2021-12-31-accounts

Charity number: 1131805

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

CONTENTS

	Page
Reference and administrative details of the Charity, its Members and advisers	1 - 2
Trustees' report	3 - 9
Independent examiner's report	10 - 11
Statement of financial activities	12
Balance sheet	13
Notes to the financial statements	14 - 25

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Members

Rector: Associate Vicar: Wardens: Treasurer: General Synod: Deanery Synod:

PCC Members:

Rev'd Richards Coombs Rev'd Clare Dyson Clare Salisbury Bill Harvey Adrian Bowcher William Belcher (resigned 1 November 2021) Graham Nicholls David Warren Nerys Hughes David Evans Michael Bishop Diane Bruckland Rupert Cox Holly Cupper Margaret Failes Elizabeth Horder Julia Sawers Oli Parker Sarah Tilson Andy Ponting Godfrey Tarling Tony Whitbread Dan Wright Claire Chesworth

Charity registered number

1131805

Principal office

Church Office 44 Clarence Street Cheltenham Gloucestershire GL50 3PL

Secretary

Gill Sage

Treasurer

Adrian Bowcher

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS MEMBERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Independent Examiners

Randall & Payne LLP Chargrove House Shurdington Road Shurdington Cheltenham GL51 4GA

Bankers

HSBC Bank plc 2 The Promenade Cheltenham Cheltenham Gloucestershire GL50 1LR

Insurers Ecclesiastical Insurance

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the financial statements of the The Parochial Church Council Of The Ecclesiastical Parish Of St Mary With St Matthew, Cheltenham for the 1 January 2021 to 31 December 2021.

Objectives and activities

a. Structure, Governance and Management

The Parochial Church Council(PCC) is a corporate public benefit entity, established by the Church of England that operates under the PCC Powers Measure(1956) as ammended and Church representation rules. The method of appointment of PCC members is set out in the Church Representation Rules. The Council was registered with the Charity Commission in September 2009, Registered Charity number 1131805. Council members are elected by the church membership from the body of church members and can therefore be expected to be already familiar with the issues concerning the life of the church at the time of election. No formal induction process is undertaken other than through the provision of recent minutes and papers. New council members can also expect to be made familiar with issues verbally. Together with existing members they will be made aware of their responsibilities on a regular basis by the Council Secretary. The Council has responsibility for a wide range of matters affecting the parish and relies on the expertise of many church members for advice. In areas where appropriate expertise is not immediately available professional advice, or if appropriate training for a member of church staff, will be sought. Members of staff attend regular training courses and follow church publications and other sources to maintain an up to date knowledge of the relevant issues. The major risks to which the Council is exposed are reviewed regularly by the PCC and its sub committees to ensure that the charity complies with best practice. This includes those that might have a financial impact, which are closely monitored by the Standing and Finance Committee. Systems and procedures designed to manage those risks have been or will be established. The Council is kept informed of the processes and procedures, which are brought to their attention. The Council meets approximately every two months, and Standing and Finance Committee meets in the intervening months or whenever special issues arise that give need for additional meeting. Members of the Council are encouraged to attend one of the Committees (Standing and Finance or Buildings and Fabric Committees) or Working groups. The work of these bodies is reviewed at the Council meetings and notes and minutes of their meetings are available to members.

b. Key Management Pay Policy

All responsibility for managing the charity rests with the PCC members and there are no key management personnel with delegated authority or budget responsibilities.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

c. Objectives and Activities

The role of the Council is to work with the clergy and church staff to promote the whole mission of the church. The objective of this is to see people come to faith in Jesus, grow in their discipleship and worship, and to be encouraged, equipped and trained for using their gifts in the service of Jesus Christ. When planning the activities for the year the Council has considered the Charity Commission’s guidance on public benefit and, in particular, we seek to enable people to live out their faith as part of our parish community.

In addition the Council has maintenance responsibilities for the Minster (St Mary’s) and St Matthew’s churches and associated properties. The main activities of the charity is to further the charity's purpose for the public benefit and the trustees have regard for the Charity's Commission guidance on public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance

a. Rector's Report

Looking back on 2021, my main a sense is enormous gratitude and relief that the Lord has brought us through what is, hopefully, the worst of the pandemic. I feel rather like the disciples in the boat in Mark 4 when Jesus has just calmed the storm and he says to them, ‘Why are you so afraid? Do you still have no faith?’ (Mark 4:40). There have been times in the last year when we have feared whether the church would stay afloat; whether we would be sunk by the Covid storm. Some of us have literally feared for our lives or the lives of our loved ones, others have feared for their livelihoods, all of us have felt insecure and have had to deal with endless disappointments and changes of plan. Everyone has been exhausted. But the Lord has brought us through the storm, the church is in good shape and there is much to thank him for.

A year ago, I wrote in my annual report that I felt a great sense of privilege of being Rector of our church at a time like this and I continue to feel that. The ministry team and everyone involved in ministry in the church has continued to face the challenge of the pandemic with faith, courage and sheer hard work. If 2020 was the year of lockdown, 2021 has been the year of coming out of lockdown, stage by stage with many setbacks and false starts. But, as we have emerged, wonderfully, the church has grown in numbers and in spiritual depth. A sign of this spiritual health is that, as you will see, our finances have held their own and we have finished the year with a surplus. Admittedly, this is thanks to a generous legacy, but our planned giving has also held up well and new members of the church are beginning to give. I am enormously grateful to everyone who gives financially as well as in other ways towards the ministry of the church.

We have seen a number of staff changes in the year. Simon Phillips was recommended for ordination in March and began his training at Trinity, Bristol whilst remaining at St Matthew’s and The Minster as a placement student. In practice, he is with us for two days a week. He has handed over the bulk of his ministry with the 18-30’s to Oli Smith who joined us as ministry assistant in October. Annie Phillips ended her five years as our youth minister at the end of the year and she is greatly missed both by the young people and by the ministry team. But, in her place, we recruited Becca Youings as trainee youth minister who will begin in March 2022.

During 2021 our vision to become a church that is Passionate about Jesus has become embedded in the life of the church and we have continued to live out our four ministry commitments the following ways.

Discipleship

At Easter 2021 we concluded our year-long preaching series in Mark’s gospel entitled ‘Rediscovering Jesus’ which has inspired the church to be more passionate about Jesus and committed to him in our discipleship. In the Spring, the small groups really enjoyed studying the Book of Ruth with excellent material from the London Institute of Contemporary Christianity. For the summer sermon series and small group studies, we turned to the book of Deuteronomy and, as we were coming out of lockdown, we were challenged and encouraged to follow in the faith of the people of Israel preparing to enter the Promised Land. In the Autumn, as we were coming back to in-person church in greater numbers, our preaching followed the book ‘Love your Church’ by Tony Merida. This helped us to remember the privileges and responsibilities of being God’s people and to recommit ourselves to the church family. Most of the small groups really benefitted from the Prayer Course and the variety of approaches to prayer that Pete Greig presented.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

The Central Small Groups on Thursday evening grew significantly during the year with an influx of 20-30s and students in the Autumn. The growth of the church towards the end of the year meant that we had to create three new small groups which began to meet in the new year.

The youth work struggled during most of 2021, with many of our young people finding that they didn’t have much capacity to engage with the youth activities and sessions after days of online school. However, Annie kept in close touch with them and their families and towards the end of the year they began to engage again. It was good to see a number of young people coming back to the 6.30 service.

For much of 2021, the children’s work remained on-line as well as in person. This was demanding for Jayne who was having to film sessions as well as teach them in church. But it was much appreciated by our families who returned in significant numbers to in-person church towards the end of the year. It was noticeable that a number of new families had engaged with our children’s work on-line before they joined us in person and it was one of their reasons for coming to St Matthew’s.

Prayer and Worship

For much of 2021, although we continued to meet in person, we had to remain socially distanced, masked and were not allowed to sing, which was particularly frustrating for some church members. As soon as we were allowed to, we met in the Minster churchyard to sing before the 10am service. This was particularly moving on Easter Sunday when we held a sunrise service. An innovation during lockdown was 3.30 All-In, an afternoon service with lots of interaction for all ages making it much easier for families to attend. This has encouraged us to re-think our all-age services. All-In now alternates between 3.30pm and 10am from month to month. We are finding that 3.30pm is a better time for unchurched families.

As the restrictions began to lift, our 10am and 6.30pm services began to grow rapidly and the 11am at the Minister also attracted newcomers. It has been wonderful to be able to sing again and eventually to socialise and have refreshments after services. Renewed restrictions with the Omicron variant threatened to cancel Christmas but we were still able to hold all of our planned services even though numbers were not as large as they might have been. It was great to have a Christmas choir again. I am so grateful to our superb team of service leaders and preachers, musicians, sound and visuals teams, prayers, readers, children and youth leaders, welcomers, coffee makers and the many others who contribute to our services. There is a real buzz about our services and a sense of expectation of what the Lord is doing amongst us.

We continued to be creative in the way in which we served people who were unable to meet in person. At Home Church members were supplied with CDs and printed copies of sermons and twice weekly email updates. All the services from St Matthews and the Minster were livestreamed. We have received much appreciative feedback from church members at how they have discipled and cared for during the pandemic.

The monthly prayer meeting continued on Zoom until we were allowed to meet in person when we experimented with a blended prayer meeting. This didn’t work so well so we have reverted to on-line which seems to attract more pray-ers.

Outreach

We have had a number of people who are not yet believers coming to church since lockdown has lifted. There seems to be a new sense of spiritual openness amongst some people. We ran an Alpha course in the Autumn during Thursday Small Groups. A number of non-Christian families returned to Bright Lights and came to Friday Fitness and some came to Christmas events. Minister Merriment was the largest it has ever been with lots of visitors and interest and the Nativity service with a real donkey was also a big draw. Like many churches, we are finding it challenging to convert initial interest into regular engagement and coming on to evangelistic courses.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

Saturday Kitchen celebrated its first birthday with a celebration in the Wesley Room in the Spring. It has been such a privilege to serve some of the more vulnerable people in our community every Saturday during lockdown and now to see a few of our guests engaging with church. I am so grateful for the five committed teams who serve so faithfully week after week.

We have stayed in touch with our mission partners throughout lockdown, with all of them ‘visiting’ us on Sundays or at prayer meetings. We raised the magnificent sum of over £7000 for Al Massira for our Christmas appeal enabling them to develop an app for presenting the gospel across the Middle East.

Community

For most of 2021 we were unable to get together apart from our regular services and we were not allowed to socialise afterwards. It was therefore a huge relief when we were able to do more together in the summer. The Big Church Day out at the end of the summer was a huge success with all-ages enjoying a fun day out at Shaw Green Farm and an outdoor service at the end of the day. A repeat is planned for summer 2022.

CAMEO, which has now merged with Barnabas, managed to meet for much of the year in the Minster churchyard and then returned to the Wesley Room when restrictions allowed. Newsletters and seasonal deliveries kept members in touch when they were unable to meet. People who have been unwell or bereaved have been well supported by the pastoral team and those who have been unable to leave their homes have been regularly visited or phoned. I am so grateful to the team who support Clare in this ministry.

We said thank you to Stephen Ayland who stepped down as parish safeguarding officer after many years of service and was replaced by Jonny Thomas. We have made considerable strides forward in compliance with best safeguarding practice with much more training taking place, safer recruitment in place, regular reporting to the PCC and much more awareness of the importance of safeguarding throughout our church family. I am so grateful to our parish safeguarding officers for their vigilance and advice during the year.

As ever, I am very aware that I’ve only scratched the surface of all that has happened during 2021. You will be able to read much more in the reports that follow. Thank you to everyone who has served the Lord and his church so faithfully and I hope you will join me in praising the Lord Jesus who, despite the pandemic, has continued to build his church and the gates of hell have nor prevailed against it (Matthew 16:18). Richard Coombs

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Financial review

During 2021 there was a surplus of £47,549 (2020: £13,402) before gains on revaluation of investment assets of £8,319 (2020 £3,649). The Council is very grateful for the financial support of church members, and there have been ongoing efforts to keep costs down as far as possible. The Council has continued to monitor the financial situation to ensure that the longer term needs and objectives of the Church can be met. Total receipts were £506,876 (2020: £423,596) and are detailed in the financial statements. Total payments on unrestricted funds in the year were £459,327 (2020: £410,194).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

c. Investment policy

The PCC uses the funds it has been given to further its aims and objectives taking note of any restrictions where these have been donated for a specific purpose. It is not PCC policy to build up a cash reserve for its own sake. It maintains a cash flow balance and holds the remainder of its cash funds in savings accounts that bear interest on this investment.

d. Reserves policy

It has been Council policy to maintain a balance on unrestricted funds, exclusive of fixed assets and designated legacy funds, which equates to at least two months' unrestricted payments. The Council has continued to follow the same financial policy as in the previous year, as reserves were considered sufficient. Free reserves at 31 December 2021 were showing a balance of £496,774 (2020:£478,774) Of this designated funds are £377,192 (2020:£391,245) and general funds are £119,582 (2020:£87,527). Restricted Funds at 31 December 2021 totalled £74,130. Total funds held at the year end are £570,904 (2020:£515,036). These are amounts that have been given with specific projects in mind and are detailed in note 16 in the financial statements. The Council has continued to follow the same financial policy as in the previous year, as reserves were considered sufficient.

Structure, governance and management

a. Constitution

The Parochial Church Council Of The Ecclesiastical Parish Of St Mary With St Matthew, Cheltenham is a registered charity, number 1131805, and is constituted under a Trust deed.

b. Statement of Council members' responsibilities

Charity law requires the Council members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Parochial Church Council at the year end and of its incoming resources and resources expended during that year. In preparing those financial statements the Council members are required to:

• Select suitable accounting policies and then apply them consistently;

• Make judgments and estimates that are reasonable and prudent;

• State whether applicable accounting standards and statements of recommended practice have been followed subject to any 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 Parochial Church Council will continue to function.

The Council members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Parochial Church Council and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Parochial Church Council and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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 (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. 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.

Approved by order of the members of the board of Trustees on ___and signed on their behalf by:

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Independent Examiner's Report to the Trustees of The Parochial Church Council Of The Ecclesiastical Parish Of St Mary With St Matthew, Cheltenham ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

3. the accounts do not accord with those records; or

4. 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 matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Dated:

Ryan Moore CA

Randall & Payne LLP Chargrove House Shurdington Road Shurdington Cheltenham GL51 4GA

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note Income from: Donations and legacies 2 Charitable activities 3 Investments 4 Other income Total income Expenditure on: Charitable activities 5 Total expenditure Net income before net gains on investments Net gains on investments Net income Transfers between funds 14 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2021 £ 29,549 - - -	Unrestricted funds 2021 £ 470,746 4,724 1,725 132	Total funds 2021 £ 500,295 4,724 1,725 132	Total funds 2020 £ 415,753 5,934 1,910 -
	29,549	477,327	506,876	423,597
	-	459,327	459,327	410,194
	-	459,327	459,327	410,194
	29,549 8,319	18,000 -	47,549 8,319	13,403 3,649
	37,868 -	18,000 -	55,868 -	17,052 (4,040)
	37,868	18,000	55,868	13,012
	36,262 37,868	478,774 18,000	515,037 55,868	502,025 13,012
	74,130	496,774	570,904	515,037

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 25 form part of these financial statements.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

BALANCE SHEET AS AT 31 DECEMBER 2021

Note Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds	12,739 126,786	2021 £ 377,191 66,391 443,582 20,441 65,829 86,270 (20,551) 127,322 570,904 570,904 570,904 74,130 496,774 570,904	2020 £ 391,245 58,072
			449,317 65,719
	139,525 (12,203)
			515,036
			515,036
			515,036
			36,262 478,774
			515,036

The financial statements were approved and authorised for issue by the Trustees on ___ _ and signed on their behalf by:

The notes on pages 14 to 25 form part of these financial statements.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Parochial Church Council Of The Ecclesiastical Parish Of St Mary With St Matthew, Cheltenham meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.3 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £900 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on both a straight line and a reducing balance basis depending upon the category stated below..

Depreciation is provided on the following bases:

Fixtures and fittings - 25% Reducing balance Office equipment - 25% Reducing balance Minster bells - Straight line over 70 years Communion Furniture - 5% Reducing balance

1.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.10 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Income from donations and legacies

Donations Planned giving Collections Other giving Legacies Bequests and legacies Total 2020	Restricted funds 2021 £ 2,579 571 26,399 -	Unrestricted funds 2021 £ 361,277 3,425 50,044 56,000	Total funds 2021 £ 363,856 3,996 76,443 56,000	Total funds 2020 £ 373,171 1,164 40,417 1,000
	29,549	470,746	500,295	415,752
	12,374	403,378	415,752

Included within the total donations received is an aggregate total of Trustee (and spouses/partners of trustees) donations without conditions received of £65,998 (2020: £3,733)

3. Income from charitable activities

Trading income Other income Total 2020	Unrestricted funds 2021 £ 811 3,913	Total funds 2021 £ 811 3,913	Total funds 2020 £ 1,832 4,102
	4,724	4,724	5,934
	5,934	5,934

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Investment income

Investment income Total 2020	Unrestricted funds 2021 £ 1,725	Total funds 2021 £ 1,725	Total funds 2020 £ 1,910
	1,910	1,910

5. Analysis of expenditure on charitable activities

Summary by fund type

Outreach costs Mission Giving Staff costs Parish Share Building costs Building Overheads Other Admin costs Worship costs Bible costs Depreciation Total 2020	Restricted funds 2021 £ - - - - - - - - - -	Unrestricted funds 2021 £ 14,766 36,988 169,917 124,926 21,423 41,417 21,677 6,788 - 21,425	Total funds 2021 £ 14,766 36,988 169,917 124,926 21,423 41,417 21,677 6,788 - 21,425	Total funds 2020 £ 11,203 46,931 120,946 134,926 8,626 35,647 18,881 13,658 1,989 17,387
	-	459,327	459,327	410,194
	1,989	408,205	410,194

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Independent examiner's remuneration

Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts	2021 £ 1,925	2020 £ 1,950

7. Staff costs

The average number of persons employed by the Charity during the year was as follows:

2021 No. 7	2020 No. 7

No employee received remuneration amounting to more than £60,000 in either year.

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL-)

During the year ended 31 December 2021, there were no expenses reimbursed or paid directly to Trustees.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. Tangible fixed assets

Cost or valuation At 1 January 2021 Additions At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020	Plant and machinery £ 349,783 -	Fixtures and fittings £ 139,399 770	Office equipment £ 148,056 6,601	Total £ 637,238 7,371
	349,783	140,169	154,657	644,609
	19,988 4,997	99,506 9,786	126,500 6,642	245,994 21,425
	24,985	109,292	133,142	267,419
	324,798	30,877	21,515	377,190
	329,795	39,894	21,556	391,245

10. Fixed asset investments

Cost or valuation At 1 January 2021 Revaluations At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020	Listed investments £ 58,072 8,319 66,391
	66,391
	58,072

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

11. Debtors

Due within one year Trade debtors Other debtors Prepayments and accrued income	2021 £ 582 6,379 5,778	2020 £ 1,500 6,870 12,071
	12,739	20,441

12. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Accruals and deferred income	2021 £ 6,860 2,919 2,424	2020 £ 7,925 6,553 6,073
	12,203	20,551

13. Financial instruments

Financial assets Financial assets measured at fair value through income and expenditure	2021 £ 126,786	2020 £ 65,829

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Statement of funds

Statement of funds - current year

Unrestricted funds Fixed Asset Fund General Fund Restricted funds Relief of sickness and distress Town centre ministry Bellringer funds Tear Fund Aruna Oasis Bibles Youth room fund CAMEO(Thursday Club) Other restricted funds Total of funds	Balance at 1 January 2021 £ 391,246 87,528	Income £ 7,371 469,956	Expenditure £ (21,425) (437,902)	Gains/ (Losses) £ - -	Balance at 31 December 2021 £ 377,192 119,582
	478,774	477,327	(459,327)	-	496,774
	15,149 4,833 - 66 957 - 1,428 13,829	- - 49 - 150 15,125 - 14,225	- - - - - - - -	- - - - - - - 8,319	15,149 4,833 49 66 1,107 15,125 1,428 36,373
	36,262	29,549	-	8,319	74,130
	515,036	506,876	(459,327)	8,319	570,904

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Fixed Asset Fund General Fund Restricted funds Relief of sickness and distress Town centre ministry Bellringer funds Tear Fund Aruna Oasis Bibles Youth room fund CAMEO(Thursd ay Club) Glos Churches Together Other restricted funds Rebranding fund Gifts Wall boxes Targeted giving	Balance at 1 January 2020 £ 347,975 97,545	Income £ 60,658 350,564	Expenditure £ (17,387) (390,818)	Transfers in/out £ - 30,237	Gains/ (Losses) £ - -	Balance at 31 December 2020 £ 391,246 87,528
	445,520	411,222	(408,205)	30,237	-	478,774
	11,500 4,833 2,053 66 2,671 283 1,928 257 1,732 31,183 - - -	- - - - 275 - - - 4,561 - 5,000 272 2,264	- - - - (1,989) - - - - - - - -	- - (2,053) - - (283) (500) (257) - (31,183) - - -	3,649 - - - - - - - - - - - -	15,149 4,833 - 66 957 - 1,428 - 6,293 - 5,000 272 2,264
	56,506	12,372	(1,989)	(34,276)	3,649	36,262

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Statement of funds (continued)

Total of funds

502,026 12,372 (410,194) (4,039) 3,649 515,036

15. Summary of funds

Summary of funds - current year

General funds Restricted funds	Balance at 1 January 2021 £ 478,774 36,262	Income £ 477,327 29,549	Expenditure £ (459,327) -	Gains/ (Losses) £ - 8,319	Balance at 31 December 2021 £ 496,774 74,130
	515,036	506,876	(459,327)	8,319	570,904

Summary of funds - prior year

General funds Restricted funds	Balance at 1 January 2020 £ 445,520 56,506	Income £ 411,222 12,372	Expenditure £ (408,205) (1,989)	Transfers in/out £ 30,237 (34,276)	Gains/ (Losses) £ - 3,649	Balance at 31 December 2020 £ 478,774 36,262
	502,026	423,594	(410,194)	(4,039)	3,649	515,036

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total Analysis of net assets between funds - prior year Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Restricted funds 2021 £ - - 74,130 -	Unrestricted funds 2021 £ 377,191 66,391 65,396 (12,204)	Total funds 2021 £ 377,191 66,391 139,526 (12,204)
	74,130	496,774	570,904
	Restricted funds 2020 £ - 58,072 12,064 (33,872)	Unrestricted funds 2020 £ 391,245 - 74,207 13,320	Total funds 2020 £ 391,245 58,072 86,271 (20,552)
	36,264	478,772	515,036

17. Operating lease commitments

At 31 December 2021 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years	2021 £ 912 228	2020 £ 912 1,140
	1,140	2,052

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