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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2018 | 2017 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 |
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Current assets | |||||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 6 | ( |
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Net current assets |
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Total assets less current liabilities |
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Pension liability | 7 | ( |
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Net assets |
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Capital and reserves | |||||||
Unrestricted funds |
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Restricted funds | 43,960 | 23,740 | |||||
Shareholders' funds |
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Mr J Hylton | |||||||
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 | ||||||||
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Income | ||||||||
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Expenditure | ||||||||
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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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Stocks | ||||||||
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Debtors | ||||||||
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Creditors | ||||||||
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Taxation | ||||||||
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Fund accounting | ||||||||
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 and Royal London. 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 | |||||||
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Senior statutory auditor: |
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Firm: |
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Date of audit report: |
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3 | Employees | 2018 | 2017 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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4 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery etc | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 31 December 2018 | 1,777,668 |
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1,785,179 | |||||
Depreciation | ||||||||
At 1 January 2018 | - |
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6,526 | |||||
Charge for the year | - |
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985 | |||||
At 31 December 2018 | - |
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7,511 | |||||
Net book value | ||||||||
At 31 December 2018 | 1,777,668 | - | 1,777,668 | |||||
At 31 December 2017 | 1,777,668 |
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1,778,653 | |||||
5 | Debtors | 2018 | 2017 | |||||
£ | £ | |||||||
Other debtors |
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6 | Creditors: amounts falling due within one year | 2018 | 2017 | |||||
£ | £ | |||||||
Bank loans and overdrafts | - |
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Other taxes and social security costs |
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Other creditors |
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7 | 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 Unum Limited. [Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.] The further 4% contribution rate is reduced to 3% for Employer contributions made to the Segregated DC Arrangement. | ||||||||
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. Actuarial valuation as at 31 December 2016 A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2016 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £219 million. The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £93 million (equivalent to a past service funding level of 70%). The Church and the other employers supporting the DB Plan are collectively responsible for funding this deficit. |
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The key assumptions underlying the valuation were as follows: Type of financial assumption % pa RPI price inflation assumption 3.50 CPI price inflation assumption 2.75 Minimum Pensionable Income increases (CPI plus 0.75% pa) 3.50 Assumed investment returns - Pre-retirement 3.50 - Post retirement 2.25 Deferred pension increases - Pre April 2009 3.50 - Post April 2009 2.50 Pension increases - Main Scheme pension Pre April 2006 2.70 - Main Scheme pension Post April 2006 2.00 Post-retirement mortality in accordance with 75% of the S2NFA and S2NMA tables, with allowance for future improvements in mortality rates from 2007 in line with the CMI 2016 core projections, with a long term annual rate of improvement of 1.75% for males and 1.5% for females. The next actuarial valuation of the DB Plan within the Scheme is due to take place not later than as at 31 December 2019. Recovery Plan In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan revealed a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. |
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Under the current Recovery Plan dated 16 December 2018, deficiency contributions are payable until 31 December 2028. 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. | ||||||||
Movement in Balance Sheet liability Section 28.11A 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. Accounting date (the year ending): 2018 and 2017 Balance sheet liability at year start £90,774 £94,370 Minus deficiency contributions paid -£4,844 -£4,749 Interest cost (recognised in SoFA) £1,944 £2,208 Remaining change to balance sheet liability* recognised in SoFA -£36,861 £ 1,056 Balance sheet liability as at year end £51,013 £90,774 |
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* Comprises any change in agreed deficit recovery plan and change in assumptions between year-ends. 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: |
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Accounting date 2018 2017 2016 Discounted rate 2... 2.4% 2.2% 2.4% Future increases to Minimum Pensionable Income 3.3% 3.1% 3.3% 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 £8,776 (201 £8,605). Contributions were also made to The Peoples Pension of £1,460 (2017 £721) and Royal London of £1,969 (2017 £1,730) within the financial year. |
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8 | Related party disclosure | |||||||
Hullabaloo and the Lounge are part of The Stopsley Project, in which one of the trustees is also a trustee of Stopsley Baptist Church. | ||||||||
During the year, Stopsley Baptist Church was charged £12,157 (2017 £10,528) by the Lounge for refreshments for Sunday services and other events. In addition, donations of £5,318 (2017 £4,791) were made to The Stopsley Project. | ||||||||
9 | 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 |