2025 was a positive year from the perspective of the Church’s finances.
Income rose overall by a little over 1% (with the legacies stripped out). This is positive, - as income had fallen for the previous two years. Expenditure has fallen for the third year running to a little under £76,000 leading to a operating loss of about £7000. (less any major repairs).
The Parish Giving Scheme continues to be a success albeit with a small reduction in the amount given in 2025. Collections have increased by about 40% with Yellow Envelopes and one off donations also showing healthy increases. Sales of coffee and candles held up well, with Dona/Sum Up receipts slightly declining.
Expenditure dropped satisfyingly with Church running costs down substantially. I think we have weathered the storm of the increase in our utility costs. It is now a significant amount annually (£8,900) with the costs in the cold winter months nearing £1000 per month. I do hope there is not a really cold winter! The largest item was the freewill offering (quota) at £43,985.00.
It costs us about £1,350 a week to run the church and I would be surprised if our running costs stay low again for 2026.
By far the most important financial event for St Michael’s during the year was the receipt of a number of legacies for which we are very grateful. One of the legacies is a really transformational sum from the estate of Martin Monkman. We are not entirely certain how much we will receive from his will but it will be in the region of £1.1m. We have received so far £395,000 and thus a further £700,000 to come, however it is not clear when this money might arrive. This is an extraordinary amount of money and we will need to decide how we should utilize this gift.
One big challenge going forward will be managing our investments. Currently I have invested all the Martin Monkman monies with CCLA (The Church Commissioners main investment agency). We will need to agree if this is the best platform for us and if we need advisors to support this decision making.
Our investments were valued at slightly less than at the end of 2024 at a little over £245,000 (2024: £259,000). There was a reduction in value of our investment fund monies of over £10,000 and we realised a small sum (£5,000) to pay for some of the major works we undertook during the year.
Looking forward, there are few items I would like to draw your attention to:
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Income: We need to continue increasing our regular giving. In 2025 a Diocesan representative came to talk to us about generating additional income. As a result, we have made small inroads to breaking even, but it was the reduction in running costs that have helped substantially (this excludes utility costs). The receipt of legacies has masked this issue and we need to be careful not to waste these legacies on operating costs.
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The Freewill Offering has been increased in 2026 to £45,000. I anticipate this will need to increase in the next two years to approx. £50,000.
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Investments: With the increase in our assets (when the final amount of the Monkman legacy is received the Church’s value will probably quadruple), we need to decide how we should manage and utilize this money.
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Church Water Rates : I continue to work with Yorkshire Water about installing a water meter. So far, we have been unsuccessful in securing their support in this matter. I fear we will have to raise the matter with the Chief Executive.
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Reserves : I have been asked by our independent examiner to review our reserves policy which current stands at £35,000. He has suggested it should be £45,000. I will be asking the PCC for this authority in due course.
Since the start of the new financial year we have received confirmation of a grant of a little under £250,000 from The National Heritage Lottery Fund for the repair works to the Celestory windows. We have already received 50% of that sum which has been put onto long term deposit. I hope that some of this money will be spent in 2026 on these repairs.
Overall, the Church is in good financial health; indeed we are fortunate to be in such a position.
Robert Hall (Treasurer) April 2026
St Michaels Church, Malton Statement of Financial Activities Year ending 31st December 2025
| Notes | Unrestricted | Designated | Restricted | Endowment | Total | Total | |
|---|---|---|---|---|---|---|---|
| INCOMING RESOURCES | Funds | Funds | Funds | Funds | 2025 | 2024 | |
| Voluntary Income | 7a | 54,596.00 | - | 54,596.00 | 49,775.00 | ||
| Legacies | 7b | 401,000.00 | 401,000.00 | - | |||
| Actvity for generatng funds | 7c | 3,091.00 | - | 3,091.00 | 3,575.00 | ||
| Church Actvites | 7d | 5,320.00 | - | 5,320.00 | 11,242.00 | ||
| Income from Investments | 7e | 7,216.00 | - | 7,216.00 | 4,427.00 | ||
| Other | 7f | - | - | - | - | ||
| 471,223.00 | - | - | - | 471,223.00 | 69,019.00 | ||
| RESOURCES EXPENDED | |||||||
| Cost of generatng funds | 400.00 | 400.00 | 599.00 | ||||
| Charitable Actvites | 219.00 | 219.00 | 2,237.00 | ||||
| Ministry | 8 | 76,285.00 | 76,285.00 | 79,744.00 | |||
| Major Repairs | 9 | - | 13,256.00 | 13,256.00 | 8,095.00 | ||
| 76,904.00 | - | 13,256.00 | - | 90,160.00 | 90,675.00 | ||
| NET INCOMING RESOURCES BEFORE | |||||||
| OTHER RECOGNISED GAINS AND LOSSES | 394,319.00 | - - 13,256.00 | - | 381,063.00 - 21,656.00 | |||
| Unrealised gains (losses) on CBF Investment a/c | - 5,623.00 | - | - 5,623.00 | 3,758.00 | |||
| Unrealised gains (losses) on Chancel Fund | - | - | 2,443.00 - 3,409.00 | - 966.00 | 5,636.00 | ||
| Unrealised gains (losses) on RBS Shares | - | 985.00 | 985.00 | -44.00 | |||
| Other and Agency Funds | - | - | - | - | |||
| Transfer between funds | - 8,267.00 | - | 8,267.00 | - | - | ||
| - 13,890.00 | 985.00 | 10,710.00 - 3,409.00 | - 5,604.00 | 9,350.00 | |||
| NET MOVEMENT IN FUNDS | 380,429.00 | 985.00 - 2,546.00 - 3,409.00 | 375,459.00 - 12,306.00 | ||||
| Balances b/f 1 January 2025 | 163,722.00 | 14,669.00 | 3,430.00 | 85,253.00 | 267,074.00 | ||
| Balances c/f 31st December 2025 | 544,151.00 | 15,654.00 | 884.00 | 81,844.00 | 642,533.00 |
St Michael's Church, New Malton Balance Sheet
Year Ending 31st December 2025
| Notes FIXED ASSETS Investments CURRENT ASSETS Debtors Prepayments Investments Cash at Bank LIABILITIES Creditors Accruals TOTAL NET ASSETS PARISH FUNDS Unrestricted Designated Restricted Endowment |
Unrestricted Designated Restricted Endowment Total Total Funds Funds Funds Funds 2025 2024 147,356.00 16,538.00 - 81,844.00 245,738.00 259,057.00 695.00 - - - 695.00 338.00 - - - - - - 315,966.00 315,966.00 8,205.00 83,546.00 83,546.00 534.00 - 3,412.00 - 3,412.00 - 1,060.00 - - |
|---|---|
| 544,151.00 16,538.00 - 81,844.00 642,533.00 267,074.00 | |
| 544,151.00 - - - 544,151.00 163,723.00 - 16,538.00 - - 16,538.00 15,553.00 - - - - - 2,546.00 - - - 81,844.00 81,844.00 85,252.00 |
|
| 544,151.00 16,538.00 - 81,844.00 642,533.00 267,074.00 |
NOTES TO THE ACCOUNTS
1 The Financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP 2005.
2 Reserves Policy: It is the intention of the PCC to retain a balance of at least £45,000 being approximately six months committed expenditure within the unrestricted funds.
3 in accordance with the guidance by the Church Commissioners, any collections taken at special services - including weddings and funerals which go to charity are excluded from the 2024 accounts. Funds raised this way were as follows:
| Dementa Forward League of Friends, Malton Hospital Marie Curie Martn House Hospice Ryedale Special Families Sight Support Ryedale St Catherine's Hospice The Altheimers Society Whitby Museum Total In additon to these sums, the money raised from the cofee stop m Christan Aid Fitzwilliam Ward, Malton Hospital Save The Children Sight Support |
728.37 108.87 196.89 341.18 262.28 118.23 196.35 70.78 103.67 2,126.62 ornings held in Church on many Saturdays was sent to: 56.47 1,227.70 718.73 783.02 2,785.92 |
|---|---|
4 The Expenses paid to the clergy may include a small immaterial proportion, which relates to their function as PCC members. No payment was made to PCC members apart from the reimbursement of expenses incurred on behalf of the PCC.
5 Working expenses of the incumbent (aslthough there was an intereggnum for the majority of the year) and Hendrik Klaver are shared equally with St Mary's PCC, Old Malton.
6 Movement of Funds
a There were no restricted and designated funds held in bank accounts during the year. All restricted and designated funds are held as investments
| b Total restricted and designated funds as at 31st Decemb Designated Restricted Total 7 Income Resources a Voluntary Income Gif Aid (Incl Parish Giving Scheme and CAF) Other Regular Giving Tax Recoverable Collectons (Loose Plate) One of Gif Aid (Yellow Envelopes) Sum Up Income Non-recurring Giving/donatons Sub total b Legacy Sub total c Actvites for generatng funds - receipts Church Letngs Fund raising - St Michaels Fund raising - Charites Sub total d Receipts from Church Actvites Fees Cofees Other (Receipts from St Marys) Sub total e Income from Investments Dividends and Interest f Other receipts not countng as gross income Overall total Resources Expended Cost of generatng funds Donatons (grants) to Charites 8a Church Actvites Fees -Diocesan Board of Finance Visitng Clergy Costs b Ministry Diocesan Freewill Ofering Working Expenses of Incumbent Working Expenses of Assistant Church Utlity Costs Church Running costs Salaries, Wages and Honoraria Mission and Evangelism 9 Major Expenditure Major Repairs to Church Buildings Major repair to other PCC Propertes New Building or major works |
er 2025 16,538.00 - 16,538.00 Unrestricted Designated Restricted Total Total Funds Funds Funds 2025 2024 29,492.60 - - 29,492.60 31,683.36 3,396.50 3,396.50 - 7,120.54 7,120.54 7,717.92 3,891.17 3,891.17 2,777.19 3,313.64 3,313.64 2,648.00 1,992.32 1,992.32 1,737.38 5,389.23 5,389.23 3,210.91 |
|---|---|
| 54,596.00 54,596.00 49,774.76 401,000.00 401,000.00 - |
|
| 401,000.00 - - 510,192.00 - 860.00 860.00 1,085.00 2,231.63 2,231.63 2,258.68 - 231.50 |
|
| 3,091.63 - - 3,091.63 3,575.18 1,277.50 1,277.50 5,428.70 3,473.30 3,473.30 3,862.45 569.04 569.04 1,951.17 |
|
| 5,319.84 - - 5,319.84 11,242.32 7,216.00 7,216.00 4,427.00 - - |
|
| 471,223.47 - - 471,223.47 69,019.26 Unrestricted Designated Restricted Total Total Funds Funds Funds 2025 2024 400.00 400.00 598.97 4,924.64 - 4,924.64 2237.00 502.00 502.00 1233.00 763.40 763.40 1028.20 |
|
| 1,265.40 - - 1,265.40 2261.20 43,985.45 43,985.45 42999.96 - - 632.87 - - 1019.67 8,953.08 8,953.08 8790.43 4,457.10 4,457.10 12061.00 12,918.33 12,918.33 11953.78 - - 25.00 |
|
| 70,313.96 - - 70,313.96 77482.71 - - 13,256.00 13,256.00 8094.93 - - - - 0.00 - - - - 0.00 |
|
| 76,904.00 - 13,256.00 90,160.00 90674.81 |
`
10 During the year St Michael's made a withdrawal of £5,000.00 from the CBF Investment Fund to fund capital and revenue expenditure
I report to the trustees on my examination of the accounts of the St Michaels Church Malton for the year ended 31[st] December 2025 .
Responsibilities and basis of Report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiners Statement
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view 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 be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Name: Andrew W Richardson FCCA
Address: White & Hoggard, 1 Wheelgate, Malton, YO17 7HT
Dated: 17[th] April 2026