## 

|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|





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|reeReserves||
|---|---|
|AccountingReservesat31/08/2025|£190m|
|LessFixedAssets|£(167m)|
|Lessfundsringfencedfornewcharitablemission|£(11rn)|
|FreeReservesat31/08/2025|£12m|



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|||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|





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||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|






## 

||2025|-D<br>C<br>=<br>Li-<br>C<br>iao<br>•gi<br>ro<br>ce|C <br>to<br>-(7)<br>m<br>I|ezi<br> <br>8<br>c<br>nj<br>c<br>cu<br>C<br>T<br>E|.,-<br>Fti<br> ca.<br>cu<br> "<br> <br>|tg) <br>C<br>T<br>VI<br>06<br>Ian<br>m|a)<br>V)<br>..c,<br> a)<br>Q<br>0<br>ci.<br>|Ministerialresident|0<br>co_<br>o_<br>m<br>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|





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