**THE FRIENDS OF ST MARY’S BROUGHTON WITH ST JAMES BOSSINGTON** CHARITY NUMBER 286718 **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** ## **PRINCIPAL ADDRESS** **TRUSTEES** The Cottage, High Street, Broughton, Hampshire, SO20 8AX. Mr B Matthews (Chairman and Secretary) Dr T Reed Rev J Sweetnam Mr J Booker (Treasurer) Mr M Moore (Churchwarden) Mrs E Fernandez-Llorente Mrs G Bateman (Churchwarden) Mr M Bateman Mrs J Eaton There were no Related Party Transactions with any of the Trustees. ## **STRUCTURE & GOVERANCE** **OBJECTIVES, ACHIEVEMENTS** The charity is constituted as a trust under a Charitable Trust Deed dated 25 February 1983. The Trustees usually meet formally twice a year. New trustees are appointed by the current Trustees, although the Rector and Church wardens are ex-offico Trustees under the terms of the Deed. The purpose of the charity is the maintenance, repair and enhancement of the fabric, furnishings and equipment of the churches of St Mary’s, Broughton and St James’, Bossington. During the year, The Friends funded the cost of major repairs to the chancery and vestry roof of St Mary’s church along with an upgrade of the associated rainwater goods and repairs to the guttering around the church tower. The total cost of these works was nearly £92000, although some £15000 of associated VAT should be recoverable in 2026 under the Places of Worship Scheme. Income in the year totalled £36525 (2024 - £23858),including donations of £3820 (2024 - £4735), investment income of £16696 (2024 - £17147), a legacy of £10241 (2024 - £1000) and an appeal towards the roof repairs, which raised £4451,with a further £7250 (including associated Gift Aid) received since the year end - which will be accounted for in 2026. Expenditure in the year was £92162, nearly all of which was spent on the major repairs to St Mary’s church as noted above. The value of investments increased by £29305 (2024- £18378), leaving an overall deficit of £26332(2024 – surplus of £41468). The Trustees confirm that, when exercising their powers, they have due regard to the Charity Commission’s public benefit guidance. 1 **THE FRIENDS OF ST MARY’S BROUGHTON WITH ST JAMES BOSSINGTON** CHARITY NUMBER 286718 **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 - Continued** ## **RESERVES POLICY** In 2024, the Trustees designated a reserve of initially £400000 as a core ‘endowment fund’ such that the investment income generated thereon would be sufficient to meet the cost of maintaining the two churches. However, given the likely demise of the exemption from VAT under the Places of Worship scheme of church repairs and the rising cost of materials, the Trustees have decided that the designated reserve should be increased over a period to £500000 by transferring each year the greater of £10000 or ‘exceptional income’ (i.e. income from investments, legacies and any appeals) from undesignated reserves. B Matthews, Chairman 26 March 2026 2 ## **TRUSTEES OF THE FRIENDS OF ST MARY'S BROUGHTON WITH ST JAMES' BOSSIN ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **INCOME AND EXPENDITURE ACCOUNT** ||||||**2025**| |---|---|---|---|---|---| |**INCOME**||Note||**£**|| |Unrestricted Donatons and covenants|||||**3820**| |Income Tax refunds|||||**817**| |Legacies|||||**10241**| |Broughton News|||||**500**| |Church roof appeal|||3||**4451**| |Charity Deposit Fund interest|||||**809**| |Schroders Mult Asset Fund distributons|||||**15887**| |**TOTAL INCOME**|||||**36525**| |**EXPENDITURE**|||||| |Church maintenance|St Mary's - Chancel roof repairs||4||**91994**| ||St James' - grass cutng||||**168**| |**TOTAL EXPENDITURE**|||||**92162**| |**(DEFICIT)/SURPLUS BEFORE GAIN/(LOSS) ON INVESTMENTS**|||||**-55637**| |**GAIN/(LOSS) ON INVESTMENTS**|||1||**29305**| |**NET (DEFICIT)/SURPLUS FOR THE**|**YEAR**||||**-26332**| **TRUSTEES OF THE FRIENDS OF ST MARY'S BROUGHTON WITH ST JAMES' BOSSIN ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **BALANCE SHEET** |**ASSETS HELD**||||**2025**| |---|---|---|---|---| ||Note||**£**|| |Cash at bank||||**5497**| |Charites Deposit Fund||||**5137**| |Schroders Cazenove Responsible Mult-Asset Fund||||**444890**| |||||**455524**| |**REPRESENTING**||||| |DESIGNATED- 'ENDOWMENT FUND'||2||**431388**| |UNDESIGNATED FUNDS||2||**24136**| |||||**455524**| ## **Notes to the accounts** Note 1. The accounts are prepared on a receipts and payments basis, with the exception of inves which are shown at market value. |Note 2.
Reserves
At 1 January 2025
(Defcit)/surplus for year
Transfer
At 31 December 2025|Undesignated
Funds|Designated
'Endowment' Fund| |---|---|---| ||81856
_-26332_
_-31388_
24136|400000
0
_31388_
431388| Following the announced cessation of VAT exemption for places of worship, the Trustees increase the Designated Endowment fund each year by the greater of legacy, appeal and investment income received or £10000 until the Designated Endowment reaches £50000 |Note 3.
Church roof appeal including relevant Gif Aid
Received by 31 December 2025
Received since year end (and therefore to be accounted for in 2026)|£
4451
7250| |---|---| ||11701| Note 4. This amount includes approximately £15000 of VAT which should be recoverable before t the VAT exemption for places of worship scheme, in which case it will be accounted for in Approved and signed on behalf of the Trustees J C Booker Charity number 2867 Treasurer 26-Mar-26 ## **NGTON** 2024 £ 4735 976 1000 0 0 1186 15961 23858 0 768 768 23090 18378 41468 ## **NGTON** 2024 £ 8831 24328 448697 481856 400000 81856 481856 tments have agreed to 00. the cessation of n 2026. 18 **TRUSTEES OF THE FRIENDS OF ST MARY’S BROUGHTON WITH ST JAME (charity reg. 286718)** ## **ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2025** ## **Independent examiner’s report to the trustees of The Friends of St Mary’s Broughton with St James’ Bossington (‘The Friends’)** I report to the trustees on my examination of the accounts of The Friends for the year ended 31 December 2025. ## **Responsibilities and basis of report** As the charity trustees of The Friends you are responsible for the preparation of the acco accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of The Friends’ accounts carried out under section and in carrying out my examination I have followed all the applicable Directions given by 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 a connection with the examination giving me cause to believe that in any material respect 1 accounting records were not kept in respect of The Friends as require 2 the accounts do not accord with those records. I have no concerns and have come across no other matters in connection with the exam attention should be drawn in this report in order to enable a proper understanding of th Signed: Caroline Jarrett Address: Broughton, SO20 8BX Date: 26-Mar-26 ## **ES’ BOSSINGTON** ounts in 145 of the 2011 Act y the attention in : d by section 130 of the Act; or ination to which e accounts to be reached.