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← The Parochial Church Council Of The Ecclesiatical Parish Of St Matthew Croydon

2023-12-31-accounts

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The Parochial Church Council of the Ecclesiastical Parish of St Matthew, Croydon

Registered Charity No. 1132508

Annual Report and

Unaudited Financial Statements

of the

Parochial Church Council

For the year ended 31[st ] December 2023

St Matthew’s Parochial Church Council, Croydon

Contents

For the year ended 31st December 2023

Page
Legal and Administrative Details 1
Trustees’ Annual Report 2 – 7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 – 20

St Matthew’s Parochial Church Council, Croydon

Legal and Administrative Details

For the year ended 31st December 2023

Registered charity no. 1132508
Principal address: St Matthew’s Church of England Church & Hall
Chichester Road
Croydon
CR0 5NQ
Incumbent: The Reverend Ruth Chapman (from 28 June 2023)
The Vicarage
7 Brownlow Road
Croydon
CR0 5JT
Bankers: (Current & Deposit Accounts)
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Mailing
Kent, ME19 4JQ
(Deposit Account)
CCLA Investment Management Ltd
The CBF Church of England Funds
1 Angel Lane
London
EC4R 3AB
Independent examiner: Chaweevan Williams FCCA
Verdant Accountants Limited
20-22 Wenlock Road
London
N1 7GU

1

Trustees Annual Report St Matthew's, Croydon Parochial Church Council

The trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Aim and purposes

St Matthew's Parochial Church Council (PCC) has the responsibility of co-operating with the Incumbent in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

The vision statement of St Matthew's is:

Sharing the love of God.

The PCC is also specifically responsible for the maintenance of the church complex of St Matthew's and the two church bungalows in Chichester Road, Croydon.

Objects and activities

The PCC, a charity governed by the PCC (Powers) Measure 1956 as amended and Church Representation Rules 2022, is committed to enabling as many people as possible to worship at our church and to become part of our parish community of St Matthew's. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups that live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning our activities for the year, the Incumbent and the PCC have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our parish community through:

To facilitate this work it is important that we maintain the fabric of St Matthew's church complex and the two bungalows.

Achievements and performance

The Vicar

We started the year in interregnum. Revd Linda Fox, who is licenced to St Matthew's as Assistant Priest and Assistant Area Dean, has taken the spiritual lead supported by a

number of clergy including Revd Barbara Gentilella of St Mary the Blessed Virgin, Addington. The PCC set up a working group to take forward the finding of a new vicar and Revd Ruth Chapman was appointed and was licenced here as our incumbent on 28 June 2023. We welcome her and have held a number of welcoming events to help her to get to know us. We also thank Revds Linda and Barbara and our reader Alison for all their guidance and extra support during the interregnum.

Worship and prayer

The PCC is keen to offer a range of services during the week and over the course of the year that our community finds both beneficial and spiritually fulfilling.

We welcome families into our church and provide a creche and classes for children during the Sunday 10:00 am services. The said Eucharist at 08:30 am on Sundays and the Morning Prayer services during the week offer quieter more thoughtful services, while Evensong and Taize services provide strong musical themes. Special services are held to celebrate the seasons of the church year such as Christmas and Easter. Prayer and bible study and Lent groups are available, offering more informal environments. All are welcome to attend our regular services. During the year we held a number of All Age Services on the second Sunday of the month. Worship has continued, also being available online, as have bible study and lent groups and Saturday coffee mornings.

As well as our regular services, we enable our community to celebrate and thank God at the milestones of the journey through life. During the period, we have celebrated two baptisms, one marriage and one funeral in church and two funerals taken at the crematorium.

Membership and attendance

There were 115 members on the Electoral Roll on 31st December 2023. The average Sunday attendance fifty four adults and seven children under sixteen years of age. Additionally to this we have had up to fifty people joining online for the Sunday 10am Service.

Diocesan/Deanery Synods

Two lay members of the PCC are members of the Diocesan Synod and three lay members of the PCC are elected members of the Deanery Synod. This provides the PCC with an important link between the parish and the wider church.

The Church complex

Normally our church is open to the community for worship, prayer, study, social and other functions. We use the facilities to welcome people who are not necessarily regular members of our congregation to events such as Saturday coffee mornings. The hall and other rooms are used by a wide range of groups as the Community Centre of Park Hill and the wider Croydon community. However, with the rise of the Coronavirus pandemic these were curtailed during the lockdowns but have now almost got back to preepidemic levels. A special mention needs to be given to our Parish Administrator, Penny Goswell, who acts as a focus for all visitors, those wishing to hire the spaces and those coming to carry out maintenance. She goes far beyond her official duties and is a wonderful ambassador for our church.

Our Fabric Team monitors the state of the church buildings and ensures that they are appropriately repaired and maintained. During the period, the main work that has been carried out on the church complex included the updating the lighting in the church and investigation by professionals into the state of the church roof for which we need to raise £740,000 - more details are contained in the Fabric Committee Report.

Pastoral care

During the year our Saturday coffee mornings have continued to provide a meeting place for the community - virtually throughout the Coronavirus pandemic but then returning face to face – numbers have fallen and in late 2023 we reduced the mornings to fortnightly rather than weekly. The reserved sacrament is taken to communicants in local care homes. Regular parcels of food and toiletries collected at the church were sent to the West Croydon Refugee Day Centre. The church has also collected clothing for refugees, supports West Croydon Baptist Church in their endeavour. In previous years we have been part of Croydon Churches Floating Shelter but this has not happened since 2021 - instead we joined Croydon's Nightwatch making sandwiches for homeless living on our streets, in local hostels and hotels - our thanks go to Jon Highton for coordinating this contribution.

Mission and evangelism

The small committee that St Matthew's set up to consider the future giving for mission and evangelism recommended that St Matthew's continued to support the Egyptian Diocesan Association, now known as The Friends of the Province of Alexandria. Due to the pandemic we have not, in 2023, been able to make a donation to the Friends. However, some individual members still give support. We continue to pray for that Province and remain in touch with them.

Volunteers

We would like to thank all the volunteers who work so hard to make our church the lively and vibrant community that it is. In particular we want to mention our Churchwardens Edith Chiwuzie and Stephen Collingwood who have worked tirelessly on our behalf. While there are too many people to name everyone individually, Terry Mitchell must also be mentioned and thanked. As can be seen from this report, his work as Treasurer is an onerous one, and he has done it with great thoroughness and care. David Williams has continued as PCC Secretary and Electoral Roll officer – He also has taken over as Lay PCC Chairman and Christine Cooney has acted as minute secretary and chaired the group which made the decisions surrounding the recruitment of a new vicar. This group created the documents necessary for the selection of a new incumbent and interfaced with the Bishop of Croydon and the Archdeacon during the selection process. Jon Highton has been instrumental in his production of online services during the pandemic and this has now become a permanent part of our worship.

Finance

In 2016 Southwark Diocese changed the way that parishes provide funds. Instead of a quota system they moved to the Parish Support Fund where parishes pledge money. St Matthew’s traditionally had given the diocese more money than it receives and this has now changed as our income has substantially reduced. St Matthew's pledge for 2022 was gratefully received by the diocese after discussion with the Archdeacon.

Reserves Policy

At 31 Dec 2023 the PCC's reserves were: unrestricted reserves

£ 166,007 (2022: £123,259) designated fund £85,928 (2022: £85,928) endowment fund £850,000 (2022 £850,000); restricted fund £100,687 (2022 £86,681). The PCC has free reserves, comprising unrestricted funds, less fixed assets of £163,371 (2022 - £119,879). The PCC has agreed a policy of maintaining a minimum reserve of cash, so that we can pay our bills as they arrive and to provide a cushion against any unexpected expenses. If the cash balance falls below £75,000, (agreed by PCC) no avoidable expenditure will be undertaken until the reserve has been restored.

Endowment Policy

The investments held are two freehold properties and cash and short term deposits. The freehold properties are valued on an annual basis. Trustees having regard to the liquidity requirements hold surplus funds on short term interest bearing deposit accounts set to achieve a rate of return at least equal to the cost of living increase as measured by the retail price index. Due to wider economic circumstances, deposit rates have been depressed and so this aim was not achieved. The investment funds held on deposit achieved an average rate of 0.2% compared to the retail price index of 4.1 %. The bungalows are let commercially and we receive a regular monthly rental from both. They are managed by a local Estate Agent on our behalf.

Risk Management

The principal risks faced by the PCC are concerned with ensuring that the Health and Safety, Employment and Safeguarding of Adults and Children's policies of the Church are maintained. We also through the Finance Team ensure that all aspects of the finances of the church are dealt with in compliance with the rules of the Charities Act, SORP and Charity Commissioners.

The Fabric Team reviews the repair and maintenance of both the church and the bungalows. All policies are reviewed by the PCC on a regular basis.

Plans for the future

The decision-making of the PCC is shaped by our Mission Action Plan (MAP). A Mission Development Group has met with the aim of seeking ways we can more effectively reach out to the community.

Structure, governance and management

The method of appointment of PCC members is set out in the Church Representation Rules. At St Matthew's the membership of the PCC consists of the Incumbent (our Vicar), Churchwardens, Readers, SPAs and members elected by those on the electoral roll. The Treasurer is ex-officio member and the Secretary is an elected lay member. All those who attend our services are encouraged to register on the electoral roll.

The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including how the funds of the PCC are to be spent.

The full PCC met 9 times during the year, with an average attendance of 68%. Given its wide responsibilities the PCC has a number of committees, each dealing with a particular aspect of parish life.

These committees are:

The Standing Committee, which is the only committee required under church law and is empowered to conduct the business of the PCC between meetings. This did not meet in 2023.

The Finance Team, which monitors our income and expenses, makes recommendations to the PCC concerning significant items and matters of policy.

The Fabric Team, which advises and oversees all matters relating to the buildings and grounds. This spawned the Roof Team to consider matters related to replacing the church roof covering.

The Pastoral Team, whose objectives include hospitality, visiting the sick and bereaved and arranging events for the elderly and housebound.

The Social and Fundraising Team organizes a wide range of events with the aim of bringing fellowship and enjoyment to the community of St Matthew's whilst raising funds.

The Communications Team handles publicity and communications with the community and more widely through our website www.stmatthew.org.uk.

The Young Church leaders Team handles worship for the young of the parish. All these teams report regularly to the PCC.

The New Incumbent Task Team set up towards the end of 2022 to manage the task of finding a new Vicar for St Matthew’s. It met 5 times and has now folded having a new vicar in place.

PCC membership

Members of the PCC are either ex-officio, elected by the Annual Parochial Church Council Meeting, or co- opted in accordance with Church Representation Rules. During the year, the following served as members of the PCC:

Revd Ruth Chapman (from 28/06/23) Revd Linda Fox Rohini Abhayaratne Abosede Akadiri Edith Chiwuzie Stephen Collingwood Christine Cooney Laura Easton (until 21/05/23) Andrew Hutton (until 10/10/23) Terry Mitchell Jane Passfield Alison Radford James Reid Carolyn Tweed Jane Smaldon (until 21/05/23) Jan Williams David Williams OBE

Thankyou

None of what we do would be possible without the generous giving by members of our church which enables us to offer "the love of Christ" to the community. We are most grateful for all you give to us: in terms of your time, talents and money. God bless you all.

The Trustees' Report has been approved by the Trustees at their meeting on 9[th ] April 2024.

Revd Ruth Chapman Vicar and Chair of the Trustees

and

Stephen Collingwood Churchwarden

INDEPENDENT EXAMINER’S REPORT

Independent examiner’s report to The PCC of St Matthew, Croydon (Charity no 1132508) on the financial statements of the charity for the year ended 31 December 2023 which comprise the statement of Financial Activities, the Balance Sheet and the related notes 1-12.

Responsibilities and basis of report

The charity’s trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’). The Charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.

It is my responsibility to examine the accounts under section 145 of the Charities Act, follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether particular matters have come to my attention.

Independent examiner’s statement

Where the charity’s gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination by being a registered member of the Chartered Association of Certified Accountants which is one of the listed bodies.

I have completed my examination. I confirm that:

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Chaweevan Williams FCCA

Date: 10 April 2024

Chartered Certified Accountants Verdant Accountants Limited 20-22 Wenlock Road London N1 7GU

8

St Matthew’s Parochial Church Council, Croydon

Statement of Financial Activities

For the year ended 31st December 2023

Notes
Income from:
Donations and legacies
2a
Other trading activities
2b
Income from investments
2c
Charitable activities
2d
Other income
2e
Total income
Expenditure on:
Raising funds
3a
Charitable activities
3b
Other expenditure
3c
Total expenditure
Net income/(expenditure)
Gains on investment assets
10
Gross Transfers between funds
10
Net movements in funds
Total funds brought forward at
1 January 2023
Total funds carried forward at
31 December 2023		 Unrestricted Designated
Restricted Endowment
Total
Total

Funds
Funds
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
58,284
0
375
58,659
61,755
2,462
0
0
0
2,462
5,204
38,935
0
0
0
38,935
26,222
76,637
0
110
0
76,747
59,526
44
0
15,194
0
15,238
6,261
176,362
0
15,679
0
192,041
158,968
0
0
0
0
0
0
106,360
0
473
0
106,833
123,559
27,254
0
1,200
0
28,454
34,399
133,614
0
1,673
0
135,287
157,958
42,748
0
14,006
0
56,754
1,010
0
0
0
0
0
0
0
0
0
0
0
0
42,748
0
14,006
0
56,754
1,010
123,259
85,928
86,681
850,0001,145,8681,144,858
166,007
85,928
100,687
850,000 1,202,6221,145,868

9

St Matthew’s Parochial Church Council, Croydon

Balance Sheet

As at 31[st ] December 2023

Notes
Fixed Assets
Tangible fixed assets
5
Investment property
6
Total fixed assets
Current Assets
Debtors
7
Deposit account
Cash at bank and in hand
Total Current Assets
Current Liabilities
Creditors: amounts falling due within one year
8
Net current assets
Total Assets less Current Liabilities
Funds
Unrestricted funds
10
Designated funds
10
Restricted funds
10
Endowment funds
10
Total funds		 2023
£
0
850,000
850,000
16,780
214,200
131,541
362,521
9,899
352,622
1,202,622
166,007
85,928
100,687
850,000
1,202,622		 2022
£
3,380
850,000
853,380
17,146
200,569
88,100
305,815
13,327
292,488
1,145,868
123,259
85,928
86,681
850,000
1,145,868

Approved by the Parochial Church Council on

9th April 2024

and signed on its behalf by:

Revd Ruth Chapman – Chair of Trustees

Terry Mitchell – Treasurer

The accompanying notes form a part of these financial statements.

10

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements

For the year ended 31st December 2023

1 Accounting policies

a Accounting convention

The financial statements have been prepared in accordance with the current Church Accounting Regulations together with applicable accounting standards and the Charities Statement of Recommended Practice (FRS 102) (effective 1 January 2015).

The financial statements have been prepared under the historical cost convention and under the going concern basis. The financial statements include all transactions , assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those which are informal gatherings of church members.

b Funds accounting

Funds held by the PCC are:

Unrestricted funds - general funds which can be used for PCC ordinary purposes.

Designated funds - monies set aside by the PCC out of unrestricted funds for specific future purposes or projects.

Restricted funds - a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest; b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of the year is carried forward as a balance on that fund unless permission is sought from donors to reallocate the fund.

Endowment funds - funds the capital of which must be maintained; only income arising from the investment of the endowment may be used, either as restricted or unrestricted funds , depending on the purpose set out in the terms of the original endowment.

c Incoming resources

All incoming resources are accounted for gross.

Donations and legacies

Collections are recognised when received.

Planned giving receivable is recognised only when received.

Income tax recoverable on Gift Aid donations is recognised when the income is recognised.

Grants and legacies are recognised when the PCC is legally entitled to the amount due, and an inflow is probable.

Income from investments

Interest is accounted for as it accrues.

All other income

All other income is recognised when it is receivable.

Gains and losses on investments

Realised gains are recognised when the investments are sold.

Unrealised gains and losses are accounted for on revaluation at 31 December each year.

11

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements (continued)

For the year ended 31st December 2023

1 Accounting policies (continued)

d Resources used

Resources expended are accounted for on an accruals basis and are accounted for gross.

Church Activities

The diocesan parish contribution is accounted for when due. Any parish contribution unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the balance sheet.

Support Costs

Support costs are allocated to church activities within the SOFA.

e Fixed Assets

Tangible fixed assets

Consecrated and beneficed properties of any kind are excluded from the accounts in accordance with the Charities Act 2011 . All such expenditure is written off as it is incurred.

Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal, are accounted as inalienable property unless consecrated . They are listed in the church's inventory which can be inspected. For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Individual items acquired since January 2000 have been capitalised in the accounts and depreciated over their useful economic life.

All expenditure on consecrated or beneficed buildings and individual items under £1,500 are written off in the year they were incurred.

Depreciation

Depreciation is calculated to write down the cost of tangible fixed assets, over their expected useful lives. The rates generally applicable are:

Plant & machinery 10% straight line Fixtures, fittings and equipment 10% straight line

f Investment Property

In accordance with the SORP , the Church's freehold are held for long-term investment and are included in the balance sheet at their open market value. The surpluses or deficits on revaluation of such properties are transferred to the endowment fund. Depreciation is not provided in respect of freehold investment properties .

g Current Assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.

Short-term deposits include cash held on deposit either with the CBF Church of England Funds, or at the bank.

12

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements (continued)

For the year ended 31st December 2023

2 Income
2aDonations and legacies
Giving (Gift Aid)
Giving (Non Gift Aid)
Charity Vouchers
Services (Plate & Good Plate)
Compassion (UK)
Donations (Gift Aid)
Donations
Tax Recovered - (Gift Aid)
2bOther trading activities
Fund Raising
Coffee Mornings/Kitchen
2cIncome from investments
Interest Received
Bungalows Rental
2dCharitable activities
Fees, Weddings etc
Hall Rentals
Parking
Easter Flowers
Book Sales, Print etc
2eOther Income
Adjustments
Roof Restricted/Designated
Vicar's Retirement Gift
Total Income		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Endowment
Funds
Total
Funds
2023
Total
Funds
2022
£
£
£
£
£
£
33,308
0
0
0
33,308
35,303
8,468
0
0
0
8,468
8,703
500
0
0
0
500
690
4,915
0
0
0
4,915
3,621
0
0
0
0
0
88
170
0
0
0
170
2,080
1,340
0
0
0
1,340
618
9,583
0
375
0
9,958
10,652
58,284
0
375
0
58,659
61,755
1,448
0
0
1,448
4,328
1,014
0
0
0
1,014
876
2,462
0
0
0
2,462
5,204
5,946
0
0
0
5,946
1,484
32,989
0
0
0
32,989
24,738
38,935
0
0
0
38,935
26,222
491
0
0
0
491
614
72,040
0
0
0
72,040
55,688
844
0
0
0
844
960
0
0
110
0
110
237
3,262
0
0
0
3,262
2,028
76,637
0
110
0
76,747
59,527
44
0
0
0
44
380
0
0
15,194
0
15,194
4,981
0
0
0
0
900
44
0
15,194
0
15,238
6,261
176,362
0
15,679
192,041
158,969

Income received in 2022 totalling £6,206 was attributable to restricted funds. No income was attributable to the designated and endowment funds.

13

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements (continued)

For the year ended 31st December 2023

3 Expenditure
3aRaising funds
Fund raising expenditure
Flowers Mother's Day/Easter
Print Costs
Vicar's Retirement Gift
Independent Examiner
Deanery
Salaries & Wages
3b Church activities
Compassion (UK)
Parish Support Fund
Diocese Clergy Costs
Floating Shelter / Nightwatch
Insurance - Church
Church Running Expenses
Upkeep of Services
Churchyard
Young Church / Youth
Messy Church
Bungalows
Fees
Depreciation
Sundry Expenses
3c Other Expenditure
Administration Expenditure
Roof Restricted
Roof Designated		 Unrestricted Designated
Restricted Endowment
Total
Total
Funds
Funds
funds
funds
funds
funds
2023
2022
£
£
£
£
£
£
798
0
0
0
3,333
798
3,333
0
0
0
0
40,000
88
44,000
316
783
57
3,214
28,382
933
1,270
1,373
388
0
208
0
6,404
27,783
135
29
3,380
3,545
0
0
158
0
158
157
14,466
0
0
0
14,466
14,125
1,723
563
105,915
125,032
0
0
0
800
0
0
0
0
0
23,694
0
0
1,200
0
0
0
0
800
0
0
0
23,694
3,272
5,400
1,418
1,008
760
634
17,101
27,374
0
1,200
0
28,574
29,593
1,072
0
0
0
0
40,000
0
0
0
316
0
0
0
0
3,534
0
0
315
0
0
0
32,546
0
0
0
0
0
0
0
0
0
388
0
0
0
208
0
0
0
6,404
0
0
0
135
0
0
0
3,380
0
0
0
1,723
0
0
0
105,442
0
473
0
2,880
0
0
0
0
0
1,200
0
0
0
0
0
133,614
0
1,673
0
135,287
157,958

Expenditure in 2022 totalling £1,418 & £7,344 were attributable to Designated funds and restricted funds respectively. No expenditure was attributable to the endowment fund

14

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements (continued)

For the year ended 31st December 2023

4 Staff Costs
4a Wages and salaries		 2023
£
23,694

4a Wages and salaries

During the year the PCC employed on organist and a cleaner, both part time. The PCC also employed a Parish Administrator. None of the salaries attracted employers national insurance contributions.

4b Payments to PCC members

The Relief Parish Administrator is paid a salary to cover holidays etc., is also a Trustee. The appointment was agreed by the Charity Commissioners. No other trustee received any form of remuneration.

Tangible fixed assets
Cost
At 1 January 2023
Addition
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Plant &
Machinery
£
29,036
0
29,036
29,036
0
29,036
0
0		 Fixtures,
Fittings &
equipment
£
172,103
0
172,103
168,723
3,380
172,103
0
3,380		 Total
£
201,139
0
201,139
197,759
3,380
201,139
0
3,380

5 Tangible fixed assets

17

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements (continued)

For the year ended 31st December 2023

6 Investments
Cost
At 1 January 2023
Add Gain on investment – increase in valuation
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Investments
Property
£
850,000
0
850,000
850,000
850,000

The freehold of the bungalows, situated in Chichester Road, is recorded at the open market value at the year end. The bungalows were valued by local estate agents in 2017 , who are managing agents of the bungalows therefore know their condition and rental yield.. The bungalows are let commercially. The bungalows are owned by St Matthew's. The South London Church Fund and the Diocesan Board of Finance act as Custodial Trustees. The assets cannot be sold by the PCC without the prior consent of the South London Church Fund & the Diocesan Board of Finance. The Parish is responsible for their upkeep although any income they generate is unrestricted.

7 Debtors
Debtors
Income tax recoverable
Prepayments and accrued income
Other debtors
8Creditors: amounts falling due within one year
Accruals
Other creditors		 2023
£
1,036
9,516
6,228
16,780
2023
£
6,297
3,602
9,899		 2022
£
2,882
5,864
8,400
17,146
2022
£
8,511

4,816
13,327

9 Analysis of Net assets by fund

Investment properties
Fixed assets for church use
Net current assets
At 31 December 2023
At 31 December 2022		 Unrestricted
Funds
£
0
0
166,007
166,007
123,259		 Designated
Funds
£
0
0
85,928
85,928
85,928		 Restricted
Funds
£		 Endowment
Funds
£
850,000
0
0
850,000
850,000		 Total
2023
£
850,000
0
352,622
1,202,622
1,145,868
0
0
100,687
100,687
86,681

18

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements (continued)

For the year ended 31st December 2023

10 Statement of funds

Unrestricted funds
General fund
Other income
Designated funds
roof repairs
Restricted funds
Mothers Day Daffodils
Floating Shelter
Roof repair
Easter Flowers
Deanery
Vicar’s Retirement Gift
Compassion (UK)
Endowment
Property
Total Funds		 Balance
b/fwd
1 Jan 2023
£
123,259
123,259
85,928
85,928
460
2,667
83,454
100
0
0
0
86,681
850,000
850,000
1,145,868		 Income
£
176,362
176,362
0
0
0
0
15,569
110
0
0
0
15,679
0
0
192,041		 Expenditure
£
(133,614)
(133,614)
0
0
(58)
(315)
(1,200)
(100)
0
0
0
(1,673)
0
0
(135,287)		 Gain on
Investment
£
0
0
0
0
0
0
0
0
0
0
0		 Transfer
£
0
0
0
0
0
0
0
0
0
0
0
0
0		 Balance
c/fwd
31 Dec 2023
£
166,007
166,007
85,928
85,928
402
2,352
97,823
110
0
0
0
100,687
850,000
850,000
1,202,622

Compassion (UK) - Members of our Young Church raise funds to support Maria who lives in Indonesia. The funds are sent through Compassion (UK) with the shortfall being met out of the general fund.

Total Funds

The floating shelter - set up to support the Croydon Churches Floating Shelter project for the homeless in the local area.

The roof repair fund consists of legacies received, that have been designated for any necessary repair work to maintain the Church's roof.

The endowment fund comprises the two bungalows Numbers 1 & 3 Chichester Road, Croydon. Both bungalows have been revalued at £425,000 each by Stirling Ackroyd in February 2022.

19

St Matthew’s Parochial Church Council, Croydon

Notes to the Financial Statements (continued)

For the year ended 31st December 2023

11 Other Financial Commitments

As at 31 December 2023 the PCC had total financial commitments as set out below:
Equipment - Photocopier lease
Within less than one year
Between 2 and 5 years		 2023
2022
£
£
15,648
15,648
0
0
15,648
15,648

12 Comparative Statement of Financial Activities Year Ended

31 December 2022 analysed by fund type.

Income from:
Donations and legacies
Other trading activities
Income from investments
Charitable activities
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net income/(expenditure)
Gains on investment assets
Gross Transfers between funds
Net movements in funds
Total funds brought forward at 1 January 2018
Total funds carried forward at 31 December 2018		 Total
Unrestricted Designated
Restricted Endowment
Funds
Funds
Funds
Funds
Funds
2022
£
£
£
£
£
61,667
0
88
0
61,755
5,204
0
0
0
5,204
26,222
0
0
0
26,222
59,289
0
237
0
59,526
380
0
5,881
0
6,261
152,762
0
6,206
0
158,968
0
0
0
0
0
123,257
0
302
0
123,559
25,939
1,418
7,042
0
34,399
149,196
1,418
7,344
0
157,958
3,566
(1,418)
(1,138)
0
1,010
0
0
0
0
0
(108)
0
108
0
0
3,458
(1,418)
(1,030)
0
1,010
119,801
87,346
87,711
850,000 1,144,858
123,259
85,928
86,681
850,000 1,145,868

20