- Park Street Baptist Church Park Street Baptist Church Trustee Report and Financial Statements For the year ended 31 December 2024 Charity Number 1202850
Park Street Baptist Church Contents Page Reference and administrative information Trustees, report Independent examiners, report Statement of financial actlvltles Balance Sheet Statement of cash flows 10 Notes to the financial statements 11-20
Park Street Baptist Church REFERENCE AND ADMINISTRATIVE INFORMATION REGISTERED CHARITY NAME: Park Street Baptist Church WORKING NAME: PSBC CHARITY REGISTRATION NUMBER: 1202850 CHURCH ADDRESS: 2 Penn Road Park Street St Albans Herts AL2 20F TRUSTEES: M Cooper (Pastor) H Gill (Deaconl A Hall (Secretary and Deacon) E Prince {Deacon) W Searl (Deacon) - resigned 31 December 2024 G Weller (Treasurer) BANKERS: CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ INDEPENDENT EXAMINER: Mr Philip Burley The governlng document of the Charity is the Constitution which was adopted on 23 November 2022. The Charity is constituted as a Charltable Incorporated Organisation ("CIO") and was registered on 26 April 2023.
Park Street Baptist Church TRUSTEES, ANNUAL REPORT For the year ended 31 December 2024 The Trustees present their report and financial statements of the Charity for the period l Januarv 2024 to 31 December 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT PSBC was established as a CIO on 26 April 2023 with a financial year ended 31 December. PSBC, as previously unincorporated body, continued to operate up until 31 December 2023. The CIO started operations once the assets transferred on l January 2024 and therefore did not report any income or costs or recorded assets in 2023. The transfer of assets from the previous unincorporated body consisted of fixtures and fittings, office equipment (overall net book value of £1,188) and cash reserves of £128,662 resulting in total net assets of £129,850 being acquired. These values are reflected as "Transfers in" within the financial statements and supporting notes. The properties utilised by PSBC are held in Trust by the Baptist Union of Great Britain and not reflected in these financial statements. The Trustees manage the church in accordance with our constitution and meet a minimum of 6 times a year. Trustees include the Pastor, who chairs the meetings. with others appointed from the membership at the AGM and the November Meeting of Church Members. The appointment of Trustees is public, clear and open, enabling members to prayerfully consider who Should be appointed and with notice of forthcoming elections. Candidate5 are nominated, and elected by secret ballot of the church members. There is an opportunity for postal votes to be made in advance. Members meetings take place 5 times a year. All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objettives. Relevant matters may be submitted to the Church meeting by the Trustees for guidance or may be raised by members in the Church meeting for further consideration by the Trustees. Though the Constitution permits declsions to be made at Church meetings by appropriate majorities, the Church seeks to work by consensus wherever possible. Publlc benefit We have complied with the duty in Settion 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Park Street Baptist Church TRUSTEES, ANNUAL REPORT (continued) For the year ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees review risks for the church and action plans for addressing the risks are reviewed annually. Safeguarding policies are in place to minimise risk to the congregation and visitors with established health and safety policies which are subject to periodic review. AIMS AND PURPOSES The principle purpose of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination, including the advancement of education, community service and such other general charitable purposes in such parts of the United Kingdom and the world as the Church shall determine. The aim of the charity 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. CHARITABLE ACTIVITIES Central to the work and witness of the Church is the provision of regular public services of Christian worship. Sunday services continue to be held at the Church premises and streamed online at 10".30am and are accessible to those who are church members and anyone else who would like to watch. The Christmas services were very well attended this year, including our Carols and Candles Service. Notice sheets are ernailed to members and friends and are also made available at the church for those who cannot access them electronically. We have continued to run a number of Home Groups in various locations this year, as well as a parent & toddler group and a meetin8 for the elderly which both meet weekly at the Church. In addition, we have run a number of Family Connect meetings on a Saturday morning, which are open to families from our community who have young children. We have also run a weekly Friday Social, offering hot drinks and games and the opportunity to socialise and make new friends from the Church and from the local community. Additionally, we began Called to Greatness, a new group aimed at young people, which aims to create a safe, loving and fun environment where young people can spend time furthering their faith together.
Park Street Baptist Church TRUSTEES, ANNUAL REPORT (continued) For the year ended 31 December 2024 CHARITABLE ACTIVITIES (continued) Systems are in place to ensure that all those working with children, young people and vulnerable adults at risk have appropriate DBS clearance and regular safeguarding training. We have internal systems in place to safe-guard children, young people, and vulnerable adults at risk and those working with them. In the spring, we supported the Christian drama groupi Saltrnine, as they visited a number of local schools. In the summer, we held our first Church Weekend at Home, benefiting from great worship and teaching, as well as lots of opportunities to socialise and build friendships. We also held a Light Party at the end of October and a New Year Party at the end of the year. The Church actively supports the Baptist Union Home Mission Fund and BMS World Mission, along with other agencies and missions locally, nationally, and internationally. ACHIEVEMENTS AND PERFORMANCE For the Church, achievement and performance cannot be measured by merely considering numerical concerns, whether attendance or in financlal terms. Less tangible areas such as fellowship and inspiration are important too. 2024 was a good year in the life of the Church both In terms of spiritual growth and in practical service. Members of the Church and the local community were supported in a variety of ways, encouraging them and helping them spiritually, emotionally and practically. FINANCIAL REVIEW The flnancial review below compare5 2024 to 2023 {i.e prior to the transfer of PSBC assets to the newly established CIO on l January 2024). The Charlty did not operate from inception on 26 April 2023 until the asset transfer took place. As a result nothing is reported in the financial statements themselves for 2023. Income for the year increased to £94,360 (2023: £82,856) largely driven by legacies of £9,450 and an increase in interest received of £1,884 whilst donations remained broadly in line with prior year.
Park Street Baptist Church TRUSTEES, ANNUAL REPORT (continued) For the year ended 31 December 2024 FINANCIAL REVIEW {contSnued) Expenditure in 2024 was reduced at £84,278 (2023: £86,837) largely as a result of professional fees incurred in the prior year in relation to establishment of the CIO. Other than the impact of inflation, most other costs remained in line with prior year, albeit 2024 incurred expenditure in re5ation to its biennlal church weekend and increased support to mission activities. At the end of 2024 reserves stood at £139,932 which compared to £129,850 in 2023, reflected in an Increase in unrestrlcted reserves In 2024, largely resulting from the aforementioned legacy received in 2024. An analysis of des18nated and restricted reserves can be found below in notes 15 and 16. POLICIES Reserves The Trustees have determined that the charlty should aim to hold unrestricted cash of no less than 6 months unrestricted expendlture so that the charity could continue to operate should income and/or expenditure vary adversely. It is not the policy to hold onto excess funds but the Trustee5 consider current conditions and future objectives to determine how excess funds should be managed and utilised. Investments The trustees ensure that funds which are not required in the short-term are placed into I year bonds or fixed deposit accounts which allow withdrawals with notice periods (typically greater than 3 months but not greater than one year). No such single arrangement is funded for an amount greater than £80,000 to ensure that, with interest added, the amount deposited remains below the £85,000 guaranteed under the Governments Financial Services Compensation Scheme. GOING CONCERN At the tfme of approving the financial statements, the Trustees have a reasonable expectation that PSBC has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Park Street Baptist Church TRUSTEES, ANNUAL REPORT (continued) For the year ended 31 December 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financlal statements; and prepare the flnanclal statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tlme the flnancial posltlon of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irre8ularitr'e5. Approved by the Trustees on 26 October 2025 and signed on their behalf by: Matthew Cooper Pastor
Park Street Baptist Church STATEMENT OF FINANCIAL ACTIVITIES For tho yoar endlng 31 Dacember 2024 Unrestrfcled Reslrlcted TOTAL TOTAL funds funds 2024 2023 Note Incom• Donations and legacies Income from Church aclivitles Income from Investrngnts 70,692 2,436 73,128 3,550 600 4,150 17,082 17.082 TOTAL INCOME 91,324 3,036 94,360 Expondfturn Church act111•* Ministry Support Costs Expenditure on investments TOTAL EXPENDrruRE 53,365 4,246 57,611 24,822 24,822 1,845 1.845 80,032 4,246 84,278 NET INCOME 11,292 (1.210) 10,082 Transfer between furKIs (100) 100 NET MOVEMENT IN FUNDS 11,192 10,OB2 Funds transferred to CIO on 1 Jan 2024 123,868 5.982 129,850 Total fund8 carfled forward 135.060 4,872 139,932 The statement of flnancial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing operations.
Park Street Baptist Church BALANCE SHEET AT 31 DECEMBER 2024 2024 2023 Note Flx•d Assots Tangible ass8ls 10 792 Currnnt Ass•ts Short-term Investments 80.000 Debtors and prepayments 11 20.326 Short-tem deposits 37.246 Cash al bank and in hand 10.526 148.098 Cr•dltors • amounts falllng due wlthln on• y•ar 12 8.958 Not Current Asset• 139.140 Total AsMt• 139,932 Funds 13114 Unrestrieted 79,141 Designated Restricted 16 55.920 1S 4,872 Total R•s•rv 139,932 The financial ststements were approved by the trustees and Signed on its behalf by: Matthew Cooper Pastor and Trustee Date: 26 October 2025 Charity Registration Number: 1202850 The notes on pages 11 to 20 form part of these financial statements.
Park Street Baptist Church CASH FLOW STATEMENT For the year endlng 31 December 2024 2024 2023 Cash flow from operatlng actlvltles Net income 10,082 AdJustm•nts for non cash ond non operatlng actlvltl•s Net investment income {15.237> 396 Depreciation 10 Cash transfee In on establishment of CIO 128.662 113,822 Workln9 capftal adJuslmonts Increase in debtors 11 (20,3261 8,958 Increase in credttors 12 Not cash oufflow from oporatlng actMtIoS (11,368) Cash flow from Inv•stm•nt actfvlllos Interest receivable 5.082 Rental propety income (net of oxpenditure) Not cash infiow from lrtvestment actfv4ti• 10,155 15,237 Not Incr•as• In cash and ¢ash •qulvalents Cash and cash equlvalents at 31 December 2023 Cash and cash •quivalenls al 31 Docomber 2024 127,772 127,772 10
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 Statutory information Park Street Baptist Church is a charlty registered with the Charity Commission in England & Wales, The charity's registered number and principal address can be found on the Charity Information page. Accounting policles Statement of compllance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in ottober 2019, the Financial Reporring Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011, Basls of preparatlon Park Street Baptist Church meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value except unless otherwise ststed in the note(s) to these accounts. Goln8 concern At the time of approving the financial statements. the Trustees have a reasonable expectation that PSBC has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Judgements The trustees have not made any judgements In the process of applying the entity's accounting policie5 that have had a significant effect on the amounts recognised in the financial statement5. Key sources of estlmatfon uncertalnty There are no key sources of estlmation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 11
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for Iha yaar ended 31 December 2024 Accountlng pollcie5 (contlnued) Intome Voluntary income including donations, gifts and legacles that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliabllity. Donations and legacles Donations and legacies are recogni5ed on a receivable basis when receipt is probable and the amount can be reliably rneasured. Glft aid Gift aid income is recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Investment income Interest income is recognised on an earned basis wlth interest earned but not received at the Balance Sheet date accrued. Rental income on the Bungalow is recognised for each period under the terms of the contract. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, It is probable that a transfer af economic benefits will be required in settlement and the amount of the obligation can be reliably measured. All expenditure is accounted for on an accruals basis. All expenditure, including support costs and governance costs are allocated to the applicable expenditure headings. Expenditure on charitable activities is incurred on directly undertaking the activitie5 which further the Charity's objectives, as well as any associated support cost. Support Costs are those cost5 incurred directly in support of expenditure on the objects of the Charity. The charity is not registered for VAT and therefore all expenditure is shown Inclusive of VAT. Govemance costs The Independent Examiner provides his service free of charge. 12
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024 Accounting policies (continued) Debtors Debtors are included in the settlement amount due. Prepayments are valued at the amount prepaid. Llabllltles Liabilities are recognised where the charity has a present obligation at the Balance Sheet date arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it rnust provide. Tanglble fixed assets Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment105ses. Cash at bank and In hand Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Short-term Investments Short term investments relate to the placement of available cash, not immediately required, into a bond with a maturity date l year at inception. Pensions The charity offers a defined contribution pension scheme to every employee. The assets of the scheme are invested and managed independently of the finances of the Charity. Employees are automatically enrolled into the pension scheme, if they are paid above a certain value, and are entitled to opt into the pension scheme if paid below the threshold. The Charity pays an agreed contribution to a separate entity, relieving it from any liability for future payments. 13
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024 Accounting policies (continued) Fund accounting Unrestrlrted Funds These represent the remaining income funds of the PSBC that are available for spending on the general purposes of PSBC, including amounts desi8nated by the Members for specific future objectives and which are therefore not included in its 'free reserves, as disclosed in the Trustees, Report. Members have the right to "un-designate" funds. Restrirted Funds These are income funds that must be spent on restricted purposes and details of the fund5 held and restrittions provided are shown in the notes to the accounts. Donations and legacles Unresldcted Restrlcted TOTAL TOTAL funds fund$ 2024 2023 R8gular giving and collections Other donations 49.192 49.192 1.081 1.981 3.062 Tax recoverable 10,969 455 11.424 Legacies 9.450 9,450 70,692 2,436 73,128 Income from Church actlvities Hall hirings other 2.750 2,750 600 1.400 3,550 600 4.150 14
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for Ihe year ended 31 December 2024 Income from investments Interest 5.082 5,082 Renlal income 12.000 12,000 17,082 17,082 Expenditure of ministry Unrestricted Restricted TOTAL TOTAL funds funds 2024 2023 P8slor 36,383 36,383 Paslor expenses Visiting pr8a¢h8r fees Community Vrk Outreach 520 520 20 2.793 2.793 3.162 3,162 Course and servlce matert81s 46 Training courses and deacons retreat Communications 754 754 Ministry gifts Children's resources 214 214 Church weekend 1,264 Mission support 7.000 1.453 8,453 Manse running costs 3,262 3,262 53,365 4.246 57,611 15
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for the year anded 31 December 2024 Staff costs 2024 2023 Wages and salanes Pension cost 41,239 3,999 45,238 No employee received emoluments of more than £60,000 12023.. Nill. The average monthly numbers of employee5 during the year, calculated on the basis of full time equivalents was 1.3 (2023.. none). Key management comprised the Trustees members named on the Charity Information page. The Pastor also has the provision of a Manse for which the Church is responsible for council tax, water, property insurance and maintenance and which amounted to £3,262 in 2024. The Church also pays an incidental contribution towards a mobile phone and broadband. 10. Fixed Assets Offlce Equlpment Cost Al 31 Deckmber 2023 Transferred in on establishment of CIO 1,188 At 31 D•c•mber 2024 1,188 Depreclatlon At 31 December 2023 Charge for the year At 31 Decombor 2024 396 396 N•t Book Value At 31 December 2024 792 At 31 December 2023 17
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024 Expenditure on support costs Unrestricted Restricted TOTAL TOTAL funds funds 2024 2023 Equlpment Insurance 60 60 1,605 1,605 Church waler 407 407 Church electricity Church other 3.978 3,978 1.904 1,904 General malnlenance 2,998 2,998 Building maintenance Affiliations & subscriptions Church administrator 1,294 1,294 1,348 1,348 7,020 7,020 Photocopier expenses and ijepreclatlon 409 409 Professional services 2.493 2,493 Office expenses 1,306 1.306 24,822 24,822 Expendlture on investments funds funds 2024 2023 Propety insuranc8 Propety m3intènance Property management fee 315 315 234 234 1,298 1,296 1,845 1,845 16
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024 11. Current assets 2024 2023 Tax recoverable 11,424 615 Accrued income Sundry debtofs Prepayments Balanc• at 31 De¢omber 5,108 3,179 20.326 12. Current liabilities 2024 2023 Accru81$ 8.958 Balance at 31 D•comb•r 8,958 13. Summary of fund movements Unrestricled DeSnated Restricted Total Balance at 31 Decernber 2023 Funds transferred to CIO on 1 Jan 2024 66,275 91.324 57.593 5,982 3,036 129,850 94.360 (84,278) Incoming resources Resources exp8nded Transfer between fuTrJs (78.858) 400 (1.173) (500) (4.246) 100 Balan at 31 08mber 2024 79,141 55,920 4,872 139,932 18
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for the year 8nd8d 31 December 2024 14. Summary of assets by fund Tolal Unrestricted Designated Restricted 2024 Fixed assels 792 792 Current assets 87.306 55,920 4.872 148,098 Llabilities: amounts falling due In one year Total 18.958) 79,141 (8,958) 139,932 55,920 4,872 15. Restricted funds Transferred in Incoming Resources Outgoing Resources Balan¢e at Fund 1 Jan 2024 Transfers 31 Dec 2024 Mission-Home Misslon (44) (578} (1251 {111) (57) (242) <296) MissionpB.M.S 578 336 Mls$ion-S.T.E.P 125 150 150 Mission-Kisumu 111 63 63 Mission-Releasé 57 244 244 Mission-Tariq Angelina Mission-spurgeons Mission-other 242 210 210 296 104 104 20 20 Tu8sday Fellowship Group Youth Group Fund Pastoral Fund 319 400 (397) 322 1,383 100 1,483 1,026 1,168 633 1,026 73 Refugee Fund Food Bank Fund 263 {1,358) (1,038) 1,248 5,982 3,036 (4,2461 100 4,872 19
Park Street Baptist Church NOTES TO THE FINANCIAL STATEMENTS (continued) for Iho year ended 31 December 2024 16. Designated funds Transferred In Ir)comlng Resources Outgoing Resources Balance at Fund 1 Jan 2024 Transfers 31 Doc 2024 Property Fund Emergency Property Fund Tuesday Fellowship (Kltchen) Ministry Fund Specific Donation Fund Warni HublFriday Soci81 Church Weekend 8.000 8,000 2.000 2,000 800 (601 1113) 740 40,601 40,488 3,692 3,692 500 1500) 1,000 {1.000) Deacons Fund 1.000 1,000 57.593 (1,173) (500) 55,920 16. Related party transactions During the year, 6 Trustees {together with spouses) made donations to the charity as members of the congregations totalling £18,670. The part-time administrator Is the wife and daughter of Trustees and received a salary of £7,020, whilst the part-time cleaner is the mother of a Trustee and received a salary of £1,835. All expenses paid to Trustees are for reimbursement of expenditure incurred on behalf of the Church except for the Pastor who occupies the Manse (see Staff costs note 9). 17. Controlling party The Charity was under the control of the Trustees throughout the period under review as described in the Annual Report. 18. Taxalion The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 20
Park Street Baptist Church INDEPENDENT EXAMINER'S REPORT I report to the Trustees on my examlnation of the accounts of the Charity for the year ended 31 December 2024 on pages 8 to 20 followlng, which have been prepared on the basis of the accounting pollcles set out on pages 11 to 14. Responslbllitles and basls of report As 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 respert of my examination of the Charity's accounts carried out under section 145 of the Act and in carrylng out my examination I have followed all the applicable Directlons given by the Charity Commisslon under section 145(5){b) of the Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concernlng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 8ive a 'true and fair, view which is not a matter considered as part of an independent examinatlon. 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. Philip urley Date: 26 October 2025