Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | |||||||
Current assets | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current assets | |||||||
Net assets | |||||||
Capital and reserves | |||||||
Unrestricted funds - General | |||||||
Unrestricted funds - Designated | 115,766 | 177,600 | |||||
Restricted funds | 50,978 | 57,572 | |||||
Shareholders' funds | |||||||
Mr N Mattocks | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | |||||||||
for the year ended |
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1 | Accounting policies | ||||||||
Basis of preparation | |||||||||
Income | |||||||||
Expenditure | |||||||||
Charitable activities | |||||||||
Charitable expenditure comprises those costs incurred by the charity in the delivery of activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and stautory requirements of the charity and include the audit fees and costs linked to strategic management. | |||||||||
Allocation and apportionment of costs | |||||||||
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. time spent or estimated usage as set out in Notes 5 to 8 of the full financial statements. | |||||||||
Tangible fixed assets | |||||||||
Church premises - main 1,304,000 Old Chapel - GreenHouse 373,774 Land next to GreenHouse 99,894 Total Land & Buildings £1,777,668 The current church premises were built in 1994. The property is shown at historic cost within the financial statements.The Old Chapel Building was built in 1869 and was converted for use as a youth centre in 2002. There is no cost included for the original chapel but the refurbishment is included at cost. The land next to it was purchased in 2002 and is included at cost. The trustees have had the above professionally valued in July 2017, and the open market value of land and buildings exceeds their historic cost for the "current use" of the assets. No depreciation has been charged for buildings due to this valuation. Equipment costing below £5,000 is not capitalised. Items costing over £5,000 purchased since 1 January 2009 are capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected life. Office equipment depreciation is 20% per year. |
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Debtors | |||||||||
Creditors | |||||||||
Taxation | |||||||||
Fund accounting | |||||||||
Designated funds are unrestricted funds available for the general purposes of the organisation, but which have currently been earmarked for a particular purpose.by the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the full financial statements. |
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Pension costs and other post-retirement benefits | |||||||||
The charity also makes payments into the The Peoples Pension. Contributions payable to these are charged to the Statement of Financial Activities in the period to which they relate. |
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2 | Audit information | ||||||||
Senior statutory auditor: | |||||||||
Firm: | |||||||||
Date of audit report: | |||||||||
3 | Employees | 2023 | 2022 | ||||||
Number | Number | ||||||||
Average number of persons employed by the company | |||||||||
4 | Debtors | 2023 | 2022 | ||||||
£ | £ | ||||||||
Other debtors | |||||||||
5 | Creditors: amounts falling due within one year | 2023 | 2022 | ||||||
£ | £ | ||||||||
Other taxes and social security costs | |||||||||
Other creditors | |||||||||
6 | Pension commitments | ||||||||
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 entity and the assets of the Scheme are held separately from those of the Employer and the other participating employers. For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at that time. The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is 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 a 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 impact of deficiency contributions (see below). |
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From January 2012, pension provision is being made through the Defined Contribution (DC) 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 Limited. 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 Aviva Limited. | |||||||||
Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit 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. The Scheme, previously known as the Baptist Ministers' Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. In June 2022 the Baptist Union Pension scheme signed an agreement with the insurance company Just Group (Just) to secure members' pensions under the Defined Benefit Plan. This agreement is referred to as a "Buy-in policy". It follows a similar agreement with Just in 2019 that covered most pensions in payment at that time. The combined agreements mean that Just are now providing financial backing for DB pensions provided through the Scheme DB Plan. The cost of such policies is largely driven by financial markets and these have moved substantially in the Scheme's favour. As a result, this transaction takes the Scheme out of a shortfall position. Although risks remain, the Baptist Union and the Trustee of the Scheme have agreed that deficit contributions from each participating employer in the DB Plan be reduced to £1 per month from August 2022. |
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Movement in Balance Sheet liability Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. There is no current liability to be disclosed, and no further liability is expected. The profit and loss charge for the period represents the employer contributions payable. The total pension cost for the Church paid to the Baptist Pension Scheme is £4,531 (2022 £7,271). Contributions were also made to The Peoples Pension of £5,168 (2022 £4,392). |
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7 | Related party disclosure | ||||||||
There are no related party transactions. | |||||||||
8 | Other information | ||||||||
Stopsley Baptist Church is a Private Company Limited by Guarantee and incorporated in England. Its registered office is: | |||||||||
Stopsley Baptist Church | |||||||||
St Thomas' Road | |||||||||
Luton | |||||||||
Beds | |||||||||
LU2 7XP |