Matts Playtime (previously known as Matt's Tots) restarted and proved extremely successfvl. Partly as a result of this we were delighted to welcome new families and a number of young children to St Matthew's for the first time. Sadly a number of our senior members passed away and we will miss them and their contributlon to the community. Outreach to local people in care homes for the elderfy and in primary and secondary schools for the young remained a high priority and members of the leadership team were responsible for many examples of this. St Matthews aims to be there for the local community and to attend to its needs. The church's commitment to hosting the Hammersmith & Fulham Foodbank continues and is a blessing to us. Food Bank's offices are in St Matthew's and food collection sessions and advice surgeries are run twice a week in the church. Financial Review 2022 was notable for the completion of the sale of the St Michael's Centre in Townmead Road. The Diocese granted £105,000 in total to St Matthew's PCC out of the proceeds. Without this one-off amount the general fund income would have been £101,388, almost exactly the same as in 2021. In anticipation of the receipt of these funds the PCC agreed to donate £8,500 to our friends at St Peterfs church in St Heller, Carshalton to assist them realise their dream to remove unwanted and unsightly murals which everyone agreed were detrimental to a thriving church community. Excluding this gift general fund expenditure would have been £118,575 and, compared to the income without the proceeds of St Michael's, would have left a deficit of £17,187 (2021: deficit of £3,140). Other reasons for increased expenditure include increased salary expenses of employing a part time curate for the full year rather than part of a year plus additional seNice expenses and energy costs. Fulham YMCA continued to support our youth work with monthly grants and there was a heartening increase in rental income reiVed for letting the church building. Hammersmith & Fulham Foodbank, the main user of our church building is not charged rent, a deliberate decision of the PCC. A £10,000 gift from outside our parish was the one significant donation received in 2022 while in the prior year we received a one-off donation of £19,300 from St Luke's, Wimbledon. Regular giving from members of St Matthew's was broadly equivalent to the prior year for which we are extremely grateful. A few regular givers did decide reluctantly they could no longer give as much as before and we are grateful for what they have given and continue to give. There was no legacy income in the current or preceding year. I ,liiq5CI,,4' Expenditure induded £65,208 (2021 £65,208) contribution to the diocesan Common Fund, which provides the stipends and housing for the clergy. After several years of not being able to increase our common fvnd contributions the PCC has decided to increase our contribution by 3.5 % on 2023 so we will give £67,500. Furthermore PCC made the decision to delay any investments to improve the audio systems in the church but committed to replace the chairs with chairs which can be stacked and stored far more easily making the conversion of the worship area for Food Bank use far easier. This purchase was completed after the end of the year using some of the funds received from the sale of St Michael's. The PCC maintains the MMItMent to distribute 12.5 % of receipts from church members to our mission partners. After this reallocation and the transfer of £3,000 to the building fund the net result was a surplus of £66,738 meaning that the general fund closed 2022 at £100,490. 1;" Reserves policy It is PCC policy to maintain an adequate balance on unrestricted funds, which would enable the Church to cover any emergency situations that may arise unexpectedly. The balance on unrestricted fvnds at the year-end was £720,281 (£121,295 excluding assets held for church purposes) and we are thankful to God for his goodness. It is our policy to invest our funds balances with the CBF Church of England Deposit Fund. , Approved by the Parochlal Church Councll on 18 Aprll 2022 and slgned on their behalf by Rev'd William ogers (PCC Chairman) Jh 11 41
Parochlal Church Council of St Matthew's , Fulham NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022 1. Accounting pollcles The PCC is a public benefit entity within the meaning of FRS102. The financial ststements have been prepared under the Charities Act 2011 and in accordan with the Church Accounting Regulations 2006 goveming the individual accounts of PCC, and with the Regulations true and fair view, provisions. The accounts have been prepared under FRS102 (2016) as the applicable accounting stsndards and the 2016 version of the Ststement of Recommended Practice, Accounting and Reporting by Charities (SORP(FRS102)). ASSETS Fixed Assets Consecrated and benefi propety is not included in the accounts in accordance with section 10(2) (a) and (c) of the Charities Act 2011. Fixed assets retained for church use is the freehold prope,ty "The Vicarage Room" per note 10; Short terni deposits These are the cash held on deposit either with the CCLA or at the bank. Current Assets Amounts owing to the PCC at 31 Dember in respect of fees, rénts or other income are shown as debtors less provisions for amounts that may prove uncollectible. Ilr Short-tenn deposits indude cash held on deposit either with th'e CBF Church of England Funds, or at the bank. Ji FUNDS Unrestricted Funds These represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for its own use or for spending on a future project and which are therefore not induded in its "free reserves" as disclosed in the trustees, report., IhtTI'{Y Restrictsd Funds These are income funds that must be must be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to the accounts. fly Incomlng resources Planned giving, collections and similar donations are recognised when reived. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is entitled to the use of the reSoUrs, their ultimate receipt is considered reasonably rtain and the amounts due are readily quantifiable. Interest is accounted for as and when accrued by the payer. All incoming resources a accounted for gross., Resources expended T'he diocesan parish share expected to be paid over is accounted for when you all other expenditure is generally recognised when it is incurred and is accounted for gross. IL
Parochlal Church Council of St Matthew's , Fulham NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 December 2022 2. Incomlng Resources Unrestricted Restricted Funds Funds TOTAL TOTAL FUNDS 2022 FUNDS 2021 Notes a Voluntary income Planned giving Collections at all servIs Sundry donations and appeals Legacies Grants Income tax recoverable 54,140 1,589 20,869 54,140 1,589 20,869 52,407 29,113 115,645 13,316 115.645 13,316 9,829 8,969 205,559 205,559 102,382 b Activities for generating funds Lettings of church buildings Rental of Vicarage Room 7,778 7,778 3,604 199 7,778 7,778 3,803 c Income from Investments Interest on Deposit Account 45 45 d Church Activities Fees from weddings etc 1,010 1,010 2,519 1,010 1,010 2,519 Totsl incoming resources 214,392 214,392 108,712 Page 5
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 December 2022 6. Grants 2022 2021 Fulham YMCA, re St Matthews Mission Diocese of London - Share of Proceeds from sale of St Michael's Diocese of London - Grant towards energy costs Charlotte Sulivan Charity HMRC Job retention Scheme 8,004 105,000 2,641 6,670 379 2,780 9,829 115,645 St Michael's was a mission church in Townmead Road in the parish of St Matthew, Fulham, latterly used as a youth ntre. The DI0Se made a grant to St Matthews PCC after a sale for redevelopment was agreed. 7. Analysis of Net assets by fund Unrestricted Restricted Funds Funds TOTAL TOTAL FUNDS 2022 FUNDS 2021 Fixed assets Current assets Current liabilities 650,000 73,305 -3,024 720,281 650,000 73,305 4,114 720,191 650,000 30,852 4,503 676,349 -90 -90 8. Debtors 2022 2021 Gift aid tax recoverable Prepayments 12,989 4,750 17,739 500 500 9. Credltor8 . amounts falllng due wlthln one year 2022 2021 Accruals for Servi and administration fees Gift aid payable Funds received on behalf of Mission Partners Income tax and national insurance Pension 2,671 1,181 319 2,770 233 434 3,114 4,503 10. Tangible Fixed Assets Freehold land & buildings Total At the beginning of the year Additions Revaluations At the end of the year 650,000 650,000 650,000 650,000 "The Vicarage Room" 2b Clancarty Road, on the site of St Matthews vicarage, was converted from a church hall into a dwelling during 2018 and is now used to house a youth bible teacher and to provide some rental income. The last market valuation of the propety was obtained in December 2018. Page 7