REGisfERED CHARrrY NUMBER: 1132846 Re ri of the Trustee5 and Financial Statements for the Year Eftded 31 Detsmber 2025 Par(Khial Church Councll of the Ecde51astical Parish of St Michael and All An els Ledbu Thorne Wl(*ery ￿CoUntancY Ltd Chartered Accounlanls Statutory Audltors 2 Wyevale Business Partt Klngs Acre Hereford Herefordshire HR4 7BS The Parochial Church Councll of the Eccleslastlcal Parish of St Mlctsael and AIL An e15 Ledbu CoThteDts of the FiTrarKial Statements for the Year Ended 31 December 2025 Page Report of the Trustees ReFrf)rt of the Independent Auditors 10 to 12 Statement of Flnartlal ￿tl￿tlè5 13 Balance Sheet 14 Cash Flow Statement 15 Note5 to the Cash Flow Statement 16 kk$￿5 to the Financial Statements 17 to 26 Detalied Statement of Financial Activities 27 to 28 The Parochial Church Council of the Ecclesiastical Parish of St MKhael and All An e15 Ledbu Re ort of the Trustees for the Year Ended 31 December 2025 The tTUStee5 present their report with the financial statements of the charity for the year ended 31 December 20Z5. The tru5tee5 have adopted the provisions of Accountin8 and Reportin8 by Charitie5'. Staterr*nt of Recornmended Practice applicable to charl¢les prepthng thelr account5 In accordance wlth the Flnantlal Rewrtlng Standard appllcable in the UK and Republic of Ireland IFRS 1021 leffectlve 1 January 20191. OBJECTNES AND ACTivrriES Objecttves and alm5 St Mfjch*L and All An¥eLs is the parish church of Ledbury. It provldes the spiritual focus for the population of Ledbury through re8ular religiou5 Servi￿. work with local schxls, ￿siting local care homes and hospitals. We also work other groups within Ledtr￿ry. As an asset to the town, the tr￿11￿1ng hosts concerts and civic crcasions and is a twrist dttrart￿n. Page 1 The Pariler was installed durin8 14ovember and DecemLEr. Under the ternis of this faculiy, the PCC Is required tts flnd aliernatfve ways to heat the church that cornply with the Church of England Net Zero policyy from 2028. Work on th15 rnajor land expensivel plece of work 15 ￿derWay. Towards th13 end, the church achieved Bronze Ecoc1￿rch status in August. St Michaels has also treen appointed as a Net Zero Demonstrator Church by the Church Buildi￿5 Cujnctl Ipart of the ￿¢bbIshops. Cwncll}, one of only two such churches thLt5 far in the diocese. The PCC cont6nued tts meet throughout the year. The PCC met eight times and the Standirlg Committee met on six occaslon$. On 3 December a Jolnt rneeting of Ledbury and Ea5tnor PCCS wa5 held, chaired by the Archdeacon of Hereford, Ihe Ven. Derek Chedzey. at whfch the Ven. Chedzey Set out the pr￿eSS and timescale for ap￿IntIng a new recior to the benefice. Insufficitnt peotAe stood for election to the PCC at the I￿r￿jaI ParrKhiaL Church Meetiry, and hwKe the PCC canled lay rrErnEer vacancies thereafter. In Ocwber boih Sonia Bowen and Chr(stlne Walter5 volunteered to join the PCC. The Church Representation Rules 2020, a5 amended, ailgw PCCS to fill casual vacancies during the course of a yeatr. After prayerful consideration. t¥>th Sonia and Christine were elected to the PCC at the PCC'S NovemÈer meetin8, and wlll serye until the APChl in 2026. The church heating and the mean5 Of complying with the Church of England Net Zero poli¢y lsee at￿Ve> constituted major iterns for discussion at all of the regular meetin85 throughout the year. Other matters considered included: the thfflculty in finding people to volunteer to carry out varlous roles w5thin the church. A Volunteering Group was sel up under the chairmanship of TIM Keyes, and FKoduced a helpful report. 015cussion on this issue was ongoln8 al the end of the year., the reinstatement of ￿remonY in worship. On the first Sunday of each )rnnth (since September) there ha5 been pr[￿e$S7o￿ to the altar, wlth the offlclatin8 clergy preceded by a cnjcifer. At each commjnlon semce, the communiDn assistants bring the elements to the altar. On the fourth Sunday of each month, prayers left by vlsltors are offered to God; the resignation of Jane Chamberlaln ts the insFecting architect of the church. Matthew Vaughan was ap￿Inted in her place. The PCC eXPre￿ed its Iratitude to Jane for her long setvlce as In5pectlng archltect. . the celebration5 to mark the 80th amlvtrsary of VE aThJ VJ Days. Page 2 The Parochial Church Council of the Ecdesiastical Parish of St Michael and All An els Ledtr Re rt of the T￿￿tee$ fw the Year Ended 31 December 2025 OBJEcllvES AND ArnmES improvements to the audI￿ViSUal and sound systems and the need to find teople willing to operate them each . WOVi5ion ol improved caterfTrg facllltles; and greenln8 the churchyard. No safeguardlng lrtldents were reported during the year. The PCC noted with sadness the death of Ailson Williarns, lay reader. on BO￿n$ Day. Copie5 of PCC mlrvjtes and those of the 5tandfj￿ Commlttee are avallable for InsFettloN on the t1￿￿h web51te and In the puiple folder at the back of the church. Chwchwarden's fabrfc report 2025 HeatiThg 1. The main event affectlttg the churchs fabric during Ihe course of 2025 was undoubtedly the $￿tesSfuL Installatlon of a reconditioned 8a5 boiler and the restarting of the church's heating system in early December. Concern had arisen over whether this would be possible. gfven that some other churches elSew￿re in the country had not been allowed this option. Bu¢ a good case was pui forward. and in due c(iurse a faculty was granted. By the year end it wa$ already clear that of the deterioration of the fabric experienced (k¢ring the period without heati￿ was belng remedled. 2. It 15 a requirerr*nt of the faculty allowfng the In5taliatlon of a gas boiler that the church should Th￿ve to a Net Zero solution by Sprin8 2028. An independeThi repn has shown that thls could be very expEnsive, and It 15 r￿+t known yet how this (￿JId be achieved. The church ha5 obtained Net Zero Demonstrator Church status with the Church Bulldlngs CourKil, and this should open up tethnlcal 5UPPOrt and grant aid towards thTS objective. Work on thls wlll be ongolng d￿nE 2026. In the Meantime, the church wll be attractively warm for wor5hlpFers and visitors alike. Other fabric project5 3. The conversion Of four pews to ￿K)bIte form by the addition of castors was c¢)mpleled in July 2025. This has enabled a much more flexiÈ4e use of the area at the east end of the nave by the cholr and for concerts etc. and has proved very ￿+pular. A long pew* made redundant by these changes, was d¢)nated to the Peace and H¢)Fe Trust. 4. The work to replace the flashbanding in the Iwo roof gullies did not proceed as expected. The contractor app)Snted to carry out th15 work unfortunately went (*rt of buslnes5, and 50 a rrylacerrEnt contractor ￿11 need to be found. It is hoped that thts work will now take place in 2026. S. A faculty was obtained. and a contractor apwlnted, to strengthen the flcrfjr iTh the roorn over the porch. Thls work VAII take place In 2026. 6. The organ wa5 damaged (k¢rfng the year by OVer-F￿allng. Thi5 damage wa3 repaired. The c05t was recovered fr￿ the church's insurers. 7. Finallyj Tecognising that the churchs caterirg facilities were inadequate, a group was Set up In November 2025 to advise the PCC on vthat mlght be requTred. This work will be ongoing into 2026. Inspectins archlte¢t 8. The church's Inspecting architect for many years had beet) Jane Charnberlain of Caroe and Part￿rs, latterly of Tewkesbury. Sadly, Jane reslgned In Mty 2025. We w15h to express our thanks for the many years of patient and helpful serwce that she gave the church. Her replacernent is A4Att Vaughan of Donald Insall Partners, Birn)iniham, and we look fO￿ard to w￿￿n8 c105ely with him. Page 3 The Parochial Church cour￿)1 of the Etcle51a5tlcal Parlsh of St Mi¢hael and ALI e15 Ledbu Re rt of the Truste for the Year Ended 31 December 2025 OWECTIVES AND AcnvmES Financial matter5 9, A Frfjtential restriction on our ablllty to carry out fabrk work15 that, from l Aprll 2025, the Listed Places of Wcthip 8ranl Scheme that allows a reclaim of VAT on works has been limited to a maximum clalm of £25,¢JXI per year. Th￿, any project that costs in excess of £125,￿0 will ex￿ed this Ilmlt, If all ¢atrie(l out in the same year. 10. All of the work (k)ne wa5 carried out under the appropriate f￿ullY provisions. We ar¢ grateful to the Fabri su￿c0mMfttte for thelr work &Jrfn8 the year. Publk benefit In drafting this ￿pOrt, the Tru5tee5 have Complied the duty in Section 4 of the Charities A£t 20J6. to have due regard to publk tsenefit guidance published by the Charity Commission. ACtrIIEVEMEKfs AND PERFORhtANCE Investment performance In February 2025 Stuart Heaton left St Mlchael's C1.5m. The E1.5m Èequest Is currently Invested In a BlackR(*k n￿￿-market fund IAWFI: th15 15 a portfolio of government and corwrate trx>nd5 which yield5 a better rate of interest than that avaflable from bank deposits, and enatle5 the PCC to access the Th)ney at a few days. ￿tice. It is very Slightly higher-rf$k than a bank dew51t, but crucially it avoid5 the i55uE of th2 £12C4( limli on govemment deposit Insuran￿ whKh leads some chthtle5 to SFllt thelr deposlts up between multlple banks. So far to end December Lhe PIMF has Welded Just under 4% on an annuÈllsed basls. FINANCIAL REVIEW Ffnancial position Th2 re5uIt5 for the year show net ￿n￿rne, before gainsll1055es1 on inve51nEnfs, of £1,501,219120Z4: £69,388). Durlng the year the charity recelved a É1.5m legacy from The Heaton Trust. Net a55et5 arnOUThted to £1,828,661 12024.. £281,051). Net 8ains on investments amounted to £46,59112024 £9681. At 31 December 2025, free reserve5 were £87,18912024 £175,975). R¢s¢rves polky The ￿r(h will keep a minimum of Six nKJnths njnning Costs in general reseNe. to cover unforeseen fluctuations in costs and possible emergencies. The church wlll malntaln In It5 building Ire5lricted and designa￿dI and general funds sufflcient funds to cover the r*xt two years rolllng ￿￿geted maintenance and repalr costs. In the event thai these funds are Insufflcient, the church will review its maintenance prosramme. The policy of the church is to meet building costs first from the bulldlng and fabdc deslgnated and re5trltted fund5. The church ￿1[ consider how to use additional funds (Griffin, Johnson and Marlinl in the contexi o( projected future plans, fncludlng the churches desire to reorder its t￿lI[dIng. Golng concern The TTUStee5 believe that their accounts are In a souThJ financial position to continue the fr&eseeabLe future.. FUTURE PLINS The PCC, over the next few years, would like to upgrade their catering facilities, together with an upgrade to the two rooms atrKsve the porch and meeting room. The PCC has not yet gor to the planning stage for elther pmlect. The PCC also needs to conslder how to move the church to meet ihe Church of England's Nei Zero Carbon target. The most Sl8nificant Current area of un￿rtaInty for the PCC relates to the retireTr*nt in Novethr 2025 of the previou5 incumbent. The process for flndin8 a succes50r is under way it is hoped to make an appK)Intsnent by the middle of 2026. In the rneantime St Michaels is being well supported by its network of lay readers and retlred tlersy, as well as by the th'c(ese. Page 4 The Par￿h}dI Church Council of the EctLe55astlcal Parlsh of St Mkhael and AIIA Ledbu Re rt of the Trustees for ihe Year Ended 31 December 2025 srRUCTURE, GOVERNANCE AND AIANAGEMEMr Governing document The charity is controlled by its goveming document - The Par￿hla1 Chlt￿h Cwnal P¢)wers lleasure 119561 ame￿Ied, and thurch representation rules. R•cruItm￿t and appolntment of new tru5tee5 Prncedures for recfuilrrent and appointment of trustees are set out in rules M4-M9, M12 and M15-M18 of the Church RePr￿entatIOn Rules 2020, which are available online, and in hard copy from Church HDuse Publlshing. There Is no formal training programme, although adwce on the reswnslbllltles Is avallable on the Charlty Comm15$1on and Church of England websites and trustee5 are direct¢d to these. Page 5 The PaThKhial Chuich Council of the Ecclesiastical Parish of St Mlchael aNI All An els Ledbu of the Trustees for the Year Ended 31 December 2025 STRUCTURE. GOVERNAMCE AND MANAGEMENT Organisational structure tkanery . Ledbury DI0￿Se - Hereford Incumbent - Rev. Keith Hllton-TuNey Iretlred 30 November 2025; thereafter the post of rector was vacantl. The Rectory Worcester Road, Ledbury HR8 IPL It is the duty of the InoJmÈent and Parithial Church Cujncil to consult together on matters of general con￿rn and Importance to the par15h, and to co-operate In [￿￿ting the wklle missic*n of the Church, pastoral. evange15stK, social and ecurnenkal. Membershlp Durfns the yèar, the followlng semd as ￿￿fflbers of the Partthlal Church Councl1' To 10 April ZQ25'. Incumbent- Rev. Kelth Hilton-Turvey Asgxiate Minister- Rev. ToThy Fk)dder Churthwardens David Houghton Catherlne Beech Elected members Andrew Beech . Deanery SyncKI, SeCre￿ry lan Jarnes- Deanery Synod Sue Sirnpson - Deanery Syr¥)d Maria Di￿n . 1 Year Anne Scull - 1 Year Peter SculL- 1 Year Will Wake. 1 Year Sue Cooper- 3 Year5 Rlchard Nightingale . 3 Year5 William Hopkinson . 3 Years Ctropted rrErnber Stephen Cheetham - Treawrer From 10 Aprll 2025: I￿umben1 . Rev. Keith HiLton-Turvey (Retired 30 Ntsvember 2025 As50clate Mln15ter. Rev. Tony Hodder Churchwardens Dawd Houghton CatherfrE Beeth Elected members Andrew Beech . Deanery Swd, Secretary lan Jaw*s- Deanery Synod Page 6 The Parochial Church Council of the Ecclesiastical Parish of 5t Michael and All An els Ledbv rl of the Trustees for the Year E￿Ied 31 December 2025 rniucruRE. GOVERNANCE AND MANAGEIAEP Sue Simpson Deanery Synod Sonia Bowen - 1 Year lelected 19 November 20251 Christine Walters- 1 Year (elected 19 November 2025 Sue CoorEr . 2 Years Wllliam Hopkinson - 2 Years Richard Mlghtlngale- 2 Years MA￿a Dlneen - 3 Years mne SOJLI - 3 Years Co-opted member5 Stephen Cheetham. Treasurer Will Wake Committees: The Parochial Chwch Council IPCCI operates tknugh a number of Committe￿ and sukommittees whkh meet as necessary between full meetings of the Council. Ail committees submit to the Cwncil rewrts on thelr dlscusslons, and all maiters of PDllcy and artion are approved by the full Council. The report of the Council 15 8iven rffj pages I to 9 and, where appropriat*, rewrts of the Committees are printed in this Amnual Report. The comrntttee5 are: Fa￿C 15ub-cornmltteel, Flnante15ub-commltteel, Local Mlntslry. Standlng and Worship Revlew and DevelOp￿￿nt. Church attendance: There are 94 parishiorer5 on the Electoral Roll, compared wlth 155 In 2024. The number of ￿mmunICants at Easter was 107 187 in 20241. At Christmas there were 1CQ c¢mnwnkants 192 in 20241. Average attendance was 83 189 in 20241. Rlsk managemènt The trustees have a duty to identify and review the risks to which the charity 1$ exposed and to ensure appropriate contrds are in Pla￿ to provide reasoThabLe assurance against fraud and error. REFERENCE AND ADMINISTrATIVE D￿AlL$ Reg15tered Charlty numb•r 1132846 Prlndp414ddress Saint Michael And Ail Amgeis Church Church Lane Ledtr*Jry Herefordshire HR8 1DR Page 7 The Partthial Church Council of the Ecclesiastical Parlsh of St Mlchael and All An is Ledbu Re ort of the Tru5tee5 for the Year Ended 31 December 2025 Trustees S A &)wen lappointed 19.11.25 C Walter5 lappoinled 19.11.251 R J Nightingale G W HopklnsoTh S E Sirnp50n S B Cheetham A Scull WBGWake S M Cwper l E Jarnes D Houghton C L Beech A J Beech Rev T Hodder Audltors Tlv)rne Widgery kcountancy Ltd Chartered Accountants Statutory Athjitors 2 Wyevale Business Park Kings kre Hereford Herefordshire HR4 7BS Bankers Lloyds TSB Bank plc 8 Hlgh Tow Hereford HR12AE Archltects Donald Insall Issoclates 30 Hathrne Road Bimilngham B153AA STATEMEKf OF TRUSTEES. RESPONSIBILMES The trustees are respon51ble for preparing the Report of the T￿5￿5 and the linancial statements in accordarKe ￿th applKabie law and Vnl¢ed Kingdom AccouTht6ng Standafds ILknlttd Kln8dorn Generally Accepted Accounting Practfjcel. Charity law require5 the trustees to prepare financial staternents for each financial year. Under that law, Ihe truslee5 have elerted to prepare the flnancTal statements in accordan￿ with Unlted Klngdom Generally Accepted kcounting Practice (United Kfjngdom Accounting Standards and applicable lawl. UThJer charity law the trusiee5 rnust appmve the flnandal staterneThts unless they are satisfied that thty gfve a true and fair View of the State of affairs of the charity and of the incoming resour￿5 and application of reswrces, including the income and expenditure, of Ihe charity for that ￿Mod. In preparing those financial staternwts, tnjstees are requi￿￿ to select sultable accountlng policies and Lhen apply them con51stendy; observe the rnethod5 and principle5 in the Charitie5 SORP- make iudqemen¢5 and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed. subjeet to any material departures disclosed and explained in the finandal slate￿Ents. prepare the financial statements on the golng concern basi5 unless It is inappropriate to presume that the charity wlll cL￿tInUe In busine￿. Page 8 The ParrKhial Church Council ol the Ecelesiastical Parish of St Michael and ALI An Is Le¢Jbu rt of the Trustees for the Year Ended 31 December 2025 STATEMENT OF TRUSTEES. RÉSPONSIBILITIES- contlnued The trustees are responsible for keeping proper accounting records which di5c105e wlth reasonable accuracy at any tlme ihe financial posiiion of the charity and to enable them to ensure that the financlal statements comply ￿t￿ the Charitie5 Acl 2011 and Charlty IAc(OLMts and Reporrsl Regulalions 2tsJ8. They are alSD responsible f safeguarding the assets of the charity and hence for takin8 reasonable sieps for the preventi¢)n and detection of fraud and other irregularities. Approv by order of the board of trustees on ...... IoL3 and slgned on its behalf by: A J Beech - Trustee Page 9 Re rt of the Inde endent Auditors to the Trustees of The Partthial Church C¢Juncil of the Etclesiastlcal Par(sh of St Mlchael and eis Ledbu Opln11)n We have audlted flnanclal statements of The Parochlal Church Councll of the Eccleslastical Parish of St Michael an(J All Angels Ledbury (the chariiyl for the year ended 31 December 2025 whlch cornprise the Staternent of Fina[￿la[ Actiwtie5, the Balance Sheet. the Cash Flow Statement and notes to the flnanclal staLements, irKI￿j7ng a summary of Significant accounting policies. The financial rewrting framework that has been applied in their preparation is applkable law and Unlted Kln8dom kcounting Standards IUThited Kingdom Generally Accepted Accountln8 Practlcel. In ￿r opinion the financial ststements.. give a true and fair wew of the state of the charity's affairs as at 31 l>ecember 2025 and of its incomin8 reswrces and appilcatlon of resource5, for the year then ended. have been property prepared In accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charitie5 Act 2011. basls for opln1on We conducted our audlt fjn attordarKe ￿th International Standards on Aud5tin8 IUKI IISAS IUKII and applicable law. Ow respons5bilities under those standards are further described in the Audiiors. resFonslbillties for the audlt of ihe financial statements settfon of our rep)rt. We are independent of the charity in accordance with the ethlcal requirements that are relevant to our audit of the financial statements in the UK, Including the FRC'$ Ethical Standard, and we have fulfi.lled our other ethlcal responsibilities in accordance ￿7th these requirements. We believe that th¢ audit eviden￿ we have obLained is sufficient and appropriate to provide a basis for our opinlon. Concluslons r•latln# to going corKern In auditing the finÈnclal statements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the fi'nancial statements is appropn"ate. Based on the work we have performed, we have rrfjt identified any materlal uncertalntles relatlng to event5 or conthtions that, iThJiwdually or collettfvely. may cast significant doubt on the chant￿$ ablllty to continue as a going oKern for a period of at least twelve months from when the financial statements are auth0ri5ed for Issue. Our responsibllitie5 and the re5ponsibilltles of the trustL*S wlth respect to going con￿rn are described In ihe relevant *ctlons of tms ￿port. Other Infom)atlon The trustees are re4)onsibie for the other information. The other informalion comprises the Inforn￿tion I￿lL￿d In the Annual Report. other than the financial Sta￿MentS and our Report of the Independent Auditor5 ihereon. Our opinion on the financial statements does not cover ￿ other inforrnation and, eX￿pt to the extent otherwise explicltly stated In wr rewrt, we ¢*$ not expre55 aThy form of assuran￿ corKlusion thereon. In C￿nection wfth ￿Jr audit of the fina￿1&1 statement5, our responsibility is to read the other Informatlon and, fn doing so, conslder whether the other infom)ation is matrrfally inconsistent with the financial statements or our knowledge obtalned in the audlt or otherwise ap￿ar3 to be matertally mlsstated. If we Identlfy such material inconsistenciés or apparent malerial misststements, we are required to determine whether this Rives rfse to a rnaterlal misstatement in the fIna￿la1 statements themselves. If, based on the work we have perforrned, we conclude that there 15 3 material misstatemeni of thls other Information. we are requlred to rep(*t that fact. We have nothing to report in this regard. Matters on whfch we are requlred to r*ptsrt by exception We have ￿thIng to report in respert of the following matters where the Charits"e5 IAccounts and Repxytsl Regulations 2CX18 requlres us to report io you if, In our opinTh)n'. the Information glven in the Report of the Trustees is inconsistent in any material respect ¥￿th the flnancial state￿￿ntS. or sufficient tccountiThg records have not been kept.. or the financlal 5tsterrEnts are not in agreement wth the aCC￿ntIng records and returns; or we have not recelved all Lhe information and explanaiions we requlre for our audit. Page 10 rt of the Inde ndent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of St Michael and Atl An els Ledtr R•sponslb111tle5 of trn5teès As explained MO￿ fully in the Statement of Trusiees. Responslbflltles, the trustees are resKN)nsfble for the preparailon of the fimnclal statements whirh give a true and fair Trriew, aThd for such inteTnal rontToI as the tru&tee5 deteTrnltie 1$ r￿cesSary to enable the preparation of financial statements that are free from material misstatement, whether due to Iraud or error. In preparlng the financlal stai¢mentS, the trustees are responsible fcf a5se5sing the charltys abillty to continue as a going concern, disclosing* as applKable, matters related to golng concern and uslng the golng Co￿eM basls of accounting unless the trustees either Intend to Ilquidaie the chafiiy or to cease operation5, or have Thj realistic alternative Ixjl to do $0. Our responslbllltle$ for thè audlt of the Nnandal stst¢fflents We have been appointed as auditors under Section 144 of the Charities Act 2011 and reFQrt in accordance with the Art and relevant regulations made or having elfect thereunder. Our objectives are to obtaln reasonable a55wance about w￿ther the flnarKial staten*nts as a W￿le are free from material rnisstatement, whether due to fraud or error, and to issue a Report of the Independent Audiiors that Includes ¢)ur opinlon. Reasonable as￿ra￿e Is a hlyh level of assurance, is not a guarantee that an audit con&Jcted in accordan￿ with ISAS IUKI will always detect a rnaterial misstatement when It exists. Mtsstatements can arise from fraud or error and are considered matthal if, individually or in the aggregate, they could reasonably be expected to influerKe the economic deci5i0ns of users taken on the basis of these flnancfal 51atements. Based on our understanding of the Charlty. we identified thal the priKipal rfsks of non￿Ornpl1ance wth laws and regulation5 related to breaches of UK regulatory p￿r￿lples, such as those governed by the PCC, and we CUhsIde￿ the extent to whlch non which is a public L￿rtefIt entity under FRS 102, have been prepared In accordar￿e the Charitles SORP IFRS 102) 'Accountinq and Reportin8 by Charities: Statement of Recomrnended Practice applicable to charitles preparing their accounts in accordance with the Financl&L Reporting Standard applicable In the UK and Republic of IreLaThJ IFRS 1021 leffective 1 Jawary 20191., Financial Reportin8 Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the cha￿tIeS Acl 2011. The financial staternen15 have been prepared under the h15torlcal cost convention, with the excepiion of Snve51rnellts which are included at market value. Income All incc*ne is recogn15ed in the Staterr*nt of Financial Activities once the charity ha5 entitlement to the fund5. it is probable that the income will be received and the arrM)unt can be measured reliably. For bequests, eThtitlement Is the earlier of the charity bein8 notified of an impending distiibution or the le8acy being teceived. Expenditure Llabllltle5 are recognised as expenditure as SCM)n as there is a legal or constnjctive obligation committing the charity to that exFenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligalion can be ff*asured reliably. Expavjiture Is accounted for on an accruals basls and has been classified under heading5 Lhal aggregate all cosl related io the category. Where c05t5 cannot be ￿1￿CE1Y attri[￿led to partlcular headings they have been allocated to activities on a basis consistent with the use of reg)urces. Charitable expendlture corY4>rtse5 th95e c05t5 I￿irred by the tharily in the delivery of its activities and servlce5 for its beneficiaries. Taxatlon The charlty Is exempt fr¢)m tax on Its charltable activitie5. Fund a¢¢Oun￿￿1 Unrestricted Fund5 are avallable for use at the discretion of the PCC in furtherance with its general objectives. Designated Funds have Identlfled by the PCC for specific purFX)ses. Restricted Funds are funds which a to be used In accordance with specific restrirtion5 irnposed by the donor or which have been raised by the PCC for $￿IfiC Wr$￿. Enthiwrnent funds are held iThJefinitely. Investments INestn*nts a￿ stated at rnarket value at the balance sheet date. Any gain or loss on revaluatlon or sale Is taken to the Statement Of Flnancial Activities ISOFAI. Following the recelpt of a Substantial legacy during 2025 frorn the Late Stuart Heaton a revised investment rx>llcy was prepared during the year and Is to LE presented tts the March PCC f(K appioval. Slnce we are rKJt rmitted to spend the capital of the bequesi and are enlolned to protect fts real linflaLion-adjustedl value, it is proposed to invest thi5 moneyj a5 well as up to half of the PCC'S other funds, in a well-diversified passive slobal equity fund. Retum5 in excess of inflation ￿11 kecorne available to the PCC in suwrt of its activities. Chan￿$ In kope Following the re5LructUTln8 of the Ledbury Team Minlslry, lis separaits)n Into dlsttnct ￿enefice$, and the rea55ignment of re5pon5ibility for the Ledbury Ecumenical Role to LEAF la separate I￿al ecumenical charityl, Sl Michael's PCC asyjmed 501e responsibility for the Parish Office in 2022. The Parish Office Bank Account was cLosed In 2024 and the remaining balance transferred to the maln PCC actount. Education Fund St Mlchael'5 Etknation Fund is not consolidated into these accounts as. In the oplnfjon of the Rector and Churchwardens who are charged wSth its managemeni, Its charltable alms are dlstlnci from tIK>5e of Ihe PCC. Its funds are held in a deposit acctyjnt at Uoyds Bank and as at DecernLrr 315t 2025 the balarKe on the account was £32,42612024 £32,160). Page 17 c(ffitinued... The Paro¢hlal Church Council of the Ecclesiastical Parish of St Michael and tl An el Ledb Notes to ￿ Financial Statements- continued for the Year Ended 31 tlecember 2025 ACCOUNTING POLICIES- contlnued Inv•stm•nts ing Concern The PCC considers that there are ro material ￿certaintieS atx)ut its ability to contir* as a going concern. Apart frorn the Heaton beq¢￿t, legacles dudng 2025 toialllng £8.76712024 E70.2741 and a donatfjon of E20.OC for the new heatln8 System were received from the 5UPPOrtlng charfiy The Friends of Ledbury Parish Church. As a result of this income, the PCC was able to comfortably afford the installation costs of the new heatin8. and made a r[￿t surplus of £14,21912024 £93,145) for the year in the $eneral fund. The nwst significant current area of uncertainty for the PCC relale5 to the retirerrent in Novernber 2025 of the wevious Incumbent. The proce55 for finding a successor is under way and it is hoped to mèke an appointment by mlddle of 2026. In the rneantime St Michaels is being well supported by its network of lay readers and re¢lred clergy, as well as by the D)￿eSe. DOWITIONS AND LEGACIES 31.12.25 31.12.24 Bank &)nations Colle(tior*s and other gFving Tax refunds Legade5 Other Th)n.recutting $raThls 32,738 75,416 6,743 1,508,767 8,3C 27,518 80,735 70,274 200 1,631,964 183,n7 In February 2¢)25 Sluart Heaton left the PCC £1.5rn. This is split into two restricted funds, £0.5m to the ex15tins kthw and 6iddy Heaton fund, and £1m to a new fund 'The Stuart Michael Heaton Bequest The ierms of the bequest are slightly different for each arThJunt but the overall intent is clear: the PCC is not Fermltted to spend the capital amwnt bequeathed arÈd are Instructed to preserye the real (that is. infiation-adjustedl value of the capital. The PCC is, h¢￿eVer, entitled to spend any surplus income from the funds. Grants r￿6ved, incI￿Je￿ in ihe above, are a5 follow5-. 31.12.25 31.12.24 other grants 8,30) zoo OTHER TRADING ACTivmES 31.12.25 31.12.24 Coffee Stop income 320 Paqe 18 contitm￿d... The Parochlal Church Cwncil of the Ecclesiastical Parish of St Michael and All An els Ledbu Notes to Flnancial Statements . ¢ontlnueil for the Year Ended 31 December 2025 INCOAIE FROM CHARITABLE ACtNmES 31.1Z.25 Fees for weddings and fw)erals 31.12.24 Total actlvities Fees for wethJln85 and funerals 3,878 5,247 CHARITABLE ACTIVMES cosrs Direct Costs CharitatAe actlvltles 139,975 SUPPORT COSTS Governance costs Other resources expended 5.994 TRusfEES' REhlUNEPATION AND BENEFrrs There were no trustees, re￿neration OT Other Le￿fIts for the year ended 31 Decerthr 2025 rK*r for the year ended 31 December 2024. Truste￿. exp•ns•5 Durlng the year £617 expenses were reimbursed to two Trustees. COWIARATIVES FOR THE STATEAi£Kf OF FINANCIAL ACTIVITIES Ullrestricied fund5 Restricted funds Endowment funds Total fund5 INCOME AND ENDOWMENTS FROM D￿atIonS and legacies 183,577 183,n7 Charltable actMtfje5 Fees for weddings and funerals 5,Z47 5,247 Oiher trath'ng activities Oiher Income 320 13.915 320 14,799 Total 203,059 1.034 204,093 EXPEND￿uRE < Page 19 continued... The Parochial Church Ctyjncll of the Ecclesiastical Parish of St Michael and All An els Ledbu Notes to the Financial Statement5 - contiryjed fc* the Year Ended 31 December 2025 COIAPARATIVES FOR THE STATEIAEKf OF FINANCIAL ACTIVITIES . contlnued UnTe5tri¢ted funds Restmcted nds Endowment fund5 Total fund5 Charftable actfvftles Charitable acti￿tIeS 108,203 4,415 112.618 1,739 2,087 Total 109,942 4,763 114,705 Net galns on investments 28 940 968 INCOMEI{EXPENDITUREI 93.145 12,7891 90,356 RECONCILIATION OF FUNDS Total funds brought forward 83,784 11YJ.911 I￿,695 TOTAL FUNDS CARRIED FORWARD 176,929 104,122 281,051 FIXED Assrr lNVE￿ME￿rS 31.12.25 31.12.24 Other 1,687,350 40,759 There were no Investment assets Outside the UX. Investments Ineither listed nor unlisted) were as follows: 31.12.Z5 31.12.24 Martan CharKel Bequest - CBF Church of England Investment Fund Johnson Bequ￿t- CBF Church of England Fixed Interest Securftle5 F￿d Griffin Mu55c Fund - CBF Church of England Fixed Interest Securitie$ Fund Blackrock hVIF- Heaton Trustl Unrestrkted funds, Testricted funds and endowment funds 31,344 7,331 978 32,649 7.156 954 1,647,697 1,687,350 40,759 Pag¢ 20 continued... The Parothlal Church CourKil of the Eccle5ia5tical Parish of SL Michael and ALI An e15 Ledbu tes to the Flnanclal Statements - conitnued for the Year Erthd 31 December 2025 FIXEO Assrr INVEsfMEMfs- contlnued Other Investn*nts RKrr VALUE At 1 January 2025 Aththtions Revaluatlon5 40,759 1,600,¢YXI 46,591 At 31 December 2025 1,687,350 At 31 December 2025 ).759 10. DEBTORS: AMouKfs FALUNG DUE VIIThIN ONE YEAR 31.12.25 31.12.24 Other debtors Tax 28,3CKJ 5,OC(I 33,300 CREDITOR&. *thIOUNTS FALLING DUE wmiiN ONE YEAR 31.12.25 31.12.24 Other creditors 42,845 11,CQ) Page 21 contlnued... The Parochial Church Ctyjncll of the Ecclesiastical Parish of St Michael and AU An els Ledbu Notes to the Financial 5tatements- continued for the Year Ended 31 December 2025 12. MOVEME1￿ IN FUNDS Net movement in funds At 1.1.25 31.12.25 Unrestrtcted fund5 General fund 98,027 6,075 68.938 14,195 112.222 6,075 68,938 1,190 978 1,745 Alpha Evangellsm Buildinglfabric repair 2 AV Fund Grlffln fund Sxjnd system 954 1,745 24 176.929 14,219 191.148 Restrkted funds Johnson Arthur and Bi(kty Heaton fund 7,156 175 7,331 14,C¥)4 28,143 19,180 14,835 14,4151 15,5101 28,839 23,728 13,670 Be115 fund Buildinglfabric repair 1 Ernbroldery Trust Ledbury Ecumenlcal Role Martir* Chancel Stuart Michael Heaton Bequest 2,121 32,649 2,121 31,344 29,811 11,3051 29,811 104,122 33,591 137,713 Endowment fund5 Arthur and Bid(ty Heaton fund- en(k)wrrent fund 51XI,I)XI Stuart Michael Healon Bequest- enck)wrr¢nt fund 1,OC(),C#Y) 1,Cth,( 1.5￿.L 1,500,(¥JO TOTAL FUNDS 281,051 1,547,810 1.828,861 Pale 22 contlnued... The Parochial Church Council of the Ecclesiastical Parish of St Michael and All An els Ledbu Notes to the Financial Statements - continued for the Year Ended 31 D¢￿rnber 2025 1Z. MOVEMENT IN FUNDS- continued Net moYen*nt in funds. included in the a￿ve are as follows: IKorning resgur¢e5 Reswr expended Gains and 1055es Aovement In funds Un￿strICted fund5 General fund 154,199 1142,9851 2,981 24 14.195 24 Grfffln fw 154,199 1142,9851 3,005 14.219 Restrlcted funds AM Johnson Arthur and Biddy Healon f 175 175 1701 14,4151 15,8041 14,905 14.835 14,4151 15,5101 11,3051 29,811 Bells fund Bulldlnglfabric repair 1 Marlin Chancel Stuart Michael Heaton Bequest 294 11,3051 29,811 294 110,2891 43,586 33,591 Endowment funds Arthur and Blddy Heaton f￿d - eThJowment fund 5WI,(XKI Stuart Michael Heaton Bequest. endowrrEnt fund 1,C(Q,(xxi 1,5(Q,(¥]o 1,W),C#)o TOTAL FUNDS 1,654,493 1153,2741 46,591 1.547,810 P￿e 23 contlnued... The Pan)chial chU￿h Councll of t Eccle51a5tical Parish of St hllchael and AIL An els Led Notes to the Flnancial Statements- continued (or ihe Year Ended 31 December 2025 12. MOVEMENT IN FUNDS- cortlnued Conyaratlv•s for movem•nt In fund5 movement in fund5 At 1.1.24 31.12.24 Unrestricted funds Ge￿ra[ fund 4,910 6,075 68.938 1,1 926 1.745 93.117 98,027 6,075 68,938 1,1 954 1,745 Alpha Evangelism Bulldlnglfabric repair 2 AVFund Griffin fund Sound system 28 83,784 93,145 176,929 Restricted funds Johnson Arthur and Bid￿ Heaton fund 210 7.156 13,323 27,993 23,740 681 150 14,560 14,lJ14 28,143 19,180 869 2,121 32,649 Bells fvnd Builth'nglfabric repalr 1 Ernbro5dery Trust Ledbury Ecumenical Role Martin ChanceL 2.121 31,919 730 106.911 12,n9 104,122 TOTAL FUNDS 190,695 90,356 281,051 Pa8e 24 contlnued... The PartKhial Church Council of the Ecclesla5tlcal Partsh of St Mlchael and Ail An eis Ledbu Notes to the Financial Statements- contin for the Year Ended 31 December 2025 12. AIOVEMENT IN FUNDS- condnued Comparative net movement in funds. included in the alx)ve are as follows: Incoming resource5 Resources expended Gain5 and vement in funds Unrestricted fun& Ger￿ra[ fund 203,059 1109,9421 93,117 28 Griffin fund 28 203,059 1109,9421 28 93,145 Restrkt•d fund5 Johnson Arthur and Bid¢ty Heaton fund 210 210 681 150 203 Bells Buildinglfabric repair 1 rtin Chancel 150 14,5601 730 14,7631 730 1,034 14,763} 12,7891 TOTAL FUNDS 204,093 1114,705} 968 90,356 Purpose of l)e51gnated Funds: Alpka Evangelism - for runnln8 Alpha C￿r5e5 Introducin8 people to Chr(sEianity. BuildinglFabrk Repair 2 - F￿ maintainlng the church fabric. AV Fund - For Improvements to the church audio wsual system. Sound Sy5tern - For irntffovemenis to the church audio system. All designated funds wlll be transferred back to general ￿restriCted funds in 2026. Purwjse of Restrlcted Funijs: Arthur and Biddy Heaton Fund - The Income thereof for such purposes as the Rector and Churchwarden See flt. Stuart Michael Heaton Bequest - The income thereof fw such purFM)ses as the Rectof and Churchwarden See fit. Bells Fund - For the maintenance and repair of the bells and the bell tower and associated equiprnent. BuildlnglFabrk Repafjr 1 For malntalnlng the church fabrlc. Embroidery Ttijst - Fot the maintenance and replacement of church embroidery and fabrics. Ledbury Ecumenical Roie - For the wpport of ecumenical Chrlstian acliwtie5 in the town of Ledbury. Martin Charrel: For the malntenance arKI repair of the church chancel. Please See note 2 regarthng En(k)wrrEnt funds. Page 25 continued. The Par￿hla1 Church C¢Juncil of the Ecclesiastlcal Par15h of St Michael and Ail An ts Ledbu NDLes to the Financial StatemeThts- continued for the Year Ended 31 December 2025 13. RELATED PARTY DISCLOSURES The Director of ￿￿51¢ at St Michael'5, MTS Kate Cheetham, is the vAfe of the Treasurer, Mr Stephen Cheetham. Payments to Mrs Cheetharn during the year totalied £7,955 12024 £7,545), conslstlng of a stlpend of £6,¢XO 12024 £5,6￿)1 and organist's fees for weddings and funerals of £1,95512024 E1,9451. Page 26 The PanKhial Church Council of the Ecclesiastical Parish of St Michael and All An e15 Ledbu Detalled Statèmènt of Flna 31.12.25 31.12.24 INCOME AND ENDOWMEtirs DO￿tIOnS and legacles Bank donalion5 Collections and other glving Tax refunds Legacies Other non-recurrlnq grants 32.738 75,416 6,743 1,508.767 8,3C¥) 27,518 80,735 70,274 200 1,631,964 183,T17 Oiher tradlng actlvftles Coffee Stop incorne 320 Charltabl• actfyltles Fees for weddin8s and funerals 3,878 5,247 Other Incom• Electricity Feed inTailff Interest income Other Intorr 7,875 9,126 1,262 6,065 7,375 1,359 18,263 14,799 Total incomlng resou￿ ,654.493 204,093 EXPENDITURE Charltabl• attlvltlt5 Insurance Electricity and gas Or8aThist fees Sundries Charitable donatSon Mlnlstry Parish Share 0r4an1pfjar￿ malntenaKe Church wnainlenance New heating system New %yJnd system Other expenses 14,834 3,812 6,555 2,286 1,524 45, 3,240 10,592 49,8CI) 14,552 2,499 7,270 7.498 5,2CO 45,41KI 1,984 7.847 19,194 1,174 1.932 139,975 112,618 Ot￿r Be115 Fund Church office expenditurel other expenses 4,415 2.890 1,739 7,305 Z,087 Thls page d(￿5 not fom) part of the statutory fi'nancial statements Page 27 The Parochial Church cour￿71 of the Ectlesiastical Parish of St Michael aThJ All An els Ledbu Detsiled Statement of Financial ktivities for the Year Ended 31 December 2025 31.1Z.25 31.12.Z4 Swjport COStS Cthernanc* costs Auditors. remuneration Total resourees expended 153,274 114,705 Net income 1,501,219 89,388 Thls page does not form part of the stabjtory financial statements Page 28