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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 1182543

Trustees' Report and

Financial Statements

for the Year Ended 31 December 2025

for

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Contents of the Financial Statements for the Year Ended 31 December 2025

Page
Reference and Administrative Details 1
Trustees' Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 17
Detailed Statement of Financial Activities 18 to 19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Reference and Administrative Details for the Year Ended 31 December 2025

CHARITY REGISTRATION NUMBER

1182543

CORRESPONDENCE ADDRESS

The Clergy House 50 Philbeach Gardens London SW5 9EB

GOVERNING DOCUMENTS

PCC Powers Measure 1956 and the Church Representation Rules 2011

MEMBERS OF THE PCC

Members of the PCC, who are also trustees, are either ex-officio, co-opted or elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules.

The members of the PCC who have served since 1 January 2025 are:

EX OFFICIO MEMBERS

• Prof. N J B Green

• Mr T Atkinson • Mrs E Gomez • Mr P Scutt • Mr D Trodden

Incumbent Churchwarden Churchwarden Deanery Synod representative Deanery Synod representative Treasurer (appointed 14 September 2025)

ELECTED MEMBERS

• Mr B Troop

PCC Secretary

• Mr B E Parsons

• Mrs N Faddul

(resigned 11 May 2025)

• Dr A Parshall

• Ms G Nicholas

• Mr R Drake

• Mr P Costello

SAFEGUARDING

• Dr A Parshall

Safeguarding Officer

INDEPENDENT EXAMINER

Gareth Hughes Garside and Co. Limited Suite 631, The Linen Hall 162-168 Regent Street London W1B 5TG

Page 1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Trustees' Report

for the Year Ended 31 December 2025

St Cuthbert with St Matthias Earl's Court is a registered charity (number 1182543), part of the Church of England in the Diocese of London, Kensington Episcopal Area, Archdeaconry of Middlesex. The Parish is under the Pastoral Jurisdiction of the Bishop of Fulham under the London Plan and "Alternative Episcopal Oversight" was requested on 5th March 2017.

The Parochial Church Council presents its Annual Report with the financial statements for the year ended 31 December 2025.

OBJECTIVES AND ACTIVITIES

PRINCIPAL ACTIVITY

St Cuthbert's PCC has the responsibility of co-operating with the Vicar, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has responsibilities for the maintenance and upkeep of the buildings and contents of the Church and the Philbeach Hall complex.

PUBLIC BENEFIT

In planning activities, the PCC have applied the guidance on public benefit issued by the Charity Commission.

MEMBERS (TRUSTEES)

The members of the PCC are charity trustees. Members of the PCC are either ex-officio, co-opted or elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules. The last APCM was held on 11 May 2025 and the members of the PCC who have served since 1 January 2025 are listed on page 1.

COMMITTEES

Given its wide responsibilities the PCC has a number of committees each dealing with a particular aspect of parish life:

The standing committee

This is the only committee required by law. It has the power to transact the business of the PCC between the meetings thereof subject to any directions given by the Council.

Mission and outreach committee

The committee members attend to the ministry of the parish church to the local community of Earls Court and seeks ways of reaching out to people by distributing leaflets to homes and hotels advertising the major festival services of Easter, and Christmas. Also the members see to the matter of welcoming newcomers to Church services and arrange for all members of the congregation to be invited to refreshments after the sung services on Sundays and major festivals.

Music and liturgy committee

The Committee members under the direction of the Vicar discuss Musical and Liturgical matters relating to Church Services throughout the year and what is required of the Director of music, the organist and choir.

REVIEW OF THE YEAR

The full PCC met six times during the calendar year 2025 when reports were received from the Vicar, Churchwardens and the Hon Treasurer. Reports were also received on the matters of the Chelsea Deanery Synod.

CHURCH ATTENDANCE

There were 118 members on the electoral roll as at 11 May 2025 of whom 49 were resident in the parish (41.5%) and 69 were non-resident (58.5%). The usual Sunday congregations numbered around 45 but larger numbers attended the major festivals throughout the year. There were five deaths during the year. The Church Services continue to be live streamed attracting some 60 to 90 on-line attendees.

Page 2

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Trustees' Report

for the Year Ended 31 December 2025

ACHIEVEMENTS AND PERFORMANCE

CHARITABLE ACTIVITIES

The PCC gives some small grants through lent appeals, and other activities. The focus of support for charities is through the availability of the Church premises for community and charity fundraising. This has included support for the Christmas Carol Service for the Order of St John of Jerusalem Eye Hospital, Christian Aid, Alcoholics Anonymous, The community of Sant Egidio, the Polish Roman Catholic Mission, the Earls Court Film Festival, Earl's Courtiers Drama Group, Children's Chess Club, and various Charity and Student Concerts, and St. Cuthbert's Centre.

The Church serves as a hub for various charitable activities, reflecting our ongoing commitment to supporting such initiatives. The Polish Roman Catholic Mission holds Mass Services here every Sunday. Each month, the Community of Sant' Egidio provides meals for the homeless and vulnerable.

We also host the Earl's Court Film Festival annually in November. In addition, the church regularly welcomes students and emerging musicians for rehearsals and performances. This is part of our broader vision to establish St Cuthbert’s as a centre of musical excellence, supported by our choral and organ scholarship programmes.

THE PHILBEACH HALL TRUST

The Vicar and the PCC are jointly the administrative trustees of The Philbeach Hall Trust, and they manage the building, receive the income and pay the expenses therefrom. This building provides an important part of the Church's mission to Earls Court and beyond by the letting out of the premises to Registered Charities which offer much needed help to those suffering from illness, poverty and distress.

St Cuthbert's Centre (Registered Charity Number 803638) is a Day Centre for the poor and homeless providing inexpensive hot meals, advice and recreation etc., five days a week. The project, which operates from the main Church Hall, originated in 1987 thanks to the vision of Father Bill Kirkpatrick, who sadly died on 4th January 2018.

Rental income (net of expenses) received from our property contributed £110,670 towards the PCC's running costs. This continued financial help is vital for the future of the parish church.

CALVARY WAR MEMORIAL

Urgent and significant repairs are needed to preserve this treasured memorial. The total cost of the project is now estimated at just over £40,000. Following the year end, the church received a grant of £10,500 from the Royal Borough of Kensington and Chelsea and remains committed to raising the remaining funds needed to complete the project.

Page 3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Trustees' Report

for the Year Ended 31 December 2025

FINANCIAL REVIEW

Financial position

Total incoming resources for the year amounted to £268,375, representing an increase of £36,928 compared with the previous year. This increase was primarily due to higher rental income from church lettings, particularly Philbeach Hall and the Lower Hall, together with increased church collections, choral scholarship donations, and income from concerts, events and occasional offices. The PCC also received a grant of £2,500 during the year for the Calvary War Memorial restoration.

Expenditure on charitable activities for the year totalled £275,553 (2024: £301,391), which includes governance costs of £19,783 (2024: £8,038). This represents a decrease of £25,838 in charitable expenditure compared with the previous year. This was mainly driven by lower repairs and maintenance and staff costs, partly offset by higher utilities, organist and choir fees and legal and professional fees.

As a result, the charity recorded a net deficit of £7,178 (2024: £69,944 net deficit) for the year ended 31 December 2025.

The PCC, as trustees, have considered the church's financial position and the challenges faced during the year. While financial pressures remain, the trustees are taking steps to manage costs, increase income and ensure the charity can continue to meet its commitments. The financial statements have therefore been prepared on a going concern basis.

At year-end, the PCC held £49,989 (2024: £17,164) in cash at bank and in hand and within the COIF Charities Deposit Fund. Of this balance, £45,549 (2024: £8,329) was unrestricted. Total funds at the year-end were £5,578,859, comprising £5,577,232 of unrestricted general funds and £5,768 of restricted funds

The Philbeach Hall is held in trust by the Diocese on behalf of the PCC. The property is used in furtherance of the PCC's charitable objectives by supporting the mission and community activities of the church and also generates rental income through the letting of parts of the property. It is carried at a deemed historic market value. As the valuation involves a degree of judgement and estimation, the PCC has reviewed the basis used and considers the amount recognised in the financial statements to remain appropriate. The incumbent and the PCC act as joint managing trustees of the Philbeach Hall Trust, while the London Diocesan Fund holds legal title as custodian trustee. As managing trustees, the PCC and the incumbent are responsible for the day-to-day management of the property, including all repairs, maintenance, and insurance, although its use is subject to certain restrictions. The PCC is entitled to the net income generated from the letting of the properties, and all associated expenditure is recognised in the Statement of Financial Activities in the year in which it is incurred.

RESERVES POLICY

The trustees have determined that the PCC should aim to hold free reserves (defined as being unrestricted cash) of no less than £50,000, equivalent to approximately three months of unrestricted expenditure. This level is intended to ensure the PCC can continue operating smoothly in the event of unexpected changes in income or expenditure. As at year ended 31 December 2025, unrestricted cash stood at £45,549 (2024: £8,329), falling short of the target. The trustees recognise the importance of improving the reserves position and have made it a key priority moving forward.

RISK MANAGEMENT

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees continue to monitor the risks to which the Church and the Philbeach Hall are exposed and mitigate these risks with appropriate policies and practices, particularly in relation to the safeguarding of children and vulnerable adults, premises and cash.

OTHER MATTERS

The last quinquennial inspection was held during January 2024. Having reviewed its findings, the members of the PCC have determined that some immediate work is required:

• Repair and secure in position the outdoor Calvary post – ongoing

Page 4

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Trustees' Report

for the Year Ended 31 December 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. PCC members are trustees of the charity.

The method of appointment of PCC members is set out in the Church Representation Rules. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish, including deciding on how the funds of the PCC are to be spent. New members receive initial training into the workings of the PCC.

The PCC works to ensure compliance with its legal duties to:

SAFEGUARDING

With regard to the PCC's obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

Related parties

During the year, the charity received a loan of £15,000 from a trustee. The loan was provided to support the charity’s activities and was fully repaid during the year. There was no balance outstanding at the year end.

Total donations made to the charity by members of the PCC during the year ended 31 December 2025 amounted to £3,025 (2024: £10,698).

18/08/2026

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

............................................................................... Rev P A Bagott - Trustee

Page 5

Independent Examiner's Report to the Trustees of THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Independent examiner's report to the trustees of THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

I report to the charity trustees on my examination of the accounts of THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT (the Trust) for the year ended 31 December 2025.

Responsibilities and basis of report

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

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

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; 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.

Gareth Hughes

Garside and Co. Limited Suite 631, Linen Hall 162-168 Regent Street London W1B 5TG

18/08/2026 Date: .............................................

Page 6

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Statement of Financial Activities for the Year Ended 31 December 2025

Notes
INCOME AND ENDOWMENTS FROM
Voluntary income
2
Charitable activities
5
Church activities
Activities for generating funds
3
Income from investments
4
Other income
6
Total
EXPENDITURE ON
Charitable activities
7
Church activities
NET INCOME/(EXPENDITURE)
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
38,260
48
205,174
90
1,966
245,538
243,113
2,425
(5,462)
(3,037)
5,580,269
5,577,232		 Restricted
funds
£
17,186
5,651
-
-
-
22,837
32,440
(9,603)
5,462
(4,141)
5,768
1,627		 31.12.25
Total
funds
£
55,446
5,699
205,174
90
1,966
268,375
275,553
(7,178)
-
(7,178)
5,586,037
5,578,859		 31.12.24
Total
funds
£
44,330
11,758
161,398
102
13,859
231,447
301,391
(69,944)
-
(69,944)
5,655,981
5,586,037

The notes form part of these financial statements

Page 7

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Balance Sheet 31 December 2025

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Investments
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
5,603,198
18,231
2,195
45,549
65,975
(91,941)
(25,966)
5,577,232
5,577,232		 Restricted
funds
£
-
-
-
4,440
4,440
(2,813)
1,627
1,627
1,627		 31.12.25
Total
funds
£
5,603,198
18,231
2,195
49,989
70,415
(94,754)
(24,339)
5,578,859
5,578,859
5,577,232
1,627
5,578,859
18/08/2026		 31.12.24
Total
funds
£
5,603,458
18,698
2,105
17,164
37,967
(55,388)
(17,421)
5,586,037
5,586,037
5,580,269
5,768
5,586,037

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Rev P A Bagott - Trustee

The notes form part of these financial statements

Page 8

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements for the Year Ended 31 December 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

Going concern

The PCC, as trustees, have considered the church's financial position and the challenges faced during the year. While financial pressures remain, the trustees are taking steps to manage costs, increase income and ensure the charity can continue to meet its commitments. The financial statements have therefore been prepared on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

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. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the accounting policies above.

Income

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

Donations and legacies are included in the Statement of Financial Activities when any pre-conditions preventing their use by the PCC have been met. For collections and planned giving this is when the funds are received. Sales of goods and magazines from the church bookstall are accounted for gross.

Gift aid and other tax claims are included in the Statement of Financial Activities at the same time as the cash donations to which they relate.

Rental income from the letting of Church halls and Philbeach Hall premises is recognised when the rental is due.

Investment income is interest earned on bank deposit accounts and is included in the accounts when receivable.

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

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 cost 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.

continued...

Page 9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Tangible fixed assets are initially measured at costs and subsequently measured at cost or valuation, net of depreciation and any provision for impairment. Depreciation is recognised so as to write off the cost or valuation less estimated residual values of all fixed assets over their expected useful lives. It is calculated at the following rates:

Fixtures and fittings - 25% reducing balance basis Computer equipment - 25% reducing balance basis

The Philbeach Hall is recognised on the balance sheet as a tangible fixed asset within property, plant and equipment, as it is held for use in the church's activities and to generate income. It is carried at a deemed historic market value. As the valuation involves a degree of judgement and estimation, the PCC has reviewed the basis used and considers the amount recognised in the financial statements to remain appropriate.

Consecrated and benefice property

Consecrated and benefice property of any kind is excluded from the statutory definition of 'charity' by Section 10(2)(a) and (c) of the Charities Act 2011 such assets are not capitalised in the financial statements.

No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities and separately disclosed.

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. Amounts owed to the PCC at the year end in respect of fees, gift aid recoverable or other income are shown as debtors, less provision for amounts that may prove uncollectible.

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.

Liabilities

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.

Pension contributions

Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Unrestricted funds can be used in accordance with the charitable objectives at the discretion of 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.

continued...

Page 10

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

2. VOLUNTARY INCOME
31.12.25 31.12.24
£ £
Church collections 15,265 11,650
Direct bank giving 9,236 12,646
Gift aid recoverable 7,000 7,858
Other donations 6,994 6,296
Choral scholarship donations 9,955 5,880
Calvary restoration donations 6,996 -
55,446 44,330
3. ACTIVITIES FOR GENERATING FUNDS
31.12.25 31.12.24
£ £
Lettings income - Philbeach Hall 158,909 137,925
Lettings income - Church 30,037 23,473
Lettings income - Lower Parish Hall 16,228 -
205,174 161,398
4. INCOME FROM INVESTMENTS
31.12.25 31.12.24
£ £
CCLA deposit fund interest 90 102
5. INCOME FROM CHARITABLE ACTIVITIES
31.12.25 31.12.24
Activity £ £
Wedding, banns and funeral fees Church activities - 168
Concert and events tickets Church activities 2,859 1,975
Special appeals Church activities 292 1,962
Grants Church activities 2,500 -
Bookstall and parish guides Church activities 48 55
Pilgrimage contributions Church activities - 7,598
5,699 11,758
Grants received, included in the above, are as follows:
31.12.25 31.12.24
£ £
Grants - Calvary restoration 2,500 -

continued...

Page 11

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

6.
OTHER INCOME
Insurance claims
7.
CHARITABLE ACTIVITIES COSTS
Church activities
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Utilities and council tax
Insurance costs
Repairs and maintenance
Cleaning services
Telephone, website and IT costs
Church office administration
London Diocese - Common fund
Calvary restoration costs
Upkeep of services and sacristy supplies
Refreshments and catering
Flowers and decorations
Other ministry expenses
Charitable giving
Organist and choir fees
Organ and piano expenses
Other music expenses
Organ restoration expenses
Choral scholarship support
Pilgrimage expenditure
Loan interest - London Diocese
Bank charges
Depreciation charges		 31.12.25
31.12.24
£
£
1,966
13,859
Direct
Support
Costs (see
costs (see
note 8)
note 9)
Totals
£
£
£
255,770
19,783
275,553
31.12.25
31.12.24
£
£
32,887
50,406
36,199
30,096
23,721
22,781
16,317
57,988
10,083
6,919
4,814
4,841
4,333
4,424
50,000
45,000
22,366
-
2,598
4,710
2,895
4,725
703
645
1,977
2,522
1,064
200
31,963
27,275
1,576
6,137
2,710
973
-
8,400
7,701
6,000
-
7,677
232
571
754
586
877
477
255,770
293,353		 31.12.25
31.12.24
£
£
1,966
13,859
Direct
Support
Costs (see
costs (see
note 8)
note 9)
Totals
£
£
£
255,770
19,783
275,553
31.12.25
31.12.24
£
£
32,887
50,406
36,199
30,096
23,721
22,781
16,317
57,988
10,083
6,919
4,814
4,841
4,333
4,424
50,000
45,000
22,366
-
2,598
4,710
2,895
4,725
703
645
1,977
2,522
1,064
200
31,963
27,275
1,576
6,137
2,710
973
-
8,400
7,701
6,000
-
7,677
232
571
754
586
877
477
255,770
293,353
293,353

Included in Utilities and council tax and Repairs and maintenance totals are costs relating to the Philbeach Hall of £14,886 (2024: £10,700) and £14,096 (2024: £49,061) respectively.

continued...

Page 12

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

9. SUPPORT COSTS

Governance costs-Church activities
Bookkeeping and accountancy fees
Independent examination fee
Legal and professional fees		 31.12.25
£
4,500
1,800
13,483
19,783		 31.12.24
£
4,500
2,287
1,251
8,038

10. 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.

11. STAFF COSTS

STAFF COSTS
31.12.25 31.12.24
£ £
Wages and salaries 32,887 50,406
32,887 50,406
The average monthly number of employees during the year was as follows:
31.12.25 31.12.24
Staff - church activities 2 3

No employees received emoluments in excess of £60,000.

12. OPERATING LEASE INCOME

The charity leases part of its premises under operating leases.

Future minimum lease payments receivable:

Future minimum lease payments receivable:
Within one year
Lease income recognised in the year: £44,876 (2024: £52,227).		 31.12.25
£
16,000
16,000		 31.12.24
£
16,000
16,000

continued...

Page 13

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

13. TANGIBLE FIXED ASSETS

Freehold
property
£
COST
At 1 January 2025
5,600,000
Additions
-
At 31 December 2025
5,600,000
DEPRECIATION
At 1 January 2025
-
Charge for year
-
At 31 December 2025
-
NET BOOK VALUE
At 31 December 2025
5,600,000
At 31 December 2024
5,600,000
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Gift aid receivable
Insurance claims
Rent receivable - Philbeach
Hall
15.
CURRENT ASSET INVESTMENTS
COIF Charities deposit funds		 Fixtures
and
fittings
£
2,394
618
3,012
349
524
873
2,139
2,045		 Computer
equipment
£
1,541
-
1,541
128
354
482
1,059
1,413
31.12.25
£
2,130
7,000
-
9,101
18,231
31.12.25
£
2,195		 Totals
£
5,603,935
618
5,604,553
477
878
1,355
5,603,198
5,603,458
31.12.24
£
-
7,138
2,136
9,424
18,698
31.12.24
£
2,105

continued...

Page 14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17.
18.		 Bank loans and overdrafts (see note 17)
Trade creditors
London Diocese - Statutory fees
London Diocese - Common fund
Church hire deposits
Other creditors
London Diocese - Loan
Accrued expenses
Funds received as agent
London Diocese - Statutory fees
Funds held as agent b/f
Funds received on behalf of third parties
Funds paid out on behalf of third parties
Net balance held as agent at year-end
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Church restoration fund
Choral scholarship and music fund
TOTAL FUNDS		 At 1.1.25
£
5,580,269
2,425
3,343
5,768
5,586,037		 Net
movement
in funds
£
2,425
(13,102)
3,499
(9,603)
(7,178)		 31.12.25
£
2,813
6,898
-
63,750
3,300
27
-
17,966
94,754
31.12.25
£
752
-
(752)
-
31.12.25
£
2,813
Transfers
between
funds
£
(5,462)
7,864
(2,402)
5,462
-		 31.12.24
£
-
20,906
752
18,750
1,600
165
5,202
8,013
55,388
31.12.24
£
465
752
(465)
752
31.12.24
£
-
At
31.12.25
£
5,577,232
(2,813)
4,440
1,627
5,578,859

Page 15

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Church restoration fund
Choral scholarship and music fund
Other small funds
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Church restoration fund
Choral scholarship and music fund
Organ restoration fund
Other small funds
TOTAL FUNDS		 At 1.1.24
£
5,652,502
-
-
3,479
-
3,479
5,655,981		 Incoming
resources
£
245,538
9,496
12,814
527
22,837
268,375
Net
movement
in funds
£
(69,106)
1,564
3,138
(5,660)
120
(838)
(69,944)		 Resources
expended
£
(243,113)
(22,598)
(9,315)
(527)
(32,440)
(275,553)
Transfers
between
funds
£
(3,127)
861
205
2,181
(120)
3,127
-		 Movement
in funds
£
2,425
(13,102)
3,499
-
(9,603)
(7,178)
At
31.12.24
£
5,580,269
2,425
3,343
-
-
5,768
5,586,037

Page 16

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

18. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Church restoration fund
Choral scholarship and music fund
Organ restoration fund
Other small funds
TOTAL FUNDS		 Incoming
resources
£
215,472
2,135
9,138
2,740
1,962
15,975
231,447		 Resources
Movement
expended
in funds
£
£
(284,578)
(69,106)
(571)
1,564
(6,000)
3,138
(8,400)
(5,660)
(1,842)
120
(16,813)
(838)
(301,391)
(69,944)

Unrestricted funds (General Fund)

At 31 December 2025, the balance carried forward on the General Fund was £5,577,232 (2024: £5,580,269).

The PCC continues to monitor the charity's financial position and is confident that ongoing obligations can be met and that the General Fund position will improve over time.

Restricted funds

During the year, the PCC transferred £5,462 from the General Fund to restricted funds to ensure that resources remained available for key projects, including the restoration of the Calvary War Memorial and the Choral Scholarship Scheme.

Throughout the year, the church continued to support its ministry, maintain the church building and sustain its music and community activities. The restricted funds relate primarily to the restoration of the Calvary War Memorial and the Choral Scholarship Scheme.

Restricted funds at 31 December 2025 totalled £1,627 (2024: £5,768), representing resources held for these specific purposes.

19. RELATED PARTY DISCLOSURES

During the year, the charity received a loan of £15,000 from a trustee. The loan was provided to support the charity’s activities and was fully repaid during the year. There was no balance outstanding at the year end.

Total donations made to the charity by members of the PCC during the year ended 31 December 2025 amounted to £3,025 (2024: £10,698).

Page 17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Detailed Statement of Financial Activities for the Year Ended 31 December 2025

Detailed Statement of Financial Activities
for the Year Ended 31 December 2025
31.12.25 31.12.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
INCOME AND ENDOWMENTS
Voluntary income
Church collections 15,265 - 15,265 11,650
Direct bank giving 9,236 - 9,236 12,646
Gift aid recoverable 7,000 - 7,000 7,858
Other donations 6,759 235 6,994 6,296
Choral scholarship donations - 9,955 9,955 5,880
Calvary restoration donations - 6,996 6,996 -
38,260 17,186 55,446 44,330
Activities for generating funds
Lettings income - Philbeach Hall 158,909 - 158,909 137,925
Lettings income - Church 30,037 - 30,037 23,473
Lettings income - Lower Parish Hall 16,228 - 16,228 -
205,174 - 205,174 161,398
Income from investments
CCLA deposit fund interest 90 - 90 102
Charitable activities
Wedding, banns and funeral fees - - - 168
Concert and events tickets - 2,859 2,859 1,975
Special appeals - 292 292 1,962
Grants - 2,500 2,500 -
Bookstall and parish guides 48 - 48 55
Pilgrimage contributions - - - 7,598
48 5,651 5,699 11,758
Other income
Insurance claims 1,966 - 1,966 13,859
Total incoming resources 245,538 22,837 268,375 231,447
EXPENDITURE
Charitable activities
Staff costs 32,887 - 32,887 50,406
Utilities and council tax 36,199 - 36,199 30,096
Insurance costs 23,721 - 23,721 22,781
Carried forward 92,807 - 92,807 103,283

This page does not form part of the statutory financial statements

Page 18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST CUTHBERT WITH ST MATTHIAS EARL'S COURT

Detailed Statement of Financial Activities for the Year Ended 31 December 2025

Detailed Statement of Financial Activities
for the Year Ended 31 December 2025
31.12.25 31.12.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Charitable activities
Brought forward 92,807 - 92,807 103,283
Repairs and maintenance 16,317 - 16,317 57,988
Cleaning services 10,083 - 10,083 6,919
Telephone, website and IT costs 4,814 - 4,814 4,841
Church office administration 4,333 - 4,333 4,424
London Diocese - Common fund 50,000 - 50,000 45,000
Calvary restoration costs - 22,366 22,366 -
Upkeep of services and sacristy supplies 2,363 235 2,598 4,710
Refreshments and catering 2,895 - 2,895 4,725
Flowers and decorations 703 - 703 645
Other ministry expenses 1,977 - 1,977 2,522
Charitable giving 772 292 1,064 200
Organist and choir fees 30,349 1,614 31,963 27,275
Organ and piano expenses 1,576 - 1,576 6,137
Other music expenses 2,710 - 2,710 973
Organ restoration expenses - - - 8,400
Choral scholarship support - 7,701 7,701 6,000
Pilgrimage expenditure - - - 7,677
Loan interest - London Diocese - 232 232 571
Bank charges 754 - 754 586
Fixtures and fittings 524 - 524 349
Computer equipment 353 - 353 128
223,330 32,440 255,770 293,353
Support costs
Governance costs
Bookkeeping and accountancy fees 4,500 - 4,500 4,500
Independent examination fee 1,800 - 1,800 2,287
Legal and professional fees 13,483 - 13,483 1,251
19,783 - 19,783 8,038
Total resources expended 243,113 32,440 275,553 301,391
Net (expenditure)/income 2,425 (9,603) (7,178) (69,944)

This page does not form part of the statutory financial statements

Page 19