THREE UNITED PARISHES OF ST MAGNUS THE MARTYR wrrH ST MARGARET AND ST MICHAEL REGISTF.RED CHARITY NO. 113059 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 KNOX CROPPER chartered 3ccounl8nts
ED PARI,SHES OF ST MAGNUS THE MARTI]i WITH ST MAR ICHAEL FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2025 Contents Page Members of the Parochial Church Council Professional Advisors Annual R¢port Independ¢nl Examiner's Report Stat¢ment of Financial A¢tiviti¢s Balance Sheet io Notes to the Financial Statem¢nts
Page I THREE UNITED PARISHES OF ST MAGNUS I'HE MARTYR WITH ST MARGARET AND ST MIC Replstered Charity Name: The Parochial Church CounLil of the Ecclesiastical Parish of St Magmis the mart with St Margaret New Fish Street and St Michael crook Lane, ndOn Registered Ch*rlty Number: 1130590 Church location: Lower Thame5 Str¢¢t London EC3R 6DN Members of the Paroehial Church Couneil: The Rcv¢rcnd P Warner SSC- Cardinal Rector {Chaimian) Mr A Rdyn¢r (Vice Chair, DS R¢pTesentative) Ms A Mathews (Churchwarden, Se¢r¢tary & Electoral Roll Offi¢er until 18 May 2025) Mr D Pearson {Churchwarden & Trea5UTer) Mr D Love (Churchwardcn, Safeguarding Officer) Mr A Colam (Churchwarden) Mr E Hagger (Churchwarden) Mr N Bird (Churchwarden. ele¢ied 18 May 2Tr25) Mr M King Mr R Austen Mr M Coop¢r Ms S Gray (GTeen Energy Champion) Mr J Groves Mr C S Harris-Fryers (Risk Officer & WaTden ofthe Fralernily ofour Lady de Salvc Rcgina, Electoral Roll Offic¢r Irom 18 May 2025) DT F K¢ating (DS= D¢anery Synod) Verger: MrNick Satgent Parish Clerks.. Mr Michael C.oop¢r, OBE (St Magnus th# Martyr) Dr Frank Keating (St Margaret New Fish Strect) Dr Colin Pothnore, MBE (S¢ Michacl Crooked Safeguarding Officer: Mr Dickon Love, MBE Book-keeper.. Mr Andrew Ashley
Page 2 TH]iEE UNITED PAIUSHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL Professional Advisors Independent ExamiDer: Knox Cropper LLP Chartered Ac¢ountants 65 Leadenhall Street London EC3A 2AD Bankers: HSBC PIC 1-3 Bishopsgate London EC2N 3AQ Virgin Money pl¢ Jubilee14ouse Gosforth Newcastle upon Tyne NE3 4PL Investment Managers". CCLA Invesiment Management Limited SeT]atOT Hous¢, 85 Qu¢en Victoria St, London EC4V 4ET M&G Securities Limil¢d Laurence Pountney Hill London EC4R OHH Arehiteets: Shenstone & Parthers 302 The Highway London EIV 3DH
Page 3 THREE UNrrED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL Aunval Re ort The Parochial Church Council ("PCC") is pleased to psent its report and (he financial stat¢rnenls of the Three United Parishes of St Magnus the Martyr with St Margaret and St Michael ('Yhe church") for th¢ year ended 31 st Doc¢mber 2025. The trnslees have adopted the provisions of A¢¢ounting and Reporting by Charities.. Statement of Recommended Praciice applib]e Éo ¢harities preparing iheir accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Jreland (FRS 102) (effectiv¢ l January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative ddai15 are shown with the schedule of members of the PCC and professional advisors on pag¢s l and 2 of the financial statements. THE CONSTITUTION OF THE PCC The parishes of St Margaret New Fish Street and St Michael Crooked Lane were united with that of St Magnus the Matyr in 1670 and 1831 respectively. The parish is part of the City Deanery of the Diocese of London. The PCC is a body corporate {Se¢tion 3 of The Parochial Church Council (Powers) Measures 1956 (as &m¢nded))- It has a responsibility lo co-operate with the Cardinal Rector, the Reverend Philip Warner, in promoting in the parish the whole mission of the Church. pasloral, evangelistic, SO¢iV¢l and ¢cum¢ni¢al." In accordance wilh ¢han8es introduced by the Charities Act 2006. the PCC has been registered with the Charity Commission since 17 July 2009. THE PCC AND THE STANDING COMMITTEE The method of appointment of PCC members is set out in the Church Representation Rules. The PCC also acts as the Standing Committee. PCC mcmbers are responsible for making dc¢isions on all matters of general concern and importan¢¢ lo the parish including deciding on how the funds of the PCC ar¢ to be sp¢nl. The Trustees confirni that they have considered the general guidance issued by th¢ Charity Commission in connection with public bcnefit in s¢ttin8 the objectives of the charity. OBJECTIVES AND ACTIVITIES The primary objectives of the chur¢h are to offer daily prayers to God and to worship Him in the beauty of his holiness. Through worship and prayer. we seek to know God better and to be confornied to his purposes for our lives. In partnership with others we wish to mak¢ His love known within our city and nation, and throughout the world. People who work in the City of London. or who come from further afield, can set aside their daily concerns and spend a time of p¢ac¢ and prayer. asking for at)d rtteiving God's peace in their hearts. The PCC provides public benefit by: providing worship, music and a space for pcrsonal prayer. offering pastoral care, including for the sick and b¢r¢av¢d' maintaining the fabric of the Grade I listed ¢hur¢h in good ¢ondition' keeping the church open for much of the week for the enjoyment of a wide range of visitors and promoting th¢ whole tnission of the Church When planning our activiti¢s for the year the Rector, Reverend Philip Warner, and the PCC has considered ihe Charity Commission's guidan¢¢ on public benefit and the specific guidance on ¢hariti¢s for the advancement of religion. In particular, we try lo enable ordinary people to liv¢ out Ih¢ir faith through.. Worship and prayer- learning about ihe Gospel- and developing their knowledge and ttvst in Jesus. Provision of pastoral care for city workers and other visitors. Missionary and outreach work- Concerts. meetings and other events (such as the annual bl¢ssing of the Thames). To facilitate this work, it is important that we maintain the fabric of our Grade I listed building (designed by Sir Christoph¢r Wr¢n) which w¢lcom¢s visitors from around the world.
Page 4 THREE iJNrrED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET ALND ST MtCHAEL ACHIEVEMENTS AND PERFORMANCE Iyorship andPr(ryer The PCC is keen to olTer & range of services during the week and over the course of the yearthat our community find both ben¢ficial and spiritually fulfilling. All are welcom¢ to attend our regular s¢rvice5. Parish Mass IS celebrated every Sunddy at I lam and Mass celebrnted each Tuesday, Wednesdav. Thursday and Friday at 12..30pm. The church is usually on for visiting and for private prayer Tuesday to Friday l Oam to 4pm. The Sunday congregation averages around 50_60, with this number greatly increased during special services and events. The church continues to live-stream Sunday Mass most weeks. The PCC has pass¢d a r¢solution requesting th¢ Bishop of London to provide alternative episcopal oversight of the parish by the Bishop of Fulham, under the guideliDes of the House of Bishops for parLshes unable to receive for theological reasons the sacramental ministry of women. The PCC 15 also a]liated with The Society, an ecclesial body ivhich promotes and maintains ¢atholi¢ tea¢hing and pra¢li¢¢ within the Chu of England and guarantees a millisty in th¢ histori¢ apostolic succession. St Magnus has a strong and lively inusical tradition with skilled and enthusiastic organist, Mr John Eady, and choir, the latter under the direction of Mr Edward Walters. Every Sunday a quart¢t (often augmenled) enrich the parish worship by singing the prop¢rs of the day, a mass Setting and a motet, frequently from less known and unjustly negle¢ted compos¢rs. The annual Blessing of the Thames was held in January 2025. Th¢ Fraternity of Our Lady de Salve Regina has met regularly at the chur¢h during the y¢ar. Mr Craig Harris- Fryers is Th¢ Warden. The Annual Festival was kepton 20 S¢plemb¢r 2025.'fh¢ Fraternity and the PCC sponsor lamps in the Holy House of the Shrine of Our Lady of Walsingham. Deanery Synud Alex Rayner sal on the City Deanery Synod throughoiit ih¢ whole of 2025. Having this representstion provides the PCC with an important link between the parish and the Dioccse and wider Church. Reclory The Di(Kese has provided a house for the R¢ctor at 123 Calabria Road, London N5, the parish's fonD¢r reclory ai 39 King William Street, London, EC4 having been sold on 30 May 1921 for £8,000. Si Magnus ihe Martyr and itsplace in ¢he Cily The church is built where all people crossing the old London Bridge used to enter the City. and standing on the crossroads. il has seen tnany important events in its I,000-yeaT history. The object for which the chureh was originally built has not changed. now as then, prayers are offered daily to God, and He is worshipped in the beauty of holiness. Now as then. people who work in the City, or who come from further afield set aside their daily concerns and spend a lime of peace and prayer, asking for and receiving God's peace in their hearts. We welcome visitors from around ihe world, who com¢ (o marvel at the beautiful interior and 10 See our world_ famous 4-metre-long model of the old Bridge, old fire engine or listen to our celebrated ring of bells.
Page 5 THREE UNITED PARISHES OF ST MAGNU.S THE MARTYR WITH ST MARGARET AND ST MICHAEL ACHIEVEMENfs AND PERFORMANCE (eontinued) Livery CoTnpanies and Ward Club St Ma8nus the Martyr is proud lo be the Livery Church of The Worshipful Company of Fishmongers and The Worshipful Comp&ny of Plumbers, and to host their respective services. It is also the church for the Ward of Bridge and Bridg¢ Without and the parish welcomed the Brid8e Ward Club for its annual carol service. TwinningArrangement St Magnu5 the Martyr is linked in prayer with our sister parish, the Church of the ResUr¢t10fi. New York. InternalRedecoration Having successfully raised funds and carried out urgent works to th¢ roof in recent years, the PCC turned its attention to the interior of the church, whi¢h has suffered. from the effects of water ingress and general deterioration over the years. It has been decades sin¢¢ significant work has been Caled out on the church's interior. and the PCC launched a red¢coralion and beautification fund to address these needs in April 2024 to raise money from funders. donors and other sources. We gratefully acknowledge the g¢nerous support of the following donors so far.. Gold Donors: The T.S. Eliot Foundation; Stsphen & Pauline Hoare,. Alex Rayner & Tyler Hill. Bronze Donors: Dr Colin Podmore, MBE. Mr N Copcutt., Prof RY & Mr5 AM CartWTight' Mr David Ross. Mr RH Drew. Mr FC Rodgers" Mr David P¢%irson. Other DoDor8: Mr Charles Yuill,. Lt Col RJA Paterson-Fox' Eileen Slatter. Clock The church features an impressive and historic bracket C]k gifted by Sir Charles Dunrnbe in 1709. The London City Press on Saturday 27 April 1861 r¢¢ord¢d that.. "The clock ofihis church, wiih ifsprojecling dial. wL)repreJeniedby Sir Chuiles Duncombe in 1709. Tre hislory ofsir Charles is one oul ofihe nt(wy injlunces ofmen ofhumble bipth pising io exuliedslafion in the City. When apoor boy. he made an appoinlmeni wilh his muJler £0 meei him at a certain time on London Bridge. but missed him on ac'counl of hi5 not knowing lhe lime. He resolved ihai. ifhe ever ro.se in the world, to have a clockfued in ihe vicinity. Time rolledon,. apzd whar appeared io be bul G day dream of¢hepoor lad, becamL' a realiiy, (md in J709 he was el¢eled to the oJTice ofLurdMayor. In rhalyear, mindful ofhu early resolve, he gi7ve ihe elock" The mechanism is kept in excellent working order, but the exterior clock face, which is painted and gilded. required repair and redecoration. This work was c8rrt¢d out in the sum of £17,999 (incl VAT) and the PCC is enormously grateful to the following donors for assisting us to carry out th¢se works.. £5,000 frotn Friends of Ciry Churches. £2,000 from Georgian Group Cl¢ary Fund. £1,000 from the Worshipful Company of Plumbers. Charity. and £500 from the Worshipful Company of Clo¢kmakers. 2030 Nei Zero Targel In 2020. to furth¢r our part in th¢ Church of England's target for nel zero carbon by 2030. the Parish appointed a Green Energy Champion. Our supply comes from l OOD/o renewablc energy, we use energy efficient lighting wherever possible, and we are undcrtaking a range of other m¢asur¢s lo minimise our use of Carbon. Suslainable Communities, Diversity & Inclusion Lik¢ most other City chur¢hes, almost no one actyally lives within the parish, so w¢ cannot as easily arrange for our parishioners to engage in person with the local community in the way a residential parish could. However, w¢ make the Tnost of our location, history and living worship to be a mission to everyone who is part of our community, whether as City worker5, domesti¢ or overseas visitors. passers-by or those who make use of our buildings and grounds. We ¢ontinue to engage with the community and visitors, and we a150 continue to maximise our irnp4t by engaging with the comvnunity online, through our website, virtual tour and liv¢ slr¢amin¥ of services and otheT events, all of which support our Living History Programme. In 2020 we appointed a Diversity & Inclusion Champion, and wc are pleased to have parishioners from diverse backgroullds serving in leadership roles, on the PCC, on ihe serving team, as volunteers and in other capacilies. All are welcome at St Magnus.
Pag¢ 6 THREE UNITED PAIUSHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL VOLUNTEERS & SiIPPORTERS We would like to thank all the volunteers who work so hard to make ourchurch the lively and vibrAnt Qommunity it is. Thanks are given to the members of the PCC for th¢ir valuable contribution to our ministry and for keepin8 the church running. W¢ also wish to thank the many generous donors. benefactors. funders and others who support 115 financially. Your kind and thoughtful contributions help us keep our parish and community alive as "beacon of light" in the heart of the City- FINANCIAL REVIEW Net incom¢ for 2025 tolalled £239,076, cotnpared to £26.263 in 2024. The surplus for the year included an unrealised investment gain of £1,701 (2024: Gain of £6,643). Excluding unrealised investment movement, the surplus increased significantty from £19.620 in 2024 to £237,375 in 2025. Tota] income rose to £441.285, up from £257,599 in 2024. A signifi¢ant portion of this incoine was made up of a one.off legacy of £171.475 from the Estste of the Lat¢ Ann G¢org¢. The £14,500 grant received from the St Michael's Trust was fully utilised in the year and is separaEly disclosed in ihese accounts. Total expetlditure amouni¢d to £203,910 compared to £237.979 in 2024. Included within this expenditure was £2,068 relating to r)f works classified under repairs and maintenan¢e as restricted. The Diocesan parish share payable during the year increased from £78,600 in 2024 10 £87.000 in 2025. Investments increased in value during the year from £248.214 to £261,947, in line with market ¢ondilion5, while cash at bank ros¢ significantly from £56,091 to £301,999. The PCC cotttinu¢s to assess the need to keep thnds on hand (or major repairs. Total ndS InCread from £333.497 at 31" December 2024 to £572.573 at 3 I" December 2025. RESERVES POLICY It is PCC policy to build a level of unrestricted funds commensurate with medium terni needs for repair and mainlenance of the fabric of St Magnus the Martyr. The PCC continues to work with the architect to determine an appropriate lime horizon for works assessment and prudent level of fundiiig to pr¢s¢rve our Grade I listed building for the next generation. It is a150 PCC policy to maintain additional amount of unrestricted funds (as far a5 wssible) equating to at least four months, unrestricted payments. R¢serves at the year-end amount¢d to £572.573. of which £37,313 were restricted.
Page 7 THREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL RESPONSIBILITIES OF THE TRUSTEES The trnstees are responsible for pr¢paring the annual report and financial statements in accordance with applicabl¢ Charity law and regulations. Under that law, the trustees have elccted to preparc the financial statements in accordance with Unit¢d Kingdom Generally Accepted Accounting Practice (Unit¢d Kingdom Accounting Standards and applicable law). The finanLidl Syatements are required by law to give a true and fair view of the stale of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements. the tTUStees are required 10: Select suitable accounting policies and then apply them consistently. Mak¢ judgem¥nts and estimates that are reasonable and prudent. Prepare the financial stslements on the going concern basis unless it is inappropriate io presume that the el)arity will Continue on operalion. Th¢ trustees ar¢ r¢sponsible for keepin8 proper a¢counting rewrds which disclose with reasonable accuracy at any time the financial position of the charity and which enabl¢ them to ensure that the financial statcments comply with the Charities Act 201 l. The trust¢es are also responsibl¢ for safeguarding the assets of the charity and h¢n¢¢ for iaking reasonable Steps for the prevention and d¢È¢tion of fraud and other irregularities. ACCOUNfANrs A resolution to re-appoint Knox Cropper LLP as independent examiners for the ¢nsuing yearwill be proposed at the Aniiual ParocFtial Chur¢h M¢¢ling. Approved by the PCC on 17th May 2026 and signed on their behalf. Revd Philip Warner Cardinal Rcrtor
Page 8 INDEPENDENT EXAMtNERS' REPORT TO THE TRUSTEES OF THE THREE ur4rrED PARISHFS OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL Independenl examiner's report ¢0 the ttte8 of Tbe Three Ullited Parishes of Sf Magnus the Martyr with St Margaret and St MicbAel I report to the trustees on my examination of the ac¢ounts of The Thr¢e United Parishes of St Magnus the Matyr with St Margaret and Si Michael (the Trust) for the year ¢nded 3 1st December 2025. This report is made to the Trustees, as a body, in accordance with the ternis of my ¢ngagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commission¢rs. fo the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Truste¢s as a body for my work or for this report. Responslbilities and b18 of report As th¢ charity trustees of the Trust. you are responsible for the preparalion of the accounts in accordan¢¢ with ihe requirements of the Charities Act 2011 ('th¢ Act,). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 201 l Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the ACL Independenl examiJJer'$ statsment I have compl¢t¢d my examtnation. l ¢onfirni that no material matters have come to my attention in conn¢¢tion with the examination giving me cause to believe Ihat in any material respect.. accounting records were not kept in respeGt of the Trusl as required by section 130 of th¢ Act. or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the fomi and ¢ont¢nt of accounts set otEt in the Charities (Accounts and Reports) Regulations 2008 other than any r4uirement that the accounts give a Irue and fair vicw which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should b¢ drawn in this report in order to ¢nable a proper understanding of the accounts to be reached. 65 Leadenhall Street Londo EC3A 2AD James Holland-Leader FCA Knox Cropper LLP Chartered A0llntants 17th May 2026
THREE UNITED PARISHES OF ST MAGfffjs THE MARTYR WITH ST MARGARET AND ST MECHAEL STATEMENT OF FINANCIAL ACTIVITIES ST FOR THE YEAR ENDED 31 DECEMklER 2025 2025 Restricted Funds 2024 Unrestrleted Restricted Fund5 Funds Unrestricted Fund$ Total Total Notes INCOME FROM Donations, l*g&ci¢s and Collections other Trading Income Inv¢slm¢nts her Income 277,298 93,738 13,756 588 55,905 333.203 93.738 13,756 588 84.788 92.105 7.655 9,605 63.446 148,234 92,105 7,655 9,605 TOTAL INCOME 385,380 55,905 441.285 194.153 63,446 257,599 EXPENDrruRE ON Raising Funds Charitable Activtties I,ioo 152.589 i.ioo 236.879 163,827 40.083 203,910 84.290 TOTAL EXPENDITURE 163,827 40,083 203,910 153.689 84,290 237.979 Net Gains on Investment Assets io 1,701 1,701 6,643 6,643 Transfer betsveen Funds 13&14 (9,499) 9,499 (11.270) 11,270 NET INCOMLI(EXPENDITURE) AND NET MOVEMENT IIY Fuf4DS 213.755 25,321 239,076 35.837 {9,574) 26.263 TOTAL FUNDS BROUC.Irr ST FORWARD AT I JAIYUARY 2025 321,505 11,992 333,497 285.668 21.566 307.234 TOTAL FUNDS CARIUED FORWARD AT 31- DECEMBER 2025 £535.260 £37,313 £572,573 £321,505 £11,992 £333,497 All the activilies reported above represent continuing op¢rntions.
Page 10 THREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARF.T AND ST MtCHAEL BALANCE SHEET 5T AT 31 DEC R 2025 2025 2024 Notes FIXED ASSETS Investment io 261,947 248,214 CURRENT ASSETS D¢btors and Prepayments Cash at Bank and in Hand 16,609 301,999 39,068 56,091 318,608 95,159 CREDrroRS: Amount8 falling due within olle year 12 7,982 9,876 NET CURRENT ASSETS 310,626 85,283 NET ASSETS £572,573 £333,497 UNRESTRICTED FUNDS 13 535,260 321,505 RESTRICTED FUNDS 14 37,313 11,992 TOTAL FUNDS £572,573 £333,497 Approved by the Parochial Church Council on 17th May 2026 and signed on their behalf. Rev¢r¢nd Philip Warner Cardinal Rector Mr David Pearson Treasurer
Pagell THREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31ST DECEMBER 2025 ACCOUNTILYG POLICIES a) Status of tbe PCC The Three United Parishes of St M84gnus the Martyr with St Margaret and St Michael is a registered Charity. No. 1130590. A description of the nature of the PCC'S activiti¢s is disclosed in the Report of the Trnstees. Th¢ PCC'S registered office is stated on page l. The presentation curr¢n¢y of the financial statements is th¢ Pound Sterling (£). b) Bgsi8 of Prepar*tion and Assessment of going concern The financial statements have been prepared under the Charities Act 201 l &nd in accordance with the Church A¢counting Regulations 2006 governing the individual accounts of PCC5, and with the Regulalions true and fair view. provisions, together with the Financial Reporting Standard Applioable in the United Kingdom and Republic of Ireland {FRS 102) and the Statement of Roeommended Practice: Accounling and R¢porting by Charities (SORP (FRS 102)). The COUnts have been prepared under the historical cost convention with the exception of investments which are included at market valu¢. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that ther¢ are no material uncertainlies about the Charity's ability to continue as a going concern. c) Fullds General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes ot the PCC. Funds designated for a particular puryose by the PCC are unrestricted. Restricted Funds are fund5 which are used in accordance wilh sp¢¢ifi¢ restrictions imposed by donors or which have been rais¢d by the Charity for a particular purpose. For detsils of th¢ restrieted funds see note 15 in these financial statement5.
Pag¢ 12 THREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE F1Tr4ANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued) I. ACCOUNT]F4G POLICIES (colltinued) d) Income All income is r¢¢ognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations. Legaeies and Collections Coll¢cti(Trns are recognised when banked by or on b¢half of the PCC. Giving receivable under Gift Aid is 0815ed only when received. Grants and legacies are ac¢ounted for when the PCC is notified of its legal entitlement and the amount due is probable. The small income frovn sales of books. cards, etc. is included in th¢ church plate colle¢tions etc. Sales of choir CDS are accounted for in the Music Fund. Other ordinury incopnefrom church aelivill¢ Parochial fees due to the PCC for weddings, etc. are accounted for on an event by event basis. Rental income from th¢ vesty house flat. basement office and parking is recognised only wh¢n received. Jncomefrom investments Dividend and interest income are ac¢ount¢d for when received as is any income tax recoverable on such income. e) Expenditure Liabilities are reeognised as expenditure as soon as there is a legal or constructive obligation ommitting the charity to that expeiiditure, it Is probable ihal settlement will be required and th¢ amount ot'the obligation can be measured reliably. All expenditur¢ is accounted for on an accruals basis. All expenses i¥Jcluding support Costs and governance Costs are allocated or apportioned to the applicable expenditur¢ headings. Q Fixed Assets Consecraled land and buildings and moveable churchfvnishing3 Consecratcd and beneficed property is excluded from the finan¢ial statements by section 10(2) Io (4) of ilie Charities Act 2011. No value is placed on moveable church furnishings held by th¢ ¢hurchwardens on 5p¢cial trust for the PCC and which require a faculty for disposal. as the PCC consideTS this to be an inalienable property. All expenditure incurred during the year on consecrated land and beneficcd buildings, whether maintellance OT improvement. is charged to the a¢eounts diiring the year, as is expenditur¢ on mov¢able church furnishings.
Page 13 THREE UNITED PAIUSHES OF ST MAGNUS THF MARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued) ACCOUNTING POLICtES (continued) g) Investments Investments are a forni of basio financial investtncnt and are initially recognised at their transa¢lion value and subsequently measured at fair value as at the balance sheet dale using the closing quoted market price. The statement of financial a¢tivities includes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments arc calculated as the difference between sales proceeds and their opening caming value or tlieir purchase value if acquired subsequent to the first day of the financial year. Unrealised gF8Rns and losses are calculated as the difference bctwoen the fair value at the year end and their carrying valu¢. h) Current Agsets and Li*bilities Debtors and crediiors are recognised where, at th¢ balance sheet date, an entitlement to r¢¢¢ive or transfer economic benefit exists and settlement is probable and can be measured reliably. Amounts ar¢ measured ai the expected seltlement amounL discounted for the time value of money if material. Cash at bank and in hand includes cash held on deposit either with the CBF Church of England Funds, or at the bank. STATEMENT OF THE RESPONSIBILITIES OF THE MEIVJBERS OF THE PCC The Members of the Parochial Church Council Are responsible for the pr¢paralion of the financial staleTnent5. 'fhey are also responsible lor ensuring thal proper books of aocount are kept in respecl of the funds of the Three United Parishes. 2025 Restricted Funds Unrestrieted Funds Total COLLECTIONS Collections Gift Aided Planned 8iving Gift Aided Conta¢tless and PavPal Legacy Income Tax Recoverable Grants Si Michael's Trnst Incom¢ Salve- Donations etc. Don&tions, Appeals Flood Fund Redecoration Clock Repair 18,535 23,619 17,646 171,475 18,562 2,140 18,535 23.619 17,646 171,475 18,562 2,140 14,500 5,192 25,321 16,213 11,500 8,500 14.500 5,192 25.321 16,213 11,500 8,500 £277,298 £55,905 £333,203
Pa8e 14 THREE uLrED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued) 2024 Restricted Funds Unr&*tritted Funds Total COLLECTIONS (continued) Colle¢tions Gift Aided Planned giving Gift Aided Conlactle55 and PayPal Incom¢ Tax Recovernble Plate ¢ollections, boxes and votives Grants St Michael'5 Trust Incom¢ Salve- Donations etc. Donations. App¢als Roof Fund Pilgrimage Redecoration 17.641. 26,942 12,640 9.132 17,641 26,942 12,640 9,132 10,197 10.197 14,500 3,174 8,236 20,069 22,018 3,685 14,500 3.174 8,236 20,069 22,018 3.685 £84,788 £63.446 £148,234 2025 2024 Unrestricted Funds & Total Unrestricted Restricted Fund5 Funds Totsl OTHER TRADfNG INCOME Rental Income I Parking Fees Parish Rate Church Hire Income & Sundries 8,178 168 85,392 8,178 168 85,392 17,685 1,368 73,052 £93,738 £93,738 £92.105 INVESTMENTS Dividends Bank Interest 12,032 1.724 12,032 1.724 7,612 43 £13.756 £13.756 £7,655 6. OTHER INCOME Other Income VAT recoverable 1,158 8.447 588 588 £588 £588 £9,605
Pag¢ 15 THREE tJNITED PARISHES OF ST hlAGNUS THE MARTYR WITH ST MARGARET AND ST MICHAEL NOTES TO THE FINANCIAL STATELVIENTS FOR THE YEAR EIYDED 31ST DECEMBER 2025 (eontinued) 2025 2024 Unrestricted Fuud5 & Total Unreytrieted Restricted Fund5 Funds Tot1 7. RAISING FUNDS Parish Rate fees 1,100 £1,100 2025 Unreslricted Restricted Funds Funds Total CHARITABLE ACTivrfiES Charitable Giving Activities Directly Related to the work of the Church (Nol¢ 88) Expenditure Related to the Church (No 8b) Administrative Costs (Note 8¢) 2.021 2,021 124,351 28,978 8,477 20,016 20,067 144,367 49,045 8,477 £163,827 £40,083 £203.910 2024 UDrestricted Restrieted Funds Funds Tot*1 Charitable Giving Activities Directly Related to th¢ work of the ChuTch (Note 8&) Expenditure Related to the Church (Note 8b) Administrative C05ts' (Nol¢ 8¢) 1,080 1,080 116,479 30,483 4,547 41,031 43,259 157,510 73,742 4.547 £152,589 £84,290 £236,879
Page 16 TEIREE UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AKD ST MICHAEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued) 2025 Unrestricted Restricted Funds FuDds Total (a) ACTIVITIES DIRECTLY RELATED TO THE WORK OF THE CHURCH Verger Diocesan Parish Share Cardinal Rector Travel Expenses Clergy House Entsrtainment and Cal¢rin8 Organist and Singers Organ Maintcnance Salv¢ Regina 18,829 87.000 18,829 87,000 904 17.618 904 32,118 943 4,573 14,500 943 4,573 £124,351 £20,016 £144,367 2024 Unrestricted Restrieted Funds Funds Total Verger DI¢san Parish Share Cardinal Rector Travel Expenses Clergy House Entertainment and Catsrillg Organist and Singcrs Organ Maintenance Salve Regina Pilgrimage 18,021 78,600 18,021 78,600 3,699 16,159 3,699 30,659 738 3.315 22,478 14.500 738 3,315 22,478 £116,479 £41,031 £157,510
Page 17 THREE UNITED PAIUSHES OF ST MAGNUS THE IVIARTYR WITH ST MARGARFT AND ST MICHAEL NOTES TO THE FINANCIAL STATELVIENTS FOR THE YEAR ENDF.D 31ST DECEMBER 2025 (continued) 2025 Unrestricted Restrieted Funds Funds Tol*l (b) EXPENDITURE RELATED TO THE CHURCH Church Runnin8 Expenses General Repairs and Maintenance Clock Repair 26,812 2,166 26,812 4.234 17,999 2.068 17,999 £28.978 £20,067 £49.045 2024 Unrestricted Restricted Funds Fundg Total Church Running Expenses General Repairs and Maintenance 24,500 5,983 24,500 49,242 43,259 £30,483 £43,259 £73,742 2025 2024 Unrestri¢¢ed Funds & Total Ullrestricted Restricted Funds Funds Totsl (c) ADMINISTtL4TIVE EXPENSES Telephone, Photocopier, Postage and Stalionery Bank Charges Professional Fees Independcnt Examiner's Fee Flat costs 4,011 ,067 500 2,100 799 4,011 1,067 500 2,100 799 1,359 905 489 1.794 £8,477 £8.477 £4.547
Pag¢ 18 TllliEE iJNITED PAIUSHES OF ST MAGNUS THE MARTIIi wrtH ST GARET AND ST IlCHAEL NOTES TO THE FINANCIAL STATEMENTS THE YEAR ENDED 1ST DECEMBER 202 (fontintted) TRUSTEES, REMtrNERATION AND BENEFITS There were no trustees, reinuneration or oiher benefits for the year ended 31 December 2025 noT for the year ended 314 December 2024. Trustees, Expenses Two Trustees wer¢ reimbursed expenses for the year ended 31 December 2025 amounting 10 £6,040 The nature of monics tEimbursed related privnarily to Church's running costs and repairs (2024.. £7,970). 2025 2024 10. INVESTMENTS Balanc¢ Brought Forward Addilions/Accumul&ted Dividends Disposals Realisedlunrealised (Losses)/Gains for the Year 248,214 12.032 233,959 7.612 1.701 6,643 Balance Carried Forward £261,947 £248,214 Investtnents Comprise: M & G Investments 197.431 (2024= 197.431) ChaTifund Ac¢umulatioTr Units CBF Church of England Investment Fund 2926.22 (2024: 2926.22) Accumulation Shares 80.435 .558 181,512 183,656 £26l,947 £248,214 2025 2024 I I. DEBTORS AND PREPAYMENTS Incom¢ recoverable Sundry Debiors VAT r¢coverable 10,041 6,568 20,998 15,312 2,758 £16,609 £39,068
Page 19 THREE iiNITED PAIUSHES OF ST MAGNUS THE MARTYR wrrH ST MARGARET AND ST MICHAEL NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31ST DF,CEMBFR 2025 (continued) 2025 2024 12. SUNDRY CREDITORS Accruals Independent- examiner fee 5.882 2.100 8,082 1,794 £7,982 £9,876 13. UNRESTIUCTED FUNDS Re4li5¢dl Uureali5ed ExpenditllT¢ GaIn(LO$st$l Bxlance at 11112U25 Balance #t 3111212025 JncoTN¢ Transfers G¢neral £321.505 £385.380 £{163,827) £1,701 £(9,499) £535,260 14. RESTRICTED FUNDS Bal#nee at 11112025 BalaNf¢ at 3111212025 Income Expeuditure Transfers St Michael's Trust Music Fund Chair Restoration Organ Fund Salve Regina Flood Fund Redecoration Clock Repair 14.500 (14.500) 249 613 2.579 4,196 249 613 1,636 4,815 14,145 15,855 (943) {4,573) (2,068) 5,192 16,213 11,500 8,500 4.355 (17,999) 9,499 £11,992 £55,905 £(40.083) £9,499 £37,313
Page 20 THREE UNITED PARISHES OF ST MAGNUS THE MARTYR wrrH ST MARGARET AND ST MtCHAEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMiIER 2025 (COlltiDued) 2025 Restricted Unrestrieted Total IS. NET ASSETS BY FUND Fixed Asbets CuTrenl Assets Creditors 261,947 293,287 (7,982) 261,947 318,608 (7.982) 25,321 £547.252 £25,321 £572,573 2024 Restricted Unrestri¢ted Total Fixed Assets Current Assets Creditors 248,214 104,733 {9,876) 248,214 95,159 (9,876) (9,574) £343.07] £{9,574) £333,497 16. EMPLOYEE INFORLIIATJON There were no etnploy¢¢s who received employee benefit5 exceeding £60.000(2024: None). The average weekly number of staff employed during the year was: 2025 2024 Verger Staff costs-. Wages dnd salaries Pensions 18,462 367 17,678 343 18.829 £18,021 17. VOLuNfEERS We would lik¢ to thank all the volunteers who work so hard to tnake our church the lively and vibrant community it is. Thanks are given to the members of the PCC who gave their considerablc time and expertise to ourministry and for keeping the chur¢h running. In accordance with Ihe SORP. duc to the absence of any reliable measurement basis, the contribution ot these volunteers is not recognised in th¢ Counts.