## The Parochial Church Council of St Mary Magdalene, Hatfield Hyde
## Unaudited
Trustee’s report and financial statements For the year ended December 31[st] , 2025
Registered charity - 1212520
## **Table of Contents**
_Reference and administrative details of the Charity and its Trustees ................................................ 2 Our Vision ................................................................................................................................... 3 Objectives ................................................................................................................................... 3 Achievements and performance ................................................................................................... 4 Financial review ........................................................................................................................... 5 Structure, governance and management ....................................................................................... 6 Independent examiner's report ..................................................................................................... 8 St Mary Magdalene, Hatfield Hyde Statement of financial activities .................................................. 9 St Mary Magdalene, Hatfield Hyde - Balance Sheet ....................................................................... 10 St Mary Magdalene, Hatfield Hyde - Notes to the financial statements ........................................... 11_
Registered charity - 1212520
Page 1
## Reference and administrative details of the Charity and its Trustees
The Trustees are pleased to present their annual report together with the financial statements of The Parochial Church Council of St Mary Magdalene, Hatfield Hyde for the year 1 January 2025 to 31 December 2025.
For the year ended 31 December 2025
## _**Trustees**_
- Ryan Gilfeather – _Priest-in-charge_
- Godfrey Lisk - _Churchwarden_
- Nicholas Castle – _Churchwarden_
- Daniel Nasmyth-Miller _- Treasurer_
- Clare Nasmyth-Miller
- Jacqui Dickens
- Caroline Duke
- Catherine Limebear
- Vivienne Burgess
- Edward Wright
## _**Principal office**_
Hollybush Lane Welwyn Garden City AL7 4JS
## _**Deanery synod members**_
- Catherine Limebear
- Daniel Nasmyth-Miller
## _**Secretary**_
- Ann Jansz
Registered charity - 1212520
Page 2
## Our Vision
Called to be a faithful community of mercy, generosity and kindness
## Objectives
The main objectives of the charity are:
1. Promoting the whole mission of the church - pastoral, evangelistic, social and ecumenical. The PCC is responsible for cooperating with the Clergy to meet this objective;
2. Enabling as many people as possible to worship at St Mary Magdalene Church and to become part of our parish community. The PCC maintains an overview of activities throughout the parish and makes suggestions on how we can involve the many groups that live within our parish; and
3. Putting faith into practice, ‘Living God's Love', in our services and worship through prayer and scripture, music and sacrament.
When planning our activities for the year, the PCC have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)', and in particular the specific guidance on charities for the advancement of religion. We aim to enable ordinary people to live out their faith as part of our parish community through:
Worship and prayer, learning about the Gospel, and development of their knowledge and trust in Jesus Christ as both Saviour and Lord. There is also provision of pastoral care for people living in the parish.
In particular, our aims for 2025 were:
- Appointing a new incumbent following the resignation of Revd Emma Hopegood Jones
- Deepening our lives of faith in the beauty and holiness of worship, as a community nourished by the Eucharist
- Nurturing discipleship and growing maturity of faith
- Increasing our presence in the parish through sustainable partnerships, to respond to the needs of our community and proclaim the gospel
-
- Building robust and sustainable finances for our mission and ministry
Registered charity - 1212520
Page 3
## Achievements and performance
- Provided regular Eucharistic worship on Sunday and Wednesday mornings was further refined in Q4, and grew from a usual Sunday attendance of 33 (Q3) to 39 (Q4).
- Offered additional worship on Feast days and other Holy days. Our Christmas services had a total attendance of 335, an increase from 179 in 2024.
- Sent out a weekly online newsletter.
-
-
- Offered pastoral care through visits, phone calls, texts, emails and zoom meetings.
- Continued to offer occasional offices (Baptisms, Weddings, Funerals).
- Welcomed many community groups that use our spaces to benefit the whole community, including Brownies, Alcoholics Anonymous, Tai Chi, Local Councillor surgeries, Aikedo, Rainbows, Dance Schools, Parkinson’s UK, music for those with dementia, and Yoga classes. The Parish Centre was once again used as a Polling station.
-
- We said farewell to Bishop Alan and gave thanks for his selfless service to the Diocese of St Albans
- Worked with other local churches to provide a Christian witness in the town during key times of the year, through, Lent courses at the Methodist Church, a Good Friday service on Howardsgate, and Carol Singing at the Howard Centre.
- Charitable work through the Bike and Hike in support of Historic Churches in Bedfordshire and Hertfordshire and collections for The Children’s Society
-
- Appointed Ryan Gilfeather as Priest in Charge in August.
-
- Farewell service for our former incumbent, Revd Emma Hopegood Jones
-
-
- Licensing of Ryan Gilfeather as Priest in Charge
- Provided a program of social events for the benefit of the whole community.
- Welcomed children out ‘trick or treating’ on Halloween to participate in activities in church learning about the Christian festivals of All Saints and All Souls days. Around 150 children and families attended.
-
- Quiz night to raise funds in support of our ministry
- Flourishing relationship with Creswick school with the marking of Harvest festival, Remembrance Day and Christmas services.
- Regularly provided services at Oakview Care Home.
-
- Caroline Duke was formally licensed as an Anna Chaplain
- Continued to host ‘Mary and Isabel’s Compassionate Cafe’ in partnership with Isabel Hospice, at the Parish Centre
Registered charity - 1212520
Page 4
## Financial review
## _**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. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## _**Reserves policy**_
In 2025, the trustees adopted a new reserves policy. In order to meet the agreed funding policy, the amount required in reserves should be approximately £50,000. This figure is the sum of one years running costs (excluding parish share).
The PCC within the investment fund hold cash of £224,068.10 which it has designated to cover the risk of substantial costs for roof repairs, which are expected given the age and construction of the church roof.
## _**Financial risk assessment**_
The major financial risks to the Charity are considered to be the following:
- Reduction in planned giving as a result of withdrawal of support from existing regular givers.
- Reduction in income from bookings of the church community facilities
- Reduction in income as a result of non-payment of rent by tenants of church properties, or a property being vacant.
- Unexpected expenditure, most likely related to the need for emergency repairs and restoration to St Mary Magdalene Church, The Parish Centre, or one of the three residential properties owned by the church. Mitigated by the implementation of the agreed reserves policy.
- Increase in spending on repairs to St. Mary Magdalene Church.
- The Endowment fund is managed by the Diocesan fund managers CCLA. The performance in 2025 has been below market trends and expectations.
All the risks are mitigated by careful financial stewardship and the following of the reserves policy.
Registered charity - 1212520
Page 5
## Structure, governance and management
## _**Constitution**_
St Mary Magdalene is a church which is the responsibility of a parochial church council duly constituted under the Parochial Church Council Powers Measure (1956) as amended, and the Church Representation Rules. The Church is registered with code 632129 in the diocese of St Albans in the parish of St Mary Magdalene, Hatfield Hyde.
The Parochial Church Council of St. Mary Magdalene, Hatfield Hyde is a registered charity for the purposes of the Charities Act 2011 and was registered in March 2025 with the charity number – 1212520.
The trustees of the parish are the PCC, which has the responsibility of co-operating with the Priest in Charge, in promoting the whole work of the Church in the ecclesiastical parish. The PCC is governed by two pieces of Church of England legislation, called Measures. These are the Parochial Church Council (Powers) Measure 1956 and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969, as amended).
Overall responsibility for day-to-day management resides with the Priest in Charge, working in close collaboration with the Standing Committee. The charity does not have paid employees with management responsibility
## _**Methods of appointment or election of Trustees**_
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The trustees keep the composition of the PCC under review and will seek to co-opt additional members with appropriate skills and expertise should the need arise. Interested parties are given details of the background of the charity in order to make them aware of current activities. Licensed clergy in the parish are ex officio trustees. Churchwardens are elected at the Annual Parishioners Church meeting. All other trustees are elected at the Annual Parochial Church meeting in accordance with the Parish Instrument.
Page 6
## _**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 year 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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 Trust deed. 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:
**----- Start of picture text -----**
Godfrey Lisk:__________________________
**----- End of picture text -----**
26 March 2026 Date:_________________________________
Trustee
Page 7
## Independent examiner's report
**For the year ended 31 December 2025**
## _**Independent examiner's report to the Trustees of St Mary Magdalene, Hatfield Hyde ('the Charity')**_
I report to the charity Trustees on my examination of the accounts 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 2015.
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.
Signed:
Dated:
27/03/2026
Page 8
## St Mary Magdalene, Hatfield Hyde Statement of financial activities
## **For the year ended 31 December 2025**
|**Note**
**Income and endowments from:**
Donations and legacies
2
Charitable activities
3
Investments
4
Other income
5
**Total income and endowments**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Other recognised gains and losses**
Unrealised gain / (loss) on investments
11
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
38,078
18,629
49,354
282
106,343
109,743
109,743
(2,646)
**(6,046)**
**96,444**
**(6,046)**
**90,398**|**Endowment**
**funds**
**2025**
**£**
-
-
-
-
-
15,000
15,000
-
**(15,000)**
**1,914,122**
**(15,000)**
**1,899,122**|**Total**
**funds**
**2025**
**£**
38,078
18,629
49,354
282|Total
funds
2024
£
37,518
21,562
47,199
323|
|---|---|---|---|---|
||||106,343|106,602|
||||124,743|122,921|
||||124,743|122,921|
||||(2,646)|18,509|
||||**(21,046)**|2,190|
||||**2,010,566**
**(21,046)**|2,008,376
2,190|
||||**1,989,520**|2,010,566|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
Page 9
## St Mary Magdalene, Hatfield Hyde - Balance Sheet
## **As at 31 December 2025**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
Investment property
12
**Current assets**
Debtors
13
Cash at bank and in hand
14
Creditors: amounts falling due
within one year
15
**Net current assets**
**Total net assets**
**Charity funds**
Endowment funds
17
Unrestricted funds
17
**Total funds**|**2025**
**£**
**534,918**
**224,068**
**1,180,000**
**1,938,986**
**-**
**54,619**
**54,619**
**(4,085)**
**50,534**
**1,989,520**
**1,899,122**
**90,398**
**1,989,520**|-
55,941|2024
£
550,845
226,715
1,180,000|
|---|---|---|---|
|||||
||||2,010,566|
||||1,914,122
96,444|
||||2,010,566|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## Godfrey Lisk
Trustee Date: 26 March 2026
The notes on pages 10 to 19 form part of these financial statements.
Page 10
St Mary Magdalene, Hatfield Hyde 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 the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St Mary Magdalene, Hatfield Hyde 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 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **1.3 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Page 11
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
## **For the year ended 31 December 2025**
## **1.3 Expenditure (continued)**
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.
All expenditure is inclusive of irrecoverable VAT.
## **1.4 Tangible fixed assets and depreciation**
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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 should be 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, using the straight-line method.
Depreciation is provided on the following bases:
Freehold Property - 40 years Fixtures & Fittings - 10 – 20 years Computer Equipment - 4 years
## **1.5 Investments**
Investments held are stated at their quoted market value at the balance sheet date. Gains or losses on disposals of such investments are treated as realised gains or losses. Gains or losses due to changes in the market value of the investments are treated as unrealized. All gains or losses, whether realised or unrealized, are shown in the Statement of Financial Activities.
## **1.6 Investment property**
Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuer uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Any changes in fair value are recognised in the Statement of Financial Activities.
## **1.7 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.
## **1.8 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.
Page 12
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
## **For the year ended 31 December 2025**
## **1.9 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 as a finance cost.
## **1.10 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.
Investment income, gains and losses are allocated to the appropriate fund.
Page 13
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
**For the year ended 31 December 2025**
|**2.**
**Income from donations and legacies**
**Total**
**funds**
**2025**
**£**
Donations
**38,078**
All income in both the current and prior years relates to unrestricted funds.
**3.**
**Income from charitable activities**
**Total**
**funds**
**2025**
**£**
Income from charitable activities
**18,629**
All income in both the current and prior years relates to unrestricted funds.
**4.**
**Investment income**
**Total**
**Funds**
**2025**
**£**
Rental income
**49,354**
All income in both the current and prior years relates to unrestricted funds.
**5.**
**Other incoming resources**
**Total**
**Funds**
**2025**
**£**
Interest receivable
282
282|Total
funds
2024
£
37,518|
|---|---|
||Total
funds
2024
£
21,562|
||Total
Funds
2024
£
47,199
Total
Funds
2024
£
323|
||323|
All interest in both the current and prior years relates to unrestricted funds.
Page 14
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
## **For the year ended 31 December 2025**
## **6. Analysis of expenditure by activities**
||**Total**|Total|
|---|---|---|
||**Funds**|Funds|
||**2025**|2024|
||**£**|£|
|Direct costs|**124,743**|122,921|
All activities were directly undertaken in the current and prior years.
## **Analysis of direct costs**
|Parish share
Charitable giving
Church running expenses
Clergy and staff expenses
Church repairs and maintenance
Managing agent fees
Depreciation
Accountancy costs
Total|**Total**
**Funds**
**2025**
**£**
**48,490**
**50**
**15,874**
**1,540**
**34,440**
**5,598**
**15,927**
**2,824**
**124,743**|Total
Funds
2024
£
45,261
317
21,553
2,922
31,585
1,937
17,451
1,895|
|---|---|---|
|||122,921|
## **7. Average number of employees**
The average number of employees for the year ending 31 December 2025 was nil (2024: nil).
## **8. Net income / expenditure for the year**
This is stated after charging
|This is stated after charging|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Accountancy fees|840|840|
|Independent Examiners Fees|840|-|
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2024 - £Nil).
During the year ended 31 December 2025, expenses totaling £3,146 were reimbursed or paid directly to 9 Trustees (2024 - £749 to 3 Trustees). The expenses that were reimbursed in the year comprise of donations, post & stationery, and other miscellaneous items.
Page 15
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
## **For the year ended 31 December 2025**
## **10. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2025
Additions
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|**Fixtures**
**& fittings**
**£**
17,542
-
**17,542**
1,897
927
**2,824**
**14,718**
15,645|**Freehold**
**property**
**£**
600,000
-
**600,000**
64,800
15,000
**79,800**
**520,200**
535,200|**Computer**
**equipment**
**£**
10,664
-
**10,664**
10,664
-
**10,664**
**-**
-|**Total**
**£**
628,206
-|
|---|---|---|---|---|
|||||**628,206**|
|||||77,361
15,927|
|||||**93,288**|
|||||**534,918**|
|||||550,845|
## **11. Investments**
The charity holds an investment portfolio with CCLA. At the balance sheet date, the total value of investments held was £224,068 (2024: £226,714). The change in value of the portfolio during the year was (£2.646) (2024: £18,509).
## **12. Investment property**
|**Valuation**
At 1 January 2025
At 31 December 2025|**Freehold**
**investment**
**property**
**£**
**1,180,000**|
|---|---|
||**1,180,000**|
The 2020 valuations were made internally, on an open market value for existing use basis.
|**13.**
**Debtors**
Accounts receivable|**2025**
**£**
**-**
**-**|2024
£
-|
|---|---|---|
|||-|
Page 16
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
## **For the year ended 31 December 2025**
## **14. Cash at bank and in hand**
The charity holds cash of £54,619 (2024: £55,941).
## **15. Creditors: Amounts falling due within one year**
|Accruals
Deferred rental income|**2025**
**£**
**2,004**
**2,081**
**4,085**|**2024**
**£**
**949**
**1,987**|
|---|---|---|
|||**2,936**|
## **16. Comparative Statement of Financial Activities**
|**Income and endowments from:**
Donations and legacies
Charitable activities
Investments
Other income
**Total income and endowments**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
37,518
21,562
47,199
18,832
125,111
107,921
107,921
**17,190**
**79,254**
**17,190**
**96,444**|**Endowment**
**funds**
**2024**
**£**
-
-
-
-|
|---|---|---|
|||-|
|||15,000|
|||15,000|
|||**(15,000)**|
|||**1,914,122**|
Page 17
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
**For the year ended 31 December 2025**
## **17. Statement of funds**
|**Unrestricted funds**
General fund
**Endowment funds**
Endowment fund
**Total of funds**
**Unrestricted funds**
General fund
**Endowment funds**
Endowment fund
**Total of funds**|**Balance as at**
**1 January**
**2025**
**£**
**96,444**
**1,914,122**
**2,010,566**
Balance as at
1 January
2024
£
79,254
1,929,122
2,008,376|**Income**
**£**
**106,343**
**-**||**Expenditure**
**£**
**(112,389)**
**(15,000)**
**(127,389)**
Expenditure
£
(107,921)
(15,000)
(122,921)|**Balance as at**
**31 December**
**2025**
**£**
**90,398**
**1,899,122**|
|---|---|---|---|---|---|
|||**106,343**|**1**||**1,989,520**|
|||Income
£
125,111
-|
||Balance as at
31 December
2024
£
96,444
1,914,122|
|||125,111|||2,010,566|
## **Unrestricted fund**
The general fund represents free funds for the charity which are not designated for particular purposes.
## **Endowment fund**
The Endowment fund is a Property Fund comprising property where the legal title vests with the St Alban's Diocesan Board of Finance as the Custodian Trustee.
Any income derived from the properties is available to the PCC, to apply appropriately, in pursuance of their charitable activities in the Parish.
Page 18
## St Mary Magdalene, Hatfield Hyde Notes to the financial statements _(continued)_
## **For the year ended 31 December 2025**
## **18. Analysis of net assets between funds**
## **As at 31 December 2025**
|Tangible fixed assets
Investments
Investment property
Current assets
Creditors due within one year
**Total**
**As at 31 December 2024**
Tangible fixed assets
Investments
Investment property
Current assets
Creditors due within one year
Total|**Unrestricted**
**Funds**
**£**
**14,718**
**-**
**83,734**
**(2,935)**
**96,444**
Unrestricted
Funds
£
15,645
27,793
-
55,941
(2,935)
96,444|**Endowment**
**Funds**
**£**
**520,200**
**1,180,000**
**198,922**
**-**
**1,914,122**
Endowment
Funds
£
535,200
198,922
1,180,000
-
-
1,914,122|**Total**
**Funds**
**£**
**534,918**
**1,180,000**
**282,656**
**(2,935)**|
|---|---|---|---|
||||**2,010,566**|
||||Total
Funds
£
550,845
226,715
1,180,000
55,941
(2,935)|
||||2,010,566|
## **19. Related party transactions**
The Charity has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2025 (2024: none).
Page 19