Registered Charity no. 1131571
The Parochial Church Council Of The Ecclesiastical Parish Of St Peter's, St Albans
Known as St Peter's, St Albans
Trustees Annual Report and Accounts Year Ended 31st December 2025
St Peter's, St Albans
Year Ended 31st December 2025
Contents Page
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees' Annual Report | 3 |
| Independent Examiners Report | 8 |
| Statement of Financial Activities | 9 |
| Statement of Financial Position | 10 |
| Statement of Cash Flow | 11 |
| Notes to the Financial Statements | 12 |
St Peter's, St Albans
Year Ended 31st December 2025
Legal and Administrative Information
Reference
The Charity is called “The Parochial Church Council Of The Ecclesiastical Parish Of St Peter's, St Albans”. The Parochial Church Council is known as the PCC for short. Other names which are used for the charity are "St Peter's, St Albans". The Church is registered with the Charity Commission for England and Wales and was registered on the 10 September 2009. Before this the church was excepted from registration.
Registered Charity Number 1131571 Registered Office St Peter's Street St. Albans AL1 3HG Website www.stpeterschurch.uk.com Primary Bankers Charities Aid Foundation Bank Ltd 25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4TA The Central Board of Finance of the Church of England Senator House 85 Queen Victoria Street London EC4V 4ET The St. Albans Diocesan Board of Finance Holywell Lodge 41 Holywell Hill St. Albans Hertfordshire AL1 1HE Independent Examiner Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds LS25 1AF
1
St Peter's, St Albans
Year Ended 31st December 2025
Legal and Administrative Information
Trustees and members of the PCC
Members of the PCC are elected or co-opted by the Annual Parochial Church Meeting in accordance with the Church Representation Rules 2020 or are ex-officio. The following people served as members of the PCC for all or part of the year.
Ministry Team
Mark Dearnley – Vicar Chair Richard Butler – Reader Resigned May 2025 Margaret Tinsley – Reader Margaret Blake – Reader Em Coley - Associate Minister Churchwardens Mark Waller Lisa Williams Hayley Harrison Deanery Synod Rep 2023-2026 Anna Davies Steve Sollis Lay Members 2025 -2028 Suzanne Bryant Kalpana Block Graham Jones 2024 -2027 Peter Court Sally Fisher David Harrison 2023 - 2026 Lee Coley Patricia Seabright Alan Herbert Co-opted Rebecca Coady Treasurer Secretary (non-PCC member) Katharine Goddard
2
St Peter’s, St Albans
Year Ended 31[st] December 2025
Trustees’ Annual Report
Charity name: The Parochial Church Council of the Ecclesiastical Parish of St Peter’s, St Albans
Charity registration number: 1131571
Address: St Peter’s Church, St Peter’s Street, St Albans, Hertfordshire, AL1 3HG
Trustees: Margaret Blake, Kalpana Block, Suzanne Bryant, Richard Butler (resigned May 2025), Rebecca Coady, Em Coley, Lee Coley, Peter Court, Anna Davies, Mark Dearnley, David Harrison, Hayley Harrison, Alan Herbert, Sally Fisher, Graham Jones, Patricia Seabright, Steve Sollis, Margaret Tinsley, Mark Waller, Lisa Williams.
Structure, Governance and Management
The trustees of St Peter’s, being the Parochial Church Council (PCC), are made up of members of our ministry team and lay members of the congregation. These lay members serve a three year term as members of the PCC and are elected at the Annual Parochial Church Meeting (APCM). It is possible for members to be re-elected a�er they have served 3 years. If there are more candidates than places available, a vote will take place at the APCM.
There are three church wardens who are elected every year at the Annual Parish Meeting and up to three members of Deanery Synod who are elected every 3 years at the APCM with the next year for reelection being 2026.
Background
2025 was the first full year that the church opened following completion of our building project in May 2024. This project replaced the deficient concrete floor in the nave with a stone floor and replaced the pews with flexible seating. This has allowed us to accommodate a greater range of events both those run by St Peter’s and external hirers.
Objectives and Activities
Ministry and Worship
During 2025, we continued with our pattern of three weekly Sunday services. These are an 8am communion service following the Book of Common Prayer, a 10am Communion service with an All-Age service usually on the first Sunday of the month and Choral Evensong at 6pm. We have continued to live stream our leading morning service, enabling people to watch live from home or at a later date. Four times during the year, we hold a Mattins service to celebrate special events in the church calendar, including Easter and Christmas. Coffee a�er the main morning service is served in the chancel, and people appreciate this opportunity to socialise with refreshments. Morning prayer has continued every weekday morning at 9am on Zoom. In addition to our Sunday services, we hold a midweek communion service on Tuesdays at 11am. This is valued by those who attend and is particularly popular when combined with a course, such as Lent courses. Attendees also enjoy time to socialise over tea/coffee following the service.
3
St Peter’s, St Albans
Year Ended 31[st] December 2025
Trustees’ Annual Report
In July BBC Radio 4 recorded a live broadcast from our morning worship at the start of the International Organ Festival.
Attendance at our Christmas services was higher than the previous year. For the first time in several years, we held a Christingle service and were delighted by the number of people who came to that. Our outside carol singing had to be relocated to church due to rain but that didn’t put people off and there were lots of visitors as well as members of our congregation. We had a range of services and events to offer something suitable for everyone. A new activity was a wreath making workshop which was very successful and we plan to repeat it in 2026. For our main Christmas services, we partnered with Herts Young Homeless to raise funds to support their work to prevent homelessness by supporting young people to make positive informed choices.
An important part of our Sunday offering is Junior Church which runs during our 10am service every Sunday in term time apart from when we have monthly All Age services and during school holidays. We run two weekly groups for babies and toddlers and their carers and have relationships with the three local primary schools in our parish, where we lead assemblies and pupils sometimes visit St Peter’s to learn about aspects relating to the church and Christianity that link to their school curriculum.
Our strong music tradition with excellent choir continues under the leadership of our Director of Music, Nick Robinson. The choir sing at our main morning services and Evensong and our All Age services are accompanied by the All Age band and singers.
During 2025, five couples were married at St Peter’s. We also conducted 24 baptisms and had pastoral contact with a further 17 families through conducting funerals or burials of ashes.
St Peter’s Community
We held several social and community events during the year and were able to utilise the new flexible space in church. These events included a VE Day street party style a�ernoon tea, barn dance, Family Fun Time mornings, Pumpkin Trail, an art installation and taking part in Heritage Open day and local council run events. We also ran several events as fundraising activities including a Quiz and Curry Night and talks in the Octagon.
Our Wednesday lunchtime concerts run every week in term time. These are regularly attended by over 70 people and raise money for Rennie Grove Peace Hospice Care to support the vital work they do. During 2025 we raised over £12,000 for the charity. Tea on Tuesday is a social event aimed at older people which runs monthly and provides the opportunity for people to socialise over refreshments.
A local artist ran a multisensory art exhibition in church for 3 weeks in August titled ‘Letters to Forever’ which featured over 200 letters of grief. The exhibition was attended by over 2,000 people.
Wider church links
We continue our ecumenical partnerships with the 6 city centre churches group – St Peter’s, Marlborough Road Methodist, Dagnall Street Baptist, the Salvation Army, United Reformed Church and SS Alban and Stephen Roman Catholic. We also support several local good causes, both financially and through members of our congregation volunteering, including The Winter Beds Project, Rennie Grove Hospice Care, the Food and Hygiene Banks, Youth Talk and Anna Chaplains. We have civic links with the city and the District Council and our clergy and where appropriate choir take part in services for Remembrance Day and the Mayor’s Carol Service as well as events including the Alban pilgrimage.
4
St Peter’s, St Albans
Year Ended 31[st] December 2025
Trustees’ Annual Report
Volunteers
The church benefits greatly from the voluntary contributions of time and money from church members. Some of the areas where unpaid church members contribute to our objectives are music, flowers, support for services, refreshments, welcoming and many other areas of church life. One of our focus areas for 2025 was increasing the number of volunteers in some key areas of our church life and ministry to be able to better serve our community.
Public Benefit Disclosure
St Peter’s St Albans have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011. The advancement of the Christian faith in the church benefits the public through the holding of worship services, prayer, courses, groups, weddings, baptisms, funerals and public celebration of Christian festivals. Also, supporting other charities and individuals in need, contributing to the spiritual and mental health of those who attend, and contributing to the spiritual development of children.
Financial Review
The principal sources of income and expenditure are set out in the financial statements for the year. Our income remained similar to that of 2024, although the income from donations has decreased. During 2025, our priority was rebuilding our financial reserves following the financial support for the SPRING building project as it had been necessary to spend some of our reserves and investments to fund this work. We are focused on continuing to manage expenditure to reduce costs where possible. Following the completion of the building project and the replacement of the pews with chairs, the space we have in church can be used more flexibly. This has allowed us to increase the range of events that can take place in the church, and we are looking at new opportunities to increase our income from hiring this space.
At the end of December 2025, the Church held the following funds:
| Restricted funds Endowment funds Designated funds Revaluation reserve Unrestricted general funds |
£5,000 £76,141 £671,608 £1,812,867 £890,809 |
|---|---|
£3,156,425 |
Our investments were affected by the market conditions, but we are seeing some recovery, and our income is sufficient to cover our annual expenditure, including our Parish Share contribution. Our approach to expenditure remains cautious in general, and we continue to maintain appropriate levels of reserves.
5
St Peter’s, St Albans
Year Ended 31[st] December 2025
Trustees’ Annual Report
We updated our reserves policy in 2026 to state that we must retain £125,000 in reserves at any time. This is sufficient to operate for 3 months without additional income. At the end of December 2025, the church held £590,809 in unrestricted general funds; these are higher than the target level of reserves, allowing the church flexibility when implementing our Mission Action Plan and allowing the church to maximise future opportunities. These reserves can be used to pay staff salaries; utility bills and other costs associated with operating the church. The reserves policy is reviewed annually by the Finance Committee.
The financial position of the church remains secure. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern
Next Phase for St Peter’s
We have made significant progress in 2025 in terms of the new ways we have used the church building. As we move into 2026, we are looking at further new opportunities to run additional events and existing activities in new ways. We are keen to increase the opportunities to use the space to benefit the community.
We updated our Mission Action Plan (MAP) in 2025 and presented this at our Annual Parochial Church Meeting in May 2025. This is focused on growth and we identified three key areas to help us achieve this which are Growing for the Future, Growing a Culture of Taking Part, and Growing Church and Community Engagement.
I am very thankful for the prayers and work that so many people have invested into shaping the life, ministry and mission of St Peter’s. As we look ahead, this year brings exciting opportunities to develop church life further.
Thank you
Revd Mark Dearnley Vicar of St Peter’s
6
St Peter’s, St Albans
Year Ended 31[st] December 2025
Trustees’ Annual Report
Trustees’ Responsibilities
The 2011 Charities Act require the Board of Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements, the Board is required to: -
-
Select suitable accounting policies and apply them consistently.
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Make judgments and estimates that are reasonable and prudent.
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Prepare financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in existence.
-
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the assets of the trust and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on Behalf of the Trustees
Name of Trustee
………………………………………………………
Rebecca Coady
……………………………………………………...
Date
01/05/2026
…………………………………………....................
7
St Peter's, St Albans
Year Ended 31st December 2025
Independent Examiners Report
I report to the trustees on my examination of the financial statements of St Peter's, St Albans ('the charity') for the year ended 31 December 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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
I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
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.
Nigel Wyatt BSC FCA Independent Examiner 125 Main Street Garforth Leeds LS25 1AF
Date: 01/05/2026
8
St Peter's, St Albans
Year Ended 31st December 2025
Statement of Financial Activities
| 2025 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| Funds | Funds | Funds | Funds | Funds | ||
| Note | £ | £ | £ | £ | £ | |
| Income | ||||||
| Donations and legacies | 86,240 | - | - | 86,240 | 128,261 | |
| Charitable activities | 406,711 | - | - | 406,711 | 387,356 | |
| Activities for generating income | 167,563 | - | - | 167,563 | 126,792 | |
| Investment income | 28,668 | - | - | 28,668 | 24,316 | |
| Other | 242 | - | 242 | 242 | 156 | |
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| Total Income | 2 | 689,424 | - | - | 689,424 | 666,881 |
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| Expenditure | ||||||
| Expenditure on charitable activities | 3 | 491,704 | - | - | 491,704 | 752,822 |
| Cost of Raising Funds | 4 | 2,821 | - | - | 2,821 | 5,264 |
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| Total Expenditure | 494,525 | - | - | 494,525 | 758,086 | |
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| Net Income / (Expenditure) Before Gains/(Loses) |
194,899 | - | - | 194,899 | (91,205) | |
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| Gain/(loss) on investments | 11 | (19,166) | - | (3,170) | (22,336) | 12,982 |
| Gain/(loss) on investment property |
10 | 230,867 | 230,867 | |||
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| Net Income / (Expenditure) After Gains/(Loses) |
406,600 | - | (3,170) | 403,430 | (78,223) | |
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| Net Income and Net Movement in | Funds | |||||
| Total funds brought forward | 14 | 2,668,684 | 5,000 | 79,311 | 2,752,995 | 2,831,218 |
| Transfers | 14 | - | - | - | - | - |
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| Total Funds Carried Forward | 14 | 3,075,284 | 5,000 | 76,141 | 3,156,425 | 2,752,995 |
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All income and expenditure derive from continuing activities.
9
St Peter's, St Albans
Year Ended 31st December 2025
Statement of Financial Position
| Statement of Financial Position | |||
|---|---|---|---|
| 2025 | 2024 | ||
| Note | £ | £ | |
| Fixed Assets | |||
| Tangible fixed assets | 10 | 2,118,858 | 1,904,824 |
| Investments | 11 | 619,322 | 513,906 |
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| 2,738,180 | 2,418,730 | ||
| Current Assets | |||
| Debtors | 12 | 35,444 | 26,101 |
| Cash at bank and in hand | 458,166 | 355,860 | |
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| 493,610 | 381,961 | ||
| Creditors: amounts falling due within one year | 13 | 75,365 | 47,696 |
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| Net Current Assets | 418,245 | 334,265 | |
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| Total Assets Less Current Liabilities | 3,156,425 | 2,752,995 | |
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| Net Assets | 15 | 3,156,425 | 2,752,995 |
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| Funds of the Charity | |||
| Restricted funds | 14 | 5,000 | 5,000 |
| Endowment funds | 14 | 76,141 | 79,311 |
| Unrestricted funds | 14 | ||
| Unrestricted general | 590,809 | 449,113 | |
| Designated funds | 671,608 | 637,571 | |
| Revaluation reserve | 1,812,867 | 1,582,000 | |
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| Total Charity Funds | 3,156,425 | 2,752,995 | |
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Trustees Responsibilities
These financial statements were approved by the board of trustees and authorised for issue:
Name of Trustee:
Rebecca Coady
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Signed on Behalf of the Trustees:
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Date of Approval:
01/05/2026
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10
St Peter's, St Albans
Year Ended 31st December 2025
Statement of Cash Flows
| Statement of Cash Flows | |||
|---|---|---|---|
| Note | 2025 | 2024 | |
| £ | £ | ||
| Cash Flows From Operating Activities | |||
| Net cash provided by (used in) operating activities | 201,390 | (37,640) | |
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| 201,390 | (37,640) | ||
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| Cash Flows From Investing Activities | |||
| Dividends and interest | 28,668 | 24,316 | |
| Transfer of cash to investment | (114,999) | 75,000 | |
| Reinvestment dividends income into investments | (12,753) | (13,095) | |
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| Net cash provided by (used in) investing activities | (99,084) | 86,221 | |
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| Cash Flows From Financing Activities | |||
| Repayments on borrowing | - | - | |
| Cash inflows from new borrowing | - | - | |
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| Net cash provided by (used in) financing activities | - | - | |
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| Change in cash and cash equivalents in the reporting period | 102,306 | 48,581 | |
| Cash and cash equivalents at the beginning of the reporting period | 355,860 | 307,279 | |
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| Cash and Cash Equivalents at the End of the Reporting Period | 458,166 | 355,860 | |
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| Reconciliation of Net Movement in Funds to Net Cash Flow from | Operating | Activities | |
| 2025 | 2024 | ||
| £ | £ | ||
| Net movement in funds for the reporting period (as per the statement of financial activities) |
403,430 | (78,223) | |
| Adjustments for: | |||
| Gain/(loss) on investments | 11 | 22,336 | (12,982) |
| Gain/(loss) on investment property | 10 | (230,867) | - |
| Dividends and interest from investments | (28,668) | (24,316) | |
| Depreciation of tangible fixed assets | 10 | 16,833 | 16,833 |
| (Increase)/Decrease in debtors | 12 | (9,343) | 112,965 |
| Increase/(Decrease) in creditors | 13 | 27,669 | (51,917) |
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| Net cash provided by (used in) operating activities | 201,390 | (37,640) | |
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| Analysis of Cash and Cash Equivalents | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank and in hand | 458,166 | 355,860 | |
| Short term deposits | - | - | |
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| Total cash and cash equivalents | 458,166 | 355,860 | |
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11
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
1 Accounting Policies
Basis of Preparation
The accounts are prepared under the historical cost convention, in accordance with the Church Accounting Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.
The church is a registered charity in England and Wales. The Trustees are the members of the PCC.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Fund Accounting
The general funds of the PCC are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. These include funds designated for particular purposes by the PCC. Some restricted funds are held for specific purposes. The details of the designated and restricted funds can be found in note 14.
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.
• Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
• Incoming resources from charitable trading activities such as the letting of the building are accounted for when invoices are drawn up (as the point of entitlement).
• Donated services and facilities are included at the value to the charity where this can be quantified.
- Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
• Volunteer time, the value of voluntary support for the work of the church, is not included in the accounts but is described in the Trustees annual report.
- Investment Income is included in the accounts when receivable.
12
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
Resources Expended
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Tangible Fixed Assets
Consecrated and beneficed property is excluded from the accounts by Section 10(2) to (4) of the Charities Act 2011. No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal, since the PCC considers this to be an inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings whether maintenance or Improvement, is written off when incurred.
Other land and buildings held on behalf of the PCC for its own operational purposes are valued at a fair but prudent valuation, representing a reasonable estimate of their current value in use. No depreciation is charged on such properties as they are maintained in a good state of repair and expenditure on maintenance or improvement is written off as incurred.
The Church Hall is held as investment property, as it is primarily used to generate rental income for the charity. The property is carried at fair value (market value) and are revalued periodically. The valuation is based on a professional valuation report, with the trustees applying reasonable judgement to key assumptions to ensure the value reflects conditions at the reporting date. Changes in fair value are recognised in the Statement of Financial Activities.
Equipment used within the church premises is depreciated on a straight line basis over four years, the church organ over 40 years, and the grand piano and sculpture over 25 years. Individual items of equipment with a purchase price of less that £2,000 are written off in the period in which the asset is acquired.
Pensions
The charity operates both a defined benefit and defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. For full details see note 18.
13
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
Operating Leases
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
Taxation
The charity is exempt from tax on its charitable activities.
Investments
Investments are valued at market value at the year end.
Current Assets
Short term deposits include cash held on deposit either with the Central Board of Finance or at the bank.
Critical Accounting Estimates and Areas of Judgement
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Basic Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
14
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
| **2 ** | Analysis of Income | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total Funds |
||
| Funds | Funds | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Donations and Legacies | |||||
| Donations | 46,241 | - | - | 46,241 | |
| Rennie Grove Peace Hospice donations | 11,095 | - | - | 11,095 | |
| Other donations | - | - | - | - | |
| Gift aid reclaimed | 12,386 | - | - | 12,386 | |
| Grants | 16,518 | - | - | 16,518 | |
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| 86,240 | - | - | 86,240 | ||
| Charitable Activities | |||||
| Weddings & funerals | 8,760 | - | - | 8,760 | |
| Children & youth work | 2,266 | - | - | 2,266 | |
| Ministry & outreach | 5,685 | - | - | 5,685 | |
| Church Lands Charitable Trust | 390,000 | - | - | 390,000 | |
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| 406,711 | - | - | 406,711 | ||
| Activities for Generating Income | |||||
| Church hall (11 Hatfield Road) lettings | 135,400 | - | - | 135,400 | |
| Church hire | 31,913 | - | - | 31,913 | |
| Reordering fundraising events | 250 | - | - | 250 | |
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| 167,563 | - | - | 167,563 | ||
| Investment Income | |||||
| Dividends and interest | 28,668 | - | - | 28,668 | |
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| 28,668 | - | - | 28,668 | ||
| Other | |||||
| Other Income | 242 | - | - | 242 | |
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| 242 | - | - | 242 | ||
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| Total Income | 689,424────────── |
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689,424────────── |
During the year the Church received £16,518 (2024: £62,431) outlined in the grants line, through The Listed Places of Worship (LPW) grant scheme which covers the VAT costs incurred on repairs to buildings used as places of worship.
15
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
2 Analysis of Income (Continued)
| Analysis of Income(Continued) | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total Funds |
|
| Funds | Funds | Funds | 2024 | |
| £ | £ | £ | £ | |
| Donations and Legacies | ||||
| Donations | 48,812 | - | - | 48,812 |
| Rennie Grove Peace Hospice donations | 7,205 | - | - | 7,205 |
| Other donations | - | - | - | - |
| Gift aid reclaimed | 9,813 | - | - | 9,813 |
| Grants | 62,431 | - | - | 62,431 |
────────── |
────────── |
────────── |
────────── |
|
| 128,261 | - | - | 128,261 | |
| Charitable Activities | ||||
| Weddings & funerals | 5,813 | - | - | 5,813 |
| Children & youth work | 2,121 | - | - | 2,121 |
| Ministry & outreach | 1,422 | - | - | 1,422 |
| Church Lands Charitable Trust | 378,000 | - | - | 378,000 |
────────── |
────────── |
────────── |
────────── |
|
| 387,356 | - | - | 387,356 | |
| Activities for Generating Income | ||||
| Church hall (11 Hatfield Road) lettings | 103,424 | - | - | 103,424 |
| Church hire | 11,078 | - | - | 11,078 |
| Reordering fundraising events | 12,290 | - | - | 12,290 |
────────── |
────────── |
────────── |
────────── |
|
| 126,792 | - | - | 126,792 | |
| Investment Income | ||||
| Dividends and interest | 24,316 | - | - | 24,316 |
────────── |
────────── |
────────── |
────────── |
|
| 24,316 | - | - | 24,316 | |
| Other | ||||
| Other Income | 156 | - | - | 156 |
────────── |
────────── |
────────── |
────────── |
|
| 156 | - | - | 156 | |
────────── |
────────── |
────────── |
────────── |
|
| Total Income | 666,881 | - | - | 666,881 |
────────── |
────────── |
────────── |
────────── |
16
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
3 Expenditure on Charitable Activities by Fund Type
| Unrestricted | Restricted | Endowment | Total Funds |
|
|---|---|---|---|---|
| Funds | Funds | Funds | 2025 | |
| £ | £ | £ | £ | |
| Bellringers | 200 | - | - | 200 |
| Reordering project | 100,661 | - | - | 100,661 |
| Children & youth | 1,038 | - | - | 1,038 |
| Clergy expenses and housing | 1,585 | - | - | 1,585 |
| Depreciation | 16,833 | - | - | 16,833 |
| Fabric | 53,725 | - | - | 53,725 |
| Friends of St Peter's | 60 | - | - | 60 |
| Hall and premises | 41,768 | - | - | 41,768 |
| Independent examination | 3,091 | - | - | 3,091 |
| Insurance | 8,486 | - | - | 8,486 |
| Ministry & outreach costs | 2,124 | - | - | 2,124 |
| Missionary and charitable giving | 16,010 | - | - | 16,010 |
| Music | 24,749 | - | - | 24,749 |
| Office and administration | 13,164 | - | - | 13,164 |
| Parish share | 102,732 | - | - | 102,732 |
| Pastoral and social | 789 | - | - | 789 |
| Staff costs | 96,589 | - | - | 96,589 |
| Staff expenses and training | 1,701 | - | - | 1,701 |
| Weddings & funeral costs | 2,798 | - | - | 2,798 |
| Worship | 3,601 | - | - | 3,601 |
────────── |
────────── |
────────── |
────────── |
|
491,704────────── |
-────────── |
-────────── |
491,704────────── |
17
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
Expenditure on Charitable Activities by Fund Type ( Continued)
| Unrestricted | Restricted | Endowment | Total Funds |
||
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Bellringers | 200 | - | - | 200 | |
| Reordering project | 315,090 | - | - | 315,090 | |
| Children & youth | 991 | - | - | 991 | |
| Clergy expenses and housing | 27,973 | - | - | 27,973 | |
| Depreciation | 16,833 | - | - | 16,833 | |
| Fabric | 37,576 | - | - | 37,576 | |
| Friends of St Peter's | 60 | - | - | 60 | |
| Hall and premises | 66,918 | - | - | 66,918 | |
| Independent examination | 2,870 | - | - | 2,870 | |
| Insurance | 8,451 | - | - | 8,451 | |
| Ministry & outreach costs | 962 | - | - | 962 | |
| Missionary and charitable giving | 9,594 | - | - | 9,594 | |
| Music | 23,688 | - | - | 23,688 | |
| Office and administration | 12,797 | - | - | 12,797 | |
| Parish share | 102,507 | - | - | 102,507 | |
| Pastoral and social | 1,216 | - | - | 1,216 | |
| Staff costs | 119,273 | - | - | 119,273 | |
| Staff expenses and training | 1,646 | - | - | 1,646 | |
| Weddings & funeral costs | 2,221 | - | - | 2,221 | |
| Worship | 1,956 | - | - | 1,956 | |
────────── |
────────── |
────────── |
────────── |
||
| 752,822 | - | - | 752,822 | ||
────────── |
────────── |
────────── |
────────── |
||
| **4 ** | Cost of Raising Funds | ||||
| Unrestricted | Restricted | Endowment | Total Funds |
||
| Funds | Funds | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Fundraising event costs - Grove House | 2,821 | - | - | 2,821 | |
| Fundraising event costs - SPRING reordering | - | - | - | - | |
────────── |
────────── |
────────── |
────────── |
||
| 2,821 | - | - | 2,821 | ||
────────── |
────────── |
────────── |
────────── |
||
| Unrestricted | Restricted | Endowment | Total Funds |
||
| Funds | Funds | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Fundraising event costs - Grove House | 1,761 | - | - | 1,761 | |
| Fundraising event costs - SPRING reordering | 3,503 | - | - | 3,503 | |
────────── |
────────── |
────────── |
────────── |
||
5,264────────── |
-────────── |
-────────── |
5,264────────── |
18
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
5 Parish Share
St Peter's, St Albans is a parish church of the Church of England in the Diocese of St Albans and, by means of Parish Share, helps the funding of ministers, particularly parochial clergy, throughout the Diocese, the work of various Diocesan bodies and work of the Church of England as a whole. The Diocese is a community resourcing a common task, and not a charity trying to raise funds to meet a need. In 2024, the amount paid by the PCC was £102,732 (2024: £102,507).
6 Volunteers
The church benefits greatly from the voluntary contributions of time and money by its formal members and regular attendees. Please refer to the trustees' report for further details about volunteer contributions in the organisation.
7 Independent Examination Fees
Fees payable to the independent examiner for:
| Independent Examination Fees Fees payable to the independent examiner for: |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Preparation and independent examination of the financial statements |
2,970 | 2,870 |
────────── |
────────── |
|
2,970────────── |
2,870────────── |
8 Staff Costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 92,142 | 84,991 |
| Social security costs | - | 1,874 |
| Employer contributions to pension plans | 4,447 | 4,148 |
────────── |
────────── |
|
| Total Employment Costs | 96,589 | 91,013 |
────────── |
────────── |
|
| Associate priest stipend costs | - | 28,260 |
────────── |
────────── |
|
| Total Staff Related Costs | 96,589 | 119,273 |
The associate priest costs are recharged from the diocese. No employer’s National Insurance was
| 2025 | 2024 | |
|---|---|---|
| The average head count of employees during the year: | 4 | 4 |
────────── |
────────── |
|
| 4 | 4 | |
────────── |
────────── |
There were no employees who received employee benefits of more than £60,000 during the year or the prior year.
19
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
Key Management Personnel
The charity’s key management personnel comprise the trustees, and the staff team, but excluding the Vicar. Total remuneration paid to key management personnel was £94,823 (2024: £91,013).
9 Trustee Remuneration, Expenses and Donations
Ten trustees received payments for expense claims during 2025. These expenses are mainly related to ministry costs, training, fundraising events and equipment. The expenses reimbursed to trustees during the year totalled £5,886 (2024: 8 trustees £7,840) .
The aggregate value of donations made by PCC members was £14,269 (2024: £10,444).
10 Tangible Fixed Assets
| Tangible Fixed Assets | ||||
|---|---|---|---|---|
| Church | ||||
| Freehold | Organ, | |||
| Land and | Office | Grand Piano |
||
| Buildings | Equipment | & Sculpture | Total | |
| £ | £ | £ | ||
| Cost or valuation | ||||
| At 1st January 2025 | 1,582,000 | - | 629,361 | 2,211,361 |
| Revaluation | 230,867 | - | - | 230,867 |
| Additions | - | - | - | - |
────────── |
────────── |
────────── |
────────── |
|
| At 31st December 2025 | 1,812,867 | - | 629,361 | 2,442,228 |
────────── |
────────── |
────────── |
────────── |
|
| Depreciation | ||||
| At 1st January 2025 | - | - | 306,537 | 306,537 |
| Depreciation Charge | - | - | 16,833 | 16,833 |
────────── |
────────── |
────────── |
────────── |
|
| At 31st December 2025 | - | - | 323,370 | 323,370 |
────────── |
────────── |
────────── |
────────── |
|
| Net Book Value | ||||
────────── |
────────── |
────────── |
────────── |
|
| At 31st December 2025 | 1,812,867 | - | 305,991 | 2,118,858 |
────────── |
────────── |
────────── |
────────── |
|
| At 31st December 2024 | 1,582,000 | - | 322,824 | 1,904,824 |
The Church Hall is held as market value and was revalued in November 2025 by a firm of Chartered Surveyors. The Church Hall is held as marked value and has been valued based on a professional valuation report prepared by a qualified external valuer. In determining the value to be included in the accounts, the trustees have considered the assumptions within the report and have applied reasonable judgement in respect of certain subjective inputs, including the use of rental income at the valuation date and an appropriate yield reflecting the characteristics of the property. The trustees are satisfied that the resulting valuation represents a fair estimate of the property’s value at the reporting date.
78 St Peter's Street is valued at £675,000 which was revalued in November 2025 by Fifield Glyn Chartered Surveyors.
20
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
The Church Hall at 11 Hatfield Road is held primarily to generate rental income for the charity. This property is held as investment assets to support the charity’s ongoing work and are thus held at market value.
11 Investments
Investments represent securities with the Central Board of Finance at market value at the year end.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Market value as at 1 January | 513,906 | 562,829 | |
| Realised gains and dividends received | 12,753 | 13,095 | |
| Unrealised gains/losses | (22,336) | 12,982 | |
| Disposals / addition | 114,999 | (75,000) | |
────────── |
────────── |
||
| Market value as at 31 December | 619,322 | 513,906 | |
────────── |
────────── |
||
| Holding no | Market value | ||
| CBF shares - Fabric fund | 24,470 | 543,182 | |
| CBF shares - Church/Vicarage repair fund | 3,342 | 74,187 | |
| CBF shares - Chancel fund | 88 | 2,035 |
Investments include the Church are Vicarage Repair Fund and the Chancel Fund which the Charity cannot use the capital. The total value of these is £74,187 (2024: £79,311).
12 Debtors
| Debtors | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Accrued income | 13,076 | 3,023 |
| Prepayments | 8,045 | 7,977 |
| Accounts receivable | 14,323 | 15,101 |
────────── |
────────── |
|
35,444────────── |
26,101────────── |
21
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
13 Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accounts payable | 30,609 | 7,473 |
| Other creditors and accruals | 16,694 | 12,042 |
| Deferred Income | 28,062 | 28,181 |
────────── |
────────── |
|
| 75,365 | 47,696 | |
────────── |
────────── |
|
| Deferred income movement | ||
| 2025 | 2024 | |
| £ | £ | |
| Brought forward | 28,181 | 12,229 |
| Released during the year | (2,635) | (6,779) |
| Recognised during the year | 2,516 | 22,731 |
────────── |
────────── |
|
| Carried forward | 28,062 | 28,181 |
────────── |
────────── |
Deferred income is rental deposits for the church hall and deposits received for future weddings.
22
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
14 Analysis of Charitable Funds
| 1 Jan 2025 | Income | Expenditure | Gains/Loses | Transfers | 31 Dec 2025 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | ||||||
| Unrestricted | ||||||
| General funds | 449,113 | 644,533 | (379,043) | - | (123,794) | 590,809 |
| Property valuation fund (Revaluation reserve) |
1,582,000 | - | - | 230,867 | - | 1,812,867 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| 2,031,113 | 644,533 | (379,043) | 230,867 | (123,794) | 2,403,676 | |
| Designated | ||||||
| Fabric fund (Investment) | 508,777 | 12,753 | - | (19,166) | 40,818 | 543,182 |
| Legacies and donation | - | - | - | - | - | - |
| fund | ||||||
| Music fund (Dyer fund) | - | - | - | - | - | - |
| Other | 7,648 | - | - | - | - | 7,648 |
| Rennie Grove Peace | ||||||
| Hospice | 368 | 14,252 | (14,821) | - | 201 | - |
| Reserve fund | 120,778 | - | - | - | - | 120,778 |
| SPRING reordering project |
- | 17,886 | (100,661) | - | 82,775 | - |
| St Peter's institute | - | - | - | - | - | - |
| building fund | ||||||
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| 637,571 | 44,891 | (115,482) | (19,166) | 123,794 | 671,608 | |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Unrestricted | 2,668,684 | 689,424 | (494,525) | 211,701 | - | 3,075,284 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Endowment Funds | ||||||
| Chancel fund | 2,035 | - | - | (81) | - | 1,954 |
| Church and vicarage repair fund |
77,276 | - | - | (3,089) | - | 74,187 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Endowment | 79,311 | - | - | (3,170) | - | 76,141 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Restricted Funds | ||||||
| Churchyard | 5,000 | - | - | - | - | 5,000 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Restricted | 5,000 | - | - | - | - | 5,000 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Funds | ||||||
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total | 2,752,995────────── |
689,424────────── |
(494,525)────────── |
208,531────────── |
-────────── |
3,156,425────────── |
23
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
Comparative Funds Note
| 1 Jan 2024 | Income | Expenditure | Gains/Loses | Transfers | 31 Dec 2024 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | ||||||
| Unrestricted | ||||||
| General funds | 415,781 | 653,787 | (431,087) | - | (189,368) | 449,113 |
| Property valuation fund (Revaluation reserve) |
1,582,000 | - | - | - | - | 1,582,000 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| 1,997,781 | 653,787 | (431,087) | - | (189,368) | 2,031,113 | |
| Designated | ||||||
| Fabric fund (Investment) | 484,504 | 13,090 | - | 11,183 | - | 508,777 |
| Legacies and donation fund |
126,145 | - | - | - | (126,145) | - |
| Music fund (Dyer fund) | 10,954 | - | - | - | (10,954) | - |
| Other | 7,731 | - | (83) | - | - | 7,648 |
| Rennie Grove Peace | ||||||
| Hospice | - | - | (8,323) | - | 8,691 | 368 |
| Reserve fund | 120,778 | - | - | - | - | 120,778 |
| SPRING reordering project |
- | - | (318,593) | - | 318,593 | - |
| St Peter's institute | ||||||
| building fund | 789 | 4 | - | 24 | (817) | - |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| 750,901 | 13,094 | (326,999) | 11,207 | 189,368 | 637,571 | |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Unrestricted | 2,748,682 | 666,881 | (758,086) | 11,207 | - | 2,668,684 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Endowment Funds | ||||||
| Chancel fund | 1,989 | - | - | 46 | - | 2,035 |
| Church and vicarage | 75,547 | - | - | 1,729 | - | 77,276 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Restricted | 77,536 | - | - | 1,775 | - | 79,311 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Restricted Funds | ||||||
| Churchyard | 5,000 | - | - | - | - | 5,000 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Restricted | 5,000 | - | - | - | - | 5,000 |
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total Funds | ||||||
────────── |
────────── |
────────── |
────────── |
────────── |
────────── |
|
| Total | 2,831,218────────── |
666,881────────── |
(758,086)────────── |
12,982────────── |
-────────── |
2,752,995────────── |
24
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
Fund Transfers 2025
Fabric fund (Investment)
SPRING reordering project
Transfer from the general fund for the fund to mirror the value of the investment held.
Transfer from the general fund to provide resources to the Reordering project.
Fund Transfers 2024
Legacies and donations/ Music fund (Dyer)/ St Peter institue budiling
The purpose for holding these designated funds had past, the remaining funds were transferred back to the General fund.
SPRING reordering project
Transfer from the general fund to provide resources to the Reordering project.
Fund Descriptions
Unrestricted Funds
Property valuation fund (Revaluation reserve)
A fund to hold the revaluation element of the Church's land and buildings net book value.
Designated Funds
Fabric fund (Investment) Legacies and donation fund Music fund (Dyer fund) Other Rennie Grove Peace Hospice Reserve fund SPRING reordering project St Peter's institute building fund
Funds set aside for repairs and maintenance and other Funds received from legacies and donations. Money to be spent on music. Other immaterial funds. Rennie Grove Peace Hospice fundraising. Money set aside in line with the reserves policy. Money designated for reordering. Funds historically set aside for work on the church hall.
Endowment Funds
Chancel fund Church and vicarage repair fund
Money to be spent on Chancel repairs. Money for church and vicarage repairs.
Restricted Funds
Churchyard
Funds given for use on the churchyard.
25
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
15 Analysis of Net Assets Between Funds
| Unrestricted | Restricted | Endowment | Total Funds |
|
|---|---|---|---|---|
| Funds | Funds | Funds | 2025 | |
| £ | £ | £ | £ | |
| Fixed assets | 2,738,180 | - | - | 2,738,180 |
| Current assets | 412,469 | 5,000 | 76,141 | 493,610 |
| Creditors less than 1 year | (75,365) | - | - | (75,365) |
────────── |
────────── |
────────── |
────────── |
|
| 3,075,284 | 5,000 | 76,141 | 3,156,425 | |
────────── |
────────── |
────────── |
────────── |
|
| Unrestricted | Restricted | Endowment | Total Funds |
|
| Funds | Funds | Funds | 2024 | |
| £ | £ | £ | £ | |
| Fixed assets | 2,418,730 | - | - | 2,418,730 |
| Current assets | 297,650 | 5,000 | 79,311 | 381,961 |
| Creditors less than 1 year | (47,696) | - | - | (47,696) |
────────── |
────────── |
────────── |
────────── |
|
| 2,668,684 | 5,000 | 75,547 | 2,752,995 | |
────────── |
────────── |
────────── |
────────── |
16 Related Party Transactions
The PCC has a connected charity known as The Church Lands Charity (Charity No: 211409). The PCC appoints three of its trustees. The incumbent of St. Peters is an ex-officio trustee. This Charity may be contacted at the offices of the clerk at Collinson Hall, 9-11 Victoria Street, St. Albans, Hertfordshire, AL1 3UB. It holds freehold properties forming a permanent endowment and the income is to applied towards the work of St. Peter's PCC, St. Lukes PCC and St. Paul's PCC. During the period it applied income to St. Peter's PCC in the sum of £390,000 (2024: £378,000).
The PCC has another connected charity known as the United Almshouse Charities (Charity number 221416). The incumbent of St Peters is an ex-officio trustee and the charity is also connected through mutual trustees Richard Butler and Mark Waller. During the year the PCC incurred staff salary costs which were then recharged to the United Almshouse Charities. The total staff salary cost incurred were £4,057 (2024: £3,929).
26
St Peter's, St Albans
Year Ended 31st December 2025
Notes to the Financial Statements
17 Pension Scheme
St Peter's, St Albans participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.
CWPF has two sections:
-
the Defined Benefits Scheme
-
the Pension Builder Scheme, which has two subsections;
-
a. a deferred annuity section known as Pension Builder Classic, and, b. a cash balance section known as Pension Builder 2014.
Pension Builder Scheme
Both sections of the Pension Builder Scheme are classed as defined benefit schemes.
Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.
There is no sub-division of assets between employers in each section of the Pension Builder Scheme.
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 Pension Builder 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 the contributions payable (2025: £4,447, 2024: £4,148).
A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.
For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.
The next valuation is due as at 31 December 2025.
For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.
27