ST. STEPHEN ECCLESIASTICAL CHARITY Charity No.: 251464 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 CONTENTS PAGE Reference and Administrative Details 2 - 3 Report of the Trustees 4-10 Independent Examiner's Report li Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14-18
ST STEPHEN ECCLESIASTICAL CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025 Charity Registration Number: 251464 Trustees and Clerk The trustees who served the charity during the year were.. Ex Officio: Rev'd Kat Campion-spall Rector of the Ecclesiastical Parish of Holy Trinity and St Stephen's, Bristol Nominated: Mr A. H. Beckingham - Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Stephen's, Bristol Mr. P.J. Marshall - Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Stephen's, Bristol Mrs C. Duckworth - The Society of Merchant Venturers of the City of Bristol Mr. I Wilkinson - The Antient Society of St Stephen's Ringers. Co-opted.. Mr. J Ellis, Chairman Ms M. R. Peacock Clerk.. Mrs A Maddox (resigned 13 November 20251
Correspondence Address Charities Office l All Saints Court Bristol BSI IJN Other Information Independent Examiner: Joshua N Kingston, Bsc FCA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 IUR Bankers: National Westminster Bank PIC Bristol City Centre 45/49 Broadmead Bristol BSI 3EU Investment Managers Rathbone Investment Management Ltd 10 Queen Square Bristol BSI 4NT J M Finn and Co. Ltd 22124 Queen Square Bristol BS14ND
Trustees Report for the Year Ended 31 December 2025 The Trustees present their annual report a nd financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing documentation. applicable law and the Statement of Recommended Practice-Accounting and Reporting by Charities (The Charities SORP {FR5102)1. Objects and Activities Objects The objects of the charity are: li} to further the religious and other charitable work of the Church of England i n The Parish of Holy Trinity and Saint Stephen's, Bristol- and lil) relieving either generally or individually persons in the City of Bristol who are in conditions of need, hardship or distress by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons. Objectives The main objectives of the Trustees are to manage its endowment assets with due care and attention and to apply the generated income in accordance with the Charity's objects. Strategies for Achieving Objectives and Public Benefit The value of our two portFolios increased by an aggregate of almost £114,000 during the year. The Trustees will give ongoing consideration to fund management and it is intended to consol idate the funds in early 2026 to a single investment manager. The Charity has continued to maintain a reasonable level of investment income which enables it to meet its objects having regard to the Charity Commission's 'guidance on public benefit,, in particular the support given to The Parish of Holy Trinity and Saint Stephen's, Bristol. The Trustees will investigate suitable additional recipients of any surplus i ncome. Followi ng extensive consultation and discussions with relevant authorities and regulators, the Charity lie St Stephen Ecclesiastical Charity {"SSEC"I Charity No..
2514641 has now completed lon 13 November 20251 its merger arrangements with two other local Charities. Under the terms of these arrangements, the assets of The Parish Hall of St James Bristol I"Parish Hall registered charity number 10853161 will transfer to SSEC and Parish Hall will cease. The St Stephen and St James Trust I SSSJT registered charity number 2208711 will continue to exist but its assets will be subject to a transfer of trusteeship to SSEC. and SSEC and SSSJT will thereafter be treated as one charity for accounting and reporting purposes. The estimated asset values to transfer are some £684k and £500k respectively and these values, expected to transfer in 2026, will be reflected in the Financial Statements for the Charity in 2026. Achievements and Performance Review of Activities Following the substantial refurbishment of St Stephens Church {funded by the Antient Society of St Stephens Ringers) in 2023, other capital improvement projects have been completed or commenced in 2025 including ongoing buildings maintenance work and the provision of suitable audio-visual facilities at St Stephen's Church. The Charity's primary grant funding to the parish has contributed to the costs of employing part time Administrators to both Churches within the Parish. Financial Review The Statement of Financial Activities (SOFA} is set out on page 12 of the Fi nancial Statements and reflects the total income which increased marginally to £35,248 {2024.' £34,981). The monthly grant payable by the charity to The Parish of Holy Trinity and Saint Stephen's, Bristol increased to £28,800 for the year 12024.. £27.2001. An additional grant was made to the Parish of £5,628 to fund the costs of the St Stephen's audio-visual project. Legal costs of £3,13112024: £2,035) were incurred in relation to the merger with the other Bristol charities. The value of the Cha rity's investments increased during the year to £1,084,957 {2024.' £971,005).
Investment Poliry and Performance During the year, the Trustees continued to review the performance of the investment managers. Throughout the year the two portfolios of investments have been held separately by two investment managers, so their performances are reported on separately. In 2026, arrangements will be made for the whole of the (enlarged through merger) endowment portfolio to be managed by Rathbones Investment Management Limited. i} The Charity's main investment portfolio The Trustees have set a policy and agreed it with the Investment Managers of the main investment portfolio, that the endowment should be invested so as to achieve this charity's investment objectives of long-term capital growth with a reasonable level of income and with a medium level of risk. The Trustees review this strategy annually. The Investment Managers are authorised to act on a discretionary basis and are paid a fee based on a percentage of the market value of the investments at the end of each quarter. The percentage declines as the value of the investments increases. The fee charged for the yearwas £6,34812024'. £6,202) including VAT. The Trustees have agreed the basis of a benchmark with the Investment Managers which is the recognised benchmark for many charities, the MCSI PIMFA Balanced Total Return Index, formerly called the FTSE WMA Balanced Index. The investment performance for 2025 of this charity was across the year +17.9% {2024'. 5.3/01. This compares with the benchmark performance for the year of +12.9Yo12024= 10.7°A}. ii) The second investment portFolio The Trustees have agreed the basis of a Benchmark with the Investment Managers of the secondary investment portfolio, being the same Benchmark as used in the other investment portFolio, namely the MCSI PIMFA Balanced Total Return I ndex.
The investment performance of this second portfolio for 2025 was +8.55Yo {2024: +4.6Yol. This compares with the benchmark performance for the year of +12.90A12024: _ 10.7%}. The Investment Manager of the secondary investment porrfolio is authorised to act on a discretionary basis and are paid 3 fee on a percentage of the market value of the investments at the end of each quarter. The fee charged for the year was £2,83412024.' £2,791) including VAT. Reserves Policy The routine expenditure of the Charity, other than investment manager fees charged to endowment, has been determined to be small, comprising primarily a monthly grant to The Parish of Holy Trinity and Saint Stephen's, Bristol. Target reserves are deemed to be equivalent to one year's payment of the grant i.e. £28,800. The combined total of unrestricted general reserves at 31 December 2025 was £45,39712024: £50,348). Routine spend during 2026 is forecast to accrue at a broadly similar level to this year with little ad hoc spending forecast. Trustees are content with this reserve value being above anticipated spend during 2026. Risk Management The Trustees annually review the issues the Charity faces. The Trustees acknowledge the major risk this charity has is the volatility of the international stock markets. As far as possible this has been ameliorated by agreeing an investment policy and the appointment of suitable investment managers. Plans for the Future The Trustees, objective for the future is to try and maintain the level of investment income to enable them to fulfi I the objects of the Charity as set out in the Charity Commission Scheme. Following the merger with the two other charities, which had very similar objectives, an enhanced level of investment income is expected from the enlarged investment portFolio and a wider range of local charities may be sUPPOrted.
Structure Governance and Management Governing Document A scheme of the Commissioner for this Charity was agreed and became effective by an order dated 16 May 2005. The name of this charity was changed to St Stephen Ecclesiastical Charity and is a registered charity under Charity Commission Scheme number 251464. Trustees The Trust Deed provides for a maximum of eight Trustees; one ex-officio Trustee, four nominated Trustees and three co-opted Trustees who are appointed for a four-year term. In the case of the nominated Trustees, it is the responsibility of the nominating body to make such appointments, usually in consultation with the Chairman of the Trust. The four nominated Trustees comprise.. two by the Parochia I Church Council of the Ecclesiastical Parish of Holy Trinity and Sai nt Stephen's, Bristol one by the Society of Merchant Venturers in the City of Bristol one by the Antient Society of St Stephen's Ringers. The Trustees usually meet twice a year during the Spring and Autumn. Policy Adopted for the Induction and Training of Trustees The Chairman of the Trustees is responsible for the induction of any new Trustees, which involves awareness of a Trustee's responsibilities, the provision of the governing document, and the history and objectives of this charity. A new Trustee would receive copies of the Trust Deed. the previous year's financial statements and be informed about the Charity Commission's document "The Essential Trustee.. What you need to know" Organisational Structure and Decision Making Due to the nature of this charity all decisions on policy are taken by the Trustees and then implemented by the Investment Managers or the Clerk. During the year, until 13 November. Mrs A. Maddox continued her role as Clerk. She reported direct to the Trustees and was paid an appropriate feefor the work undertaken. Warm thanks are offered to Mrs Maddox for her service and arrangements are in hand to appoint her replacement.
Independent Examiner The Trustees are advised that an independent examination of the financial statements of the Charity is required and accordingly appointed Burton Sweet whose report is included with this report. 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 including Financial Reporting Standard 102.. The Financial Reporting Standard applicable inthe UKand Republic of Ireland (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 the income and expenditure of the charity 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 in the Charities SORP,. make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements and 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 sufficient accounting records that 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/constitution. 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.
Signed on behalf of the Trustees. J M Ellis- Chairman Date.. 20th April 2026
li Independent examiner's report to the trustees of St Stephen Ecclesiastical Charity I report to the Iruslees on my examination of the accounts of Sl Stephen Ecclesiastical Charity (the Charity) for the year ended 31 December 2025. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Acl'l. 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 all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs 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 Charity 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 mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the aceounls to be reached. Joshua N Kingston Bsc., FCA Burton Sweet Chartered Accounlanls The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Dale.. 20th April 2026
ST.STEPHEN'S ECCLESLASTrC4LCHARITY STATEMENTOF FINANCIALACllWnESFOR ThE YEAR END 31 DECEMBER ZO25 Note5 Vnr¢StrelVJ> Endowm¢ntfunOs TOtslfvnd$2fj25 2024 25.248 25.24E 34,981 3q,9gi 9.182 E,993 40,199 40,199 40.199 49.381 42,090 Gainsllosseslon Iwestments 662 UThrÈallsÈd NÈtEKpendbtuYÈlllncome 115.942 108.991 17.469 Nètmovementln Funds 113.942 546.ID5 198,991 50,248 97E,984 Tvl?IFuDd5Qrried 45.397 i.0.047 1.105A44 994453 comrAtedernentSareSh0WnnotelD
ST.5TEPHEN'5 ECCLESL45nCALCHARITY BAiANCE5HEET ASATJIDE¢EMBER2025 2025 2024 Notes Hxqd As58ts 1,0È4.957 CurrlASS•ts'. Debtors 468 28.257 2B,725 22.074 23.6É0 tCurroffltAsJts 20,481 25,448 NètAssets I,ioso 996,4SJ Reprp5enled By. 45.397 50.348 Endowment Funds I,0.01? 948.105 TotalFunds I,iOS,444 996,4SJ ThÈsflmantl•lrtatomntsweréappioved by thTrsts0. andaiE5ignedon bEh3Vbv-. Dale 20th April 2026
ND7E5 l. Ar¢tluntiwp¢li¢leS IDecl&r4fjon bl Da50f AccountlnR CIFundAct0rtfft£ n Éxpénd11 There ire no malerial uDcertaifitie5toimplheèbilityofthechantytoconlinupI5a8QlDE concern. hl Deblor5 Amovn15 0bWn%tothe Charityit31 DecemberiD re5pertoffee5. rentsorolheriDcornearernea5uredon in111 rOIltiOn i15ettlemenlamguDteranytride d15couDts oiamountadvancedbv
il(reditor5 20Z5 2024 31.898 3.350 3S.248 34,981 4. 2025 2024 IndependentexarninabDnfr?5. Prioryeai adiustmEllt Le831 Cos AdminC05t5 i.IIM) 40.1 33,097 8,993 42.090 Inve5trnent M3nagemEntCo&ts 49.381
16 S. RxedAssèts-1nstt4 Maykétvaluè 2025 2024 L1stÈd InvÈstmehts-. Èands L056.401 28.556 1,084.957 935,686 97LfA15 Movementslnfixed SellVestMentSWeie'. 31.844 64,344 D15posal of inYe&trnent&atmarketvalue Nptlnv¢>knentsyin Ib)ssl £62 Marketv4lue4t310Ecembei 1,056AOI 93S,686 Thecostofinvestments held at31 December 81S.283 827,809 6. t05 Inv*sLmÈnt 468 7. Credltor5 Inve51ment MagE5 Fe other FeE5& Chir8 400 3.277
17 Anatyslsof NetA%set%and LlItIeS6•y0en Funds UnYÈslrtcted FuttdslÉl EndowmentFundsl£l Totd (£1 Yearend December 2025. 23.343 22.66D 1.084,957 23,860 45,397 1,0$0,047 TOtsI ¢£1 r*ral Yoarend DecÈmbeY 2024.. 24.9 946.lQS 28.725 SO,U8 996,4SI ThpunrestnrtEdun¢sof thprhlritymvE ppliEd torcharitable purpo5esiDarCordnctwith theobiertsofthpTrwt. 9. P4ftyTran5IthL
1o.5tatornentofRn4ndalActl5. Pd¢YY•ar unrèstr¢t¢d Endowm¢ntFurs Totsl Funds2024 (Lyneand Endowment5 34.981 34.981 8.993 8.993 33.7 33.097 T)t?1Expend1e 33.097 8.993 42.0 IgaInS (loss)0 662 662 UThrèallsÈd lThtoMÈ 1.884 15,SE5 17,469 tmOvementn Funds 1,884 48.454 15,585 9320 17,469 97E,9g4 Tol?IFund5Qrried 50.348 .105 996.453 11. PostBalantÈSheet ÉvÈnts