 59,061 5.710 60.178 5,710 56,853 3,325 Total income 64,771 65,888 60.178 Expenditure Expenditure on raising funds: Costs of raising donations and legacies Expenditure on charitable activities 63,932 837 63,932 837 54,342 876 Total expenditure 64.769 64,769 55,218 Net income 4.960 Transfer before movements {1,114 Net movement in funds Reconciliation of funds Total funds brought forward 546.493 546,493 541.533 Total funds carried forward 547,612 547,612 546,492 The statrment of financial attivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 9 to 19 form part of these financial statements.
Oban Baptist Church Statement of Financial P05jtion 31 December 2021 2021 2020 Note Fixed assets Tangible fixed assets 13 455,215 455.637 Current assets Debtor5 Cash ai bank and in hand 14 3,940 103,835 4,091 107,182 107,775 111.273 Creditors: amounts falling due within one year 6.578 6,917 Net current assets 101,197 104,356 Total assets less current liabilities 556,412 559,993 Provisions Pensions and similar obligations 16 8,800 13,500 Net assets 547,612 546.493 Funds of the charity Unrestricted funds 547.612 546.492 Total charity funds S47,612 546.492 These financial statements were approved by the board of tru5tee5 2nd authorised for Tssue on 20 June rustee Trustee The notes on page$ 9 to 19 form part of these financial staten)ents.
Oban Baptist Church Statement of Cash Flows Year ended 31 December 2021 2021 2020 Cash flows from operating artivitie5 Net income 4,960 Adjustments fvr." Depreciation of tangible fixed assets Accrued {income)lexpenses 422 (311) 422 2,537 Changes in.- Trade and other debtors Trade and other creditors Provisions and employee benefits 357 280 1,100 (28) (4,700) Cash generated Irom operation5 {3,347) 9.656 Net cash (used in}lfrom operating attivities (3.347) 9.656 Nee (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year (3.347) 107.182 9,656 97,526 Cash and cash equivalents at end of year 103,835 107.182 The notes on pages 9 to 19 form part of these financial statements.
Oban Baptist Church Notes to the Financial Statements Year ended 31 December 2021 General information The charity is a public benefit entlty and a registered charity in Scotland and is unincorporated. The address of the principal office is Aibany Street. Oban, PA34 4LG. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the st2ment of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP IFRS 102)) and the Charities and Trustee Investment (Scotland) Att 21)05 and the Charity Accounts (Scotland) Regulation5 2006 (as amended). Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial s¢atsments are prepared in sorlin& which is the funttional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty Due to the nature of the charity'5 attivities, there are no areas requiring exercise of major judgement. Day to day operation of the church is undertaken by the trustees supported by the deacons. Fund accountFng Unrestricted funds are available for use at the discretion of the trustee5 to further any of the charity's purposes. Designated funds are unrestricted fund5 earmarked by the trustees for particular future projett or commitment. Re5tritted fvnds are subjetted to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of sub-cla5ses'. restritted income funds or endowment fund5.
Oban Baptist Church Notes to the Financial Statements (contlnued) Year ended 31 December 2021 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it Is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific F¥)licies are applied to parricular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is imprattical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income Irom contracts for the supply of services is recognised with the delivery of the contr2Cted service. This is classified as unrestritted fund5 unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspenL in which case it may be regarded as restricted. Resources expended Expenditure 15 recogni5ed on an accruals basi5 as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the ststement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising activities, events. non- charitable trading activities. and the sale of donated goods. expenditure on charirable activities includes all costs ineurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiarie5, including those support Costs and costs relating to the governance of the charity apportFoned to charitable activiti. other expenditure includes all expenditure that is neither related to raising funds for rhe charity nor part of its expenditure on charitable attivities. All costs are allocated to expenditure categories refiecting the use of the resource. Dirett costs attributable to a single attivity are allorated directly to that activity. Shared costs are apporrioned between the attivities they contribute to on a reasonable, justifiable and consistent basis. 10
Oban Baptist Church Notes to the Financial Statements (contlnued) Year ended 31 December 2021 Accounting policies (continued) Tangible assets Tangible assets are inrtially recorded at COSL and subsequently stad at cost less any accumulated depreciation and impairment105ses. Any tangible assets carried at revalued amounts are recorded at the fair Yalue at the datr of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment1055es. An increase in the carrying amount of an asset as a result of a reydluation, is recognised in other recogni5ed gains and losses, unless it reverses a charge for impairment that has previously been recogni5ed as expenditure within the statement of financial attivities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised tdins and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial attivities. Depreciation Depreciation is calculatrd so as to write off the cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows.. Land and Buildings Fixrures and Fittings 20% straight line Impaimient of fixed asset5 A review for indicators of impairment 15 carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying Value exceeds the recoverable amouno the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asse( an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition datr. allocated to each of the cash-genernting units that are expected to benefit from the synergies of the combination, irrespecuve of whether other assets or IFabilities of the charity are assigned to those uriits. Provisions Provisions are rec¢)gnised when the entity has an obligation at the reporting date as a result of a past event. it Is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised 2S 2 Ilability tn the ststement of financial positlon and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted
Oban Baptist Church Notes to the Financial Statements (continued) Year ended 31 December 2021 Accounting policies (continued) co reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recogni5ed in income or expenditure unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the stament of financial attivities in the period it arises. and is allocated to the appropriate expenditure heading. Financial instruments A financial asset or a financial liability is recognised onty when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are Subsequently measured at the cash or other consideration expetted to be paid or received and not discounted. Debt instruments are subsequently measured at amortised COSL Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value with Changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including deriwdtives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business trrms or financed ar a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discountrd at a market ra of interest for a similar debt instrumenL Other financial insrruments are subsequently measured at fair value. with any changes recognised in the statement of financial ac¢ivitie5, Wlth the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment10s5 15 recognised under the appropriate heading in the statemeni of financial activities in which the initial gain S recognised. For all equiry instruments regardles5 of significance, and other financial assets that are individually significan( these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of Similar credit risk charatteri5tics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the Impairment not previously been recognised.
Oban Baptist Church Notes to the Financial Statements (continued) Year ended 31 December 2021 Donations and legacies Unrestricced Funds Restritted Total Funds Funds 2021 Donations Offerings - General Offerings - Gift Aid Offerings - Income tax claims on Gift Aid Other donations Tear Fund 13,711 35,025 9,066 1,697 679 35.025 9.066 580 679 59,061 60,178 Unrestritted Fund5 Restricted Total Funds Funds 2020 Donations Offerings General Offerings - Gift Aid Offerings - Income tsx claims on Gift Aid Other donations Tear Fund 34.130 8.445 483 306 34,130 8,896 2,360 306 451 1,877 54.525 2,328 56,853 Other trading activities Unrestricted Total Unrestricted Toral Funds Funds Funds 2021 Funds 2020 Donations for use of halll church Income from Noah'5 Ark HMRC Covid and others 1,190 3.595 925 1,190 3,595 925 1,036 630 1.659 1.036 630 1.659 5,710 5,710 3,325 3,325 Costs of rnising donations and legacies Unrettricted Total Unrestritted Total Funds Funds Funds 2021 Funds 2020 Donations to third parties Church operating costs Nursery operating costs 7.593 51.937 4.402 7,593 51,937 4,402 6,794 46,008 1,540 6,794 46,008 1,540 63.932 63.932 54,342 S4.342 13
Oban Baptist Church Notes to the Financial Ststements (wntinued) Year ended 31 December 2021 Expenditure on charitable activities by fund type Unrestricted Total Unrestricted Total Funds Fund5 Funds 2021 Funds 2020 Support Costs 837 838 877 876 Expenditure on charitable activitie5 by artivity type Support Total funds costs 2021 Total fund 2020 Governance costs 838 838 876 Net income Net income is stated after chargingl(crediting)'. 2021 2020 Depreciation of tangible fixed assets 422 422 l O. Independent examination fee5 2021 2020 Fees payable to the independent examiner for. Independent examination of the financial statements Other assurance services 460 372 460 372 832 832 I l. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2021 2020 Wages and salaries Other employee benefits 21,992 2,075 15,771 6,254 24.067 22,025 The average head count of employees during the year wa5 2 {2020- Nil). No employee received employee benefits of more than £60.0(Ki during the year (2020: Nil).
Oban Baptist Church Notes to the Financial Statements (continued) Year ended 31 December 2021 12. Trustee remuneration and expenses During the yea Charity Wds paid- who is an employee of the Chariry and a Trustee of the Stipend £19.904 (2020 - £14,292) Car allowance l Mileage £3212020 -£140) Pension £3.076 (2020 - £2.430) As is customary. the charity also paid the following living expenses.. Rent £7,200 {2020 - £7.200} Council Tax £2,884 {2020 - £2.860) Heat & Light £794 (2020 - £396) Telephone £405 {2020 - £383) No remuneration or other benefits from employment with the chariry or a related entiw were received by any other trustees. 13. Tangible frxed assets Land and Fixture5 and buildings fittings Total Cost At l January 2021 and 31 December 2021 455,214 12,524 467,738 Depreciation At l January 2021 Charge for the year 12,101 422 12,101 422 At 31 December 2021 12.523 12,523 Carrying amount At 31 December 2021 455,214 455,215 At 31 December 2020 455,214 423 455.637 14. Debtors 2021 2020 Prepayment5 and accrued income Other debtors 1,792 2.148 1,894 2,197 3.940 4,091
Oban Baptist Church Notes to the Financial Statements (continued) Year ended 31 December 2021 15. Creditors: amounts falling due within one year 2021 2020 Accruals and deferred income Social securiry and other taxes 5,838 741 6,148 769 6,579 6,917 16. Provisions Pensions and similar obligations At l January 2021 Unused amounts reversed 13,500 (4,700) At 31 December 2021 8,800 The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme {'the Scheme,), which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entlty and the assets of the Scheme are held separately from those of the Employer and the other participating employers. For any month, each participacing employer in the Scheme pays contributions as set out in rhe Schedule of Contributions in force at that time. The Scheme is considered to be a multi-employer scheme as described in Settion 28 of FRS 102. This is because ic 15 not possible to attribute the Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were 2 defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impatt of deficiency contributions (see below). The minister is eligible to join the Scheme. From January 2012. pensior) provision is being made through the Defined Contribution (DCI Plan within the Scheme. 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 Legal and General Life Assurance Society Limitrd. 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 Scheme members in the event that they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. Benefits in respect of service prior to l January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit pensÉon 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. The Scheme. previously known as the Baptist Ministsr5' Pension Fund, started in 1925. but VAS closed to future accrual of defined benefits on 31 December 2011. 16
Oban Baptist Church Notes to the Financial Statsments (continued) Year ended 31 December 2021 Actuarial valuation as at 31 December 2019 A formal valuation of the Defined Benefit (BP) Plan was performed at 31 December 2019 by a professionally qualrfied Actuary using the Projected Unit Method. The market value of the DB ptan assets at the valuation date was £298 million. Type of financial assumption Yè pa RPI price inflation assumption 3.20 CPI price inflation assumption 2.70 Minimum Pensionable Income increased (CPI plus 1.0% pa} 3.20 Assumed investment returns Pre-retirernent 2.95 Post-retirement 1.70 Deferred pension increased Pre April 2009 3.20 Post April 2009 2.50 Pension increases April 2006 2.70 The next actuarial Valuation of the DB Plan within the Scheme was due to take place not latrr than as at 31 December 2022. Recovery Plars 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 the Council agree to a rate of deficiency contribution5 from churches and other employers involved in the DB Plan. Under the current Recovery Plan dated 2 April 2015. deficiency contributions are payable until 30 June 2035. These contribution5 are broadly based on the employer's membership at 31 December 2014 and increase annually in line with increased to Minimum Pensionable income as defined in the Rules. Movement in Balance Sheet Liability Settion 28.1 IA of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below. Accountyng date Cfear Ending}: December 2021 December 2020 Balance sheet liability at year start Minus deficiency contributions paid Interest cost (recognised in SOFA) Remaining change to balance sheet liability (recognised in SOFA) 13.500 (3,695) 160 (1,165) 12,400 (2,724} 563 3,261 Balance sheet liability at year end 8,800 13.500 comprises any change in agreed deficit recovery plan and change in assumptyons be¢ween year- ends.
Oban Baptist Church Notes to the Financial Statements (contlnued) Year ended 31 December 2021 This liabiliry represents the present value of the deficit contributions agreed a5 at the accounting da and has been valued using the following assumptions by reference to the durarion of the deficit recovery payments.. 31 December 2021 December December 2019 2020 Discount rate Future increased to Minimum Pensionable Income 2.0% 4.11% 0.4% 3.0% 1.7% 3.2% 17. Analysis of charitable funds Unreserirted funds At l January 2021 At31 December 2021 Income Expenditure Transfers General Fund 546.493 64,771 (64,769) 546,495 At l January 2020 Ac31 December Income Expenditure Transfers 2020 General Fund 540.978 57.850 {55.219) 2.883 546.492 Restrirted funds Balance at l Jan2021 Incoming resour$ Outgoing resources Transfers Balance at 31 Dec2021 Building fund Balance at l Jan 2020 Incoming resourtes Outgoing resources Transfers Balance at 31 Dec 2020 Lord's Larder Building fund 555 2.328 {555) (2.328) 555 2.328 (2,883) Lord's Larder Donations are received by the church and are used to supporc group5 that assist needy families with basic food provisions. Burlding fund Funds are being collerted and applied to redevelop the main chlrrch premises to make fit for purpose. 18
Oban Baptist Church Notes to the Financial Statements (continued) Year ended 31 December 2021 18. Analysis of net assets between funds Unre5tritted Restricced Funds Total Funds Funds 2021 Tangible fixed assets Current assets Credrtors less than l year Creditors greater than l year Defined benefit pension 455,215 107,775 (6,578) 455,215 107,775 (6,578) 18.800) Net assets (8,800) 547,612 547,612 Unrestricted Funds Restricted Total Funds Funds 2020 Tangible fixed assets Current assets Creditors les5 than l year Creditors greater than l year Provisions Defined benefit pension 455,637 11,273 16,914 (13,S¢YJ) 455.637 111,273 (6,917) 113,500) Net assets 546.493 546.493 19. Financial instruments The carrying amount for each category of financial instrument is as follows- 2021 2020 Financial assets measured at fair value through income and expenditure Financial assets measured at fair value through income and expenditure 107,775 111,273 Financial liabilities measured at fair value through income and expenditure Financial liabilities measured at lair value through income and expenditure (14,578) (20,417) 20. Analysis of changes in net debt At l Jan 2021 Cash flows At31 Dec 2021 Cash at bank and in hand 107.182 (3.347) 103,835 21. Controlling party The Chariry is controlled by its Trustees. 19