Peckham Park Road Baptist Church Registered Charity Number: 1194671 ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2022
Peckham Park Road Baptist Church Content$ of the Financial Statemgnls for the Year Ended 31 Mareh 2022 Page Report of the Tru5ts8s Indèpèndènt Examinerfs Report StB16mènt of Flnancial Activities Balance Sheet Notès to the Financial Slat&ments
Peckham Park Road Baptist Church Trustee's. Report For the year ended 31st March 2022 The Trus18e5 presanl their annual report togelhor with th8 financial slalemenls of Peckham Park Road Baptist Church for thè 3T onded 31 MarGh 2022. Th¢ Trustees conflrm that the Annual report 2nd financlal slat9ments of the charity comply with the Current statutory requlrèmenls. the requiremènts Df the chaTills governing docum8nt and the provlslons ol th Statement of Recommended Practieè Charities FRS 102 ISORPI Accounting and Reporting by Charities- Ch8rily Name.. Peckham Park Road Baptist Church Charity registr8tion number: 1194671 Reglsl8red offlce.. Peckham Park Road Baptist, 121 Peckham Park Road. London, SE15 6SX Board of Trustees: The Irustees in offic8 during the year were as follow5- Reverend Ann Luther (Chairl Adelodun Adetunll Andrew 8imon Webber Abiodun Opar8 Hort9nse Donaldson Accountsnt$: Moore Kingston Smith LLP. OTbilal House. 20 Easlorn Road. Romford RM13PJ Objectives of thg charlty The princlpal purposes of Peckham Park Road Bapliyt Churoh IPPRBCI are:_ The advancgmont of the Christian f8lth according to the prlnciples of tha Baptist denomination. The Church may also advance educatlon and carry out other charitable purposes in the Unlled Klngdorn andlor other part$ of th8 world. R8vl&w of Progress Durtng this year the Churoh continued lo run a regular programmé of weekly worship services and prsyer and study groups which aro open lo everyone. Our Sunday moming congregation has conlinued lo r8eov8r following th6 impact of the pandemic. The earfy p&rt of of Ihe year gaw eovid reslriclions being eased and people beginning to regabn confidence1n meeting together agaln. Our hospilalily team were abl8 to host several meals together for th8 Church community. For people who had been eating alone durtng covld times these w8re a rèal encouragam8nl. Al prosent there are 60 mambers on th8 ChLErch foll. Through this year we were pleased lo baplls8 3 people and hold the marrlagè service of 1 couple. while 2 new mémbers were added to the Church membership. We sadly lost m8mber through death. Page 1
Peckham Park Road Baptist Church Trustee's. Report For the year ended 31st March 2022 R•vlew of Progress cont. Support is provtded lo mernbers 8nd olhers through keeping in regular oontacl by phDna and also through visit8tK)n, both in peoplg's homes and. as reslrictions have allowed, in hospitals. The pandemlc has left a legacy of lear. Isolation and uncBrtainty and through our pastoral care team and the Phonelin& we hav@ bèen working lo bring r88ssurance and rocovery of confKJénca. Our mldwoek work with children and youth has contlnued throughout th& year. staffed by our Chlldren and youth learn. A numbgr of our childrèn arè the sole child w a lamily and the provision of a weekly Kidsclub provlded Important regular Social interaction. We have continued to explore the pDl&ntl81 development of our premises, in partnership th the London Baptist Assoclalion. SeverBI posslble designs havg been considered and the prDjecl is ongoing. On 3rd June PPRBC was regisleied with the Charity Commisslon and recèSved a regislered tharSty number. Revi8w of Financlal Position Thè total receipts on unrestricted funds was £63.175, This includès both Church offerings and rental incomes from user grJp$. Rgslricted donations of 6,470 were 8lso received 8nd are detailed Sn tho fln8nc(al statement. The Glft Ald ceiVed showed an increase from the previous yfyar. Th8 Church received a grant of£3,000 from the LondonBaplisl Association lo fLtnd a comtnvnily phonellne. This project went live In November following a lime of prèparation and Ifaining ol the vdunt88r team. The cost lolall6d £3,432 Involn9 the Church in making a donalion to cover the differencg. £29,372 was spent on salaries which for part of the ye8r In¢lud8d the part-limo Church admini51ralor who left al the end of 2021. The nel result for the year was an 6xc8ss of expenditure over recelpts 01 £2.746. statament of Publle Baneflt The Chuwh premises continuèd lo be avallable lo the various community groups whlch stayed open throughout the pandemSc. Th8 foodbanks and Asylum Seekers Day Centr8 both adapted the delivery of their servlces to be able to continu6 to function and mè@t the needs of v8ry vulnerab16 pÉoplÉ while accomtnodaling reslriclions. Wg are sSlualed in an area where there is a growing 8mount of property development to the delrimenl of the Ioc81 n9ighbourhood. Cornmunity spa¢& Is dgcreasing and we have re¢8nlly been able to offèr space to several local eornmunity groups al affordable rants. Thesg Include a music schoot and a children's drama group Our own activities are open to all OUT community. They include a women's centre. Kidsclub. an annual sèsside coach trip and holiday youth projects. A Comrnunity Phoneline was also e$t8blished with a lo providing local people who had been shul during lockdown to speak with a frlendly voice. Pag8 2
Peckham Park Road Baptist Church Trustee's. Report For the year ended 31st March 2022 ReseTvey Pollcy It 18 Church policy lo carry maintsin savings which would cover 3 months of th6 Church continuing to opèrate. Th18 amount of £5,550 In the Investment fund did not maat this target The building fund has continued lo provide oosts for small areas of rnaintenance and has also patd towards the Surveyors fees for the proposed dev&lopm8nt of the Church pretnises. Futurè Dfrvolopments We are contlnulng lo look al ways of dèvèloping the mlnlslry of the Church, especlally wllh a vlow lo connecttng more eff&¢tlv&ly vAth young adults. We are a150 exploring the possibility of brlnging some other small Baptist Churches in Peckharn togelh8r. One such Chutch has closed bul there are 3 Dthers in dose proximity. all of whom havè sm811 congregations. We are hostlng a meeting with them and the London Baptlsl Assoclatlon in att8ndan¢8 lo look at a more effective way forward. statomont of Trusts8s' Responslbilitlets The Trustees are responsible for preparSng the Trustees, Rert and the f1nancial 81alemenls in accDTdance with applicable law and United Klngdom Accounting Standards Iuntied Kingdom Generally Accepted Accounting Practice). Tha law applicable lo charities in England and Walfis requires the Trustees to prepare financi81 stslemenls for each financial year which glv& a true and f8ir vièw of the slate of affair8 of the Charity and of the incoming resources and appliGatlon of resourc85 for that period. In preparing those financial stal8m@nls the TrLSsleps arg requirad to.. Select suitable a¢counllng pDlicies and then apply them consisl8nlly,' Observe the methods and principlos in Ihe Charltles SORP., Make judgmènts and esllmales that aTe reasonable and prudent.. Preparè thÈ fin3nciaS slalemonls on 8 going concem basis unless il is inappropriaté tr) presume Ihal the charity wlll contlnue in business. The Trustees are responsible for keeping prop8r accounting records thal disc105e with r88sonable accuracy at any lime the financlal position of thè ch8rlly and lo enable Ih8tn tr) ensure the financi81 stal6ments comply wlth th8 Charities Act 2011. the Chalitlès SORP and the provisions of Ihe trust deèds. They are also responslble for S8f8guarding the assets of thè Charity and h8nce for taking reasonable stèps for the prevention and detection of fraud and other iTregularitiès. Th15 report has been approved bythe Exgcutive Commlttee and siynod on Ihelr behalf Dale.. 13-11-2L RÉv8rend Ann Luther Chair and Reverend Pag8 3
Independent Examiner's Report to the Trustees of Peckham Park Road Baptist Church For the year ended 31 st March 2022 I report lo the trustees on my examlnallon of the accounts of P&ckham Park Road Baptlsl Church for Ihe yeo1 endgd 31 March 2022. Responslbilities and basls of report As the charity trustees of the Trust you are responsiblg for the preparation of the accoLEnls in accordance wllh the requirements ol the Charities Act 2011 I'thè Acl'l. I report in r8specl ol my examinallon of the Trust's accounts carried out under sèction 145 of the 2011 Acl and in Carrng out my examination I have followed all the appllcablg Directions given by the Charity Commlssion under secllon 14515llbl af the Act. Indèpgndent examlner's stat9ment have cornpleted my exatninallon. I confflrm that no mallers have ooms lo my attantlon In connecllon wllh th6 examination giving me eause lo believe.. accounting records were nol kept In rgspecl of the Trust as required by section 130 of the Act,. or the aocounls do not accord with those records. the accounts do not comply with the applicable requirem6nts concerning the forffl and conlenl of accounlg S81 out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'tru8 and fair view whlch Is not a matter considored as part of an Indgpen(Senl 8xamlngbon. I have no collcerns and hav& come across no other mallers in CDnnecllon with Ihg examlnalion lo which attention should b8 drawn in this raport in order to enabl@ 8 proper L¢nderstandirtg of the accounls lo be ached. Karen Wardell Partner. Moore Klngston Smlth LLP For and on bÉh8lf of Moore l(ngslon Smllh LLP Chartered A¢cgurTrtants Dale.. 14 DecÈmbÈr 2022 Orbital House 20 Eastern Road Romford RM1 3PJ Page 4
Peckham Park Road Baptist Church Statement of Financial Activities For the year ended 31st March 2022 R•$trlct¢d Funds 2022 UnTestrfct8d Funds 2022 Total Funds 2022 Total Funds 2021 Notes Incom8 from: Donations and grants 6,449 45,255 51,704 45.622 Other Incom6 20 17,919 17,939 14,740 Inv&slmgnl Income recgived 38 Total 6,470 63,174 69,644 60.400 endlturo on: Raising funds Charitable activities 3.432 68,958 72,390 62.091 Total 3.432 68,956 72,390 62,091 Net Incomol{•xpendlture) 3,038 {5,784) 12.7461 11,6911 Transfers befvleen funds othgr recognispd gainslllossesl: Actuarial Ilossgsygdins on defin8d benefit penslon schgmes 115,700) 115,7001 Net movements in funds 3,038 {21,484} 118,4461 11,6911 Reconciliation of fLEnds: Fund balanc8 at l April 2021 Fund balance al 31 March 2022 2,197 5.235 10,220 11,264 12.417 6,029 14,108 12,417 10 The notos on pages 7 to 11 form part of these financial 8lal8m8nts. All ineoming resources and resources expended dèrlv8 from continuing aclivitiBs. There ar8 no recognlsed gains or Ioss9$ Othèr than the surplus for Ihe ar. A separate Income and Exp&ndltvre Accounl has not baèn prapared as It would not malerla15y differ from the SlatemBnl of Financial AclivitiEs. Page S
Peckham Park Road Baptist Church Balance sheet As at 31st March 2022 2022 2021 Notes Flxed Assets 1,790.000 1.790,0 Current Assets Debtors Cash al bank 222 15.228 1.805.450 11,840 1,801.840 Current Llabllltles Creditors.. amourEts falling due w[In one year 2,169 13.0331 Net ass•ts èxeluding penslon liablllty 1,799,fj71 1,786,967 Defined benefit pgnsion scheme liabillty 115,7001 Net assets 1783 971 1802417 Represent8d by- UnreslrlctÉd fullds R8valuation rÉsgrve Pension reserva Restricted funds 10 4,436 1,790,000 115.7001 5.235 2,197 1.790,000 10 10 10,220 Total funds 1783 971 1802417 The Annual R6port and Accounts were approved for issue by the Executive Committèè and signed on their behalf by.. Date: Rev Ann Lulher Chair and Reverend The notes on pages 7 10 13 form part ol these fin8nclal statements. Pagè 6
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2022 Aecounting Poll¢les Charlty Informatlon Registered office.. Peckham Park Road Baplist, 121 Peckham Park Road, London, SE15 6SX Basls of praparatlon These Ilnancial slalements are prepared on a going concèm basis, under the historical cost convention modlfied for th8 revaluation of Ilsled investmènts and certain pioporty assets which ale accounted for at market value. The financial statements have been prepared1n accordance with Section 1A of FRS 102"The Financial Reporting Stsndard applicable in thè UK and Republio tsf Ireland" I'FRS 102.1, including update Bulletin 2. The Charity is a public bènèfit entity for the purposes of FRS 102 and Ihergfor9 thè charity also prep8red its financi81 statements in accordance with the Stalemenl of Recommended Practice applicablÈ to charities preparlng their accounts Sn accordance with thè Financial Reportlng Standard appllcable in the UK and Republic of Irtrland IThe FRS 102 Charities SORPI, and the Charities Act 2011. The flnanclal slalements arè prepared irTr sterling, which is thè functional currency of the charity. Moneiary amounts in thase financial slalemEnts are roundèd to the nearest pound. Golng con¢èm The trustees have assessed wh8lher the use of the golng concem basis is gppropriate and have considered posslble events or condllions that Tllighl c8St signiflcant doubl on the ability of th8 charitable entity to continu& as a golng conc8m. Th8 trustees have made this assessment for P8riod of St least one &r from the dale of approval of the financial stalernents. In making Ihls a88essment the Iruslees have considered tha impact of Covid 19 and. as set OLJt in the Iruslees report whilst som8 income lines are 8ffeeted they are partly mlligated by antlClP8ted costs savings. In particular the Iruslees have considerèd the Gharilabl6 enlitls forern51s and projections and have taken account of pressuTgS on donation and Inv8slment Income. Aftèr making enquirlos thè trustees have concluded that IheTe is a raasonable expeclÈtlon that the charitable entity has adèquate resources to continue in opèrational exislencg for the forese8abl& future and Ihgr8 arè no materlal uncertalnties. The Irustèes Iherefore continues to adopt tho going concern basls In preparing1ts financial statemènts. Funds Unreslricled funds represent the funds of the Irusteos that are not subléct to any restriction3 regardlng thèir use and arg avallable for application on the genar81 purposes of the charlty. The reslricled funds can only be sP8nt on the purpos8 for which they were glv8n. The accounts include all transactions, assets and liabilities for which the trustees is SpOnSIble in law. They do not includ8 the accounts of church groups that owe their main afliliatton lo another body or those that are infomial galh8rings ol church m9mbers. Page 7
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2022 Inctsrne All income is included in the Statement Df fin8nci81 activities when the charity is entitlèd lo recewe the Inoome and the amount can be quantified with ieasonable accuracy. Th8 following pojlclès are applied lo partlcular caleaories of Income: Donations and grants Planned giving réceivable under covenant is recognlsed only when roceived. Incom8 tax recoverable on covenants or gSft aid donallons Is recognised vthèn the income is recognised. Grants and l@oaci85 are accounted for as soon as the Iruslees ara notifled of its legal gntiU8m8nl, tho amount due Is measurable and its ultimate rec61pl is probable. Olherlncom Minibus Hire inoome from lelliT)g of mini bug is recognised when rental is duè. Rgntsl income from the letting of Church owned property is Tecognised whèn the rental Is due. Investment Income Interest is aooounted for en ree6iv8ble. Expenditura Expenditurè ig recognised on an accrual basis as a liability is In¢urred. Expendltute includes VAT. and is reported as part of IhE expenditure lo which il relates= Raising funds Costs of raising funds comprise the costs assoclaled with atlracllng voluntary income. CharitBbl$ expenditure Comprise5 those costs Ineurred by the ¢h8rity in the dellvery of its acllvities and sèrvlces for Its ben&flclaiies. It includes both costs that can be allocated dlreclly lo such aclivib&s and those cosls ol an indirect nature necessary to support Ihem. All costs arg allocated botween the expEndilure categories of the SOFA on a basis designed to reflect thè use of the resovr¢è and set out In Note 4. Flnanclal Instruments Tho charity only has flnancial assets and flnanc(al liabilltles of a kind Ihal quality as baslc flnanclal inslrum8nls. Basic financlel instruments arè Inllially recogn15ed al transaction value and subsequently measured al their selllemenl value. Flx•d Assèts Incom8 generalingpropgrty Income generating property is shown at fair value. Tho Church hall is hEld al ils fair value as indèpéndently valued in 2019. Pension costs The costs of retirement benefits are providèd IhTough Ihe Bapllst Pension Schème, 8 multl-employer 5chem&. The Church also recognises its118bility in respect Df deliLIl reduction arrangements of Ihg historic dofined benefit Section of the Bapllst Pènsion Scheme for two previous officers of the Church. As informatlon is not av8ilable lo use defin8d benefit accountlng, in accordanca with the requiretnpnls of FRS102, the Church accounts for these payment8 as if they are dèfined ntribulion sohgmes. Page 8
Peckham Park Road Baptlst Church Notes to the Financial Statements For the year ended 31st March 2022 Penslon co$ts cont. The Church's contribution tr) these schomes are recognised as a Ilablllty and an èxpense, in the perlod in which th• salaries lo which the contributions relate are payablè. Cash and cash equlval8nts Cash and cash equivalents Inolude cash in hand and depo85ts held at call with banks. Page 9
Peckham Park Road Baptlst Church Notes to the Financial Statements For the year ended 31st March 2022 Totel Èncom8 Reslrictod Unrostrfcted Funds Funds 2022 2022 Rgstrletgd Unrestricl•d Fund5 Funds 2021 2021 Total 2022 Total 2021 Charitable Income Donations Gift Aid Reclaimed Church Phoneline 3,449 38,652 6,603 42,101 6,603 3,000 2,197 38,103 5,322 40,3r 5.322 3,000 Other Income Hire of Church HalllF8cilltles Minibus Hire Rental Income Other Income 8.925 475 8.050 469 8,925 475 8,Q50 489 7,490 7,490 5,180 2,070 5,18CI 2,070 20 Investment Incomè Bank Interest Recelved 38 38 3 Total expendlture Restricted Unrestrlcted Funds Fun(Js 2022 2022 Restrlctgd Unrestrlctèd Funds Fund¥ 2021 2021 Totsl 2022 Total 2021 Costs dlrectFy allocated to actlvitles Church UlilitiÉs Building Maintenance & Cl6aning Council Tax Church Phoneline Summer Day Trip Training lor ChuTch Phoneline Wages & Salaries P8nsion Sundry Insuranc 6,337 4.323 1,528 6.337 4.323 1,528 1,137 1,200 2,295 29.372 7.073 4,177 3,711 1,441 4,177 3,711 1,441 1.137 1,20 2,295 29.372 7,073 28,907 5,603 526 2,370 28,907 5.603 526 2,370 2.548 2,548 Support costs allocatèd to actlvltles Computer and IT costs Bank Charges Motor Expènses Audit. 8e¢ounlancy and payroll OffKe Supplles, printing and postage House UtSlltles F88s & Subs¢rfpllons Lggal Fees Glfts Sndry Insurance 341 98 939 3,722 341 96 939 3,722 2.424 29 585 3.090 2.781 585 3.090 2,424 3,840 925 1.832 478 2,781 2,344 1,834 1,572 3.840 925 1,832 478 1,834 1,572 1,500 1,621 1,980 1,500 1,621 f.980 All of the 2021 and 2022 expenditure related to charitable activities. Pag&10
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2022 4 Trustees and Employv¢s The chaiily had an BveTage of two (2021.. two} employees during thè year. whose staff cost amounted lo £29,37212021-. £28,907). No employee recelved r6muneratlDn greater than £60,000 during the year12021', llE)ne). The key m8nagoment personnel are considèr6d lo be the Iruslees. Tho trustees éid not receive any remunerallon nor were reimbursed expansès during the year curront and preceding year. Therg wore no other disclosabla transactions in respect of Iruslees. persons d05ely conn8cted wlth them or other related parties. 5 Taxatlon As a charity, Pockham Part( Road Baptist Chuich Is axempl from lax on income and gains falling wllhin section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Galns Act 1992 to the Èxtent that these 8re applled lo ils charitable objacts. No lax charges hove arisen in the Charity. 6 Tanglble Flxed Assets Church Bulldlng Total 2022 Income ggneraling prop8rty Cost or ravaluatlon Brought forward Carried fOard 1,79CI.000 1.790,000 1.790.QOO 1,790.000 Not Book Value- 2022 1.790,000 1,790,000 Nat Book Value - 2021 1.790,000 1.790,000 The trusteès are of the oplnion that the Church hall is held at its fair value as Ind8pendenlly Valu in 2019. 7 Debtors: Amounts fallSng du• wlthln one year 2022 2021 other debtors 222 8 Credltors.. Amounts falllng dug within ona year 2022 2021 Other laxalion and soci81 security Other creditors 2,169 2,428 605 Pa9e11
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2022 9 Penslon8 tist Penslon Schemg The Church is an èmployer participating in the Baptist Pension Seheme I the BPS'I, which is admirsislered by th8 Pension Trustee IBÈplist Pension Trust Limiledl. The Scheme is a separate legal entity and Ihg assets ol the Schemg are held separalelv from those of thts Employer and olh&r particlpatinq employers. For any rnonlh. eath participating employer in the Scheme pays contributions as set out in tho Schedule of Contributions in for¢e al that lime. The Schomg is considered to be 8 mulli-gmployer schema as d8$cribed in Sectlon 28 of FRS IQ2. This is becBusè it is not possible lo attribute the Schemè's 8ssets and liabllities lo specific employers 8nd Tneans that contribution5 are 8ccounled for as if tho Scheme werg a defined contribution scheme. The pension costs chargèd to thè SOFA in the year are contributions pay8blè towards benefits and expenses accrued in that yeAr, plus any Itnpacl of defictency contrlbulions. Th& mlnlsler and some members of the church are ellgible lo join the Schem8. From January 2012, pènsion provlslon lor th8 Mlnlsler land Some members of staff} is being made through the Defined Contribution (DCI Plan within the BPS. In general, members pay 8¢/0 of Ihgir Penslonable Income and employ8rs pay 6/0 of mambèrs, Pensionable Income into indlvidual penslDn accounts, which are oparatèd and managed on behalf ol the Pension Trustee by Legal and Goneral Life Assu¥anee Society Limited. In addition, the employer pays a further 4¥0 of Pensionable Income to COVEr Dg8th in Service Benefits, administration costs, and an associated insurance policy which providas income protection for Sthemg rnembers in th8 8vènl that Ihgy are unable lo work due to long-tsrm incapacity. This Income protection pollcy has been insured by tha Baptist Union of ryfAAt ArilAin with I Iniim l imitArt MAmhp_rq nf thp R*¢ir..qpr.tinn nxv rAdtir.ftA r.nnlrihiit¢nn.4 nf nf PAnkinn#hlA Benellts in rgSPeCt of service prtor to 1 January 2012 are piovldgd through th& Defined Benefit (DBI Plan within the BPS. Thè main benefits for pre-2012 servicer were a dèfinèd benefit pension of one eighlielh of FinBI Minimum Pensionable Incom& for 8atth year Of Penslonable Service, louether Mllth addillonal pension in respect of premlums paid on Pensionable Incotne in excess of Minimum Pensionable Income. The BPS, previously known as tho Baptist Ministers, Pension Fund, started in 1925. The heme was closed lo lulure accrual of defined benefits on 31 December 2D11. Thè scheme is not contraclod out of the State Second P8nsion. Thè table below summarises the main results of thè most recent actuarial valuations of the 'Defined Benefit IDBI Plan In the BPS. These valuations were performed by a professlonally qualified Acluary using the Projected Unil Method. The Church and thè other employers supportlng th2 DB Plan are colleGlively responsible for lunding this dèlicil, DPS DP Plan 31 December 2019 31 December 2D22 £300m £318m £18rn 940 D8t8 of valuation Dale of next valuation Markat value of scheme assets IA) Technical provisions IBI Deftcil IIBI- IAII Funding IÈv8111A1 I IBII Page 12
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2022 9 Penslons eont. As a result Df the valuations, in addition to the contrlbutions lo the DC plan sel out above. the followlng deficiency contributions weT8 agr68d'. For the BPS, Ihg standard rate of deficiency contributions pay8blo by churches and olhBr employers involved In Ihe DB Plan is based on 12QA of Pensionablfy IncDme l Minimum P8nsionabl@ Incown8 fiom 1 January 2016. The contrlbutions are based on each Ehurch's or olher employerfs position al March 2015. Some chLtrches and olher employers Ihat were only involved in the DB Plan lor a short period pay less than 12%. The Recovery Plan envisaaes deficiencv contributions conlinuino until 30 June 2026. The k8y financial assumptions undorlyillg the valuation were as follows.. RPI price inflation assumption CPI price inflation assumption Mlnimum Pensionable Income increase5 ICPI plus 1.0% pal Assumed investment rglurns Prg-rglirgmenl Post retirement Deferred pension Increases Pre April 2009 Post April 2009 Pension increases MaSn S¢hem8 ponslon Pro Aprfl 2006 Main Schemo ponsion Post Aprll 2006 3.60 2.85 3.85 5.10 3.95 3.60 2.50 3.40 2.30 Post-relirament mortality in accordance wEth 75VA of the S1NFA and S1 NMA tables, with allowan for future improvements in mortality rales from 2003 in line wifh the CMI 2012 core projections, with a IDng term annual rale of improvetnent of 1.750/0 for male5 and 1.50/0 for females. The next actuarial valuation of IhB OBfinod Benefit Plan within the Schgme is due to take plkce not laler than as at 31 D8cerllber 2022. Recovery Plan In addition lo the contributions in Ihe Defined Contribution Plan sot out above, where a valuation of tho Delined 8enefit Plan reveals a deficit the Trustee and the Council aoree to a rale of deficiency contributions from churehes and other employers Involved in the Defined Benefit Plan. Undèr tha curr8nl Rècovéry Pl8n, deficlèncy conlributions ara payable until 30 June 2026. These conlribullons aro broadly based on the employors membershlp Bl 31 Decemb6r 2014 and IncraBse annually in Ilne wllh increases to Minlmum Pensionabl6 Income as dollned in the rules. Section 28,11A ol FRS 102 rgquires agrged d81icit rEcovery payments lo b9 recognlsed as 2 IlabNily. The mOV8ment in the provision 18 Set out In thè t8blè bÉlow'. 2022 8alance sheet Ilabllily at y8aT start Minus deficiency conlribulion8 paid Remaining change to balance sheet liability Irecognised In SOFA). Balance sheet liability al year end 4,327 11,373 Page 13
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2022 9 P&n$ions cont. Comprises any change in agreed deficit recovery ptan and change in assumptions belween year ends. It was riTst possible to Tecognise the liability in the Balance Sheet in 2022. The deficit contributlons are based oll an averago sharo, equally w9ighled by employer, of the overall 5¢hetne deficit and do not reflect individual ampl0r 1labll1És. Thè Church has bèèn Infomièd thal ag at 30 Juna 2022 based on its actLJal share of the eLJrrent liabilitie5, 11 would need lo pay £15,700 lo exil the sGhgme. This figure is revised monlhly lo rell&¢l Ilu¢lualions in fin8ncial markets and Ih&ir &ff6¢1 on th6 und&rlying as8umplion8 on which the estlm8tsd cost Is basèd. Th8 d8flcll recovery plan is currenlly undgr rèvi8w ar may in future morè closely refleEt thF Church's shar8 of the Ove11 sch8m8 deficit. Income and ex endltum The 10181 pension cost for the Church is shown in the table below, wlh last year's fioures shown for comparison. 2022 2021 BPS Mlnlster s6etSon BPS defl¢it fundlnu Qonlribulior BPS Staff secllon 2,743 4,327 2,746 2,557 7.[)70 5,303 No pension contributions were outstanding at the Balance Sheet dale12021'. Nill. 10 Movement In funds At1 Aprll 2021 Incomlng resourcès 2022 Outaoln resources 2022 At31 March 2022 Transfers 2022 Restricted funds: Restricted Building Fund Church Phonelino 2.197 2.197 2.197 2,197 Unrestrlcted funds: Ggneral fund Pansion ras8rv8 10,220 63,174 168,9581 4,436 10,220 63,174 184,6581 111,2641 Total funds Page 14
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2022 10 Movement in funds cont. Mov8m8ntln funds In respect ollhg comp8ratlv6 p8rftod." At1 Aprll 2020 Incomlng resources 2021 Outgoln resources At31 Mar¢h 2021 Transfgrs 2021 2021 Re$trl¢tgd funds.. Reslricled Building Fund Unrèstrl¢t¢d funds: Total funds 11 Related Party Tronshctlons Durfng th8 year the charity had no relglgd party transacuons. 12 Comparative Statèmènt of Financial Actlvltles Restricted Unrèstrlct8d Funds Funds 2021 2021 Total Funds 2021 Income fmm.. Donations and grants Charitable activities Investment income received 2.197 45,495 12.670 38 58.203 47,692 12,670 38 60,4QlO 2,197 ènditure on.. Raising funds Charitabl8 acb'vilies 62,091 62,091 62,091 62,091 Net in¢omellexpendlture} 2.197 13,8881 11,6911 Transfars Nel movements In ftjnds 2,197 3.88B {1.691) Reconclliatlon of fund5-. Tol& funds brought forward Total funds Garried forward 14,108 10,220 14,108 12,417 2,197 Pagè15