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2025-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ILMINSTER

Charity Number 1134398

Working name:

St Mary's, Ilminster PCC

Accounts

for the year ended 31 December 2025

St Mary's, Ilminster PCC Report and accounts Contents

Pages
Annual report 1 - 3
Independent examiner's report 4
Statement of Financial Activities 5
Balance sheet 6
Notes to the accounts 7 - 12

St Mary's, Ilminster PCC

Annual Report for 2025/26

Aims

The Rev Nigel Candelent was Instituted as the Vicar of St Mary's Church, Ilminster (The Minster) on 29 April 2026. The PCC work to promote the worship of God and spread the good news of God’s love. The PCC is responsible for the upkeep of the Minster and the Minster Rooms. The church's aim is shared with Whitelackington, to be ‘Beacons of Christ’s light - sharing our love for God and our neighbours; Worshipping God – Serving others – Striving for fairness’.

Objectives

The PCC will achieve our vision by:

The PCC are committed to working with the congregation and community to achieve and develop these aims.

The PCC has also considered the Charity Commission’s guidance on public benefit when setting its objectives, particularly the supplementary guidance on charities for the advancement of religion.

The PCC

The PCC met 8 times during the year, with an extra meeting to support the discernment and recruitment of a new vicar. This regular pattern enables us to have routine business items and longer discussion topics. The PCC has responded to any urgent issues via email between meetings.

The appointment of PCC members is set out in the Church Representation Rules. The PCC consists of the incumbent, churchwardens, lay readers, and members of the congregation who are on the electoral roll of the church. All congregation members are encouraged to register on the electoral roll and stand for PCC. PCC members also serve on committees and groups alongside other church members.

These committees and groups meet separately from the PCC, where possible, and regularly report back to the PCC.

In May 2025, there were two joint meetings. The first was the pre-section 11 meeting, in which Archdeacon Simon Hill explained the recruitment process. The second was focused on a community meeting to consider our priorities for this next chapter.

On 14 June 2025, we held a discernment day. The local community was invited to join the meeting. This meeting showed that we were:

July 2025 was our first parish PCC after the APCM. The PCC received an update on The Well, which was hoping to open. At our September 2025 meeting, we considered how best to extend our worship (including online) and an unexpected legacy given in response to our online presence.

In November 2025, a deficit budget for 2026 was presented to the PCC. The Well reported that it had a promising launch with many non-church members attending the launch. Patricia Lindley emailed the PCC, explaining she felt forced to resign from the role of sacristan.

In January 2026, the PCC discussed how best to support vulnerable adults whilst enabling them to be part of the service. Charles Sparey spoke about ‘Leading Your Church into Growth’ (Lycig Prayer) and how this focused prayer had seen growth and encouraged people to speak about their faith/ask about our faith.

1

St Mary's, Ilminster PCC

Annual Report for 2025/26

March 2026 outlined the information needed for the APCM, and agreed on the next phase of Lycig Prayer.

Martyn’s Law was discussed, and it was agreed that key people such as stewards, the verger and churchwardens should undergo training. The April 2026 meeting reviewed the information for the APCM.

Standing Committee This is the only committee required by law. It has delegated power to transact the business of the PCC between its meetings and prepares the agenda for the PCC, although where possible the whole PCC makes decisions via email between PCC meetings.

Fabric Committee is concerned with the maintenance and improvement of church buildings and fabric, and of the churchyard. During this year, the focus has been on the boiler replacement.

The Minster Rooms Management Committee ensures the availability of rooms for parish and community use. Since their refurbishment, we have extended our hospitality and attracted regular use by both the church and the community. The team provide regular updates to the PCC.

Finance Committee has been focusing on navigating the church funds on an ongoing basis, acknowledging the long-term impact that Covid-19 had on our income, and the rising costs we are facing.

Communication Team is a joint team with Whitelackington’s PCC and its aim is to ensure that all communication activities fulfil our vision to be ‘Beacons of Christ’s light’. In the past year, we have continued to balance traditional methods of communication with our online options.

Finance Report

The budget for 2025 was forecasting a deficit of £3,921; this does not include funds relating to legacies, grants and foodbank. After accounting for these funds, we had a surplus of £3,813.

Total funds have increased by £63,371 from £732,220 to £795,591. This increase is accounted for by unrestricted funds increasing by £22,161, restricted funds increasing by £53,938, and endowments falling by £12,728.

The increase in restricted funds is due to a legacy of £54,522 being left for the upkeep of the church buildings. We also received two grants to be used for setting up The Well and the defibrillator.

Our investment accounts all underperformed in 2025, and we had a loss of £16,416 - 2024 £446,420, 2025 - £430,004.

In January 2026, we received a legacy of £208,258. There are no restrictions on the use of these funds; we are going to invest them in the short term until a project is identified, rather than leave them in our bank account to be spent on day-to-day expenses.

Our budget for 2026 is forecast to have a deficit of £14,374. Income is forecast to fall by £9,500 due to a drop in planned giving.

Costs are forecast to increase by £7,500, which relates to an increase in Parish Share and a general increase in other costs of 5%. Carol Kingsland

Reserves Policy It is PCC policy to try to maintain a sufficient reserve of unrestricted liquid funds to smooth out fluctuations in cash flow and deal with unexpected costs.

The policy states we should have 3 months of running costs plus an additional month's salary. The funds in our current and deposit accounts, both classed as unrestricted, cover this.

2

St Mary's, Ilminster PCC

Annual Report for 2025/26

Safeguarding

The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have due regard to the House of Bishops’ guidance on safeguarding children and vulnerable adults). Sarah Wright and Norma Bestley are the Benefice Safeguarding Officers. The PCC has agreed to adopt the Diocese Safeguarding policy, follow Safer Recruitment processes and adopt Youth Policies. It was also agreed that all PCC members must complete Basic Awareness, Foundation Awareness and Raising Awareness of Domestic Abuse training before election to the PCC.

Administration information

The Minster Church is situated in Court Barton, Ilminster. It is part of the Diocese of Bath & Wells within the Church of England. The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2006). The full name of the PCC is The Parochial Church Council of the Ecclesiastical Parish of Ilminster and its working name is St Marys Ilminster PCC. The PCC became a registered charity in England and Wales, number 1134398, on 18 February 2010. Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules.

During 2025 the following served as PCC members:

Ex Officio members:

• Wardens: Lydia Munday and Alistair Blackmore Elected members:

Co-opt members:

The PCC's bankers are NatWest plc, 26-27 Fore Street, Taunton TA1 1JQ

The independent examiner of this report and accounts is Gemma Crabb FCCA, Old Bank Building, East Street, Ilminster TA19 0AJ

This report was approved by the PCC on 13 April 2026 and signed on its behalf.

Alistair Blackmore Churchwarden

3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ILMINSTER

Independent Examiner's Report

This report on the Accounts is to the Trustees and Members of the Parochial Church Council of The Ecclesiastical Parish of Ilminster for the year ended 31 December 2025 as set out on pages 5 to 12.

Respective responsibilities of the Trustees and the Examiner:

The Charity's Trustees are responsible for the preparation of the Accounts. I understand that the Charity's Trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 (The Charities Act) and that an independent examination is required.

It is my responsibillity to:

Basis of Independent Examiner's Statement:

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeking explanations from the Trustees concerning any such matters.

The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the Accounts present a "true and fair" view. The scope of the report is limited to those matters set out in the statement below.

Independent Examiner's Statement:

In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that, in any material respect:

I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed

…................................................................

Gemma Crabb FCCA

Old Bank Building East Street Ilminster TA19 0AJ

4

St Mary's, Ilminster PCC Statement of Financial Activities for the year ended 31 December 2025

Notes
Income and Endowments
2
Voluntary income
Income from Church activities
Activities for generating funds
Income from investments
Expenditure
3
Raising funds
Charitable activities
Other
Net Income/(Expenditure)
Transfers between funds
12
6
Net Movement in Funds
Reconciliation of Funds:
Total funds brought forward
Total funds carried forward
(Unrealised losses)/unrealised
gains on investments		 Unrestricted
Funds
£
130,211
6,176
3,460
13,570
153,417
560
127,099
712
128,371
25,046
-
25,046
(2,885)
22,161
296,245
318,406		 Restricted
Funds
£
69,262
2,675
934
3,541
76,412
6,167
9,753
3,758
19,678
56,734
-
56,734
(2,796)
53,938
130,457
184,395		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
(12,728)
(12,728)
305,518
292,790		 2025
£
199,473
8,851
4,394
17,111
229,829
6,727
136,852
4,470
148,049
81,780
-
81,780
(18,409)
63,371
732,220
795,591		 2024
£
129,435
6,966
3,969
17,393
157,763
604
158,140
34,104
192,848
(35,085)
-
(35,085)
9,923
(25,162)
757,382
732,220

5

St Mary's, Ilminster PCC Balance Sheet as at 31 December 2025

Notes
Fixed assets
Tangible assets
5
Investments
6
Current assets
Debtors
7
Short-term deposits
8
Cash at bank and in hand
9
Creditors: amounts falling due
within one year
10
Net current assets
Net assets
Represented by Funds:
Unrestricted
Restricted
Endowment
Total Funds		 Unrestricted
Funds
£
118,045
70,068
188,113
4,675
22,610
109,670
136,955
(6,662)
130,293
318,406
318,406
-
-
318,406		 Restricted
Funds
£
-
67,146
67,146
1,352
38,766
78,133
118,251
(1,002)
117,249
184,395
-
184,395
-
184,395		 Endowment
Funds
£
-
292,790
292,790
-
-
-
-
-
-
292,790
-
-
292,790
292,790		 2025
2024
£
£
118,045
120,103
430,004
446,420
548,049
566,523
6,027
24,386
61,376
58,954
187,803
85,188
255,206
168,528
(7,664)
(2,831)
247,542
165,697
795,591
732,220
318,406
296,245
184,395
130,457
292,790
305,518
795,591
732,220
Total funds

Approved by the PCC on 24 April 2026 and signed on its behalf by:

Patricia Lindley PCC member

6

St Mary's, Ilminster PCC Notes to the Accounts for the year ended 31 December 2025

1 Accounting policies

Basis of preparation

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, together with FRS102 as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS102)).

The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members.

Funds structure

Endowment funds are funds, the capital of which must be retained either permanently or at the PCC's discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place.

Restricted funds comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) revenue donations or grants for a specific PCC activity intended by the donor.

Unrestricted funds are income funds which are to be spent on the PCC's general purposes.

Income recognition

Planned giving, collections and similar donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is entitled to the use of the resources, an inflow of economic benefit is probable and the amounts due are reliably quantifiable. Dividends are accounted for when declared receivable, interest as and when accrued by the payer. All incoming resources are accounted for gross, ie before any related costs that may have been incurred.

Expenditure recognition

Grants and donations are accounted for when paid over, or when awarded, as soon as an outflow of economic benefit is probable. The diocesan parish share expected to be paid over is accounted for when due.

All other expenditure is generally recognised when it is incurred and is accounted for gross.

Irrecoverable VAT

The PCC is not registered for VAT and so all irrecoverable VAT is included with the expenditure on which it was incurred. The PCC has been able to reclaim a grant under the Listed Places of Worship Scheme representing VAT incurred on specific expenditure on fabric of the building. This scheme has now ended.

Tangible fixed assets

The freehold land and buildings are entirely the Minster Rooms and are included at cost. An assessment has been carried out of whether there is any indication that the freehold land and buildings should be written down at the reporting date, and it has been decided that there there was no indication and so no depreciation has been provided for. A revaluation policy has not been adopted.

Consecrated and benefice property is not included in the accounts in accordance with s.10(2)(a) and (c) of the Charities Act 2011.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected at any reasonable time.

Investments

Investments are initially recognised at their transaction value and subsequently measured at their market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value, if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end, and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

7

St Mary's, Ilminster PCC Notes to the Accounts for the year ended 31 December 2025

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

2 Analysis of income and endowments
Unrestricted
funds
£
Voluntary Income
Planned giving
77,330
Income tax recoverable on Gift-Aided
donations
13,150
Open plate service collections
2,984
Special collections
-
Donations (unrestricted)
26,729
Donations (restricted)
-
Grants
3,933
Legacies
6,085
130,211
Income from Charitable Activities
Room hire and refreshments
2,260
Fees for weddings and funerals
1,704
Repayments for services
2,212
6,176
Activities for Generating Funds
Narthex Box and contactless giving
1,472
Book stall
3
Fundraising
1,985
3,460
Income from Investments
Dividends
9,263
Interest
4,307
13,570
Total income and endowments
153,417		 Restricted
funds
£
-
-
43
579
-
9,088
5,000
54,552
69,262
2,675
-
-
2,675
-
-
934
934
3,173
368
3,541
76,412		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2025
£
77,330
13,150
3,027
579
26,729
9,088
8,933
60,637
199,473
4,935
1,704
2,212
8,851
1,472
3
2,919
4,394
12,436
4,675
17,111
229,829		 2024
£
62,192
12,709
3,802
2,365
14,984
6,658
26,725
-
129,435
3,159
3,505
302
6,966
1,286
90
2,593
3,969
12,088
5,305
17,393
157,763

8

St Mary's, Ilminster PCC Notes to the Accounts

for the year ended 31 December 2025

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |3|Analysis of expenditure| |Unrestricted|Restricted|Endowment| |funds|funds|funds|2025|2024| |£|£|£|£|£| |Raising Funds| |Fundraising expenses|446|1,133|-|1,579|241| |Bookstall costs|114|34|-|148|363| |Kiosk equipment|-|5,000|-|5,000|-| |560|6,167|-|6,727|604| |Church Activities| |Diocesan Parish Share|69,478|-|-|69,478|68,769| |Clergy expenses|(42)|-|-|(42)|885| |Church running expenses|26,982|5,749|-|32,731|23,882| |Church maintenance|-|3,425|-|3,425|18,209| |Salaries (Note 4)|22,622|-|-|22,622|21,973| |Depreciation|2,059|-|-|2,059|542| |Distribution of special collections|-|579|-|579|2,365| |Donations from Church funds|6,000|-|-|6,000|909| |Church tower repairs|-|-|-|-|20,606| |127,099|9,753|-|136,852|158,140| |Other| |Foodbank costs|-|3,758|-|3,758|3,540| |Training costs|646|-|-|646|100| |Minster Rooms refurbishments|66|-|66|30,464| |712|3,758|-|4,470|34,104| |128,371|19,678|-|148,049|192,848|

----- End of picture text -----

Minster Rooms refurbishments above relate to the refurbishment of the kitchen. This was funded mainly by a legacy received in 2023.

----- Start of picture text -----
||||| |---|---|---|---| |4|Staff costs|2025|2024| |£|£| |Wages and salaries|17,551|16,706| |Organist salaries|3,526|3,280| |Self-employed organist payments|1,375|1,805| |Pension contributions|170|182| |22,622|21,973|

----- End of picture text -----

The PCC employed three staff members in 2025 on a part-time basis: a benefice administrator, an organist and a verger. Holiday pay in respect of holiday accrued but not taken at the year end has not been recorded as it is an insignificant amount. Although the PCC is liable for employer's National Insurance on salaries, this expense was subsidised by the HMRC employer's allowance and so as a result there was no cost to the PCC. The PCC offers a workplace pension in accordance with the rules for auto-enrolment.

Average number of persons employed by the Charity

----- Start of picture text -----
||| |---|---| |2025|2024| |3|3|

----- End of picture text -----

9

St Mary's, Ilminster PCC Notes to the Accounts

for the year ended 31 December 2025

5 Tangible fixed assets

Cost
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		 Land and
buildings
£
117,789
117,789
-
-
-
117,789
117,789		 Equipment
£
26,284
26,284
23,970
2,058
26,028
256
2,314		 Total
£
144,073
144,073
23,970
2,058
26,028
118,045
120,103

6 Investments

Unrestricted
St Marys Fund
Restricted
LM Taylor Bequest
Endowment
Emms Bequest
Paul Bequest
Stoodley Bequest
Hall Bequest		 Valuation at
01/01/2025
£
70,960
70,960
69,942
69,942
39,679
196,173
65,088
4,578
305,518
446,420		 Transfer of
funds in year
(Note 12)
£
-
-
-
-
-
-
-
-
-		 Dividends
reinvested
£
1,993
1,993
-
-
-
-
-
-
-
1,993		 Unrealised
gains/
(losses) on
investments
£
(2,885)
(2,885)
(2,796)
(2,796)
(1,586)
(7,843)
(3,116)
(183)
(12,728)
(18,409)		 Valuation at
31/12/2025
£
70,068
70,068
67,146
67,146
38,093
188,330
61,972
4,395
292,790
430,004

Investments consist of shares in the CCLA CBF Church of England Investment Fund and the COIF Charities Investment Fund, split as shown below between the following funds:

CBF Church of England Investment Fund:

St Marys PCC - 3156.4115 units; Emms Bequest - 1716.00 units; LM Taylor Bequest - 3024.84 units; Dr K Hall Bequest - 198.00 units; Paul Bequest - 8484 units

COIF Charities Investment Fund:

Reverend Stoodley - 3207.34 units

Debtors
Income tax recoverable on gift-aided donations
Unrestricted
Telephone charges overpaid
Unrestricted
Grants receivable
Restricted
Prepaid maintenance contracts
Restricted
Expenses owed by others
Unrestricted
Unrestricted
Special collections to be received
Restricted
Contactless giving funds to be received		 2025
£
2,479
-
-
1,242
1,831
365
110
6,027		 2024
£
2,258
1,522
20,606
-
-
-
-
24,386

10

St Mary's, Ilminster PCC Notes to the Accounts for the year ended 31 December 2025

8
Short-term deposits held
Held with the CCLA in the CBF Church of England Deposit Fund:
LM Taylor Bequest
Restricted
St Mary's Fund
Restricted
St Mary's Fund
Unrestricted
9
Cash at bank and in hand
St Mary's Ilminster PCC
Unrestricted
St Mary's Ilminster PCC
Restricted
Minster Rooms
Restricted
Fabric
Restricted
Paul Trust
Unrestricted
Petty cash
Unrestricted
10 Creditors: amounts falling due within one year
Church running costs
Unrestricted
Church running costs
Restricted
Routine repairs to Church
Restricted
Fees and receipts for Diocese and third parties
Unrestricted
Special collections to be paid out
Restricted
Salaries and pension contributions
Unrestricted
Foodbank expenses
Restricted
Kiosk expenses
Restricted
11 Funds
The following restricted funds are included within net current assets:
Bells
Children and Families Life Leader
Community Outreach
Foodbank
Homework Club
Ilminster Parish Emergency Fund
Kiosk
LM Taylor Bequest deposit (for maintenance of fabric)
Maintenance of the fabric of the Church
Meditation
Memories Café
Minster Rooms upkeep and maintenance
Music and audio-visual
Small project donations
Simpson
Youth		 2025
£
5,458
33,308
22,610
61,376
2025
£
82,671
12,649
733
64,751
26,974
25
187,803
2025
£
5,267
194
135
1,216
266
179
368
39
7,664
2025
£
2,076
11,949
153
10,510
1,499
1,059
4,742
5,457
62,849
2,464
1,480
6,224
168
4,986
313
1,319
117,248		 2024
£
5,457
34,994
18,503
58,954
2024
£
44,664
-
591
18,657
21,260
16
85,188
2024
£
1,080
-
-
967
748
36
-
-
2,831
2024
£
2,048
11,949
49
12,042
1,499
975
-
5,457
8,180
2,550
1,480
7,027
305
4,986
313
1,656
60,516

11

St Mary's, Ilminster PCC Notes to the Accounts

for the year ended 31 December 2025

12 Analysis of transfers between funds
None during year		 Unrestricted
funds
-
-		 Restricted
funds
-
-		 Endowment
funds
-
-

13 Related party transactions

The Trustees all give freely of their time and expertise without any form of remuneration or other benefit or cash in kind.

12