## **FINANCIAL REVIEW** 

## **OVERVIEW** 

This was a relatively quiet year for parish funds.  No major projects were undertaken following completion last year of the new kitchen in St Mary’s and in anticipation next year of extensive and expensive repairs to the church roof.   The focus was on consolidation and this was generally achieved, with the General Fund increasing in value by 4.6% and most other funds maintaining their value, the exception being Cornerstone which decreased in value by 32% almost entirely due to a drop in income. 

## **UNRESTRICTED FUNDS** 

Unrestricted Funds comprise: (1) the General Fund and (2) Designated Funds which finance particular church activities. 

## **General Fund** 

Income generally matched budget estimates, with further decreases in Parish Giving and Gift Aid being more than offset by increases in collections at services, a somewhat surprising result as collections were only formally reintroduced in the last few weeks of the year.   It is to be hoped that this continues to provide a useful income stream in the coming year.  However, special note should be taken of the Fundraising Committee which more than surpassed a very ambitious budget target of £15,165 by almost 30%. 

Expenditure was a little more erratic.  Parish administration charges were higher than anticipated due largely to the recruitment of a new administrator and the necessary overlap with her predecessor as she settled into her new job.   There was also higher than expected expenditure on maintenance and repairs as a result, amongst other things, of the requirement to undertake expensive repairs to the church clock, the purchase of a new boiler, and the installation of outside lighting for the Christmas Tree Festival (although this will have benefits for all future Festivals).  Churchyard maintenance was also well above budget with repairs having to be made to the churchyard’s dry stone wall and to some necessary tree clearance within the churchyard. 

Overall however the Fund increased in value by £1536 and it remains above the mandated minimum value, of 3 months operational expenditure, as set by the PCC. 

## **Designated Funds** 

Designated Funds comprise: 

**-The Legacies Fund** , established in 2019 to ensure legacies were used in line with the wishes of donors to sustain and strengthen the church ministry and facilities.   No donations were received but funds were used to help towards the cost of the new boiler and final work on the recently installed kitchen. 

1 



- **The Font Fund** receives takings from the weekly Font Café, to be used at the discretion of the PCC to support church activities.   The only big expenditure this year was the purchase of a new coffee machine. 

**-The Commemoration Flower Fund** raises money for the purchase of flowers in memory of loved ones and has been little used. 

**-The Roof Fund** has recently been established to earmark money for the forthcoming roof repairs. 

**-The Slatyne Fund** was set up to raise money to support a church in Slatyne, Ukraine.   A total of £5,448 was raised through fund raising activities (concert and the sale of Christmas cards) and donations.  Of this £3746 has been transferred to the Ukrainian church for use in the local community, and the remainder will be sent as soon as a suitable project has been identified. 

## **RESTRICTED FUNDS** 

Restricted Funds comprise: 

**-St Mary’s Fabric Fund** which continues to received limited donations and has been used to finance preparatory work related to the forthcoming repairs to the church roof. 

**-All Saints’ Fabric Fund** continues to receive donations from a dedicated group of parishioners much attached to the Shorthampton Church, and also benefitted from a very successful fundraising event, a performance of Twelfth Night, jointly supporting both All Saints’ and St Mary’s.   A major project is anticipated to install new lights in and around the church and there has been some limited expenditure on preparatory work. 

**-Organ Fund** was not used during the year. 

**-Memory Fund** continues to run a regular café to provide support and counselling for members of the community with memory loss or dementia, and their carers. 

**-Cornerstone Fund** continues to run a community shop, to support children through a Learning Café and with the purchase of school uniforms, and to help local families with grants towards their utility bills.  Expenditure remained at a similar level to last year, but income was down by one third due entirely to a fall in the level of grants received, from £15,000 to £3,100 – a reflection of the demand for such grants and their limited availability. 

## **OUTLOOK FOR 2026** 

2 



This is going to be a really challenging year, with an ambitious fundraising target anticipated to balance the budget and with the additional requirement to raise some £40,000 for repairs to the roof of St Mary’s. 

P J DURRANT PCC Treasurer 

3 



## **Parish of St. Mary’s Charlbury with All Saints’ Shorthampton** 

Financial Statements for the Year Ended 31 December 2025 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

||**Unrestri**<br>**cted**|**Funds**|**Restricted**<br>**Funds**|**Total**|**Total**|
|---|---|---|---|---|---|
||**_General_**|**_Design_**<br>**_ated_**||**2025**|**2024**|
|**Income from :**||||||
|_Donations + legacies_|78628|_4277_|_35417_|**1183**<br>**22**|1358<br>55|
|_Income from charitable_<br>_activities/fundraising_|19718|_2231_||**2194**<br>**9**|2491<br>8|
|_Investments_||||**0**|1532|
|_Other income_|19373|_1959_||**2133**<br>**2**|5956<br>8|
|_Charitable donation_||||**0**|0|
|**Total income from :**|**117719**|**_8467_**|**_35417_**|**1616**<br>**03**|2218<br>73|
|**Expenditure on :**||||||
|_Raising funds_|533|||**533**|2182|
|_Expenditure on Charitable Activities_|115268|_4806_|_34361_|**1544**<br>**35**|1688<br>82|
|_Other Expenditure_|380|_5077_|_5553_|**1101**<br>**0**|3637<br>9|
|**Total Expenditure on :**|**116181**|**_9883_**|**_39914_**|**1659**<br>**78**|2074<br>43|
|||||||
|**Net Income/Expenditure**|**1538**|**_-1416_**|**_-4497_**|**-4375**|1443<br>0|



## **STATEMENT OF ASSETS AND LIABILITIES** 

||**Total 2025**|**Notes**||**2024**|
|---|---|---|---|---|
|**Current Assets - Cash at Bank and in Hand**|||||
|_Santander - Current Account_|**23554**||**1**|**47341**|
|_CAF Bank Current Account_|**37710**|||**27886**|
|_CAF Bank Gold Account_|**39405**|||**29818**|
|_CCLA (CBF) - deposit account_|**16531**|||**16531**|
|_Cash in Hand_|**0**|||**0**|
|_Agency Collection/Opening Balance_|**126**|||**126**|
|**_TOTAL_**|**117326**|||**121702**|
|**Liabilities -****_Agency accounts_**|||||
|_Agency collections_|**0**|||**0**|
|**TOTAL**|**0**|||**0**|
|**Net Total Assets**|**117326**|||**121702**|



Note 1:   the closing balance for Santander is as at 18 December 2025 as the monthly report on which the accounts were based did not have a later figure 

The attached notes form part of these financial statements: 

1 



See Note 3 for movements in unrestricted and restricted funds during the year. 

See Notes 4-6 for more detailed breakdowns of income and expenditure. 

## **Parish of St. Mary’s Charlbury with All Saints’ Shorthampton** 

## Financial Statements for the Year Ended 31 December 2025 

## **NOTES** 

**Note 1.** The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments Basis. 

**Note 2.** Figures shown for 2025 have been revised to be consistent with the revised nominal accounts categories that were introduced in 2009. 

**Note 3.** The distribution of monetary assets between unrestricted and restricted funds and the movement in funds during 2025 is shown in Table 1 below. 

**Table 1:  Movement in Restricted and Unrestricted Funds (excluding Agency operations)** 

|**Fund  Type and Title**|**Fund**<br>**Balance**<br>**B/F**|**Incoming**<br>**Resources**|**Outgoing**|**Fund**<br>**Balance**<br>**C/F**|
|---|---|---|---|---|
||||**Resources**||
|**Unrestricted funds**|||||
|General  Fund|32724|117718|116181|34261|
|SM Projects Fund (Kitchen)|0|0|0|0|
|Legacies Fund|6823|0|4806|2017|
|Font Fund|4615|1959|1331|5243|
|Commemoration  fowers<br>Fund|10|60|0|70|
|Slatyne Fund|1259|5449|3746|2962|
|Roof Fund|0|1000|0|1000|
|**Sub-Totals - Unrestricted**<br>**Funds**|**45431**|**126186**|**126064**|**45553**|
|**Restricted Funds**|||||
|SM Fabric Fund|6252|2518|768|8002|
|AS Fabric Fund|38273|8539|4535|42277|
|Organ Fund|287|0|0|287|
|Cornerstone|30995|24358|34361|20992|
|MemoryFund|464|0|250|214|
|**Sub Totals Restricted**<br>**Funds**|**76271**|**35415**|**39914**|**71772**|
||||||
|**TOTALS ALL FUNDS**|**121702**|**161601**|**165978**|**117325**|



2 



## **Parish of St. Mary’s Charlbury with All Saints’ Shorthampton** 

## Financial Statements for the Year Ended 31 December 2025 

**Note 4.** Table 2 shows income and expenditure during 2025 broken down between the different fund groups.  The General Fund is used primarily to finance the PCC’s operational costs. 

## **Table 2 : Income and Expenditure by Group** 

||**Unrestricted**|**Funds**|**Restricted**|||
|---|---|---|---|---|---|
||**General**|**Designated**|**Funds**|**Total 2025**|**Total 2024**|
|**Income**||||||
|Planned Giving|59035|4277|825|64137|59186|
|Other Giving|19593||22962|42555|49603|
|Gift Aid Recovery|11233|2231|2005|15469|16761|
|Grants|1000||4092|5092|27538|
|Fund Raising Activities/Events|19718||5532|25250|19328|
|Fees Income|5142|||5142|4700|
|Legacies|||||27066|
|Cornerstone Initiative|||||0|
|Internal transfer|||||14696|
|Other income|1998|1959||3957|2995|
|**Total Income**|**117719**|**8467**|**35416**|**161602**|**221873**|
|**Expenditure**||||||
|Parish Share|58088|||58088|58091|
|Clergy Expenses|300|||300|3625|
|Church and Outreach|1295||16241|17596|9733|
|Parish Administration + Ofce Expenses|18502||18370|36872|33480|
|Utilities and Insurance|13388|||13388|13977|
|Church and Churchyard|9543|||9543|14050|
|Cleaning/Maintenance|2669|||2669|1450|
|Major Building Repairs + Improvements|11483|4806|3240|19529|34911|
|Fund Raising Costs|533|||533|2728|
|Internal transfer|||||14696|
|Cornerstone|||||18534|
|Other Expenditure|380|5077|2063|7520|2168|
|**Total Expenditure**|**116181**|**9883**|**39914**|**165979**|**207443**|
|**Funds Balance**|**1538**|**-1416**|**-4498**|**-4377**|**14430**|



## **Note 5.** Table 3 shows the distribution of capital spending on building repairs and improvements. **Table 3: Capital Expenditure by Fund** 

||**General Fund**|**SM Project/**|**SM Fabric**|**AS Fabric**||**Total Capital**|**Total Capital**|
|---|---|---|---|---|---|---|---|
||**Reserves**|**Kitchen Fund**|**Fund**|**Fund**||**Expenditure**|**Expenditure**|
||**2024**|**2024**|**2024**|**2024**||**2024**|**2024**|
|**St Mary's Charlbury**||||||||
|_Building Repairs and improvements_|**11483**|**0**|**5574**|||**17057**|**38911**|
|**All Saints Shorthampton**||||||||
|_Building Repairs and improvements_|||**2472**|||**2472**|**0**|
||**11483**|**0**|**8046**||**0**|**19529**|**38911**|



3 



## **Parish of St. Mary’s Charlbury with All Saints’ Shorthampton** 

## Financial Statements for the Year Ended 31 December 2025 

**Note 6.** The General Fund is used primarily to finance the operational budget of the PCC.  Table 4 provides a more detailed breakdown of General Fund income and expenditure by category. 

## **Table 4:  General Fund - Operational Income and Expenditure (Detailed)** 

|**Operational Income  (General Fund)**|**2025**|**2024**|
|---|---|---|
|**Planned Giving**|**59035**|**59186**|
|_Parish Giving Scheme_|_49228_|_49966_|
|_Standing Orders_|_9806_|_9220_|
|_Envelopes_|_0_|_0_|
|_Other Plannd giving_|_0_|_0_|
|**Other Giving**|**19592**|**15165**|
|_One of donations_|_5787_|_7248_|
|_Collections at Services_|_10089_|_5799_|
|_Wall Boxes and Card Reader_|_3716_|_2118_|
|**Gift Aid Recovery**|**11232**|**13371**|
|**Grants**|**1000**|**300**|
|**Fund Raising Activities**|**19718**|**15566**|
|**PCC Fees (Weddings + Funerals)**|**4487**|**4700**|
|**Hire and use of Church Facilities**|**655**|**890**|
|**Investment Income**|**1453**|**1532**|
|**Other Receipts**|**585**|**573**|
|**Charitable Donations from PCC funds**|**-40**||
|**Total Operational Income**|**117717**|**111283**|
|**Operational Expenditure   (General Fund)**|||
|**Parish Share**|**58088**|**58091**|
|**Clergy and Assistants Expenses**|**300**|**3625**|
|**Church and Outreach Actiivities**|**1296**|**4060**|
|**Parish Administration**|**18501**|**15392**|
|_Administrators' Services_|_13271_|_11589_|
|_Ofce Equipment + Consumables_|_2077_|_2845_|
|_Photocopying + Printing + IT support_|_1810_|_0_|
|_Telephone + Internet_|_1343_|_958_|
|**Utilities**|**7765**|**8437**|
|_Elctricity_|_4001_|_3833_|
|_Gas_|3764|4604|
|**Church Cleaning**|**2668**|**1450**|
|**Building Maintenance + Minor Repair**|**11484**|**8814**|
|**Equipment Repairs /Maintenance**|0|0|
|**Churchyard Maintenance**|**9544**|**3680**|
|**Insurance**|**5622**|**5540**|
|**Fundraising Costs**|**533**|**2182**|
|**Other PCC expenses**|**380**|**203**|
|**Total Operational Expenditure**|**116181**|**111474**|
||||
|**Excess of Income over Expenditure**|**1536**|**-191**|



4 



## **Parish of St. Mary's Charlbury with All Saints' Shorthampton Financial Statements for the Year Ended 31 December 2025** 

## **Independent Examiner's Report to the PCC of St. Mary's Charlbury** 

## **with All Saints' Shorthampton** 

This report on the financial statements of the PCC for the year ending 31[st] December 2025, which are set out in Appendix 1 to the PCC Annual Report for 2025, is in respect of the examination carried out in accordance with Church Accounting Regulations and Section 43 of the Charities Act 1991. 

## **Respective Responsibilities of the PCC and the Examiner** 

As members of the PCC you are responsible for the preparation of the financial statements. You consider that the audit requirement of the Regulations and the Section 43(2) of the Act do not apply (income/expenditure above £250,000). It is my responsibility to issue this report to those financial statements in accordance with the terms of the Regulations. 

## **Basis of this Report** 

My examination was carried out in accordance with the directions given by the Charity Commission under section 43(7)b of the Act to be found in the Church Guidance 2006 edition issued by the Archbishop's Council. The examination includes a review of the accounting records kept by the PCC. It also includes considering any unusual terms or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts. 

## **Independent Examiner's Statement** 

In connection with my examination, no matter has come to my attention: 

(i) which gives me cause to believe that in any material respect the requirements to keep accounting records in accordance with Section 41 of the Act and to prepare financial statements which comply with the Act have not been met; or 

(ii) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to have been reached. 

## **Tony Morgan** 

**Independent Examiner 040225** 

CH dExaminers Report 24