**ST JAMES'S CHURCH, PADDINGTON PAROCHIAL CHURCH COUNCIL**
## **ANNUAL REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED**
**31 DECEMBER 2025**
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## **CONTENTS**
||Page|
|---|---|
|Agenda for 2026 Meetings and Minutes of 2025|1-4|
|Officers and advisers|5|
|Annual report|6-10|
|Church Manager’s Fabric Report|11|
|Safeguarding Statement|12|
|Electoral Roll Officer’s Report|12|
|Deanery Synod Report|13|
|Independent Examiner’s report|14|
|Statement of financial activities|15|
|Balance sheet|16|
|Notes to the accounts|17-28|
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## **ANNUAL MEETINGS 2026**
## **AGENDA – 17[th] May 2026**
## **Annual Meeting of Parishioners**
1. Apologies for absence 2. Minutes of the 2024 meeting (see page 3)
3. Election of the Churchwardens
## **Annual Parochial Church Meeting**
1. Apologies for absence
2. Minutes of the 2025 meeting (see page 3)
3. Matters arising
4. Declaration of ‘Any Other Business’
5. Election of Deanery Synod Representatives
6. Election of PCC Representatives
7. Annual Report of the Vicar
8. Results of PCC Election (if applicable)
9. Churchwardens’ Report on the Fabric of the church 10. Finance:
- i. The APCM will be invited to receive the PCC’s examined accounts
- ii. Any questions on the 2025 accounts
- i11. The APCM will resolve to appoint an Independent Examiner for the 2026 Accounts
11. Electoral Roll Officer’s Report
12. Deanery Synod Report 13. Any other business – declared under item 4
3
## **MINUTES**
On 25th May 2025 the Annual Meeting of Parishioners of St James’s Church, Sussex Gardens was held at St James’s Church at 12 o’clock after Sunday Mass
## **1. Apologies for Absence**
**A** pologies were received from Adrian Burgering, Jackie Hetherington and Auriol Blandy.
**2. Minutes of the 2024 Meeting:** the Minutes of the meeting held on 26 May 2024 were proposed as a true record by Lorna Harrison, seconded by Tosin Akinluyi, approved by a show of hands and signed by Fr Tim.
**3. Election of the Churchwardens:** Lorna Harrison and Sir David Madel having been duly proposed and seconded were elected to be Churchwardens for 2025/2026.
## **ST JAMES’S CHURCH, SUSSEX GARDENS**
On 25th May 2025 the Annual Parochial Church Meeting (‘APCM’) of St James’s Church, Sussex Gardens was held at St James’s Church after the Annual Meeting of Parishioners
## **MINUTES**
**1. Apologies for Absence:** apologies were received from Adrian Burgering, Jackie Hetherington and Auriol Blandy.
**2. Minutes of the 2024 Meeting:** the Minutes of the previous meeting dated 26 May 2024 were proposed as a true record, approved by a show of hands and signed by Fr Tim.
**3. Matters Arising:** no matters arising.
**4. Declaration of ‘Any Other Business’:** Jane Low asked for news of the boiler repair.
## **5. Election of PCC Representatives and Deanery Synod Representative**
Tosin Akinluyi, Jackie Hetherington and Ronaldo Williams, having been proposed and seconded, were elected for a three year term until 2028.
In the PCC meeting following this meeting (repeated here for completeness), George de Voil was co-opted onto the PCC by Fr Tim for a one year term.
## **6. Annual Report of the Vicar**
Three key topics were noted by Fr Tim: (i) the Vicar shared an update on the boilers, as raised by Jane Low; (ii) the Vicar gave thanks to Lorna for continued work with Parish nurse project; (iii) the Vicar noted that, as can be seen, the work has started on the Te Deum window repair.
**7. Result of the PCC Election:** not applicable and was omitted as the three proposals above were all accepted.
**8. Churchwardens’ Report on the Fabric of the Church**
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- Jilly Dart asked a question on microphones and speakers as she sometimes cannot hear. Agreed by Sean Chan and David Banks. Fr William noted the issue with the microphone for the livestream for the midweek services has been resolved.
- Boilers and window had already been addressed above.
## **9. Finance**
## _(i) The APCM was invited to receive the PCC’s examined accounts_
Fr Tim reports all is well regarding the finances. One off costs related to the boiler are the major item to be noted.
## _(ii) Any questions on the 2023 accounts_
Jane Low asked about the insurance cost following boiler and window repairs.
- Boiler: not covered, window: not yet known, an excess of £4,000 for window has been paid by St James’s already with the rest covered by insurers.
- Fr Tim noted that the Home Office is funding grilles for the windows, which will now be required for future protection.
Robert Lloyd commented on increasing dependence on income from outside activities, eg. property, carpark, nursery and concerts. This is good but has an admin time & cost but income from giving is key and should be encouraged.
Jane Low asked about the lease for Pembroke House and Fr Tim confirmed that all is in order.
## _(iii) The APCM resolved to appoint an Independent Examiner for the 2025 Accounts_
Sarah Smith was proposed by Tosin Akinluyi and seconded by Lorna Harrison. This was voted in agreement by the congregation in a show of hands vote. _Update: Zachary Barnett has sent a notification to Sarah Smith of her continued appointment._
## **10. Electoral Roll Officer’s Report**
Mary Lambert noted that the complete revision has occurred (this happens every six years) and as forecast the numbers are slightly down. This is to be expected as not everyone rejoins and additional people usually join the list gradually over the following years. No questions were asked.
## **11. Deanery Synod Report**
No questions were asked. Full details are available in the Annual Report.
## **12. Any Other Business**
No Other Business was declared.
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**OFFICERS AND ADVISERS 2025**
## **Vicar**
Fr Timothy Handley
**Assistant Curate** Fr William Allen
**Church Wardens** Lorna Harrison Sir David Madel
**Parish Manager** Mrs Sue Silkstone
**Principal Address**
St James’s Parish Office Sussex Gardens London W2 3UD
**Bankers**
National Westminster Bank plc P O Box 2795 26 Spring Street London W2 1WE
**Accountant & Independent Examiner** Sarah A Smith (Mrs) MSc BSc FCCA FCIE 8, Main Street Cold Overton Oakham LEICS LE15 7QA
## **Solicitors**
Winkwood Sherwood Minerva House 5 Montague Close London SE1 9BB
## **Main Office**
The Parish Office St James’s Church Sussex Gardens London W2 3UD
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## **ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025**
## **THE PAROCHIAL CHURCH COUNCIL**
The Parochial Church Council is a Registered Charity No. 1134640 with the Charity Commission. This report for the year ended 31[st] December 2025 complies with the current statutory requirements.
The Vicar, Churchwardens, lay Diocesan Synod Representative and the lay Deanery Synod representatives are ex officio members of the Parochial Church Council.
The elected members of the Parochial Church Council during the year, with their years of retirement, were: Mary Lambert (2023 to 2026) Alexandria Kenny (2023 to 2026) Robert Lloyd (2023 to 2026) (Treasurer)
John Moss (2024 to 2027) Sean Chan (2024 to 2027) Adrian Burgering (2024 to 2027)
Tosin Akinluyi (2025 to 2028) Jacqueline Hetherington (2025 to 2028) Ronaldo Williams (2025 to 2028)
The following were co-opted members of the Parochial Church Council during the year: George de Voil (2025 to 2026)
Lay Deanery Synod Representatives: Andrew Crawford (2023 to 2026) Zachary Barnett (2023 to 2026) Sir David Roche (2024 to 2026)
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and if they wish to stand for election to the PCC.
## **APPOINTMENT AND INDUCTION OF PCC MEMBERS**
PCC members are elected at the Annual Parochial Church Meeting for a term of three years and at each Annual Parochial Church Meeting three of the Members will retire from office. On retirement PCC members are eligible for re-election. Casual vacancies are filled by elections by the Annual Parochial Church Meeting or by the PCC as appropriate.
New PCC members undergo an induction to brief them on their legal obligations under charity and church law, the content of the constitution, the Council and the decision making processes and the recent performance of the church.
## **ORGANISATIONAL POLICY**
The PCC met five times in 2025. There is one Standing Committee which consists of the Vicar, Assistant Curate, Churchwardens (ex officio), and at least two elected members of the PCC. The elected members from May 2025 were Zachary Barnett (PCC Secretary) and Robert Lloyd (PCC Treasurer). Other
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sub-committees are formed as and when required. The Parish Manager was, from 1 January 2025, reappointed to manage the day to day operations of the charity.
## **OBJECTIVE, ORGANISATION AND ACTIVITIES FOR THE PUBLIC BENEFIT**
The objective of the Parochial Church Council is to provide day to day management of the Church, to generate funding necessary for its ongoing ministerial commitments, and to safeguard its assets.
St James’s PCC has the responsibility of co-operating with the incumbent, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has the maintenance responsibilities of the Church Centre complex of St James’s Paddington; Holy Trinity Hall, Paddington; and 61 Pembroke House, Hallfield Estate.
## **ACTIVITIES DURING THE YEAR**
The Council met five times during the year, including one short meeting for the sole purpose of appointments of officers. The average attendance was 80%. The principal items of business discussed during the year were: ministry to children, safeguarding, increasing church income, outreach and fabric matters.
Major events in the life of the parish during the year are set out in the Vicar’s Annual Report.
## **VICAR’S REPORT 2025**
Dear Sisters and Brothers in the Lord,
We have come to the end of my second full year as Vicar of Paddington.
As usual, it has not been dull!
The first thing I would wish to say is that as a parish I believe we are in good shape and good heart.
As you will see from our treasurer’s report, our finances are in good shape. But even with a healthy surplus, the demands being made upon us never go down.
The financial pressures being felt by so many of us are also being felt by the Church, which is why money matters remain a priority for the leadership team.
One piece of good news on our finances concerns the Early Years Unit of St James and St John Church Primary School.
As many of you may know, the EYU has occupied the crypt space for over twenty years on a very low rent of £2000 per annum: this was because the school/council had paid for the work to make the space suitable for a school.
The licence for SJSJ to use the crypt has now come to an end.
Unfortunately, with falling pupil numbers (and so government funding per pupil), the school has said it is not able to increase its rental payments and so the PCC took the difficult decision to inform the school they would have to vacate the premises in 2027.
This will allow us to rent out the space at a commercial rate and there has already been significant interest in this.
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This will make a significant difference to our finances and our ability to keep pace with the many fabrics works that need to be done in order to keep our church open and safe for our visitors and worshippers.
On that subject, our worshipping numbers remain very healthy.
Sunday congregations continue to hover around 70-80. Family Mass is proving particularly robust with number often reaching 50.
Christmas and Easter numbers remained high. Easter Day, in particular, was day where the church was packed.
Where there has been a decline is in our weekday Eucharist attendance and Sunday Evensong.
The former is largely driven by the absence of our Iranian sisters and brothers who have moved away from the parish. Other people have simply left the area or no longer worship with us.
The situation over Evensong is more perplexing but the decline has been consistent over a number of years.
To that end, it is my intention from June 7[th] to replace Sunday Evening Prayer with a Eucharist.
This will be an experiment last one year.
Many people have told me about family pressures that often mean they cannot get to Church on Sunday morning so it is our hope that providing a Eucharist later in the day will attract back some of those who have not been able to be with us.
There is also the question of how we attract more people to the life at St James. We have many new faces among us but it is my belief that, as a church, we need to be more intentionally missional to fulfil the Lord’s commandment to _make disciples of all people_ .
To this end, in addition to our catechesis throughout the year, the autumn will see us begin an Alpha course: a basic introduction to the Christian faith intended for those approaching the faith for the first time, but also for those who need a top up in the faith!
Details will follow in the summer.
Another aspect of our mission is hospitality.
We have increased the number of events after the liturgy which prove to be such an attractive part of our common life together and these have proved highly popular.
Anyone visiting our church cannot have helped but notice that our Te Deum window has been returned to its former glory.
After a lot of hard work (mainly by Sue), the conservators began work on repairing and replacing the damaged parts of the window in late summer. We were delighted that Bishop Jonathan could be with us to bless and re-dedicate the window in the autumn.
We said goodbye to some of our brothers and sisters in Christ this year. Angela Coode, George Sulker-Hudson and Jilly Dart all fell asleep in the Lord over the last twelve months or so.
May they rest in peace and rise in glory.
Lastly, I would like to thank all those who have helped in the running of the parish, notably Sue Silkstone and Fr William. I must also say thank you to our independent examiner, Sarah Smith, who, after fourteen years of forensically examining our account, is retiring.
Many thanks go to Lorna and Sir David Madel who stand down this year after many faithful years of service to the parish as church wardens. We owe them a huge debt of gratitude.
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Thanks, as ever, to George de Voil and our wonderful musicians and choristers. For the year last, Ben, our organ scholar, has enriched our worship with his playing. His time with us comes to an end in the summer and we will welcome his replacement.
Huge thanks to Lorna and her amazing team of servers, to all our readers and those who help out with our hospitality week by week.
It is a year since Fr William was ordained a Priest in the Church of God and his contribution to our common life and assistance to me has been immeasurable and enriching.
Believe it or not, he is now about to enter his final year with us before his three-year term with us comes to an end, and he will leave us for pastures new. As a training parish, we will then look forward to welcoming a new seminarian who will be ordained deacon in June 2027.
I would also like to inform the parish that it is my intention to take a sabbatical in the New Year from 27[th] December to the beginning of Holy Week thus giving Fr William the opportunity to learn the leadership ropes before he leaves us.
Finally, although we have many challenges ahead, I believe we approach the future with confident faith and good heart.
Yours in Christ,
Fr Tim
Fr Tim Handley SSC 5[th] May 2026
## **FINANCIAL RESULTS FOR THE YEAR**
The results for the year ended 31[st] December 2025 are set out in the Statement of Financial Activities on page 15. That statement shows a current year surplus of £1,288, (2024 deficit of £44,080). After adjusting for unrealised investment losses of £52,864, (2024 unrealised gains of £29,585), the net movement in funds shows a deficit of £51,576 for the year (2024 deficit of £14,495).
Funds available to the PCC have decreased from £2,337,992 at the end of 2024 to £2,286,416 at the end of 2025. Of that sum, £1,465,942 is Unrestricted Funds, £609,119 is Restricted Funds and £211,355 is Endowment Funds.
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## **FINANCIAL REVIEW**
The PCC is dependent on incoming resources from property, investments, and the continued support of its worshippers in donations, via standing orders but also the envelope system, both making use of the Gift Aid scheme. Unrestricted fund income, which are those funds that the PCC may spend on the operating costs of the church, increased by £25k or 6.75% in 2025 compared to 2024. The increase in income is partially attributable to higher rents and church hire, but also a pleasing increase in free donations and collections, £87k this year, compared to £78k last year.
Expenditure, in terms of normal running costs was very well controlled this year. Raising funds, clergy and parish work, occupancy, support and governance costs were all broadly comparable to the previous year. Routine repair and maintenance costs were higher this year with the main expenditure categories being roof repairs and new flooring.
The turmoil in the world markets due to various international conflicts resulted in the unrealised losses described above. Generally, over time the capital growth in the investments held has been very satisfactory but it is true to say that short term volatility is more of a feature since the pandemic.
In summary, church finances remain in good health and thanks are due to the clergy, Sue Silkstone, and the PCC for careful stewardship throughout.
## **INVESTMENT POLICY**
The investment portfolio continues to be monitored quarterly and the trustees, whilst disappointed with the loss of capital value in 2025 remain satisfied with the income return and the overall capital growth over the last 5 years.
## **RISK ASSESSMENT**
The PCC together with the Churchwardens and the Vicar have implemented controls and procedures to minimise internal and external risks to the church community and buildings. This approach ensures a consistently high standard of stewardship.
The trustees undertook a general review of external financial risks in 2025.
Income and expenditure continue to be closely monitored via budgetary control and reporting.
## **RESERVES POLICY**
The Reserves Policy is stated at note 1h page 20. Free reserves being the general and designated investment funds are £577,205 at year end. Of this £42,026 are net current assets. The cash in current and deposit accounts is £46,219 at 31 December 2025. The trustees can access invested funds as and when required mitigating the need to maintain large cash balances. The trustees are satisfied that the total of unrestricted income funds meets their established reserves policy.
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## **GREENFIELD TRUST**
There is one charity associated with the church, the Greenfield Trust, formerly the Vicar’s discretionary fund. This is a separate charity registered with the Charity Commission with registration number 1123568 and thus does not form part of the PCC’s accounts. Its trustees are the Vicar and Churchwardens. It supports the welfare of the sick and aged living or working in or connected with the parish and applications for grants are always welcomed.
## **David Madel & Lorna Harrison**
For and on behalf of the Parochial Church Council 5 May 2026
## **FABRIC REPORT 2025**
## **Vandalism**
During August the Te Deum window was restored and reinstated with black coated wire mesh on the outside to protect it from further vandalism. The window was very meticulously cleaned and looking beautiful.
Various boiler electrical repairs were undertaken.
Various roof repairs were carried out due to water ingress in the Memorial Chapel and over the organ. There still remain several areas, not renewed when 5 roofs were completely replaced previously, that will require attention in the coming years.
The outside lighting was upgraded/converted to LED.
## **Ad-hoc repairs/renewals**
During the course of the year various small repairs were carried out in the toilets and other parts of church.
## **Sue Silkstone**
Parish Manager (on behalf of the Church Wardens) 8[th] May 2026
## **SAFEGUARDING STATEMENT & REPORT 2025**
St James’s Church aims to raise awareness of safeguarding and a culture of support and vigilance in the Church. All DBS (Disclosure and Barring Service) checks are efficiently carried out by our Parish Manager. Everyone, especially those who work with children, young people and vulnerable adults, whether in a paid or volunteer role, for example, Clergy, Verger, Administrative Staff, Parish Nurse, Servers, Sacristan, Stay & Play volunteers, Choir/Music Group Members, Refreshment Helpers and PCC members are either elected/selected, vetted and encouraged to attend Safeguarding training. This complies with the expectations of the House of Bishops safeguarding policy and practice guidance, and the Church of England National Safeguarding Team.
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St James’s Church Safeguarding Policy statement with names, photograph and contact numbers of Safeguarding Officer and Children’s Champion are posted in the following locations: (i) the notice board on the immediate left on entering the front vestibule; (ii) Parish Office; and (iii) St James’s Church website under a menu button on the home page. The safeguarding statement, including contact details and a link to the full Safeguarding Policy is included in the weekly electronic version of eFocus. A printed copy of the eFocus is also available from the front vestibule. The contact details of the Safeguarding Officer and Children’s Champion have been included in the WhatsApp Group for Family Mass and also on the Parish Nurse Project display board beside the kitchen. Safeguarding incidents can also be reported in person in confidence at the weekly Parish Nurse Project on Wednesday mornings.
The St James’s Church Safeguarding Policy was re-confirmed by the PCC on 16[th] July 2025 and signed by Father Tim Handley and the Church Wardens.
The Safeguarding Officer raised one safeguarding concern on 2 August 2025 to The Church of England Diocesan Safeguarding Advisor and The Archdeacon of Charing Cross. This was in relation to the escalating inappropriate behaviour of PCC members during PCC meetings and in electronic communications. The concerns were resolved jointly by St James’s Church Parish Priest, The Archdeacon of Charing Cross and The Church of England Diocesan Safeguarding Advisor.
Miss Lorna Harrison
13 March 2026
## **ELECTORAL ROLL REPORT FOR 2025/2026**
Last year the Electoral Roll had to be completely revised and it takes time to build it up again. We had 107 names on the list at the APCM last year; this year we have 118. Sadly, two regular members of our congregation died during the course of the year, and one person has moved away, so the number is not as high as it might have been. The list includes all those who have joined the congregation over the past year – we are happy to welcome them to the St James’s community.
Mary Lambert Electoral Roll Officer 27 April 2026
## **PADDINGTON DEANERY SYNOD[1] REPORT 2025**
Paddington Deanery Synod met three times in 2025. The parish was represented during that period by Zachary Barnett, Andrew Crawford and Sir David Roche, with David Banks being an ex-officio member through his membership of the London Diocesan Synod.
On 14[th] January, the Bishop of London made a Visitation to the Deanery, with Evensong and a Presentation by Bishop Sarah followed by a Reception at the Vicarage of St John’s Hyde Park hosted by The Revd Steve Mason, Vicar of St John’s and Area Dean of Paddington.
There was also a brief introduction to and consideration of the consultation taking place from 13th January to 24th February on the amalgamation into the Go Shine Church of England Federation of schools of St James and St John CE Primary School in our own parish with St Luke’s West Kilburn CE Primary School also in Paddington Deanery and with St Mary’s CE Primary School Kilburn , St George’s Hanover Square CE Primary School and St George the Martyr CE Primary School Camden. The London Diocesan Board for Schools (LDBS) made clear that a firm decision had already been made that the amalgamation would proceed, and
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so the consultation was simply for comment rather than for approval.
Under the new configuration, effective from June 2025, our Vicar is no longer ex-officio a member of the Board of Governors for the parish school, and the PCC no longer appoints a Governor. The Federation Governing Body agreed by the LDBS comprises:
- The Executive Headteacher (who is the legal Headteacher for each school in the federation)
- Two parent governors elected by parents from across all the schools
- One staff governor elected by staff from across all the schools
- One governor nominated by the local authority
- Eight foundation governors:
- Three appointed by London Diocesan Board for Schools
- Two appointed by Camden Deanery Synod
- Two appointed by Westminster, Paddington Deanery Synod
- One appointed by Westminster, St Margaret’s Deanery Synod
There is also a Local Advisory Board (LAB) for each of the schools in the federation for which the LDBS had agreed the following composition:
- The Executive Headteacher. This can be delegated to the Head of School
- One elected member of staff
- Two elected parents
- Six Foundation appointments:
- The LINK Governor from the FGB (who would be a foundation governor)
- One appointed by LDBS
- Four appointed by the PCC and would be expected to include the parish clergy (usually the incumbent). Where a school serves more than one PCC, each PCC would appoint two LAB Governors, and these would be expected to include the parish clergy (usually the incumbent).
On 19th May the Deanery Synod was convened at St John's Kensal Green and was addressed by a member of the Diocese of London Compassionate Communities team. Mr Christopher Lees and Ms Judith Powell who had been the deanery foundation governors respectively at St James’s and St John’s CE Primary School and St Luke’s West Kilburn CE Primary School were appointed by the Deanery Synod to be Go Shine Church of England Federation Governors.
On 2nd December the Deanery Synod again met at St John's Hyde Park and was addressed by The Revd Paul Davis Dean of Mission for the Two Cities Episcopal Area. He gave an introduction to the proposed Paddington Mission Corridor which is expected to lead to pastoral reorganisation of some parishes in Paddington Deanery with bids for grants towards supporting mission in deprived areas being made to central sources of funding within the Church of England.
Zachary Barnett & David Banks – Deanery Synod Representatives 15[th] May 2025
_______________________________
> 1 **Background**
Paddington Deanery brings together twelve Church of England churches in the Paddington area, from Hyde Park in the south to Kilburn Park in the north. Through its meetings and other activities, the Synod aims to strengthen the links between congregations in order to support church growth and serve the wider community more effectively. The network of Deanery Synods also provides the means by which any Diocese, or the church more widely, can consult, and thereby ascertain the views of the clergy and/or laity at ground level when there are difficult issues to be resolved: a question can be put, debated and separate votes taken among the clergy and laity in each Deanery and the results sent to be aggregated by the question originator(s). Every three years each parish, at its Annual Parochial Church Meeting (APCM), elects its lay representatives to the Deanery Synod, the number being determined by the size of its Electoral Roll. St James’s has three lay representatives, Zachary Barnett, David Roche and Andrew Crawford, who were elected at the 2023 APCM. They are ex-officio members of the Parochial Church Council during their 3-year term of office. All the clergy are ex-officio members. The Area Dean is Fr. Steven Mason, Vicar of St John’s Hyde Park. Synod meetings are open to all, but only the elected representatives may vote. Individual lay members of the local area Synods can have some influence on the wider church since it is they who elect the lay members of the General Synod, the ‘governing body’ of the CofE, as well as the Diocesan Synod and Area Councils. The Synod is also responsible for appointing a Foundation Governor to each of the eight church schools in the Deanery. Further information about the Deanery may be found at - - https://www.london.anglican.org/directory/westminster paddington deanery/ with links to all the parish websites.
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## **INDEPENDENT EXAMINER’S REPORT TO THE PCC OF ST JAMES’S CHURCH, PADDINGTON**
I report on the accounts of the charity for the year ended 31[st] December 2025, which are set out on the attached pages numbered 15-28
## **Responsibilities and basis of report**
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow member of both the Associations of Charity Independent Examiners and Chartered Certified Accountants, which are listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; 2. the accounts do not accord with those records;
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered in full as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached
Sarah A Smith (Mrs) MSc BSc FCCA FCIE 8 Main Street Cold Overton Nr Oakham LEICS LE15 7QA Date: 12[th] May 2026.
Page 15
## **ST JAMES'S CHURCH, PADDINGTON**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025**
|**INCOME AND EXPENDITURE**
Notes
**INCOMING RESOURCES**
**Income and Endowments from:**
Collections Donations and Legacies
3
Other Trading Activities
3
Charitable Activities: Services and other fees
4
Investment Income
Rents receivable
5
Bank and deposit Interest
**TOTAL INCOME**
**EXPENDITURE ON**
Raising Funds
6
Charitable Activities
Clergy, services and parish work
7
Occupancy costs
8
Support and governance costs
9
Grants or donations payable
10
**TOTAL EXPENDITURE**
Net gains/(losses) on investments
**NET INCOME / (EXPENDITURE)**
**TRANSFERS BETWEEN FUNDS**
**NET INCOME/(EXPENDITURE)**
**BEFORE OTHER RECOGNISED GAINS /( LOSSES)**
Unrealised Gains and (losses) on investments
12
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total Funds brought forward
**Total funds carried forward**|Unrestricted
Funds
£
86,887
58,664
10,701
222,633
16,198
**395,083**
41,913
214,017
66,370
67,886
3,718
**393,904**
0
**1,179**
6,117
**7,296**
-23,275
**-15,979**
1,473,718
**1,457,739**|Restricted
Funds
£
51,170
0
0
0
14,448
**65,618**
0
0
68,472
3,154
0
**71,626**
0
**-6,008**
0
**-6,008**
-20,788
**-26,796**
644,118
**617,322**|Endowment
Funds
0
0
0
0
6,117
**6,117**
0
0
0
0
0
**0**
0
**6,117**
-6,117
**0**
-8,801
**-8,801**
220,156
**211,355**|**Total Funds**
**2025**
£
138,057
58,664
10,701
222,633
36,763
**466,818**
41,913
214,017
134,842
71,040
3,718
**465,530**
0
**1,288**
**0**
**1,288**
-52,864
**-51,576**
2,337,992
**2,286,416**|Total Funds
2024
£
106,580
47,834
13,211
213,731
37,289
**418,645**
46,699
210,479
129,523
75,841
2,431
**464,973**
**2,248**
**-44,080**
**0**
**-44,080**
29,585
**-14,495**
2,352,487
**2,337,992**|
|---|---|---|---|---|---|
The notes on pages 17 to 28 form part of these accounts. All activities are continuing. There are no gains or losses other than those recognised through the income and expenditure account.
## **ST JAMES'S CHURCH, PADDINGTON BALANCE SHEET AS AT 31 DECEMBER 2025**
|Note
**FIXED ASSETS**
Tangible assets
13
Investments
12
**CURRENT ASSETS**
Debtors and prepayments
14
Cash at bank and in hand
Short term deposits
**CREDITORS: AMOUNTS FALLING**
**DUE WITHIN ONE YEAR**
15
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Unrestricted Income Funds:
General
Designated Investment Fund
Fixed Asset Funds:
Designated Fixed Asset Funds
Revaluation Reserve
Restricted Funds
**TOTAL INCOME FUNDS**
16
**RESTRICTED ENDOWMENT FUNDS**
17
**TOTAL FUNDS**|Page 16
£ £
£ £
974,933
991,653
1,269,457
2,244,390 1,322,321
2,313,974
3,127
26,434
45,858
59,466
361
361
49,346
86,261
-7,320
-62,243
42,026
24,018
**2,286,416**
**2,337,992**
18,283
3,392
558,922
577,205
582,197
585,589
604,354
611,949
284,383
888,737
284,383
896,332
609,119
635,915
**2,075,061**
**2,117,836**
**211,355**
**220,156**
**2,286,416**
**2,337,992**
**2025**
**2024**|
|---|---|
## David Madel Churchwarden
Lorna Harrison Churchwarden
For and on behalf of the Parochial Church Council :
The notes on pages 17 to 28 form part of these accounts.
**ST JAMES'S CHURCH, PADDINGTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025**
Page 17
## **Accounting Policies**
## _**1 Basis of Preparation**_
The financial statements have been prepared in accordance with current Church Accounting Regulations together with the Charities Act 2011, accounting standard FRS102 and the Statement of Recommended Practice, Accounting and Reporting by Charities FRS102.
These financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value and the periodic revaluation of leaseholdings.
The accounts include transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members.
## _**1a Funds**_
_Restricted capital (endowment) funds_ are those where the interest may be spent in accordance with the donor’s wishes or the Trust Deed, but where the capital may not be spent.
_Restricted income funds_ are those where the capital and interest may be spent in accordance with the donor’s wishes or the trust Deed. Donations for a specific purpose are also restricted income funds.
_Unrestricted funds_ are those which are not subject to any restriction as to their use. Such funds are available for application on the general purpose of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted, since the PCC may reverse such decisions at any time prior to expenditure taking place.
## _**1b Incoming Resources**_
Collections are recognised when received by or on behalf of the PCC.
Planned giving by bankers order (or regular donations) is recognised only when received.
Income tax recoverable on Gift Aid donations is recognised when the income is recognised.
Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement; the amount is quantifiable, and its ultimate receipt by the PCC is probable.
Income from church lettings and fee income is recognised when the rental or fee is due.
Dividends and interest are accounted for when receivable.
All other income is recognised gross, and on a receivable basis.
Page 18
## **ST JAMES'S CHURCH, PADDINGTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)**
## _**1c Resources Expended**_
Costs are recognised as soon as a legal obligation can be quantified and the trustees consider that crystallisation of the cost is probable.
Cost of generating funds represents the cost of advertising, and the cost of maintaining properties that currently generate income for the PCC.
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
The Diocesan Common Fund is accounted for when payable. Any amount unpaid at 31 December is provided in the accounts as a liability.
Support costs include all costs incurred or payments made in the furtherance of the PCC’s objects. Governance costs include the cost of compliance with constitutional and statutory requirements.
## _**1d Fixed Assets**_
## _Consecrated land and buildings._
Consecrated or beneficial property is excluded from the accounts by Section 10(2)(a) of the Charities Act 2011.
_Movable church furnishings_ held by the 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 (at any reasonable time). For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1[st] January 2000 have been capitalised and depreciated on a straight line basis in the accounts over their currently anticipated useful economic life.
## _Other Buildings_
Properties are included in the accounts at valuation. The PCC reviews the valuation annually, and any permanent impairment in value is transferred to the SOFA. No depreciation is charged on these buildings as, in the view of the PCC, the estimated useful life is so long that any charge would be immaterial.
**61 Pembroke House, Hallfield Estate.** The church owns a long lease of this residential flat, granted for a term of 125 years from 1 March 1982, and acquired by the PCC for £240,617 in 2004. It is used as a home for the Assistant Priest and therefore generates no income.
It is accounted for as a long leasehold asset, see note 13. The PCC have revalued the property in October 2019, in accordance with accounting standards, to £525,000, (2018 £240,617).
A lease extension, a further 90 years, was purchased in 2023 for £9,902. A final invoice for external building works, £8,203 was received in this financial year.
**ST JAMES'S CHURCH, PADDINGTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)**
Page 19
The church owns a long sublease of **Holy Trinity Hall** in the basement of **170 Gloucester Terrace** and the freehold of the whole site subject to a long head lease. Both were acquired at no cost to the parish as a result of the amalgamation of the benefice of Holy Trinity, Bishop’s Bridge Road with St James’s in the 1960s and are therefore not accounted for. A 20 year sub-under lease of the Hall was granted in 2011 and rent is accounted for in the Statement of Financial Activities, (SOFA).
The church also owns an 81.7% interest in the freehold of the blocks of flats at **6-12 Gloucester Terrace** which include the vicarage, constructed between 1999 and 2003. This also had no known cost to the parish as the flats were constructed on the site of the former vicarage and church hall, and is therefore also not accounted for. Ground rents are accounted for in the SOFA.
## _Other Assets_
Equipment used within the church premises with a purchase price exceeding £1,000 is capitalised. Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired.
Depreciation is provided at the following rates to write off fixed assets over their useful lives. In addition, an annual impairment review is carried out, and where appropriate the carrying value of an asset is reduced to the higher of net realisable value and recoverable value through continued use.
Organ restoration -Straight line over 50 years Church furnishings -Straight line over 20 years Furniture, fittings and office equipment -Straight line over 5 years
## _**1e Investments**_
Investments are valued at market value at 31 December, the figures being provided by the Fund Managers. Movements in the value of investments, and gains or losses realised on disposal are accounted for through the SOFA. Investments are held for the purpose of long term income generation or larger infrequent projects and repairs. However, investments can be realised quickly, usually with 1 weeks notice, if the PCC require additional liquidity.
## _**1f Current Assets**_
Amounts owing to the PCC in respect of fees, rent or other income are shown as debtors less provision for amounts that may prove irrecoverable.
Short term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank.
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)**
Page 20
## _**1g Operating Leases**_
Rentals payable under operating leases are charged to resources expended on a straight line basis over the period of the lease.
## _**1h Reserves Policy**_
~~_F_~~ _ree reserves_ are defined as short term investments (see 1e above) and deposit or current bank accounts, under the control of the PCC and which are used both for immediate overhead expenditure and future liabilities.
The PCC may _designate_ part of these free reserves, for a specific named purpose or project after the conclusion of which any surpluses are returned to the free reserve as cash or re invested for income generation.
As short term investments are readily liquidated, the PCC has resolved to maintain only a small cash reserve on deposit or current bank accounts up to a maximum of 1 months budgeted expenditure. All other funds should be held as investments.
Free reserves, (including designated investment funds) are held for the following purposes:
1) To provide an annual income of interest to be spent on general overheads.
- 2) To provide for potential future liabilities identified through risk analysis.
3) To provide funds for specific named projects identified by the PCC.
4) To provide generally for repairs to the fabric of the church.
In addition to free reserves, the _Designated Fixed Asset Fund_ holds the the leasehold property at 61, Pembroke House and the restored organ.
Together these comprise the **Unrestricted Funds** of the church. See Balance Sheet page 16 and Movement on Funds note 16 page 27.
The **Restricted Income Fund** is not available for general expenditure but represent those donations, and interest thereon, given for the renovation and improvement of St James. The majority of this fund is held as short term investments, generating income for the fund and as such is held as a reserve until required.
There are **2 Endowment Funds** which are held permanently as investments. The trusts of these funds allow the income to be spent on general overheads as determined by the PCC.
## **1i Going Concern**
The church is able to pay its liabilities as they fall due, has no significant contingent liabilities or post balance sheet events that would contradict this view and has sufficient reserves to continue to operate for at least 12 months from the signature date of these accounts.
Page 21
## **ST JAMES'S CHURCH, PADDINGTON**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025**
## **2 COMPARATIVE INCOME AND EXPENDITURE:**
**Comparative figures** for Unrestricted, Restricted and Endowment funds for the **2024 Financial Yea** r.
|**INCOMING RESOURCES**
**Income and Endowments from:**
Collections Donations and Legacies
Charitable Activities: Services and other fees
Other Trading Activities: Rent from church hire
Investment Income
Rents receivable
Bank and deposit Interest
**TOTAL INCOME**
**EXPENDITURE ON**
Raising Funds
Charitable Activities
Clergy, services and parish work
Occupancy costs
Support and governance costs
Grants or donations payable
**TOTAL EXPENDITURE**
Net gains/(losses) on investments
**NET INCOME / (EXPENDITURE)**
**TRANSFERS BETWEEN FUNDS**
**NET INCOME/(EXPENDITURE)**
**BEFORE OTHER RECOGNISED GAINS /( LOSSES)**
Unrealised Gains and (losses) on investments
Gains on the Revaluation of Fixed Assets
**NET MOVEMENT IN FUNDS for 2024**|Unrestricted
Funds
£
78,099
13,211
47,834
213,731
17,204
**370,079**
46,699
210,479
108,837
66,716
2,431
**435,162**
2,248
**-62,835**
5,974
**-56,861**
13,027
0
**-43,834**|Restricted
Funds
£
28,481
0
0
0
14,111
**42,592**
0
0
20,686
9,125
0
**29,811**
0
**12,781**
0
**12,781**
11,631
0
**24,412**|Endowment
Funds
£
0
0
0
0
5,974
**5,974**
0
0
0
0
0
**0**
0
**5,974**
-5,974
**0**
4,927
0
**4,927**|**Total Funds**
**2024**
£
106,580
13,211
47,834
213,731
37,289
**418,645**
46,699
210,479
129,523
75,841
2,431
**464,973**
2,248
**-44,080**
**0**
**-44,080**
29,585
0
**-14,495**|
|---|---|---|---|---|
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)**
Page 22
|**2025**
**3 COLLECTIONS, DONATIONS AND LEGACIES**
**£**
Unrestricted
Restricted
Funds
Funds
**Total**
£
£
£
Stewardship and collections
35,659
35,659
Donations and gifts
29,717
51,170
80,887
Gift Aid receivable
15,284
15,284
Other income
6,227
6,227
**86,887**
**51,170**
**138,057**
**OTHER TRADING ACTIVITIES**
Rent from church hire (concerts)
57,184
57,184
Sales, books media and fairs
1,480
1,480
**58,664**
**0**
**58,664**
**4 CHARITABLE ACTIVITIES**
General fees receivable for services
3,801
3,801
Fees for music provision at services
3,900
3,900
Training parish fees/funding for curate
3,000
3,000
**10,701**
**0**
**10,701**
**5 INVESTMENT INCOME : RENTS**
Ground rents - 6-12 Gloucester Terrace
12,010
12,010
Crypt income
82,643
82,643
Car park income
36,551
36,551
Holy Trinity Hall
66,700
66,700
Reimbursed utility expenses
24,729
24,729
**222,633**
**0**
**222,633**|**2024**
**£**
**Total**
£
33,947
55,705
7,592
9,336
**106,580**
47,675
159
**47,834**
7,811
3,900
1,500
**13,211**
12,010
73,250
41,408
65,075
21,988
**213,731**|
|---|---|
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)**
|Unrestricted Restricted
Funds
Funds
**2025**
**£**
**£**
**£**
**6 COST OF RAISING FUNDS**
_Costs of generating donations_
Advertising, printing and web site
3,479
3,479
_Costs related to leases and other activities_
Crypt: utility and insurance costs
24,729
24,729
Holy Trinity Hall running costs
7,743
7,743
Subscriptions and licences
2,089
2,089
Books, media and miscellaneous
3,873
3,873
**41,913**
**0**
**41,913**
**7 CLERGY, SERVICES AND PARISH WORK**
Parish share
96,000
96,000
Director of Music and choir payments
35,920
35,920
Organ tuning and repairs
5,204
5,204
Organ scholar and music fees
11,062
11,062
Assistant Priest and Asst. Curate stipends
45,811
45,811
Pastoral Assistant
0
0
Clergy and ecclesiastical expenses
11,331
11,331
Verger costs
0
0
Outreach and local projects
8,689
8,689
**214,017**
**0**
**214,017**
**8 OCCUPANCY COSTS**
Vicar and Assistant Priest flats
4,759
4,759
Church utilities
10,990
10,990
Repairs and maintenance
30,051
30,051
One off repairs *
0
68,472
68,472
Cleaning and servicing
14,022
14,022
Grounds maintenance
6,548
6,548
**66,370**
**68,472**
**134,842**|Page 23
**2024**
**£**
4,243
21,988
6,526
3,795
10,147
**46,699**
93,000
36,626
5,330
10,460
36,452
4,289
15,759
1,860
6,703
**210,479**
24,509
7,219
13,393
63,242
14,538
6,622
**129,523**|
|---|---|
* Window and boiler repairs
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)**
|Unrestricted
Restricted
Funds
Funds
£
£
**9 SUPPORT AND GOVERNANCE COSTS**
_Support:_
Parish Office administration
5,665
0
Insurance
10,921
0
Bank charges
1,511
0
Consultancy, legal fees and expenses
4,723
0
Parish Manager and IT support
26,950
0
Depreciation of equipment and
furnishings
13,566
3,154
_Governance:_
Accountancy
3,300
0
Independent Examination
1,250
0
**67,886**
**3,154**
**10 GRANTS OR DONATIONS**
**PAYABLE**
Charitable giving
3,718
0
**3,718**
**0**
**11 SALARIES**|**2025**
**£**
**Total**
£
5,665
10,921
1,511
4,723
26,950
16,720
3,300
1,250
**71,040**
3,718
**3,718**|Page 24
**2024**
**£**
**Total**
£
6,350
11,015
2,474
7,857
26,825
16,720
3,500
1,100
**75,841**
2,431
**2,431**|
|---|---|---|
The number of employees in the financial year: 0 (2024: 0)
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)**
Page 25
|**12 FIXED ASSET INVESTMENTS**
Unrestricted
Restricted
**Movements in the year.**
Funds
Funds
£
£
**_Income Funds_**
Market value at 1st January 2025
582,197
519,968
Purchases at cost, less disposals
at market value.
0
0
Net losses / gains on annual valuation
-23,275
-20,788
Market value at 31st December 2025
**558,922**
**499,180**
**_Endowment Funds_**
Market value at 1st January 2025
0
220,156
Purchases at cost, less disposals
at market value.
0
0
Net losses / gains on annual valuation
0
-8,801
Market value at 31st December 2025
**0**
**211,355**
**TOTAL FUND VALUES AT MARKET VALUE**
**558,922**
**710,535**
Note:
Unrealised Gains/ (Losses)
Income Funds
Endowment Funds
**TOTAL per SOFA, p15.**|**2025**
**£**
**Total**
£
1,102,165
0
-44,063
**1,058,102**
220,156
0
-8,801
**211,355**
**1,269,457**
-44,063
-8,801
**-52,864**|**2024**
**£**
**Total**
£
1,129,851
-52,344
24,658
**1,102,165**
215,229
0
4,927
**220,156**
**1,322,321**|
|---|---|---|
Page 26
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)**
|**13 TANGIBLE FIXED ASSETS**||||||||
|---|---|---|---|---|---|---|---|
|||**TOTAL**|||Long|Church||
||||||Leasehold|Fixtures and||
||||||Property|Furnishings||
|Cost or original valuation:|||£||£|£||
|At 1 January 2025|||1,105,363||543,105|562,258||
|Additions|||0||0|0||
|At 31 December 2025|||**1,105,363**||**543,105**|**562,258**||
|Depreciation:||||||||
|At 1 January 2025|||113,710||0|113,710||
|Provided in the year|||16,720||0|16,720||
|At 31 December 2025|||**130,430**||**0**|**130,430**||
|Net book value:||||||||
|At 31 December 2025|||**974,933**||**543,105**|**431,828**||
|||||||||
|At 31 December 2024|||991,653||543,105|448,548||
|**Revaluation of Leasehold Property**||||||||
|The leasehold property is not depreciated as stated in the accounting policy, note 1d page|||||||19.|
|Address and lease details|Cost|||Valuation/Purchase
Date||Valuation|Independent
Valuer|
|Flat 61, Pembroke House|||£|||£||
|Inverness Terrace, W2 6HQ|||240,617|10 Oct 2019||525,000|Plaza Estates|
|Lease extension (additional 90 years)||||June 2023||9,902|Agency
Limited
SW3 1NU|
|(including 3rd party fees)||||||||
|Final bill for building works||||December 2024||8,203||
|||||||**543,105**||
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)**
|**14 DEBTORS**
Invoiced fees and tax refund due
**15 CREDITORS: AMOUNTS FALLING DUE**
**WITHIN ONE YEAR**
Creditors and Accruals
**16 FUND MOVEMENTS**
**Balance**
**01/01/2025**
Resources
Resources
Incoming
Outgoing
£
£
£
**GENERAL FUNDS**
Free Reserves
3,392
395,083
-386,309
_Designated_
61, Pembroke House
543,105
0
0
Restored Organ (2021)
353,227
0
-7,595
Investments
12
582,197
0
0
**RESTRICTED FUNDS**
Church Renovation.
Investments and Deposits
12
540,594
65,618
-68,472
Fixtures and Fittings
95,321
0
-3,154
_635,915_
**2,117,836**
**460,701**
**-465,530**|**2025**
£
3,127
**3,127**
**2025**
£
7,320
**7,320**
Transfers
Gains
Between
Losses
Funds
£
0
6,117
0
0
0
0
-23,275
0
-20,788
0
0
0
**-44,063**
**6,117**|Page 27
**2024**
£
26,434
**26,434**
**2024**
£
62,243
**62,243**
**Balance**
**31/12/2025**
**£**
18,283
543,105
345,632
558,922
_1,465,942_
516,952
92,167
_609,119_
**2,075,061**|
|---|---|---|
**General Funds** are the net assets and bank deposits available for immediate use at 31 December 2025 and include designated funds held in order to generate income for the church and provide capital for larger projects. The investments are stated at market value, (note 12), at 31 December 2025. They are a permanent fund.
**The Church Renovation Fund** consists of donations and net assets given for the continuing renovation of St James. The investments in this fund are also held at market value at 31 December 2025, (note 12).
|**Fund Summary**
Notes
Unrestricted Funds
16
Restricted Funds
16
Endowment Funds
17
**Total Per Balance Sheet**|1,465,942
609,119
**_2,075,061_**
211,355
**2,286,416**|
|---|---|
## **ST JAMES'S CHURCH, PADDINGTON**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)**
Page 28
## **17 RESTRICTED ENDOWMENT FUNDS**
|Ralli Trust
Barber Trust|**Balance**
Transfers
**Balance**
**01/01/2025**
Resources
Resources
Gains
Between
**31/12/2025**
Incoming
Outgoing
Losses
Funds
£
£
£
£
**£**
77,952
3,951
0
-3,116
-3,951
74,836
142,204
2,166
0
-5,685
-2,166
136,519
**220,156**
**6,117**
**0**
**-8,801**
**-6,117 ***
**211,355**|
|---|---|
* The Ralli and Barber Trust endowments allow the income to be spent on the maintenance and upkeep of St James and so the interest is transferred to General Funds.
## **18 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible Fixed Assets
Investments
Net current assets / liabilities|Unrestricted
Funds
£
882,766
558,922
24,254
**1,465,942**|Restricted
Funds
£
92,167
499,180
17,772
**609,119**|Endowment
Funds
£
0
211,355
0
**211,355**|**TOTAL**
**2025**
**£**
974,933
1,269,457
42,026
**2,286,416**|**TOTAL**
**2024**
**£**
991,653
1,322,321
24,018
**2,337,992**|
|---|---|---|---|---|---|
## **19 TRUSTEES EXPENSES AND RELATED PARTIES.**
No material expenses were reimbursed or remuneration paid to any member of the PCC, or any related party to members of the PCC including any businesses controlled by them during this financial year or the previous one.