| Contents | |
|---|---|
| Aboutus | 2 |
| MessagefromourChairandCEO | 3 |
| StrategicReport | 5 |
| MoreonourMission | 5 |
| AchievementsandPerformance | 5 |
| 1Managementofourproperties | 5 |
| 2WellbeingsupportandInitiatives | 6 |
| 3Engagementwithkeystakeholdersandsupporters | 7 |
| PlansfortheFuture | 7 |
| RiskManagement | 8 |
| FinancialReview | 11 |
| Structure,GovernanceandManagement | 13 |
| StatementofTrustees'Responsibilities | 16 |
| IndependentAuditors'Report | 17 |
| FinancialStatements | 22 |
| NotestotheFinancialStatements | 25 |
| AdministrativeDetails | 44 |
| reeReserves | |
|---|---|
| AccountingReservesat31/08/2025 | £190m |
| LessFixedAssets | £(167m) |
| Lessfundsringfencedfornewcharitablemission | £(11rn) |
| FreeReservesat31/08/2025 | £12m |
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| (asrestated) | |||||
| 2025 | 2025 | 2025 | 2024 | ||
| Note | £000 | £000 | £000 | £000 | |
| Incomefrom: | |||||
| Donations,legaciesandgrants | 2.1 | 1,439 | 1,439 | 1,511 | |
| Charitableactivities | 2.3 | 2,048 | 2,048 | 2,555 | |
| Investments | 2.2 | 2,342 | 2,342 | 2,339 | |
| Gainondisposalofproperties | 2.4 | 2,078 | 2,078 | 1,655 | |
| Total | 2 | 7,907 | 7,907 | 8,060 | |
| Expenditureon: | |||||
| Raisingfunds | 3.1 | 161 | 161 | 151 | |
| Charitableactivities | |||||
| Housingmaintenance&repair | 3.1 | 6,203 | 6,203 | 6,331 | |
| Buying&sellingproperties | 3.1 | 470 | 470 | 398 | |
| Ministerialresidentsupport | 3.1 | 520 | 520 | 413 | |
| Equity | 3.1 | 363 | 363 | 310 | |
| Total | 3 | 7,717 | 7,717 | 7,603 | |
| NetIncomebeforerevaluationand | |||||
| investmentgains/(losses) | 190 | 190 | 457 | ||
| Unrealisedgainsonlongterm | |||||
| investment | 4 | 203 | 203 | 218 | |
| Unrealisedgainonvaluationof | |||||
| functionalproperties | 7.2 | 929 | |||
| Unrealised(losses)/gainson | |||||
| valuationofinvestmentproperties | 7.2 | (498) | (498) | 856 | |
| Depreciationadjustmentre | |||||
| investmentproperties | 7.1 | 78 | |||
| Increaseinequityshareinvestment | |||||
| revaluationreserve | 9 | 9 | 46 | ||
| Netmovementinfunds | (96) | (96) | 2,584 | ||
| Funds | |||||
| Totalfundsbroughtforward(as | |||||
| previouslystated) | 11/12 | 190,206 | 9 | 190,215 | 187,823 |
| Prioryearadjustment | 192 | 192 | |||
| Totalfundsbroughtforward(as | |||||
| restated) | 190,398 | 9 | 190,407 | 187,823 | |
| TotalFundscarriedforward | 11/12 | 190,302 | 9 | 190,311 | 190,407 |
| CompanyNumber:11929754 | CompanyNumber:11929754 | CompanyNumber:11929754 | |||
|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | ||
| (As | (As | ||||
| restated) | restated) | ||||
| Note | £000 | £000 | £000 | £000 | |
| FixedAssets | |||||
| Tangibleassets | 6 | 32 | 10 | ||
| Programmerelatedinvestments | 7 | 137,773 | 140,913 | ||
| Investmentproperties | 7 | 18,532 | 33,864 | ||
| Longterminvestment | 4 | 10,912 | 2,605 | ||
| MMHSequityshareinvestment | 136 | 127 | |||
| Totalfixedassets | 167,385 | 177,518 | |||
| Currentassets: | |||||
| Debtors | 8 | 1,736 | 625 | ||
| Investments | 9 | 20,900 | 12,686 | ||
| Cashatbankandinhand | 1,077 | 535 | |||
| Totalcurrentassets | 23,713 | 13,846 | |||
| Liabilities | |||||
| Creditors:Amountsfallingduewithinone | |||||
| year | 10 | (787) | (957) | ||
| Netcurrentassets | 22,926 | 12,889 | |||
| NetAssets | 190,311 | 190,407 | |||
| ThefundsofMMHS | |||||
| Restrictedincomefunds | 11 | 9 | 9 | ||
| Unrestrictedincomefunds | 45,547 | 35,470 | |||
| Incomefunds | 45,556 | 35,479 | |||
| Designatedfixedassetreserves | 12 | 137,773 | 140,923 | ||
| Revaluationreserve | 12 | 6,812 | 13,844 | ||
| Designatedequitysharefund | 12 | 34 | 34 | ||
| Equityshareinvestmentrevaluationreserve | 12 | 136 | 127 | ||
| TotalMMHSfunds | 190,311 | 190,407 |
| 2025 | 2025 | 2024 | 2024 | ||
|---|---|---|---|---|---|
| Note | £000 | £000 | £000 | £000 | |
| Netcash(usedin)operatingactivities | 16 | (3,880) | (1,137) | ||
| Cashflowsfrominvestingactivities: | |||||
| Investmentincome | 2,342 | 2,339 | |||
| PurchaseofMMHSEquityinvestments | (46) | ||||
| PurchaseofCOIFinvestments | (1) | ||||
| Purchaseoflong-terminvestments | (8,104) | (46) | |||
| Purchaseofproperties | (5,388) | (6,084) | |||
| Purchaseoftangiblefixedassets | (40) | (5) | |||
| Proceedsfromsaleofproperties | 24,264 | 10,131 | |||
| Residents'equitycontributionsreceived | 81 | 248 | |||
| Residents'equitycontributionsrepaid | (519) | (882) | |||
| Netcashprovidedbyinvestingactivities | 12,636 | 5,654 | |||
| Changeincashintheyear | 8,756 | 4,517 | |||
| Cashbroughtforwardat1September2024 | 13,206 | 8,689 | |||
| Cashat31August2025 | 21,962 | 13,206 | |||
| Reconciliationofcashbalances: | |||||
| Cashatbank | 1,077 | 535 | |||
| Investmentcash | 9 | 20,885 | 12,671 | ||
| Cashat31August2025 | 21,962 | 13,206 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| (As | ||
| restated) | ||
| Grants | ||
| FundforSupportforPresbytersandDeacons | 66 | |
| Legacies | ||
| Legaciesreceivableintheyear | 303 | 905 |
| Donations | ||
| Districtcontributions | 30 | 42 |
| Generaldonations | 6 | 3 |
| Bequests/GiftedProperties | ||
| Bequestsreceivableintheyear | 1,100 | 495 |
| 1,439 | 1,511 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Interestreceivableondeposits | 732 | 513 |
| Marketrentsreceivable | 1,474 | 1,765 |
| Dividends | 136 | 61 |
| 2,342 | 2,339 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Charitablerentsreceivable | 2,048 | 2,555 |
| Rentalanalysis | No. | No. |
| CharitableMinisterialRents | 640 | 672 |
| Marketrenttenants | 60 | 101 |
| Vacantunits | 99 | 101 |
| 799 | 874 | |
| ainondisposalofproperties | ||
| 2025 | 2024 | |
| £000 | £000 | |
| Gainsonsaleofproperties | 2,397 | 2,107 |
| (Loss)onreimbursementofequity | (319) | (452) |
| 2,078 | 1,655 |
| Summary | 2025 | Staff | Support | Direct | 2024 |
|---|---|---|---|---|---|
| costs | costs | costs | |||
| £000 | £000 | £000 | £000 | £000 | |
| Raisingfunds | 161 | 71 | 75 | 15 | 151 |
| Housingmaintenance&repair | 6,203 | 584 | 609 | 5,010 | 6,331 |
| Buying&sellingproperties | 470 | 227 | 236 | 7 | 398 |
| Ministerialresidentsupport | 520 | 191 | 198 | 131 | 413 |
| Equity | 363 | 167 | 174 | 22 | 310 |
| 7,717 | 1,240 | 1,292 | 5,185 | 7,603 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Salaries | 978 | 955 |
| Employers'nationalinsurancecontributions | 95 | 92 |
| Employers'pension&phicontributions | 167 | 167 |
| 1,240 | 1,214 |
| Employeesreceivingremunerationexcludingpension | Employeesreceivingremunerationexcludingpension | contributionsin |
|---|---|---|
| excessof£60,000: | 2025 | 2024 |
| No. | No. | |
| £60,001-£70,000 | 1 | 1 |
| £70,001-£80,000 | 1 | 1 |
| £80,001-£90,000 | 1 | 1 |
| £130,001-£140,000 | 1 | 1 |
| 4 | 4 |
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Ministerialresident | 0 co_ o_ m tn |
Lucr | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | |||||
| Stafftraining | 28 | 2 | 13 | 5 | 4 | 4 | 5 | ||||
| Staffrecruitment | 13 | 1 | 6 | 2 | 2 | 2 | 60 | ||||
| Temporarystaff | 39 | 2 | 19 | 7 | 6 | 5 | 23 | ||||
| Travel&subsistence | 24 | 1 | 11 | 5 | 4 | 3 | 25 | ||||
| Officerent,rates& | |||||||||||
| services | 100 | 6 | 48 | 18 | 14 | 14 | 81 | ||||
| Officeadministration | |||||||||||
| costs | 255 | 15 | 120 | 47 | 39 | 34 | 221 | ||||
| Professionalcharges | 816 | 47 | 384 | 149 | 126 | 110 | 496 | ||||
| Depreciation | 17 | 1 | 8 | 3 | 3 | 2 | 20 | ||||
| Wellbeingcosts | - | 4 | |||||||||
| Supportcosts | 1,292 | 75 | 609 | 236 | 198 | 174 | 935 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Publicity&advertising | 15 | 27 |
| Directcosts | 15 | 27 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Refurbishment | 141 | 1 |
| Plannedwork | 1,035 | 1,126 |
| Repairs&maintenance | 232 | 241 |
| Gas&ElectricalContract | 187 | 276 |
| ElectricalRemedialWork | 128 | 134 |
| ElectricalTesting | ||
| Programme | 30 | 36 |
| Externalpainting | 251 | 251 |
| Primary | 2,004 | 2,165 |
| Propertydepreciation | 2,231 | 2,302 |
| Propertyinsurance | 84 | 100 |
| Leaseholdcharges | 64 | 98 |
| Emptypropertycosts | 100 | 282 |
| Managementfees | 150 | 351 |
| Otherincluding | ||
| governance | 27 | 23 |
| Secondary | 2,656 | 3,156 |
| 4,660 | 5,321 | |
| haritableactivities-buyingandsellingofproperties | ||
| 2025 | 2024 | |
| £000 | £000 | |
| Governancecosts | 7 | 6 |
| Directcosts | 7 | 6 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Auditors'remuneration-audit | 26 | 26 |
| Boardexpenses | 11 | 5 |
| Directcosts | 37 | 31 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Wellbeing-generalexpenditure | 4 | 5 |
| Wellbeing-repairsandmaintenance | 20 | 15 |
| Wellbeing-mobility | 91 | 51 |
| Wellbeing-rent | 10 | 7 |
| Governancecosts | 6 | 15 |
| Directcosts | 131 | 83 |
| bleactivities-equity | ||
| 2025 | 2024 | |
| £000 | £000 | |
| Professionalcharges | 16 | 16 |
| Governancecosts | 6 | 5 |
| Directcosts | 22 | 21 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Fairvalueat1September2024 | 2,605 | 2,341 |
| Purchase/Saleofinvestments | 8,104 | 46 |
| Gain/(Loss)onrevaluation | 203 | 218 |
| Fairvalueat31Aug2025 | 10,912 | 2,605 |
| Representedby: | ||
| Equityfund | 5,987 | 1,366 |
| Overseasfund | 929 | 208 |
| Governmentbondfunds | 711 | 260 |
| Corporatebondfund | 797 | 288 |
| ClimateStewardshipfund | 744 | 198 |
| UKPropertyfund | 511 | 77 |
| Other | 558 | 129 |
| Shorttermfund | 559 | 65 |
| Cash | 116 | 14 |
| Totalinvestments | 10,912 | 2,605 |
| 31August2025 | 31August2024 | |
|---|---|---|
| %pa | %pa | |
| Discountrate | 6.1 | 5.0 |
| RPIinflationrate | 3.2 | 3.3 |
| CPIinflationrate | 2.6 | 2.7 |
| Rateofincreaseinpensionableearnings | NA* | 2.7 |
| Rateofincreaseinpensionpayments | 2.2/3.1/5.0 | 2.2/3.2/5.0 |
| 31August2025 | 31August2024 | |
|---|---|---|
| Cash | 0.3 | 0.4 |
| L&GAnnuities | 4.7 | 4.6 |
| AvivaAnnuities | 95.0 | 95.0 |
| £million | |
|---|---|
| Totalmarketvalueofassets | 47.4 |
| Presentvalueofschemeliabilities | (47.6) |
| NetoverfundinginScheme | (0.2) |
| UnrecognisedAssets | |
| NetDefinedBenefitLiability | (0.2) |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Officeequipment | ||
| Costat1September2024 | 321 | 316 |
| Additionintheyear | 40 | 5 |
| Disposalintheyear | ||
| Costat31August2025 | 361 | 321 |
| Depreciationat1September2024 | 312 | 292 |
| Depreciationintheyear | 17 | 20 |
| Depreciationat31August2025 | 329 | 312 |
| Netbookvalueat31August2025 | 32 | 10 |
| Freehold | Leasehold | 2025 | 2024 | |
|---|---|---|---|---|
| £000 | £000 | £000 | £000 | |
| Cost | ||||
| Balanceat1September2024 | 159,821 | 10,077 | 169,898 | 172,737 |
| Additionsinyear | 5,063 | 325 | 5,388 | 6,084 |
| Disposalsinyear | (6,955) | (587) | (7,542) | (8,412) |
| Transfertoinvestmentproperties | (2,829) | |||
| Transferfrominvestmentproperties | 2,318 | |||
| Balanceat31August2025 | 157,929 | 9,815 | 167,744 | 169,898 |
| less | ||||
| Depreciation | ||||
| Depreciationat1September2024 | 10,573 | 673 | 11,246 | 9,435 |
| Depreciationfordisposals | (789) | (55) | (844) | (413) |
| Depreciationreinvestments | (78) | |||
| Depreciationfortheyear | 2,101 | 130 | 2,231 | 2,302 |
| Depreciationat31August2025 | 11,885 | 748 | 12,633 | 11,246 |
| Balanceat31August2025 | 146,044 | 9,067 | 155,111 | 158,652 |
| Balanceat31August2024 | 149,248 | 9,404 | 158,652 | 163,303 |
| Noofunitsat1September2024 | 802 | 72 | 874 | 894 |
| Noofacquisitions | 19 | 19 | 21 | |
| Noofdisposals | (86) | (8) | (94) | (41) |
| Noofunitsat31August2025 | 735 | 64 | 799 | 874 |
| 2025 | 2024 | |||
|---|---|---|---|---|
| No. | £000 | No. | £000 | |
| AtCost | ||||
| Balanceat1September2024 | 375 | 17,596 | 394 | 18,230 |
| Additionsinyear | 3 | 81 | 2 | 248 |
| Disposalsinyear | (21) | (519) | (21) | (882) |
| Balanceat31August2025 | 357 | 17,158 | 375 | 17,596 |
| less | ||||
| Depreciationadjustment | ||||
| Balanceat1September2024 | 144 | 100 | ||
| Annualadjustment | 36 | 44 | ||
| Balanceat31August2025 | 180 | 144 | ||
| Combined | 17,338 | 17,740 | ||
| TotalProgrammerelatedinvestments | ||||
| 2025 | 2024 | |||
| £000 | £000 | |||
| LandandBuildings | 155,111 | 158,653 | ||
| EquitySharingScheme | (17,338) | (17,740) | ||
| 137,773 | 140,913 | |||
| InvestmentProperties | ||||
| 2025 | 2024 | |||
| £000 | £000 | |||
| Balancebroughtforward | 33,864 | 31,504 | ||
| Transferfromtangiblefixedassets | 2,829 | |||
| Disposed | (14,834) | (2,318) | ||
| Revaluationofproperties | (498) | 1,849 | ||
| Balancecarriedforward | 18,532 | 33,864 |
| 2025 | 2024 | |||
|---|---|---|---|---|
| £000 | £000 | |||
| (As | ||||
| restated) | ||||
| Sundrydebtors | 50 | 18 | ||
| Prepayments&accruedincome | 532 | 39 | ||
| Bequestsreceivable | 940 | 375 | ||
| Legaciesreceivable | 214 | 192 | ||
| 1,736 | 625 | |||
| 9 | Investments | |||
| 2025 | 2024 | |||
| £000 | f000 | |||
| RestrictedFunds | ||||
| COIFIncShares | 14 | 14 | ||
| DepositswithCentralFinanceBoard | 1 | 1 | ||
| 15 | 15 | |||
| UnrestrictedFunds | ||||
| DepositswithCentralFinanceBoard | 20,885 | 12,671 | ||
| Totalinvestments | 20,900 | 12,686 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Creditors | 361 | 570 |
| TaxandOtherSocialSecurity | 24 | 21 |
| Accruals | 399 | 364 |
| Loans-interestfree | 2 | 2 |
| Loans-AuxiliaryFund | 1 | |
| 787 | 957 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| CharitiesOfficialInvestmentFundincomeshares | 9 | 9 |
| 9 | 9 |
| At | Revaluation/ | Movements | Transfers | At31 | |
|---|---|---|---|---|---|
| 1September | Other | intheyear | between | August | |
| 2024 | funds | 2025 | |||
| (Asrestated) | |||||
| £000 | £000 | £000 | £000 | £000 | |
| Revaluationreserve | 13,844 | (498) | (6,534) | 6,812 | |
| Fixedassetreserve | 140,923 | - | (3,150) | 137,773 | |
| Equitysharereserve | 34 | - | 34 | ||
| Equityshare | 127 | 9 | - | 136 | |
| revaluationreserve | |||||
| Totaldesignated | 154,928 | (489) | (9,684) | 144,755 | |
| funds | |||||
| Generalfunds | 35,470 | 393 | 9,684 | 45,547 | |
| Total | 190,206 | (489) | 393 | - | 190,302 |
| 2025 | 2024 | |
|---|---|---|
| £000 | £000 | |
| Paymentswithinoneyear | 139 | 139 |
| Expiringbetweentwo-fiveyears | 311 | 450 |
| 450 | 589 |
| 2025 | 2024 | |
|---|---|---|
| (As | ||
| restated) | ||
| £000 | £000 | |
| Netincome/(expenditure) | 393 | 1,667 |
| Adjustmentsfor: | ||
| (Increase)/Decreaseindebtors | (1,111) | 170 |
| (Decrease)/Increaseincreditors | (170) | 360 |
| Netrealised(gain)onsaleofassets | (2,695) | (2,107) |
| Unrecognised(gain)oninvestmentsandfixedassets | (203) | (1,210) |
| Depreciation | 2,248 | 2,322 |
| Investmentincome | (2,342) | (2,339) |
| Netcash(usedin)operatingactivities | (3,880) | (1,137) |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| (Asrestated) | (Asrestated) | ||
| 2024 | 2024 | 2024 | |
| £000 | £000 | £000 | |
| Incomefrom: | |||
| Donations,legaciesandgrants | 1,511 | 1,511 | |
| Charitableactivities | 2,555 | 2,555 | |
| Investments | 2,339 | 2,339 | |
| Gainondisposalofproperties | 1,655 | 1,655 | |
| Total | 7,868 | 7,868 | |
| Expenditureon: | |||
| Raisingfunds | 151 | 151 | |
| Charitableactivities | |||
| Housingmaintenance&repair | 6,331 | 6,331 | |
| Buying&sellingproperties | 398 | 398 | |
| Ministerialresidentsupport | 413 | 413 | |
| Equity | 310 | 310 | |
| Total | 7,603 | 7,603 | |
| Netincome/(expenditure)before | |||
| revaluationandinvestmentgains | 265 | 265 | |
| Unrealisedgains/(losses)onlongterm | |||
| investment | 218 | 218 | |
| TangibleFixedassetadjustment | |||
| Unrealisedgainonvaluationof | |||
| functionalproperties | 929 | 929 | |
| Unrealisedgainsonvaluationof | |||
| investmentproperties | 856 | 856 | |
| Depreciationadjustmentreinvestment | |||
| properties | 78 | 78 | |
| Increaseinequityshareinvestment | |||
| revaluationreserve | 46 | 46 | |
| Netmovementinfunds | 2,392 | 2,392 | |
| Funds | |||
| Totalfundsbroughtforward | 187,814 | 9 | 187,823 |
| TotalFundscarriedforward | 190,398 | 9 | 190,407 |