2025-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF

GODALMING MINSTER

AUDITED TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER

Contents	Page
Administrative Information	1
Report of the Trustees	2 to 7
Auditor’s Report	8 to 11
Statement of Financial Activities	12
Balance Sheet	13
Cash Flow Statement	14
Notes forming part of the Financial Statements	15 to 36

Page 1

THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER ADMINISTRATIVE INFORMATION AT 31 DECEMBER 2025

CHARITY REGISTRATION NUMBER 1128305 TRUSTEES as at 31/12/25: The Rev Christopher Lion Mr Dudley Hilton The Rev Simon Willetts Mr Martin Lambert The Rev Michael Moritz Mrs Jill Mace Mrs Linda Allen Mrs Leonora Miles Ms Janice Arnold Ms Victoria Page Mrs Sarah Black Mrs Hilary Reeve Mr William Bryans Mr Adrian Sadler Mr David Chadwick Mr Graham Sopp Mr Anthony Charter Mr Malcolm Smith Mr Sebastian Cheek Mr Luke Taylor Mr Andrew Dunn Mr Ian Tomes Mr Patrick Elshen Mr David Wilkin Mr James Wilson PRINCIPAL OFFICE: Church Office Old Rectory, Old Rectory Gardens Godalming, Surrey GU7 1XB ACCOUNTS: Lesley Reeves Tuesley Tax & Accounts 6 Tuesley Corner Godalming, GU7 1TB PAYROLL: AJ Bennewith and Co., Chartered Accountants 18 Farnham Rd, Guildford GU1 4XA AUDITORS: Moore (South) LLP Suite 3, Second Floor, Friary Court 13-21 High St, Guildford, Surrey, GU1 3DG BANKERS: NatWest Bank Limited 280 Bishopsgate London EC2M 4RB INVESTMENTS: The CBF Church of England Funds Senator House, 85 Queen Victoria Street London EC4V 4ET SOLICITORS: Moore Barlow LLP, The Oriel, Sydenham Road GUILDFORD GU1 3SR

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The PCC members, who are also the charity’s trustees, submit their annual report and the audited financial statements for the year ended 31 December 2025. The trustees have adopted the Church Accounting Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK & Republic of Ireland, FRS102 second edition, and the Charities Act 2011.

Governing Document

The Parochial Church Council of the Ecclesiastical Parish of Busbridge was registered with the Charity Commission on 27th February 2009. Following the merger with the neighbouring parishes of Hambledon and Godalming under a Parochial Scheme dated 7[th] August 2023 it was renamed The Parochial Church Council of Godalming Minster (PCC) with effect from 1[st] January 2024. Its governing document is the Parochial Church Council (Powers) Measure (1956) and under this measure the PCC has the responsibility of “co-operation with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical”. It is also responsible for the maintenance of the churches of St. John the Baptist, Brighton Road, Busbridge, St Marks, Franklyn Road, Godalming, Ss Peter and Paul, Church Street, Godalming and St. Peters, Hambledon as well as other parish buildings.

Objectives, Activities and Public Benefit

Godalming Minster aims to be a centre of love and care, serving and creating community, wellbeing and hospitality, breaking down barriers, providing spiritual nourishment and teaching about the uniqueness of Jesus Christ, the Holy Spirit and God our loving Father. Specific objectives to support that include:

• To build a worshipping and praying community

• To evangelise and spread the gospel of Jesus Christ

• To provide excellent youth and children’s work

• To support our church schools

• To provide a care network for the bereaved, elderly and lonely

• To develop and empower church and lay leaders

• To provide facilities at the centre of our community

The PCC is aware of the Charity Commission’s guidance on public benefit in “The advancement of religion for the Public Benefit” and has regard to it in their administration of the Minster.

The PCC believes that by promoting the Christian faith it provides a benefit to the public by:

1. Providing facilities for public worship, building community, pastoral care and spiritual development, both for existing church members and for anyone who wishes to benefit from what the church offers.

2. Promoting Christian values, and service by members of the church in and to their community, to the benefit of individuals and society as a whole.

Achievements and Performance

The number of people on the electoral roll as at 31 December 2025 was 319 (2024: 469). For 2025, average weekly attendance was as shown in the table below (2024 numbers in brackets)

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2025 (continued)

Achievements and Performance (continued)

----- Start of picture text -----
Congregation Adults Children under 16
Hambledon 31(38) 2(6)
Franklyn Road 28(39) 2(3)
Brighton Road Classic 40(41) 1(4)
Brighton Road 6pm 27(30) 7(5)
Church St 8am 16(16) 1(0)
Church Street Choral Eucharist 37(43) 2(1)
Church Street Choral Evensong 28(33) 1(1)
Church Street Contemporary 97(99) 28(27)
Church in the Park 30(35) 19(19)
----- End of picture text -----

Our Youth and Children work on Sundays, both morning and evening, welcomed an average of 35 children every week. Our Friday Night sessions, run in partnership with the Trinity Trust Team saw demand grew so significantly that we split into two sessions, and we are now regularly welcoming over 50 young people across the evening. Our Wednesday Youth Café at St Mark's draws around 30 young people each week. We also have five Toddler Groups — two at Church Street, two at Brighton Road, and one at Franklyn Road — providing vital connection points for parents and little ones across our parish. In our local schools, we lead fortnightly assemblies across three schools and a monthly assembly in a fourth, reaching approximately 770 unique students every month. We also co-lead a lunchtime Christian Union in partnership with the Trinity Trust Team, which draws an average of 9 students each week.

We ran a successful summer Holiday Club, which saw 60 children attending each day across the three day adventure. And across the year, our seasonal services and events — including our hugely popular Christingle, Pancake Party, Easter Garden Service, and Light Party — have continued to draw families through our doors, many of whom we might not see at any other time of year.

Judith Hawkey joined the team as a part-time Children and Families Pastor working with the 4-11 age group in May 2025, and by December 2025 David Bott had been recruited as a second part-timer for the same age group, actually joining payroll in early January 2026.

The Older Person’s Ministry led by Penny Naylor continued to provide very valuable pastoral support with hearing aid clinics and a wide range of social activities throughout the year.

The church continued to use volunteers to support activities as much as possible, although recruitment of volunteers has still not fully recovered from the Covid disruption. In particular, volunteers continued to be active in providing pastoral support (including supporting the foodbank and café), organising small group and children’s activities, leading worship and providing technical support.

Having opened in March 2022, the Yew Tree Café in Brighton Road continued to grow through 2025, as part of the church’s outreach to the wider community. It continues to involve the employment of a full time manager and two part-time assistant managers as well as around 20 volunteers. Revenue continued a generally upward trend since opening, reaching a level at which VAT registration was required from October 2023. Recognising the outreach aspect of the café, PCC has budgeted for a small deficit each year. The deficit remained higher than planned in 2025, but prices have now been increased to address this.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2025 (continued)

Structure, Governance and Management

The PCC lay members are elected from the individuals registered on the parish electoral roll. The members holding office during the year 2025, and up to the date of this report, were as follows:

Ex Officio

Incumbent The Rev Simon Taylor (until January 2025) The Rev Christopher Lion (from September 2025) Associate Ministers The Rev Simon Willetts The Rev Michael Moritz (from July 2025)

Churchwardens Mr William Bryans Mr David Wilkin Licensed Lay Ministers Mr Dudley Hilton LLM Representative on PCC (Other LLMs: Dr Peter Shaw, Mrs Clare Haddad, and Mrs Philippa Baker)

Elected Lay Members

Mrs Linda Allen (from May 2025) Mrs Jill Mace (Deanery Synod) Ms. Janice Arnold (Deanery Synod) Ms Leonora Miles Mrs Sarah Black Ms Victoria Page (from May 2025) Mr. David Chadwick Mrs Hilary Reeve Mr. Anthony Charter (from May 2025) Mr Adrian Sadler Mr Sebastian Cheek Mr Malcolm Smith (Deanery Synod) Mr Andrew Dunn Mr Graham Sopp (Deanery Synod) Mr Patrick Elshen Mr Luke Taylor (from May 2025) Dr Karen Hart (until May 2025) Mr Ian Tomes Mr Michael Hawkey (until March 2025) Mr James Wilson Mr Martin Lambert (Treasurer)

All PCC members are commissioned each year and agree to fulfil their responsibilities as they are best able. An annual declaration of conflicts of interest is completed by each member.

PCC held six regular meetings during the year. All PCC members are encouraged to take an active part in one or more sub-committees. The Governance group met to set the agenda for each regular PCC meeting and to consider issues pertaining to management and finances. Day to Day management of the charity is delegated to the Rector, supported by the Senior Leadership Team. For the period between the departure of Simon Taylor as Rector in January 2025 until the appointment of his successor, Chris Lion in September 2025, the Churchwardens assumed responsibility for the Parish with support from the Associate Rector Simon Willetts.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2025 (continued)

Recruitment and Appointment of Trustees

Lay church members are encouraged to stand for election to the PCC. They are proposed and seconded by anyone on the electoral roll prior to election at the Annual Parochial Church Meeting. Elected lay members of the PCC hold office for three years and are eligible to stand for a second three-year term after which they are required to take a one year break before standing again.

Training of Trustees Policy

New PCC members receive written information on the work of the PCC and their responsibilities as members. Training is tailored to individual needs depending on the experience of the individual involved.

Summary of Results, Achievements and Financial Review

INCOMING RESOURCES

Total income for the year was £843,124 (2024: £981,745).

Total unrestricted income amounted to £777,132 (2024: £840,808), the largest contribution to which related to planned giving, which including gift aid was £396,257 (2024: £393,114). Also included is the final tranche of £35,000 of a grant arranged through Guildford Diocese to assist with establishing the Minster in 2024 (£46,000 was received in 2024).

RESOURCES USED

Total resources expended for the year was £909,717 (2024 restated: £1,047,655), of which £850,546 (2024 restated: £791,103) was from unrestricted funds, with parish share, £166,247 (2024: £169,834) being the highest single cost.

Total employment costs, including social security and pension contributions totalled £215,091 (2024: £229,599).

UNRESTRICTED FUNDS

At year end unrestricted funds were £643,461 (2024 restated: £723,002).

Of this total, £317,432 is in the General Fund while the balance of £326,029 is held in various designated funds. Further details of all Unrestricted Funds can be found in note 22 on page 32.

RESTRICTED FUNDS

At the year end restricted funds were £3,045,141 (2024: £3,038,512).

Further details of all Restricted Funds can be found in note 21 on page 30-31.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2025 (continued)

FUTURE PLANS

Following the departure of the previous Rector, Simon Taylor, in January 2025, Chris Lion was licensed as Rector on 18[th] September 2025. Since taking up the role, Chris has been working with Minster leadership and PCC to develop a 5 year plan to set the future direction.

There are a number of key elements of the resulting strategy; one of the most significant is the development of five central ‘outcomes’, or goals, that the Minster is aiming, under God, to achieve over the next five years. These are as follows: 1) To be a community deeply shaped by prayer, worship & God’s word, overflowing with the Holy Spirit; 2) To become confident in sharing Jesus with others; 3) To increase our positive impact on Godalming & Hambledon, meeting needs with God’s love in word and deed; 4) To grow younger & more diverse, including in leadership; and 5) To grow numerically.

In broad terms, the Minster will continue to share the good news of Jesus with Godalming and beyond; and it is intended that we continue to offer a range of activities and worship styles across all four Minster locations. As a specific project, consideration will be given to potential upgrade of the central Godalming location in Church Street to create a more welcoming and warm environment for both Sunday worship and wider community events.

RISK POLICY

The PCC recognises its responsibilities for managing risk. There are risk assessment protocols in place for all church activities on and off site. The PCC maintains a formal Risk Register, which is reviewed on an annual basis. The principal risks and uncertainties identified relate to (a) loss of income if voluntary giving were to fall substantially and (b) dissatisfaction of key employees or volunteers. These risks are actively managed in line with the risk register.

RESERVES POLICY

It is the policy of the charity and the trustees to maintain unrestricted funds, some of which are designated for specific purposes. The aim is to hold sufficient unrestricted funds to meet the unrestricted expenses of the PCC for at least six months in case of a substantial fall in income - this is approximately £300,000 on an ongoing basis. The status of unrestricted reserves and decisions regarding those designated for specific purposes are reviewed annually by PCC, normally as part of the budget setting process for the following year.

INVESTMENT POLICY

The PCC has a policy of holding shares in the CBF Church of England Investment Fund to obtain a higher longterm return than available from a standard deposit account, provided that at least £150,000 is retained in immediate access accounts paying little or no interest. In addition, the PCC holds the Investment Properties as detailed in Note 15.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2025 (continued)

TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS102) second edition;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the 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 time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Parochial Church Council on 2026

Martin Lambert, Treasurer

Chris Lion, Rector

Page 8

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER

Opinion

We have audited the financial statements of The Parochial Church of Godalming Minster (formerly The Parochial Church Council of the Ecclesiastical Parish of Busbridge) (the ‘charity’) for the year ended 31 December 2025 which comprise Statement of Financial Activities, Balance Sheet, Cash flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 9

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• the charity has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we required for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 10

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

• The engagement partner selected staff for the audit led by persons who had sufficient experience, along with the required competence and skills in the not-for-profit sector to be able to identify or recognise non-compliance with laws and regulations.

• We assessed the risk of irregularities as part of our audit planning, and ongoing review, including due to fraud, management override was identified as a significant fraud risk from our assessment. This is due to the ability to bypass controls and disclosure requirements.

• Completeness of income was also judged a significant risk, most specifically in relation to the café income, as there is a risk income could be recognised in the incorrect period or omitted.

• Some income received is restricted in its use and a significant risk was identified regarding the correct classification of income between restricted and unrestricted funds and that the expenditure against this income was in line with any specified restrictions.

• We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered the most significant to be Charities Act 2011, the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council, Church Accounting Regulations and Gift Aid compliance. We considered how the charity complies with these requirements by discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. Consideration was also made of internal controls in place to mitigate the significant risks.

• We assessed the control environment, documenting the systems, controls and processes adopted. The audit approach incorporated a combination of controls testing, where appropriate, analytical review and substantive procedures, involving tests of transactions and balances. Any irregularities were discussed with management and additional corroborative evidence was obtained as required.

To address the risk of fraud through management override we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify any unusual transactions;

• reviewed sensitive nominal ledger codes,

• reviewed the disclosures within the financial statements to ensure that they meet the requirements of the accounting standards and relevant legislation; and

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Page 11

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER

To address the risk of fraud through revenue recognition we:

• agreed a sample of income received from source documentation through to the accounting records;

• reviewed and agreed income either side of the year end to ensure income was recorded in the correct period;

• discussed with management to confirm there was no further income to be included; and

• reviewed board minutes for evidence of any further unrecorded income

In response to the classification of income and expenditure between restricted and unrestricted we:

• completed analytical work, compared to prior year and budget;

• agreed a sample of income recorded in the nominal ledger to source documentation to ensure any restrictions were correctly identified;

• agreed a sample of expenditure per the nominal ledger to supporting documentation, confirming any restriction applied met the purpose for which the income was given; and

• reviewed the clients analysis of restricted funds for any obvious misallocations of income or expenditure;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion .

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

For and on behalf of Moore (South) LLP, Statutory Auditor

Moore (South) LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Suite 3, Second Floor, Friary Court 13-21 High St Guildford, Surrey, GU1 3DG

Page 12

THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER STATEMENT OF FINANCIAL ACTIVITIES AT 31 DECEMBER 2025

Notes Income Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Other 7 Expenditure Raising funds 8 Charitable activities 9 / 28 Other costs 10 Net income before investment gains Gains / (losses) on investments 15 / 17 Net income / (expenditure) Transfers between funds 21 / 22 Net movement in funds Reconciliation of Funds: Total funds brought forward Total funds carried forward	Unrestricted Restricted Total Total Funds Funds 2025 2024 £ £ £ £ 543,798 65,993 609,791 743,829 153,952 - 153,952 162,879 19,213 - 19,213 22,909 59,173 - 59,173 49,339 995 - 995 2,789
	777,131 65,993 843,124 981,745
	10,617 - 10,617 19,290 801,131 59,172 860,302 997,898 38,798 - 38,798 30,467
	850,546 59,172 909,717 1,047,655
	(73,415) 6,821 (66,593) (65,910) (5,261) (1,059) (6,320) (149,419)
	(78,676) 5,762 (72,913) (215,329) (866) 866 - -
	(79,542) 6,629 (72,913) (215,329) 723,002 3,038,512 3,761,514 3,976,843
	643,460 3,045,141 3,688,601 3,761,514

Notes 1 - 28 on pages 15 - 36 form an integral part of these accounts.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER BALANCE SHEET AT 31 DECEMBER 2025

Notes Fixed Assets Tangible assets 14 Investments 15 Current Assets Stock Debtors 16 Investments 17 Cash at bank and in hand Current Liabilities Creditors: amounts due within one year 18 / 28 Net Current Assets Total Assets less Current Liabilities Creditors: amounts due after one year 19 Total Net Assets The Funds of the Charity Restricted 21 Unrestricted 22 / 28 Total Funds	Restated 2025 2024 £ £ 2,229,975 2,270,343 1,000,000 1,000,000
	3,229,975 3,270,343 - 290 56,535 50,207 379,567 360,887 552,786 621,765
	988,888 1,033,149 (90,262) (101,978)
	898,626 931,171
	4,128,601 4,201,514 (440,000) (440,000)
	3,688,601 3,761,514
	3,045,140 3,038,512 643,461 723,002
	3,688,601 3,761,514

Approved by the Parochial Church Council on:

2026

and signed on its behalf by:

Reverend C Lion Rector

Mr M Lambert Treasurer

Page 14

THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER CASH FLOW STATEMENT AT 31 DECEMBER 2025

Notes Cash flows from operating activities Net cash from operating activities 26 Cash flows from investing activities Interest & rents from investments Sale / (purchase) of investments Purchase of fixed assets Net cash used in investing activities Cash flows from financing activities Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at year end	48,556 (25,000) (1,086)	2025 £ (91,449) 22,470 -	30,049 360,000 -	2024 £ (34,870) 390,049 (80,000)
	-		(80,000)
		(68,979) 621,765		275,179 346,586
		552,786		621,765

Page 15

THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2025

1. ACCOUNTING POLICIES

1.1 Basis of Preparation

The financial statements 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 (FRS102), and the Charities Act 2011.

The financial statements are prepared on a going concern basis under the historical cost convention, with the exception of investment properties and current asset investments which are included at market value.

The financial statements are prepared in sterling which is the functional currency, and amounts have been rounded to the nearest pound.

The charity is a public benefit entity as defined by FRS102 and is unincorporated.

1.2 Going Concern

The PCC has assessed whether the use of the going concern basis is appropriate and has considered possible events or circumstances that might cast significant doubt on the ability of the charity to continue as a going concern. Particularly on account of a continuing broad base of voluntary giving, the available reserves and the ability to manage expenditure in line with any future variation in income, the going concern basis is still considered appropriate.

1.3 Income

• Planned giving, sundry and other donations, and collections are recognised when received by the PCC.

• • Income tax recoverable on donations eligible for Gift Aid is recognised when the donation is received and when eligibility (a valid Gift Aid declaration) is established.

• Legacies are accounted for at the earlier of:

• the date on which the charity is aware that probate has been granted;

• the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made; or

• when a distribution is made from the estate.

Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

• Grant Income is recognised when the PCC is notified of its legal entitlement and the amount due.

• Income from certain charitable activities including the Café and the Bridge magazine is subject to VAT, which is payable on a part business basis. VAT on attributable costs is reclaimable.

• Other trading activities include parochial fees from weddings and funerals, and use of the church buildings. Along with income from fundraising, these are recognised in the period in which the event takes place.

• Investment income, including rental income, is accounted for in the period in which the charity is entitled to the receipt.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

1. ACCOUNTING POLICIES (continued)

1.4 Resources Expended

All expenditure is accounted for on the accruals basis inclusive of VAT.

• Raising funds includes those costs related to the management and repair of the investment properties and direct costs associated with fundraising activities.

• Charitable expenditure includes operating costs of the Café and the Community Centre, costs related to the production and sale of The Bridge, as well as other expenses including grants relating to relevant projects undertaken. The charity allocates specific costs to the various activities that they undertake and determine those that can be treated as restricted in the accounts.

• VAT is payable on a part business basis and VAT on attributable costs is reclaimed.

• Grants are charged in the year that they are approved for payment. No grants are deferred.

• Other costs include all expenditure not related to raising funds or the charitable activities undertaken.

1.5 Corporation Tax

The charity is exempt from corporation tax according to schedule 3 of the Charities Act 2011.

1.6 Support Costs

Support costs are those functions that assist the work of the charity but do not directly relate to raising funds or charitable activities. These costs are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly whilst others are apportioned on an appropriate basis.

1.7 Donated Services and Goods

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

In accordance with the Charities SORP, the services of volunteers are not reflected in the Statement of Financial Activities as their donated time is not quantifiable.

1.8 Fixed Assets

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is not reported within these financial statements in accordance with the Charities Act 2011. No cost or value is placed on movable church furnishings held by the church wardens on trust for the PCC and which require a faculty for disposal since the PCC considers them to be inalienable property. All expenditure on consecrated buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities.

Freehold properties

Freehold properties held for use by the PCC with a value linked loan are stated at deemed cost. The Trustees deem the residual value to be at least equal to cost. Therefore, no depreciation is charged.

Other freehold properties held for use by the PCC are stated at cost. The non-land cost is depreciated over 10 years on a straight line basis.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

1. ACCOUNTING POLICIES (continued)

1.8 Fixed Assets (cont.)

Office equipment and fixtures and fittings

Individual items with a purchase price of £1,000 or less are written off on purchase. Office equipment used by the PCC, and fixtures and fittings in its properties, are depreciated so as to spread the cost of each asset, less its estimated residual value, over its expected useful life of 4 years.

1.9 Investment Properties

All Investment properties are included in the accounts on an open market basis as estimated by the trustees. Unrealised gains and losses are taken to the Statement of Financial Activities.

1.10 Stock

Stock is trading stock held by the Café and is recorded at the lower of cost and net realisable value.

1.11 Debtors

Other debtors are recorded at settlement amount. Prepayments are valued at the amounts prepaid at the balance sheet date.

1.12 Current Asset Investments

Investments are recognised initially at cost, which is the transaction price less transaction costs. Subsequently, the investments are included at closing mid-market value at the balance sheet date. Any gain or loss is taken to the Statement of Financial Activities.

1.13 Cash at Bank and in Hand

Cash at bank and in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.14 Creditors

Trade and other creditors are recognised when the charity has a present obligation resulting from past events and can be measured or estimated reliably. Creditors are recognised at their settlement amounts.

1.15 Public Benefit Concessionary Loans

Interest free loans were generously provided by some church members to facilitate the Old Rectory project. These loans have not been discounted per FRS 102 section 13 and 14.

1.16 Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.17 Pensions

The PCC operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities in the year they are payable. The assets of the scheme are held separately from those of the PCC in an independently administered fund. The pension charge represents the amounts payable to by the Charity in the year.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

1. ACCOUNTING POLICIES (continued)

1.18 Funds

Unrestricted Funds

Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and that are available for application to the general purposes of the PCC. They include Designated Funds earmarked by the PCC for a particular purpose. The PCC has six Designated Funds: the Youth (Designated) Fund, holding the proceeds of the sale of 34 High Ridge in 2024, The Bridge (magazine) Fund, the Nexus Fund, the Yew Tree Café Fund, the St Marks Community Centre Fund and the Minster Startup Fund. Note 22 describes the funds and their purposes.

Restricted Funds

Restricted funds fall into two categories: Restricted Income Funds are funds of the PCC that are subject to restrictions on their use imposed by the donor, that is, they are funds given for a specific purpose and the PCC cannot use them to meet its general purposes without donor permission. Once the donor purposes have been fulfilled, the resulting asset, if any, is transferred to the relevant capital fund.

The Property Fund is a Restricted Capital Fund (or endowment). The PCC holds expendable endowment properties for operational use (the Old Rectory and 14 Phillips Close) and investment (Church Cottage and School House). Income generated by these properties is unrestricted and available for general purposes, apart from 14 Phillips Close which is further restricted as to its use. The proceeds on the sale of 34 High Ridge during 2024 were designated by the PCC for Youth activities.

2. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Determination of values of investment property

The trustees review the valuation of each of the investment properties at the end of each year based on their knowledge of the market and house sales in and around the year from internet research, with validation by local estate agents with knowledge of the market from time to time. If the trustees’ valuation is inaccurate then the valuation of investment property in the financial statements will be misstated. The valuation basis of each property is described in Note 15.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

3. Donations and Legacies

Incoming resources from donors Planned giving Gift Aid Tax recoverable - Planned Planned giving non Gift Aid Sundry donations Tax recoverable - Sundry Collections Special Collections Tax recoverable - Collections Directed gifts Word and Worship Old Rectory Youth projects Hambledon Clergy Fund Church St Fabric Church St Bells Tower project Minster Family Support Fund Moss Lane Minster grants Other grant income Legacy income	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 272,364 - 272,364 267,469 69,058 - 69,058 71,524 54,835 - 54,835 54,121 25,138 - 25,138 14,730 4,763 - 4,763 1,260 15,516 - 15,516 15,978 - 1,582 1,582 2,088 3,648 347 3,995 3,865 2,576 - 2,576 4,244 - 25,853 25,853 21,165 - - - 4,850 - - - 24,998 - 8,245 8,245 17,690 - 16,244 16,244 3,805 - 4,213 4,213 - - 5,345 5,345 63,106 - 4,164 4,164 2,857 58,000 - 58,000 64,191 35,000 - 35,000 46,000 2,900 - 2,900 400
	543,798 65,993 609,791 684,341 - - - 59,488
	543,798 65,993 609,791 743,829

Included in 2024 was £140,753 of restricted income.

4. Charitable Activities

aritable Activities
Seniors activities Youth & Children activities The Bridge magazine Nexus Yew Tree Café St Marks Community Centre	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 812 - 812 642 6,210 - 6,210 5,155 9,334 - 9,334 9,435 2,035 - 2,035 2,059 81,709 - 81,709 82,388 53,852 - 53,852 63,200
	153,952 - 153,952 162,878

All income from charitable activities was unrestricted in 2024.

St Marks Community Centre runs the Foodbank. Income here includes grants from Surrey County Council of £20,744 (2024 - £25,181)

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

5. Other Trading Activities

er Trading Activities
PCC fees and services Facilities use	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 13,224 - 13,224 15,744 5,989 - 5,989 7,165
	19,213 - 19,213 22,909

All income from other trading activities was unrestricted in 2024.

6. Income from Investments

Bank interest: Short term deposit accounts Rents: Church Cottage School House	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 14,173 - 14,173 7,497 18,300 - 18,300 16,042 26,700 - 26,700 25,800
	59,173 - 59,173 49,339

Included in 2024 bank interest income was £184 in restricted funds.

7. Other Ordinary Incoming Resources

Other income	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 995 - 995 2,789
	995 - 995 2,789

All Other Ordinary Incoming Resources in 2024 was unrestricted.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

ds Investment property costs	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 10,617 - 10,617 19,290
	10,617 - 10,617 19,290

8. Raising Funds

All costs for raising funds in 2024 were unrestricted.

9. Charitable Activities

9. Charitable Activities
Grants Outward giving Minster Family Support Fund grants Foodbank grants Special collections Directed gifts	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 2,120 - 2,120 24,625 - 4,275 4,275 3,750 19,830 19,830 28,885 - 1,680 1,680 3,710
	21,950 5,955 27,905 60,970 3,684 - 3,68 3,295
	25,634 5,955 31,589 64,265

Included in 2024 are grants from restricted funds of £23,842. Details of grants made in the year are set out in Note 11.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

Ministry

Parish share Churches Together Clergy expenses Rectory costs Clergy fees Clergy employment costs Service costs Word & Worship Youth & Children ministry Seniors ministry Other ministry Minster start up costs	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 166,247 - 166,247 169,834 2,070 - 2,070 2,070 838 - 838 3,022 1,684 - 1,684 983 6,371 - 6,371 7,334 63,933 - 63,933 65,084 6,822 - 6,822 3,897 - 12,222 12,222 15,397 78,934 - 78,934 89,227 19,724 - 19,724 19,009 18,398 - 18,398 9,057 9,803 - 9,803 33,338
	374,823 12,222 387,046 418,252

Included in 2024 are restricted fund costs of £96,382.

Training

Training
Training Parish Activities The Bridge magazine Nexus Yew Tree Café operations Café depreciation St Marks Community Centre	7,531 - 7,531 4,828
	Restated 9,591 - 9,591 9,584 977 - 977 854 91,713 - 91,713 95,941 3,121 - 3,121 2,904 39,251 - 39,251 40,551
	144,653 - 144,653 149,834

All training and parish activities costs in 2024 were from unrestricted funds.

2024 Café costs are restated for a £3,200 water bill allocation charged in 2025 - see note 28 for details. St Marks Community Centre runs the Foodbank. Costs here are net of Grants included above.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

Property Costs Church running costs Church maintenance Upkeep of churchyards Old Rectory running costs Depreciation Old Rectory Old Rectory project Tower project Loan interest Phillips Close Phillips Close running costs Included in 2024 are restricted fund costs Support Costs General administrative costs Administration salaries Depreciation All support costs relate to charitable activities Total Charitable Activities Expenditure	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 61,705 - 61,705 58,146 20,822 2,661 23,483 15,937 22,777 - 22,777 14,777 11,223 - 11,223 13,346 - 38,333 38,333 38,333 - - - 2,051 - - - 94,217 8,768 - 8,768 8,470 6,733 - 6,732 5,984
	132,028 40,994 173,021 251,261
	of £136,329. 40,140 - 40,141 36,293 76,321 - 76,321 72,918 - - - 247
	116,462 - 116,462 109,458
	(2024 - all relate to charitable activities from unrestricted funds).
	801,131 59,172 860,302 997,898

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

10. Other Costs

ther Costs
Audit fees Audit fees - prior year underaccrual Accountancy & payroll Bank charges	Unrestricted Restricted Total Total Funds £ Funds £ 2025 £ 2024 £ 17,000 - 17,000 15,000 5,891 - 5,891 117 13,914 - 13,914 13,322 1,993 - 1,993 2,028
	38,798 - 38,798 30,467

All 'other costs' for 2024 were from unrestricted funds. Other costs relate to the governance costs of the charity.

11. Grants in Year

Grants to organisations Phyllis Tuckwell Trinity Trust Nazareth Way Warehouse Christian Trust Smaller donations < £100 Grants to individuals MFSF grants Foodbank grants	Total 2025 £ 1,080 1,000 840 840 40
	3,800 4,275 19,830
	27,905

The grants to Nazareth Way and Warehouse CT were raised in the 2024 Christmas Appeal. The grant to Phyllis Tuckwell was made by Nexus.

St Marks Foodbank grants are in food, vouchers and cash.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

12. Staff Costs

Wages and Salaries Employer National Insurance costs Employer pension costs	2025 2024 £ £ 200,923 213,930 8,419 9,470 5,749 6,199
	215,091 229,599

These costs include the youth minister, youth and children's workers, seniors ministry leader, administrative staff, café paid staff and St Marks Community Centre paid staff.

The average number of full and part-time staff during the year was 13 (2024 - 13).

No employees received emoluments in excess of £60,000 (2024 - None).

13. PCC Members' Remuneration

The PCC members did not receive any remuneration in the year (2024 - None).

PCC members expenses of £5,723 (2024 - £6,057) were reimbursed in the year.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

14. Tangible Fixed Assets

Cost or valuation At 1 January 2025 Additions / (Disposals) At 31 December 2025 Depreciation At 1 January 2025 Additions / (Disposals) Charge in year At 31 December 2025 Net Book Values At 31 December 2024 At 31 December 2025	Freehold Office/Other Fixtures & Properties equipment Fittings Total £ £ £ £ 2,514,590 26,498 11,618 2,552,706 - (1,976) 1,086 (890)
	2,514,590 24,522 12,704 2,551,816
	247,877 26,498 7,988 282,363 - (1,976) - (1,976) 38,333 - 3,121 41,454
	286,210 24,522 11,109 321,841
	2,266,713 - 3,630 2,270,343
	2,228,380 - 1,595 2,229,975

Fixtures & Fittings are café fittings and equipment.

Freehold Properties

The property at 14 Phillips Close was purchased in 1991 for occupation by assistant clergy for £102,000 plus incidental costs with assistance of a value linked loan of £102,000 from the Church Commissioners. In 2016 the church adopted FRS102 and therefore began to carry 14 Philips Close at a deemed cost of £440,000. The value linked loan is repayable either when the house is sold or ceases to be occupied by a licensed person. The terms of the value linked loan are such that the amount due to the Church Commissioners represents a fixed percentage of 100% of the value of the property. Interest is charged by the Church Commissioners at 3% per annum on the amount originally borrowed, the rate rising annually in line with increases in the retail price index and in 2025 was 8.6%. For 2025 the total interest paid on this value linked loan was £8,767.

The freehold properties are held within the Restricted Property Fund.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

15. Investment Properties

15. Investment Properties
At Fair Value At 1 January 2025 Additions / (Disposals) Realised Gain / (Loss) Unrealised Revaluation Gain / (Loss) At 31 December 2025	2025 2024 £ £ 1,000,000 1,525,000 - (360,000) - (115,000) - (50,000)
	1,000,000 1,000,000

The property at 34 High Ridge was sold in October 2024 for £360,000 and the net proceeds were designated for use in the Youth ministry.

School House was valued by the trustees at £550,000 in December 2025 based on current market conditions. The historic cost of this property is £400.

Church Cottage was valued by the trustees at £450,000 in December 2025 based on current market conditions. The historic cost of this property is £75,492.

The investment properties are held within the Restricted Property Fund as expendable endowments.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

16. Debtors

Amounts receivable within one year Gift Aid recoverable Prepayments & accrued income Other debtors At 31 December 2025 17. Current Asset Investments Market value at 1 January 2024 Additions / (Disposals) Realised Gain / (Loss) Unrealised Gain / (Loss) At 31 December 2025 The cost of investments is £259,384 (2024 - £234,384). 18. Creditors Falling Due Within One Year Trade creditors Accruals Taxation and Social Security Other creditors At 31 December 2025	2025 2024 £ £ 53,040 48,371 - 1,207 3,495 629
	56,535 50,207
	2025 2024 £ £ 360,887 345,306 25,000 - - 8,863 (6,320) 6,718
	379,567 360,887
	Restated 2025 2024 £ £ 37,048 19,244 46,154 75,618 7,060 3,665 - 3,451
	90,262 101,978

The 2024 accruals balance has been restated for £8k of a Café water charge presented in 2025. See Note 28.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

19. Creditors Falling Due After More than One Year

ue After More than One Year
Church Commissioners Equity Loan At 31 December 2025	2025 2024 £ £ 440,000 440,000
	440,000 440,000

The Church Commissioners loan is not due until 14 Phillips Close is sold and matches the asset value. Interest is payable at 3% per annum on the amount originally borrowed, this rate rising annually in line with increases in the retail price index and in 2025 was 8.6%.

20. Retirement Benefit Schemes

Defined Contribution Schemes

The employer charge in respect of defined contribution schemes was £5,749 (2024 - £6,199).

At the year end, no contributions were outstanding (2024 - £nil).

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

21. Restricted Funds

Property Fund Minster Family Support Fund Worship Fund Old Rectory Project Re-ordering Project Special Collections Fund Hambledon Clergy Fund Church Street Fabric Fund Church Street Bells Fund Tower Project Total Restricted Funds

1 January 2025 Incoming resources Outgoing resources Transfers In / (Out) Unrealised gains 31 December 2025 £ £ £ £ £ £ 2,826,713 - (38,333) - - 2,788,380 75,724 4,164 (4,275) 100 (773) 74,940 47,898 25,852 (12,222) - (286) 61,242 23,277 - - - - 23,277 29,578 - - - - 29,578 (373) 1,929 (1,680) - - (124) 17,690 8,245 - - - 25,935 24,116 16,244 (2,661) - - 37,699 - 4,213 - - - 4,213 (6,111) 5,345 - 766 - -

3,038,512 65,992 (59,171) 866 (1,059) 3,045,140

Restricted funds for the year ended 31 December 2024

Property Fund Minster Family Support Fund Prime Time Fund Worship Fund Youth and Children Old Rectory Project Re-ordering Project Staniford Children Fund Special Collections Fund Hambledon Clergy Fund Church Street Fabric Fund Tower Project Total Restricted Funds

1 January 2024 Incoming resources Outgoing resources Transfers In / (Out) Unrealised gains 31 December 2024 £ £ £ £ £ £ 3,390,046 - (38,333) (360,000) (165,000) 2,826,713 73,502 2,857 (3,750) (100) 3,216 75,724 2,104 - (2,104) - - (0) 60,652 21,165 (34,131) - 212 47,898 35,149 24,998 (60,147) - - - 45,478 4,850 (2,051) (25,000) - 23,277 29,578 - - - - 29,578 16,382 - (16,382) - - (0) 1,055 2,282 (3,710) - - (373) - 17,690 - - - 17,690 21,854 3,990 (1,728) - - 24,116 - 63,106 (94,217) 25,000 - (6,111)

3,675,800 140,937 (256,552) (360,100) (161,572) 3,038,512

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

21. RESTRICTED FUNDS (continued)

1. The Property Fund - the PCC's properties are held in this Restricted Capital Fund as an expendable endowment (see Accounting Policy Note 1.18 for further details). The Old Rectory was purchased in 2018 and transferred into the Property Fund. 34 High Ridge was sold in October 2024 for £360,000 and the net proceeds designated for use in the Youth ministry. Church Cottage and School House are currently let. The income from the properties, when let, is not restricted.

2. The Minster Family Support Fund holds funds received to support those in need, as agreed by the Stewards.

3. The Special Collections Fund holds funds raised for specific purposes, and are paid out as grants to the nominated organisations (see Note 11).

4. The Prime Time Fund was closed in 2024 after applying the remaining £2,104 to 2024 costs.

5. The Staniford Children Fund was closed in 2024 and £16,382 paid out to the family for the use of the children of the late Lisa Staniford to provide financial support and assistance for their education and wellbeing.

6. The Word and Worship Ministry Fund holds donations specifically provided to fund the cost of a worship leader, along with contributions towards the word and worship ministry costs.

7. The Old Rectory Fund relates to monies raised for the purchase of the former church rectory, its conversion for use as an office / community centre, and related projects. The related projects were principally conversion of Church Cottage (the former office) to residential use as an Investment Property and refurbishment of the Church Centre as a Café, which was completed in 2022. Purchase of the Old Rectory was completed in 2018 and the asset transferred to Tangible Fixed Assets for operational use. In 2024 £25,000 of the residual fund was transferred to the Tower project on the agreement of some of the original donors.

8. The Re-Ordering Project holds funds given for the removal of pews from, installation of a wooden floor, and related upgrading work in the main church at Busbridge. Phase 1 of this project was completed in 2019, and further work was done in the following years, although somewhat delayed on account of Covid-19. The work is now largely complete.

9. The Youth and Children Work Fund held monies given specifically for projects to support work with young people. This restricted fund was closed in 2024 after applying its funds to 2024 costs. The Designated Youth fund, holding the proceeds of the sale of 34 High Ridge, takes over this role.

10. The Hambledon Clergy Fund holds monies given for the recruitment of another minister with responsibility for Hambledon.

11. The Church Street Fabric Fund combines the Fabric and Organ Fund from the former Godalming Parish.

12. The Church Street Bells fund was opened in 2025 with funds held by the bell ringers including donations towards the upkeep of the bells.

13. The Tower Project holds funds raised for the repair in 2024 of the Busbridge church tower. Donations continued in 2025 sufficient to make up the deficit on the project and the fund was closed at the end of 2025.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

22. Unrestricted Funds

Designated Funds Youth Ministry The Bridge magazine Nexus Yew Tree Café St Marks Community Centre Minster General Fund Total Unrestricted Funds	1 January 2025 Incoming resources Outgoing resources Transfers In / (Out) Unrealised gains 31 December 2025 £ £ £ £ £ £ 331,823 6,210 (78,934) 248 - 259,347 572 9,335 (9,591) - - 316 852 2,035 (2,097) (200) - 589 0 83,009 (94,834) 11,825 - 0 25,291 53,917 (59,158) - - 20,049 20,531 35,000 (9,803) - - 45,728
	379,069 189,505 (254,417) 11,873 - 326,029 343,933 587,627 (596,129) (12,739) (5,261) 317,432
	723,002 777,132 (850,546) (866) (5,261) 643,460

The Café cash loss was £8,704 (2024: £13,554). This includes £1,300 donation.

Unrestricted funds for the year ended 31 December 2024 - Restated

Designated Funds Operational Reserve Youth Ministry The Bridge magazine Nexus Yew Tree Café St Marks Community Centre Minster General Fund Total Unrestricted Funds	1 January 2024 Incoming resources Outgoing resources Transfers In / (Out) Unrealised gains 31 December 2024 £ £ £ £ £ £ 156,227 - - (156,227) - - - 6,471 (29,080) 354,432 - 331,823 721 9,435 (9,584) - - 572 872 2,059 (2,079) - - 852 1,798 82,388 (98,846) 14,660 - - 30,540 64,302 (69,552) 25,290 7,869 46,000 (33,338) - - 20,531
	198,027 210,655 (242,479) 212,865 - 379,068 103,016 630,153 (548,624) 147,235 12,154 343,933
	301,043 840,808 (791,103) 360,100 12,154 723,002

2024 expenditure has been restated for £3,200 of a retrospective Café water charge presented in 2025. 2024 reserves are restated for a total £8k of this water charge. See Note 28 for details.

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

22. UNRESTRICTED FUNDS (continued)

1. The Operational Reserve Fund was closed in 2024 whilst sufficient funds are available for Minster ongoing costs.

2. The Bridge Fund holds funds received for the publication of "The Bridge" magazine, published six times per year. Income and expenses for The Bridge are shown separately in notes 4 and 9 respectively.

3. The Nexus Fund holds funds raised for the group’s activities as well as grants to its chosen charities.

4. The Yew Tree Café Fund holds the operating assets of the café which opened in March 2022. The deficit in 2025 was £8,704 before depreciation (2024 restated: £13,554). Net cash from operations was a deficit of £11,825 (2024 restated: £14,660) which has been covered by a transfer from General Funds. 2024 Café costs are restated for a £3,200 water bill allocation charged in 2025 - see note 28 for details.

5. St Marks Community Centre operates the Foodbank, distributing food, vouchers and cash in the local community and providing support. The 2025 deficit was £5,242 (2024: £5,250).

6. The Minster Fund holds grants from Guildford Diocese in order to establish the Minster in 2024. Including the £35,000 received in 2025, a total of £136,000 has so far been received.

23. Analysis of Net Assets between Funds

Restricted Funds Property Fund Minster Family Support Fund Worship Fund Old Rectory Project Re-ordering Project Special Collections Fund Hambledon clergy Fund Church Street Fabric Fund Church Street Bells Fund Tower Project Total Restricted Funds Unrestricted Funds Total Funds	Net Liabilities Total Fixed current over one 31 December assets assets year 2025 £ £ £ £ 3,228,380 (440,000) 2,788,380 74,940 74,940 61,242 61,242 23,277 23,277 29,578 29,578 (124) (124) 25,935 25,935 37,699 37,699 4,213 4,213 - -
	3,228,380 256,761 (440,000) 3,045,141 1,596 641,865 643,460
	3,229,975 898,626(440,000) 3,688,601

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

23. Analysis of Net Assets between Funds - 2024 - Restated

Restricted Funds Property Fund Minster Family Support Fund Prime Time Fund Worship Fund Youth and Children Old Rectory Project Re-ordering Project Staniford Children Fund Special Collections Fund Hambledon clergy Fund Church Street Fabric Fund Tower Project Total Restricted Funds Unrestricted Funds Total Funds	Net Liabilities Total Fixed current over one 31 December assets assets year 2024 £ £ £ £ 3,266,713 (440,000) 2,826,713 75,724 75,724 (0) (0) 47,898 47,898 - - 23,277 23,277 29,578 29,578 (0) (0) (373) (373) 17,690 17,690 24,116 24,116 (6,111) (6,111)
	3,266,713 211,799 (440,000) 3,038,512 3,630 719,372 723,002
	3,270,343 931,171(440,000) 3,761,514

24. Operating Leases

Lessee The charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Due within one year Due between one and five years Lessor The charity was due minimum lease payments under non-cancellable leases of investment properties, which fall due as follows: Due within one year	2025 2024 £ £ 1,542 1,967 4,200 1,565
	5,742 3,532
	2025 2024 £ £ 10,800 10,200
	10,800 10,200

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

25. Related Party Transactions

During the year 21 (2024 - 16) trustees gave a total of £59,505 (2024 - £46,875) in donations to the church. Jacob Taylor, son of Simon Taylor (Rector until Jan 2025), provided audio visual services to the charity. Sarah Bryans, wife of William Bryans (Warden), was employed as Administrator.

Amounts paid under these contracts during 2025 totalled £22,750.

None of the key management personnel is remunerated by the charity: the Rector and Associate Ministers are remunerated by the Guildford Diocesan Board of Finance.

26. Net Cash Provided by Operating Activities

Reconciliation of net income / expenditure to net cash flow from operating activities

2025 2024 £ £ Net income for the reporting period (72,913) (215,329) Adjustments for: Depreciation / writedown 41,454 41,485 Losses / (gains) on investments 6,320 149,418 Interest & rents from investments (48,556) (30,049) Decrease / (increase) in stock 290 630 Decrease / (increase) in debtors (6,328) 2,399 (Decrease) / increase in creditors (11,716) 16,576 Net cash provided by operating activities (91,449) (34,870) 27. Analysis of change in Net Cash As at 1 As at 31 Jan 2025 Cashflow Dec 2025 £ £ £ Cash at bank and in hand 621,765 (68,979) 552,786 Loans falling due within one year - - - Loans falling due after one year - - - 621,765 (68,979) 552,786 Excludes Church Commissioners loan linked to potential asset sale at estimated value of £440,000 As at 1 As at 31 Jan 2024 Cashflow Dec 2024 £ £ £ Cash at bank and in hand 346,586 275,179 621,765 Loans falling due within one year (80,000) 80,000 - Loans falling due after one year * - - - 266,586 355,179 621,765		2025 2024 £ £ (72,913) (215,329) 41,454 41,485 6,320 149,418 (48,556) (30,049) 290 630 (6,328) 2,399 (11,716) 16,576 (91,449) (34,870) As at 1 As at 31 Jan 2025 Cashflow Dec 2025 £ £ £ 621,765 (68,979) 552,786 - - - - - -
		621,765 (68,979) 552,786
	266,586 355,179 621,765

• Excludes Church Commissioners loan linked to potential asset sale at estimated value of £440,000

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THE PAROCHIAL CHURCH COUNCIL OF GODALMING MINSTER NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2025

28. Café water charge restatement

2024 expenditure has been restated for £3,200 of a retrospective Café water charge presented in 2025. 2024 reserves are restated for a total £8,000.

The bill totalling £12,128 adjusts for lack of meter reading in past years.

This has been allocated over the 4 years of Café operations based on an implied daily average consumption.

Cafe water rebill Oct 2025 Allocation Café water charge adjustments in 2024 finstats Allocation to 2024 Allocation to 2025 Other in 2025 Total in year Allocation to Accruals balance Allocation to Reserves Café operating costs per Note 9 Yew Tree Café operations per 2024 finstats Adjustment for water charge As restated Accruals balance per Note 18 per 2024 finstats Adjustment for water charge As restated Café fund movement per Note 22 per 2024 finstats Adjustment for water charge As restated	12,128 12,128 Unres Res Funds £ Funds £ 91,713 - 1 January 2024 Incoming resources 6,598 82,388 (4,800)	2025 4,128 2025 4,128 304
	1,798 82,388	(98,846) 14,660 - 0