**Charity Registration No. 1201927** ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **CHARITY INFORMATION** ## **Registered Address** Park Road Baptist Church Park Road Peterborough PE1 2TF ## **Trustees** ## **Term expires** Rev Derek Gibson Minister Mr Daniel Andeyaba March 2026 Mrs Ann Butler March 2026 Mr Mark Jackson March 2025 Mrs Florence Morton Resigned 1 October 2024 Rev Michael Page Appointed 20 March 2024 March 2027 Mr Stephen West March 2027 Miss Pat Woolhouse March 2026 ## **Property Trustees** The Baptist Union Corporation Limited Baptist House 129 Broadway Didcot Oxfordshire OX11 BRT ## **Bankers** Barclays Bank plc Baptist Union Corporation Limited Church Street Baptist House Peterborough 129 Broadway PE1 1EZ Didcot OX11 8RT ## **Independent Examiner** Mr David Dawson Page 1 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees, who comprise the Minister and Deacons of the church, present their annual report and financial statements for the year ended 31 December 2024. ## **Charitable object** The church is a charitable incorporated organisation registered with the Charity Commission and is governed by a constitution which states that the principal purpose of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination. The church may also advance education and such other charitable purposes for public benefit in such parts of the United Kingdom and the world. The church occupies premises which are held by The Baptist Union Corporation Limited on trusts which are entirely compatible with the above object. ## **Charity merger** This charity (the CIO) was formed in 2023 with the intention of transferring the assets and activities of an unincorporated charity with the same name (Charity registration number 1127659) into the CIO. This merger completed on 1 June 2024. Under the requirements of the Charity SORP, merger accounting has been adopted by the charity and therefore these accounts reflect the finances of both the unincorporated charity and the CIO for both years. ## **Organisation structure and decision making process** The normal mode of entry into the membership of the church is through baptism by immersion upon personal profession of faith in Jesus Christ. The church has however accepted "open membership" so that persons seeking membership who have not been baptised in this manner may, at the discretion of the church nembers' meeting, be accepted for full membership based on their own public profession of faith. The church members' meeting has responsibility for the overall policy of the Church, and meets on a minimum of a quarterly basis during the year. In accordance with the constitution, the members appoint up to 13 trustees (including the minister) who are collectively known as the leadership team. They are responsible for the day to day running of the church's work and witness and the financial and legal aspects of the charity. Other members may be co-opted as the leadership team deem appropriate, but this did not occur during the year. Members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Relevant matters are submitted to the church members' meeting by the trustees for guidance and decisions, or may be raised by members for further consideration by the trustees. The constitution specifies appropriate majorities for church members' meeting decisions but, in practice, the church seeks to work by consensus wherever possible. ## **Objectives and activities** In order to achieve the principal objective which is set out above, the church provides a variety of activities for both its membership and to the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord. Central to the work and witness of the church is the provision of regular public services of Christian worship, which take place each Sunday and at other times. The church seeks to be a friendly and welcoming community and anybody is free to attend any of these services. There is a children's programme during the Sunday morning services. The church holds regular times of prayer and home groups for the growth of faith and discipleship. Page 2 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** The church is involved in other areas of work including: 1. Activities and events for children and young people and the wider church family; A midweek group for children and young people is held on a fortnightly basis. 2. The church runs courses for people interested in discovering more about Christianity and this included some who had attended the community hub. 3. Operating a community hub to support those struggling with the rise in the cost of living and loneliness. This included a hub Christmas dinner in December where we were delighted to serve over 60 Christmas dinners to guests. Some of the guests at the hub have also participated in our Sunday church services. 4. Working with FoodCycle, a UK charity, who create meals for people at risk of food poverty and social isolation on a weekly basis using surplus foods from local organisations. Volunteers from the church act as befrienders to those attending the meal; 5. Being one of the founder members of Churches Together in Central Peterborough, a separate charity, the church works with other churches in Peterborough City Centre on a variety of projects being a Christian witness in the wider community as well as joint acts of worship. 6. Investing in a house and starting to work with a separate charity, Hope Into Action UK, to support a group of people living in the property. Residents moved into the property in March 2024. 7. The church also allows some other charitable organisations to use the church premises for the benefit of the community. The church operates systems to ensure that all people working with children and vulnerable adults are appropriately vetted with regards to the Disclosure and Barring Service. The East Midlands Baptist Association provided training to leaders and volunteers during the year to ensure we remain up to date. The trustees have taken into account the Charity Commission guidance on public benefit, and are satisfied that the activities summarised above clearly demonstrate that the charity is providing a benefit to the public. ## **Achievements and performance** We began the year with a membership of 73 and ended with 76. The movement was the result of welcoming six new members and the death of three members. Our annual return to the Baptist Union reported an attendance at the relevant Sunday service of 67 (2023 - 66) people in person and 8 (2023 - 10) people attending remotely via Zoom. This was representative of a typical Sunday service. During the year the church held an away day where a large proportion of the congregation were able to enjoy an extended time together for teaching, worship and fellowship. ## **Future plans** The church has also decided to investigate the possibility of re-ordering the entrance to the church and other associated building works. Funds in excess of the reserves policy have been designated to support this work but additional fundraising will be required if this work proceeds. Planning permission for the works was obtained during the year and the church continues to work with an architect to finalise plans before going out to tender for the works. Page 3 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Financial review** The church continues to raise the funds it needs to carry on its activities from within its own membership and congregation. During the year offerings and donations were higher than the previous year. In addition grants were received to support the work of the community hub. The most significant expense of the church relates to the ministry of the church, which is mainly salary costs. This includes the minister who, together with the leadership team, coordinates the church's activities including the Sunday services, pastoral care for the congregation and other people, and equips and encourages the membership in their Christian life, witness and service. The church expressed its part in the life of the wider church by making grants to Christian organisations with aims and objectives consistent with the church's own charitable purpose. The church is heavily dependent on its membership working as volunteers in all aspects of the church's activities, many of which run with little or no impact on the church's expenditure, but nevertheless contribute substantially to the achievement of the church's objectives. Where possible funds are placed in bank accounts set to achieve a balance between maintaining access to funds for anticipated planned and emergency expenditure and maximising interest received on those funds. A significant part of our funds on deposit are placed with the Baptist Union of Great Britain which enables the capital to be used for purposes which are consistent with our charitable objects in addition to earning interest. The financial results for the year, together with a summary of the accounting policies adopted, are set out in the accompanying financial statements. The trustees assess major risks facing the church on an ongoing basis and are satisfied that there are policies in place to minimise these risks. ## **Reserves policy** The trustees aim to maintain available unrestricted funds at a level which will enable the church to continue to operate for a period of time, in the event of a significant decline in income. The amount considered appropriate to hold in reserves has been reviewed in the year and considered to be £60,000 (2023 - £60,000). This is calculated based on approximately 6 months of estimated future operating expenditure. Unrestricted funds in excess of the reserves policy together with the balance of legacy funds have been designated to the potential building works noted in future plans above. During the year the defined benefit pension scheme closed and there is no ongoing obligation for the church in respect of the scheme. Excluding the designated funds, available unrestricted funds at the end of the year amounted to £60,105 (2023 - £61,773). Approved by the trustees and signed on their behalf by: Mr Stephen West 4 February 2025 Page 4 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PARK ROAD BAPTIST CHURCH** I report on the accounts of Park Road Baptist Church, Peterborough for the year ended 31 December 2024, which are set out on pages 6 to 17. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act. - follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - state whether any particular matters have come to my attention. ## **Basis of independent examiners' report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below. ## **Independent examiners statement** In connection with my examination, no matter has come to my attention: 1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. David Dawson 16 March 2025 Page 5 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |||||||**Total**|**Total**| |---|---|---|---|---|---|---|---| |||**Unrestricted **|**Designated**|**Restricted**|**Endowment**|**Funds**|**Funds**| |||**Funds**|**Funds**|**Funds**|**Funds**|**2024**|**2023**| ||**Note**|**£**|**£**|**£**|**£**|**£**|**£**| |||||||**[Combined]**|| |**Income**|||||||| |Donations and legacies|2|94,377|-|762|-|95,139|123,279| |Investment income|3|17,069|-|-|-|17,069|15,111| |Income from charitable activities|4|362|-|21,450|-|21,812|26,234| |Other income||-|-|-|-|-|663| |**Total incoming resources**||111,808|-|22,212|-|134,020|165,287| |**Expenditure**|||||||| |Expenditure on charitable activities|5|92,262|22,370|25,222|3,696|143,550|218,421| |**Total expenditure**||92,262|22,370|25,222|3,696|143,550|218,421| |**Net income / (expenditure)**||19,546|(22,370)|(3,010)|(3,696)|(9,530)|(53,134)| |Gross transfers between funds|13 & 14|(21,214)|30,390|(9,176)|-|-|-| |**Net movement in funds**||(1,668)|8,020|(12,186)|(3,696)|(9,530)|(53,134)| |Total funds brought forward||61,773|617,748|16,572|150,030|846,123|899,257| |**Total funds carried forward**||60,105|625,768|4,386|146,334|836,593|846,123| The notes on pages 9 to 17 form part of these accounts. Page 6 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |**Note**
**Income**
Donations and legacies
2
Investment income
3
Income from charitable activities
4
Other income
**Total incoming resources**
**Expenditure**
Expenditure on charitable activities
5
**Total expenditure**
**Net income / (expenditure)**
Gross transfers between funds
13
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**Total**
**Unrestricted Designated**
**Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**2023**
**£**
**£**
**£**
**£**
**£**
**[Combined]**
90,114
-
33,165
-
123,279
15111
-
-
-
15,111
254
-
25,980
-
26,234
663
-
-
-
663| |---|---| ||106,142
-
59,145
-
165,287| ||88,147
78,920
47,658
3,696
218,421| ||88,147
78,920
47,658
3,696
218,421| ||17,995
(78,920)
11,487
(3,696)
(53,134)
(145,000)
167,074
(22,074)
-
-| ||(127,005)
88,154
(10,587)
(3,696)
(53,134)
188,778
529,594
27,159
153,726
899,257| ||61,773
617,748
16,572
150,030
846,123| The notes on pages 9 to 17 form part of these accounts. Page 7 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **BALANCE SHEET AS AT 31 DECEMBER 2024** |**Note**
**Fixed assets**
Tangible assets
8
**Current assets**
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one year
10
Net current assets
Total assets less current liabilities
**Funds**
Endowment
12
Restricted
13
Designated
14
Unrestricted|**£**
**£**
**£**
**£**
468,157
471,331
23,041
24,419
350,767
361,772
373,808
386,191
(5,372)
(11,399)
368,436
374,792
**836,593**
**846,123**
146,334
150,030
4,386
16,572
625,768
617,748
60,105
61,773
**836,593**
**846,123**
**2024**
**2023**
**[Combined]**|**£**
**£**
**£**
**£**
468,157
471,331
23,041
24,419
350,767
361,772
373,808
386,191
(5,372)
(11,399)
368,436
374,792
**836,593**
**846,123**
146,334
150,030
4,386
16,572
625,768
617,748
60,105
61,773
**836,593**
**846,123**
**2024**
**2023**
**[Combined]**| |---|---|---| ||373,808
(5,372)|| |||| |||**846,123**| |||150,030
16,572
617,748
61,773| |||**846,123**| The notes on pages 9 to 17 form part of these accounts. The financial statements were approved by the trustees on 4 February 2025. Mr Mark Jackson, Treasurer Page 8 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies** ## **a Basis of preparation** The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The church constitutes a public benefit entity as defined by FRS 102. As described in note 18, merger accounting has been adopted for the combination of two charities. ## **b Preparation of the accounts on a going concern basis** The accounts are prepared on the going concern basis. This is dependent upon the continued support of donors, which the trustees consider appropriate. ## **c Income recognition policies** - Items of income are recognised and included in the accounts when all of the following criteria are met: - the charity has entitlement to the funds; - there is sufficient certainty that receipt of the income is considered probable; - the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which the charity becomes aware that a distribution is more than likely to be made, and that the amount can be determined with reasonable certainty, or the date on which a distribution is received from the estate. Grants receivable are recognised on a receivable basis. Investment income is accounted for in the period in which the charity is entitled to receipt. The charity benefits from many voluntary hours and unclaimed out-of-pocket expenses contributed by a number of supporters. A number of small assets have also been donated, for which no value has been attributed in these accounts. ## **d Expenditure** Expenditure is included on an accruals basis. All costs have been allocated directly to a charitable activity and therefore there are no support costs to allocate between activities. ## **e Fixed assets** Tangible fixed assets, including the church premises, are included in the balance sheet at cost. Depreciation is provided to write off the cost, less estimated residual values, of all fixed assets over their expected useful lives. It is calculated at the following rates: Church premises 1% p.a. straight line Shared ownership property No depreciation charged Furniture and fittings 10% p.a. straight line Computers and equipment 25% p.a. straight line The manse is shown at its book value on transition to FRS 102. No depreciation is charged on the shared ownership property on the basis that the expected realisable value will be no less than the book value. Page 9 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies** _**(continued)**_ ## **f Pensions** The charity makes contributions to a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged in the year they are payable. In previous years the charity has made contributions to a defined benefit pension scheme on behalf of employees within that scheme. There are no current employees within the defined benefit part of the scheme, but the charity is required to make deficit contributions to the scheme. A liability for the full amount of the deficit contributions requested by the trustees of the scheme has been included as a liability in the accounts in previous years but following changes to the funding of the scheme, deficit contributions are now a nominal amount and therefore no liability is included in the accounts. ## **g Funds** Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds represent property, which must be retained for the long term. ## **2 Donations and legacies** |**Donations and legacies**||||||| |---|---|---|---|---|---|---| ||||||**Total**|**Total**| ||**Unrestricted **|**Designated**|**Restricted **|**Endowment**|**Funds**|**Funds**| ||**Funds**|**Funds**|**Funds**|**Funds**|**2024**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Offerings|78,351|-|-|-|78,351|73,368| |Donations|-|-|587|-|587|25,690| |Raised for other causes|-|-|175|-|175|1,225| |Tax refunds|15,276|-|-|-|15,276|21,996| |Legacies|750|-|-|-|750|1,000| ||94,377|-|762|-|95,139|123,279| ## **3 Investment income** |**Investment income**||||||| |---|---|---|---|---|---|---| ||||||**Total**|**Total**| ||**Unrestricted **|**Designated**|**Restricted **|**Endowment**|**Funds**|**Funds**| ||**Funds**|**Funds**|**Funds**|**Funds**|**2024**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Bank interest received|10,908|-|-|-|10,908|10,001| |Rent received|6,161|-|-|-|6,161|5,110| ||17,069|-|-|-|17,069|15,111| Page 10 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **4 Income from charitable activities** |**Income from charitable activities**|**Income from charitable activities**||| |---|---|---|---| |**Unrestricted Designated **
**Funds**
**Funds**
**£**
**£**
Community hub
-
-
Sundry receipts - purpose groups
362
-
362
-
**Expenditure on charitable activities**
**Unrestricted Designated **
**Funds**
**Funds**
**£**
**£**
Ministry
49,317
-
Mission
15,261
-
Establishment: depreciation
-
11,493
Establishment: other
27,684
10,877
92,262
22,370
Ministry
Mission
Establishment||**Total**
**Restricted Endowment**
**Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
18,625
-
18,625
2,825
-
3,187
21,450
-
21,812
**Total**
**Restricted Endowment**
**Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
2,938
-
52,255
16,373
-
31,634
-
3,696
15,189
5,911
-
44,472
25,222
3,696
143,550
**Charitable**
**Grant**
**Total**
**Activities**
**Funding**
**2024**
**£**
**£**
**£**
52,255
-
52,255
18,524
13,110
31,634
59,661
-
59,661
130,440
13,110
143,550|**Total**
**Funds**
**2023**
**£**
19,250
6,984| ||||26,234| ||||**Total**
**Funds**
**2023**
**£**
51,104
36,017
15,192
116,108| ||92,262
22,370||218,421| ||||**Total**
**2023**
**£**
51,104
36,017
131,300| ||||218,421| ## **5 Expenditure on charitable activities** ## **6 Grants payable** |**Grants payable**|| |---|---| |**Total**
**Unrestricted Designated Restricted Endowment**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
**£**
**£**
EMBA Home Mission
6,480
-
-
-
6,480
BMS World Mission
6,480
-
-
-
6,480
Other charities
150
-
-
-
150
13,110
-
-
-
13,110|**Total**
**Funds**
**2023**
**£**
6,480
7,580
150| ||14,210| Page 11 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7 Staff costs and trustees' expenses** |**Staff costs and trustees' expenses**|| |---|---| |Salaries
Pension costs: current employees
Contribution / interest cost on final salary pension deficit|**2024**
**2023**
**£**
**£**
36,324
33,585
3,794
3,526
10
12| ||40,128
37,123| No employee earned £60,000 p.a. or more. The average number of employees was 2 (2023 - 2). The church paid pension contributions amounting to £3,794 (2023 - £3,526) to a defined contribution pension scheme in respect of its employees. The church also paid deficit contributions amounting to £10 (2023 - £12) in respect of a defined benefit pension scheme until October 2024 when the scheme closed., - **8 Tangible fixed assets** |**Cost**
At 1 January 2024
Additions
31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
31 December 2024
**Net book value**
31 December 2024
31 December 2023
**Tangible fixed assets**|**Church**
**land &**
**buildings**
**Manse**
**Shared**
**ownership**
**property**
**Furniture**
**& fittings**
**Computers &**
**equipment**
**Total**
**£**
**£**
**£**
**£**
**£**
379,790
255,463
72,074
18,069
46,920
772,316
-
-
12,015
-
-
12,015| |---|---| ||379,790
255,463
84,089
18,069
46,920
784,331| ||229,760
35,463
-
18,069
17,693
300,985
3,696
-
-
-
11,493
15,189| ||233,456
35,463
-
18,069
29,186
316,174| ||146,334
220,000
84,089
-
17,734
468,157| ||150,030
220,000
72,074
-
29,227
471,331| The house is normally used as a manse, but, when it is not occupied by the minister, it is generally rented out or undergoing refurbishment. The value of the house has been retained at the book value on transition to FRS 102. The value of the church premises for insurance purposes was £6,596,422 (2023 : £6,093,281). All other fixed assets are used for direct charitable purposes. The church premises and manse are legally held by holding trustees, The Baptist Union Corporation Limited. Under the terms of the trust for the church premises, any net proceeds from a disposal of the property must be invested back into either land on which to build a church building or into an existing building for it to become the church. Under the terms of the trust for the manse, the principal use must be as residential accommodation for a minister or other employee or worker of the church. Should the house be sold, the net proceeds can be applied for the charitable purposes of the church. The Baptist Union Corporation Limited will urge the church to bear in mind the importance to the church of retaining the ability to purchase a replacement property so as to facilitate future ministry. If the church wishes to use the money for other purposes the Baptist Union Corporation Limited will consult the East Midland Baptist Association before making a decision. In the event of a closure of the church, the Baptist Union Corporation Limited may apply the net proceeds to such charitable purposes of the Baptist denomination as the Baptist Union and the East Midlands Baptist Association shall determine. Page 12 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **9 Debtors** |HMRC tax refund on gift aid
Accrued Income
Prepayments|**2024**
**2023**
**£**
**£**
15,018
15,437
4,225
5,348
3,798
3,634| |---|---| ||23,041
24,419| ## **10 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**|| |---|---| |Taxation and social security
Accruals
Deferred income
Other creditors|**2024**
**2023**
**£**
**£**
342
347
3,613
4,761
200
112
1,217
6,179| ||5,372
11,399| ## **11 Pensions** The church was a participating employer in the Baptist Pension Scheme (“the Scheme”), which was a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme were held separately from those of the Employer and the other participating employers. The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. Since 1 January 2012, benefits have been provided through a Defined Contribution (DC) Plan. On 30 June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group (“Just”) to secure DB Plan members’ pension benefits. Just are now providing financial backing for all pensions provided through the Scheme’s DB Plan and following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022. The Scheme closed in October 2024 and the church no longer has any obligation in respect of the Scheme. ## **12 Endowment funds** |**Endowment funds**|||||| |---|---|---|---|---|---| ||**Balance**||||**Balance**| ||**brought**||||**carried**| ||**forward**|**Income **|**Expenditure**|**Transfers**|**forward**| ||**£**|**£**|**£**|**£**|**£**| |Church property fund|150,030|-|(3,696)|-|146,334| This comprises the net book value of the church land and buildings in Park Road, Peterborough. Page 13 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **13 Restricted funds** |Hope Into Action house
Fellowship weekend away / away day
Community hub
Pastoral fund
Church flowers
Raised for other causes
Geneva House
Hope Into Action house
Fellowship weekend away / away day
Community hub
Pastoral fund
Church flowers
Raised for other causes|**Balance**
**brought**
**forward**
**2024**
**Income**
**Expenditure**
**Transfers**
**Balance**
**carried**
**forward**
**2024**
**£**
**£**
**£**
**£**
**£**
9,176
142
(142)
(9,176)
-
-
2,825
(2,235)
-
590
6,910
18,625
(21,991)
-
3,544
381
-
(166)
-
215
85
445
(513)
-
17
20
175
(175)
-
20| |---|---| ||16,572
22,212
(25,222)
(9,176)
4,386| ||**Balance**
**brought**
**forward**
**2023**
**Income**
**Expenditure**
**Transfers**
**Balance**
**carried**
**forward**
**2023**
**£**
**£**
**£**
**£**
**£**
17,523
-
(17,523)
-
-
-
31,250
-
(22,074)
9,176
-
6,730
(6,730)
-
-
9,137
19,250
(21,477)
-
6,910
304
200
(123)
-
381
55
490
(460)
-
85
140
1,225
(1,345)
-
20| ||27,159
59,145
(47,658)
(22,074)
16,572| The Geneva House funds represents compensation due to the church following the release of a covenant on property previously held by the church, which must be spent on improvements to the church property. The balance was spent on the kitchen refurbishment during the previous year. The Hope Into Action house fund represents funds donated to contribute to the investment in the house. The fellowship weekend away represents contributions to support the cost of the weekend. The community hub fund represents a grant received to provide support for those needing a place to go during the daytime for warmth, health support and company. The pastoral fund represents funds given to support individuals in particular need. Church flowers - donations received in respect of flowers to be distributed. Raised for other causes - funds raised by the congregation for other causes. Page 14 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **14 Designated funds** |Legacy fund: tithe
Legacy fund: digital work
Legacy fund: investigate property options
Property development
Fixed asset fund
Legacy fund
Legacy fund: tithe
Legacy fund: digital work
Legacy fund: kitchen refurbishment
Legacy fund: Hope Into Action house
Legacy fund: investigate property options
Property development
Fixed asset fund|**Balance**
**brought**
**forward**
**2024**
**Income**
**Expenditure**
**Transfers**
**Balance**
**carried**
**forward**
**2024**
**£**
**£**
**£**
**£**
**£**
12,750
-
-
-
12,750
1,825
-
(200)
(1,625)
-
3,658
-
(3,658)
-
-
278,214
-
(7,019)
20,000
291,195
321,301
-
(11,493)
12,015
321,823| |---|---| ||617,748
-
(22,370)
30,390
625,768| ||**Balance**
**brought**
**forward**
**2023**
**Income**
**Expenditure**
**Transfers**
**Balance**
**carried**
**forward**
**2023**
**£**
**£**
**£**
**£**
**£**
136,352
-
(3,138)
(133,214)
-
23,000
-
(10,250)
-
12,750
36,256
-
(5,217)
(29,214)
1,825
42,477
-
(42,477)
-
-
50,000
-
-
(50,000)
-
10,000
-
(6,342)
-
3,658
-
-
-
278,214
278,214
231,509
-
(11,496)
101,288
321,301| ||529,594
-
(78,920)
167,074
617,748| Significant legacies are allocated to a fund with a view to considering the best use of those funds. Funds were used in the previous year on improving the digital infrastructure and equipment in the church, refurbishing the kitchen, investing in a Hope Into Action home and reviewing options for potential development of the church buildings. In addition 10% of the legacies has been allocated to consider additional giving to other causes. The fixed asset fund represents the book value of assets not included in the endowment fund. ## **15 Analysis of net assets between funds** ||**Unrestricted **|**Designated**|**Restricted **|**Endowment**|**Total**| |---|---|---|---|---|---| ||**funds**|**funds**|**funds**|**funds**|**funds**| ||**£**|**£**|**£**|**£**|**£**| |Fixed assets|-|321,823|-|146,334|468,157| |Debtors|23,041|-|-|-|23,041| |Cash at bank and in hand|42,436|303,945|4,386|-|350,767| |Creditors: amounts falling due|||||| |within one year|(5,372)|-|-|-|(5,372)| ||60,105|625,768|4,386|146,334|836,593| Page 15 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **16 Related party transactions** The church occupies premises the deeds of which are legally held for the benefit of the church by The Baptist Union Corporation Limited which is controlled by the Baptist Union Council. The church is a member of the Baptist Union of Great Britain and the East Midlands Baptist Association (EMBA). The Church made donations to The Baptist Missionary Society and EMBA Home Mission per Note 6. The church is one of seven legal members of Churches Together in Central Peterborough (CTICP), a separate charity and company limited by guarantee. A contribution of £150 (2023 - £150) was made towards the work of the charity during the year. There is a trustee common to both charities. During the previous year a grant of £75,000 was made from the previously unincorporated charity to the CIO for the purposes of investing in a property. As these accounts include transactions of both charities under the merger accounting rules, the grant is not shown separately in these accounts. ## **17 Merger accounting** On 1 June 2024 the assets, liabilities and activities of Park Road Baptist Church, Peterborough (charity registration number 1127659) were transferred into Park Road Baptist Church, Peterborough (charity registration number 1201927). The beneficiaries, purposes, trustees and members of both charities were consistent and therefore merger accounting has been adopted as required by Charity SORP. This means that these accounts reflect the underlying finances of both charities and further breakdown is provided below. Accounting policies were consistent between the two charities and therefore no adjustments were required to align the policies. ## **Analysis of principal SoFA components for the current reporting period** |Total income
Total expenditure
Net movement in funds|**Charity**
**registration**
**number**
**1127659: pre**
**merger**
**Charity**
**registration**
**number**
**1201927: pre**
**merger**
**Charity post**
**merger**
**Combined**
**total**
**£**
**£**
**£**
**£**
44,366
-
89,654
134,020
(53,670)
-
(89,880)
(143,550)| |---|---| ||(9,304)
-
(226)
(9,530)| ## **Analysis of principal SoFA components for the previous reporting period** |Total income
Total expenditure
Net movement in funds|**Charity**
**registration**
**number**
**1127659: pre**
**merger**
**Charity**
**registration**
**number**
**1201927: pre**
**merger**
**Consolidation**
**adjustments**
**Combined**
**total**
**£**
**£**
**£**
**£**
165,287
75,000
(75,000)
165,287
(293,421)
-
75,000
(218,421)| |---|---| ||(128,134)
75,000
-
(53,134)| The consolidation adjustment represents a grant paid by one charity to the other charity. Page 16 ## **PARK ROAD BAPTIST CHURCH, PETERBOROUGH** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **17 Merger accounting (continued)** ## **Analysis of net assets at the date of merger** |Fixed assets
Current assets
Current liabilities
Net assets
Represented by:
Unrestricted funds
Designated funds
Restricted income funds
Endowment funds
Total funds
**Analysis of net assets as at 31 December 2023**
Fixed assets
Current assets
Current liabilities
Net assets
Represented by:
Unrestricted funds
Designated funds
Restricted income funds
Endowment funds
Total funds|**Charity**
**registration**
**number**
**1127659: pre**
**merger**
**Charity**
**registration**
**number**
**1201927: pre**
**merger**
**Consolidation**
**adjustments**
**Combined**
**total**
**£**
**£**
**£**
**£**
392,928
77,839
-
470,767
369,241
-
(2,839)
366,402
(350)
(2,839)
2,839
(350)| |---|---| ||761,819
75,000
-
836,819| ||68,105
-
-
68,105
536,870
75,000
-
611,870
8,354
-
-
8,354
148,490
-
-
148,490| ||761,819
75,000
-
836,819| ||**Charity**
**registration**
**number**
**1127659: pre**
**merger**
**Charity**
**registration**
**number**
**1201927: pre**
**merger**
**Consolidation**
**adjustments**
**Combined**
**total**
**£**
**£**
**£**
**£**
399,257
72,074
-
471,331
386,191
2,926
(2,926)
386,191
(14,325)
-
2,926
(11,399)| ||771,123
75,000
-
846,123| ||61,773
-
-
61,773
545,674
72,074
2,926
620,674
13,646
2,926
(2,926)
13,646
150,030
-
-
150,030| ||771,123
75,000
-
846,123| The consolidation adjustment represents a balance due between the two charities. Page 17