Charity registration number 1131805 (England and Wales) THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 Rector.. Associate Minister.. CuTale'. Wardens". Revd Richard Coombs Revd Rowan Paterson Rerfd Stefan D2vies Anna Las210 David Evans Russell Heusch Nerys Joyce Graham Nicholls (resigiied 12 May 2024) David waen David Evans Charlotle Bulcher-Barnard (appointed 25 June 2024) Revd Richard Coombs (Chair) hAichael Bishop Gail Jones (appointed 12 May 2024) Howard Padley (appointed 12 May 2024) Rupert Cox (resigned 12 May 2024) Martin Court (appoinled 12 May 2024) Rev'd Slefan Davies Sarah Dixon Anna Gorick Diane Bruckland (resigned 12 May 2024} Anna La5zIo Becca Horton (appointed 12 May 2024) Nerys Joyce Clare Chesworlh (resigned 12 May 2024) Liz Horder Andy Castro (appoinled 12 May 2024) David Evans Oli Parker Julia Sayers (resigned 12 May 2024} Andy Horton Daniel Wright (resigned 12 May 2024) Natalie Storey Sarah Tilson Russell Heusch Tony Whitbread Graham Nicholls (resigned 12 May 2024) David Waire17 Charlotte Butcher-Bainard lappoinled 25 June 2024) Debbie Fawzi (appointed 12 May 2024) Treasurer.. Deanery Synod.. PCC Membersrustees'. Secretary G Sage Charity number IEngland and Wales) 1131805 Registered office St Mary with Sl Malthews Church Office 44 claren Slreet Chellenham Gloucestershire GL50 3PL
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM LEGALAND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner BK Plus Limited 6 Manor Park Business Cenlre Mackenzie Way Chellenham GIOusterShIre England GL519TX Bankers HSBC Bank plc 2 The Promenade Chellenham GL50 1LR
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM CONTENTS AS AT 31 DECEMBER 2024 Page Truslees, report Independenl examinerfs report Slalement of financial activities Slatement of financial position Statement of cash flows Notes lo the financial slalements 10-21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with independenlly examined financial stalemenls of The Parochial Church Council of the Ecclesiaslical Parish of Sl Mary with St Matthew. Cheltenham (the charity) for the 1 January 2024 to 31 December 2024. The Trustees have adopted the provisions of Ihe Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities. in preparing the annual feport and financial statement5 of the charity. Objectives and activities a. Pollcies and objectives 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 10 See people come lo faith in Jesus, grow in their discipleship and worship, and to be encouraged, equipped and trained for using Iheir gifts in the seryice of Jesus Christ. In addition, the CounrAI has maintenance responsibilities for the Minster (Sl Mary's) and St Mallhew's church buildings. The main activities of the charity are to further Ihe charity's Purpose for the public benefit. When planning the activities for the year Ihe Council has considered the Chaiily Commission's guidance on public benefit and, in particular, we seek to enable people lo live out their faith as psrt of our parish community. In setting objectives and planning for aclivilies, the Trustees acl in accofdance wilh general guidance published by Ihe Charity Commission relating lo public benefit, including the guidance 'Pub5ic benefil.. running a charity (PB2)'. b. Strategies for achieving objectives The PCC vision is to be 'Pa5sionate about Jesus. and we seek to achieve this by four Ministry Prior¢lies'. Discipleship, Prayer and Worship, Mission and Community. We have a set of specific strategic objectives by which we aim lo lake fOard these priorities. All activities of the church are guided by Ihese priorities. At the APCM in 2023 we adopled a new slrategiG plan whicli was reported in tlie 2023 Rector's report. The PCC review5 action againsl the chLtrch's stiategy at each of its meetings. c. Activities undertaken to achieve objectives The church has a full prograTnme of aclivilies for all ages from tlie very youngest to Ihe oldest which seeks to minister not just to church members but also lo our community. Further delails can be found in the annual report on our website. d. Main activities undertaken to further the Charity's purposes for the public benefit The church exists to serve the wider communily and this year we have engaged with a wide range of people from our parish and across Ihe lown of Chellenham. Of particular note is Saturday Kitchen which PTovides hot meals for vulnerable people every week of the year, CAMEO which serves older people in the church and conlmunily, Bright Lights, our group for toddlers, Iheir parents and Iheil carers and our detached youth work programme which we run jointly with The Rock, seeking to engage with young people in the town centre.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Rector's Report Our church's vision is lo be Passioi)ale about Jesus., we want to be passionate about Jesus and we wanl others lo be passionate about him too. That vision is reflecled in our four Ministry Priorities.. Discipleship, Prayer and Worship, Mission and Community. These priorilies guide us as we work towards OLfrr 17 strategic objectives. Strategic Priorities Al the APCM in May 2024 our major objective was to develop plans for fuTther growth at st Matthew's and Ihe Minster. This led lo a change in our service limes, moving Ihe 10am service lo 9.30am and the 6.30prn lo 6pm. This has led some to move from 9.30am to the 11am and others to 6pm Ihereby creating space al the 9.30am lor further growth. It has a150 made il possible for our youth minislry (Ignite) at 9.30am to lake place in the Minster before the 11 am service thus creating more Spa for children's minislry at 9.308m. As the following table shows, these changes have nol yet led lo significant growth- in fact, we have seen a small decline in numbers overall, largely due to people relocating bul we are hopeful that bolh the 9.30am and 11 am are growing again in 2025. Stefan Davies. our Curate has taken over leadership of the 11am and he and Charlolle Bulcher-Barnard have begun children's ministry at the 11am. 2021 022 023 024 IOam19.30ai 140 adults 200 adults 195 adults 197 adult5 25 children O children 57 childre 5 children 11am O adults 5 adults 8 adults 50 adulls 6 children 6.3016pm 60 adults 100 adults 2 adults 9 adults 6 childien children 8 children Totals 230 adults 45 adults 325 adulls 16 adults 25 chi5dren 6 children 5 children 69 children Alongside our growth plans, we continued lo focus on developing a deep cultuie of prayer. In Summer 2024, we held a leaching series on player across all three services, supported by videos and small group materials. We also inlroduced lermly prayer and praise meelings (some with other local churches under the "Love Cheltenham" banner) and are working to embed prayer across the entire church family. This iemains a key priority for us.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance- continued Progress on OtheT Strategic Pyiorities: Welcome and Integration of Newcomers: We continued hosting welcome meals al Ihe Rectory to integrate newcomers into small groups. The welcome desk ai si Matthew's was made more prominenl. and QR codes were added to the backs of church chairs. An online welcome register was created to keep track of newcomers. Alpha and Evangelistic Events.. Our annual Alpha course in the Spring temi has continued. yielding fruit as several individuals have been baptised after coming to failh on Ihe course. Alpha was followed by Ihe "Uncoverf, course to introduce new Christians to a gospel, and participants were then inlegrated into sm811 group5. Developing Relationships Between Our Three Congregations.. Wliile we have struggled to achieve significant inlegiation between the Minster and St Matthew's, the change iii service times has increased movement beeen the Iwo churches, foslering closer relationships. Our new approach to small groups, rebranded as "life groups., has been highly effective in building cros5- congregation conneclions. These groups. which include a wide range of ages and lile stages. meet weekly and share me21s togelher. facililaling deeper relationships and pastoral rnre. Rowan Paterson. our associate minister, has played a key role in developing and training lrfe group leaders and heading up pastoral care. Worship forAII Ages.. Our Iwice-termly All-ln services have grown both in attendance and in the quality of worship. We are committed to the Impor1an of the whole church family worshipping together, which has been achieved under the leadership of Charlotte Bulcher-Barnard, Children's and Families Minister supported by Becca Horton, Youth Minister. Eco-church Integration.. This year, we worked on plan5 to inslall PV panels on the roof of Sl Matthew's, with the aim of eventually using them to sustainably heat our church building. The care of creation has been a focus in our preaching and church practices, and we continue lo move forward as an Eco-church. Looking Ahead to 2025: In 2025, we will continue to develop plans for growth. especially with Ihe opportunities presented by the new Minster Quarter development. We will also focus on fully engaging Ihe gifts of bolh OUT church slaff and members. This has been an ongoing priority since 2024. Addilionally. we are seeking to create an additional ordained minister's post at the Minster, with support from the diocese. Church Staff.. The only change5 to the chuich staff team Ihi5 year were the retireTnent ol Jenny Aldridge after 25 years as our church cleaner and Slefan Davies, our curate. taking on responsibility for the Minster. Wilh Richard Coombs, our rector taking a sabbalical from May lo mid-August of 2025. Slefan will have the opportunity lo lead the staff team for Ihree months while overall responsibility for the church will li8 with Ihe church warden5. Financial review During 2024 there was a deficit of £{3,248) (2023.. £10,492) before gain on revaluation of investment assets of £1,461 12023.. £5.529}. The Council is very grateful for the Iinancial support of church members, and there have been ongoing efforts lo keep costs down as far as possible. The Council has continued to monitor Ihe financial situation lo ensure that the longer lerm needs and objectives of the Church can be met. Total receipts were £560,617 (2023.. £552.286) and are detailed in the financial statements. Total paymenls in the year were £563,865 12023.. £541,794).
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Going concern After making appropriate enquiries, Ihe Trustees have a reasonable expectation Ihal the Charity has adequate resources to continue in operalional existen for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the going concern basis can be found in the accounling policie5. Reserves pollcy 11 has been Council policy to maintain a balance on unrestricted funds, exclusive of fixed assels and designated legacy funds, which equates lo al least Iwo monlhs, Uflfestricled payments. The Council has continued to follow Ihe same financial policy as in Ihe previous year, as reserves were considered sufficient. Unreslricled reserves al 31 December 2024 were showing a balance of £499,060 (2023.- £503,446) Of this, fixed asset funds are £364,170 {2023- £378,130) and general funds are £134,890 (2023'.£125,3161. Restricted Funds at 31 December 2024 lolalled £32,175 (2023.. £29,576). These are amounts that have been given with specific projecls in mind and are detailed in note 18 in the financial slalemenls. Total funds held al the year end are £531,235 {2022.' £533,022). Investment policy The PCC uses the funds il has been given to further its aims and objectives taking nole of aiiy re5triclioiis 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 ftow balance and holds the remainder of its cash fLfnds in savings accounts that bear interest on this investment. Financlal risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charily, and are salislied that systems and procedures are in place to mitigate exposure to the major risks. The major r¢sks to which Ihe Council is exposed are reviewed regularly by Ihe PCC and its sub-committees lo ensure that the charity complies with the best practice. This includes those that might have a financial impact, which are closely Inonitored by the Standing and Finance Cornmitlee. Systems and procedures designed lo 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. Structure, governance and management Consititution The Parochial Church Council of the Ecclesiastical Parish of Sl Mary with Sl Matthew, Chellenham is a registered charity, number 1131805, regislered with the Charity Commission in September 2009. and is a public benefit entily. The PCC is goveined by The Parochial Church Councils (Powers) Measure 1956 (as ainended) and The Church Representation Rules {conlained in Schedule 3 of the Synodical Govemment Measure 1969 as amended). Methods of appointment or election of Trustees The man2gemenl of ihe Charity is the responsibility of the Trustees. The nielhod of appointment of Trustees, PCC members, is set out in the Church Represenlalion Rules. Council members are elected by the church membership froim tlie body of church members and can Iherelore be expected to be already fainiliar with Ihe issues coiicerning the life ol the church al Ihe time of election. Organisational structure and decision-making policies The full Council nieets approximately every months, six limes during the year, and Standing and Finance Commiltee meets in the intervening months or whenever special issues arise that give need for addilional 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 woik of these bodies is reviewed at the Council meeting5 aiid iioles and minutes of their meetings are available to members.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Policies adopted for the induction and training of Trustees No formal induclioii plocess is undertaken other than through the provision of recent minutes and papers. New council members can also expect lo be made lamiliar with issues verbally. New members of the PCC complete the online safeguarding training as Tequired by the Church of England as part of Iheir induction. Together with existing members they will be made aware of their responsibililies on a Tegular 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 aieas where appropriate expertise is not immediatety available professional advice, ol, if appropriale training for a member of church staff. will be sought. Members of staff attend regular training courses and follow church publications and other Soufces to mainlain an up to date knowledge of the relevant issues. Pay policy for key management personnel The Rector and Curate are licensed to the Parish by the Bishop of Gloucester and paid by the Diocese. All other members of the PCC give time voluntarily. The Trustees are fully aware of and manage carefLElly any conflicts of interest. Any declaralion of interest is required al all meetings and any person concerned is required to withdraw from any section of the meeling relating to these issues. All pay and remuneralion arrangements for members of staff are reviewed by the Standing and Finance Committee and approved by the full PCC. mindful of the Church's charitable objeclives and responsibililies. Trustees Rèsponsibilit6e5 The Trustees are responsible for preparing ihe Trustees, Report and the fin2ncial slalements in accordance with applicable law and United ngdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales require5 Ihe Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charily and of the incoming resources and application of resource5 of the charity for that year. 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 ChaTÉlies SORP {FRSI 02}- make judgements and estimates that are reasonable and prudent- slate whether applicable UK Accounting Standards (FRS102j have been followed, subject to any material departures disclosed and explained in Ihe financial statemeiils- and prepare the financial slalements on the going concem basis unless it is inappropriale to presume thal the charity will continue in operation. The Tru5tee5 are responsible for keeping adequate accounting records thal disclose with reasonable accuracy at any lime the financial position of the charity and enable Ihem to ensure that the financial stalements comply with the Charilies Act 2011, the Charity (Accounts and Reports) Regulations 2008 2nd the provisions of the Charity. They are also responsible for safeguarding Ihe assets of the charity and hence for laking reasonable steps for the prevention and deteclion of fraud and other irregularitie5. Th stees, ieport wa5 approved by the 8oaid of Trustees. Rev R M Coombs 11 Apri5 2025
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM I report lo Ihe Trustees on my examination of the financial stalemenls of The Parochial Church Council of the EcclesiastlC21 Parish of Sl Mary with St Matthew, Cheltenham (the charity) for the year ended 31 December 2024. Responsibilities and basis of report As the Truslees of Ihe charity you are responsible for Ihe preparation of the financial statements in accordance wilh the reqltirements of the Charities Act 2011. report in respeci of my examination of Ihe charlty's financial slalemenls carried out under section 145 of the Charities Act 2011.lii carrying out my exaTninalion I have followed the Direction5 given by tlie Charity Commission under section 145(5){b) of the Charilies Act 2011. Independent examinerfs statement Since the chaTlty's gross income exceeded £250.000, Ihe independent examiner must be a member of a body listed in seclion 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake the examinalioT) because l am a member of the Inslitule of Chartered Accountant5 in England and Wales, which 15 one of the lisled bodies. Yoijr altention is drawn lo the fact that the charity has prepared the financial slatemenls in accordance with the relevant version of Ihe Statement of Recommended Practice applicable to charities preparing their financial slalemenls in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has now been withdrawn. l understand that this has been done in order for the financial statements to piovide a true and fair view in accordan with UK Generally Accepted Accounting Practice. I have completed my examinalion. I confirm that no matters have come to my attention in connection with Ihe examiiiation giving me cause to believe Ihal in any malerial respect= accounting records were not kept in respect of the chaiily as required by section 130 of the Charities Act 2011. the financial slalemenls do not accord with those records- or the financial statements do not comply with the applicabie requirements concerning the form and content of financial slalemenls sel out in the Charilies (Accounts and Reports) Regulations 2008 other than any requirement that the financial slatemenls give a true and fair view, which is not a matter considered as part of an independent examinalion. I have no concern should be dr n in this iep come across no other mallers in conneclion with ihe examinalion to which attention in order to enable a proper underslanding of the financial statements lo be reached. Cinzia Hensley BK Plus Limite 6 Manor Park Bu Mackenzie Way Chellenham Gloucestershire GL519TX England 11 April 2025 s Contre
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total Total 2024 2023 Notes Income and endowments from: Donations and legacies ChaTilable activities Investments Other incoine 493,164 19,028 3.148 1,439 36,370 7,468 529,534 26.496 3,148 1,439 529,930 19,346 2,686 324 Total income 516,779 43,838 560,617 552.286 Expenditure on: Raising funds Charitable activities 1.973 533,804 1,973 561,892 838 540,956 28,088 Total expenditure 535,777 28,088 563.865 541,794 Net incomel{expenditure before net gainslllossesl on investments (18,998) 15,750 (3.248) 10,492 Net gainsl{losses) on investmenls 11 1,461 1,461 5.529 Net incomeJ{expenditure> (17,537) 15,750 11,787) 16,021 Traiisfers betweeii funds 13.151 (13.151) Net movement in funds (4.386} 2.599 (1,787) 16,021 Reconciliatlon of funds: Fund balances al l January 2024 503.446 29,576 533,022 517.001 Fund balances at 31 December 2024 499.060 32,175 531,235 533,022 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 1010 21 form part of these financial statements.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Investments Tangible assets 13 14 65,626 364.170 64,165 378,130 429.796 442,295 Current assets Debtors Cash al bank and in hand 15 9,403 126,731 26,784 89,650 136.134 116,434 Creditors.. amounts falling due within one year 16 (34,695) (25,7071 Net current assets 101,439 90,727 Total assets less current liabilities 531,235 533,022 The funds of the charity Restricted income funds Unrestricted funds 17 18 32.175 499,060 29,576 503,446 531.235 533,022 ancial statements were approved by the Trustees on 11 April 2025 Rev R M Coombs
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activitles Cash generated from operations 22 42,107 35,539 Investing actlvities Purchase of tangible fixed assets Investment income received 18.174) 3,148 {2,451) 2,686 Net cash (used inllgenerated from investing actlvlties (5,026) 235 Net cash generated from financing activities Net increase in cash and cash equlvalents 37.081 35,774 Cash and cash equivalents al beginning of year 89,650 53,876 Cash and Ga5h equivalents at end of year 126,731 89,650 The notes on page5 10 to 21 form part of these financial statements.
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 2024 Accounting policies Charity infomiation The Parochial Church CoLtncil of the Ecclesiastical Parish of St Mary with St Matthew, Cheltenham is a iegislered charily. registered in England and Wales with the Charity Commission, charity registration number 1131805. Registered office address 15 St Mary with Sl Matthew Church Office, 44 Claience Streel, Cheltenham Gloucestershire GL50 3PL 1.1 Accounting convention The financial statements have been prepared in accordance with the charitws governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable iii the UK and Republic of Ireland" and the Charities SORP "Accounling and Reporting by Charilies.- Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefil Entity as defined by FRS 102. The finaF)cial statements are prepared in slerling, which is the funclional currency of the charity. Monetary amounts in these financial slalemenls are rounded to the nearest £. The financial stalemenls have been prepared under the hislorical cost convention to include certain financial inslTumenls al fair value. The principal accounting policies adopted are set out below. The Parochial Church Council of the Ecclesiaslical Parish of Sl Mary with St Matthew, Cheltenham meets the definition of a public benefit entity under FRS102. Assets and liabililies are initially recognised al historical cost or Iransaclion value unless otheISe slated in the relevant accounting policy. 1.2 Going concern The financial sl8lements have been prepared on a going concern basis as Ihe Trustees believe thal no material UnrtaInlieS exist. The Trustees have considered the level of fuiids held and the expected level of income and expenditure for 12 months from authorising these financia5 statements. The budgel income and expenditure is sufficient with the level of reserves for the charity lo have adequate resources lo be able to continue operating for the foreseeable lutufe. Thus the Trustees continue lo adopt the going concern basis of accounting preparing the financial statements. 1.3 Chayitable funds General funds are unrestricted funds which are available for use at the discrelioii of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Reslricled funds are funds which are lo be used in accordan wilh specific restrictions imposed by donofS or which have been raised by the Chalily for particulai purposes. The costs of raising and admini51eriiig such funds are charged against the 5pecilic fund. The aim and use of each iestricled fund is sel out in Ilie notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 10-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.4 Income All income is recognised once the Chaiity has entitlemenl to the income, it is probable Ihat the income will be received and the amount of income receivable can be measured reliably. The recognition of income froni legacies 15 dependenl on establishing enlillement, the probability of receipt and the ability to estimate wilh sufficient accuracy the amount receivable. Evidence of enlillement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of the benefaclor) 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 Ihe expected cash amounl to be dislributed lo Ihe Charity, can be reliabSy measured. other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the servi. 1.5 Expenditure Expei)diture is recognised once there is a legal or constructive obligation to Iransfer economic benefit lo a Ihird party, il is probable that a transfer of economic benefits will be requiied in settlement, and the amotjnl of the obligation can be measured reliably. Expenditure is classified by activily. The costs of each activity are made up of the total of direct costs aiid shared costs, including support cosls involved in undertaking each activity. Direct costs allribulable to a single activiiy are allocated direclly to Ihat activity. Shared costs which contribute to mole than one activity and support costs which are not attributable to a single aclivity 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 are allocated on the portion of Ihe asset's use. Expenditure on raising funds includes all expendilure incurred by the Charity to raise funds for its charitable purposes and inGludes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direclly undertaking the activities which furlher Ihe Charily's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.6 Tangible fixed assets Tangible fixed assets costing £900 or Tnore are capilalised and recognised when fulure economic benefits are probable and the cosl or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition under the cost model, langible fixed assels are measured al cost l&ss accufflulated depreciatlDn and any accumulaled impairment losses. All costs incurred to bring a tangible fixed asset into its intended working conditions should be induded in the measurement ofcost. Depreciation is charged so as lo allocate Ihe cost of langible fixed assets less their residu31 value over the estimated useful lives, on both a straight line and reducing balance basis dependent on the c21egory slated below. Depreciation is recogni5ed so as to write off the cosl or valualion of assets less their residual values over their useful lives on the following base5-. Minster bells ComTnunion fuTnilure Fixlures and fillings Planl and machinery straight line over 70 years 5 /ts reducing balance 25D/o reducing balance 250fi reducing balance 11
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (Continued) 4.7 Cash and cash equivalents Cash al bank and in hand includes cash and short-lenTt highly liquid investments wilh 2 short maturily of three months or less from Ihe dale of acquisition or opening of the deposil or similar account. 1.8 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslrLtmenls are initially recognised al Iransaclion value and subsequenlly measured at their settlement value with the exception of bank loan5 which are subsequenlly measured at amortised cost using the effective inlerest method. 1.9 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and tl)e amount of the settlement can be estimated reliably. Liabilities are recognised at Ihe amounl thal Ihe Chatity anticipates it will pay to settle Ihe debt or the amount it has received advanced payments for the goods or services il must provide. PTOVi5ions ale measured at the besl estimate of the amounts required to sellle the obligalion. Where the effect of the lime value of money is material. Ihe provision is based on the present value of those amounts, discounted at the pre-tax discounl rate that ieflecls the risks specific to Ihe liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 1.10 Debtors Trade and olher debtors are recogr)ised at the seltlement amounl after any Irade discount offered. Prepayments are valued at the amount prepaid net of any Irade discounts due. 1.11 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by Ihe Charity,. tliis is normally upon notification of the interest paid or payable the inslitulioii with whom the funds are deposited. 1.12 Pen5ion$ The Charity is a member of a multi-employer plan. Where it is nol possible for the Charity lo oblain sufficient information lo enable il to account for the plan as a defined benefit plan, il accounts foi. the plan as a defined conlribulion plan. Please see note 22 for more details Crltlcal accounting estimates and judgements Eslimales and judgernents are continually evaluated and are based on hislorical experience and Dlher factors, including expectations of future events Ihal are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions= The Charity makes estimates and assumptions concerning the fLlture. The resutting accounting estimates and assumptions will, by definition. seldom equal the related actual results. Such estimates and asSLtmplions are applicable in Ihe Trustees, assessmenl of the Charity's ability to conlinue as a going concern. 12-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted funds 2024 Restricted funds 2024 Total Total 2024 2023 Donations Legacies Grants 493.164 31,370 524,534 497,915 24,315 7,700 5,000 5,000 493,164 36,370 529,534 529,930 Income from charitable activities Unrestricted funds 2024 Restricted fund5 2024 Total Total 2024 2023 Trading income Ancillary trading income 11,416 7,612 7.468 18,884 7,612 15,230 4,116 19.028 7,468 26,496 19,346 Income from investments Unrestricled Unreslricled funds funds 2024 2023 Investments Inleresl 1,783 1,365 878 1,808 3,148 2,686 other income Unrestiicled Unrestricted funds funds 2024 2023 other incoming resources 1,439 324 13-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Unfeslricled Unrestricted funds fuiids 2024 2023 Other fundraising costs 1,973 838 Expenditure on charitable activities Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Direct cost5 Depreciation and impairmenl Outreach costs Mission giving Staff costs Parish share Building cosls Building overheads Rebranding Olher admin costs Bible costs Worship costs 22,134 26,692 47,356 182,168 139,757 19,213 51.643 22,134 38,249 56,293 182,168 139,757 21,761 51,643 4,769 34,858 277 9,983 25,338 36,266 54,920 161,739 125,901 19,422 67,494 4,950 34,636 832 9,458 11,557 8.937 2,548 4.769 34,858 277 9.983 28.088 533,804 561,892 540,956 Analysis by fund Uiireslricted funds Reslricted funds - general 533.804 28,088 511,361 29,595 561,892 540,956 Net movement in funds 2024 2023 The nel movement in funds is staled after chargingl(crediling): Fees payable for Ilie independent examination of the charity's financial statements 2,400 2,000 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Numbey Employees 14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employees IContinued} Employment costs 2024 2023 Wages and salaries Social security costs other pension costs 157.265 8,909 6,210 137,457 5,291 7,815 172,385 150,563 There were no employees whose annual remuneration was more Ihan £60,000. 11 Gains and losses on investments Unreslricled Unrestricted funds funds 2024 2023 Gaiiisl(losses) arising on- Revaluation of inve51menls 1,461 5,529 12 Taxation The charsty is exempt from laxation on ils activities because all ils income is applied for charitable purposes. 13 Fixed asset investments Llsled Investments Cost At 1 January 2024 Revaluation 64,165 1.461 At 31 December 2024 65,626 Amortisation and impairment At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 65,626 Al 31 Decembei 2023 64,165 15-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tangible fixed assets Plant and Fixture5 an machinery fittings Offlce Equlpment Total Cost Al 1 January 2024 Addilions 349.783 183,304 5,426 161.110 2,748 694,197 8,174 Al 31 December 2024 349,783 188,730 163,858 702.371 Depreciation and impaimient Al 1 January 2024 Depreciation charged in Ihe year 34,979 4.997 136,902 12,334 144,186 4.8D3 316,067 22,134 Al 31 December 2024 39,976 149,236 148,989 338,201 Carrying amount At 31 December 2024 309.807 39,494 14,869 364,170 A131 December 2023 314,804 46,402 16,924 378,130 IS Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 7,227 2,176 15,407 11,377 9,403 26.784 16 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals an(i deferred income 3,212 3,058 2,199 26,226 939 2,199 972 21,597 34.695 25,707 16-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restricted funds The reslricled funds of (he charity comprise the unexpended balances of donalions and grants held on ITUSI subject lo specific conditions by don015 as to how they may be used. At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 Rebranding Relief of sickness and distress Chellenham Activities Bellringer funds Chrislmas Appeals CAMEO Brighl Lights Saturday Kitchen Bibles Minsler Expense Youth Minister Training Granl 4.713 10,601 2.184 8.559 (4,769) <1,831) 56 760 11.900 2.570 8,938 6,331 1,137 3.003 270 3,929 5,000 9,530 5,877 9,885 (6,207) (1,244) {8.938) (5,814) (9221 (2.9891 (277) (1,304) 2.302 703 247 267 2.819 918 261 260 2,625 {5,000) 29,576 43,838 (28.088) (13,151) 32,175 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Relief of sickness and distress Cheltenham Aclivilies Bellringer funds Tearfund Aruna Oasis Bibles Youth Room Fund CAMEO (Thursday Club) Christmas Appeal Rebranding Bright Lights Saturday Kitchen Youth Minster Training Grant Table Tomb and Iron Archway 10.679 413 7,011 86 919 6,837 1.147 763 7,900 1.655 (841) 10,601 2,184 8,559 <6,129) (1071 {86) (832) 180 267 {6,837) {1.120) 6,997 10.559 (4,722) {10.559) (4.950) {861) (2.937> 2,302 8,429 1,234 4,713 703 247 1,564 3.184 5.000 3.700 (5,000) 13,700) 35,521 41,502 (29,595) {17,852) 29,576 17-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restricted funds Icontinuedl Relief of sickness and dislress Any relief of sickness and di51ress Under the discretion of the Trvstees and within limits delegated lo the Rector. Cheltenham Activities Ipreviously town centre ministry) hisloTiC resliicted fund to be Ltsed on ministry activities within Chellenham. Bell ringer funds- funds restricted to use by Ihe bellringers within the PCC. CAMEO_ Funds specifically raised and lo be used for CAMEO group, CAMEO is a group for all ages offering a weekly opportunity for individuals lo gather. enjoy one anothei's company and build Gommunity and friendship. Christmas Appeal - every year, the PCC asks for donations from the congregation and church commLtnily which are distributed lo a nominated charity. For the year ended 31 December 2024, the nominated charity was Gloucester Youth for Christ. Rebranding - Funds for rebranding exercise including purchase of stationery, brand design, appearance such as blinds and curtains. Youth Miiiister Training Grant- grant income received from the Diocese lo fund youth minister Iraiiiing. Minster Expenses (previously Table Tomb & Iron Archway) - funds specifically given for projects at the Minster. 18 Unrestricted funds The unreslricled funds of the charity comprise the L(nexpended balances of donations and grants which are not stjbjecl to specific conditions by donors and granlors as to how Ihey may be used. These include designated funds whicli have been set aside out of unrestricted funds by the Iruslees for specific purpose5. At l January 2024 Incoming resources Resources expended Transfers Gains and losses At31 December 2024 General Funds Fixed Asset Fund 125,316 516.779 (513,643) 4.977 1,461 134.890 378,130 (22,134) 8,174 364.170 503,446 516.779 (535,7771 13,151 1.461 499,060 18-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrestricted funds (Continued) Previous year: At 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 General Funds Fixed Asset Fund 80,461 510.784 (486,861) 15.403 5,529 125,316 401.019 {25.338) 2,449 378,130 481,480 510,784 (512,199) 17.852 5,529 503.446 19 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 December 2024: Fixed asset investments Tangible assets Cuirenl asselsllliabilities) 65.626 364,170 69,264 65,626 364,170 101,439 32,175 499,060 32,175 531,235 UnreslrÉcled funds 2023 Restricled lunds 2023 Total 2023 At 31 December 2023: Fixed asset investments Tangible assets Current assetsJ(liabililies) 64,165 378,130 61,151 64,165 378,130 90,727 29,576 503,446 29,576 533,022 20 Related party transactions Remuneration of £55,080 (2023. Nil) was paid to two of Ihe trustees during the year for work carried out in their employment roles, in accordance with the powers in the governing documenl. None of the Irustees received any remuneration for their services as acting as a Ifustee. During the year, a grant of £3,666 {2023- £3.665) was made lo the European Christian Mission in support of an individual who is related to one of Ihe ITUStees. Duiing the year a grant of £5,414 {2023- £13,759) was made to Tearfund of which one ofthe trustees is also a truslee. During the year donations received from the ttustees were £63.506 (2023: £69,024). 19-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 21 Pension commitmentg The Parochial Church Council of Ihe Ecciesiastical Parish of Sl Mary with St Matthew, Chellenham participates in the Pension Builder Scheme section of the Church WoikeTS Pension Fund (CWPFI for lay staff, CWPF is administered by the Church of England Pension Board, which holds the CWPF assets separately from those of the The Paiochial Church Council of the Ecclesiastical Parish of Sl Mary wilh St Mallhew, Cheltenham and other participating employers. CWPF has two sections: the Defined Benefits Scheme the Pension Builder Scheme, which has Iwo seclions.. 8 deferred annuily section known as Pension Builder Classic, and, a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both seclioiis of Ihe Pension Builder Scheme are classed as defined benefit schemes. Pension Builder Classic provides a pension. accumulaled from contributions paid and convetted into a deferred annuity duiing employment based on term5 sel and feviewed by the Church ol England Pensions Board from time lo lime. Discretionary increases may also be added. depending on investment relums and other factors. Pension Builder 2014 is a cash balance scheme that provides a tump sum which members use to provide benefits al retiremenl. Pension conlfibutions are recorded in an account for each member. Discretionary bonuses may be added before reliremenl. dependiiig on investment returns and olher factors. The account, plus aiiy bonuse5 declared is payable, unieduced, from age 65. There is no sub-dimsion of assets between employers in each section of Ihe Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because il is not possible lo attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that coiilribulions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are the contributions payable (2024.. £6.214, 2023 £7,388). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out a5 al 31 December 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.Bm on the ongoing assumptions used. Al the m05t reGenl annual review effeclive 1 January 2025, the Board chose lo graiil a discretionary bonus of 6.70K to both pensions not yet in payment and pensions in payment in respect of service piior lo April 1997., and a bonus on pensions in payment irT respect of post April 2006 service so that Ihe pension increase was 2.70/. (where usually it would be calculated based on inflation up lo 2.5/1. This followed improvemenls iii the lunding position over 2024. There is no requirement for deficit P8ymenls at the current lime. The next valuation is due as al 31 December 2025. For the Pension Builder 2014 seclion, Ihe valuation revealed a SLtrplus of £8.Sm on the ongoing assumplions used. There is no requireinenl for deficit payments al the current tiine. The legal structure of the scheme is such that if another employer fails. The Parochial Church Council of the Ecclesiastical Parish of Sl Mary with St Mallhew. Chellenham could become responsible for paying a share of the failed employer's pension liabilities. -20-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Cash generated from operations 2024 2023 (Deficit)Isurplus for the year (1.7871 16,021 Adjustments for: Investment income recognised in statement of financial aclivilies Fair value gains and losses on investments Depreciation and impaiiment of tangible fixed assels (3,148) {1.461) 22.134 (2,686) (5,529) 25,338 Movements in working capital: Decrease in debtors Increasel(decrease) in credilors 17,381 8,988 13,416 (11,021> Cash generated from operations 42,107 35,539 23 Analysis of changes in net funds At 1 January 2024 Cash flows At 31 December 2024 Cash at bank and in hand 89.650 37,081 126,731 89,650 37,081 126.731 89,650 37,081 126,731 21