REGISTERED CHARITY NUMBER: 251436
Report of the Trustees and
Financial Statements for the Year Ended 31 December 2025
for
Hagley Free Church
Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW
Hagley Free Church
Contents of the Financial Statements for the Year Ended 31 December 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 17 |
| Detailed Statement of Financial Activities | 18 | to | 19 |
Hagley Free Church
Reference and Administrative Details for the Year Ended 31 December 2025
| TRUSTEES | Marjorie Fernihough |
|---|---|
| Katherine Johnson | |
| Chris Millington | |
| Joan Ellis | |
| Bob Green | |
| Peter Longden | |
| Martin Heathcock | |
| Barbara Harris | |
| Alun Reginald Nicholas | |
| Joan Lesley Faulkner | |
| George Anthony Battersby | |
| Dorothy Jean Stone | |
| Cecil Geoffrey Downing | |
| David John Dewhirst | |
| Ian Gardner Nisbet | |
| Alvine Jane Walker | |
| Doreen Cox (appointed 1.11.25) | |
| PRINCIPAL ADDRESS | 95 Worcester Road |
| West Hagley | |
| Stourbridge | |
| West Midlands | |
| DY9 0NG | |
| REGISTERED CHARITY | 251436 |
| NUMBER | |
| INDEPENDENT EXAMINER | Lewis Smith & Co. |
| Chartered Certified Accountants | |
| The Old Doctor's House | |
| 74 Grange Road | |
| Dudley | |
| West Midlands | |
| DY1 2AW | |
| BANKERS | The Co-operative Bank plc |
| P.O. Box 250 | |
| Delf House | |
| Skelmersdale | |
| WN8 6WT | |
| Dudley Building Society | |
| 7 Harbour Buildings | |
| Brierley Hill | |
| DY5 1LN | |
| BROKERS | Evelyn Partners |
| 103 Colmore Row | |
| Birmingham | |
| B3 3AG | |
| (Account manager: Mr Luke Hunter) |
Page 1
Hagley Free Church
Report of the Trustees for the Year Ended 31 December 2025
The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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).
REPORT OF THE COMMITTEE YEAR ENDED 31 DECEMBER 2025
The committee presents its report together with the draft accounts for the year ended 31 December 2025 which have now been independently examined.
The custodian trustees, in whose names the freehold land (on part of which the church buildings stand) and investments are held, are all senior members of the fellowship whose views and experience are highly valued. They are assisted by Committee Members (also Trustees). They are: -
| Trustee | Date of appointment |
|---|---|
| Joan L Faulkner | 21 April 2024 - Custodian Only |
| Tony Battersby | 21 April 2024 - Custodian Only |
| Dorothy J Stone | 21 April 2024 - Custodian Only |
| Geoff Downing | 21 April 2024 - Custodian Only |
| David J Dewhurst | 21 April 2024 - Custodian Only |
| Dr Ian G Nisbet | 10 May 2023 - Committee Only |
| Alvine J Walker | 10 May 2023 - Committee Only |
| Marjorie Fernihough | 2 May 2019 - Committee Only |
| Katherine Johnson | 27 April 2017 - Committee Only |
| Chris Millington | 10 April 2014 (also Custodian) |
| Alun R Nicholas | 2 August 2011 (also Custodian) |
| Bob Green | 2 August 2011 - Custodian Only |
| Joan Ellis | 2 August 2011 - Custodian Only |
| Peter Longden | also Custodian |
| Martin Heathcock | Custodian Only |
| Barbara Harris | also Custodian |
| Doreen Cox | November 2025 - Committee Only |
Trustees and Committee members meet monthly, except in August and December, to review matters and are available to receive ideas and comments about the life of the church for discussion within those meetings. The committee is ably assisted by property stewards and the leaders of the various sub-groups which give vitality and outreach to the life of the Church throughout each week of the year.
The current Charity is an Unincorporated Charity, and approval was given at the 2024 AGM to move towards a Charitable Incorporated Organisation (CIO). The most important aspect of a CIO is the Limited Liability it gives to Trustees thus making it easier to appoint new ones when needed. Additionally, it simplifies and brings the Constitution up to date as recommended by the Charity Commissioners. A small working party was set up with this aim and its members are Alun Nicholas, Don Moss and Tony Battersby. Higgs LLP Solicitors of Brierley Hill were appointed to do this work and Senior Partner Kirsty McEwan leads on their behalf.
Local meetings have been held by this small working party and a meeting has also taken place at the Solicitors Offices. Together we are slowly working towards preparing a draft Constitution and this will be considered by the full Membership and Trustees as soon as possible. This process continues.
REVIEW OF THE YEAR AND BEYOND
Revd Tim Mullings continues his stipendiary ministry having been in post now coming up to three years in February 2026. There is unity in worship and harmony within the congregation as they participate in the service together, following the minister's lead. As will be seen from his personal report to the AGM, Tim's ministry continues to flourish and under his sustained enthusiasm, with the guidance of the Holy Spirit, the church remains positive about the future.
Page 2
Hagley Free Church
Report of the Trustees
for the Year Ended 31 December 2025
Special services throughout 2025 included a Covenant Service and infant dedication at the start of the year, Easter and a well-supported Christmas Carol service accompanied by Hagley Community Orchestra.
Sadly, in 2025 we lost two members: Peter Guest and Evelyn Lambert. We gained six new members by affirmation of faith: Cynthia Downes, John Harris, Denise Jackson, Pat Clarke, Pauline Brunton and Audrey Holt.
The total membership of 84 includes about 60 who are active within the life of the Church. Additionally, a good number of adherents have regularly attended worship and some of those are being asked to consider formal membership. Thanks are due to Revd Tim, Committee Members and individual pastoral carers for regular contacts with the housebound; those in care homes and hospital. Tim also visits many of the mid-week activities such as the Tea Club and Hand of Friendship and has conducted several funerals, at the personal request of family, for some of the associates.
04 April 2026
On behalf of the Committee Revd Tim Mullings
OBJECTIVES AND ACTIVITIES
Objectives and aims
To promote the Christian Gospel through regular Sunday worship, weekday activities and other means of outreach. Reference to the accounts will reveal that the membership endeavours to do this within the immediate neighbourhood of Hagley and by supporting missionary and other charitable causes in the Midlands, nationally and overseas.
Public benefit
The charity refers to the guidance issued by the Charity Commission on public benefit when reviewing the aims and objectives of the Church and in planning future activities.
Intangible Income
Much of the work of the church, in all its facets, is carried out voluntarily by members and friends. Vestry, door and communion stewards, pastoral work and catering are just some of the areas where that help is much appreciated. Each Sunday we enjoy voluntaries before and after the service and accompaniment for hymns, for which we have Jean Stokes and Margery Davies to thank. We also enjoy the gardens at the front of the church, thanks to Joy Sawyer.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
A review of the charity's activities during the year can be found in the report of the committee on pages 2 and 3.
Investment performance
The Trustees rely on the guidance of our Broker who has a discretionary role. Following the change over to a new Broker, Evelyn Partners, our investments, closely monitored, have remained positive and improved, although this will depend upon the activity of financial markets currently and in the coming months.
FINANCIAL REVIEW
Financial position
The attached financial statements set out the financial performance of the Church, and show total fund balances at 31 December 2025 of £712,165 (2024 - £632,096). Total realised and unrealised gains on investments were £28,770 (2024 - £6,358), and the performance of the investment portfolio will be reviewed going forward.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 3
Hagley Free Church
Report of the Trustees for the Year Ended 31 December 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution
Although the Church, which is inter-denominational, opened for worship in 1905, the charity which governs it is constituted by a Deed of Trust dated 13 March 1912. That Trust Deed stipulates that Trustees have to be appointed, their prime responsibility being custodian. A small committee is currently researching a review to the Trust Deed and will report to the main Committee prior to referral to the Members. Day to day management and administration of the Church is in the hands of a committee, up to twelve in number, including the minister, general secretary and treasurer who are ex officio, all of whom are elected by the membership. Charity legislation deems committee members to be trustees in respect of the responsibilities they carry. Meetings are presently being chaired by the Minister or another senior committee member if he is unavailable.
Accounts Examiner
Andrew Smith FCCA of Lewis Smith & Co fulfils and is willing to continue in that office.
Trustees Information
The names of the trustees are listed on page one within Reference and Administrative Details.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Barbara Harris - Trustee
Page 4
Independent Examiner's Report to the Trustees of Hagley Free Church
Independent examiner's report to the trustees of Hagley Free Church
I report to the charity trustees on my examination of the accounts of Hagley Free Church (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
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Mr Andrew James Smith (FCCA)
Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW
Date: .............................................
Page 5
Hagley Free Church
Statement of Financial Activities for the Year Ended 31 December 2025
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 113,255 Other trading activities 3 18,167 Investment income 4 19,735 Other income 848 Total 152,005 EXPENDITURE ON Charitable activities 5 Worship, witness and teaching 33,691 Cultural, social and recreational 10,353 Property upkeep 28,834 Management and administration 26,778 Donations 1,050 Total 100,706 Net gains/(losses) on investments 14,100 NET INCOME/(EXPENDITURE) 65,399 Transfers between funds 15 (540) Net movement in funds 64,859 RECONCILIATION OF FUNDS Total funds brought forward 444,357 TOTAL FUNDS CARRIED FORWARD 509,216 |
Restricted Endowment fund fund £ £ 1,424 - - - - 3,580 - - 1,424 3,580 - - - - - 3,580 - - 1,424 - 1,424 3,580 16,220 (1,550) 16,220 (1,550) - 540 16,220 (1,010) 137,455 50,284 153,675 49,274 |
31.12.25 31.12.24 Total Total funds funds £ £ 114,679 48,417 18,167 15,075 23,315 21,171 848 1,009 157,009 85,672 33,691 32,491 10,353 9,358 32,414 23,678 26,778 20,152 2,474 1,450 105,710 87,129 28,770 6,358 80,069 4,901 - - 80,069 4,901 632,096 627,195 712,165 632,096 |
31.12.25 31.12.24 Total Total funds funds £ £ 114,679 48,417 18,167 15,075 23,315 21,171 848 1,009 157,009 85,672 33,691 32,491 10,353 9,358 32,414 23,678 26,778 20,152 2,474 1,450 105,710 87,129 28,770 6,358 80,069 4,901 - - 80,069 4,901 632,096 627,195 712,165 632,096 |
|---|---|---|---|
| 85,672 | |||
| 32,491 9,358 23,678 20,152 1,450 |
|||
| 87,129 | |||
| 6,358 | |||
| 4,901 - |
|||
| 4,901 627,195 |
|||
| 632,096 |
The notes form part of these financial statements
Page 6
Hagley Free Church
Balance Sheet 31 December 2025
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand 13 CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ 138,513 246,814 385,327 17,614 118,838 136,452 (12,563) 123,889 509,216 509,216 |
Restricted fund £ - 153,675 153,675 - - - - - 153,675 153,675 |
Endowment fund £ - 49,274 49,274 - - - - - 49,274 49,274 |
31.12.25 Total funds £ 138,513 449,763 588,276 17,614 118,838 136,452 (12,563) 123,889 712,165 712,165 509,216 153,675 49,274 712,165 |
31.12.24 Total funds £ 138,513 414,868 553,381 18,156 67,877 86,033 (7,318) 78,715 632,096 632,096 444,357 137,455 50,284 632,096 |
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Alun Reginald Nicholas - Trustee
............................................. Barbara Harris - Trustee
The notes form part of these financial statements
Page 7
Hagley Free Church
Notes to the Financial Statements for the Year Ended 31 December 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts are prepared on the going concern basis.
Departure from accounting standards
The committee considers it inappropriate to provide any depreciation as the majority of tangible fixed assets are included at a very low historical cost, with the freehold premises and organ, furnishings and equipment being maintained in good condition. With the exception of the change from pews to chairs in the worship area in 2008 (where all but one of the old oak pews have been sold) all repairs and replacements are charged to expenditure as incurred. All assets are insured at full estimated replacement cost.
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.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been received that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the charity has been notified of the executors' intention to make a distribution and the amount can be reliably measured.
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. On certain Sundays in each year all the collections are earmarked for a specific cause. On those Sundays preaching fees are paid out of the general fund. When disasters and other specific appeals are made, retiring collections are held to enable members and friends to associate themselves with the appropriate needs
Over the years the church has received a number of gifts in kind, many of them modest in value. None of these are reflected in the accounts although substantial items of furnishings, stained glass windows etc. are appropriately insured.
Investment income
Dividends are accounted for when due and payable, and interest entitlements are accounted for as they accrue.
Investment gains and losses
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
continued...
Page 8
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
1. ACCOUNTING POLICIES - continued
Expenditure and irrecoverable vat
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. As the church is unable to recover VAT that element of each cost is added to the cost of the goods or services concerned.
Operating leases
Hand driers and associated costs are leased over a five year period; the rentals being charged on a straight line basis.
Volunteer help
The Charity benefits greatly from the involvement and enthusiastic support of its many volunteers. Mention of this is made in the review of the year in the trustees report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of volunteers is not recognised in the accounts.
Payments out of income arising from trustees’ and other investments
Following the sale of part of its Chapel Street land in 1978 various investments were made, being held in the names of the church's custodian trustees. Although the committee has control of the income from the investments, the capital can only be accessed with approval from the Charity Commissioners. In order to maintain the real value of those investments, part of the annual income arising was reinvested. In latter years this portion of investment income has been added to General Investments giving the church greater flexibility in using those assets should the need arise. The balance of the investment income from both sources is distributed, as agreed by the members, to various charities, locally, nationally and abroad. During recent years the trustees, in consultation with the brokers, have broadened the range of investments in an endeavour to ensure a balance between income and capital appreciation.
Church Sub-groups
Most of these manage their own finances and have their own bank and/or building society accounts. To comply with the Charity SORP, figures from those groups are included in these accounts.
Tangible fixed assets
These are capitalised where they can be used for more than one year and where the life is considered to be at least four years.
Taxation
The charity is exempt from tax on its charitable activities.
Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
This comprises bank and building society balances held by the church itself and the various sub-groups that have their own accounts. Cash in hand is minimal.
Creditors and provisions
These are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be reliably measured or estimated.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 9
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Organ fund
The church is fortunate in having had voluntary organists/pianist for many years. In recognition of this an annual transfer is made from the general fund to the organ fund to provide for future major repair and improvements to the instrument.
Investment policy
A broad spread of investments is adopted, excluding holdings with significant trading in tobacco, armaments, gambling and pornography. Three of the custodian trustees receive quarterly valuations from the brokers, together with a covering letter commenting on the economic climate, both past and future. Investments are made on an advisory basis and amendments to the holdings are recommended by the brokers from time to time, particularly when takeovers occur.
2. DONATIONS AND LEGACIES
| Sunday collections and monthly standing orders Income tax on gift aid Other donations and legacies |
31.12.25 £ 28,268 7,455 78,956 114,679 |
31.12.24 £ 26,400 7,342 14,675 |
|---|---|---|
| 48,417 |
Donations and legacies of £78,956 (2024 - £14,675) may include sums received from Trustees (custodian and committee members), including their spouses. Precise figures cannot be given as not all donations are identifiable.
3. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.12.25 | 31.12.24 | |
| £ | £ | |
| Fundraising | 463 | 530 |
| Use of facilities by church groups | 8,331 | 7,640 |
| Use of facilities by outside groups | 9,373 | 6,905 |
| 18,167 | 15,075 | |
| INVESTMENT INCOME | ||
| 31.12.25 | 31.12.24 | |
| £ | £ | |
| Investment income | 21,945 | 20,951 |
| Deposit account interest | 1,370 | 220 |
| 23,315 | 21,171 |
4. INVESTMENT INCOME
This represents dividends and interest from quoted investments and monies held on deposit in banks and building societies.
continued...
Page 10
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
5. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Worship, witness and teaching Cultural, social and recreational Property upkeep Management and administration Donations |
Support costs £ 33,691 10,353 32,414 26,778 2,474 |
| 105,710 |
Donations paid for the year are summarised as follows:
| Donations paid for the year are summarised as follows: | Donations paid for the year are summarised as follows: | Donations paid for the year are summarised as follows: | ||||
|---|---|---|---|---|---|---|
31.12.25 |
31.12.24 | |||||
| Unrestricted Restricted |
Total | Total | ||||
| £ | £ | £ | £ | |||
| General donations | 1,050 | - | 1,050 | 1,100 | ||
| T Mullings | - | - | - | 200 | ||
| Barnados | - | - | - | 150 | ||
| Air Ambulance | - | 712 | 712 | - | ||
| Motor Neurone Disease | - | 712 | 712 | - | ||
| 1,050 | 1,424 | 2,474 | 1,450 | |||
| INDEPENDENT EXAMINATION Fees for the examination of the accounts: |
||||||
| 31.12.25 | 31.12.24 | |||||
| £ | £ | |||||
| Independent examiner's fees for reporting on the accounts | 3,060 | 2,880 | ||||
| £ | £ | |||||
| Other fees - payroll costs and gift aid claim | 1,050 | 900 | ||||
6. INDEPENDENT EXAMINATION
7. TRUSTEES' REMUNERATION AND BENEFITS
Trustees remuneration
With the exception of two named committee members, no member received any remuneration from the Church.
During the year Mrs K Johnson received £7,141 (2024 - £5,167) for her duties as a cleaner and Mrs S Millington the wife of member Mr C Millington, received £11,242 (2024 - £10,707) for her duties as an administrative assistant.
continued...
Page 11
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
7. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
Details of expenses paid to trustees are as follows:
| 31.12.25 | 31.12.24 | ||||
|---|---|---|---|---|---|
| Number of trustees who were paid expenses | 1 | - | |||
| £ | £ | ||||
| Reimbursement of expenses | 187 | - | |||
| 8. | STAFF COSTS | ||||
| 31.12.25 | 31.12.24 | ||||
| £ | £ | ||||
| Wages and salaries | 18,383 | 15,874 | |||
| 18,383 | 15,874 | ||||
| The average monthly number of employees during the year was as follows: | |||||
| 31.12.25 | 31.12.24 | ||||
| Average number of employees | 1 | 1 | |||
| No employees received emoluments in excess of £60,000. | |||||
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||||
| Unrestricted | Restricted | Endowment | Total | ||
| funds | fund | fund | funds | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 48,067 | 350 | - | 48,417 | |
| Other trading activities | 15,075 | - | - | 15,075 | |
| Investment income | 19,008 | - | 2,163 | 21,171 | |
| Other income | 1,009 | - | - | 1,009 | |
| Total | 83,159 | 350 | 2,163 | 85,672 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Worship, witness and teaching | 32,491 | - | - | 32,491 | |
| Cultural, social and recreational | 9,358 | - | - | 9,358 | |
| Property upkeep | 21,515 | - | 2,163 | 23,678 | |
| Management and administration | 20,152 | - | - | 20,152 | |
| Donations | 1,100 | 350 | - | 1,450 | |
| Total | 84,616 | 350 | 2,163 | 87,129 | |
| Net gains on investments | 571 | 4,332 | 1,455 | 6,358 |
continued...
Page 12
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL Unrestricted funds £ NET INCOME/(EXPENDITURE) (886) Transfers between funds (732) Net movement in funds (1,618) RECONCILIATION OF FUNDS Total funds brought forward 445,975 TOTAL FUNDS CARRIED FORWARD 444,357 10. TANGIBLE FIXED ASSETS COST At 1 January 2025 and 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 11. FIXED ASSET INVESTMENTS Investments Investments are held in a portfolio managed by Evelyn Partners. Investments (neither listed nor unlisted) were as follows: Trustees General Organ The Trustees investments are split by the following funds: General Restricted Endowment |
ACTIVITIES - continued Restricted Endowment fund fund £ £ 4,332 1,455 732 - 5,064 1,455 132,391 48,829 137,455 50,284 Freehold Organ, land and furnishings buildings & equipment £ £ 67,313 71,200 67,313 71,200 67,313 71,200 31.12.25 £ 449,763 31.12.25 £ 202,949 244,195 2,619 449,763 |
ACTIVITIES - continued Restricted Endowment fund fund £ £ 4,332 1,455 732 - 5,064 1,455 132,391 48,829 137,455 50,284 Freehold Organ, land and furnishings buildings & equipment £ £ 67,313 71,200 67,313 71,200 67,313 71,200 31.12.25 £ 449,763 31.12.25 £ 202,949 244,195 2,619 449,763 |
Total funds £ 4,901 - 4,901 627,195 632,096 Totals £ 138,513 138,513 138,513 31.12.24 £ 414,868 31.12.24 £ 187,739 224,823 2,306 414,868 |
Total funds £ 4,901 - |
|---|---|---|---|---|
| 4,901 627,195 |
||||
| 632,096 | ||||
| 31.12.25 | 31.12.24 | |||
| £ | £ | |||
| - | - | |||
| 153,675 | 137,455 | |||
| 49,274 | 50,284 | |||
| 202,949 | 187,739 |
continued...
Page 13
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
11. FIXED ASSET INVESTMENTS - continued
| The General investments are split by the following funds: | The General investments are split by the following funds: | The General investments are split by the following funds: | ||
|---|---|---|---|---|
| 31.12.25 | 31.12.24 | |||
| £ | £ | |||
| General | 244,195 | 224,823 | ||
| Restricted | - | - | ||
| Endowment | - | - | ||
| 244,195 | 224,823 | |||
| The Organ investments are split by the following funds: | ||||
| 31.12.25 | 31.12.24 | |||
| £ | £ | |||
| General | 2,619 | 2,306 | ||
| Restricted | - | - | ||
| Endowment | - | - | ||
| 2,619 | 2,306 | |||
| A summary of the movement in investments during the year is as follows: | ||||
| Unrestricted Restricted Endowment |
Total | |||
| £ | £ | £ | £ | |
| As at 1 January 2025 | 227,129 | 137,455 | 50,284 | 414,868 |
| Additions | 161,401 | 101,294 | 51,768 | 314,463 |
| Disposals | (172,168) | (90,401) | (50,096) | (312,665) |
| Investments / return of capital | 12,014 | (11,345) | (1,247) | (578) |
| Valuation changes | 18,438 | 16,672 | (1,435) | 33,675 |
| As at 31 December 2025 | 246,814 | 153,675 | 49,274 | 449,763 |
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.25 | 31.12.24 | |
|---|---|---|
| £ | £ | |
| Income tax on gift aid | 5,400 | 4,800 |
| Accrued income | 9,456 | 10,721 |
| Prepayments | 2,758 | 2,635 |
| 17,614 | 18,156 |
continued...
Page 14
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
13. CASH AT BANK AND IN HAND
| CASH AT BANK AND IN HAND | ||
|---|---|---|
| HFC cash account Sub group cash account Co-op current account Sub group bank accounts Co-op savings account Dudley Building Society Saver Account Dudley Building Society 90 Day Notice Account Total |
31.12.25 Total funds £ 17 346 (9,059) 83,560 2,043 1,166 40,765 118,838 |
31.12.24 Total funds £ 32 760 (8,704 11,585 4,035 10,169 50,000 |
| 67,877 |
| Sub-group cash and bank balance relate to the following: | Sub-group cash and bank balance relate to the following: | |
|---|---|---|
| Badminton Club | Mother & Toddlers Group | Hand of Friendship Centre |
| Shoppers Coffee | Sunday School | Tuesday Tea Club |
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.25 | 31.12.24 | |
|---|---|---|
| £ | £ | |
| Other creditors | 12,563 | 7,318 |
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund Designated organ fund Restricted funds Trustees investments Endowment funds Endowment funds TOTAL FUNDS |
At 1.1.25 £ 442,072 2,285 444,357 137,455 50,284 632,096 |
Net movement in funds £ 65,065 334 65,399 16,220 (1,550) 80,069 |
Transfers between funds £ (540) - (540) - 540 - |
At 31.12.25 £ 506,597 2,619 |
|---|---|---|---|---|
| 509,216 153,675 49,274 |
||||
| 712,165 |
continued...
Page 15
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 151,692 (100,706) Designated organ fund 313 - 152,005 (100,706) Restricted funds Trustees investments 1,424 (1,424) Endowment funds Endowment funds 3,580 (3,580) TOTAL FUNDS 157,009 (105,710) Comparatives for movement in funds Net movement At 1.1.24 in funds £ £ Unrestricted funds 445,975 (886) Restricted fund Trustees investments 132,391 4,332 Endowment fund Endowment funds 48,829 1,455 TOTAL FUNDS 627,195 4,901 Comparative net movement in funds included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds 83,159 (84,616) Restricted fund Trustees investments 350 (350) Endowment fund Endowment funds 2,163 (2,163) TOTAL FUNDS 85,672 (87,129) |
Gains and Movement losses in funds £ £ 14,079 65,065 21 334 14,100 65,399 16,220 16,220 (1,550) (1,550) 28,770 80,069 Transfers between At funds 31.12.24 £ £ (732) 444,357 732 137,455 - 50,284 - 632,096 Gains and Movement losses in funds £ £ 571 (886) 4,332 4,332 1,455 1,455 6,358 4,901 |
|---|---|
continued...
Page 16
Hagley Free Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
15. MOVEMENT IN FUNDS - continued
Unrestricted Funds
Unrestricted funds are the general funds of the Church which may be used at the discretion of the design committee/membership for furthering the mission and ministry of the Church. The money may be designated for particular projects for administration purposes only.
Designated Funds
Designated funds remain unrestricted and can be re-designated if the committee/membership so decides. A designated organ fund was established many years ago and still remains.
Restricted Funds
Restricted income funds are those funds which have been restricted by the donor for a particular purpose. These funds cannot be used by the committee for any other purpose except with the agreement of the donor, or as determined by the court or the Charity Commission.
Endowment Funds
The endowment fund represents a 2003 legacy from the late C.G. Davies. The capital is to be retained in perpetuity, the income arising may be used for the repair, redecoration or adornment of the church or its fabric.
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2025.
Page 17
Hagley Free Church
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2025 | ||
| 31.12.25 | 31.12.24 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Sunday collections and monthly standing orders | 28,268 | 26,400 |
| Income tax on gift aid | 7,455 | 7,342 |
| Other donations and legacies | 78,956 | 14,675 |
| 114,679 | 48,417 | |
| Other trading activities | ||
| Fundraising | 463 | 530 |
| Use of facilities by church groups | 8,331 | 7,640 |
| Use of facilities by outside groups | 9,373 | 6,905 |
| 18,167 | 15,075 | |
| Investment income | ||
| Investment income | 21,945 | 20,951 |
| Deposit account interest | 1,370 | 220 |
| 23,315 | 21,171 | |
| Other income | ||
| Other income | 848 | 1,009 |
| Total incoming resources | 157,009 | 85,672 |
| EXPENDITURE | ||
| Charitable activities | ||
| Worship, witness and teaching | ||
| Preachers fees and expenses | 31,764 | 31,150 |
| Advertising | 1,253 | 1,237 |
| Pastoral expenses and flowers | 674 | 104 |
| 33,691 | 32,491 | |
| Cultural, social and recreational | ||
| Outings and refreshments | 7,758 | 6,846 |
| Social events | 1,769 | 1,781 |
| Toys, sports, gifts and prizes | 826 | 731 |
| 10,353 | 9,358 | |
| Property upkeep | ||
| Cleaning wages | 7,141 | 5,167 |
| Insurance, rates and water | 2,748 | 2,682 |
| Gas and electricity | 8,926 | 8,086 |
| Carried forward | 18,815 | 15,935 |
This page does not form part of the statutory financial statements
Page 18
Hagley Free Church
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 | |
| £ | £ | |
| Property upkeep | ||
| Brought forward | 18,815 | 15,935 |
| Cathedral leasing | 2,059 | 2,059 |
| Repairs and renewals | 9,788 | 5,684 |
| Cleaning costs | 1,752 | - |
| 32,414 | 23,678 | |
| Management, administration and donations | ||
| Admin assistant wages | 11,242 | 10,707 |
| Printing, stationery & postage | 377 | 347 |
| Telephone and broadband | 711 | 610 |
| Website hosting | 1,051 | 360 |
| Legal fees | 4,500 | - |
| Investment management fees | 4,177 | 3,691 |
| Donations | 2,474 | 1,450 |
| Sundry expenses | 610 | 657 |
| 25,142 | 17,822 | |
| Governance costs | ||
| Accounting & bookkeeping costs | 4,110 | 3,780 |
| Total resources expended | 105,710 | 87,129 |
| Net income/(expenditure) before gains and | ||
| losses | 51,299 | (1,457) |
| Realised recognised gains and losses | ||
| Realised gains / (losses) on fixed asset | ||
| investments | (4,905) | (508) |
| Unrealised gains / (losses) on fixed asset | ||
| investments | 33,675 | 6,866 |
| Net income | 80,069 | 4,901 |
This page does not form part of the statutory financial statements
Page 19