THE PAROCHIAL CIIURCH COUNaL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON TRU￿EE5. ANNUAL REPORT YEAR ENDED 31 DECEMBER 2025 ST MARY'S WEST KENSINGTON THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY. WEST KENSINGTON (REGISTERED CHARITY NUMBER 1139480) TRUSTEES ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2026 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON CONTENTS YEAR ENDED 31 DECEMBER 2025 Pa9• No. Reference and admislralion inlormalion Annual rttptsrt Report of the Indep8ndent auditors &11 Statement ol financial actwi1185 12 Balance sheet 13 Noles to the financial 81818ments 1*25 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASMCAL PARISH OF ST MARY, WEsf KENSIN￿oN TRUSfEE5' ANNUAL REPORT YEAR ENDED 31 DECEM8ER 2025 Prfnclpal Addre86 St. Mary's Church 147 Hammersmith Road London W14 OQL Members of thè Parochlal Church Council InDJmbent'. Rev. G J Daly (from 9fT125} Vacancy from (until 08107125 chU￿hwa1derns.. Ed Green OBE Dr Jenny Ireland Elected Members: Dave Pearson (Lay Vlce Chairl Rachel Cooper Elvzabeth-Ann@ Haldane Tom Butler Jeremy Sharp Nicola Walworth Eleanor Davies lunlil 181051251 Kyra Bryan (until 181051251 PCC Secretary Dave Pearson Co-opt8d.' E￿anOr Davies {from 181051251 Kyra Bryan (from 18105r251 Deanery Synod Representatives.. Ed Green OBE Accountants Hetherington and Co Ltd Chartered Certified A¢countants 289 Grean Lanes N134XS Audltor: Georgiades Charalambou & Co LLP Charte￿d Certified Accountants and Reglslefed Auditors 283 Green Lanes N134XS Bankers: Barclay5 Bank PLC 191 Earls Court Road London SW5 9AW THE PAROCHIAL CHURCH COUNCIL OF THE ECCLÉSIASTICAL PARISH OF ST MARY. WEST KENSINGTON TRUSTEES. ANNUAL REPORT YEAR ENDED 31 DECEMBER 2025 The Parochial Church Council IPCCI of St Mary. West Kensington pres8nt their report and the audited financial stalèmenls for the year 8nded 31 December 2026. STRUCTURE, GOVERNANCE AND MANAGEMEKr The Parochial Church Council IPCCI of Sl Mary, Wesl Kensington is a corporate body established by the Church of England. The PCC is a registered charity (Charty Number 1139480}. The PCC is governed by the Parochial Churth Council {PoweTS) Measure 1956, the ChurGh Represgntation Rules and the Ch8ritiesAcl 2011. Appolntmgnl ofPCG Mombers M8mbers of the PCC are eleGlÈd by the AnnLtal Parochial Churth Meeting IAPCMI in accordance with the Church Representation Rules. Church members are invited to nominate candidates for elect￿1￿ lo the Parochial Church Council (PCCI. Nominations ts membership of the PCC are advertised in the Church and any person wishing to be considered completes the relevant application which require5 both a propDsèr and seconder to be named. Ballot papers8re then provided at the APCM for persons to be elecled or re-elected to serve on the PCC. Once elected, each member Is provided with details of the wofkings of the PCC and their responsibilities. Those persons who served a$ membws of the PCC during the year or were appointed since were as follr)w$'. Incumbenl.. Va¢8ncy (until 081071251 Rev. G J Daly (from 091071251 Dave Pear50n Lay Chairman: Church Wardens.. Dr Jenny Ireland Ed Green OBE Safrguaiding Offieer.. Kyra Bryan Deanery Synod Represent8tiv8S'. Ed Green OBE PCC s￿retsry.. Dave Pearson Treasurer.. Eleanor Davies Elected Members.. Dave Pèar$on ILay VI￿ Chairl Kyra Bryan {until 181051251 Tom Butler Rachel co0￿r ElÈanor Davies (until 181051251 Eliz8b8lh Ann8 Haldane Jeremy Sharp Nicola wa￿Orth THÉ PAROCHIAL CHIJICH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY. WE¥f KENSINGTON TRUSTEE5' ANNUAL REPORT YEAR EhlDED 31 DECEMBER 20Z5 Organsalion The PCC members are responsible for making decisions on all matters of general concern and importance lo the parish, including deciding on h¢)w the funds of the PCC are to be spent. The PCC carries out bts aims and objèctives through regular prayer, informal convers81ions, formal meetings, and variou5 groups. A draft agenda for each rneeling is construded by the lay vice chaimian inc(wporating any mallers raised by PCC members. The full PCC met six limes Lyuring the year for iegular meetings - with four extra￿jinary meetings called for speofic malters. It rnel to discuss mallefs including, the future leadership of Sl Mary's, Parish Profile, adverlising for a new car, ongoing church operational matters, finance, risk managernenl, property maint8nance, safeguarding and staffing. The annual budget is presenteé to the PCC lo b8 Cons￿ered and approved, Management accoun18 and financial updates 8r& regularty presented to the PCC. The PCC operates by financing a paid team of employees, togetherwith a team olvolunteèrs. The teams develop the ministry ol the ChLSrch within the parameteis sel by the PCC. Gwen its wide responsibillties, the PCC has a St*nding Comrnittee. which rneet5 as required b8tween PCC meelings.11 is responsible lo the PCC and reports back to it with minutes of ils decisions being r8ceived by the PCC and discussed a5 neG6ssary. Risk Policy Thg PCC 8Stabllshed procedures in order lo identify and minimise the major risks lfinancial and non-financiall vthich could impact the work Df the ChLJreh in the parish. Reseno Pol As with many other churches, St Mary's has adopted a poltcy of not buikling up re58rves ume¢essarily. Consequently, the reserve5 of the church will havè resulted from accumulated giving at any one tirne. The church remains dependent on th& continued support of the congregation. The PCC considets that the reserves held at 31 December 2025 together with its forecasted cash Ilow will be sufficient to fund its work for the en$ulng y88r. Grnnl Policy Eac4) year the PCC. at the disGretion of the Vicar, provides grants for missionary work. In addition. further grants are made availabl8 throughout the year via dedicated ¢ollectKJns for specsfiG causes. THE PAROCHW CHURCH COUNUL OFTHE ECCLESIASTICAL PARISH OF ST MARY. WEST KENSINGTON TRUSTEES, ANNLIAL REPORT YEAR EP4DED 31 DECEMBER 2025 S81egu&nSing The PCG has complied wllh the duty under Sec11on 5 of the Safeguarding and Clergy Discipline Measure 2016, ITh relalK)n lo having due regard lo the House of Bishops, guidance on safeguarding childrert and vulnerable adults. To comply with the Charity Commission recommendations all PCC rnembers, as Charity Trustees, are asked to apply for a DBS check. Ml who work with children al Sl Mary's Church ar8 required lo obtain a DBS check prior to being on the children's roster. It is also a requirem8nl that paid and voluntary stsff completè the Basic and Foundallons Safeguarding online training ¢ourses. The Basic training course can be completed by all members of thurch. The purpose of the course is to raise an awaieness of what conslilutes a safeguarding concern and lo be vigilant, thus ke8ping the Church of England and St Mary's safe places lo be. Safer churches is a key priority for the Church of Eng18nd'$ 2030 vision. The Church is 8 place where everyone should be safe from harm. Safeguarding chlldren, young people and vulnerable adults is everyone's responsibillly. Sl Mary's Church continues lo be using the Parish S8feguarding Dashboard. The Dashboard gives ) fast and easy view of 011 safeguarding procedures, e.g training, DBS checks, church activities, risk ass8ssmenls el¢. St Mary's ChLJrch is currently al a high level 2 and is Working towards the final lev813. Kyra Bryan was safeguarding off1cer for 2025. regularly updating the PCC. AIMS AND OBJECTIVES st Marfs Parochial Church Council IPCCI has the ￿sPonsIbl11ty of promoting in the ecclesia$lical parish and the whole mission of the Church, pastoral, evangelistic, SOGial, and ecumenlcal. The PCC is also spe¢ifica11y responsible for the maintenance of the buildings and asseis (namely 3 Edith Road and 72 Edith Roadl of Sl Mary's, Wesl Kensington. STRATEGIES ADOPTED TO ACHIEVE THE AIMS AND 0￿EcT￿Es OF THE PCC The PCC is ttimmitted to enabling as many people as possible lo worship at our church and lo bacome part of our parish community at Sl Mary's. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can irwolve the many groups that INe wthin our parish. Our seNices and worship put faith into prartice through prayer and scripture. music. and sacrament. When planning our aclivities the year, we have considèred the Cgmmission's guidanc8 on public benefrt and, in particular, the supplementary guidance on charities for the advancement of religion. More specifi(ally, we try lo erlable ordinary people to1Sve out their faith 8s part of our parish community through.. worship and prayer, learni￿ about the Gospel, and developing their knowledge and trust in Jesus., provision ol pastoral care for peopl8 lThring in the parish., mi8sionary and outreath work. To facilitate this work. il is importarst that we maintain the fabric of the Churth of St Mary's. THE PAROOIIAL CHURCH COUNaL OF THE ECCLESIASTICAL PARISH OF ST MARY. WEST KENSINGTON TRUSTEES. ANNUAL REPORT YEAR ENDED 31 DECEMBER Z025 Ouring 2025 wtth the nèw Vicar Rev Gaz Daly, the church continued to build on its vision and Mission Action Plan IMAP). Our MAP identified three core values and three areas for mission for our parish of St Mary's West Kgnsington. Corn values.. Being centred on Jesus Being a compassionate community Celèbrating the Local Ar8as for mission.. Families Young Adults Vulnerable People The locAI communty Publc Benef Th8 Charities Commission in its Charities and Public Benefit Gu￿anc& requires thal there are Iwo principles lo be met lo show that the organisation's aims are for the public benefit. Firstly, there must be an identffjable benefit. Secondly the benefit must be to the public or a section of the public. When planning the ath'vities and in ex8rcising their duties and powers in order to meet th8 Stat8d objedive of the church for the year under review, the members of the PCC confim that they have had due regard to the guidance issued by the Charity Commission on public benefft. Additionally. they will Continue lo ensure that each year they considw how the PCC continues lo meet the public benefft objectives oullineQ in Section 4 of the Charities Act 2D11. NOTABLE ACHIEVEMENTS AND PERFORMANCE: 2025 REVIEW Op8rations 2025 was a year of waiting and praying, led by Ihe Wardens, PCC and staff te8m as St Mary's was in vacarty from 07101124 wilhoul any clergy team. As a Parish we are very grateful lo the rnany visiting der9y who sup- ported us and lo the Diocese for their ongoing help. Daily operalp?ns w&re kept simple and limited Ihroughout 2025. because of the period of vacancy. Throughout 2025, we were grateful lor the hard work and support of our staff team. Sandra Crewe- OpeTalions Manager until March 2025 Kate Green- ChuTch Coordinator- off on ill health until October 2025 Janis Hui- Chil￿￿en.$ and Youth Worker until February 2025 Millie Jevons-Admin support from February 2025 Apwntmenl of g n8w ViGar Intervièws w8r8 held in November 2024. Rev Gaz Daly was offered and accepted the role Stas￿ng in Ju 2025 MissKin Aclion Plan The PCC reniained commitied to the Mission Action Plan throughout 2025. The October sermon Series reflected each of the 3 Main vlsion points. During the autumn theAlpha course was run in the Church with about 18 participants. THE PAROCHIAI CHURCH COUNaL OF THE ECCIESIASTICAL PARISH OF ST MARY. WEST KENSINGTON TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 20Z5 Outreach Dumg the vacan¢y this was limitsd. W+th our Christmas services we had Carols in the Car Park. During early December members of the church d1d a parish door drop advertlslng all our Chrislmas Services. The Mayor of Hammersmilh was welcomed to cur Carol seNice and did one of our readings. The church continues lo rent out the Hall to a number of hirers. Th8se indude the U3A. Wesl London Strings, local lot5 group. and other local people for party celebrations. We try lo work closely wlh them and build up reiationshlps where we can. The Vicar (Gazl has been workiro with U3A, they are helping to clear the garden behind the Hall. W0￿h1p Sl Mary's continues to hold regular infomial Sunday serylce at 11 am. On many occasions this was c8lebraled hLly Gommunion led by visiting clergy, untrl July . A number of fun8rals and one baptism was held during the year. Our talented group of muslclans continued lo support our worship in a variety of different styles. Ward8ns & PCC The Church Warden$ and PCC have worked tirelessly during the interregnum- and continue to be a support for our new Vicar During and following the APCM held in May 2025 the followng appointrnenls were made.. Ed Green OBE and Dr Jenny Ireland were r&elected a5 Church Wardens. Six members of the PCC were re•appoinled. The PCC appointed Dave Pearson a5 Lay Vice Chair The PCC appointed Eleanor Davies as Treasurer The PCC appointed David Pearson as PCC Secretary The PGC appointed Nicola Walworth as Electoral Roll Officer The PCC appoin18d Kyra Bryan as Safeguarding Officer chU￿h Allendance Average attendance a¢ross ow Sunday s8ivices in 2025 was 35 adults and up to 6 d)Ildren. El8clor81 Roll In May 2025. the Electoral Roll stood at 45. Fèbhc Report During this year of vacancy, no major projects w8re carried txrt on the church building b8yond necessary mainlen8nce work as and when requlred. Church houses (No. 3 and No.72 Eijhh Road) Continued maInten￿Ce on the church houses was appioved by the PCC in 2025 as required, these were 8greed by elther StaThJing Committee OT full PCC. Urban Home manage and malnlain the properlfjes on the PCC'S behalf. THE PAROCHIAL CHiJRCH CQUNaL OF THE ECCLESIASTICAL PARISH OF ￿ MARY. WEST KENSINGTON TRUSTEES. ANNUAL REPORT YEAR ENDED 31 DECEMBER 2025 Deangry Synod The Deanery Synod met 4 limes in 2025 and disGussed a range of issues relating to the delivery ol the 2030 visK>n and other mallers relating lo church life, including discip￿ship, safeguarding and the appointment of governors to Church of England schools wthir) the deanery. FINANCIAL REVIEW The results for the year can be found on page 12. During the year under review the PCC'S main Sour￿ ol income ￿ntInued to derive from generous donations from the congregation as well as from church hall, car park, 8nd propety lettings. Total income generated in the year was £258,98512024.. £274.8621 of which £248,931 12024.. £261.478) rekled to gen8ral funds and £8,05412024.. £13,384) related to restl￿ted funds. The PCC continued to manage the resources of the church t2refully, in accordance wlh ils annual budget. In QV8iall terms the PCC gen8Tated a surplus of £16,746 {2024". defiat of £15,052) on genèra5 funds, before takin9 account of revaluation losses of £289,038 on its investrnent property. The operational surplus was mwnty attnbutsb18 to reduced propèrty repairs and church Maintenan￿ costs and reduced professiorkil fees. At the year-end date, general reserves stood at £3.915,521 anrl roslridèd resetves at £35,612. FUTURE PLANS In 2026. we will Gontinue with the v8rious ministries and inili8tNes In pursuing our vision in worship, prayer. and evangelism, and mission. There are key priorities.. gfowth in chuich lrfe development in prayer enabling the thurch for ministy. and engagement in mission STATEMENT OF PAROCHIAL CHURCH COUNCIL MEMBERS. RESPONSIBILITIES Chartty law requires the PCC members to prepare financial statements for each f nancial year that give a true and fair view of the PCC'S finanLMa1 activities during the year and ils f5nancial position al the end of the y8ar. In preparing financial statements gwing 8 true and fair view, the PCC rnembers should follow best practice and.. $el&ct suitable accounting policie5 and ap them consisteDtty,' make judgements and estimates that are reasonable and prudent., prepare financial slalemenls on a going concem basis unless it 18 inapproprfate lo presume that the PCC will continue in operation. The PCC rnemberg are r8sponslble for keeping accounting records, which disdose wf(h reasonabb accuracy the finaneial position of the PCC. This enable5 them lo ascertain the fin8ncial position of the charity to ensure that the finanaal statements comply with the Charilies Act 2011 and the Chureh Accounting Regulats"ons 2006. They are also cespon51)le for safeguarding the assets of the PCC, and hènce, for taking reasonable steps for thè prevention and detectton of fraud and other Nregulariliès. We are immensely grateful to G¢)d for all He has done throughout the year. Signed on b8h Ifof Mary, West Kensington on 28ihApril 2026 by Rev. G J Daly (Incumbonll THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON INDEPENDEKf AUDrroR'S REPORT TO THE MEMBER'S COUNCIL OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON Opini( We have audited the finanaal statements of The Parothlal Chur¢h CoLtncil Of The Ecclesiastical Parish Of St Mary, Wesl Kensington (the '¢harity'l for thè year ended 31 December 2Q25 which comprise the statefflent of linanrial activities, the balance sheet and notes to the financial statements. including significant accounting policies. The finanual rèporting fratnework that h8s been applied in their preparation Is applicable law and Uniled Kingdoffl AccounliDg Standards, #ic1uding FirTranLyal Reporting Standard 102 The Flnancial Rewrting Standard gppli¢ab16 In Ihe UK and Republic of Ireland {UnilEd Kingdom Generally Accèpted Accounting Practice). In our opinion, the finani?al statements,. give a and lair view of the state of the charity's affairs as at 31 December 2025 and of its in¢oming resources and application of rèsources, for the year then ended-, have been properfy prepared in accordance with United Kingdom Gen818lly A¢xepted Ac£ountin9 Pract￿￿. and have b¢en prepared in accordance with the requirements ofthe Chatities Act 2011. Ba$TS for oplnion We conducted our audit in a¢o)rdance with International Stsndards on Auditing (UK) IISAs IUKII and applicable law. Our resporisibilities under those standards are further des¢iib6d In the At￿lI0￿S Trsp(Jnsibililies for th8 audif ol Ilje fM7ancial slat8m&nts sedion ol our ieport. We are independent of the charity in accordan￿ wNh the elhical requiiements that are ￿levant to our audit of the finxncial slalwents in the UK, including the FRC'S E*hical Standard. and we have fulfilled our other 8thi(*l responsibllrfies in accordance with thesè requirements. We bdleve that the audit evidence we have oblalned is SLrffiaenl and appropriate to provide a basis for our opinion. C¢)nclusions relating to golng cone•m In auditing Ihe financial statements, we havé concluded that the council members, use tsf the going concem basis of accounting in th8 preparation of the finanlial staternents is approprfate. Based on the wod( we havÉ perfomied, we have not idenliffed 8ny malerfal uncertaintles relaling to events or conditsons that, individually or Collectively. may cast significant doubt on the thariiy's ability to continu• as a gokng concern for a peTiod of at lea8t tsyefvo month$ from when th• financial slatements are aulhorised for issue. Our resptsnsibilities and the responsibilities of the memborfs counth wilh respoct to going con￿r￿ are describèd In the relevanl section& of this reporl. Other inlorrnatlon The other information o)mpris89 ihe inlom8tK)n ir￿lUded in the annual report olher than the financial statements and our auditor's rèport thereon. Th& member's council are respon$lble foi the other Infomation eentained w[1￿"n Ihe anllual report. Our opinion on the financial statements does not cover other inlormalion and we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and. in doing $0, consider whether the other information is mat8ri8lly Ir￿on￿lstent with the financial statements or our knowledge obtained in the ￿Urse of tha audit. 01 othetwise appears to be materially Misstat￿1. If we identify such material inconsislencie5 or apparént malerial misstatements, vle are r8quired lo determine whether this gives rise to a mAterial misstatement in th¢ financial statements themse￿es. If, based tsn the work we have performed, we c￿nClude that there Is a malwial misstattrment of this other informatlon. we arè requir8d to report Ihat fact. Wè have nothing lo report in this regard. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE MEMBER'S COUNCIL OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON Matters on whiGh we are roqu1r￿ to roport by gxc8Ptlon We havè rbothing to repDrt in respect of tho following matters in relalioft lo which the Ch8rities (Accounts aThJ Reports} Regulations 2008 fequire us lo report to you if, our opinion.. the informalon given in thè financjal slalemEnls is incnnsislent Ml any material re5Pe¢t wlth the counal members. repDrt", or sulfiuènt accounting records have not been kept-. or the financial slalemÈnts are not in agreement with tho a￿untIng records- or we have not re￿1¥&d al tre information and explanations we requlre lor our audit. Re$ponslbllltles of msmberfs coun¢il As explained more fully in the stat8ment of wunGil members, r8sponssbilthes, the members ￿Uncl arè r8sponsible for the preparation ol the financial stalemenls 8nd for beiTrJ salisfied that thèy gwe a true and fair view, and lor such inteinal control as thè mernberfs council detefftiinè is ne￿SSary to enable the prepardlion of financiJl statements Ihal are free from material misslalement, whethet due lo frdud or error. ln pieparing the financial statements, the membei'5 council are re&pDnsible for ass&ssing the Gharty's abiSity to continue as a going ￿>n￿rn, disdosing, a5 applirAbl8. matter5 related lo going u)ncern and using the going Goncern basis ol accounting unless memberfs council either intend lo ceasè operations. 01 hgve no 1è81istk allernatsv8 but to do sts. Audltorfs r¢$pon8ibllltEe$ for the audEt of thè flnancSal ¥tatements We have been appointéd as aLsdilor under seclion 144 of the Charib"es Act 2011 and report in accordance with IhÈ Act relevant regulations mad8 OT having effect thereu)der. Our objectsvès are to obtsin reasonable assurance about whether the fi[Tra￿l81 slatèmenls as a whole are frèe from material misslaternent, whelher due to fraud or error, and to issue aLJditc¢5 report that indudes our opin￿n. Reasonable assurance is a high level ol assurance but Is not a guarantee Ihal an audit conducled in accordance with ISAS IUK} will always delect a rnat8rial misstatement when it exists. Missl8lements can arise from frgud or error and 81è considered material rf, individually or in the aggregate, they could r88sonably bg expected to influence the 8conorni¢ deosions of usèrs tsken on the basis ol the$8 finarKial ststements. Irreguladties, ineluding fraud. are Instantss of non. wilh the balance of £108,70312024'. £106,286) chargod directly to attributable charf(able attivities. The average number of staff employed throughout the year was 312024.. 31. None of the employed staff earned more than £60,000 per annum. Sèlaries incorporate the cost of the clergy lincludin8 associated training and hou51n8 Costs) and have been alSo¢ated across expense headings based on estimated proportion of tTrme occupied on each luKction. The PCC pald £90,000 35 part of the quota payable to the London Dioce5e12024.. £75,100). Durin8 the yearthe Vicar wa5 reimbursed £96312024., £Nill for travel and hospitallty expenses inCur￿d in connection with carrying out his duties. 20 THE PAROCHIAL CHURCH COUNCIL OFTHE ECCLESIASTICAL PARISH OF ST MARY, WEST KEN51NGTON NOTES YO THE FINANCIAL STATEMENTS YEAR ENDED 31 D£CEMBER 2DZ5 5. NET INCOMING RESOURCES 2025 2024 Net incoming resources ore stcted uftercht7rginq.' Accountancy fees- FinaTKial statem￿tS Accountancy fees- Other seNices Auditors, remuneration- audti DÉpreciation 5.160 875 5,460 6.000 3,S54 6.000 3,404 6. TANGIBLE FIXED ASSErs Office eoulpment LatKI and buildings Freehold land and bLFildlngs-held for the PCC'S own use. Total C05t Opening balance l January 2025 Addition5 in year C105tng balance 319ecember 2025 3,396 1.005 4.401 1,312.500 1,31S,896 I,IM)5 1.316,901 1.312,500 Depreclatlon Opening balance l January 2025 Charge for year Closing balance 31 tlecember 202S 2,802 929 26,250 2,625 28.875 29.052 3,554 32,606 3.731 Net Book Value At 31 December 2025 670 1,283,625 1,284.295 At 31 December 2024 594 1,286,250 1,286,844 Tangible fixed a55et5 consisE of a Ireehold property and cornputer equipment. The property situated at 3 Edith Road. 15 partly used for functional purposes. with the basement flat let commercially. The proportion of the property Ltsed for functlDnal purposes has been determined as 75% of the total area and theiefore this proptsrtlon ol the property is stated at cost. The property was capltaltsed at fairvalue, as determined by a profe￿lOnal valuation of the property followinB the trènsferof the asset to the PCC by St. Mary's Churth House Trust on 4th December 2014. Depreciatitsn is provided on pmperties on a straight line basis at the rate of 2% per annum on the capitallsed value of the property lexteptthe value of the landl less its estlmated residual value and the end of it5 expect useful life. 21 THE PAROCHIAL CHURCH COUNCIL OF ECCLESIASTICALPARISH OF 5T MARY, WEST KENSINGTON NOTES TO THE FINANCIAL5TATEMENTS YEAR ENDED 310ECEMBER 2025 INVESTMENT PROPERTIES 2025 2024 Atvaluatlon.. Opening balance l January 2025 Revaluation in year 2.904,038 1289.0381 2,500,000 404.038 Closing balance 31 December 2025 2.615,0(M) 2,9(H,038 The year end value of the properties sltuated at 72 Edith Road and 3 Edith Road, London.W14 OSU were determined by the Trustees on an Dpen market value basis. The valuation for 3 Edith Road, relates to the proporticn of the property being held for V(5 inve5ttnent potential and for generatin8 rental income. DEBTORS 2025 2024 Taxation recovernble Accrued income and prepaid expenses 5,589 8,112 13,701 3,450 22.735 26,185 CREDITORS.. AMOUNTS FALLING DVEwrrHIN ONEYEAR 2025 2024 Taxation, Social secvrity and pensions Monies received in advance Other credrtor5 and accruals. 326 343 2.810 16.798 27.917 21,239 6.666 Loan from Diocese Other Loan (see note 181 31,fOO 56,165 10. CREDITORS: AMOUNTS FALLING DUÉ AFTER ONE YEAR 202S 2024 Loan frorn Diocese 6,667 6,667 The above loan is repayaNe in thTee equal annual installments frorn July 2024. IL PENSION COMMITMENTS The PCC operates a defined contrlbutlon pension scheme lor it5 employees. The assets of Ihe scheme are held Separately frorn those of the PCC. Atthe ba13n£e sheet date £142 was due to the fund12024.. £2311. 22 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY. WEST KENSINGTON NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 12. CApifAi COMMITMENYS At the year end date there were no unprovided capltal commitments for whlch the PCC had author¢sed or contTarted for12024.. £Nill. 13. ANAiYSIS OF NET ASSETS BY FUND General Restricted Total Funds Funds 2025 Fixed assets 3.899,295 47,826 I31,6￿} 3,915,521 3.899.295 83.438 131,6001 3,951,133 Current a55ets 35,612 Creditors Fund balance 35.612 14. GENERAL FUNDS General Fund5 comprise those funds which the PCC Is free to use in order to further the work of the Church. Funds Surplus I Funds Brought Forward Carrled in year Forward Accumulated funds Churih -operating reserves 19,468 19,468 19.371 19,371 38,839 38.839 Investment property reserye 2,882,095 2.882,095 1289,0381 1289,0381 2,593,057 2,593,057 Funttional property ￿serve 1.286.250 1,286,250 12,6251 12.6251 1,283,625 1.283,625 Total 8eneTal funds 4,187,813 1272,2921 3,915,521 Churth reserves represent the free reserves of the PCC. Investment property rese￿e5 relate to the unrealised surplu5 attributable to the let part of the property situated at 3 Edith Road and the entire let property Sltvated at 72 Ediih Road. Funttional property reseNes relate to ihe capitali5ed proportion of the property situated at 3 Edith Fload used by the PCC. 23 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY. WEST KENSINGTON NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 310ECEMBER 2025 15. RESTRicfED FUNDS Funds Brought Forward Funds Receiveil in year Funds used Carried Forward Children'5 worker 5,435 4.328 1,107 Kitchen and flower room refurbishment fund 6,305 1.200 5,105 Church Refitrrblshment 5,648 5,648 Chvrch weekend lund 143 143 sp￿lfi¢ missionary Sound Systern 270 270 20.155 20,195 Outreach fund 3,414 3,414 Vicara8e bi115 2,309 2.309 35,665 8,054 8.107 35.612 Children'5 worker.. ThSs refers to donations received to cover the cost of the chlldren's worker salary and expenses. Kftichen andflower room relurbishmentfund.. Thi5 fund relates to monie5 received speclflcal iowards the refurbishment and up8rade ol the church kitchen and flower room. Church Refvrbi5hment.. This relates to monies received toward5 replacemenvrefurbishment of the church chairs. Church weekend.. Th15 fund relates to the unexpended monies collected for the church weekend. Specific missiont7ry = This relate5 to monies specthcally collected and expended for mission giving. the details of which can be found in note 17. Soundsystem.. This relatesto monies collected towards the installation of a sound system. Outreoch Fund.. This relatesto monies collected towards outreach activlries of the church. Vicorage 8i11s.' Thi5 relates to a 8rant from HolyTrinity Brompton to cover t*e costs of a VKara8e EDF bill. 24 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WE￿ KEN51NGTON NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2025 17. GRANTS During the year, the PCC made the following external and charitable 8iving= To UKorgunls•tlons ondlnd1v1dt￿1s.' Tear Fund 300 300 300 CMS csw Baron'5 Court Proje Shelter Comrnunity Bishop's Discretionary Fund Overseos Mlsslons 300 loo 270 GLO Total 1,.570 18. RELATED PARTIES As permitted by the provision5 of srftion 3a of the Parochial Church Councils IPower51 Measure 1956. no members of the PCC were remunerated during the year in their capacity as employees of the Church. Donatlons received frorn related parties Ipcc Members) for the year totalled £4,58012024-. £7,532). Cfeditors include £5,C4JO owed to Ele8r￿r Davies (Treasurer and PCC memberl for an interest Iree loan received in the year under review. The amount owed wa5 fully repald after the year end. 25