DocuSign Envelope ID: 0977A033-9062-4FF4-8FA4-D9D8CAD45329
PEAK TRINITY CHURCH CIO
(A CHARITABLE INCORPORATED ORGANISATION)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
COMPANY NUMBER: CE023309
REGISTERED CHARITY NUMBER: 1192271
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
Tel: 01509 214163
DocuSign Envelope ID: 0977A033-9062-4FF4-8FA4-D9D8CAD45329
PEAK TRINITY CHURCH CIO
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
| 1 | - | 4 | Report of the Church officers |
|---|---|---|---|
| 5 | Independent Examiners’ Report | ||
| 6 | Statement of Financial Activities | ||
| 7 | Balance Sheet | ||
| 8 | - | 11 | Notes forming part of the financial statements. |
DocuSign Envelope ID: 0977A033-9062-4FF4-8FA4-D9D8CAD45329
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PEAK TRINITY CHURCH CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report together with the Financial Statements of the charity for the period ending 31 December 2023 .
The accounts comply with the Charities Act and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015).
1) Structure, Governance and Management
The charity was registered as a Charitable Incorporated Organisation on 11[th] November 2020.
The management of the charity is the responsibility of the trustees who are elected under the terms of the governing document. New trustees are advised of their obligations under charity and company law.
Trustees are put forward by the membership for consideration. New suggested appointments are voted on at a members’ meeting in all instances.
The trustees determine the day-to-day operations of the charity or appoint appropriate officers to whom this responsibility is delegated.
2) Reference and Administration
Trustees
R R G Scothern Mrs M A Fry T J Archer D Moss
Company Registered Number
CE023309
Charity Registered Number
1192271
Registered Office
Ashlea Wyedale Drive Bakewell DE45 1BB
Independent Examiners
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
DocuSign Envelope ID: 0977A033-9062-4FF4-8FA4-D9D8CAD45329
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PEAK TRINITY CHURCH CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
2) Reference and Administration (continued)
Bankers National Westminster Bank PLC 1 Water Lane Bakewell DE45 1YY
3) Objectives and Activities
The Objectives and Activities of the Trust are as follows:
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(A) The advancement of the Christian faith in accordance with the basis of faith primarily but not exclusively within Bakewell and the surrounding villages, farms and hamlets that make up the Peak District National Park.
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(B) To advance the Christian faith for the benefit of the public in such charitable ways as the Trustees think fit from time to time.
We, as trustees, recognise that it is our legal obligation to ensure that the trust's activities are in line with our objectives and activities and we are satisfied that this is the case for the period in question. The trustees also confirm that they have had regard to the Charity Commission's guidance on public benefit.
4) Achievements and Performance
Key Events
The church continues to see encouraging growth in our third full year of independent operation. Growth in terms of congregation and visitors for our Sunday services and in church membership.
As a result of the growth and generous giving, our financial situation continues to be healthy, enabling us to fund a full time Staff Elder, a part time Staff Elder and a Church Planting Resident.
A highlight of the year was the inception of a new initiative called The Rural Project (www.theruralproject.org). Instigated by Peak Trinity Church, this has developed into a national organisation, encouraging mutual support for rural churches up and down the country - the inaugural conference was held in Bakewell.
The Trustees of Peak Trinity Church have agreed to handle the finances of The Rural Project under its wing, until such time as the organisation becomes an independent charity.
Another highlight of the year was a Summer Holiday Bible Club that we ran for two weeks for local children. Our Pastor Rob Scothern has strong links with our local secondary school Lady Manners, where he regularly takes assemblies and leads the Christian Union for students.
Rob is also the chaplain for the Bakewell Mannerians Rugby club and runs their ‘minis’ section on Saturday mornings – which has grown greatly in numbers under his guidance.
We look forward to the new year in anticipation that the Lord will continue to bless us as we hold out the word of life in the Peak District.
5) Financial Review
The Trust had an income this financial year of £144,616 (£100,114 unrestricted and £44,502 restricted) and a total expenditure of £154,451 leading to a net deficit of £9,835. This means the funds carried forward stand at £105,477.
The Trust considers that this is a strong position making it able to pursue its charitable aims in the future.
Finances are reviewed in detail each month by the church treasurer and the Staff Elders/paid Trustees, quarterly by the whole Trustee board and annually by the members.
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PEAK TRINITY CHURCH CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
6) Reserves Policy
1. General policy
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1.1 The trustees of Peak Trinity Church recognise the importance of a reserves policy to help demonstrate good stewardship and financial management and to manage its reputation.
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1.2 Our policy is to retain sufficient reserves:
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To ensure that the church has sufficient funds to meet its financial commitments.
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To demonstrate that the church is sustainable into the future.
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To ensure that the church is able to manage future unforeseen financial difficulties.
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To ensure that excessive funds are not held without any identifiable reason or for any identifiable purpose.
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1.3 This reserves policy relates only to the church’s unrestricted funds. Restricted funds may be held in addition to be used for the restricted purpose for which they were given.
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1.4 The overall responsibility for this policy and its implementation rests with the trustees of Peak Trinity Church.
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1.5 In constructing this policy, the trustees have paid due consideration to the Charity Commission guidance on charities and reserves.
2. Calculating reserves
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2.1 Financial reserves are considered in two parts:
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General reserves that are deemed necessary to meet future operational requirements and to protect the church against future financial uncertainties including loss of income and unexpected increases in operating costs.
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Reserves set aside to meet future financial commitments for a specific significant project or venture or planned future commitment.
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2.2 General reserves are calculated after assessing the financial risks faced by the church and determining:
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The size of any contingency fund required to meet unforeseen operational costs.
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Any uncertainty that might exist over the continuation of future income flows including donations and other grants.
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An amount that might be required to cover expected deficits in the cash budget.
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An amount that might be needed to meet an unforeseen emergency.
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Therefore, the trustees set the Reserves at 3 months of normal expenditure.
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2.3 Specific reserves are calculated with reference to a planned spending commitment or to fund a specific project or other venture. Generally specific reserves will be treated as designated funds.
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2.4 Reserves will be reassessed regularly and specifically in the following circumstances:
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A significant change in the core operations of the church .
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Information coming to light that casts doubt on the church’s future income flows.
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A significant change to the wider environment in which the church operates, including the overriding economic climate.
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Annually, in the event that no other re-assessment has taken place.
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PEAK TRINITY CHURCH CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
6) Reserves Policy (continued)
3. Using reserves
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3.1 Peak Trinity Church may invest its reserves.
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3.2 In the event that the church has excess reserves, the trustees will consider how these funds might be effectively used in the future.
4. Reporting the reserves policy
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4.1 The trustees will include an explanation of the reserves policy in their annual report setting out:
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A brief statement of the general policy.
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The level of reserves held and a brief explanation of why they are held.
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Where material funds have been designated, the amount and the purpose of the designation.
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• Where designated funds relate to future expenditure, the likely timing of that expenditure.
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4.2 If the trustees conclude that no reserves are required, this will be explained in their annual report.
5. Adoption of this policy
- 5.1 The trustees of Peak Trinity Church formally accepted this policy at the trustees meeting held on 9 April 2024.
…………………………………
D Moss
DocuSign Envelope ID: 0977A033-9062-4FF4-8FA4-D9D8CAD45329
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INDEPENDENT EXAMINERS’ REPORT TO THE OFFICERS OF
PEAK TRINITY CHURCH CIO
Independent Examiner's Report to the Officers of Peak Trinity Church Bakewell
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 6 to 11.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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 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 accounts do not accord with those records
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.
D R Gradon MA FCA
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics, LE11 5XR
9 April 2024
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PEAK TRINITY CHURCH CIO
STATEMENT OF FINANCIAL ACTIVITES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Fund | Fund | Funds | Funds | ||
| Note | 2023 | 2023 | 2023 | 2022 | |
| INCOME AND ENDOWMENTS FROM: | |||||
| Donations and legacies | 2 | 89649 | 44502 | 134151 | 102448 |
| Gift Aid | 10465 | - | 10465 | 8252 | |
| ______ | ______ | ______ | ______ | ||
| TOTAL INCOME | 100114 ______ |
44502 ______ |
144616 ______ |
£110700 ______ |
|
| EXPENDITURE ON: | |||||
| Charitable activities | 3 | 105337 | 49114 | 154451 | 113681 |
| ______ | ______ | ______ | ______ | ||
| TOTAL EXPENDITURE | 105337 ______ |
49114 ______ |
154451 ______ |
£113681 ______ |
|
| NET INCOME (EXPENDITURE) | (5223) | (4612) | (9835) | (2981) | |
| TRANSFERS BETWEEN FUNDS | 11 | (5102) | 5102 | - | - |
| _____ | _____ | ______ | ______ | ||
| NET MOVEMENT IN FUNDS | (10325) | 490 | (9835) | (2981) | |
| RECONCILIATION OF FUNDS: | |||||
| Total funds brought forward | 115312 | - | 115312 | 118293 | |
| ______ | ______ | ______ | ______ | ||
| TOTAL FUNDS CARRIED FORWARD | 11 | £104987 ______ |
£490 ______ |
£105477 ______ |
£115312 ______ |
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PEAK TRINITY CHURCH CIO
BALANCE SHEET AS AT 31 DECEMBER 2023
| CURRENT ASSETS Debtors Cash at Bank and in Hand LIABILITIES – Creditors falling due within one year NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY: Unrestricted Funds Restricted Fund |
Notes 5 6 7 7 |
2023 2055 116976 _ 119031 _ 13554 _ |
105477 _ £105477 _ 104987 490 _ £105477 _ |
2022 12296 114654 _ 126950 _ 11638 _ |
115312 _ £115312 _ 115312 - _ £115312 _ |
|---|---|---|---|---|---|
These financial statements were approved by the trustees on 9 April 2024 and signed on its behalf by
………………………………… D Moss Trustee
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PEAK TRINITY CHURCH CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 ACCOUNTING POLICIES
a) Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the Charities SORP (FRS 102): ‘Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) (effective 1 January 2016)’, FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (effective September 2016), and the Charities Act 2011. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The charity constitutes a public benefit entity under FRS102.
Assets and liabilities are initially recognised at historical cost or transactional value unless otherwise stated in the relevant accounting policy note and the financial statements are prepared on a going concern basis. The financial statements are prepared in sterling, which is the financial currency of the charity and rounded to the nearest £1.
b) Company Status
The Peak Trinity Church CIO was registered as a charitable incorporated organisation on 11 November 2020 and is governed by a constitution dated 11 November 2020 and registered with the Charity Commission under charity number 1192271.
c) Fund Accounting
Undesignated general funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim of each restricted fund is set out in the notes to the financial statements.
d) Incoming Resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income after performance conditions have been met, the amount can be measured reasonably and it is probable that the income will be received. No amount included in the financial statements for volunteer time in line with SORP (FRS102).
e) Resources Expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled.
DocuSign Envelope ID: 0977A033-9062-4FF4-8FA4-D9D8CAD45329
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PEAK TRINITY CHURCH CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2 DONATIONS AND LEGACIES
| 3 4 |
Unrestricted Restricted Funds Funds 2023 2023 Donations from Sharrow Vale WRC Donations from other churches 35323 40968 Donations from Walking Football 1151 - Donations from church members 53175 3534 Other Donations - - __ £89649 £44502 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds 2023 2023 Grants and donations 15563 - Training and development expenses 2470 - Insurance - - Outreach expenses 2208 1633 Premises costs 5782 2184 Conference expenses - 3173 Subscriptions 4032 96 Wages and salaries 65594 40968 Accountancy fees 1128 - Bookkeeping fees - - Equipment purchases 5071 - Walking Football costs 687 - Bank charges - - Professional fees 1420 - Summer Camp - 1060 Office Expenses 1382 - __ £105337 £49114 STAFF COSTS Wages and salaries National insurance Less: Employment Allowance Pension Contributions |
Total 2023 76291 1151 56709 - _ £134151 _ Total 2023 15563 2470 - 3841 7966 3173 4128 106562 1128 - 5071 687 - 1420 1060 1382 __ £154451 _ 2023 98360 9808 (5000) 3394 £106562 ___ |
Total 2022 - 63952 799 37218 479 _ £102448 _ Total 2022 11095 6353 553 3734 5822 - 2298 76406 1518 900 3258 252 (394) 1886 - - __ £113681 _ 2022 72202 7329 (6242) 3117 £76406 ___ |
|---|---|---|---|
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PEAK TRINITY CHURCH CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4 STAFF COSTS (cont’d)
| Average number of employees The following trustees received remuneration during the year. R Scothern D Moss |
2023 3 2023 £41022 £18438 ___ |
2022 3 2022 £37410 £16765 ___ |
|---|---|---|
The highest paid employee received a salary of £41022.
R Scothern received remuneration for his role as a pastor to the Church, not for his role as a trustee.
D Moss received remuneration for his administration role, not for his role as a trustee.
R Scothern was accruing retirement benefits during the period. The contributions are to a defined contribution pension scheme. The contributions in the year were £3394 (2022: £3117).
5 DEBTORS – All receivable within one year
| DEBTORS– All receivable within one year | ||
|---|---|---|
| 2023 | 2022 | |
| Trade Debtors | - | - |
| Gift aid reclaimable | 2055 | 12296 |
| _____ | _____ | |
| £2055 _____ |
£12296 _____ |
|
| CREDITORS– Amounts falling due within one year | ||
| 2023 | 2022 | |
| Accruals | 1050 | 1362 |
| Taxation and Social Security | 1830 | 1670 |
| Grace Church, Waco, USA | 10261 | 8216 |
| Pension Contributions | 413 | 390 |
| _____ | _____ | |
| £13554 _____ |
£11638 _____ |
6 CREDITORS – Amounts falling due within one year
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PEAK TRINITY CHURCH CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7 STATEMENT OF FUNDS
| STATEMENT OF FUNDS | ||
|---|---|---|
| At 31 December 2022 Income Unrestricted Funds 115312 100114 Restricted Funds - 44502 __ _ Total Funds £115312 £144416 Restricted Funds are represented by: At 31 December 2022 Income Employment Costs - 40968 Rural Project - 1179 Youth Fund - 748 Summer Camp - 1607 Total Funds £- £44502 ___ |
Expenditure (105337) (49114) __ £154451 _ Expenditure (40968) (3689) (1633) (2824) £(49114) ___ |
Transfers At 31 December 2023 (5102) 104987 5102 490 __ _ £- £105477 Transfers At 31 December 2023 - - 3000 490 885 - 1217 - __ __ £5102 £490 _ ___ |
| 8 | ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Total Funds Funds Funds Fund balances at 31 December 2023 are represented by: Current Assets 118541 490 119031 Current Liabilities (13554) - (13554) __ _ Total Net Assets £104987 £490 £105477 Fund balances at 31 December 2022 are represented by: Current Assets 126950 - 126950 Current Liabilities (11638) - (11638) Total Net Assets 115312 - 115312 ___ |
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