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2025-12-31-accounts

REGISTERED COMPANY NUMBER: 08242432 (England and Wales) REGISTERED CHARITY NUMBER: 1149601

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 December 2025

for

ST MICHAEL'S CHURCH CENTRE LIMITED

ST MICHAEL'S CHURCH CENTRE LIMITED

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2025

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 26

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

St Michael's Church Centre Limited (SMCC) was established in October 2012, with the main charitable purpose being "to advance the Christian religion". In 2013, the SMCC became "Trustee for all purposes" (ie both Custodian and Managing Trustees) for all the assets of the Old School Rooms Trust.

The overall vision of SMCC is to provide quality facilities, primarily for the congregation of St Michael's Church and associated church groups as well as the wider community and corporate, regional and national organisations. The Trustees believe these objectives benefit the communities which they wish to serve.

Significant activities

The first occupational stage of the new buildings was completed in April 2015, and from that time, the Church Centre has been the venue for the 10.30am family church services and the 6.30pm informal evening services, baptisms, weddings, and funerals. The Church Centre has also been increasingly used to host community events as well as an expanding variety of Christian events.

Practical examples of the expanding activities include hosting the Bristol-wide Bible-Study-Fellowship on a weekly basis, monthly Messy Church, and a variety of Bristol choirs, as well as children's and youth-work within the premises, and an expanding ministry to the growing over-65's population of Stoke Gifford and the surrounding area.

Community events include Robot Wars, local choirs, St Michael's Church Primary School events, St Michael's Church over-65's lunches and Summer Club.

The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's guidance on Public Benefit when planning and reviewing the objectives and activities of SMCC.

Grantmaking

As part of the Heart of the Community Project, it is the intention that 10% of the internally generated funds will be available for mission work both in the UK and overseas as the project progresses. The concept of "mission" has been extended to include the support of churches in the region who are struggling to fulfil their missionary and community outreach ambitions. Tithe funds have been set aside for charitable grants to be made during 2025. During 2025, grants of £15,050 were made to overseas missions, and then the residue of the SMCC HOTC tithing commitment of £46,000 was transferred to the St Michael's Church PCC, with the responsibility to conclude that commitment.

Volunteers

Much of what happens at the Church Centre is driven by volunteers. It is not possible to quantify the contribution of volunteers except to say that the charity would not be able to carry out many of its activities without them.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities - review of the year

The main user of SMCC is St Michael's Church congregation and its staff and administration. When rooms are available, regular church bookings include a Men's Group, Life Groups, Messy Church, Beehive, Link Club, and Saturday Breakfast. Space is provided for youth work in the form of Sunday Club, and youth activities throughout the week.

There is a quarterly over 65s lunch and the Church Centre is increasingly being used regionally and nationally to host events.

Page 1

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Impact

The facilities are making a significant impact locally and regionally and there is a steady and noticeable increase in footfall. Users of the facilities include individuals, charities and larger organisations.

SMCC provides the facilities for the Coffee Shop, operated by St Michael's Church, which is open 6 days a week. The facility is used outside opening hours for marriage/wedding preparation, parenting courses, ALPHA courses, community library and student groups. The Church Centre provides space for a number of groups including several uniformed groups. Residual space is also used by a number of community groups including Music with Mummy, Men's Group, Stokes Volunteer Bureau, Keep Fit (dance class) and Link Club (senior citizens). The Church Centre is also used for commercial purposes, wedding receptions and birthday parties. The Trustees of SMCC are delighted with the increase in usage for Christian and community events that has been seen during 2025.

As the local community expands due to regional development, there is a need for communities to meet together. Comments from a whole range of users are continually fed-back to the Trustees of how important the facilities have become in building community and in offering much needed support as government-sponsored support services come under threat.

FINANCIAL REVIEW

Principal funding sources

The primary source of incoming funds has been the sacrificial donations (both regular and one-off) from individual members of St Michael's Church congregation to build-out the SMCC facilities to completion. St Michael's Church PCC is the highest single-user provider of funds to the SMCC reflecting the major use of the centre for the mission and ministry of the PCC.

The most significant source of externally-generated income comes from the hiring of the facilities to a wide range of users, including other churches, charities, community groups, the general public, and corporate groups if there is sufficient space available.

During the year a contribution of £145,000 (2024 - £145,000) was made by Stoke Gifford PCC to SMCC as payment for the church use of the buildings.

One of the four main objectives of the Heart of the Community (HOTC) project, (being an integral part of the SMCC), was to provide 10% of internally-generated donations to mission in the UK and overseas. As noted above, £15,050 of grants were made during the early part of 2025, and the residue of tithe funds of £46,000 were transferred to the PCC in July 2025 to fulfil that obligation.

The SMCC is registered as partially exempt for VAT purposes, which has resulted in charging irrecoverable VAT during the year of £22,638 (2024 - £25,384) to the SOFA.

Page 2

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Reserves policy

At the year end, there were total reserves of £5,993,270 (2024 - £6,025,328) of which £733 (2024 - £733) was held in restricted funds and £5,833,385 (2024 - £5,963,533) in designated funds.

It is the intention that general reserves will be at least 3 months' annual operating expenditure of running the Church Centre, which currently equates to £133,000 based on 2025 operating expenditure.

At the year end, free reserves were £159,152 (2024 - £61,062). Free reserves are measured as the General Fund balance, less any fixed assets held in the fund.

A designated fund of £5,833,385 (2024 - £5,875,497) represents the net book value of the Church Centre building and related fixed assets and can only be realised by the disposal of the fixed asset. During the year, the fixtures and fittings were transferred to the fund.

FUTURE PLANS

The intention is that SMCC will continue to grow, develop and flourish in the provision of high-quality facilities, for the church and congregation of St Michael's PCC and the community in which it is based. It is the intention of the Trustees to continue to apply surplus funds into the on-going development of the Church Centre for the benefit of all church user-groups and the wider community.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is governed by its Memorandum and Articles of Association adopted on 5 October 2012, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. During 2013, a Scheme was set up with the Charity Commission under the Charities Act 2011 to discharge the Bristol Diocesan Board of Finance Limited as custodian trustee of the assets of the Old School Rooms Trust (OSRT) and appoint St Michael's Church Centre Limited (SMCC) as "Trustee for all purposes". The Scheme also provided for the transfer of title to the land previously held by the OSRT to SMCC as custodian trustee.

The Board of SMCC meet regularly throughout the year to review the activities of the charity. As a result of that review, the Objective clause in the Memorandum and Articles of Association was expanded in 2024 as follows:

"The charitable purposes of the Charity are to advance the Christian religion by providing facilities for St Michael's Church (Stoke Gifford) and other Christian organisations locally, regionally and nationally, for meetings, mission and outreach and, provided there is sufficient capacity remaining, to offer the facilities to local schools, community groups, charities and to other users, in a noticeably Christian setting; and any such other charitable purposes as shall, in the opinion of the Trustees, put into practice the Christian Religion, including but not limited to prevention and relief of need, hardship and sickness; the advancement of education; the provision of facilities in the interests of social welfare for recreation or other leisure time of groups and individuals which have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving conditions of life; provided that the advancement of such purposes be undertaken in a manner consistent with the Christian religion."

This amendment has been approved by the Charity Commission and at Companies House.

Recruitment and appointment of new trustees

The Memorandum and Articles state that there must be at least three members at all times. Not more than three trustees may be appointed by resolution of the PCC. The PCC may remove any trustee it has appointed and may fill any vacancy arising amongst the three trustees it is entitled to appoint. All other trustees shall be appointed by resolution of the Trustees. Trustees are elected to serve for a period of three years at a time.

Page 3

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees

Trustees receive a short induction which includes review of the previous minutes, an update from an existing trustee and are required to review the publication 'The Essential Trustee' issued by the Charity Commission.

Staff remuneration

All staff who work for SMCC are also jointly employed by St Michael's Church PCC. The costs of those staff are on the payroll of St Michael's PCC but shared by both charities and are re-charged by a management charge agreed annually between the Trustees of the two charities.

All St Michael's Church PCC employees are remunerated by reference to a standard salary-band matrix, which is comparative to other large churches within the Bristol area.

Related parties

None of the Trustees received remuneration or other benefit from their work with SMCC. In the current year no other related party transactions took place with the Trustees.

St Michael's Church PCC is a related party of St Michael's Church Centre Limited (SMCC). SMCC is responsible for the construction and operation of the St Michael's Church Centre. The Church Centre is the continuing expression of the vision of St Michael's Church of 'Living to make a difference, by being a Christian heart at the centre of our communities'. SMCC and St Michael's Church PCC have two trustees in common.

Risk management

The major risks to which the charity and each trustee is exposed have been reviewed and, where appropriate, systems and procedures have been established to manage those risks.

The Trustees operate a risk management process. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of managing or mitigating the risks. The main risk to SMCC is the risk shared by all organisations by their users facing the financial pressures of the economy and that of the Middle East. However, the Trustees regularly review cash-flow projections at the Trustees' board meetings, and are satisfied that, based on the last 5 years track record and experience, SMCC remains financially healthy and solvent for the foreseeable future.

The other risks which occur within the day-to-day operation of the Church Centre are reviewed regularly by the appointed management responsible for the care of children, adults and Health and Safety within the PCC and SMCC.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08242432 (England and Wales)

Registered Charity number

1149601

Registered office

St Michael's Church Office The Old School Rooms The Green, North Road Stoke Gifford Bristol BS34 8PD

Page 4

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees

C Bradley Treasurer (resigned 26.6.25)

S Denning (resigned 16.9.25) C Sweetnam R J Farrell D R Pilch K Bridgford R Fairchild

Auditors

Gravita Audit Western Limited Chartered Accountants and Statutory Auditors 2nd Floor, South One Castle Park Tower Hill Bristol BS2 0JA

Bankers

Lloyds Bank 61 Gloucester Road Patchway Bristol BS34 5JH

Web addresses

www.stmichaelsbristol.org

Page 5

ST MICHAEL'S CHURCH CKNfRE LIMrrED Report of the TruJtee4 FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT OF TRusfEES' RESPONSIBILITILS The Trusi¢cB {who arc &150 the director8 of St Michael's Church C¢nts¢ Lilljited for Ihc PLfP)a¢s of con¥Jaoy law) are responsible for prepar]Dg the Re[￿ of the T￿rtees and the finan￿al statrments ID ￿cOrdanCe with applicable ]aw and Unit￿1 Kingdom Accountin8 StandaTd8 (Unit>l KErgdom Gcncrally Accepd AccouDtLn8 PrBctice) iocludt'n8 FitJJn¢ial Rep)rhn8 StaJ]dard 102"Tr FiJwKial RwD8 apph'cable tn the UK ard Repthli¢ of IreFand' Company lawl¢qu￿tt the Trustees to tKepre fiDan¢thl for each year ￿l'ch 8ive a true and fair view of thc state of affairs of the chan"tsble cornFAny and of the incom￿8 resouwes and applscati¢)ll of re))JrcDBble Jteps for the prevention ￿ d¢¢tson of otlRr 'tseg. In so far as the Tn￿¢￿ ore aware.. . there EJ no relevant audit Lnforllwlioti of whi¢h the chaTitsble comEny'8 a￿aItOrS 4T¢ UDAware: and . the Tru8t¢¢8 hAv¢ taken all sty th&t tlw ou8ht ￿ bttve tskert to m&k¢ th¢ll￿1￿ hware of any ftlev8nt &￿jit infonnalion nd to ostablith thatthe I￿1110T¥ ar¢ ATh7Te of that infornxbon. AUDllORS The ￿￿"t0￿, Gravits A￿.1 We8tern Lumtr4 vAll be prop￿Sed for re-•Ptx>inttrnt At tlLe fortFomJn8 Annual Oen¢ral M¢¢ti Thl's rerK)rt hDs been prepar¢d in ac*)rdw with tbe specthl w0vigi0￿ of Part 15 of thE Compniey Act 2(X)6 r¢laiin8 to 8mBII compaTUt3. Approved by ord¢r of th¢ b)ard of IT￿rtee$ on............ .. 2oiG.. ard sJ8n¢d on iLq behalf by.. R J F￿r¢I1- Tnmt¢¢

Report of the Independent Auditors to the Members of St Michael's Church Centre Limited

Opinion

We have audited the financial statements of St Michael's Church Centre Limited (the 'charitable company') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 7

Report of the Independent Auditors to the Members of St Michael's Church Centre Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

Report of the Independent Auditors to the Members of St Michael's Church Centre Limited

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the charitable company and the sector in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, The Charities Act 2011 and the Charities SORP.

We obtained an understanding of how the charitable company is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant meeting minutes and review of correspondence with regulatory bodies.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 9

Report of the lthd¢pend¢Sht Auditors to th¢ Members of St Ml¢bgell$ Chur¢h CeNtrt LiThlted Use of our report This report is made solely to the Charitable compatsls m¢mb¢r& a5 a body. iu accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertthts so that we might state to the clwitable compaoy's membe[5 those ￿￿tter8 we are required to state to them ID an auditors, r¢port and for no other purpose. To the fullest extfflt pennitted by law. we do not accept or ossume respottsibility to attyone other than the charitable company and the eharitable compaDys tnembers as a bodyj for OUT audit work, for this T¢porL or for the opinions we have for￿￿1. Y-knL.M_ Matth¢w BTacher Bsc FCA (Senior Stattknry Auditor) for and on behalf of Gravita Audit Western Litnited Chart¢red Accountants and Statutory Auditor5 2tLd Floor. South One Ca5tl¢ Park Tower Hill Bristol BS2 OJA Date.. .2L).....JO.￿..2D.&ts Page 10

ST MICHAEL'S CHURCH CENTRE LIMITED

Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Management of the Church Centre
Raising funds
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Management of the Church Centre
Heart of the Community
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
CONTINUING OPERATIONS		 Unrestricted
funds
£
155,586
144
344,381
548
500,659
53,837
432,830
46,050
-
532,717
(32,058)
6,024,595
5,992,537		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
733
733		 2025
Total
funds
£
155,586
144
344,381
548
500,659
53,837
432,830
46,050
-
532,717
(32,058)
6,025,328
5,993,270		 2024
Total
funds
£
437,631
145,144
311,728
5,446
899,949
54,666
539,626
27,050
2,714
624,056
275,893
5,749,435
6,025,328

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 11

ST MICHAEL'S CHURCH CENniE L[￿IrrED (REGll￿ER￿D NUMBER: 08242432) 31 DECEMBER 2025 2025 Total fwids 2024 Totsl Re5￿ctsd Not¢s FIXED A&8ETS Tan￿b]e assets 14 5333J85 S￿53)85 5.875,498 Debtor8 Cash at Is 36JlJ7 141,726 36J07 141459 45.376 127.311 733 I78￿33 733 178.766 172,687 CREDrroRS Aft￿ull￿ fallJn8 du¢ within s)ne ye 16 (18381) {18881> (22,857) NET CURRENT ASSETS 159,152 733 15985 149.830 TOTAL ASSETS LLSS CURRE LIABILITIES 5.992J37 733 5993270 6.025.328 ET ASSETS 5992J37 733 5,993370 6,025,328 18 lJrtrestricted fu￿￿ 5,992J37 733 6.024.395 733 TOTAL FUNDS 5,993370 6,025.328 Thest fJn&nci&l 5tat¢ments E¢¢n FY¢pred in Accor￿ with th¢ provilions &Fyli¢abl¢ to obDritable Gompam¢s subject The fu)anciai Jtatcnnts Mrr¢ 8pryova by tl* Bojrd of Tn•tru aryl thuknri•ed for issue oll .... . . and Mere si￿ed on its beha]f by". R J Fa￿ell. Tru%tr¢ Pag¢ 12

ST MICHAEL'S CHURCH CENTRE LIMITED

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2025
£
31,898
-
31,898
(17,298)
548
(16,750)
-
-
15,148
127,311
142,459		 2024
£
301,457
(2,714)
298,743
-
5,446
5,446
(451,799)
(451,799)
(147,610)
274,921
127,311

The notes form part of these financial statements

Page 13

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by operations		 2025
£
(32,058)
59,410
(548)
-
9,069
(3,975)
31,898		 2024
£
275,893
59,006
(5,446)
2,714
(21,263)
(9,447)
301,457

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25 Cash flow At 31.12.25
£ £ £
Net cash
Cash at bank 127,311 15,148 142,459
127,311 15,148 142,459
Total 127,311 15,148 142,459

The notes form part of these financial statements

Page 14

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charity is a company, incorporated in England and Wales, limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £1 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up. The address of the registered office is given in the charity information on pages 4 to 5 of these financial statements.

The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.

The financial statements have been prepared on a going concern basis after consideration by the Trustees. The Trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Income

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The value of services provided by volunteers has not been included.

Voluntary income

Donations are recognised when received and gift aid is recognised on an accruals basis in line with the donation. Grants are also recognised on a receivable basis. Pledges are not recognised until they are received.

Grants and legacies to the charity are accounted for as soon as the charity is notified of its legal entitlement and the amount due.

Investment income

Investment income is recognised on an accruals basis and represents income from deposit funds, short and long term investments.

Rental income

Rental income and the provision of refreshments and other services to hirers, is recognised within other trading activities and is accounted for in the period to which the event takes place.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a support commitment but not accrued as expenditure.

Page 15

continued...

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

Raising funds

Costs of raising funds are recognised on an accruals basis in the period to which they relate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 5 years straight line (equipment) Fixtures and fittings - 15 years straight line (kitchen) Freehold property (excluding land) - 50 years straight line (fit-out) Freehold property - 200 years straight line (construction)

All fixed assets are initially recorded at cost. The cost of construction of the church centre, including on surveying and engineering costs, has been capitalised. Depreciation has been charged for the full year on additions.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Designated funds form part of the unrestricted funds and have been identified as being for particular purposes by the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors

Debtors are measured on initial recognition at settlement amount after any amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Creditors

The charity has creditors which are measured at settlement amounts.

Cash and short term investments

Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 16

continued...

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire.

2. DONATIONS AND LEGACIES

Donations
Gift aid
RAISING FUNDS
Fundraising events
Room hire
Refreshments and other services
Other income		 2025
£
154,851
735
155,586
2025
£
731
248,541
94,124
985
344,381		 2024
£
353,231
84,400
437,631
2024
£
262
214,174
92,880
4,412
311,728

3. RAISING FUNDS

continued...

Page 17

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Contribution for Church use
Management of the Church Centre
6.
RAISING FUNDS
Other trading activities
Cost of fundraising events
Costs of refreshments and other services
7.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 8)
£
Management of the Church Centre
411,480
Heart of the Community
-
411,480		 Grant
funding of
activities
(see note
9)
£
15,000
46,050
61,050

continued...

Page 18

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

Rates and water
Insurance
Light and heat
Contribution to PCC for cleaner and caretaker
Contribution to PCC for administrator
Contribution to PCC for facilities & hospitality staff
Repairs and maintenance
Cleaning
Licences
Other professional fees
Office, admin and training
Irrecoverable VAT
Bad debts written off
Bank charges
Depreciation
9.
GRANTS PAYABLE
Management of the Church Centre
Heart of the Community
The total grants paid to institutions during the year was as follows:
The Brickworks
Christ The King Bradley Stoke
Holy Trinity Church Stapleton
Moldova Mission
Stoke Gifford PCC - Ministry and Mission
Stoke Gifford PCC - Church Refurbishment
Returned grants		 2025
£
5,008
9,796
57,278
-
37,467
110,739
60,682
36,929
196
34
11,303
22,638
-
-
59,410
411,480
2025
£
15,000
46,050
61,050
2025
£
10,000
-
-
-
46,000
-
-
56,000		 2024
£
4,413
9,398
78,412
1,028
34,464
95,366
73,441
36,097
170
34
8,869
25,384
256
808
59,006
427,146
2024
£
107,000
27,050
134,050
2024
£
10,000
5,000
3,500
5,050
30,000
77,000
(6,500)
124,050

continued...

Page 19

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

9. GRANTS PAYABLE - continued

The total grants paid to individuals during the year was as follows:

The total grants paid to individuals during the year was as follows:
The Brickworks
Moldova mission partners		 2025
£
50
5,000
5,050		 2024
£
-
10,000
10,000

In accordance with the expressed desire to tithe at least 10 per cent of donations to the Heart Of The Community project £253 (2024 - £42,825) has been set aside in the Tithe Fund (designated) to be available for grant funding and £61,000 was expended during the year (2024 - £57,050).

10. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Management of the Church Centre 6,350
Support costs, included in the above, are as follows:
Governance costs
2025 2024
Management
of the
Church Total
Centre activities
£ £
Auditors' remuneration 4,380 3,780
Auditors' remuneration for non audit work 1,970 1,700
6,350 5,480

continued...

Page 20

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025 2024
£ £
Auditors' remuneration - audit 4,380 3,780
Accounts preparation 1,970 1,700
Depreciation - owned assets 59,411 59,006

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Management of the Church Centre
Raising funds
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Management of the Church Centre
Heart of the Community
Other
Total
NET INCOME/(EXPENDITURE)		 Unrestricted
funds
£
437,631
145,144
311,728
5,446
899,949
54,666
539,171
27,050
2,714
623,601
276,348		 Restricted
fund
£
-
-
-
-
-
-
455
-
-
455
(455)		 Total
funds
£
437,631
145,144
311,728
5,446
899,949
54,666
539,626
27,050
2,714
624,056
275,893

continued...

Page 21

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
14.
TANGIBLE FIXED ASSETS
COST
At 1 January 2025
Additions
At 31 December 2025
DEPRECIATION
At 1 January 2025
Charge for year
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 ACTIVITIES - continued
Unrestricted
Restricted
funds
fund
£
£
5,748,247
1,188
6,024,595
733
Fixtures
Freehold
and
property
fittings
£
£
5,940,976
259,461
-
17,298
5,940,976
276,759
213,782
111,157
42,761
16,650
256,543
127,807
5,684,433
148,952
5,727,194
148,304		 Total
funds
£
5,749,435
6,025,328
Totals
£
6,200,437
17,298
6,217,735
324,939
59,411
384,350
5,833,385
5,875,498

The asset value of freehold property of £5,684,433 in the Balance Sheet represents the cumulative expenditure on the acquisition of the land, all construction costs and associated professional fees incurred to date less depreciation.

continued...

Page 22

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors - room hire
owing
Prepayments
Income tax recoverable
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Accrued expenses		 2025
£
36,307
-
-
36,307
2025
£
12,800
1,081
5,000
18,881		 2024
£
27,999
17,297
80
45,376
2024
£
6,441
3,004
13,412
22,857

The analysis of the maturity of the CAF loan, in the prior year, reflected the intent to repay the loan rather than the legal terms of the loan agreement.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2025
£
637
954
1,591		 2024
£
637
1,591
2,228

continued...

Page 23

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

18. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General Fund
Heart of the Community Fund (designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
Fabric Fund (designated)
Restricted funds
Library Fund
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General Fund
Heart of the Community Fund (designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
TOTAL FUNDS		 At 1.1.25
£
61,062
-
5,875,498
60,747
27,288
6,024,595
733
6,025,328
as follows:		 Net
movement
in funds
£
82,621
5,731
(59,410)
(61,000)
-
(32,058)
-
(32,058)
Incoming
resources
£
494,878
5,781
-
-
500,659
500,659		 Transfers
between
funds
£
15,469
(5,731)
17,297
253
(27,288)
-
-
-
Resources
expended
£
(412,257)
(50)
(59,410)
(61,000)
(532,717)
(532,717)		 At
31.12.25
£
159,152
-
5,833,385
-
-
5,992,537
733
5,993,270
Movement
in funds
£
82,621
5,731
(59,410)
(61,000)
(32,058)
(32,058)

continued...

Page 24

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General Fund
Heart of the Community Fund (designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
Fabric Fund (designated)
Church Refurbishment Fund (designated)
Restricted funds
Library Fund
TOTAL FUNDS		 At 1.1.24
£
127,453
(338,689)
5,769,955
74,972
37,556
77,000
5,748,247
1,188
5,749,435		 Net
movement
in funds
£
45,468
434,204
(59,006)
(57,050)
(10,268)
(77,000)
276,348
(455)
275,893		 Transfers
between
funds
£
(111,859)
(95,515)
164,549
42,825
-
-
-
-
-		 At
31.12.24
£
61,062
-
5,875,498
60,747
27,288
-
6,024,595
733
6,025,328

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund
Heart of the Community Fund (designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
Fabric Fund (designated)
Church Refurbishment Fund (designated)
Restricted funds
Library Fund
TOTAL FUNDS
Funds		 Incoming
resources
£
462,812
437,087
-
50
-
-
899,949
-
899,949		 Resources
Movement
expended
in funds
£
£
(417,344)
45,468
(2,883)
434,204
(59,006)
(59,006)
(57,100)
(57,050)
(10,268)
(10,268)
(77,000)
(77,000)
(623,601)
276,348
(455)
(455)
(624,056)
275,893

Heart of the Community Fund (designated)

This represents the Heart of the Community Project asset value, excluding fixed assets. The loans have been fully repaid in the year and the project is complete. £5,731 was transferred to the General fund.

Page 25

continued...

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

18. MOVEMENT IN FUNDS - continued

Funds - continued

In the prior year, a transfer of £95,515 was made from the Heart of the Community Fund to the General Fund in recognition of a refund of the PCC contribution for church use of the Church Centre.

Church Centre Property Fund (designated)

Representing the net book value of the Church Centre building and other fixed assets. Depreciation for this year has been charged to this fund accordingly. A transfer of £17,297 was made representing fixed assets purchased during the year.

Tithe fund (designated)

A transfer was made into this fund of £253 (2024 - £42,825) to represent the annual designation of HOTC gifts received for mission payments.

Fabric fund (designated)

Created to set aside a fund for current and future provisions for maintaining the fabric of the Church Centre. During the year, a transfer was made out of this fund of £27,288 (2024 - £NIL).

Library fund (restricted)

This represents funding provided specifically for the development of the community library, a joint initiative with South Gloucestershire Council.

Church Refurbishment Fund (Designated)

This represented funds set aside from the General Fund to reflect the Trustees' decision to earmark £77,000 for the refurbishment of the church building in the future. The balance of £77,000 has been gifted to St Michael's Church PCC during the previous year and is included in the grants disclosure per note 9.

19. RELATED PARTY DISCLOSURES

During the year, a contribution of £145,000 (2024 - £145,000) was received from Stoke Gifford PCC in recognition of the use of the Church Centre and Old School Rooms for church activities.

Contributions of £37,466 (2024 - £34,464) and £110,739 (2024 - £96,394) have been paid to Stoke Gifford PCC in recognition of work carried out by employees who are jointly employed by the PCC and SMCC, for administration and building maintenance of the Church Centre respectively.

Donations from Trustees and related parties

The aggregate donations received from the Trustees were £13,450 (2024 - £13,450).

Other related party transactions

During the year grants of £10,000 (2024 - £10,000) were paid to The Brickworks. SMCC and The Brickworks had one trustee in common at the start of the previous year.

Page 26