OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-12-31-accounts

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

Charity number: 1154084

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 17

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees

Rev. Charlie Skrine James Brightwell Steven Ho Robert Turner

Charity registered number

1154084

Principal office

All Souls Church, Langham Place 2 All Souls Place London W1B 3DA

Accountants

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Bankers

National Westminster Bank Plc Waterside Court Western Avenue Chatham Maritime Kent ME4 4RT

Insurers

Trinitas Church Insurance Services Blenheim House 1-2 Bridge Street Guildford Surrey GU1 4RY

Page 1

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report together with the financial statements of the charity for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Trust’s governing document, the Charities Act 2011 and 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) published in October 2019.

The working name of the charity is St. Paul's Trust.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The Trust exists to apply its resources for the ecclesiastical purposes of the parish of All Souls, Langham Place. Established by The Saint Paul, Portman Square, Saint Marylebone Act 1964, the Trust was originally formed to assist the Christian work being carried out in the former parish of Saint Paul, Portman Square. Under a Pastoral Scheme dated 26 October 1988, that parish was united with the parish of All Souls with Saint Peter and Saint John, Saint Marylebone, thereby expanding the Trust's objects to encompass the wider ecclesiastical purposes of the parish of All Souls, Langham Place.

The primary mission of the St. Paul's Trust is to support the gospel ministry of All Souls, Langham Place. It does this by providing facilities and, to the extent possible while taking account of outgoings and the need for reserves, financial support. The former parish church building, held by the Trust and located on Robert Adam Street ('SPRAS'), serves as a chapel of ease within the parish and is a central asset for community and parish activities.

b. Grant-making policy

The charitable objects of the Trust are the ecclesiastical purposes of the parish which is the parish of All Souls, Langham Place, of which the Trust forms a part. The trustees' policy is to financially support the ongoing ministry and mission of the parish by distributing available funds on an annual basis, primarily out of income not required to meet the Trust's own operating expenses. Grants from capital are also made when possible, consistent with the trustees' reserves policy. These grants are given to the PCC of All Souls, Langham Place, to be used for the unrestricted benefit of the parish. The funds may be applied for a wide range of activities, including ministry, outreach, and operational support. These are consistent with the parish's objectives and activities, which are in accordance with the Charity Commission's guidance on public benefit, and which are the very purposes for which the Trust exists. This policy reflects the trustees' commitment to supporting financially the spiritual and missional objectives of the parish.

c. Public benefit compliance

The Trustees confirm they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and when planning future activities.

During 2025, the Trust delivered public benefit by continuing to maintain and provide critical building infrastructure and logistical support for a wide array of central London ministries, educational groups, and community initiatives. By generating rental income from its property portfolio and deploying strategic grants, the Trust directly supported the advancement of the Christian religion, funded local parish outreach, and provided subsidised spaces for religious, educational, and community activities that benefit the congregation and the wider public.

Page 2

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

a. Review of activities

• The parish of All Souls Church used the SPRAS building to host regular family lunches for children under 11, congregational meals, men's breakfasts, Christian conferences, and a range of other ad hoc church ministry activities.

• The Trust continued to provide the premises to Wetherby Boys School, located in our local community, on a weekly basis for school activities.

• Provided grant funding to All Souls Church to support its ongoing ministry.

• Undertook works to the SPRAS building, including repainting and weatherproofing the church space, the church hall (Blue Lounge), and the lobby and stairwell. Works to refurbish the toilet facilities at SPRAS were also scheduled for 2026 and have now been completed as of the date of this report's approval.

• Christianity Explored moved to a new home after being very welcome tenants of the Trust. The Langham Arts Trust was also relocated from the ground-floor offices to a new home at the All Souls Clubhouse in Fitzrovia.

• A new tenant, a healthcare foundation, was secured for the lower-ground-floor office space. The ground floor offices remain vacant, with a new tenant scheduled to move in in mid-2026.

b. Investment policy and performance

The Trust’s liquid investment portfolio continues to be overseen under a mandate focused on long-term capital preservation, with flexible liquidity to meet periodic grant requests. As of 31 December 2025, the charity’s listed holdings, invested within the Charity Assets Trust 'C' accumulation shares managed by Ruffer Investments, stood at a market value of £360,584.

Reflecting a broader recovery in the financial markets during 2025, the portfolio generated a net investment gain of £29,295 for the year, reversing the market drawdown experienced in the prior reporting period. The trustees remain satisfied with the fund manager’s defensive positioning and review asset allocations quarterly.

FINANCIAL REVIEW

Throughout the year ended 31 December 2025, the trustees successfully managed the charity’s baseline income streams to fund ongoing parish commitments, building repairs (both essential, and to facilitate the letting out of office space), and ministry grants.

Total income for 2025 was £235,562. The primary source of this revenue remains the Trust's strategic property portfolio, with property room rentals contributing £103,147, garage leaseholding contributing £20,801, and investment property rentals contributing £66,371.

Total expenses for the reporting period were £417,194. The most significant component of charitable expenditure consisted of grants, comprising £160,000 distributed to the PCC of All Souls, Langham Place, to support ministry and parish outreach. Property-related expenditure, encompassing redecoration work and routine asset maintenance, accounted for £71,013, alongside £7,789 in legal, governance, and independent examination fees. This resulted in net expenditure of £147,769 before net gains on investments, which was absorbed by the Trust's accumulated reserves, and to which the trustees had regard when making grants. The Trust made net unrealised gains of £2,908,863 on its investments and investment properties.

Page 3

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The combination of diversified income streams, substantial property assets, and the loan facility provides a solid foundation for continued operations. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The trustees implement a structured reserves policy designed to insulate the charity’s core grant-making capabilities from timing mismatches associated with fluctuating property revenues, lease renewals, or sudden capital maintenance requirements. The established policy framework requires the Trust to maintain a minimum level of cash and investments equal to two times the charity’s annual expenditure (excluding grants and depreciation).

For the year ended 31 December 2025, expenditure (excluding grants and depreciation) amounted to £145,708. Under the policy’s baseline parameters, the minimum required reserve threshold is calculated at £291,416.

At the balance sheet date of 31 December 2025, the Trust held unrestricted cash balances at bank and unencumbered fixed asset investments totalling £367,928. The charity concludes the financial year in a strong position, substantially exceeding its baseline target threshold. This surplus liquidity provides the trustees with sufficient operational flexibility to evaluate upcoming capital funding commitments for the parish and manage unforeseen asset maintenance contingencies over the next twelve months.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution and governing document

The charity is governed by The Saint Paul, Portman Square, Saint Marylebone Act 1964 and is a registered charity (number 1154084).

b. Methods of appointment or election of trustees

The management of the charity is vested in the trustees. New trustees are appointed by the existing trustees based on the specialised skills and/or experience they bring to the board.

c. Related party relationships

Rev’d Charlie Skrine, a trustee of the charity, is also the Rector of All Souls, Langham Place. James Brightwell and Steven Ho were members of the PCC of All Souls Langham Place during 2025. All transactions with All Souls Church have been carried out for the benefit of the parish. Details of creditor balances and loan agreements with related entities are disclosed in the notes to the financial statements.

Page 4

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

FUTURE PLANS

• Maximise the long-term value and structural integrity of the primary building on Robert Adam Street ('SPRAS') by establishing a dedicated capital fund to fund essential building upgrades, weatherproofing, and facility modernisation.

• Focus on securing a stable, long-term commercial tenant to fully occupy the SPRAS building, ensuring a reliable, recurring revenue stream that supports the Trust's financial stability.

• Optimise remaining spaces by securing long-term tenants for any vacant office areas, while continuing to provide building access for community users, including the vacant parking spaces at the SPRAS premises.

• Establish a predictable, multi-year funding structure to better support the ministry of All Souls, Langham Place.

• Reduce financial risk by expanding income streams beyond property rentals and continuing to ensure sound investment of the Trust’s charitable funds.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the The Saint Paul, Portman Square, Saint Marylebone Act 1964. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of trustees and signed on their behalf by:

................................................

Steven Ho Treasurer

Date: 23 July 2026

Page 5

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

Independent examiner's report to the trustees of The Trusts Declared by The St. Paul's (Portman Square) Act 1964 ('the charity')

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  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 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.

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.

Signed: Dated: 23 July 2026 Richard Hill FCA

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Page 6

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income from:
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net expenditure before net gains/(losses) on
investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
124,206
111,356
235,562
55,430
361,764
417,194
(181,632)
2,908,863
2,727,231
8,984,471
2,727,231
11,711,702		 Total
funds
2025
£
124,206
111,356
235,562
55,430
361,764
417,194
(181,632)
2,908,863
2,727,231
8,984,471
2,727,231
11,711,702		 Total
funds
2024
£
192,177
25,851
218,028
5,755
503,470
509,225
(291,197)
(12,537)
(303,734)
9,288,205
(303,734)
8,984,471

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 17 form part of these financial statements.

Page 7

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
Fixed assets
Tangible assets
11
Investment property
12
Investments
13
Current assets
Debtors: amounts falling due after more than
one year
14
Debtors: amounts falling due within one year
14
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
15
Net current assets
Total net assets
Charity funds
Unrestricted funds
Total funds		 1,032,063
32,756
7,344
1,072,163
(196,304)		 2025
£
7,575,259
2,900,000
360,584
10,835,843
875,859
11,711,702
11,711,702
11,711,702		 1,051,063
32,756
53,408
1,137,227
(185,805)		 2024
£
7,711,745
-
321,304
8,033,049
951,422
8,984,471
8,984,471
8,984,471

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

................................................

Steven Ho Treasurer

Date: 23 July 2026

The notes on pages 9 to 17 form part of these financial statements.

Page 8

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trusts Declared by The St. Paul's (Portman Square) Act 1964 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The trustees consider there are no material uncertainties about the charity's ability to continue as a going concern.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 9

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. Accounting policies (continued)

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives on the following bases:

It is the policy of the charity to write off any expenditure on St. Paul's Church, Robert Adam Street, in the year it is incurred.

1.6 Investment property

Investment property is measured initially at cost and subsequently at fair value at the balance sheet date in accordance with FRS 102 and is not depreciated.

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net gains/(losses) on investments’ in the statement of financial activities.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities within interest payable and similar charges.

Page 10

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. Accounting policies (continued)

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

2. General information

The Trusts Declared by The St. Paul's (Portman Square) Act 1964 is an unincorporated charity registered in England. Its principal office is All Souls Church, Langham Place, 2 All Souls Place, London W1B 3DA. A description of the nature of the charity's operations and its principal activities can be found in the trustees' report.

The presentation currency in these financial statements is sterling and figures are rounded to the nearest pound.

3. Accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

4. Income from charitable activities

Ground rents receivable
Income from lease extension
Room rents receivable
Garage rents receivable
Total 2024		 Unrestricted
funds
2025
£
258
-
103,147
20,801
124,206
192,177		 Total
funds
2025
£
258
-
103,147
20,801
124,206
192,177		 Total
funds
2024
£
113
270
159,675
32,119
192,177

Page 11

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

5.
Income from investments
Investment property rents receivable
Dividends receivable
Other interest receivable
Total 2024		 Unrestricted
funds
2025
£
66,371
9,985
35,000
111,356
25,851		 Total
funds
2025
£
66,371
9,985
35,000
111,356
25,851		 Total
funds
2024
£
-
12,235
13,616
25,851

6. Investment management costs

Ruffer portfolio costs
Expenses - Flats 1 & 2, 56 Manchester Square
Total 2024		 Unrestricted
funds
2025
£
4,568
50,862
55,430
5,755		 Total
funds
2025
£
4,568
50,862
55,430
5,755		 Total
funds
2024
£
5,755
-
5,755

7. Expenditure on charitable activities

Total
Total 2024		 Direct
costs
2025
£
118,984
150,766		 Grant
funding of
activities
(see Note 8)
2025
£
160,000
260,000		 Support
costs
2025
£
82,780
92,704		 Total
funds
2025
£
361,764
503,470		 Total
funds
2024
£
503,470

Page 12

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

7. Expenditure on charitable activities (continued)

Analysis of direct costs

Depreciation - St. Paul's Church and garage
Expenses - 20 & 241 Holcroft Court
Depreciation - 20 & 241 Holcroft Court
Expenses - Flats 1 & 2, 56 Manchester Street
Total 2024
Analysis of support costs
Major repairs
Garage - general maintenance
Garage - rates
Garage - insurance
Legal and professional fees
Sundry expenses
Governance costs (see Note 9)
Total 2024		 Unrestricted
funds
2025
£
109,237
7,498
2,249
-
118,984
150,766
Unrestricted
funds
2025
£
56,308
14,705
1,321
2,657
2,365
-
5,424
82,780
92,704		 Total
funds
2025
£
109,237
7,498
2,249
-
118,984
150,766
Total
funds
2025
£
56,308
14,705
1,321
2,657
2,365
-
5,424
82,780
92,704		 Total
funds
2024
£
109,237
9,889
2,249
29,391
150,766
Total
funds
2024
£
40,055
13,286
1,340
4,933
28,632
1,158
3,300
92,704

Page 13

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

8. Analysis of grant funding

Grants to All Souls, Langham Place
Total 2024		 Grants to
institutions
2025
£
160,000
260,000		 Total
funds
2025
£
160,000
260,000		 Total
funds
2024
£
260,000

9. Governance costs - independent examiner's remuneration

- The independent examiner's remuneration amounts to a fee of £2,142 (2024 £1,650), accountancy services of £2,502 (2024 - £1,650), and an underprovision of £780 relating to the previous year.

10. Trustees' remuneration and expenses

During the year ended 31 December 2025, no trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 December 2025, no trustee expenses have been incurred (2024 - £NIL).

11. Tangible fixed assets

Cost
At 1 January 2025
Transfer to investment property
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Freehold
property
£
8,728,807
(25,000)
8,703,807
1,201,607
109,237
1,310,844
7,392,963
7,527,200		 Long-term
leasehold
property
£
247,000
-
247,000
62,455
2,249
64,704
182,296
184,545		 Total
£
8,975,807
(25,000)
8,950,807
1,264,062
111,486
1,375,548
7,575,259
7,711,745

Page 14

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

11. Tangible fixed assets (continued)

Included in freehold property is land with a deemed cost of £3,242,000 (2024 - £3,242,000) which is not being depreciated.

12. Investment property

Valuation
Surplus on revaluation
Transfer from tangible fixed assets
At 31 December 2025		 Freehold
investment
property
£
2,875,000
25,000
2,900,000

Flats 1 & 2, 56 Manchester Street have been transferred from tangible fixed assets to investment property to reflect their current usage.

The Trust's investment property was revalued at 31 December 2025 by the trustees with the assistance of knowledgeable property professionals.

13. Fixed asset investments

Cost or valuation
At 1 January 2025
Additions
Revaluations (net of costs)
At 31 December 2025
2025
£
Material investments
Charity Assets Trust - 'C' accumulation shares
360,584		 Listed
investments
£
321,304
9,985
29,295
360,584
2024
£
321,304

Page 15

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

14. Debtors

2025 2024
£ £
Due after more than one year
Other debtors 1,032,063 1,051,063

Of the above amount, £955,503 (2024 - £974,363) falls due after more than five years of the balance sheet date.

2025 2024
£ £
Due within one year
Other debtors 32,756 32,756

Included within other debtors, in aggregate, are loans to All Souls Church, Langham Place totalling £351,203 (2024 - £370,203) which are secured by a fixed legal charge over one of the Church's leasehold properties and its investment property.

Also included within other debtors is a loan to Marylebone Christian Charity totalling £700,000 (2024 - the same) which is secured by a legal mortgage over that charity's freehold property and a fixed charge over any rights and agreements in respect of that property.

15. Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income		 2025
£
171,758
24,546
196,304		 2024
£
141,370
44,435
185,805

Accruals and deferred income includes deferred income of £20,262 (2024 - £36,261) in respect of room and garage rents received relating to the next accounting period.

16. Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 367,928 374,712

Financial assets measured at fair value through income and expenditure comprise fixed asset investments and cash at bank and in hand.

Page 16

Docusign Envelope ID: 8AC4B779-EC2D-82F3-83DD-F7B0F911E722

THE TRUSTS DECLARED BY THE ST. PAUL'S (PORTMAN SQUARE) ACT 1964

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

17. Related party transactions

Rev. Charlie Skrine, a trustee of the charity, is also the Rector of All Souls Church, Langham Place. All transactions with All Souls Church have been carried out for the benefit of the parish.

At 31 December 2025, £171,658 (2024 - £141,370) was owed to All Souls Church. This balance excludes the loan referred to in Note 14.

During the year ended 31 December 2025, All Souls Church made loan repayments to the charity totalling £19,000 (2024 - £19,001).

During the year ended 31 December 2025, grants totalling £160,000 (2024 - £260,000) were made to All Souls Church.

Page 17