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2025-12-31-accounts

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

Charity number: 1132235

ST MARY ABBOTS CHURCH, KENSINGTON

PCC MEMBERS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

CONTENTS

Page
Reference and administrative details of the charity, its PCC members and advisers 1 - 2
PCC members' report 3 - 6
Independent auditors' report on the financial statements 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 30

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS PCC MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025

PCC members The Rev'd Emma Dinwiddy Smith, Clergy-Vicar & Chair
The Rev'd Timothy Carroll, Clergy-Associate Vicar
The Rev'd Dr Evan McWilliams, Clergy-Associate Vicar
Edward Warrick, Churchwarden-Vice-Chairman
Guy Heald, Churchwarden, Hon. Treasurer
Bunmi Adefuye, Hon. PCC Secretary
Ivell Arnold, Elected Member
Christopher Bellamy, Elected Member
Alison Bertlin, Elected Member
Rona Davis, Elected Member
James Dunford Wood, Elected Member
Nigel Grieve, Elected Member
Margaret Pringle, Elected Member
Rebecca Tinsley, Elected Member
Hakan Sandal-Wilson, Deanery Synod Representative
David Shaw, Deanery Synod Representative
Jose Jueguen, Deanery Synod Representative
Charity registered
number
1132235
Independent auditors
Griffin Stone Moscrop & Co
Chartered Accountants
21-27 Lamb's Conduit Street
London
WC1N 3GS
Bankers
National Westminster Bank plc
55 Kensington High Street
London
W8 7RG
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS PCC MEMBERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Solicitors Birketts LLP One London Wall London EC2Y 5EA Investment manager Charles Stanley & Co Limited Ropemaker Place 25 Ropemaker Street London EC2Y 9LY Architect Sarah Khan RIBA SCA AABS MA GradDipliCons(AA)Dist MFPWS Roger Mears Architects LLP 19 Compton Terrace London N1 2UN

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

PCC MEMBERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Parochial Church Council

The Parochial Church Council of St Mary Abbots, Kensington (‘the PCC’) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Councils (Powers) Measure 1956 and is also a charity registered in England and Wales (charity no. 1132235). The PCC is responsible for and is charged with cooperating with the Vicar in promoting, the whole mission of the church.

Since the PCC was registered as a charity in 2009, its members are also registered as trustees of the charity. Elections for one-third of the members of the PCC are held each year at the Annual Parochial Church Meeting (‘APCM’). PCC members serve for three-year terms before offering themselves for re-election, should they choose to do so. The appointment of PCC members is governed by, and set out in, the Church Representation Rules. Deanery Synod representatives are ex-officio members of the PCC and elections to the Deanery Synod are held at the APCM every three years. Churchwardens are elected annually at a Meeting of the Parishioners which precedes the APCM. Churchwardens and clergy licensed to the parish are also ex-officio members of the PCC. The APCM is normally required to be held before the end of May each year. The PCC met six times in 2025 with meetings being chaired by the Vicar or, in her absence, the lay Vice-Chair.

The PCC delegates various matters of business to the Standing and Finance Committee which meets, in particular, to discuss and make decisions about financial and legal matters, and whose remit also includes matters relating to staff and the church centre. The Standing and Finance Committee met four times in 2025.

Risk assessment

The PCC has considered the major risks to which the church may be subject, and appropriate systems have been put into place to manage and mitigate those risks.

OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE, AND PLANS FOR FUTURE PERIODS

Vicar’s report 2025

Rev’d Emma Dinwiddy Smith

I am very pleased to be able to report, once again, that 2025 was a year of growth and celebration in our congregation, as we put into practice the skills and ideas learned through the Grow Course in 2024.

Our average Usual Sunday Attendance across the four services rose from 219 at the end of 2024 to 253 at the end of 2025, with perhaps the most significant area of this growth being seen in our ministry to children and young people. An average of 38 children attended on Sundays, and in termtime, this sometimes reached a total of over 50, for which we owe huge thanks to the tireless ministry of Martina Sadovska, our Children’s Worker and her wonderful team of volunteers. We give thanks to God for this opportunity to develop the faith of the next generation.

This year, we welcomed 5 adults and 18 children into the church through baptism, and 30 for confirmation, as well as officiating at 9 weddings and 6 funerals at the church. Many of these have resulted in new connections with families and friends who have continued to worship with us. We offer 21 services a week throughout the year, five on Zoom and the rest in the church and are grateful to our virgers, Simon and Martina, who support every service behind the scenes.

In this final year of our current Mission Action Plan, having focused primarily on Welcome in 2024, we sought to build on the focal areas of Discipleship and Outreach.

Alongside our commitment to growth, we had discerned through the Grow Course the continuing need for greater depth and learning in our Christian faith (Discipleship). Fr Evan organised three very well-received lectures by outside speakers on the Nicene Creed (as the church celebrated the 1700th anniversary of the Council of Nicaea). Fr Tim took on the organisation of a Lent series, which drew together a five-session course from St Martin-in-the-Fields looking at famous Biblical paintings under the theme of “Who is my Neighbour?”, with a sermon series on the same theme, and Sunday visits and talks by five of the local “neighbour” charities we support.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

PCC MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Fr Tim also led on our Outreach to our local community and beyond, leading an expanded team on the Glass Door Sleepout, which, through the generosity of congregation members and some matchfunding from employers raised the wonderful sum of £21,000 for Glass Door homeless shelters! In addition, we repeated the successful Mental Health Fair in conjunction with SMART, and Fr Tim also developed links with the NHS North West London Recovery and Wellness College, who worked with him to offer a series of talks on “Anxiety”, “Resilience” and “Mind and Body”. These were attended by a mixture of regular parishioners and locals and were much appreciated. Working with the NHS, Fr Tim then also organised a day entitled “Grace in Action”, to support the care by clergy and other churchworkers of those suffering with complex emotional needs, which was attended by people from across the Diocese.

Meanwhile, we have continued to work to maintain and enhance the beautiful building we have inherited from generations of generous worshippers. Fr Evan has taken the lead on our project to remove the existing organ mechanism and to install WC facilities in the NE corner of the church, as we consider future organ provision. Although the work so far has been largely invisible, it has necessitated visits by a number of different organ specialists, and the commissioning of both drainage and asbestos surveys before any work can be undertaken. These have all now taken place, with kind funding from a member of the congregation, and initial designs have been drawn up by our architect, so we hope to present these as soon as we have received a report from the quantity surveyor who visited to draw up an estimate for the work. If you would like to donate towards this project, please do speak to us.

We have also replaced the CCTV system and the WiFi provision in the church.

It has been, as always, a privilege to be able to host the Civic Remembrance Service and the Mayor’s Carol Service, in addition to (this year) an ecumenical Choral Evensong to mark the Week of Prayer for Christian Unity and the Kensington Episcopal Area’s Vocations Discernment Day.

Once again, through the hard work of our Events Co-ordinator, Leonora Service, we have held well-attended Summer and Christmas Fairs, concerts, talks and Carol Services which both bring in funds and raise the profile of the church.

I am, as ever, so very grateful to my clergy colleagues, Fr Evan and Fr Tim and to our Honorary Assistant Priests, Fr Peter and Fr Thomas, and I was delighted when Hakan Sandal-Wilson was licensed by Bishop Sarah in September as our new Licensed Lay Minister. None of our ministry would be possible without the hard work and dedication of our staff team, Petter, Leonora, Simon and Martina, and we were very fortunate to be joined this year by our new Hall Manager, Gill Fisher, who has already done a great deal to update the hall and bring in new bookings. In the summer we also said goodbye to Helen Rowland, who has been accepted for ordination training and moved to a placement church.

As ever, I have felt very fortunate to have the support and skill of our wardens, Ed Warrick and Guy Heald, of the committed members of the PCC, and of Mark Uglow and our professional choir.

My thanks to all of them, and also to all our wonderful volunteers who read, serve, welcome, offer refreshments, lead Sunday School, arrange flowers, help at events, clean the church, sing in the voluntary choir, collect the donations for the Foodbank – the list goes on! Thank you for your friendship, support, encouragement and prayers as we seek, under God, to make St Mary Abbots a place which reflects Christ’s love and welcome to all who come here.

M other Emma

Hon PCC Secretary’s Report

Bunmi Adefuye

During the past year, the PCC held 6 meetings and the Standing Committee held 4 meetings. The PCC engaged in careful and constructive discussions and reached decisions that were aligned with the mission and values of our church.

The Standing Committee and Finance Committee meetings focused effectively on financial performance, budget management, and internal controls, with the aim of minimising risk and ensuring good governance.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

PCC MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Report from Kensington Deanery Synod

David Sha w

Deanery Synod meetings in 2025 continued to align with London Diocese’s 2030 Vision, with each meeting focusing on a specific theme. At the Deanery Synod in October, James Heard was thanked as he handed over the role of Area Dean to Andy Buckler.

• Compassionate Communities (February) – Hosted by St John the Baptist Holland Road, this meeting centered on Homelessness. Jo Carter, CEO of Glass Door, spoke about the increase in homelessness in London over the previous year. She described the work of the charity with three hubs in West London, offering shelter during the winter months using church premises.

• Spring Common Fund Meeting – this meeting provided an opportunity to discuss and review financial commitments within the deanery

• Confident Disciples (October) – St John’s Notting Hill hosted this session on the theme Learning from the Orthodox Tradition. William Taylor, vicar of St John’s, traced the history of orthodoxy, showing how the different branches originated. He pointed out that Kensington is the area with the highest concentration of orthodox churches in the UK. Parishes within our Deanery were encouraged to engage actively. The synod then reflected on the nature of orthodox spirituality and discipleship with the help of a celebrated icon, ‘The Triumph of Orthodoxy’, from St Catherine’s monastery in Sinai.

• Creative Growth (November) – the meeting was hosted at St James’ on the theme of Developing Stronger Links with Schools. Ellie Dowthwaite (HoS, St Clement & St James Primary School), Fr Gareth, Richard Downs (Deputy HT, St Barnabas & St Philips Primary School) and Nathalie Whittington (Families pastor, St Barnabas) reflected in the importance of strong links between local parishes and schools. Discussion focused on the challenge of engaging in children’s/youth work when there is no church school with whom to partner. James Heard shared how the Holland Park Benefice was engaging creatively with pupils from the local school by starting a youth club.

FINANCIAL REVIEW

Hon. Treasurer's Report Guy Heald

Income declined in 2025 from £954,262 to £693,830 as there were significant exceptional items in 2024 not repeated in 2025.

Underlying components showed satisfactory increases. Collections improved by 12.67 % from £83,284 to £93,831. Hall lettings improved by 15.70 % from £115,121 to £133,191. Income from Investments improved by 71 % from £34,183 to £58,556.

Costs however increased by 6% from £815,067 to £867,286 as a result of the effect of inflationary pressures wages and utilities, mainly electricity.

The overall result for the year is a deficit of £79,438. There are some items of capital expenditure charged to revenue which make the result appear worse. Nevertheless, gains in investments helped and the conclusion must be that in the long term income has to rise substantially to meet increases in costs and eliminate annual deficits which are not sustainable.

Appreciation of this situation will I hope encourage greater generosity from our loyal and dedicated parishioners.

Reserves

The PCC’s policy is to have reserves equivalent to 6 months’ running costs. 6 months of running costs equals £407k. Currently our general unrestricted liquid reserves, which excludes tangible fixed assets but includes investment portfolios within the general fund, equal £774,272 (2024 - £874,517). Thus, our unrestricted reserves exceed the reserves target.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

PCC MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF PCC MEMBERS’ RESPONSIBILITIES

The PCC members are responsible for preparing the 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 PCC members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period. In preparing these financial statements, the PCC members are required to:

The PCC members are responsible for keeping accounting records that are sufficient to show and explain the PCC’s transactions and disclose with reasonable accuracy at any time the financial position of the PCC and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Church Representation Rules.

PCC members are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the PCC members and signed on their behalf by:

................................................ The Rev'd Emma Dinwiddy Smith (Chair of Trustees) Date: 29 April 2026

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY ABBOTS CHURCH, KENSINGTON

Opinion

We have audited the financial statements of St Mary Abbots Church, Kensington ('the charity') for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the PCC members' 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 PCC members 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 auditors' report thereon. The PCC members are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY ABBOTS CHURCH, KENSINGTON (CONTINUED)

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the PCC members' responsibilities statement, the PCC members are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the PCC members 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 PCC members 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 PCC members either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditors' 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.

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 specific procedures designed and implemented to detect irregularities, including fraud, are detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY ABBOTS CHURCH, KENSINGTON (CONTINUED)

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Griffin Stone Moscrop & Co

Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street London WC1N 3GS

Date: 3/5/2026

Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income and
endowments from:
Donations and legacies
3
Church activities
4
Property rentals and
fundraising events
5
Investments
6
Gain on sale of
property
Total income and
endowments
Expenditure on:
Raising funds
7,8
Church activities
9
Total expenditure
Net
(expenditure)/income
before net gains on
investments
Net gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2025
£
242,898
147,158
245,218
58,556
-
693,830
23,985
831,665
855,650
(161,820)
83,055
(78,765)
3,945,525
(78,765)
3,866,760		 Restricted
funds
2025
£
-
-
-
-
-
-
-
11,636
11,636
(11,636)
-
(11,636)
187,617
(11,636)
175,981		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
-
-
10,963
10,963
167,129
10,963
178,092		 Total
funds
2025
£
242,898
147,158
245,218
58,556
-
693,830
23,985
843,301
867,286
(173,456)
94,018
(79,438)
4,300,271
(79,438)
4,220,833		 Total
funds
2024
£
361,439
125,788
257,746
34,183
175,106
954,262
34,937
780,130
815,067
139,195
23,838
163,033
4,137,238
163,033
4,300,271

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 30 form part of these financial statements.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current assets
Total net assets
Charity funds
Endowment funds
19
Restricted funds
19
Unrestricted funds
19
Total funds		 88,027
71,655
159,682
(57,426)		 2025
£
2,748,812
1,369,765
4,118,577
102,256
4,220,833
178,092
175,981
3,866,760
4,220,833		 107,846
350,451
458,297
(81,042)		 2024
£
2,759,628
1,163,388
3,923,016
377,255
4,300,271
167,129
187,617
3,945,525
4,300,271

The financial statements were approved and authorised for issue by the PCC members and signed on their behalf by:

................................................

The Rev'd Emma Dinwiddy Smith Chair

Date: 29 April 2026

The notes on pages 13 to 30 form part of these financial statements.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Dividends, interests and rents from investments
Net proceeds from sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the sale of investments
Purchase of investments
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2025
£
(223,804)
58,556
-
-
103,078
(216,626)
(54,992)
(278,796)
350,451
71,655		 2024
£
(71,058)
34,183
465,684
(1,273)
132,747
(259,975)
371,366
300,308
50,143
350,451

The notes on pages 13 to 30 form part of these financial statements

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. General information

The Parochial Church Council of St Mary Abbots Church, Kensington, is a registered charity (number 1132235) with the Charity Commission for England and Wales. The address of the principal office is St Mary Abbots Parish Office, Vicarage Gate, London, W8 4HN. The nature of the charity's operations and principal activities is promoting in the ecclesiastical parish the whole mission of the church.

The presentation currency in these financial statements is sterling and figures are rounded to the nearest pound.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

St Mary Abbots Church, Kensington meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The financial statements have been prepared on the going concern basis. There are no material uncertainties related to events or conditions that may cast significant doubt upon the PCC's ability to continue as a going concern.

2.3 Income

All income is recognised 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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.3 Income (continued)

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the church to raise funds for its charitable purposes and includes costs of all fundraising activities events and investment management fees.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the church's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property of any kind is excluded from the financial statements by section 10(2) to (3) of the Charities Act 2011.

Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as inalienable property unless consecrated. They are listed in the church's inventory which can be inspected. For inalienable property acquired prior to 1996 there is insufficient cost information and therefore such assets are not valued in the financial statements. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether on maintenance or improvement, is written off as expenditure in the statement of financial activities.

Functional church properties are included in the financial statements at 'deemed cost' which, in the absence of reliable historical cost information, represents the insured values of these properties on 1 January 2006 when they were first included in the financial statements. This value is annually reviewed by the PCC for impairment and to ensure that it remains appropriate. This deemed cost will not change unless improvement expenditure is incurred on these properties.

Page 14

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of other tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Church equipment - 10% straight line Fixtures and fittings - 10% straight line

No depreciation is provided on freehold property as it is the PCC's policy to maintain these assets in a continual state of sound repair. In addition, the useful economic life of these assets is so long and residual values so high that any depreciation would not be material. These assets are still subject to annual impairment reviews. Provision will be made if there has been any permanent diminution in value.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net gains/(losses) on investments’ in the statement of financial activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

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

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

2.10 Financial instruments

The charity only 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 15

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.11 Pensions

The charity is a member of a multi-employer plan. Where it is not possible for the charity to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the PCC members in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the PCC members for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 16

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

3. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
Planned giving
62,803
Tax reclaimed
41,426
Collections
93,831
Donations and appeals
7,055
Total donations
205,115
Legacies
37,783
Grants
-
Subtotal
37,783
Total 2025
242,898
Total 2024
226,439		 Restricted
funds
2025
£
-
-
-
-
-
-
-
-
-
135,000		 Total
funds
2025
£
62,803
41,426
93,831
7,055
205,115
37,783
-
37,783
242,898
361,439		 Total
funds
2024
£
61,683
51,902
83,284
139,730
336,599
20,761
4,079
24,840
361,439

4. Income from church activities

Unrestricted
funds
2025
£
Church and statutory fees
12,501
Church groups
1,466
Church hall lettings
133,191
Total 2025
147,158
Total 2024
125,788		 Total
funds
2025
£
12,501
1,466
133,191
147,158
125,788		 Total
funds
2024
£
8,829
1,838
115,121
125,788

Page 17

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

5. Income from property rentals and fundraising events

Unrestricted
funds
2025
£
Income from rentals
225,586
Fundraising events
19,632
Total 2025
245,218
Total 2024
257,746
6.
Income from investments
Unrestricted
funds
2025
£
Dividends and interest
58,556
Total 2024
34,183		 Total
funds
2025
£
225,586
19,632
245,218
257,746
Total
funds
2025
£
58,556
34,183		 Total
funds
2024
£
217,738
40,008
257,746
Total
funds
2024
£
34,183

7. Expenditure on raising funds: Costs of raising voluntary income

Unrestricted
funds
2025
£
Stewardship costs
502
General fundraising and appeal costs
15,922
Total 2025
16,424
Total 2024
26,787		 Total
funds
2025
£
502
15,922
16,424
26,787		 Total
funds
2024
£
307
26,480
26,787

Page 18

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

8. Expenditure on raising funds: Investment management costs

Unrestricted
funds
2025
£
Investment manager's fees
7,561
Total 2024
8,150		 Total
funds
2025
£
7,561
8,150		 Total
funds
2024
£
8,150

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Church activities
831,665
Total 2024
779,110		 Restricted
funds
2025
£
11,636
1,020		 Total
2025
£
843,301
780,130		 Total
2024
£
780,130

10. Analysis of expenditure on charitable activities by cost type

Church activities
Total 2024		 Direct
costs
(see below)
2025
£
765,268
705,518		 Support
costs
(see below)
2025
£
78,033
74,612		 Total
funds
2025
£
843,301
780,130		 Total
funds
2024
£
780,130

Page 19

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

10. Analysis of expenditure on charitable activities by cost type (continued)

Analysis of direct costs

Staff costs
Depreciation
Missionary and charitable giving
Ministry - Diocesan clergy stipends
Ministry - Other clergy costs
Church running expenses
Church maintenance
Services
Choir and music
Congregational development
Church hall repairs, maintenance and running costs
8 Hornton Place
Facility Improvement Project - professional fees
Staff accommodation
Sundry
Long Room repairs, maintenance and running costs
Car park repairs, maintenance and running costs		 Total
funds
2025
£
135,987
10,816
3,986
235,120
9,339
137,279
24,788
11,582
62,360
14,504
82,472
4,784
11,636
13,652
1,455
950
4,558
765,268		 Total
funds
2024
£
140,111
10,774
2,366
219,230
8,470
92,527
10,782
5,050
53,149
17,150
119,340
6,075
-
17,931
2,563
-
-
705,518

Analysis of support costs

Staff costs (including agency staff)
Bank charges
Legal fees
Other professional fees
Governance cost - auditors' remuneration		 Total
funds
2025
£
60,189
2,095
2,600
4,149
9,000
78,033		 Total
funds
2024
£
47,721
1,804
5,384
11,303
8,400
74,612

Page 20

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

11. Auditors' remuneration

The auditors' remuneration for the audit and preparation of these financial statements amounts to an audit fee of £5,400 (2024 - £4,450), and accountancy services of £5,400 (2024 - £4,450).

12. Staff costs

Wages and salaries (including agency staff)
Social security costs
Contribution to defined contribution pension schemes		 2025
£
172,947
9,002
14,227
196,176		 2024
£
162,997
11,907
12,928
187,832

The average number of persons employed by the charity during the year was as follows:

2025 2024
No. No.
Staff 5 5

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the church are the PCC members, none of whom were remunerated directly by the church (2024 - the same).

13. PCC members' remuneration and expenses

During the year, no PCC members received any remuneration or other benefits (2024 - the same).

During the year ended 31 December 2025, expenses totalling £700 were reimbursed or paid directly to 2 PCC members (2024 - £1,588 to 4 PCC members).

Page 21

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

14. Tangible fixed assets

Cost or valuation
At 1 January 2025
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Properties
£
2,678,115
2,678,115
-
-
-
2,678,115
2,678,115		 Church
equipment
£
47,861
47,861
14,759
4,786
19,545
28,316
33,102		 External
lighting
£
60,302
60,302
11,891
6,030
17,921
42,381
48,411		 Total
£
2,786,278
2,786,278
26,650
10,816
37,466
2,748,812
2,759,628

Functional church properties are included in the financial statements at deemed cost based on their insured values at 1 January 2006 when they were first brought into the financial statements.

An analysis by property is given below:

Church hall and garages
Cottage - Curate
Cottage - Virger
8 Hornton Place		 2025
£
1,752,214
242,109
242,109
441,683
2,678,115		 2024
£
1,752,214
242,109
242,109
441,683
2,678,115

8 Hornton Place has been carried at deemed cost. While this property does earn rental income, it would be extremely difficult to place a fair value on this property due to it being located on a burial ground, giving arise to restrictive covenants on what the property can be used for.

The rest of the buildings are used for the benefit of the PCC to carry out its mission and ministry in the parish, and are not held primarily for investment or resale purposes. Accordingly, their values are also based on deemed cost, rather than market valuations.

Page 22

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

15. Fixed asset investments

Cost or valuation
At 1 January 2025
Additions
Disposals
Revaluations
At 31 December 2025		 Listed
investments
£
1,163,388
216,626
(103,078)
92,829
1,369,765

16. Debtors

Due within one year
Trade debtors
Prepayments and accrued income
17.
Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
18.
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2025
£
40,569
47,458
88,027
2025
£
5,178
4,515
34,753
12,980
57,426
2025
£
1,441,420		 2024
£
26,271
81,575
107,846
2024
£
31,486
3,813
26,798
18,945
81,042
2024
£
1,513,839

Financial assets measured at fair value through income and expenditure comprise fixed asset investments and cash at bank and in hand.

Page 23

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

19. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Bequests
Mary Isa Trust (Renovation)
General funds
General fund
Total unrestricted funds
Endowment funds
The Curtis Bequest Fund
Restricted funds
Appeal
Facility improvement
Total of funds		 Balance at 1
January
2025
£
44,888
266,492
311,380
3,634,145
3,945,525
167,129
53,637
133,980
187,617
4,300,271		 Income
£
139
16,326
16,465
677,365
693,830
-
-
-
-
693,830		 Expenditure
£
-
(1,597)
(1,597)
(854,053)
(855,650)
-
-
(11,636)
(11,636)
(867,286)		 Gains/
(Losses)
£
1,326
16,102
17,428
65,627
83,055
10,963
-
-
-
94,018		 Balance at
31
December
2025
£
46,353
297,323
343,676
3,523,084
3,866,760
178,092
53,637
122,344
175,981
4,220,833

Page 24

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Bequests
Mary Isa Trust (Renovation)
General funds
General fund
Total unrestricted funds
Endowment funds
The Curtis Bequest Fund
Restricted funds
Appeal
Facility improvement
Total of funds		 Balance at
1 January
2024
£
44,888
251,135
296,023
3,623,046
3,919,069
164,532
53,637
-
53,637
4,137,238		 Income
£
-
9,161
9,161
810,101
819,262
-
-
135,000
135,000
954,262		 Expenditure
£
-
(1,931)
(1,931)
(812,116)
(814,047)
-
-
(1,020)
(1,020)
(815,067)		 Gains/
(Losses)
£
-
8,127
8,127
13,114
21,241
2,597
-
-
-
23,838		 Balance at
31
December
2024
£
44,888
266,492
311,380
3,634,145
3,945,525
167,129
53,637
133,980
187,617
4,300,271

Page 25

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

19. Statement of funds (continued)

The aim and use of each of the funds is as follows:

Designated funds

Bequests - The Bequests fund represents legacies received by the church which the PCC has decided will be used for various specific purposes.

Mary Isa Trust (Renovation) - This fund represents monies donated to the church by the late Mary Isa which the PCC has designated should be used for repairs and maintenance to the structure of the church building.

Endowment funds

The Curtis Bequest Fund - This was bequeathed to the Vicar and Churchwardens of St Mary Abbots Church in March 1965. The income from this fund is used for the promotion and upkeep of the choir, the organ and church music. The London Diocesan Fund acts as custodian trustee, and the capital value of this fund (£28,569) is kept as a permanent endowment. The remaining capital value of the fund is permitted to be expended, but only when the Vicar and Churchwardens, in exceptional circumstances, deem it necessary.

Restricted funds

Appeal - The Appeal fund contains monies raised under the previous incumbent for improvement works to the church building.

Facility improvement - This fund represents donations received for, among other things, the construction of new toilet facilities in the church.

20. Summary of funds

Summary of funds - current year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at 1
January
2025
£
311,380
3,634,145
167,129
187,617
4,300,271		 Income
£
16,465
677,365
-
-
693,830		 Expenditure
£
(1,597)
(854,053)
-
(11,636)
(867,286)		 Gains/
(Losses)
£
17,428
65,627
10,963
-
94,018		 Balance at
31
December
2025
£
343,676
3,523,084
178,092
175,981
4,220,833

Page 26

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

20. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at
1 January
2024
£
296,023
3,623,046
164,532
53,637
4,137,238		 Income
£
9,161
810,101
-
135,000
954,262		 Expenditure
£
(1,931)
(812,116)
-
(1,020)
(815,067)		 Gains/
(Losses)
£
8,127
13,114
2,597
-
23,838		 Balance at
31
December
2024
£
311,380
3,634,145
167,129
187,617
4,300,271

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
2,748,812
Fixed asset investments
1,183,015
Current assets
(16,299)
Creditors due within one year
(48,768)
Total
3,866,760		 Restricted
funds
2025
£
-
-
175,981
-
175,981		 Endowment
funds
2025
£
-
186,750
-
(8,658)
178,092		 Total
funds
2025
£
2,748,812
1,369,765
159,682
(57,426)
4,220,833

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
2,759,628
998,843
268,096
(81,042)
3,945,525		 Restricted
funds
2024
£
-
-
187,617
-
187,617		 Endowment
funds
2024
£
-
164,545
2,584
-
167,129		 Total
funds
2024
£
2,759,628
1,163,388
458,297
(81,042)
4,300,271

Page 27

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per statement of financial
activities)
Adjustments for:
Depreciation charges
Gains on investments per fixed assets investments note
Dividends, interests and rents from investments
Gain on sale of tangible fixed assets
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash used in operating activities
23.
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held by investment manager
Total cash and cash equivalents
24.
Analysis of changes in net debt
At 1
January
2025
£
Cash and cash equivalents
350,451		 2025
£
(79,438)
10,816
(92,829)
(58,556)
-
19,819
(23,616)
(223,804)
2025
£
55,553
16,102
71,655
Cash flows
£
(278,796)		 2024
£
163,033
10,774
(28,693)
(34,183)
(180,684)
(16,137)
14,832
(71,058)
2024
£
214,733
135,718
350,451
At 31
December
2025
£
71,655

Page 28

Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

25. Pension commitments

The church participates in the Pension Builder Scheme section of the Church Workers Pensions Fund (CWPF) for lay staff. The CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the church and other participating employers.

The CWPF has two sections:

  1. the 'Defined Benefits Scheme'

  2. the 'Pension Builder Scheme', which has two subsections:

  3. a. a deferred annuity section known as 'Pension Builder Classic'; and

  4. b. a cash balance section known as 'Pension Builder 2014'.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs of £14,227 (2024 - £12,928) are charged to the statement of financial activities in the year are the contributions payable.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2026, the Board chose to grant a discretionary bonus of 10% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 1997 service so that the pension increase was also 10% (where usually it would be calculated based on inflation up to an annual cap of 5% for pensions in payment in respect of service prior to April 2006 and 2.5% for pensions in payment in respect of service post April 2006). This followed improvements in the funding position over 2025. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The Church of England Pensions Board has agreed that some employers could use assets in the DBS of the CWPF in lieu of contributions to Pension Builder Classic and/or Pension Builder 2014.

The next valuation is being carried out as at 31 December 2025.

The legal structure of the Scheme is such that if another employer fails, St Mary Abbots Church could become responsible for paying a share of the failed employer’s pension liabilities.

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Docusign Envelope ID: C6A81AA6-CEBC-8D42-8355-4EBBF1964EBB

ST MARY ABBOTS CHURCH, KENSINGTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

26. Operating lease commitments

At 31 December 2025 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2025
£
8,766
17,375
762
26,903		 2024
£
5,237
8,144
-
13,381

27. Related party transactions

During the year ended 31 December 2025, aggregate unconditional donations of £15,132 were received from 16 PCC members and their families (2024 - £11,120 was received from 13 PCC members and their families).

The St Mary Abbots School Trust is a related charity by virtue of the Vicar and Churchwardens of the church being trustees of that organisation. During the year ended 31 December 2025, the church paid rent of £3,413 (2024 - £7,313) to the Trust for flats occupied by the Virger.

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