Docusign Envelope ID: BA6A3B89-9177-4D64-97F7-937731C55A99
PEAK TRINITY CHURCH CIO
(A CHARITABLE INCORPORATED ORGANISATION)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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: BA6A3B89-9177-4D64-97F7-937731C55A99
PEAK TRINITY CHURCH CIO
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS
| 1 | - | 3 | Report of the Church officers |
|---|---|---|---|
| 4 | Independent Examiners’ Report | ||
| 5 | Statement of Financial Activities | ||
| 6 | Balance Sheet | ||
| 7 | - | 10 | Notes forming part of the financial statements. |
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PEAK TRINITY CHURCH CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report together with the Financial Statements of the charity for the period ending 31 December 2024 .
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 R M Reith (appointed 24 November 2024)
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
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PEAK TRINITY CHURCH CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
2) Reference and Administration (continued)
Bankers National Westminster Bank PLC 5 Market Place Chesterfield S40 1TW
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 fourth full year of independent operation – that is growth in terms of actual church membership, congregation size and visitors for our Sunday services and events. As a result of this growth and generous giving, by both our regular members and our external partners, our financial situation remains healthy. This has enabled us to continue to fund a small staff consisting of a full time Pastor / Staff Elder, a part time Staff Elder and a Church Planting Resident. It also enables us to support 3 external mission partners.
Our staff, together with many sacrificial volunteer helpers, means that we can run the church and the Charity efficiently and well.
A key event this year was the appointment of Mike Reith as a third Elder and a fifth Trustee. Mike has over 30 years of full time Christian ministry and has used his retirement to move into the area and join Peak Trinity Church. In addition to his wealth of experience, he brings with him a godly wisdom and a fresh dynamic into our leadership group.
We provided financial and administrative support for the Rural Project, which was initiated by Peak Trinity in 2023 and became an independent CIO in August 2024, and will provide any further support to the Rural Project that is required during 2025.
We continued to have excellent relationships with our local community, including running the Christian Union at Lady Manners School and holding a Summer Holiday Bible Club there. We run the Bakewell over 50s Walking Football sessions and assist with local youth rugby and football teams.
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.
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PEAK TRINITY CHURCH CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
5) Financial Review
The Charity had an income this financial year of £169,165 (£118,883 unrestricted and £50,282 restricted) and a total expenditure of £156,115 leading to a net surplus of £13,050. This means the funds carried forward stand at £118,527, of which £106,918 are unrestricted funds. The Trustees consider that this is a strong position from which the Charity will be 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.
6) Reserves Policy
The trustees recognise the importance of a reserves policy to help demonstrate good stewardship and financial management and to manage its reputation.
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.
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.
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. The trustees set the minimum required reserves at 3 months of normal expenditure. At 31 December 2024 the charity held £106,918 in unrestricted reserves, equivalent to 11 months of unrestricted operating expenditure. The trustees expect these reserves to fall over time closer to the 3 month minimum as church activity and expenditure grows and external partner funding to support the start-up of the church reduces.
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Specific reserves that are calculated with reference to a planned spending commitment or to fund a specific project or other venture. There are currently no such designated reserves.
…………………………………
D Moss Trustee
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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 2024 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 3 June 2025
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PEAK TRINITY CHURCH CIO
STATEMENT OF FINANCIAL ACTIVITES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Fund | Fund | Funds | Funds | ||
| Note | 2024 | 2024 | 2024 | 2023 | |
| INCOME AND ENDOWMENTS FROM: | |||||
| Donations and legacies | 2 | 103,097 | 50,282 | 153,379 | 134,151 |
| Gift Aid | 13,225 | - | 13,225 | 10,465 | |
| Interest received | 2,561 | - | 2,561 | - | |
| ______ | ______ | ______ | ______ | ||
| TOTAL INCOME | 118,883 ______ |
50,282 ______ |
169,165 ______ |
144,616 ______ |
|
| EXPENDITURE ON: | |||||
| Charitable activities | 3 | 113,952 | 42,163 | 156,115 | 154,451 |
| ______ | ______ | ______ | ______ | ||
| TOTAL EXPENDITURE | 113,952 ______ |
42,163 ______ |
156,115 ______ |
154451 ______ |
|
| NET INCOME (EXPENDITURE) | 4,931 | 8,119 | 13,050 | (9,835) | |
| TRANSFERS BETWEEN FUNDS | 11 | (3,000) | 3,000 | - | - |
| _____ | _____ | ______ | ______ | ||
| NET MOVEMENT IN FUNDS | 1,931 | 11,119 | 13,050 | (9,835) | |
| RECONCILIATION OF FUNDS: | |||||
| Total funds brought forward | 104,987 | 490 | 105,477 | 115,312 | |
| ______ | ______ | ______ | ______ | ||
| TOTAL FUNDS CARRIED FORWARD | 11 | £106,918 ______ |
£11,609 ______ |
£118,527 ______ |
£105,477 ______ |
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PEAK TRINITY CHURCH CIO
BALANCE SHEET AS AT 31 DECEMBER 2024
| 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 |
2024 3,474 131,343 _ 134,817 _ 16,290 _ 118,527 _ £118,527 _ 106,918 11,609 _ £118,527 _ |
2023 2,055 116,976 _ 119,031 _ 13,554 _ 105,477 _ £105,477 _ 104,987 490 _ £105,477 _ |
|---|---|---|---|
These financial statements were approved by the trustees on 3 June 2025 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 2024
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.
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PEAK TRINITY CHURCH CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2 DONATIONS AND LEGACIES
| 3 4 |
Unrestricted Restricted Funds Funds Total Total 2024 2024 2024 2023 Donations from other churches 25,976 50,282 76,258 76,291 Donations from Walking Football 867 - 867 1,151 Donations from church members 75,715 - 75,715 56,709 Other Donations 539 - 539 - __ _ _ £103,097 £50,282 £153,379 £134,151 _ _ The total amount donated by the trustees was £4,890. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Total Total 2024 2024 2024 2023 Grants and donations 12,945 - 12,945 15,563 Training and development expenses 6,275 - 6,275 2,470 Insurance 37 - 37 - Outreach expenses 3,943 200 4,143 3,841 Premises costs 7,213 - 7,213 7,966 Conference expenses - - - 3,173 Subscriptions 4,981 173 5,154 4,128 Wages and salaries 70,159 41,055 111,214 106,562 Accountancy fees 2,264 - 2,264 1,128 Travel expenses - 135 135 - Equipment purchases 1,341 - 1,341 5,071 Walking Football costs 935 - 935 687 Bank charges - - - - Professional fees - 600 600 1,420 Summer Camp 2,638 - 2,638 1,060 Office Expenses 1,221 - 1,221 1,382 __ £113,952 £42,163 £156,115 £154,451 __ _ STAFF COSTS 2024 2023 Wages and salaries 102,128 98,360 National insurance 10,328 9,808 Less: Employment Allowance (5,000) (5,000) Pension Contributions 3,758 3,394 £111,214 £106,562 ___ |
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PEAK TRINITY CHURCH CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4 STAFF COSTS (cont’d)
| STAFF COSTS (cont’d) | ||
|---|---|---|
| 2024 | 2023 | |
| Average number of employees | 3 ___ |
3 ___ |
| The following trustees received remuneration during the year. | ||
| 2024 | 2023 | |
| R Scothern | £43,820 | £41,022 |
| D Moss | £19,378 ______ |
£18,438 ______ |
The highest paid employee received a salary of £43,820
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 £3,758 (2023: £3,394).
5 DEBTORS – All receivable within one year
| DEBTORS– All receivable within one year | ||
|---|---|---|
| 2024 | 2023 | |
| Prepaid expenses | 619 | - |
| Gift aid reclaimable | 2,855 | 2,055 |
| _____ | _____ | |
| £3,474 _____ |
£2,055 _____ |
|
| CREDITORS– Amounts falling due within one year | ||
| 2024 | 2023 | |
| Accruals | 1,008 | 1,050 |
| Taxation and Social Security | 2,516 | 1,830 |
| Grace Church, Waco, USA | 12,296 | 10,261 |
| Pension Contributions | 470 | 413 |
| _____ | _____ | |
| £16,290 _____ |
£13,554 _____ |
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 2024
7 STATEMENT OF FUNDS
| 8 | At 31 December 2023 Income Expenditure Transfers At 31 December 2024 Unrestricted Funds 104,987 118,883 (113,952) (3,000) 106,918 Restricted Funds 490 50,282 (42,163) 3,000 11,609 __ _ Total Funds £105,477 £169,165 £(156,115) £- £118,527 Restricted Funds are represented by: At 31 December 2023 Income Expenditure Transfers At 31 December 2024 Bixler Employment Costs - 41,055 (41,055) - - Rural Project 490 9,227 (1,108) 3,000 11,609 __ __ Total Funds £490 £50,282 £(42,163) £3,000 £11,609 _ ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Total Funds Funds Funds Fund balances at 31 December 2024 are represented by: Current Assets 123,208 11,609 134,817 Current Liabilities (16,290) - (16,290) Total Net Assets £106,918 £11,609 £118,527 Fund balances at 31 December 2023 are represented by: Current Assets 118,541 490 119,031 Current Liabilities (13,554) - (13,554) Total Net Assets £104,987 £490 £105,477 ___ |
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