Charlty registratton numbèr 1131805 IEnglJnd 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 2025 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 2025 Rector.. Associate Minister.. Curale.. Curate.. Wardens.. Rev'd Richard Coormbs Rowan Paterson Rev'd Slefan Davles Rev'd Jennifer Fellows Anna Lasz David Evans Russell Heusch Nerys Joyce David Warren David Ev8ns Charlotte Butcher-Bamard Rev'd Richard Coombs (Chairl Michael Bishop Gai5 Jongs Howard Padley Martin Court Rev'd Stefan Davies Sarah Dixon (resigned 27 April 20251 Anna Gorick Iresigned 27 Aprll 20251 Anna Laszlo Becca Horton Nerys Joyce Llz Horder (resigned 27 April 2025) Andy Castro D3vid Evan5 Oli Parker Andy Horton (resigned 27 April 2025) Natalie Storey Sarah Tilson (resigned 27 April 20251 Russell Heusch Tony Whilbroad (resigned 20 January 20251 David Warren Charlolle Butcher-Barnard Debbie Fawzi Bethan Howes (appointed 27 April 20251 Diane Buckland (appointed 27 April 20251 Tom Walson (appointed 27 April 20251 Mani Srikolla lappoinled 27 April 20251 Henry CO￿ lappoinled 27 Aprll 20251 R8v'd Jennifer Fellows18ppoinled 27 June 20251 Treasurer.. Deanery Synod.. PCC Membe[s￿rUSteeS'. Secretary G Sage Charity numb¢r IEngland and Wale5} 1131805 Reglster8d offEce St Mary with Sl M3tthews Church Office 44 Clar8nc8 Street Cheltepham Gloucestershire GL50 3PL THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM LEGALANDADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025 Independent examlnèr BK Plus Limited 6 Manor Park Buslness Centre Mackenzie Way Cheltenham Glouce51ershire England GL519TX Bankers HSBC Bank plc 2 The Promenade Cheltenham GL50 1LR THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM CONTENTS AS AT31 DECEMBER 2025 Page Trustees. report Independent gxamin8rfs report statemenl of Iinancial activities Slalement of financial position Statement ol cash flows Notes lo the financia5 slalem&nls 10-22 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual report together with independently exarnined financial slalements ol The Parochial Chtjrch Council of the Ecclesiastical Parish of St Mgry with St Mallhew, Cheltenham Ithe charilyl for the 1 January 2025 10 31 Decemb8r 2025. The Trustees have adopted the provlslons ol the Statement of Recommended Practice ISORPI °Accounting and Reptsrting by Charili85" in preparing the annual report and financial 8talements of Ihe charity. The financial statements have been prepared in accordance with the accc>unling policies set OLJt in note 1 to the financial blalemen15 and cornply with Ihe ch8rily's governing document, the Ch8rities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and RepuLTrlic of 116land and the Charities SORP Accounting and Reporting by Charities". Stalement of Reeornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab18 in the UK and Rèpublic of Ireland IFRS 1021" Oblèctlves and actlvities a. Pollcies and obleclives The rolB of the Council is lo work wilh the clergy and church slaff to promote the whole mission ol the church. The objective of this is lo see people corne to failh in Jesus, grow in th8ir discipleship and worship, and to be encuuraged, equipped and trained lor using their gifts in the service of Jesus Chflsl. In addition, the Ctsuncil has malnl8nan￿ resporssiblllties lor the Minster (St M8ry'sI and si Matthew's church bulldings. The main actlvllies of the charity are loi further the charily's purpose for Ihè public ben6fil. When planning the activities for Ihe year Ihe Council has consld8rÉd the Charity Commission's guidance on p￿bIle benefit and, in particular, we s8ek lo enable people lo live out Ihelr faith as part of our parish communlly. In 58tling objeolives and planning for activities, the Trustees act in aecordance with general guidance published by the Charity Commissio¥n relating to public benefit, includlng the guidance'Public benelil.. running a charity IPB21'. b. Stratègles for achievlng objectlves The PCC vision is lo be 'Passionate about Jesus, and we seek lo achiev8 thls by four f4Ainistry PrioTltles'. Dlscipleship, Prayer and Worship. Mission and Cornmunlly. We have a set of specific strategic objedive5 by which we aim lo take foNard these priorities, All activities of the thurch are gulded by thes8 PTiorilies. Al the APCM in 2023 we adopted a new strategic plan whl¢h was report8d In the 2023 Reclorfs report. The PCC reviews action againsl the church's stra18gy at each of ils me81ings. c. Activities undertaken lo achieve objectives The church has a lull programme of activities for all ages from the very younge51 to the oldest which 8e8ks to minister not just lo church members bul also lo our community. Further details can be found in the annual report an our website. d. Main activities undertaken to further the Charlty'5 purposes for the publlc b$nefit The church exist5 to serve the wider community al￿ this year we have engaged with a wide range of people from our parish and across the town of Chellenham. 01 partlcular nole is Saturday Kitchen which provides hol meals for vulnerable p8ople every week ol the year, CAMEO which serves older people in the church and communlty, Bright Lighls, our group lof toddlers, Ihelr parents and Ihpir c8rÈis and our detached youth work programme which we run jointly wllh Th& Rock, seeking lo engage with young people in the town centre. Achlevemenls and performancè Rector's Report Our church's vislon Ss lo be Passitsnale about Je5U5. That vision Is reflected In our four Ministry Prioritl8S'. Discipleship,. Prayer and Worship., Mission.. and Comrmunlty. These prlorilies guid8 us as we work towards our strategic priorilies and shape our life together as a church. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Strateglc Prlorilios Al Ihe APCM in May 2025 our major objective was lo dgvelop plans for further growth at St Matthews and the Minsler, especially wilh the opportunities presented by Ihg new Minster Quarter development. Our curate, Slelan Davies. was asked lo take specific responsibility for the Minster. We 81"e particularly grateful to Louise Brown who cared for the Minster congregation before Stefan took over. The 11am serviee is allracting peoplè who enjoy a more tTaditSonal expresston of worship at a later time In the morning. Charlolle Butcher-Barnard, our children's and families, mlnlsler. has inlroduced children's mir)islry at the 11am lo make it possible for families to attend. A rnidweek communion Service is attracting people who work locally and the monthly evensong Is attracting those who appteclale a sung Book ol Common Prayer s8tVlC8. A working group to plan the Minster's future rninislry has been established and has set a clear vision for the Minster. We have obl8ined permission and funding from the di0￿Se to creJle an additional full-Ilm8 ordained minister's posl 8l the Minster from the end ol Slelan's curacy. This post will inili3lly be fully funded by the diocese, but we will lake OV8r funding of the post over a seven-year period. As the following table shows, we have se8n a small increase in numbers at our Sunday services, largely du8 to growth al the 11 am and 6pm. Allhtsugh we hav8 seen a number ol newcomers at 9.30am, a lew people have moved to the 11am or left the church durlng the year. Tho two new services at the Minster hav8 added an additional 44 regular adult worshippers. 2022 200 adults 60 children S adults 2023 195 adults 57 children 8 adults 024 197 adults 5 children 50 adults 6 children 69 adkjlls 8 children 16 adults 9 childr8r) 2025 177 adults 6 children 9 adults children 5 adults children 321 adults 1 childre .30am 11am .3016p 100 2dults 2 adults chlldren childre 45 &dult5 325 adults 6 children 5 c.hildre New Minster midweek communion and monthl 3pm unda 12.30 uesda otals evenson 27 adults 17 8dulls l Child 4 adults children Alonqside Dkjr growth plans, in the Autumn we focused on engaglng the church's gift8 through a sermon Sofies In all thrp.p. r.nngregaiions, videos, small group matèrial and exercis85 to discern our gifts. Thè results ol this wore nDt as imrnedialely forthcoming as we had hoped, but gradually more people are becomlng engaged in various ministries. We plan lo follow this up during the first half 012026. To help us Teacl graciously tD people holdlny different views to us lour Ihlrd strategic locus this yearl, in September we ran a sermon series backed up by four Inidweek seminars addressing the challenges raised by the Church of Enq12nd's Living in Love and Failh process. This allowed open sh8ring of dlfferent views on this GontBnllDUS ISSU9 whils( rezftirming the position of the church's le8dershlp. In the Spring, the PCC will be looking in mor8 detall at how we can Gonlinue to be d welcomlng church to all. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achievements and pèrformance - contlnued Progress on Other Strategi¢ Priorities.. Welcome and Integratlon of Newcomers.. We continuèd hosting welcome meals al Ihe Rectory lo illlegrate newcomers intc> the life ol the church. Alpha and Evangelistic Events.. W8 ran gn Alphè course in the Spring followed by an Uncover course lo introduce new Christians Io 8 gospel. Partic.ipant8 were then integrated into sma11 gioups. Worshlp for All Ages.. Our twice-termlyAII-In services h8v8 continued to enable the whole church to worship together. Developing an Adult Dlsclpleship Programrne.. Alermly Re.'Thffnk 8v3ngelislic evening addressing contemporary issues from a Christian perspective has been run wilh God First Church. We rall a popular Ageing G￿cefully¢0urse in the Autumn. Number5 in our small groups continue to grow and leaders are well supported by termly training evenings. Looklng AhEad to 2026.. sn 2026, w8 wlll eonlinue lo develop plans for growth, especially with the opportunllles presented by the new Mlnster Quarter development. We will focus on lully engaging the gifts of both our church staff and members and rècruit an additional ordain8d mini51ers' posl at the Minster, with support from the diocese. We will conllnue to integrate newcomers Into th8 church family especially those lor whom English is not their first language. We have already intrtsdu￿d the Br86ze Translale software, which translates our services into any language and a Bible study in 51mple English. In April we plan to reviEW our strategic piiorlli85. Church Staff.. Richard Coombs, our Rector, took a sabbatical from May lo rnid-Augusl 012025. During this lime Slefan Davies ably led the staff team for three months supported by the church waidens and the rest ol the staff le8m. In April, Becc2 Horton went on maternity leave. J8y Nevill and Eilidh Best were recruited to cover her malemity. Jennifer Fellows began as curate in June. She is dividing her time between Sl Mallhews and The Nlinsler and Coopers Edge, a church plant from Trinlty, Chellenham, In April Luke Blackburn resigned as administrative assistant. He wa8 repSac8d in September by Abbie Wlson as church administr310r. In summary, 2025 has been a year of modesl growth, careful planning, and laying ftsundalions lor thp future. We are so grat8ful for the lailhfulness of Church members, staff, and volunleers, and 08pècially for th8 commitment and wisdom of the PCC,, our church wardens, David Evans ancj Anna Laszlo.. our 3ssis18nl warden. Martin Court," and our treasurer, Russell Heusch as we seek to b8 P8ssionate about Jesus. A5 we bok ahead, we do so with confidence in God's provision and a renewed cornmilment to serving our parish, community, and church family. Flnanclal review During 2025 there was a surplus of £18,86412024.' £13.24811 before loss on r8valu8lion of inveslmenl 8ssets of £2,83812024 gain on rev2lualion.' £1,461). The Council is very grdlelul lor Ihe finanaal support of church members, and there have been ongoing efforts to keep costs down as lar as PDssible. The Council has ¢ontinued lo monitor the finanGial sltualion lo ensure that the longer term needs and objectlves ol th8 Church can be met. Total receipls were £554,931 12025.. £560,617) and are detailed in the financial statements. Total payments in the year were £536,06712024.. £562,865). THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARYWITH ST MATTHEW, CHELTENHAM TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Golng concèrn Aftei making appropriate enqulrie5, Ihe Truslees have a reasonable expectailon that the Charity has adequate re50urc8s lo continue ill operational exlstence for the foreseeable future. For Ihls reason, they ¢ontlnue to adopt the going cor)cern basis in preparing the financlal stalèm8nts. Further delails regarding the adoption of the going Corn￿rn basis can be found in the accounting policiès. Rese￿eS policy It has been CoL¢ncll policy lo maintain 8 balance on unrestriLted lunds, exdusiv8 of fixed assets and designated legacy fun(fs, which equates to al least Iwo months, unre51ricled payments. The Council has continu8d to follow the same financial policy as in the previous year, as T8S8fv85 wèrè considered sufficient. Ullrestiicled reserves al 31 December 2025 were showing 8 balance 01 £518,1Q812024'. £499,060) Of this, fixed asset funds are £349,911 12024.. £364,170) and general funds are £168,19712024..£134,8901, Restricted Funds al 31 December 2025 totalled £29,153 12024: £32,175). These are amounts that have been glven with specific projects in rnind and are detailed In note 18 In the financlal stalemenls. Total funds h81d at the year end are £547,2612024.' £531,235). Investment pollcy The PCC uses the funds it has been gkven lo further Its aims and objectives taking note of any restrictions where these have been donated for a specific purpose. 11 is not PCC pc>licy to build up a cash resgrve for its own sake. 11 rrainl8ins J cash flow balance and holds the remainder of ils cash fijnds savings accounts that bear interest on Ihls inv$slmelll. Flnanclal rSsk management The Trustees have assessed the major rlsks lo which the Charily is exposed, in partScular those rèl8led to the oper81ions 2nd finances ol the Charity, and aro satisfied that syslem5 and prO￿dureS are in place to mltigate exposure to the major risks. The major ri5k8 to which th¢ Council is exposed are reviewed regularly by the PCC and Its sub-committees lo ensure that the charity compli¢s with the best practlce. This includes those that rnlghl have 8 financial impact, which are clobely monitored by the Standing and Finance Committee. Systerns and procedures designed to manage thDse risks have been or will be established. Th8 CouT)¢il Ss kept informed of the proccss8$ and proc8dur8s, which 8r8 brought to their attention. structsJre> llovernance and management Consltilutlon Th8 Parochi81 Church Council ol the Ecclesiastical Parish ol St Mary with Sl Matthew, Cheltenham is a registered charity, numbei 1131805, regtsteied ￿1th the Charity Commission in September 2009. 8nd is 8 public benèfil entily. The PCC is guveriied by The Parochial Church Councils IPowÈrsl Nleasure 1956 las armendedl and The Church Represent8tion Rulès (contained in Schedule 3 of the Synodlc31 Government Measure 1969 as amended). Methods of appointment or election of Trustees The manag8rnenl ol the Charity is the respon5ibilily of the Trustees. The rnethod of appointment ol Trustees, PCC members, is set out in the Church Representation Rules. Council members are elected by the church membership from the body ol church members and can therefor8 ba expected to be already farnili8r with Ihe issues concerning the life af Ihe church al the time of election. Organisational structure and dèclslon4naklng policles The full Council meets approxim£ile5y eVEry IAVO mor)ths, six times during th& year. and Standing and Finance Committee meets in the intervening monlhs or whenever special issues arise that give need for additional meeting. Members ol Ihe Council are encourag8d to attend one of the Commillees Islanding and Fin8nce or Buildings and Fabric Committees) or Working groups. The work of thesa bodies is reviewed at the Council tneetings and notes and mlnutes of their meetings are available to members. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Pollcles adopted for the Inductlon and Irainlng of Trust6es No formal induction process is undertaken other than through the provision of recenl minutes and papers. New council members can also expect to be made famili8r with issues verbally. New members of the PCC cowplele the online safeguarding training a5 requlred by the Church oif England as part of their inductlon. Together with existing members they will be made awarè of their responsibililie5 on a regulai basis by the Council s6eretary. The Counoil has responsibility for a wide range of matters affecting the parish and relies on the expertiso ol many church members for advica. In areas where appr(>priale expertise is not imrnedlately available professional advice. or. if appropriate training for 3 member of church staff, will be soughl. Members of staff allend regular training cours8S and follow churc.h puhlications and olher sourcos lo maintain an up lo date knowledge of the relevant Issues. Pay policy for key management personnel Th8 R8ctor and Curates are licensed lo the Parish by the Bishop of Gloucester and paid by the Dioces6. All other members ol the PCC glve time voluntarily. The Truslees are fully aware ol and manage carefully any confllcls ol interest. Any dec18ratlon ol interest is r8quir8d al all rneelings and any person conoemed is required lo wllhdraw from any section ol the meeting relating to these issu8s. All pay and remuneration arr8ngements lor tnembers of staff are revlewed by the Standing and Flnan Commitlee and approved by the lull PCC, mindful of the Church's eharitab18 objectives and responsibilities. Trustee5 Rosponsibilities The Trustees are r8sponsible lor preparing the Trusle8s' Report and Ihe financial siatemenls In accordance wlh applicable law and United Kingdom Accounting Standards Iunlled Kingdom Generally Accepted Accounting Practic81. The law applicable lo charilles In England and Wales requiies the Trustees lo prepare financi31 slalements for each financlal year which giv8 a true and lalr view of the slate of affairs of the charity and of the incomlng resources and applic2tiDn of resources of the charity for that year. In preparing these financial statements, the Trustees are requlred lo.. select suilablc accounting policies and then apply them con515lently; observe the methods 2nd principles in the Charities SORP.. make judgements and eslimales that are reasoiiable and prud8nt", slate wh8lh&r applicable accounting 51andaids have been followed, subject to any material depariures di5dosed and explained in the financi81 statements., and prepare the finanGi81 statements on the going conc8rn basis unless il is inappropriate to presume that the charity will continue in operalion. The Trusteos are responsiblg for keeping adequate accounting record5 that disclose with reasonable &ccuracy al any lime the fin8nGial PDSltion ol the charity and enable them to er)sure that the financial statements comply with the Companies Act 2006. They a￿ also responsible for safeguarding Ihe assets of the eharety and hen￿ for taking reasonable steps for the prev8ntion and deteclion of fraud other irregularities. The Trustees, report was approved by th8 Board tsl Trustees. Rev R M Goombs 1810312026 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 OFTHE ECCLESIASTICAL PARISH OF ST MARY IMTH ST MATTHEW, CHELTENHAM report to the Trustees on my examinatlon ol the financial slalemenis of The Parochial Church CouncAI of the Ecclesiastical Parish of Sl Mary with Sl Matthew, Cheltenham Ithe charilyl foi the year ended 31 December 2025. Rèsponsibilities and basis of report As the TruslÈes of lh8 chgrity you are reswnsible for the preparalion of the linaneial slatemenls in accordance wllh the requSrements of the Charilles A¢t 2Q11. I report in respecl ol my examination ol the ¢harily's financial statements carried out under section 145 01 the Charities Act 2011, In carrying out my examination I have followed the DireGlions given by the Charity Commission under section 1451Sllbl of the Chaiilies Act 2011. Independent examlner'5 Statement Since the charity's gross income exceeded £250,000, Ihe independent examiner musl be 8 member ol a body listed in seclion 145 of the Charities Act 2011. 1 confirm th8t l am qualified lo undertake the examinalion becaus8 l am a member of the Institute of Gh8rtered Accountants in England 8nd Wales. which is one ol the listed bodies, Your attention is drawn to the fact that th8 Cha￿tY has prepared the financial slalements in accord8nee wilh the relevant version of the Slalemenl of Recommended Practice applicable to charilies prgp8ring Iheir financial statements in accordance with the Financial Rgporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities,. Slatement of Recommended Practice issued on 1 April 2005 whlch is referred to in the extant regulalions bul has now been withdrawn. l understand that this has been done in OTder for the financial slalemenls lo provide a tru8 2nd fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirm that no matters hav& come lo my allentioD in conneclion with the examinalion giving ma cause to believg that in any material respect.. accounting iecDrds were not kept in respect of the charity as requlred by section 130 of the Charities Act 2011. the fin8nci81 statements do not accord with those records., or the financial slalements do not comply with the applicable requirements concerning the form and content of financial 5talemenls sel out in the Charities IAccount5 and Reports) Regulallons 2008 other than 8ny requiretnent th3t the financial statements give a true and fair view, which is not a maller ￿nSIdered as part of an independent examination. I have no conc should b8 dra ve come across no other matters in connection with the examinalion lo which attention rt in order to enable a proper understanding of the financial slalemenls lo be reached. in this rep Cinzia Hensley BK Plus Limited 6 klanor Park Business C8nlre Mackenzie Way Cheltemham Glouceslershlre GL51 gTX England Date.. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARYWITH ST MATTHEW, CHELTENHAM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 DECEMBER 2025 Unrestricted funds 2025 Restricted funds 2025 Total Total 2025 2024 Notes In¢ome and èndowments from: Donation5 and legacies Charitable activities Investments Other in¢ome 488,744 24,196 3,318 70 32,744 5,859 521,488 30.055 3.318 70 52g,534 26,496 3,148 1,439 Total tncome 516,328 38,603 554,931 560,617 Expèndlture on.. Raising funds Charitable adivilies 4,877 501,017 4,877 531,190 1.973 561,892 30.173 Total 6xpendlture 505,894 30,173 536,087 563,865 Net Incomellexpenditure bÈftsrè nèt gainslllosses) on investmerFts 10,434 8,430 18.864 13,2481 Nel galnslllossesl on investments 11 12,8381 12,8381 1,461 Net IncomellexpehdltuMI 7.5S6 8,430 16,026 11,7871 Transfers between funds 11,452 111.4521 Net movament in funds 19,048 13,0221 16,026 11,7871 Reconciliation of funds.. Fund b818nC85 gt l Janu3ry 2025 499,060 32,175 531.235 533,022 Fund balances at 31 December 2025 518,108 29,153 547,261 531,235 The slalement of financial a¢livilies includes 211 galns and losses recognised in Ihe year. All Income and expenditure derive from continuing activitles. The notes on pages 10 to 22 form part of these financial slalement8. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 2025 2024 Notes Flxed assets Investments Tangible assets 13 14 62,788 358,225 65,626 364,170 421,013 429,796 Current a55ets Debtors Casli al bank and in h8nd 15 18,13 142,357 9,403 126.731 160,487 136.134 Cr8dltors'. amounts falllng due within one year 16 134,2391 134,6951 Nét curr8nt assets 126.248 101,439 Total assets less current liabilit185 547,261 531,235 Tha funds of the charlty Reslricled incorne funds Unreslricled lund5 17 18 29,153 518,108 32,175 499,060 547,261 531,235 The financial statements wtsre approved by the Trustees o 1810312026 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 2025 2025 2024 Notes Cash flows from operating activllles Cash generated from op8rallons 22 25,487 42,107 Investlrtg activltl8S Purchas8 ol tangible fixed assets Investment Income received 113,1791 3.318 18.1741 3,148 Net cash used in investKn9 actlvltlès 19,8611 15,0261 Net cash gen8ratèd from flnanclng activitie5 Net 5ncreasa In cash ènd cash equivalents 15.626 37,081 Cash and cash equivalents al beglnnlng of year 126,731 89,650 Cash and cash equlval¢nls at end of year 142,357 126,731 The notes on pages 10 to 22 form part of Ih&s8 fin8ncial statements. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARYWITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policse5 Charity information The Parochial Church Council ol the Ecclesiastical Parish of Sl Mary with Sl Matthew, Cheltenham is a registered charity. registered in England and Wales with the Charity Cornmission, charily reglstrallc>n number 1131805. Registered office address is St M8ry With St Matthew Church Office, 44 Clarence Street, Cheltenham Glouceslershire GL50 3PL 1.1 Accounting conv8ntlon The financial slalemenls have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 The Financial Reporting S18ndard &pplic8ble in the UK and Republic ol Ireland" and the Charit12s SORP "Accounting and Reporting by Charities.. Slaltsmenl of Recommended Practice applicable lo oharili8s preparing their accounts in accordance with the Financial Repotiing Standard applicable in the UK and Republic of Ir8land IFRS 1021 The charity is a Public Benefit Enlily as d21ined by FRS 102. Th$ fi'nancial slalemenls are prepared in sterling, wh￿h is the functional currency ol th8 charity. Monel£ry amounts in these financial statements are roundod to the nearest £. The financial statements have been prepared under the historical cost conv8ntlon lo include certain financlal instruments at falr value. The piincipal accounting policies adopted 2re set out below. The Parochial Church Councll of the Ecclesiastical Parish of St Mary Wlth St Matthew, Cheltenham meets the definition of a public benefil entity under FRS102. Assets 3nd liabilities 8r8 IFlltially recognised 31 historical cost or transaction value unless Othetwise 8tatEd in the relev2nt accounting policy. 1.2 Going concern The financial statements have been prepared on a goÈng concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the kevel ol funds held and the expected level ol income 8nd expenditure for 12 rnonlhs from aulhorising these financial stalemenls. The budget income and expenditure is sufficient with the level of resewes for the charity to have adequalo resources lo be able to continue operating lor the foreseeable future. Thus the Trustees continue to adopt th8 going concern basis of accounting preparing the financial statements. 1.3 Charllable funds Gèneral funds are unreslricled funds which are available for use al tlie discretion of the trustees in furtherance of the general objeclives of the Charity and which have not been deslgnaled for other purpn%•s. Reslricled funds are funds wliich are lo be used in accordanTr with specific Testfictions imposed by donors or which have been raised by Ihe Charity for partIc￿lar purpDses. The costs of raising and adminlstering such funds are chargèd against the specAlic fund. Th8 aim and use of each restricted fund is sel out in the note5 to the financial s13tement5. Inveslm8nl incorn8, gains and losses are allocated lo the appropriate fund. 10- THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting poltcies (Continued) 1.4 Income All income is recogniygd once the Charity has entitlement to the income, it is probable thzl Ihe income will be received and the amount of income recewable can be measur8d reliably. The retognilion ol income from legacies is dependent on e5tabllshing entlllemenl, the probabillty of receipt and the ability to eslimale with sufficlent accuraey the amount receivable. Evidence ol entitlement to a legacy exists when the Charity has sufficipnl evidence that a gift has been left lo them (through knowledge ol the existence ol a valid will and Ihe death of the benelaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the eslale. Receipl of a legacy must be recognised when It is probable that It will be received and th& fair value ol the amount recelvable, which will generally be Ihe 8xpected cash amount to be distributed lo the Charlty, can be reliably measured. Other income is reeegnised in the period in which it 15 receivable and lo the extent the goods have be8n provided or on completion ol the serlice. l.S Expenditure Expenditure is recognised once IherE is a legal or conslruclive oblig31ion to transfer economic benefit lo a third party, il is probable that & transfer of economic benefits w¢ll be required in set118ment, and the amount of the obligzlion can be mEasured reliably. Expenditur8 is classified by activity. The ¢08ls ol each activity are made up of tha lolal ol direct costs and shared costs, includlng support costs involved in undertaking each activity. Direct cosis atlribulable to a single activity are allocated directly to that aclivily. Shared costs whlch contribute to more than one activity and support cc>sts which are not allributable lo a single activity are 8PPOrtioned between those activities on a bèsis consislent with the use ol resources. Central staff costs are allocated on the basis ol lime spent, and depreciation ch8rges are allocated on the portion of the asset's use. Expenditure on raising fund5 includes all expendilure incurred by the Charily lo raise funds for its charilab purpc>ses and includes costs Df all fundraising aotivities events and non-charit2ble trading. Exp¢ndilur8 on charitable activities is incurred on direelly undertaking th8 aclivlU8s which further the Charily's objectives. as w811 as any associated support costs. AII 8XP8ndlture is inclusive ol irrecoverable VAT. 1.6 Tangsble flxed assets Tangible fixed assets costing £900 or tnore are capilalised and recognised when lulure economic b@nefils 8re probable and the cosl or value of th8 asset C8n be measured reliably. Tangible fixed 8ss8ts 8re irTritl8lly recognised al cost. After recognition under the cost model, langibl8 fixed absets are mÈasured at cost less accumulated depr6ciation and any 2ccumul8ted impairmenl losses. All COSts ineurred lo bring a tangible fixèd assel into ils intendad working ts)ndilions should be included in the m8asurement ol cost. Depreciation is choTgèd so as lo allocate the cost of tangible fixed assets less their residual value over the estimated useful lives. on both a straight line and reduang balance basis dependent on the category stated below. Depreciation is recognised so as lo write off the cost or valuation of assets less their ressdu81 valués ovei. their useful lives on Ihe following bases.. Minster bells Communion furniture Fixtures and fittings Planl and machinery straight line over 70 years 5.10 reducing ba13nce 25Vo reducing balance 25 /0 reducing balance THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARYWITH ST MATTHEW, CHELTENHAM NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pDlÈcies Icontinuedl 1.7 Cash and cash equlvalents Cash al bank and in hand includes c8sh and short-lerm highly liquid inveslmonls with 8 short maturity of three months or less from the dale of acquisition or op8ning ol the deposit or similar account. 1.8 Flnanclal instruments The Charity only has fin8ncial èssets and financial liabilities ol a kind that qualify as basic financial inslrumenls. Basic finanoial Instrumenls are inilially recognised 8t trans8clion value and subsequently measured at their seltlenienl value with the exception ol bank loans which are subsequently measured al 8mortlsed cost USI￿ the effective intsrest method. 1.9 Liabilitles and provisions Liabilities ar8 recognised when there is an obligalio¥n at the Balance Sheet d81e as a resull of a past event,11 is probable that a Iraiisfer ol e¢onomic benefit will be required in s8ttlem8nl, and the amount ol the sellleTllenl can be estimated reliably. Li8bililies are recognised al the amuunt that the Charity antlcipateg i( will pay lo sellle the debt or the amount il has received advanGed payments lor the goods or services it musl provide. Provisions are measured at the best èstimat6 of the amounts required to settle the obligallon. Vvhere the effect of the time value of money is materlal, the provislon is based on the present Value of thos8 amounts. discounted 81 the pre-tax discount rale that refleGt5 th6 risks specific lo the liability. The unwinding ol the discount is recognised in Ihe Statement ol Financial AclNilies as a flnance eogl. q.qo Debtors Trade and other debloTS are r8cognlsed at the settlement amount after any tiade di5counl offerèd. Prepayments arè valued at the amount prepaid nel of any trade discounts due. 1.11 Interest receivable Inleresl on funds held on deposit is included when recelv8ble and the amount can be measured reliably by the Charity,. this is normally upon nolllisatlon of the interest paid or payable th8 Inslilution wilh whom the funds are deposlled. 1.12 Penslons The Charity is a member ol a mulli.employer plan, Where it 1$ not possible for the Charity to obtain suificient informatlOEI lo enable It to account lor the plr Pens￿￿ Build8r 2014. You WAII s8e this information on yourDBS sldtement which will be sent sepgrat81y. The next valuatlon is being ￿rrIed out as al 310ecember 2025. The legal structure of the scheme Is such that if another 8mploygr lails, The Parochial Church Council ol the Ecclesiastical Parish (>f St Mary with Sl Matthew, Chellenharn could become responsible for paying a share ol Ihe falled employerfs pénsion liabilities. 21 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY WITH ST MATTHEW, CHELTENHAM NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEYEAR ENDED 31 DECEMBER 2025 22 Cash ganerated from operatlon$ 2025 2024 Surplu51ldeficill lor the year 16,026 11,7871 Adjustments for.. Investment income recognised in slalem&nl ol finanoial acllvitles Fair value g8ins and losses on investmen15 Depreciation and impairrn8nt of tangible fixed assels 13,31 $1 2,838 19,124 13,1481 11,4611 22,134 Movements In working cèpltal: Ilncreasellde¢r$ase in debtors (Decreasellincrease in creditors 18,7271 14561 17,381 8,988 Cash generated fmm operatÈon$ 25,487 42,107 23 Analysls of changès In net funds At f January 2025 Cash flow$ At 31 December 2025 Cash at bank and in hand 126.731 15,626 142,357 126.731 15,626 142,357 126,731 15,626 142,357 -22-