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 wa￿en
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 Members￿rustees'.
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
GIOu￿sterShIre
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 fO￿ard 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 be￿een 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 othe￿ISe 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 Un￿rtaInlieS 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