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2025-10-31-accounts

Registered Charity No: 1044068

ERITREAN ORTHODOX CHRISTIAN (ST MICHAEL'S) COMMUNITY CHURCH

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 1

Contents

Contents
Charity Information 3
Trustees' Annual Report 4
Objects and Public Benefit 4
Structure, Governance and Management 4
Activities, Achievements and Performance 4
Financial Review 5
Reserves Policy 5
Risk Management and Internal Controls 5
Events After the Reporting Date and Governance Transition 6
Future Plans 6
Statement of Trustees' Responsibilities 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Statement of Financial Activities - Comparative 10
Balance Sheet 11
Notes to the Financial Statements 12-18

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 2

Charity Information

Legal name: Eritrean Orthodox Christian (St Michael's) Community Church
Charity number: 1044068
Registered in: England and Wales
Charity structure: Registered unincorporated charity
Governing
document:		 Constitution adopted 6 November 1994.
Registered office: 78 Edmund Street, London SE5 7NR
Trustees serving
during the year:		 Abrahaley Mebrahtu (Chairman until 8 July 2025); Solomon Russom (Treasurer and
Acting Chairman); Dr Semereab Tewolde (Secretary); Futsum Kahsa (Safeguarding);
Berhane GhebreAlfa; Yacob Haile.
Secretary: Dr Semereab Tewolde
Trustees serving
after the year end
and at the date of
approval:		 Nesereab Berhane Haile (Acting Chairman and Secretary); Abiel T Woldu (Treasurer);
Helen Mehari (Safeguarding); Solomon Y Nere (Project Lead); Nazriet Teclu
(Fundraising Lead); Elsa Haile Ghebremariam; Yonas Mengsteab Tecle.
Bankers: HSBC Bank PLC, Harry Weston Road, Binley, Coventry CV3 2TQ; Lloyds Bank, 1
Silver Street, Enfield, Middlesex EN1 3EE

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 3

Trustees' Annual Report

The trustees present their annual report together with the financial statements of Eritrean Orthodox Christian (St Michael's) Community Church for the year ended 31 October 2025. The report explains the charity's objects, public benefit, activities, achievements, governance arrangements, financial position, reserves policy and future plans.

The financial statements have been prepared under the historical cost convention and on the accruals basis, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS 102.

Objects and Public Benefit

The charity's objects are to advance the Christian religion, and in particular the Orthodox faith, by organising, providing and developing church services and ancillary religious activities; to advance public education along Orthodox Christian lines, particularly in respect of the Eritrean language and culture; and to relieve poverty and distress arising from poverty, sickness, bereavement or imprisonment of a family member.

The trustees confirm that they have had regard to the Charity Commission's public benefit guidance when exercising their duties and planning the charity's activities. The trustees consider that the Church's worship, pastoral support, religious education, community fellowship and support to families and vulnerable members provide clear public benefit to the Eritrean Orthodox Christian community and the wider public.

Structure, Governance and Management

The charity is governed in accordance with its constitution by its charity trustees, who currently operate collectively as the Board of Trustees. The trustees have ultimate responsibility for the charity's governance, strategic oversight, financial stewardship and compliance with charity law. They are supported in day-to-day administration and service delivery by the Management Committee, clergy, employees, volunteers and relevant sub-committees.

Trustees are appointed or elected in accordance with the charity's constitution. The charity supports newly appointed trustees through appropriate induction and training, and any trustee vacancies or additional appointments are addressed through the procedures set out in the constitution.

During the year, the trustees continued to oversee the Church's worship, pastoral, educational and community activities, and to monitor financial records, Gift Aid, bank balances, payroll, pension and operational matters. Day-to-day administration and operational activities are carried out by the Management Committee, together with the clergy, staff and volunteers, under the overall oversight of the Board of Trustees. The Management Committee reports to the trustees on its activities, and the trustees retain collective responsibility for the charity’s governance, strategic direction, financial stewardship and compliance with charity law.

Activities, Achievements and Performance

Worship, Liturgy and Pastoral Care

The Church continued to provide routine worship, liturgy, pastoral care and community fellowship throughout the year. Members and attendees gathered for Sunday worship, midweek services, monthly liturgy services for St Michael, St Abune Aregawi, and St Mary, and services connected with christenings, weddings, memorial services, feast days, and other Orthodox Christian observances.

Pastoral support was provided to members and their families, including bereavement, family events, spiritual care, and community cohesion.

Community, Education, Youth and Volunteers

The Church continued to support the Eritrean Orthodox Christian community in London and beyond through worship, faith formation, language, culture, family support, youth support and fellowship.

Volunteers remained central to the delivery of services, welcoming, administration, collection handling, event support and assistance to elderly or vulnerable members. The Church employs staff and engages freelance service providers but relies heavily on volunteers to deliver services and provide support.

Structured deaconship training continued during the year. The Church expects to graduate additional deacons in 2026.

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 4

Governance, Management and Partnerships

The current Management Committee members, elected by the congregation in August 2024, continued their service during the year. The Church held a formal Sunday School committee election with participation and monitoring by designated members of the Sub-Diocese of the Eritrean Orthodox Church UK. Following a formal handover, the new Sunday School committee resumed routine activities. The Sunday School is an important part of the Church and provides regular faith-based lessons and instruction for young people, supporting the charity's public education object.

The Church maintained links with Southwark Council, attended seminars and conferences, and continued ecumenical relationships with other Eritrean Orthodox churches in the UK and overseas. The trustees and Management Committee also continued to consider long-term property options for the congregation's goal of securing a suitable permanent place of worship in South London.

The Church continued to improve accounting records, year-end working papers, Xero reporting, bank reconciliation, payroll review, Gift Aid administration and evidence preparation for external scrutiny. The trustees recognise the importance of proper financial stewardship, internal controls and documented decision-making in line with charity law and good governance practice.

Financial Review

Total income for the year was £368,337 (2024: £309,255), an increase of £59,082 or 19.1%. Donations were £323,463 (2024: £261,583). Income also included book and merchandise sales, rental income and interest income.

Total expenditure was £134,783 (2024: £106,619). Expenditure included £115,027 on core charitable activities, £10,948 on governance and administration, and £8,808 on depreciation. Net income for the year was £233,554 (2024: £202,636).

At 31 October 2025, total funds were £2,461,111 (2024 restated: £2,227,557). The 2024 comparative funds and balance sheet have been restated for historic pension and payroll opening-balance corrections totalling £5,980, recognised in unrestricted funds. The adjustment is explained in note 17.

The charity held tangible fixed assets of £391,364, debtors of £132,401 and cash at bank and in hand of £1,940,350. Creditors due within one year were £3,004. Debtors included Gift Aid tax recoverable of £32,391, pension recoverable of £21,249, other debtors and control accounts of £53,762, and £25,000 due after more than one year from Debresina Mariyam Eritrean Orthodox Christian Community Church, Newcastle, UK.

Reserves Policy

The trustees define free reserves as unrestricted funds that are freely available for the general purposes of the charity, after excluding restricted funds, designated funds, tangible fixed assets used by the charity and any other funds not freely available for general use.

The trustees consider that the charity should maintain a hard minimum operating reserve of approximately £60,000 and a target free-reserves range of approximately £120,000 to £150,000. This level is considered appropriate, having regard to regular worship and pastoral activity, staff costs, property costs, insurance, utilities, professional fees, Gift Aid timing and other working capital requirements.

Unrestricted free reserves at 31 October 2025 were £60,000 after the trustees' transfer of £539,392 to the designated property fund. This was equal to the trustees' hard minimum operating reserve but below the target range of £120,000 to £150,000. The trustees will monitor the position and seek to rebuild free reserves towards the target through future operating surpluses. The charity also held designated funds of £2,159,291 for long-term property and strategic development purposes, and restricted funds of £241,820 for capital funding. The reserves policy and the continuing level of designation will be reviewed at least annually as part of budgeting, financial review and approval of the annual accounts.

Risk Management and Internal Controls

The trustees recognise that the charity's principal risks include safeguarding, cash handling, banking and cyber risk, restricted fund control, Gift Aid compliance, payroll and pension compliance, property maintenance, recoverability of debtor balances, trustee transition and continuity of services. The trustees seek to manage these risks through the following controls:

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 5

Events After the Reporting Date and Governance Transition

The extended term of the previous trustees ended on 31 October 2025. New trustees commenced their terms on 1 November 2025 following the trustee transition and appointment process. The handover was supported by formal trustee meetings and the transfer of relevant records, financial matters and governance actions to the new Board.

The trustees record the passing of Mr Abrahaley Mebrahtu, Chairman of the Board of Trustees, on 8 July 2025. The Board records its gratitude for his leadership and many years of dedicated service. To ensure continuity, Mr Solomon Russom served as Acting Chairman.

Following the trustee transition, the Church continued to progress Gift Aid administration, HMRC Charities Online access, NEST pension access and year-end financial control matters. Debresina Mariyam repaid £17,500 on 27 July 2026, reducing the outstanding loan balance from £25,000 to £7,500. The remaining balance is expected to be repaid by 31 October 2026, if practicable, and in any event by 31 December 2026. Following the Board meeting on 2 August 2026, Elsa Haile Gebremariam and Yonas Mengsteab Tecle, formally accepted appointment as trustees, bringing the Board to seven trustees.

During 2026, the trustees also continued the charity's long-term property strategy and participated in a competitive process concerning St Andrew's Church in South London. An offer was submitted after consideration of affordability and professional legal, financial and property advice. At the date these financial statements were approved, the charity had not been notified that it was the preferred bidder and no binding acquisition agreement had been entered into. Accordingly, no adjustment has been made to the financial statements at 31 October 2025; see note 19.

Future Plans

● Continue regular worship, liturgical and pastoral activities.

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 6

Statement of Trustees' Responsibilities

Charity law requires the trustees to prepare accounts for each financial year that give a true and fair view of the charity's state of affairs at the end of the financial year and of its incoming resources and the application of those resources for that year.

The trustees are required to:

Name Nesereab Berhane Haile
Position ActingChairman and Secretary
Signature Nesereab B. Haile
Date 18 August 2026

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 7

Independent examiner's report on the accounts

Section A: Independent Examiner's Report

Report to the trustees of Eritrean Orthodox Christian (St Michael's) Community Church
On accounts for theyear ended 31 October 2025
Charity no 1044068
Set out on pages 9 to 18

Responsibilities and basis of report

I report to the trustees on my examination of the accounts of the above charity (“the Charity”) for the year ended 31 October 2025.

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act, and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

The charity's gross income exceeded £250,000, and I am qualified to undertake the examination by being a qualified member of the Chartered Institute of Management Accountants (CIMA).

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gave me cause to believe that in any material respect:

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.

Signed Ian Robertson, CFA, ACMA
Date 18.08.2026
Name Ian Robertson, T & R Partners
Relevant professional qualification(s) or body Chartered Institute of Management Accountants
(CIMA)
Address 195-197 Wood Street
London, E17 3PA

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 8

Statement of Financial Activities

For the year ended 31 October 2025

Unrestricted Unrestricted Unrestricted Unrestricted Designated Designated Restricted Restricted TOTAL TOTAL TOTAL TOTAL TOTAL
Fund Fund Fund 2025 2024 (restated)
Notes £ £ £ £ £
Income from:
Donations 3 323,463 - - 323,463 261,583
Other tradingactivities: - -
Sale of books & merchandise 5,750 - - 5,750 8,330
Rental income 19,200 - - 19,200 20,731
Interest income 19,924 - - 19,924 18,611
Other income - - - - -
Total income 368,337 - - 368,337 309,255
Expenditure on:
Charitable activities:
Cost of charitable activities 4 115,027 - - 115,027 90,178
Governance and administration 5 10,948 - - 10,948 8,008
Depreciation charge 8 8,808 - - 8,808 8,433
Total expenditure 134,783 - - 134,783 106,619
Net income for theyear 233,554 - - 233,554 202,636
Reconciliation of funds:
Total funds brought forward as
previously stated		 359,858 1,619,899 241,820 2,221,577 2,018,941
Prior-year adjustment 5,980 - - 5,980 5,980
Adjusted funds brought forward 365,838 1,619,899 241,820 2,227,557 2,024,921
Net movement in funds 233,554 - - 233,554 202,636
Transfer of funds to designated
propertyfund		 (539,392) 539,392 - - -
Total funds carried forward 60,000 2,159,291 241,820 2,461,111 2,227,557

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 9

Statement of Financial Activities - Comparative

For the year ended 31 October 2024

Unrestricted Unrestricted Designated Designated Restricted Restricted TOTAL TOTAL TOTAL
Fund Fund Fund 2024
(restated)		 2023
Notes £ £ £ £ £
Income from:
Donations 3 261,583 - - 261,583 250,841
Other tradingactivities: - -
Sale of books & merchandise 8,330 - - 8,330 16,431
Rental income 20,731 - - 20,731 15,596
Interest income 18,611 - - 18,611 8,179
Other income - - - - 639
Total income 309,255 - - 309,255 291,686
Expenditure on:
Charitable activities:
Cost of charitable activities 4 90,178 - - 90,178 89,426
Tradingexpenses - - - - 6,857
Governance and administration 5 8,008 - - 8,008 11,261
Depreciation charge 8,433 8,433 7,603
Total expenditure 106,619 - - 106,619 115,147
Net income for theyear 202,636 - - 202,636 176,539
Reconciliation of funds:
Funds brought forward at 1
November 2023		 157,222 1,619,899 241,820 2,018,941 1,842,402
Net movement in funds 202,636 - - 202,636 176,539
Prior-year adjustment 5,980 - - 5,980 -
Funds carried forward at 31
October 2024(restated)		 365,838 1,619,899 241,820 2,227,557 2,018,941

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 10

Balance Sheet

As at 31 October 2025

Notes 2025 2025 2024 (restated) (restated) (restated)
Fixed assets £ £
Tangible assets 15 391,364 398,673
391,364 398,673
Current assets
Debtors 9 132,401 130,772
Treasurydeposit - 1,485,000
Cash at bank and in hand 16 1,940,350 217,012
2,072,751 1,832,784
Creditors: amounts fallingdue within oneyear 10 (3,004) (3,900)
Net current assets 2,069,747 1,828,884
Total assets less current liabilities 2,461,111 2,227,557
Funds
Unrestricted funds: 12 60,000 365,838
Designated funds 13 2,159,291 1,619,899
Restricted funds 11 241,820 241,820
Total funds 2,461,111 2,227,557

The accounts were approved by the trustees on 18 August 2026 and signed on their behalf by:

Name Nesereab Berhane Haile
Position ActingChairman and Secretary
Signature Nesereab B. Haile
Date 18 August 2026

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 11

Notes to the Financial Statements

For the year ended 31 October 2025

1. Eritrean Orthodox Christian (St Michael's) Community Church

The charity is a registered charity in England and Wales with charity number 1044068.

The charity qualifies for exemption from the requirement to provide a cash flow statement for the year ended 31 October 2025.

The trustees received no remuneration for acting as trustees. During the year, magazine-printing costs of £2,520 (underlying invoices: £2,519.52) were reimbursed or settled in respect of invoices addressed to Solomon Russom, who served as a trustee during the year. The expenditure related to charity magazines and was not trustee remuneration. At 31 October 2025, £25,000 remained receivable from Debresina Mariyam Eritrean Orthodox Christian Community Church in respect of the advance made for its property purchase. The balance is included within debtors due after more than one year. After the year end, £17,500 was repaid on 27 July 2026; see note 9.

2. Principal Accounting Policies

a) Basis of preparation

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounts have been prepared under the historical cost convention and on the accruals basis.

b) Tangible assets - building costs

Land and buildings are valued at cost. Please refer to note 15 for details.

c) Incoming resources

Income is recognised in the period in which the charity is entitled to the receipt; it is probable that economic benefits will flow to the charity, and the amount can be measured with reasonable certainty. Income is deferred where entitlement does not exist at the year-end.

d) Donations and similar incoming resources

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when received, unless it is accrued where entitlement and measurement are sufficiently reliable. The value of services provided by volunteers has not been included as it is difficult to quantify.

e) Grants received

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year for which they are received.

f) Interest receivable

Interest income is recognised when receivable, where entitlement is established, and the amount can be measured reliably.

g) Resources expended

Expenditure is recognised where there is a legal or constructive obligation to pay. Costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities where possible.

h) Governance and administration costs

These represent costs incurred by finance, human resources, and legal and professional fees attributable to managing the Church's assets and complying with constitutional and statutory requirements. It also includes general support costs that could not be directly attributed to a particular charitable activity, with allocation reviewed by trustees.

i) Capitalisation and depreciation of tangible fixed assets

All tangible fixed assets costing more than £1,000 are capitalised, except where the trustees consider that lower-value equipment should be capitalised because it provides continuing benefit. Depreciation is charged to write off the cost of assets over their expected useful economic lives.

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 12

j) Pension scheme

The charity became a member of NEST for pension auto-enrolment effective from 1 April 2016. Eligible employees are automatically enrolled unless they opt out. Employer pension contributions are charged to the Statement of Financial Activities in the period to which they relate.

k) Operating leases

Operating lease rentals are accounted for over the lease term.

3. Donations

2025 2025 2024 2024
Total
Unrestricted		 Total
Unrestricted
£ £
Committed giving (membership fees and tithes) 61,210 62,737
Operating community church activities (weddings, baptisms, community
projects)		 12,426 14,392
Donations (Sunday and midweek collections, including Gift Aid income for the
period)		 249,827 184,454
Total 323,463 261,583

4. Expenditure on core charitable activities - community church

2025 2025 2024 2024
Total Unrestricted Total Unrestricted
£ £
Regular church services(Sundayservices and other special events) 68,252 54,540
Reconciliatory and outreach services 23,627 15,105
Sundayschool for children 6,876 6,844
Educational support 10,335 7,867
Youth services 5,937 5,822
Total 115,027 90,178

5. Governance and administration costs

2025 2025 2024 2024
Total Unrestricted Total Unrestricted
£ £
Staff costs - administration 4,058 3,776
Churchpropertycost for administration 1,879 2,045
Legal and other professional fees 750
Other administration and support overheads 4,261 2,187
Total 10,948 8,008

6. Staff costs and employee numbers

2025 2024
Total Unrestricted Total Unrestricted
£ £
Gross salaries and wages 77,830 60,496

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 13

2025 2025 2024 2024
Total Unrestricted Total Unrestricted
£ £
Employer National Insurance costs 997 621
Pension costs 2,335 1,898
Total 81,162 63,015
The average number of employees during the year is:
Senior Church officers 2 2
Assistant Church administrators 2 2
Total 4 4

Freelance and other service-provider costs are excluded from staff costs because these individuals were not employees paid through payroll. These costs amounted to £9,600 in 2025 and prior years are included within expenditure on charitable activities or support costs, depending on the nature of the services provided.

7. Trustees' expenses and remuneration

No trustee received remuneration for acting as a trustee during the year ended 31 October 2025. Note 1 discloses the payment to Solomon Russom for Church magazine printing costs and the Debresina Mariyam loan balance.

8. Depreciation

2025
2024
£
£
Depreciation charge 8,808
8,433

9. Debtors

2025 2024
£ £
Prepayments and accrued income - 8,743
Gift Aid tax recoverable 32,391 30,400
PAYE balance - 736
Pension/NEST recoverable(fullyrecovered after theyear end) 21,249 9,913
Other debtors and control accounts (including Mothers' Group income
receivable)		 53,762 -
Other debtors(loan to Debresina Mariyam) - 37,500
Prior-yearpension/payroll opening-balance adjustment - 5,980
Total debtors due within oneyear 107,402 93,272
Due after more than one year(Repayable advance to Debresina Mariyam -
original advance £75,000)		 25,000 37,500
Whole-pound roundingalignment (1) -
Total debtors 132,401 130,772

Other debtors and control accounts: the total of £53,762 (underlying balance £53,762.06) comprises Mothers' Group income receivable of £47,626.66, a rent deposit of £385 and Sunday School funds receivable of £5,750.40. These amounts were recognised only where the trustees confirmed entitlement at 31 October 2025, and the amounts could be measured reliably.

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 14

Pension/NEST recoverable: the £21,249 balance arose from historic pension contribution adjustments and was fully recovered after the year end following completion of the refund process with NEST.

Gift Aid tax recoverable: the closing balance of £32,391 comprises the £30,400 opening debtor, less £5,809 received during the year, plus £7,800 accrued in respect of qualifying donations for the year ended 31 October 2025. After the year end, HMRC paid £26,686 in April 2026 (including £4,000 under the Gift Aid Small Donations Scheme (GASDS) relating to tax years 2023/24 and 2024/25) and a further £4,366 in August 2026. These receipts provide evidence supporting recoverability of the year-end balance. A £2,000 GASDS claim relating to the tax year ended 5 April 2026 was not recognised at 31 October 2025 and will be accounted for in the next accounting period. The trustees intend to submit Gift Aid claims at least twice each year to support timely recovery.

A £1 whole-pound rounding alignment is shown in note 9 so that the primary statements and fund reconciliation cross-cast exactly; the accounting records retain the underlying balances to the penny.

Repayable advance to Debresina Mariyam: the advance is due from Debresina Mariyam Eritrean Orthodox Christian Community Church, Newcastle, UK. The original advance was £75,000. Repayments of £50,000 were received during the accounting period, leaving £25,000 outstanding at 31 October 2025. The balance is shown as due after more than one year based on the repayment profile at the reporting date. After the year end, £17,500 was repaid on 27 July 2026, reducing the balance to £7,500. The remaining balance is expected to be repaid by 31 December 2026. The post-year-end repayment supports the trustees' assessment that the £25,000 year-end balance was recoverable and does not change the amount recognised at 31 October 2025.

10. Creditors

2025 2024
£ £
Trade creditors 741 1,400
PAYE liabilities 13 -
Accruals(accountingand independent examination fees £2,250) 2,250 1,500
Net wages - 1,000
Total creditors due within oneyear 3,004 3,900

Unpresented cheques of £800 have been deducted from cash and are shown as reconciling items in note 16; they are not included in accruals. These cheques are separate from, and unrelated to, the £1,000 historic pension/payroll opening-balance correction included in note 17.

11. Restricted funds

There was no incoming or outgoing movement on the restricted fund during the year. The balance represents a capital grant received for property costs and already expended in previous years.

2025 2024
Balance Balance
Community fund: capital funding £241,820 £241,820

12. Unrestricted fund

2025 2024(restated)
Total Unrestricted Total Unrestricted
£ £
Openingbalance at 1 November 365,838 157,222
Prior-year adjustment recognised in the 2024 comparative - 5,980

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 15

2025 2025
2024(restated)
Total Unrestricted
Total Unrestricted
£
£
Net surplus for theyear 233,554
202,636
Transfer to designated property fund (539,392) -
Closing balance at 31 October 60,000
365,838

The unrestricted fund at 31 October 2025 is £60,000. The opening balance at 1 November 2024 has been restated to £365,838, and the trustees transferred £539,392 to the designated property fund. The prior-year adjustment is explained in note 17.

13. Designated fund

The designated fund comprises amounts set aside by the trustees for the Church's long-term property objectives. During the year, the trustees approved an internal designation of £539,392 from unrestricted funds. The designation does not impose an external restriction and may be varied by a future trustee decision.

Balance at 1 November
2024		 Transfer from unrestricted Additions Balance at 31 October
2025
Designated fund £1,619,899 £539,392 - £2,159,291
Total £1,619,899 £539,392 - £2,159,291

14. Analysis of net assets between funds

2025
Tangible assets(£) Net current assets(£) Total(£)
Restricted funds 241,820 - 241,820
Designated funds 149,544 2,009,747 2,159,291
Unrestricted funds - 60,000 60,000
Total 391,364 2,069,747 2,461,111
2024(restated)
£ £ £
Restricted funds 241,820 - 241,820
Designated funds 156,853 1,463,046 1,619,899
Unrestricted funds - 365,838 365,838
Total 398,673 1,828,884 2,227,557

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 16

15. Tangible fixed assets

15. Tangible fixed assets
Tangible assets
Cost brought forward
Additions
Cost carried forward
Accumulated depreciation brought forward
Depreciation charge for theyear
Net book balance as at 31 October 2025		 2025 2024
Total Total
£ £
460,327 456,177
1,499 4,150
461,826 460,327
(61,654) (53,221)
(8,808) (8,433)

391,364
398,673

A depreciation charge for 2025 was £8,808 (2024: £8,433).

16. Bank transactions

A/C
01388630		 A/C
01370642		 A/C 21586572 A/C 21642383 2025 Total 2024 Total
Opening balance as at 1
November 2024		 £99,975 £97,636 £6,446 £12,954 £217,011 £1,126,195
Incomingcash £307,466 £2,840 £1,445,667 £614,656 £2,370,629 £1,952,689
Outgoing cash and treasury
deposit transfers		 (£133,891) - (£208,569) (£305,000) (£647,460) (£2,861,872)
Closing bank balance as at
31 October 2025		 £273,550 £100,476 £1,243,544 £322,610 £1,940,180 £217,012

The aggregate closing balance on the four bank statements was £1,940,180. After deducting unpresented cheques of £800 and adding cash in hand of £970, cash at bank and in hand reported in the balance sheet is £1,940,350. The 2024 comparative outgoing-cash figure includes £1,485,000 transferred from bank accounts to a treasury deposit; this was a balance-sheet transfer and not expenditure. The unpresented cheques are bank-reconciliation items and are unrelated to the £1,000 historic pension/payroll opening-balance correction in note 17.

17. Prior-year adjustment and comparative restatement

During preparation of the 2025 accounts, historic pension and payroll opening-balance corrections totalling £5,980 were identified, comprising £4,980.43 and £1,000. The opening balance at 1 November 2024 and the 2024 comparative figures have therefore been restated by £5,980, wholly within unrestricted funds.

The adjustment increases debtors and unrestricted funds at 31 October 2024. Total funds at that date increase from £2,221,577 to £2,227,557, and the restated unrestricted opening balance at 1 November 2024 is £365,838. The adjustment has no effect on 2025 cash.

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 17

18. Allocation of property and staff costs to core activities

Property and staff costs have contributed to several of the charity's activities. The trustees believe the following allocation reasonably attributes those costs to the appropriate activities.

Activities: Staff costs Property costs
Core church services 60% 45%
Reconciliation and outreach 20% -
Sundayschool 5% 15%
Education support 5% 20%
Youth services 5% 10%
Governance and administration 5% 10%
100% 100%

Other administration and support costs are allocated according to the nature and use of the expenditure. Costs not directly attributable to a specific programme are included in governance and administration where they relate to the charity's general management and support.

19. Events after the reporting date - property acquisition process

During 2026, the charity participated in a competitive process concerning the possible acquisition of St Andrew's Church in South London as part of its long-term property strategy. The charity submitted an offer after considering affordability and professional legal, financial, and property advice. At the date these financial statements were approved, the charity had not been notified that it was the preferred bidder, and no binding acquisition agreement had been entered into. The matter is therefore treated as a non-adjusting event after the reporting date. No asset, liability or commitment has been recognised on 31 October 2025. As no binding transaction existed at the approval date, the ultimate financial effect cannot be reliably quantified.

Annual Report and Accounts 2025 | Charity No. 1044068 | Page 18