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¢Str￿e￿lV￿J>
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
com￿rAt￿e￿￿d￿￿ernentSareSh0Wn￿notelD

ST.5TEPHEN'5 ECCLESL45nCALCHARITY
BAiANCE5HEET ASATJIDE¢EMBER2025
2025
2024
Notes
Hxqd As58ts
1,0È4.957
Curr￿lASS•ts'.
Debtors
468
28.257
2B,725
22.074
23.6É0
tCurroffltAsJ*ts
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
ThÈs*flmantl•lrtatom*ntsweréappioved by th￿Tr￿st￿*s0￿.
andaiE5ignedon ￿ bEh3Vbv-.
Dale
20th April 2026

ND7E5
l. Ar¢tluntiwp¢li¢leS
IDecl&r4fjon
bl Da￿50f AccountlnR
CIFundAct0￿rt￿fft£
n Éxpénd1￿1
There ire no malerial uDcertaifitie5toimp*lheèbilityofthechantytoconlinupI5a8QlDE concern.
hl Deblor5
Amovn15 0bWn%tothe Charityit31 DecemberiD re5pertoffee5. rentsorolheriDcornearernea5uredon in￿111 r￿OI￿ltiOn i15ettlemenlamguDt*eranytride 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-1n￿st￿￿t4 Maykétvaluè
2025
2024
L1stÈd InvÈstmehts-.
Èands
L056.401
28.556
1,084.957
935,686
97LfA15
Movementslnfixed ￿Sell￿VestMentSWeie'.
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. ￿t0￿5
Inv*sLmÈnt
468
7. Credltor5
Inve51ment Ma￿gE￿5 Fe
other FeE5& Chir8
400
3.277

17
Anatyslsof NetA%set%and L￿￿lItIeS6•￿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
ThpunrestnrtEd*un¢sof thprhlritym￿v￿E ￿ppliEd torcharitable purpo5esiDarCord￿nctwith theobiertsofthpTrwt.
9. P4ftyTran5IthL

1o.5tatornentofRn4ndalActl￿￿￿5. Pd¢YY•ar
unrèstr¢t¢d
Endowm¢ntFur￿s
Totsl Funds2024
(Lyneand Endowment5
34.981
34.981
8.993
8.993
33.￿7
33.097
T)t?1Expend￿￿1e
33.097
8.993
42.￿0
I￿gaInS (loss￿)0￿
662
662
UThrèallsÈd
lThtoMÈ
1.884
15,SE5
17,469
t￿mOvement￿n Funds
1,884
48.454
15,585
93￿￿20
17,469
97E,9g4
Tol?IFund5Qrried
50.348
.105
996.453
11. PostBalantÈSheet ÉvÈnts