## **GILLIGATE CHURCH ESTATE CHARITY** ## **Annual Report and Accounts** ## **Year Ended 31 December 2025** A Registered Charity No. 222676 Registered Office 7 Elvet Waterside Durham City Co. Durham DH1 3DA Trustees as at 31 December 2025 St Giles Church Belmont Church Ex-Officio: Rev J Fisher Vacant position Vacant position Mr K Reynolds - Chair Vacant position Mrs A Corbett Elected: Mr J Ashworth – Vice Chair Mr J Cotton Mr P Jackson Mrs C Reynolds Mr G Jarvis Mr A Port Clerk and Receiver Mr T J Hardman ## **ANNUAL REPORT** The Gilligate Church Estate Charity is a registered Charity, which was established under a High Court Order of 1866 and now operates under schemes dated 6 October 1922, 31 January 1995 and 3 January 2001. The Vicars and Churchwardens of St Giles and Belmont Churches are Trustees “Ex-Officio” and a further three Trustees are elected by each Parochial Church Council to give a total of twelve Trustees. The objects of the Charity are to generate income from endowed funds and distribute that income according to prescribed shares under the scheme to the parish churches of St Giles and Belmont and to Education Trusts in each parish. Annual income not distributed is invested by the Charity in Extraordinary Repair Funds for each Church for their future use. Part of the endowed funds of the Charity forms the Chantry Fund, the income of which is divided equally between the incumbents of the two Churches. The overall income of the Charity for the 2025 year decreased by £1,105 compared to the previous year to give a total revenue surplus for the year of £92,127. Part of the surplus was distributed to the two Churches and Education Trusts; the balance was credited to the St Giles and Belmont Churches ERFs. These reserve funds are available to be drawn on by the respective Churches as and when required to fund repairs. No capital distribution were made in the year from income. The total net assets of the Charity increased during the year by £105,958 to stand at £2,736,587 at the yearend, this was mainly due to increases in investment values. This is an all time high valuation of the Charity’s net assets. Given present asset values and income returns the Trustees feel they can continue to meet the requirements of the beneficiaries in both the short and long term but the beneficiaries are also aware of that there may be reductions in income levels in the future, however the recent increases in interest rates has helped the Charity over the year and the substantial loss of income and asset values due to the pandemic never materialised as had been initially feared. With this in mind the Trustees feel they can continue to provide ongoing surplus income to support the two Churches and Educational Trusts albeit at reduced levels in the future. Mr K Reynolds - Chairman on behalf of Trustees 14[th] April 2026 Page 1 ## **GILLIGATE CHURCH ESTATE CHARITY Balance Sheet - Year Ended 31st December 2025** |**FIXED ASSETS - Note 2**
Investments
**CURRENT ASSETS**
**Debtors**
Accured interest
PCC loans - Belmont
Prepayments
**Bank Accounts**
Lloyds - General
Cambridge & Counties Bank
C of E CBF
**CURRENT LIABILITIES**
Creditors
Funds held on behalf of Belmont PCC
Distribution of surplus
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**FUNDS - Note 4**
Endowed
Estate
**Restricted ERFs**
Estate
St Giles
Belmont
**TOTAL FUNDS**|4,694
0
515|5,209
405,862|**2025**
2,365,826
370,761|**2024**
2,264,368
5,212
0
515| |---|---|---|---|---| ||11,397
100,000
294,465|||5,727
15,972
100,806
267,315| ||0
17,278
23,032|||384,093| |||411,071
40,310||389,820
0
23,559| ||2,550,302|||23,559
366,261| |||2,550,302
186,285||| ||||**£2,736,587**|**£2,630,629**| ||||2,736,587|2,448,844| ||0
138,018
48,267|||2,448,844
0
157,403
24,382| |||||181,785| ||||**£2,736,587**|**£2,630,629**| **Mr K Reynolds On behalf of Trustees 14 April 2026** 2 ## **GILLIGATE CHURCH ESTATE CHARITY Financial Activities - Year Ended 31 December 2025** ||**Estate**|**Restricted**|**Endowed**|**Total**|**Total**| |---|---|---|---|---|---| ||**Fund**|**Funds**|**Funds**|**2025**|**2024**| |Investment income|101,219|6,362|0|107,581|108,686| |Rental income|0|-|-|0|0| |Transfer to / from ERFs|-|-1,862|-|-1,862|-10,453| |**TOTAL INCOMING RESOURCES**|101,219|4,500|0|**£105,719**|**£98,233**| |**EXPENDITURE - NOTES 5 & 6**|||||| |Property, admin and ERF expenditure|||||| |Property repairs & costs|-|-|-|-|0| |Insurances|515|-|-|515|515| |Salaries and admin costs|8,027|-|-|8,027|6,882| |Independent examiner|550|-|-|550|550| |St Giles ERF spend|-|-|-|-|-| |Belmont ERF spend|-|-|-|-|-| |Total|9,092|0|0|**£9,092**|**£7,947**| |**Application of Income per Scheme**|||||| |St Giles PCC|70,957|-|-|70,957|57,641| |Transfer to / from St Giles ERF|-24,894|-|-|-24,894|-10,522| |Belmont PCC|0|-|-|0|23,491| |Transfer to / from Belmont ERF|23,032|-|-|23,032|68| |St Giles Education Trust|11,516|-|-|11,516|11,780| |Belmont Education Trust|11,516|-|-|11,516|11,780| |Total|92,127|0|0|**£92,127**|**£94,238**| |**TOTAL EXPENDITURE IN YEAR**|101,219|0|0|101,219|102,185| |**NET INCOMING RESOURCES**|0|4,500|0|4,500|-3,953| |**BEFORE CAPITAL MOVEMENTS**|||||| |**CAPITAL MOVEMENTS - Note 2**|||||| |Property sale surplus|-|-|0|0|0| |Capital distributions|-|-|-|-|-| |Investment gains / losses|-|-|101,458|101,458|42,813| |**NET CAPITAL INCREASE**|0|0|101,458|101,458|42,813| |**TOTAL INCOMING RESOURCES**|0|4,500|101,458|105,958|38,861| |**TOTAL FUNDS 31 DEC 2024**|0|181,785|2,448,844|2,630,629|2,591,768| |**TOTAL FUNDS 31 DEC 2025**|0|**£186,285**|**£2,550,302**|**£2,736,587**|**£2,630,629**| 3 **GILLIGATE CHURCH ESTATE CHARITY Notes to the Accounts - Year Ended 31 December 2025** ## **1. ACCOUNTING POLICIES** These accounts have been prepared under the historic cost convention and in accordance with applicable accounting standards under the Charities Acts. ## **2. FIXED ASSETS** ## a) Property The Charity no longer holds any property. ## b) Investments These are shown at their market value as at 31 December 2025. |Main Fund
CBF Investment Fund
CBF Property Fund
M & G Charifund
Schroders Charity Equity Inc Trust
Total fixed assets at
Property
Investments
Per accounts|**31.12.24**
**Purchase**
**Increase in**
**31.12.25**
**Cost to**
**(Sale)**
**Value**
**Date**
1,155,738
-46,204
1,109,534
329,705
432,919
16,277
449,196
478,911
381,398
66,090
447,488
348,764
294,313
65,295
359,608
278,911|**31.12.24**
**Purchase**
**Increase in**
**31.12.25**
**Cost to**
**(Sale)**
**Value**
**Date**
1,155,738
-46,204
1,109,534
329,705
432,919
16,277
449,196
478,911
381,398
66,090
447,488
348,764
294,313
65,295
359,608
278,911| |---|---|---| ||2,264,368
0
101,458
2,365,826
1,436,291|| ||**31.12.24**
0
2,264,368
2,264,368|**31.12.25**
0
2,365,826
2,365,826| ## **3. ANALYSIS OF NET ASSETS BY FUND** |Fund Type
Endowment
Main Charity
Restricted
Estate ERF
St Giles ERF
Belmont ERF
Unrestricted|**Fixed**
**Current**
**Current**
**Total**
**Assets**
**Assets**
**Liabilities**
2,365,826
184,476
0
2,550,302
0
0
0
0
0
138,018
0
138,018
0
48,267
0
48,267
0
23,560
-23,560
0| |---|---| ||**£2,365,826**
**£394,321**
**-£23,560**
**£2,736,587**| 4 ## **GILLIGATE CHURCH ESTATE CHARITY Notes to the Accounts - Year Ended 31 December 2025** ## **4. DESCRIPTION OF FUNDS** ## **Main Estate Fund** This is the permanent endowment of the Charity from which income is derived for the beneficiaries. No capital distributions were made in the year (2024 - nil). ## **Estate ERF** This fund exists to finance the extraordinary repairs or improvements to the Charity's properties. The fund must be maintained out of annual income at a sufficient level for its needs. Given the level of reserves and income levels the Trustees do not consider it necessary to maintain this reserve as any Extraordinary repairs could now be met out of current income. ## **St Giles and Belmont Churches ERFs** These funds exist to assist with the extraordinary repair, improvement or rebuilding of the fabric, fixtures, and fittings of each church and their respective churchyards. Payments are made at the Trustees discretion under the terms of the scheme. Payments of £24,894 were made in the year to St Giles PCC and surplus funds not spent of £23,032 were transferred to the Belmont PCC's ERF. The balance on the loan to Belmont PCC was nil at the year end. No further loans have been made. ## **Movement of Major Funds** |**Fund name**
Estate Fund
St Giles ERF
Belmont ERF
Total funds|**Balance**
**Incoming**
**Outgoing**
**Transfers**
**Gains /**
**Balance**
**31.12.24**
**Resources**
**Resources**
**Losses**
**31.12.25**
2,448,845
0
0
0
101,458
2,550,303
157,404
5,509
0
-24,894
0
138,019
24,380
853
0
23,032
0
48,265| |---|---| ||2,630,629
6,362
0
-1,862
101,458
2,736,587| ## **5. EMPLOYEE REMUNERATION** Remuneration of £8,000 (2024 £6,875) was paid in the year to the Clerk of the Charity. ## **6. INDEPENDENT EXAMINER** Fees of £550 (2024 £550) were paid in the year to Mr S W Armstrong in his position as independent examiner of the Charity's accounts. ## **7. TRUSTEE REMUNERATION AND EXPENSES** No remuneration or expenses was paid either directly or indirectly out of the funds of the Charity to any Trustee or any person or persons known to be connected with any Trustee with the exception of the Chantry Fund income paid to the relevant incumbents under the scheme. 5 ## Independent Examiner's Report To the Trustees of The Gilligate Church Estate Charity, Durham | report on the accounts of the Charity for the year ended 31 December 2025. ## Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. ## It is my responsibility to: - e examine the accounts under section 145 of the 2011 Act; e to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - e to state whether particular matters have come to my attention. ## Basis of independent examiner's report My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison ofthe accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts 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 no opinion is given as to whether the accounts present a ‘true and fair view' and the report is limited to those matters set out in the statement below. ## Independent examiner's statement In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements: - e to keep accounting records in accordance with section 130 of the 2011 Act; and e to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. S W Armstrong BSc (Econ.) ACA 7 April 2025