Clwity registration number. 1135766 The Parochial Church Council of the Ecclesiastical Parish of St David, Exeter FO￿¢rIY The Parocbi8] Church Council of the E¢clesi&stical Parish of St Ih7rid with St Michael and AU ADgeL4 Ex¢tcr for the Year Ended 31 December 2024 Thompson Jenner LLP I Colleton CrcKcnt Exeter Devon EX2 4DG The Parochial Church Counell of the Ecclesiastl￿l Parish of St Davi4L Exeter Contents (e(ffillnued) 2to5 Statement of Tnjstees, Reswv)sibilitieg 8t09 Balance Sheet 10 Notes to the Financial Statements llto24 The P8nKhial Church Council of the Eccksiastical Parish of St Davi￿ Exeter Reference and Administrative Det*ilJ Trnjtees Dr M Glover Mr R Beer Ms P Lewis M5SHil Mrs B Allin Ms H Walk¢r Rcvctcrmj M CI Ms C Town8aMI Mr R J Mitcbell Ms H Todd Ms A Francis Ms M Draper Dr S Black Mr J Johns Mr D Allin MrRSSmith Ch•dty Regtsknth)n Number 1135766 PrIn￿p￿ Offlce 95 Howrll Ro8d Exeter EX4 4LH IDdepeDdtnt ExAmlner I Colleton Cruceot Exetrr tkvon EX2 4DG Pagc I Tbe Parochial Church Councll of the Ecclesiastical Partsh of St D*vl4L Exeter Trustees. Report The trustees present the aDnud rq￿ togetkr wtth th fllw)C1￿ ststements of the charity for th¢ year end￿ 31 DecernlKr 2024. Trnjttes •Dd officer• The trustees and officers serving the year aDd since thc year er¥J wcrc as follows: Dr M Glovcr Mr8 G Harflctt Mr R Beer Ms P txwis Ms S Hills Mrs B AIIID M5 H Walker (app)inkd 24 April 2024) Rcvcrcnd M C]wk (a￿1]nted 29 August 2024) Mr R J Mitchell Ms H T(Mld Ms A Francis MoMDr Ms M Kirkland Dr S Black Mr J JolllLq Mr D Allio Mr R S Smith (apFK)intcd 26 April 2024) Mry S Wilg)n (re81￿¢d 24 Awil 2024) Mr C Wilson (T￿)gn￿ 24 Apyil 2024) Revd A L¢i&btOD Pknn (rcsigned 16 June 2024) Ms L CL%imir (resignai 26 SeptanlKr 2024) Ms N Goldsworth {resI￿￿d 20 May 2024) Mr R PaTker (Tes18￿1 26 September 2024) The fManc1￿ st8temeDts have been prepared iti ac(wdatKe with the accounting p)licies set Ixrt in note I to the financial Ststern￿ts 8nd comply with the PCCS 8overnin8 4k*umrt the ChaTitics Ath 2011 and 'Accounttng and Reportin8 by CTrJarities: Ststement of Practice awlicable to CI￿ltieS prewing their &c(￿ts iti accordance with the Financial Rep)rting Standard aN)licth iti the UK It￿ Ryblic of Ireland (TRS 102)" (effectivc l January 2019). The Parocbial Church Counc51 of the Ecclesiastical Parish of St David. Exeter Trustees, Report (continued) ObJe¢¢fvu •Ad acdvld St David with Si Michael & All Angels cburckq ar¢ part of the DI￿￿e of Exetrr within the CEturch of EnglaniL During the year there was an 1¢s1￿1￿ T￿tion by th¢ Diocese with St mic1￿cl.$ Church forniing its OWD DCW charity ¢ff¢thive frorn 26 Septembcr 2024. As 4 consequence thase accounts ODly incoTtrf)ra* the Tesults of St Micha¢l'8 Until date. th¢ Council includ¢ the ￿Wer to acquirc. manag¢ and administer prO￿ty for church pur￿￿ 8nd the p)wer to compilc an annual i￿8¢1 of fimds rti4uired for church TrY>rk The CouDciI is also given ￿)W￿. jointly with the incUmi￿o( to app)tnt and disrni￿ cburcb stsff Memb￿ to (kt¢nnine tbeir salatie5 and conditions of suvice. The PCCS objective4 in acwrdw with the of thc Cburch ofEnglwxL we". To sustain and advan¢c th¢ Chu￿b.5 WDTk in ed￿￿10￿ lifelon81¢8min8 and discipleshw" To enable the chU￿h to s¢le¢ train 8nd resource the rigbt people. iK)th ordained and IBY. to (Mrt public ministy alld to C￿e lay people in their Y￿10n to tly and To encouTagc the maiDtenaDc¢ and thv¢lowt of the inkn'trAI f8bri¢ of Church I￿lIdIng8 for worship 8ry1 service ts) the community. ResE￿}bilIty for the maititeLaD￿ of the fabTiC of St Michael's ChU￿b pa￿j tt) the Dcw ¢k￿lty fOrn￿d to undert&e its xtivitiu on 26 S¢pknilv 2024. The PCC erLwre8 that thc cbuTch life within the p*nsb to fidfil th(v obi¢rtiVC5. locally aDd more widely through the tsfmitL%iOn The PCC is •warc of the Cknity cLMnmi￿.S guidance OD pthlic benefit in Tr Advancuwt of Religion for the Public Benefjff and I￿S regArd to it in its admini8tr8tion of tbe Patisb. The PCC believes thaL by fulfilling its rcsFM)Dsibility to work together with the Jncuthi cfr(ycrnte in all matters of collcern and importan¢¢ for the Pror￿tiO0 of the whole Mi&81(￿ of the churc￿ eval￿115￿¢ and ￿laL it provides a benefit to the public Providing resources and facilities for public wor5hÉp. p&storal we and spirilual. n￿18] and intellectual developmenL for its membas and fsx anyone wkn wislKs to benefit frorn what the Church offers. Strcamin8 Servic￿ on line to make them r￿Te fteely availabl¢ in Ew¢i¢u]ar to Ilw unabk to attend servtC%8 th]e to ill health or itica￿C￿. Providing home communion to those unabk to alknd the ChurclL Promoting ChrI￿78n value8 and service by memlrn of the Church to the Lxmnm￿1ty to the benefit of i]￿1VIdUalS apd ￿Tety as a WI￿le. Providing the op￿Tti￿lty to Sing in choirs. Providing the Lwrtimity for bell Tin￿& Incl￿ting 5tsMleDi TiD8¢F5. Hosting ￿￿Ional COn¢￿ts and Ttcilals at both churclTh and occ&sional ts]k5 at both cburches. Taking regular L￿mblIc5 at St David's Sch(N)l and at St Wilfrrd's School within the paTiSh. Page 3 The PArochial Church CouDcII of the Eccleslmtlcal Parish of St Davl(L Exeter Trustees, Report (continued) Holding a parish fete. Providing packed 5￿perS to thc vUlnu￿]e wpl¢ in Conju￿tioll with St Petrwk's. Acting as a venue for meetings f(K I(￿1 Nc￿.3 and volunlzrylcharitablc group8. Hold￿8 fijnd raising events/ maknDg coll¢¢tioos at churches for local. UK and oveT5W clwitie8. inc]￿lIng food collecttons for the Exeter Fwjiwth and the li￿] Esther crnunity. Holding a Tuesday Café at St David's Chu￿￿ kn offer comE*ny aThl to members of the l(ul cThnmuW. The Ouseky Church Mujk TrD8t In the sprin8 and Surn￿ ternjs of 2024 Tr (l￿8e[eY Church Music Tnjse provided aSSLqt￿ with fimding One choral scholar at St Mi¢h8el'5 Church. The support was provided in line with the obj¢rfiv¢s of the Tru￿ vkni¢b is to Fron￿tr And mailltsi￿ to a high Standard the ctM)ral seryices of the chU￿b of England whether simple or elaEK)rate. Tr outstanding balance relating to thc grant Wa8 Tefillmled kn thc Ouscky Church m￿1¢ Tn￿t imme4liately prior to St David's with St Micbael & All AnF]8 lo¢a] Det outtlow of this yetr £167.441 compared to an outtlow of £7.gX)9 in 2023. This figwe I￿ludeS the thnation of th¢ a&s¢ts and working cwitsl to St Michael's tolaJin8 £193.897. Plwc se¢ notr 9 for detsil At thc year end the PCC total unrestricteA fiumls of £252J40 (2023.. £419,781). Some of these fiwMIs - desi￿ for S￿IfiC purwws (7which may v8ri¢d by the PCC fn)m timc to lime). The remai￿8. restricted fillmts of £17.972 (2023: £17.972) relate to the St David's Trdnsfornwtion projecL Re8erveJ The members of the PCC are Satisfied that the level of Teserv4X &8 sIK)wn in the Statemert of Financial Positio￿ arc adquate to cover k￿wn a￿1 8nticipated com including neL%SW repai￿ jw1￿lIng the immethate ￿k108. of reserves wuirEd to meel any slM)rtfalls ID cash ￿n and del￿tiOn of fra￿ SAfe%uArdthg The PCC has wtth tk section 5 of the Safeguuthng and Clergy Di￿1p1[ne Mwure 2016 (duty to comply with the How¢ of B￿, guidan￿ oll safeguarthng Childr￿ and vulnerable adults). Structhrfy governattte and null*gemtnl The method of app)intm¢nt of PCC metnber5 is set out ID the Church Representst1￿ Ruks. All ChuTch atten(k¢8 St Mi¢bael's. Vic¢ Chair, PCC Treasurer aJMI S•. Th¢ Ori￿￿] metDber for St Mich￿1.8 tranSf￿r¢d to the St David's ele¢knTal role remained on the comnmtr to advise in any matters relating ts) the rwr8ani781ion. This ' the only cornmittre required by law and h&$ the p)wer to trar￿aCt business of the PCC tetWE￿ its me¢tinA subject to any direction of the Council. TnL%fr￿ were on the cl￿t￿l Toll of St Micbaci8 ceaseAI to be memb05 of the PCC on 26 s￿tember 2024. The am)u81 report Was approved by the tr￿￿£S of the on :If. and Sign￿1 on its bebalf by: P88e 5 The Parochial Church Couneil of the Eccleslastlcal Parish of St Dav14 Exeter Statement of Trustees. Responslbilities United Kingdom Ac￿U￿ting Standard8 (Uniled Km8thm Gejmlly Acc* Ac¢ountsD8 Practicc) and applicoble law and regutations. give a true and fair view of the state of 8ff8ir5 of the charity 8TrJ of the inColl￿g TeP￿U￿ and appli￿liOn of resources of the cbarity for that peri(Nl In prep8Ting these firwicial ststetnents, the truste¢8 we required to: select 5uitsbl¢ ￿COUntIng ￿17¢1¢3 and then apply them consistrntly. oE6uv¢ the methots and Pri￿1P1£5 iti the CTrwitics SORP; state whether aw)licable accounting standa￿ have been follort Subject to sny depth￿ disclosed and explained ID the financial 5tstrments' and The In￿e¢S are rw)Dsible for keepuw PTLW a¢couDtiD8 records that disclose with rea8oDable accuracy at any time the financial w)sitioD of the charity and ¢thle them to u)Awe that the financi￿ StstcM￿ts compty wtth the Charities Act 2011. the ClJaTities (Accounts and Rewts) Re8￿ati￿$ 2(K)8, and the provisio￿ of the constitutio The trustees are also reswttsible for ￿feguardIng the &￿ts of th¢ cbty and hence for takmg re&8othle Steps for the prevention and detectiOD of fr8wI and other irregularitics. the charitable Comw￿5 website. Lwslation governing th¢ prq>Hrntion and dI&qaDi￿On of financial ststetDents nmy diff¢r frorn l¢gislJtion in oth¢r jUTi8dithioti& 4 C: 1.5... ar#18igD)a on its belthlf by. Approved by the tr￿tee8 of the cbarity on ..... . tchell Tn￿1¢¢ The Parochial Church Counell of the Ecele8iastieal Parish of St DAVI￿ Exeter Independent Eraminer'i Report to the trujtees of The Parochial Church Council of the Ecclejiasticgl Parish of St Davi￿ Exeter I rcEth to the tnLStc￿ on my examir*lion of the 8LT(uits of The Parochi￿ ChU￿b c4M￿lI of the ELxlc8iastical Parish of St David Exeter for the year ¢nde4J 31 Dmnber 2024. Responslbllltlej bath of report As the charity tr￿leeS of The Parc¢hial Church Clmryil of the F£cl&4i&8tical Parish of St Davi(L Ex¢t¢r you ar¢ respO￿lb1¢ for the preporatioD of the aC￿ts ID accoll￿ with thc reqillr¢mellts of the CFthritieg Act 2011 ('thc Act.). I report in reSt￿t of my examin￿ of the The Parocbiai Clwrch CTrwil of the Fulesiastical P8ri8h of St Davi Exeterfs 8c£ounts carried out und¢r se¢tion 145 of the 2011 Act aThl in carryin8 (att rny examinatson I bave followed the applicable Directions give￿ by the Cbarity CA)Mn￿On ￿tIO￿ 145{5Xb) of th¢ ACL Independent ¢XAmlner'• statenxB¢ l. ￿cOUntIng recorth were JK)t kept in res￿1 of Thc Parochial ChU￿b Council of the Eccle8iasticaJ Parish of St Davi(L Exetrr ￿ required by section 130 of the ACL or 3. the acciyJDts do not comply with the 8cc(yuntin8 r4uirrnts conce￿8 the forni and ￿)ntent of accounts srt out in the Charitia (Accounts and Ryrts) R¢8ui8ts"ons 21M other than any that accounts should be drawn in this report ID onkn to c[￿b]e a pwryer u￿*r￿ of the a(xounts to be teacbe Jon Westley FCA ThomP￿tt Jenner LLP I Colldon CYe8ceDt Exeter Dcvo EX2 41 Page 7 The PxrocbAal Churcb Council of the Eccleslajtleal Pvish of St Davi4 Exeter Statement of Financial Actlvities for tbe Year Ended 31 D￿ember 2024 nds ndj 2024 No Inconx Endornts from: Donations and legllcies Clwitable ￿tIvItieS Othcr tTrding activiti 88,023 36.154 3245 8.190 5.516 88,023 36,154 3.245 8,190 5.516 141.128 141.128 Expendltutt on: Raising fiJrMts Charitsblc activities {668) (124.642) 193,89 (668) (124.642) 193.89D Tolai expenth'turc (3192on 10.638 (319207) 10,638 167,441 167,441 (167.441) (167,441) RecoDcIIIAlloD of 419,781 17,972 437.753 Totsl fi]Dds Can1￿ forward 20 252 J40 17.972 270,312 The notes on py I I to 24 form an intewl pth of these fM8nc1￿ Ststem￿t& The Parochial Church Council of the Ecclesiastical Parish of St Dawfi￿ Exeter Statement of Financial Actlvlties for the Year Ended 31 December 2024 (Continued) Totsl 2023 fuods Nott ID¢ome And Etsdowments frouL" DonatioL8 and legacies Cbaritsble activitses 110.511 30,079 7.095 8.063 7,780 110,511 30.079 7.095 8,063 7.820 163528 163,568 {￿5) 198.421 (9￿) 199,810 Charitable activities 1.389 Total exrtnth'ture (199.326) 29238 (iJ89) (2fX).715) 29,238 Net expenth.ture (6.5￿} 739 (lJ49) 739 (7.￿9} (7299) (610) (7.W9) Retoneluatlon of fundj Totsl lY￿t f(ffwaYd 427.080 18.582 445.662 20 419.781 17,972 437,753 All of the clwitys activilies derive from LM)ntinuitig (yeNioDS dw the above two Peri￿ts. The fimth breakdowD for 2023 is shown in 20. Tbe Parochial Church Council of the EccleJfiMticAI Pari8b of St DavA4 Exeter (Reglstralfion number: 1135766) Balance Sheet as at 31 December 2024 2024 2023 Note Tangible &ssets 15 16J71 Current •88ets tkbtors tnvestrnents 16 17 18 5.968 133.036 136,927 7,964 291.964 132.634 275.931 432,562 Credlton: Amounts falllng due whhln one ye Net turreDt Amets 19 5.619 11.180 270.312 421.382 Net wets 270,312 437.753 Funds of the ¢harfty: Restrk¢ed Income funds 20 17.972 17,972 Ullrutricted lucome fund• Unrestri¢ted fun(ts 252,340 419.781 Totsl tunds 20 270,312 437.753 and Signed on thctr IKhalf by. MrR T￿￿te¢ Ichell The JK)te8 on pages I I to 24 f(nn an inle8ral of these fiDanCi￿ stst¢nients. Page 10 The ParocbS91 Church Council of the Eeeksiastscal Parish of St Davi(L Exeter Notes to the Flnancial Statements for the Year Ended 31 December 2024 l AeconAiln8 polkl Staten&tDt of compllADce Recommendexl PTaCtice i&qu¢d in October 2019. the FinAnciaJ R¢FM)rtsD8 Siandard applicable in the Unitryl King&)m and Republic of Ireland (FRS 102) and the Clwities Act 2011. Bxyii of preparntkbn The Parwhial Church Council of the F￿k81a8ticaI Parish of St Davi4 Exctrr meets the definition of a public benefit entity under FRS 102. Th¢ acc4)uDts (fir￿￿￿ stateznents) bave been prepared under th¢ historical cost Golng con¢ern I￿oMe endowmettts Voluntary ]r￿Orne Inc1￿j1ng dotiatioTh% gift4 legacics aThl g￿tr that wovidc core or are of a general nattwc t￿￿￿tiO￿l and le￿￿¢3 are reco￿￿1 on a ftceivabk basi8 when ttteipt is probgbl¢ aTrJ the amouot ¢*n b¢ reliably E4*ndltu settlemcnt is required and the any)unt can be rneasur￿ rcliabty. All costs a]Iwatcd to the applicable ex￿DdittUe h¢adiog that aggre￿Ie simi18r costs kn that category. Wlwc costs cannot be directly attributed to particthar headtngs tly b8ve been all￿al￿ on a basis LXXLSiSteni with the usc of resoum. with central staff costs allwated on the all￿ated based on the spre&l of stsff trading activities that rnise futm Pa8cII The Parochial Church CouDcil of the Ecclesiastlcal P￿1$￿ of St Davi4 Exeter Notes to tbe Financial Statements for the Year Ended 31 December 2024 {continued) Charitsble cxpenditure comprix8 those incu￿￿ by the clwity io the delivery of its activtties and se￿1￿5 for its beneficiaries. It includes IK)th w5ts that caD bc allocat¢d di[￿tty to acttvitits and thoxe costs of an inditt Governknee tosts These include the costs attributable to the clwity's Cotnpli8n￿ with and stshrtory ￿UIreMth Taxation The chaTity is Co￿81dered to P&8s the tests set out in Pmwph I kheduk 6 of thc FitwK¢ Act 2010 and thcrckn it meets the definition of a clwitable company f￿ UK coTthJratioD tsx purp￿. Accordingty. thc clwity 18 Wtentially exempt frn tsxation in reSp￿t of income or c4Pitai gains r¢ttiv¢d vrithin cat¢gori￿ by Chapler 3 Part I I of th¢ Corp)ration Tax Act 2010 or Serti(m 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such inconK or 8aitL8 Are applied exch￿1ve￿ kn charilablc PWFK)8 Tangible fixed assets A￿et cla IkpredatloD meihod aBd CurreD¢ as8e¢ IDvegtments Culrent asset investtnents are included at the lo￿ of cl￿ aDd )iet re81isablc / mthet val￿. Tr*de debior¥ Tradc dcbtot5 are reLY)gtii5ed initially at the tra￿SactiOn price. They are sulwuently me&sured at amortised wst IL8in8 th¢ eff¢rtive interest m¢th(*l k&q provision for irnPAi￿L A provision for the impainDenl of ttade debtors Gstsblished wben there is (i)jeclive evidence that the will Th)t be able to Ct)Ilect all amounts due according to the oriwl of the receivable C￿h •ttd equlvalents Cash and c&5h equivalcDts comwi* on atsj (xll de￿its, and other short.*rtll bigbly liquid investments that are re8dily convcrtiblc to a kr￿1 am(Kmt of cash 8Th1 aTC subject 10 an IA8)￿lfi¢l￿t fisk of charlge iti Y￿U Page 12 Tbe Parochial Church Council of the Eccleslastical Parish of St Davi(L Eieter Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) are subsequendy carried at amortisal with the difference between th¢ PT￿, net of transaction costs, and the wn(Ktnt due on rethmption being reu>8ms￿l as a charge ￿ the st8trmt￿l ol Financi￿ Athivitiu over the penLxI of the relevant borrowing. Intcrest expen￿ is recogDi*d on the b&8is of the effethive intercrt tnethod and is i]KlUd￿ in interest payable a￿1 similar c￿¢$. BOrm￿8s are classified as current liabilitsa5 unl￿$ th¢ charity Iws ￿ uocontholl￿ right to defer 5cttl¢ment of the liability for at least twelve nx)nths Iftcr the retK)rtmg date. Fund Jtru¢tsre objectives of the clwity. restricted to that area or purpo8e. 2 Income from donAdons aDd legAdeJ funds 2024 Funds Total 2024 Total 2023 2024 67.157 1.169 67.157 1.169 72,576 10219 Ltgacies and beques Other pianneAI gi*ing Ci)Ilections 8.197 11.465 8,197 11,465 7,983 15.270 463 35 35 88.023 88.023 110.511 3 Ineome from ehArltable attfvltks fund8 GeDer TotAI 2024 Totsl 2023 Hall L¢ttin8S 35.953 201 35.953 201 29,894 185 36.154 36,154 30,079 Page 13 The Parochial Church Coundl of the Ecclesiastical Parfsh of St Dav14 Eieter Notes to the Financial Statements for the YeAr Ended 31 December 2024 (continued) 4 Illtorne from other tradlng aetmd funth GeDeral Tot*1 To¢al 2023 Events income: N¢w3paper Collections Events and other fimdt3iSiDg Summer fete and drdw M￿81¢ Exhibitions 109 1.280 1,856 120 332 2,653 2560 869 561 1.280 1.856 3245 3245 7.095 S lttvtttmen¢ Incon ndj Gener•1 Totsl 2024 Total 2023 Interest receivable on bank depjsits 8.1 8.1 8.063 6 Other Income fundl Tot•1 2024 Totsl 2023 Fees aod supplie8 5.516 5.516 7.820 Totsl (undj Gener•1 rwi Fees iDclwling cerem(ny inu)n Coffee and ediblc8 3.839 ,677 3,839 1,677 Totsl for 2024 5J16 5516 Tot*] for 2023 7.780 7,820 Page 14 The Parochial Cburch Council of the Eeelesiastic41 Parish of St DAVI￿ Exettr Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 7 Expendltllrt on r*lslng fllD a) Costs of gellernthig doDatlon• aDd le%Ade4 UDre#rlcted Tolal 2024 Total 2023 GeDer•l r4ote 668 9¥)5 8 Expenditutt on ¢hartt*ble athtlej funds Gener*1 Totsl 2024 Tot•1 2023 Common Fund Fees Paid to DILK Cl¢rgy Expenses 51.194 1521 1.049 8,686 5.582 757 3.961 23.867 8.853 51,194 1.521 l.lJ49 8,686 5,582 757 3.961 23.867 8,853 11,991 57.506 1.638 2,975 4.157 2,970 2.381 5.107 35.456 9,632 68.243 6.801 1,389 593 962 Music Church Ufilitscs 2.848 2266 1201 866 St David's SO￿ kitchen Missio￿$ and other (Mttreach 2266 1201 866 124,642 124.642 199,810 P48e 15 The Parocblal Church Councll of the Eccleslasdcal PArish of St Davi4 Exeter Notes to the FIDancial StAtements for the Year Ended 31 December 2024 (continued) fuD Totx] fmnds runds Common Fund Fees Paid to Diocese Clergy ExEKnscs 51.194 1.521 1.049 8,686 5.582 757 3.961 23,867 8.853 11.991 2.848 2266 1.201 866 51.194 1.521 1,049 8.686 5.582 757 3.961 23.867 8.853 11.991 Governance costs Altsr supplias and 8¢rvice sheets Music Chutcb Uiiliti St David's soup kitchen OUtTcach Missions and other outrexb 2266 1201 866 Totsl for 2024 124.642 124.642 Total for 2023 198.421 1.389 199,810 9 Other expendlture - Don•tlott lo S¢ MlehAel's fundj Getttr•l Totsl rundj Nots 16J71 164.566 2244 14.509 (3.793 16.371 164,566 2244 14,5(Y) 3,793 DebtOTS Creditors Total for 2024 193.897 193,897 Other wKnditure inclth 811 the a&sets and li8bilitie8 th)nalcd kn St Mich•cl's at 26 ScMemb¢r 2024. Pag¢ 16 The Parochial Church Council of the Eccleslastlcal Parish of St Davi￿ Exeter otss to the Finaneial Statements for the Year Ended 31 December 2024 (continued) 10 AL*lysts of governance and ¥upport costs Governante t￿ts Unrestrfeted funds Gener•1 Totsl 2024 Total 2023 Examination of the finJn¢iai st8trm￿ts 2.970 1,182 1.182 5.582 5,582 2.970 11 Net iDcomTti￿oUtg0knE rtsoure Net oUtgoll￿ resou￿ f(ff th¢ year ittclude: 2024 2023 Profit on ltssposai of investments 7(K) 12 Tru8tees re]nHD¢rntlon expenw No trustees have It￿1VOI 8Dy other beneffts frotn the clwity during the year. Eight tr￿te¢S ￿ reimbur8ed thurch during the yw. totsllitig £2516 {2023: £Nil). Donatio￿ rnade by the trus*es wikn any conditions attsched totslled £15,925 for thc year (2023 . £Nil). 13 Independent examlner'j remuAtradon 2024 2023 2.970 Pa8e 17 The Parochial Church Counell of the Ecclesiastical Parlsh of St Davi4 Exeter Notes to the Financial Statements for the Year Ended 31 Deeember 2024 {contlDued) 14 Taxatlon 15 Tanglble Ilxed assets Fyrnlture And equlpmÈnt Total Co At l January 2024 16J71 16,371 16.371 16.371 At 31 Dec¢rniv 2024 Depre¢latlo At 31 DeC￿nE¢r 2024 Net book At 31 D¢¢ember 2024 At 31 Dccerniv 2023 16.371 16.371 16 Debto 2023 St Davids Gill Aid St David's other debtOTS St Micljael's Gift Aid St Micbael's other debto 1228 4,740 1,149 4,592 1,195 .028 5.968 Page 18 The Paroehial Church Council of the Ecclesiastical Parish of St David, Exetsr Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 17 CurreDI Asset Inves¢rn¢nts St Davld'i St Mkhtrl'j Totsl C05t At l Jonuary 2024 R¢valu8tions Transfers 127.389 5.647 164,575 io 164.585 291.964 5,657 164,585 At 31 Deccmber 2024 133.036 133,036 Net book W￿Ue At 31 Dwember 2024 133.036 133,036 2023 2024 St David's (hgan fund St D8vid's Fabric fimd (curatc's h(Mwe) St David's P8Stornl fillKi St David's Institute 24.586 31.086 8.585 68.779 23,263 29,412 8.356 66.358 133.036 127,389 2024 2023 St mic1￿e1'S Valpy French St Michael's Shared intcres¢ wi&y St Micblel's Fabric fund 150.036 12,539 164.575 18 Cath tub eqthT￿¢llts 2024 2023 136.927 132.634 Pa8e 19 The Parochial Church Counell of the Eecleslajtlul Parlsh of St Davi￿ EIeter Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 2024 2023 St Davld, Main account Pastoral fimd dwit account Institute dep)sit account Tran8foTll]ation fimd Lloyd$ 32 day notice Lloyds bond Lloyds bond Lloy&8 bond St MICh￿l, Main account Dysit account 47.130 763 7.056 633 20,890 43.306 49) 4.938 625 20,367 44,340 30,IXK) 30,455 17,363 ,205 136.927 132.634 19 Credltor5.' amounts f•Mlng due wlilthi one ye4r 2024 2023 Other creditors St Michacl's other credito Accruals St Micbael's accn 3.042 1,977 6263 .470 .470 1577 5,619 11,180 Acen￿S for St Michacl'8 Incl￿ £Nil (2023: £2(KJ) ny)nies advanced for organ and ￿￿81¢ ￿￿o18T8b1p5 to be ￿ld in the following year. Py20 The Parochial Church Councll of the Ecclejiastieal Parlsh of St Dgvld, Exeter Notes to the Financial Statements for the Year Ended 31 December 2024 (eontinued) 20 Fynd• Balance At I JADuAry 2024 ID¢omlttg re￿￿rte# Re￿Urce1 eipettded Other recognljed alttg1(loJBd) Ballnee It 31 De¢ember 2024 Tr•D8fer• UDrutrlrted fundi Generdl St Michael'i - Shared intercst 80cicty Si Mi¢hael's Unrestric¢ed fimd8 St David'8 Unreotricted fLU (2,000) (59.670) 94,971 31.851 90.538 19.393 115,918 8,426 111,485 124.389 135.311 156,641 8,426 111.485 Dtsl8ndled Si David'i . Fund Si David'8 - FY4bric Fund SI David's - PastorAI Fund St David'8 - Institute St Micljael's - The Vaipy-FrwKb Fund St Michacl's - Haldon Road Fund 23263 29.412 8.846 71,296 150.036 12.539 ,324 1.673 229 2,421 5.937 946 24,587 31.085 9,348 75.835 273 2,118 3,109 317 (150.973) 11.593 (8.109) 317 295,392 5,817 162.566 8,426 10.638 140,855 TotAI unreJtrl¢ted fund• 419,781 141.128 (319,207) 10,638 252.340 Rutrlcted fuDdJ St David's Tra￿r0￿￿tion Fund 17,972 17,972 TO1￿ fundi 437.753 141,128 319.207 10,638 270,312 Pa8e21 The Parochlgl Church Councll of the Eeclesiastical Parl$h of St Davl(L Exeter Notes to the FiDanelal Statements for the Year Ended 31 December 2024 (continued) Balin¢e Al I January 2023 Ineomlng rpJource• Reyjurt expended Other recogn1￿d Bal*n¢e at 31 December 2023 Tranife Unmtrkted fyndj Genernl Sl Mi¢hacl'8 - Shared itilcrc81 society St Michael's Unrestrictyl fund4 St David's Unrestricted funds 46.257 88.663 39,255 118,146 157.401 (53.661) 14,538 31,851 90,538 739 994 136920 168.199 739 124.389 St Djvids - Or8an F￿d Sl Ihvid'8 - Fabric Fund Si D&vid'B - Pastoral Fund St David'8 - Institute St David'8 - R￿f Fund St Michacl's - The Vilpy-French Fund St Michael'8 - Haldon Road Fund 20,524 25.952 8,954 62.844 25,(M)O 135.812 11.074 (869) 2,739 3,460 (108) .452 23.263 29,412 8.846 71,296 (961) (25.(KlO) (4,010) 287 4,010 14224 1.465 150,036 12.539 290.160 6,127 295.392 TotAI unrertrlcted fundi 427.080 739 419.781 Re•trlc¢ed St David'8 Tran8fornwtion Fund St David's SLM4) Kit¢h¢n 17,972 610 17.972 739 Totsl re4tr1cted fuDd• 18.582 1,389 739 17.972 TO1￿ fundj 445,662 163.568 200,715 437.753 Page 22 The Parocbial Church Council of the Ecclesiasticrdl Parlsh of St Davld, Exeter Iyotes to the Financlal Stgtements for the Year Ended 31 December 2024 (continued) The Jp¢cific pur￿8¢8 for which the funds are to bc applied arc as follows: The Trllnsfomiation Projed fund wa8 e8tsb1ish￿ to m¢et the c08ts of the significant building work8 und¢￿en to the structure of the buildiD8 in rec¢nt yeor5. The funds are held in bonk balance8. St Davtd's Designated Funds The a86ets of the Ctr8an Fund are held to meet the cost of organ repair. The a88et8 of the fund con#i8t of a 8cparn¢¢ holding of COtF inveBtmenl8. The assets of the Pastornl Fund arc hcld to mc¢t th¢ needs of th08e ID the parish 8UtTcrin8 hard8hip. Th¢ 888¢ts of the fund con8i8t of a s¢paratr holdin8 of COIF invc8tments. Thc a58ets of the Fabric Fund are held to meet the ongoing CO8t8 of maintaining St Davids Church. The assets of the fimd consist of a Bcparnt¢ holding of COIF invc8tsnaits. The a88et8 of th¢ St DAvid'8 Institut¢ w¢ m8nabw by separatc tru8tre8 (PCC wint¢e8) who consider applications for the u8¢ of fund8, takin8 account of nee suitability and whether Any Alternative cournes of action8 or funds are Available. Si Michael'8 De8i8nated Fund The V8lpy-French Fund w08 V¢8ted in the PCC Absolutely and unlil 26 Septcmber wa8 held for the 8enernl ex￿79e8 of St Michael'&, in separate COIF invaqtsnents. Accordw8ly inwrne from the fund W88 paid directly into th¢ St Michael's current account. The shared interest 80ciety account arose from 8 donation from a p&8t parishoncr and was held with the Shared Interest Society in the forni of with drawable sharc ¢4pitsl. Funds werc used by that Society Io PTovide loans to disadvAnta8ed fair trnde produccrn who were unable otherwise io iybtsin fmance. No int¢r¢8t was paid on such deposits and although these werc r¢pAyabl¢, they wcrc at risk of adve￿ movemenLq or defaulL8 in the underlyin8 loans. The fithd8 of the Haldon Road Fund We￿ held for the fabric of St Michael's, in Beparnt¢ investments. PN8e 23 Tbe Parochial Churcb Councll of the Eeeleslajtleal Parish of St Davi￿ Exeter Notes to tbe Financial Ststements for Ihe Year Ended 31 December 2024 (contlnued) 21 All•ty￿1 of net auets betweeD fvDd¥ Total funds at ReJtrlcted 31 Detember fun 2024 ullrertrl￿ funth 117.104 5.619 140.855 17.972 275,931 5.619 CuTTcnt liabilities Tolal net &ss¢ts 111.485 140.855 17.972 270,312 Total funds It Rertrlthd 31 Deetmber fyndj 2023 Unrtotrlthd hDds General DeslgDated Tangible r￿ed assets 16.371 119.198 11.180 16.371 432,562 11,180 295 J92 17.972 Current liabilities Total net Lqs¢ts 124.389 295 J92 17.972 437,753 22 Rel•led party traDMcthD• During the y¢aT th¢ charity made the following relatryl pwrty trarAsactiofjs: The Church of St Mkhxel Until 26 S¢pt¢mt*r 2024 The Church of St Miclwl fLKtDed of thc same chty ￿ The PCC of The Ecclesi&stical P8rish of St Davi4 Exe*r. From 26 sePt￿)ber 2024 onwardq Tr PCC of the Ecclesi￿1¢8] Pari6b of St D8Vi4I Exeter saw the S¢Fwation of The Cburch of St Mich#l as a new charity. Th¢ applicable a&8ets and liabilities relating to The Church of St Michael werc trnnsfetred at this lin)e. The b8nk ￿M￿rt rell]ain￿ open to satisfy any final dcbtors and cmjitors. A5 at the year cnd a I￿)k aLYOUllt contthnin8 £2.763 and invtstM￿ M)rtb £161.332 bdd by The PCC of th¢ Ecclesiastical Parish of St Davi(L Excter in bare trust for The Cburch of St Miclwl. The investrnents will ￿1n in b8rc tDJSt until s￿h litne as Si Miclwls PCC fully indcpa)dO at wbicb ￿tti1 their status will r¢vi¢we The pr￿¢$8 of tr4nsferriDg c&4h balancu (x)mplthd in Marcb 2025. At the bkn sheet d&tr the anxxmt th from The Church of St Michael w&8 £Nii (2023 - £Nii). Pag¢ 24