## **The Parochial Church Council of the Ecclesiastical Parish of St Matthew with St Sidwell, Exeter** Registered Charity Number 1169445
**Annual Report and Financial Statements For the year ended 31[st] December 2020**
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER**
|**Contents**|**Page**|
|---|---|
|Annual Report|1-12|
|Independent Examiner's Report|13|
|Statement of Financial Activities|14|
|Balance Sheet|15|
|Statement of Cash Flows|16|
|Notes to the Financial Statements|17 - 32|
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER**
**Trustees' Annual Report Year Ending 31 December 2020**
## **Aim and Purpose**
The United Parish of St Matthew with St Sidwell Exeter has the responsibility to co-operate with the incumbent to promote, within the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
The PCC confirms that they have given due regard to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, and in planning future activities.
## **Objectives and Activities**
We believe this involves:
- Inviting those outside the church to encounter Jesus and explore faith;
- Creating community and developing a deep experience of belonging;
- Equipping our members to live effective Christian lives in every sphere of society; and
- Sending out our members to transform society and proclaim hope.
To fulfil this vision, our aims are:
- To build a worshipping, praying and spirit filled community;
- To strengthen community and deepen relationships throughout the church and community;
- To equip every member to live a distinctively Christian life which brings God’s Kingdom into homes, schools, universities and workplaces;
- To evangelise and spread the gospel;
- To engage children and young people in the Christian faith; and
- To offer pastoral care and support to those living in Newtown and beyond.
Many of St Matt’s activities have been curtailed or partially suspended due to the Coronavirus pandemic. Where possible, these activities have been reformatted to make them safe to attend in person or accessible online. The national lockdowns have prevented several of our usual activities but given rise to new outreach into our community. As a direct response to the national lockdown and closure of schools in early 2020, St Matt’s was able to play an active part in providing food parcels to families across Exeter.
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
In the longer term, we intend to continue to strategically plan for St Matt’s, supported by Strategic Development Funding (SDF) from the Church of England. St Matt’s has received external funding to implement church growth as a resource church and many of these aims and objectives will define the activities that St Matt’s undertakes over the next 5 years. We intend to build a thriving and sustainable church which contributes to the Diocesan vision to grow in prayer, make new disciples and serve the people of Devon with joy.
## **Achievements and performance**
## Vision and Governance
St Matt’s was designated a City Centre Resource Church by the Bishops of Exeter and Crediton in July 2019. This reflected a significant change in the vision and objectives of the church. As a result, we have seen many new people join our worshipping community, as well as get involved in other activities. The numbers engaging in our weekly services, prior to the coronavirus pandemic, had risen to 175, including new Christians. Between May and October 2020, we have also seen approximately 30 adults move on from St Matt’s. This group included all except 3 of the previous members of the Parochial Church Council. A new council was nominated and elected in 2020 and 2 new Church Wardens were elected at the APCM. The PCC would like to express their gratitude for the service of the outgoing PCC members and special appreciation for the work of Mr Justin James and Mr David Edwards who led the church through the 2019 vacancy. The PCC continues to actively engage in driving forward the church’s vision to Love Jesus and Transform Exeter by reaching those outside the church, meeting the practical needs of our city and resourcing other churches on behalf of the Diocese of Exeter.
## Worship and Prayer
In response to the restrictions imposed by national Covid lockdowns, St Matt’s has varied the number and format of services offered this year. There have been up to 4 weekly services including:
- A service tailored to the needs of children and their families at 9am;
- A midweek traditional Eucharist;
- 2 contemporary and accessible Sunday services at 11am and 7pm.
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
Collectively they attract around 175 worshippers each week. Services are supported by a variety of volunteer teams including cafe, hosting, worship and production and overseen by employed members of staff. These teams offer opportunities to serve the wider work of the church and encourage hands-on engagement in our worship and mission.
Prayer and worship provide an important foundation for the wider activities of the church. A weekly early morning prayer meeting is held every Thursday at 8am which is complemented by a half-termly ‘Kingdom Come’ worship and prayer event to pray for the needs of the church and city. St Matt’s has a growing worship team, resourced by approximately 25 volunteers who lead worship at our services and events like Kingdom Come and Alpha.
## Creating and Strengthening Community
St Matt’s seeks to strengthen community through the establishment of midweek Connect Groups. At present there are eleven groups meeting fortnightly across Exeter and beyond. These groups are led by trained volunteers who organise, teach and pastor their attendees. We are continuing to train and develop small group leaders to increase the number of available groups, locations and times in the hope that every regular member of St Matt’s might find a group that suits them.
Connect Groups provide the environment for deep, long-lasting relationships and support for pastoral needs. They create opportunities for spiritual growth and seek to find ways they can impact their local communities.
## Equipping the Church
St Matt’s seeks to be a church that equips every member to influence the sphere of society in which they find themselves. We encourage and pray for those working in business, healthcare, education, the home and the charitable and care sectors. Our vision is to bring Christians together around shared vocations and passions (for example: Creative Industries, Business or Education); in these mid-sized communities (called Collectives), individuals will work out ways to share skills and experiences, innovate in their fields and find ways to exercise their gifts. In the past 12 months, 4 new Collectives have been established and we hope to begin many more in the year ahead.
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
Our intention is to deploy these equipped Christians into a variety of areas, supported by the church to reduce poverty and isolation and transform society in Exeter. Our previous work in Exeter Prison has been suspended due to Covid-19 regulations but we hope to re-establish a volunteer team leading monthly services in the prison chapel.
We also seek to invest in leaders and future leaders of the Church of England. St Matt’s is responsible for the training and development of Revd. Vanessa Pestridge who will serve her Curacy in the parish until 2024. She is involved in a number of areas including leading volunteer teams, training small group leaders, midweek services and pastoral visiting. Over the next 5 years, we will look to identify potential candidates for ministry within the Church of England and support their training and development.
## Evangelism
St Matt’s intends to be a church which attracts and engages those outside the church. We are committed to running the Alpha course from Holy Trinity Brompton as an accessible and replicable model of evangelism. Each term, we promote the upcoming course and encourage our members to invite family, friends and colleagues to try Alpha and explore the big questions of life, faith and meaning. Our courses have been offered online during the Covid-19 pandemic to preserve the safety of our guests. Each online course has been attended by 20-25 people.
## Children and Young People
We are committed to being an intentionally multigenerational church. St Matt’s designation as a Diocesan Resource Church places special emphasis upon engaging children, families and university students. Our recently launched student group attracts over 40 people and these students are heavily involved in the volunteer teams of the church.
A crucial area of engagement with children and young people is at our Sunday services. Until March 2020, we were able to offer children’s groups for those aged 0-11 alongside our Sunday service. These groups regularly attracted over 30 children and parents and are led and facilitated by a volunteer team in the church hall. In addition there are Sunday groups for 11-14 year olds and midweek groups for young people aged 15-18.
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
To support families of younger children, we offer POLO, (Parents of Little Ones) a mid-week group for parents and toddlers with a particular emphasis for supporting parents in the early stages of their children’s lives. This has been a great group to invite local families to who might otherwise not attend church as it has a wider appeal to those who value the support of other parents with young children.
Many of these activities could not take place in person from March 2020, and operated as online resources or Zoom groups for our community to attend instead. Alongside this, resources were produced to support and enhance Christian faith for children at home.
## Other Activities (inc. Ecumenical Relationships)
As a Resource Church, St Matt’s is committed to fruitful partnerships with other churches and faith-based organisations. This is partially achieved by the involvement of clergy and lay-leaders in ecumenical groups, and we are also members of Churches Together in Exeter. St Matt’s has been able to support the work of other churches by creating and making available digital resources for other churches to use. We have also offered consultancy and training to local organisations and churches seeking to enhance their online presence.
## Deanery Synod
Two members of the PCC sit on the Christianity Deanery Synod. This provides the PCC with a link to the churches around us and also with the Diocese as a whole. It also receives reports from the Diocesan and General Synod. Among the items discussed were:
- The need to share the vision and resources of the deanery between the edges of the city as well as the central churches;
- The church’s response to the rapid economic growth and development taking place in the city. It was discussed that Exeter’s growth is predominantly through increasing employment and graduate retention rates;
- The need to establish Christian presence on the new housing estates around Exeter in partnership with other denominations and parachurch organisations;
- Bishop Jackie visited Deanery Synod and spoke about inclusivity and the invitation to receive the life-giving water of Jesus and the need for the deanery to develop links with the resource church;
- Several updates regarding the establishment of St Matt’s as a resource church; and
- The Venerable Andrew Beane was introduced as the new Archdeacon.
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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
## Church Fabric
Having completed Phase 1 of a multi-phase church renovation project in 2019, St Matt’s is working towards submitting permissions to begin Phase 2. This will include an extension to the church building that will include toilets and a meeting room that can be used as a parent and baby room on a Sunday morning. Covid-19 has slowed the progression of this work and we look forward to beginning Phase 2 in 2021.
The drainage works required to maintain the North Side of St Matt’s are nearing completion Delays were caused by weather and an unexpected complication with the ground works. As anticipated, this project will expend a significant proportion of the PCC reserves. We plan to maintain reserves equal to three months’ expenditure.
St Matt’s Church Hall now has a partition in place and the stage has been made into a third space meaning the one original room is now far more flexible both during the week and for Children’s groups on Sundays.
## **Financial Review**
The total unrestricted income for the year was £147,496 (2019: £125,940) of which £108,487 (2019: £80,086) was donations. The £143,079 (2019: £585,376) of restricted income includes £108,664 (2019: £528,577) of SDF income. £396,008 (2019: £438,614) was spent to provide Christian ministry at St Matt’s and St Sidwell’s Churches, including the contribution to the Diocesan Common Fund which largely provides stipends and housing for the clergy. This is the amount that the churches in the diocese are asked to contribute to cover these costs. It is calculated by a formula based mainly on the head count of the congregation. The amount also includes £53,659 (2019: £226,420) spent on major improvements to the church building, the majority of which were funded by SDF income.
The net result for the year was a deficit of £106,908 (2019: surplus of £267,840) before gains on investments. After adjusting for gains on investments, the net expenditure for the year was £99,692 (2019: net income £293,427).
The PCC receives rental income from renting the church hall and hall car park.
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
The PCC has designated approximately 10% of the year’s generated income and investment dividends to charities of their choice. This designated fund is called "Charitable Giving" in the accounts. The PCC have agreed that the amount designated to be spent in 2021 is £6,000.
## Reserves Policy
The Finance Team has built on the established budget monitoring process to develop more detailed reporting and analysis to support the decision making of the PCC as it leads the church through a period of growth and recovery from the impact of Covid-19. The PCC aims to hold free reserves broadly equivalent to 3 months’ expenditure (£81k) for the following reasons:
1. To manage cash flow and contractual obligations;
2. In case of significant building maintenance being required; and
3. Against loss of income whilst buildings are not available for rental.
The PCC has set a budget for 2021 with a deficit of £19,570. This deficit is largely due to the projected reduced income from venue hire in the early part of the year as a result of Covid-19. The PCC were willing to approve a deficit budget as expenditure will be reviewed throughout the year against projected and actual income and spending can be reduced if deemed necessary.
The total net assets as at the year end were £1,200,067, and of these, £120,585 are restricted reserves, and £6,000 is designated to next year's charitable giving. Of the remaining £1,073,482 unrestricted general funds, £620,912 is held as tangible fixed assets, and £330,000 in investment property. The remaining free reserves held by the PCC are £122,570.
This is in excess of the reserves policy by £41,570.
When the remedial damp works are fully completed in 2021 and final costs are clear, we will consider how to allocate any remaining funds.
## Risk Management
The policies with Ecclesiastical Insurance Group provide adequate insurance cover for all the activities for which the PCC is involved, including matters such as employers' and public liability.
We have in place, a resilient safeguarding procedure for the recruitment of staff and new volunteers particularly for Kids and Youth team.
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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
## Coronavirus Impact
We are primarily dependent on giving from the congregation to fund our activities and also receive a proportion of our income from venue hire. At the time of preparation of the 2020 Accounts (April 2021) we are still assessing the on-going impact of the coronavirus pandemic. Whilst we’ve seen a change in the nature of our giving, the anticipated reduction in giving due to Covid-19 did not materialise; we have had reduced income from venue hire as community groups and classes have been prevented from taking place.
Our investments have performed well and haven’t dropped in value. We have saved some expenditure on church activity as we have not been able to meet in person. We were granted funds through the Government’s Job Retention Scheme for some staff that were on furlough which led to savings on some salary lines.
Income and expenditure is being actively monitored by the Finance Team. We currently have reserves that would be able to support activity should the need arise toward the end of 2021. The PCC will continue to monitor the situation.
## **Structure, Governance and Management**
The method of appointment of PCC members is set out in the Church Representation Rules. The Council comprises the Incumbent, the Associate Vicar, the Church Wardens, those elected to the Deanery Synod, and other members who are elected at the Annual Parochial Church meeting, by those on the Electoral Roll. Members of the congregation are always encouraged to join the Electoral Roll and to consider standing for election to the PCC.
The PCC supports the incumbent in promoting the ministry and mission of the Church. The powers conferred on the Council by the Parochial Church Councils (Powers) Measure 1956 include the power to acquire, manage, and administer property for Ecclesiastical purposes, and the power to frame an annual budget of monies required for Church work.
The Council is also given power, jointly with the incumbent, to appoint and dismiss Church staff members and to determine the salaries and conditions of service of these officers.
The PCC meets at least six times a year. During these bi-monthly meetings, reports from various ministry areas are reviewed. Our Annual Church Meeting was held on 20[th] October 2020.
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
The Standing Committee consists of the Incumbent, the Associate Vicar, Churchwardens, the PCC Secretary, the Treasurer and one other PCC member. This is the only committee required by law and has the power to transact business of the PCC between its meetings, subject to any direction of the Council.
A Finance Team has been established to work towards the PCC being self-sustainable at the end of the SDF income.
We are also developing a wider pool of volunteers and raising up volunteer team leads who support the Incumbent and staff team to deliver on Sundays and activities throughout the week that seek to meet our aims and objectives.
The staff team comprises an Operations Director, Worship Pastor, Kids & Families Pastor, Youth Pastor, Operations & Leadership Administrator and Cleaner. The first four of these roles are funded by the SDF income for the first five years of the Resource Church. Each staff member will have an annual Personal Development Review which will set out personal aims and objectives for the following year and identify which strategic priorities they are responsible for.
We also have a volunteer Parish & Teams Administrator in post who supports the staff team by completing various administrative tasks.
Every staff team member meets regularly with their line manager and the staff members responsible for the various volunteer teams meet regularly with those team leads. We are committed to ongoing training and development for both staff and volunteers.
## Safeguarding
## Zac Spencer has taken over from Kate Jackson as Safeguarding Officer.
The PCC has complied with its duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have regard to House of Bishops’ guidance on safeguarding children and vulnerable adults) which has been incorporated into the Church Safeguarding Policy and embedded through our safeguarding practices.
The PCC have adopted the Diocesan Dashboard for monitoring compliance with safeguarding best practice.
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
## **Year Ending 31 December 2020**
## **Reference and administrative Information**
The Parochial Church Council of the Ecclesiastical Parish of St Matthew with St Sidwell, Exeter has pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2020.
## **Church Addresses**
St Matthew’s Parish Church, Lower Summerlands, Exeter EX1 2LJ St Matthew’s Church Office, St Matthew’s Church Hall, Clifton Road, Exeter EX1 2BS Charity Registration Number: 1169445
Tel: 01392 248322 Email: hello@stmattsexeter.org Web: www.stmattsexeter.org
St Sidwell’s Chapel, Sidwell Street, Exeter, EX4 6NN
## **Membership of the Parochial Church Council (PCC)**
During 2020 the following served as members of the PCC:
Ex Officio members
Clergy
Rev Ed Hodges (Chair) Rev Matt Clayton Vanessa Pestridge (from October 2020)
Incumbent Associate Vicar Curate
Church Wardens David Edwards (resigned October 2020) Justin James (resigned October 2020) Mark Hobson (from October 2020) Heidi Williams (from October 2020)
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
**Year Ending 31 December 2020**
## Elected Members
Iain Blackwell (resigned December 2020) John Bryant (resigned October 2020) Ian Cockram (resigned October 2020) Lorraine Hayes Electoral Roll Officer and Deanery Synod Representative Clive Orchard (resigned July 2020) Deanery Synod Representative Cristina Orchard (resigned July 2020) Peter Stephenson (resigned September 2020) Bec Thompson (resigned September 2020) David Wigmore (resigned September 2020) Tatiana Wilson (resigned September 2020) Kate Jackson (from October 2020) Alec Kemp (from October 2020) Deanery Synod Representative John Kow (from October 2020) Harry Mutton (from October 2020) Zac Spencer (from October 2020) Safeguarding Officer Kim Wilding (from October 2020) Neil Williams Treasurer Co-opted Members Rev William Birdwood (resigned September 2020) Retired Priest (with PTO) Mike Cleveland (from December 2020) Retired Clergy (with PTO)
Key management personnel include all members of the PCC as well as the Operations Director (Sophie Giles), the Kids & Families Pastor (Jessica Hodges) and the Worship Pastor (Josh Chesworth).
## **Investment Managers**
CCLA Senator House, 85 Queen Victoria Street, LONDON EC4V 4ET
## **Bankers**
Lloyds Bank, 234 High Street, EXETER EX4 3NL
## **Independent Examiner**
Matthew Melksham FCCA, Bush & Co Chartered Accountants,
2 Barnfield Crescent, Exeter, Devon, EX1 1QT
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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Trustees' Annual Report**
**Year Ending 31 December 2020**
This report was approved by the PCC on 26 April 2021 and signed on their behalf by:
……………………………………
## **Rev Ed Hodges PCC Chair**
## **On behalf of the Parochial Church Council**
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**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **Independent Examiner's Report**
## **Year Ending 31 December 2020**
I report to the PCC on my examination of the accounts of The Ecclesiastical Parish of St Matthew with St Sidwell (the church) for the year ended 31 December 2020, which are set out on pages 15 to 33.
## Responsibilities and basis of report
As the church's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## Independent examiner’s statement
Since the gross income for the year exceeds the amount provided in section 145(3) of the Act, I confirm that I am qualified to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Melksham FCCA
Bush & Co Limited
Chartered Accountants
2 Barnfield Crescent
Exeter
Dated: 3 May 2021
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER STATEMENT OF FINANCIAL ACTIVITIES**
## **Year Ending 31 December 2020**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Notes**
**£**
**£**
INCOME FROM
Donations and legacies
**2a)**
108,487
143,079
Charitable activities
**2b)**
3,223
-
Other trading activities
**2c)**
11,798
-
Investments
**2d)**
23,988
-
__________________
_________________
**TOTAL INCOME**
147,496
143,079
__________________
_________________
EXPENDITURE ON
Charitable activities
**3a)**
226,637
169,371
Raising funds
**3b)**
1,475
-
__________________
_________________
**TOTAL EXPENDITURE**
228,112
169,371
__________________
_________________
**Net income/(expenditure) before investment**
**gains/(losses)**
**9**
(80,616)
(26,292)
Net gains/(losses) on investments
7,216
-
__________________
_________________
**NET INCOME/(EXPENDITURE)**
(73,400)
(26,292)
Transfers
**13**
17,533
(17,533)
Reserves brought forward
1,135,349
164,410
____________________
_________________
Reserves carried forward
**14**
1,079,482
120,585|**Total**
**2020**
**Unrestricted**
**funds**
**Restricted**
**Funds**
**£**
**£**
**£**
251,566
80,086
585,376
3,223
3,178
-
11,798
21,340
-
23,988
21,336
-
__________________
__________________
_________________
290,575
125,940
585,376
__________________
__________________
_________________
396,008
138,042
300,572
1,475
4,862
-
__________________
__________________
_________________
397,483
142,904
300,572
__________________
__________________
_________________
(106,908)
(16,964)
284,804
7,216
25,587
__________________
__________________
_________________
(99,692)
8,623
284,804
-
126,283
(126,283)
1,299,759
1,000,443
5,889
____________________
____________________
_________________
1,200,067
1,135,349
164,410|**Total**
**2019**
**£**
665,462
3,178
21,340
21,336
__________________
711,316
__________________
438,614
4,862
__________________
443,476
__________________
267,840
25,587
__________________
293,427
-
1,006,332
____________________
1,299,759|
|---|---|---|
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **BALANCE SHEET**
## **As at 31 December 2020**
|**Notes**
**FIXED ASSETS**
Tangible fixed assets
**7**
Investment property
**8**
Investments
**9**
**CURRENT ASSETS**
Stock
Debtors and prepayments
**10**
Cash at bank and in hand
**LIABILITIES**
Creditors - amounts falling due
within one year
**11**
**Net current assets**
**Total assets less current liabilities**
**NET ASSETS**
**PARISH FUNDS**
**Unrestricted reserves**
General
Designated
**13**
**Restricted reserves**
**13**|**£**
1,773
121,308
97,314
___________________
220,395
59,479
___________________
|**2020**
**£**
620,912
330,000
88,239
______________________
1,039,151
160,916
______________________
1,200,067
______________________
1,200,067
______________________
1,073,482
6,000
______________________
1,079,482
120,585
______________________
1,200,067
______________________|**£**
-
106,437
142,448
___________________
248,885
22,530
___________________
|**2019**
**£**
620,865
330,000
122,539
______________________
1,073,404
226,355
______________________
1,299,759
______________________
1,299,759
______________________
1,124,537
10,812
______________________
1,135,349
164,410
______________________
1,299,759
______________________|
|---|---|---|---|---|
These financial statements were approved by the PCC on 26 April 2021 and were signed on its behalf by:
Rev Ed Hodges
PCC Chair
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## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **STATEMENT OF CASHFLOWS**
## **Year Ending 31 December 2020**
|**Notes**
**Cash flows from operating activities**
**Net cash provided by/(used in) operating activities**
**1**
**Cash flows from investing activities**
Dividends, interest and rents
Proceeds from the sale of investments
Purchase of tangible fixed assets
Purchase of investments
**Net cash provided by/(used in) investing activities**
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning of the**
**reporting period**
**Total cash and cash equivalents at the year end**
**2**|**2020**
**2019**
**£**
**£**
(69,117)
169,961
-
21,336
41,516
35,782
(17,533)
(124,892)
-
-
___________________
___________________
23,983
(67,774)
(45,134)
102,187
142,448
40,261
___________________
___________________
97,314
142,448
___________________
___________________|
|---|---|
16
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE STATEMENT OF CASHFLOWS**
## **Year Ending 31 December 2020**
|**1 Reconciliation of net income/(expenditure) to net cash**
**flows from operating activities**
**Net income for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation
Dividends, interest and rents
Gain on investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
**2 Analysis of cash and cash equivalents**
Cash at bank and in hand
Notice deposits (less than 3 months)
|**2020**
**£**
(99,692)
17,486
-
(7,216)
(1,773)
(14,871)
36,949
__________________
(69,117)
__________________
86,651
10,663
__________________
97,314
__________________|**2019**
**£**
293,427
4,027
(21,336)
(25,587)
(97,036)
16,466
__________________
169,961
__________________
131,785
10,663
__________________
142,448
__________________|
|---|---|---|
17
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **1. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared under the Charities Act 2011 and in accordance with Church Accounting Regulations 2006 together with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).
The financial statements have been prepared under the historic cost convention except for the valuation of investment assets, which are shown at fair value.
The PCC meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the PCC.
## **Going concern**
The financial statements have been prepared on the going concern basis. There are no material uncertainties related to events or conditions that may cast significant doubts upon the PCC's ability to continue as a going concern.
## **Funds**
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also not restricted.
Restricted funds are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to the accounts.
The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of the church groups that owe their main affiliation to another body nor those that are informal gatherings of church members.
18
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER NOTES TO THE FINANCIAL STATEMENTS**
**Year Ending 31 December 2020**
## **1. Accounting policies (continued)**
## **Income**
Donations and legacies
Planned giving, collections and general donations are recognised only when received.
Gift aid recoverable on donations is recognised when the donation is received.
Grants and legacies to the PCC are recognised as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is probable.
## Charitable activities
Income from church fee income is recognised when the fee is due.
Income from activities is accounted for gross.
## Other trading activities
Rental income is recognised when the rent is due. Where income is received in advance,
it is recognised in the year in which the event takes place that it relates to.
## Investments
Interest entitlements are accounted for as they accrue.
Dividends are accounted for when due and payable.
## **Expenditure**
Raising funds
Expenditure on raising funds is accounted for on the accruals basis. Raising funds includes the costs of the investment property.
## Charitable activities
Expenditure on charitable activities is accounted for on the accruals basis. The diocesan common fund is accounted for when payable. Any unpaid amount at 31 December is provided for in these accounts as an operational (although not legal) liability and is shown as a creditor in the Balance Sheet.
19
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **1. Accounting policies (continued)**
Grants are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
## **Tangible fixed assets**
## Consecrated land and buildings and moveable church furnishing
Consecrated and beneficed property is excluded from the accounts by s10(2)(a) of the Charities Act 2011.
No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
## Freehold property
Freehold property is valued at purchase price. In the opinion of the PCC members, depreciation of freehold properties would be immaterial and has not been charged. The members carry out an annual impairment review, and in their opinion no provision is necessary in respect of the value at which freehold properties are included in the financial statements.
## Other fixed assets
Other fixed assets are recognised at cost. Individual assets with a purchase price less than £1,000 are written off when the asset is acquired.
Depreciation has been provided on other fixed assets on a straight line basis in order to write off the cost of the assets over the following estimated useful lives:
Fixtures and fittings - 10 years
Computers and equipment - 5 years
## **Investment properties**
Investment properties are included in the balance sheet at their open market value in accordance with FRS 102 and are not depreciated.
20
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **1. Accounting policies (continued)**
## **Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SOFA includes net gains and losses arising on revaluations and disposals throughout the year.
## **Debtors**
Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for any amounts that may prove uncollectable. These are recognised initially at the settlement amount. Prepayments are valued at the amount prepaid, net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
## **Creditors**
Creditors are recognised when the PCC has an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount that the PCC anticipates it will pay to settle the debt or the amount it has received as advanced payment for the goods or services it must provide.
## **Financial instruments**
The church only has financial assets and liabilities of a kind that qualify as basic financial instruments. All (including debtors and creditors) are initially recognised at transaction value and subsequently measured at their settlement value.
21
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
|**2**
**Income from:**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**£**
**£**
**2a) Donations and legacies**
Planned giving
83,700
-
Gift aid recoverable
15,101
372
Collections
1,393
273
General donations and appeals
6,891
2,124
Church weekend
-
-
SDF grants
-
108,664
Coronavirus Job Retention
Scheme
1,402
-
Other grants
-
31,646
__________________
__________________
108,487
143,079
**2b) Charitable activities**
Weddings and funerals
276
-
Student weekend away
2,947
-
Youth Spree
-
-
Film hub contributions
-
-
__________________
__________________
3,223
-
**2c) Other trading activities**
St Sidwell Hall rental
3,010
-
St Mattew's Church Hall rental
7,207
-
St Matthew's parking
1,581
-
__________________
__________________
11,798
-
**2d) Investments**
Dividends and interest
2,513
-
Crown House rental
21,475
-
__________________
__________________
23,988
-
__________________
__________________
**Total income**
147,496
143,079
__________________
__________________|**Total**
**2020**
**£**
83,700
15,473
1,666
9,015
-
108,664
1,402
31,646
__________________
251,566
276
2,947
-
-
__________________
3,223
3,010
7,207
1,581
__________________
11,798
2,513
21,475
__________________
23,988
__________________
290,575
__________________|**Total**
**2019**
**£**
64,885
12,599
2,246
1,962
4,225
579,545
-
-
__________________
665,462
2,393
-
750
35
__________________
3,178
2,564
16,551
2,225
__________________
21,340
2,687
18,649
__________________
21,336
__________________
711,316
__________________|
|---|---|---|
22
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
|**3**
**Expenditure on:**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**£**
**£**
**3a) Charitable activities**
Missionary and charitable giving
(Note 6)
11,029
310
LYN food bank (Note 13)
-
18,540
Diocesan common fund
46,121
-
Ministry costs
935
-
Cost of services
3,190
-
Worship & production costs
5,526
-
Youth, students & children's work
5,987
-
Staff costs (Note 4)
11,423
93,158
PAIS intern
-
-
Maintenance and repairs
104,548
-
Major improvements
3,126
50,533
Church running costs
9,991
-
Church hall running costs
1,473
-
Administrative costs
1,666
6,830
Church weekend costs
-
-
Youth Spree costs
-
-
Film hub costs
-
-
Depreciation
17,486
-
SDF set up costs (non-building)
-
-
SDF operations
-
-
Support and governance costs
Legal and professional fees
2,235
-
Independent examiner's fee
1,901
-
PCC expenses
-
-
___________________
___________________
226,637
169,371|**Total**
**2020**
**£**
11,339
18,540
46,121
935
3,190
5,526
5,987
104,581
-
104,548
53,659
9,991
1,473
8,496
-
-
-
17,486
-
-
2,235
1,901
-
___________________
396,008|**Total**
**2019**
**£**
17,335
-
43,225
6,570
381
8,056
918
61,876
2,108
1,871
226,420
21,187
7,334
1,917
9,416
880
69
4,027
11,351
2,392
8,993
2,000
288
___________________
438,614|
|---|---|---|
23
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
|**3**
**Expenditure on (Continued):**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**£**
**£**
**3b) Raising funds**
Crown house costs
1,475
-
___________________
___________________
**Total expenditure**
234,912
162,571
___________________
___________________
**4**
**Staff costs**
Wages and salaries
Social security costs
Employer's pension contributions
Average number of employees
Average number of full-time
equivalent employees|**Total**
**2020**
**£**
1,475
___________________
397,483
___________________
**2020**
**£**
98,522
4,183
1,876
__________________
104,581
__________________
**2020**
6
3.6|**Total**
**2019**
**£**
4,862
___________________
443,476
___________________
**2019**
**£**
60,111
690
1,075
__________________
61,876
__________________
**2019**
4
2.5|
|---|---|---|
During the year the PCC did not employ anyone who earned £60,000 per annum or more (2019: none).
Total employee benefits (including pension and employer's national insurance contributions) to key management personnel was £90,264 (2019: £31,359).
24
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **5 Related party transactions**
Cristina Orchard was an elected member of the PCC and is married to Clive Orchard who was also an elected member of the PCC. Cristina was also employed as the church administrator and received gross salary of £4,054 (2019: £10,524) and employer's pension contributions of £23 (2019: £121).
Jess Hodges is married to Ed Hodges, who is the incumbent and chair of the PCC. Jess Hodges was employed from March 2020 as the kids and families pastor and received gross salary of £18,500 (2019: £nil) and employer's pension contributions of £251 (2019: £nil).
During the year to 31 December 2020, the charity received £45,802 (2019: £34,307) in donations from the PCC members, key management personnel and persons closely connected to them. The donors did not attach any conditions to their gifts which required the charity to significantly alter the nature of its existing activities.
No other transactions were undertaken with any other PCC member, persons closely connected to them or related parties.
## **6 Missionary and charitable giving**
|**Missionary and charitable giving**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|Bible Society|50|600|
|Bishop's discretionary fund|70|226|
|Buburi Clinic|100|1,450|
|Christians Against Poverty (Exeter)|900|600|
|Choices Pregnancy Centre|-|500|
|Church Mission Society|100|1,200|
|Crisis|-|70|
|CTaX|-|50|
|Exeter City Centre Chaplaincy|25|300|
|Exeter University Christian Union|-|250|
|Foodbank|1,300|600|
|Friends International|-|500|
|Hospice care|50|-|
|ICE Charitable Trust|900|600|
|Latin Link|-|500|
25
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **6 Missionary and charitable giving (continued)**
|Newtown Community Association
Peninsula Initiative - SW Community Chaplaincy
RD&E Neonatal ICU
REAP UK
Release International
Send a Cow
South West Carols
St Basils Church
St Sidwell's Centre
St Sidwell's School
St Sidwell's School leaver's Bibles
Street Pastors
Tearfund
YMCA
Discretionary gifts (5 gifts)|**2020**
**£**
-
980
268
-
200
100
100
1,000
1,900
-
297
800
1,040
900
259
________________
11,339
________________|**2019**
**£**
500
1,082
500
250
600
1,200
-
-
1,100
500
308
800
1,487
1,400
162
________________
17,335
________________
-|
|---|---|---|
26
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
|**7**
**Tangible fixed assets**
**Land and**
**buildings**
**Fixtures and**
**fittings**
**Computers**
**and equipment**
**£**
**£**
**£**
**Cost**
Brought forward
500,000
78,043
46,849
Additions
14,066
-
3,467
___________________
___________________
___________________
Carried forward
514,066
78,043
50,316
**Depreciation**
Brought forward
-
1,666
2,361
Charge for year
-
7,804
9,682
___________________
___________________
___________________
Carried forward
-
9,470
12,043
**Net book value**
Carried forward
514,066
68,573
38,273
___________________
___________________
___________________
Brought forward
500,000
76,377
44,488
___________________
___________________
___________________|**Total**
**£**
624,892
17,533
___________________
642,425
4,027
17,486
___________________
21,513
620,912
___________________
620,865
___________________|
|---|---|
Land and buildings only contains the St Matthew's Church Hall deemed cost.
## **8 Investment property**
Brought forward and carried forward
**£** 330,000 __________________
The only investment property held by the PCC is Crown House. The PCC have valued the property based on the fact that market rent is being charged at a rate of £20,000 per annum. A 10 year lease was entered into in 2019 with the current tenant, so the PCC believe the value is unlikely to have changed materially given vacant possession would not be possible on a sale.
27
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **9 Investments**
|Market value brought forward
Disposal proceeds
Net gains on revaluation
Market value carried forward|**£**
122,539
(41,516)
7,216
__________________
88,239
__________________|
|---|---|
## **10 Debtors and prepayments**
|Tax recoverable
Prepayments
Other debtors
SDF income|**2020**
**£**
1,679
4,686
100
114,843
___________________
121,308
___________________|**2019**
**£**
1,755
3,075
435
101,172
___________________
106,437
___________________|
|---|---|---|
## **11 Creditors and accruals**
|Trade creditors
Accruals
Deferred income
Other creditors|**2020**
**£**
11,911
38,194
5,416
3,958
________________
59,479
________________|**2019**
**£**
7,792
2,000
5,305
7,433
________________
22,530
________________|
|---|---|---|
28
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **12 Contingent assets**
During 2019, St Matt's was awarded a Strategic Development Funding (SDF) grant of £1,333,068 by the Archbishops' Council towards the cost of growing mission in the city of Exeter over 5.5 years. This grant was applied for by the Exeter Diocesan Board of Finance (EDBF), who was acting as an agent on behalf of St Matt's. The grant is claimed by filing expense claims in arrears, with all moneys going through the EDBF and being passed on to St Matt's. Each claim requires approval by administrators of the SDF to ensure it is in line with the original budget submitted. The Archbishops' Council reserves the right to terminate the award if it becomes substantially unlikely that St Matt's will be able to deliver its outcomes as set out in the original grant application. These performance related conditions prevent the full recognition of the grant. So far St Matt's have managed to meet the conditions, so there does not appear to be a reason why the SDF will not be available for 2021. Income has therefore been accrued to cover pre-approved salary expenditure for 2021 and is shown as a debtor in Note 10. Of the total grant, £637,241 has been recognised, leaving £695,827 as a contingent asset.
## **13 Movement in funds**
|**2020**
**Brought**
**forward**
**(restated)**
**Income**
**Expenditure**
**Gains/**
**(losses)**
**Transfers**
**£**
**£**
**£**
**£**
**£**
**Unrestricted reserves**
General
1,124,537
147,496
(217,300)
7,216
11,533
Charitable Giving
10,812
-
(10,812)
-
6,000
______________________
__________________
______________________
_________________
__________________
1,135,349
147,496
(228,112)
7,216
17,533
**Restricted reserves**
Charity collections
-
273
(273)
-
-
CRT (see below)
50,844
-
(36,778)
-
(14,066)
SDF (see below)
113,566
108,664
(112,909)
-
(3,467)
LYN (see below)
-
25,142
(19,411)
-
-
Extension
-
9,000
-
-
-
______________________
__________________
______________________
_________________
__________________
164,410
143,079
(169,371)
-
(17,533)
______________________
__________________
______________________
_________________
__________________
1,299,759
290,575
(397,483)
7,216
-
______________________
__________________
______________________
_________________
__________________|**Carried**
**forward**
**£**
1,073,482
6,000
______________________
1,079,482
-
-
105,854
5,731
9,000
______________________
120,585
______________________
1,200,067
______________________|
|---|---|
29
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
## **13 Movement in funds (continued)**
## **Unrestricted funds**
## Charitable Giving
This is made up of approximately 10% of the year's generated income and investment dividends. The PCC have agreed that the amount designated to be spent in 2021 is £6,000. It is to be paid to charities chosen by the PCC. The previous policy was that the amount would be designated to be spent in the current year, which is why last year's transfer is so high.
## **Restricted funds**
## Charity collections
This fund is where there have been collections for specific charities. The amounts would have been distributed shortly after their receipt.
## Church Revitalisation Trust (CRT)
This fund contains a grant from the Church Revitalisation Trust to be used on building works as part of the Resource Church set up. During the year, £17,533 (2019: £124,893) of the restricted income was spent on capital assets. These purchases satisfied the restriction, and so the cost has been transferred into general funds.
## Strategic Development Funding (SDF)
This fund contains the SDF income that has either been received or is receivable. The carried forward balance is largely made up of the salary costs for 2021 that is funded by SDF income as noted in Note 12.
## Love Your Neighbour (LYN)
Love Your Neighbour is our social response to the Covid-19 crisis. A pop-up food bank was set up to help those in our local community.
30
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
|**13 Movement in funds (continued)**
**2019**
**Brought**
**forward**
**(restated)**
**£**
Unrestricted reserves
General
995,358
Charitable Giving
5,085
______________________
1,000,443
Restricted reserves
Vicar & warden's
discretionary fund
89
Lee Abbey 2019
5,800
Charity collections
-
CRT
-
SDF
-
______________________
5,889
______________________
1,006,332
______________________|**Income**
**Expenditure**
**£**
**£**
125,940
(126,414)
-
(16,490)
____________________
______________________
125,940
(142,904)
-
(89)
5,006
(9,416)
825
(825)
50,968
(124)
528,577
(290,118)
____________________
______________________
585,376
(300,572)
____________________
______________________
711,316
(443,476)
____________________
______________________|**Gains/**
**(losses)**
**£**
25,587
-
______________________
25,587
-
-
-
-
-
______________________
-
______________________
25,587
______________________|**Transfers**
**£**
104,066
22,217
______________________
126,283
-
(1,390)
-
-
(124,893)
______________________
(126,283)
______________________
-
______________________|**Carried**
**forward**
**(restated)**
**£**
1,124,537
10,812
______________________
1,135,349
-
-
-
50,844
113,566
______________________
164,410
______________________
1,299,759
______________________|
|---|---|---|---|---|
## Lee Abbey 2019
This fund is for gifts towards the church weekend in 2019. The surplus was transferred to the general fund with permission from the donors.
31
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF**
## **ST MATTHEW WITH ST SIDWELL, EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year Ending 31 December 2020**
|**14**
**Analysis of Assets and liabilities between funds**
**2020**
**Unrestricted**
**funds**
**Restricted**
**funds**
**£**
**£**
**Fixed assets**
Tangible fixed assets
620,912
-
Investment property
330,000
-
Investments
88,239
-
Stock
1,773
-
Debtors and prepayments
6,465
114,843
Cash at bank and in hand
91,572
5,742
Current liabilities
(59,479)
-
______________________
___________________
Net assets
1,079,482
120,585
______________________
___________________
**2019**
Tangible fixed assets
620,865
-
Investment property
330,000
-
Investments
122,539
-
Debtors and prepayments
5,167
101,270
Cash at bank and in hand
66,920
75,528
Current liabilities
(10,142)
(12,388)
______________________
___________________
Net assets
1,135,349
164,410
______________________
___________________|**Total**
**£**
620,912
330,000
88,239
1,773
121,308
97,314
(59,479)
______________________
1,200,067
______________________
620,865
330,000
122,539
106,437
142,448
(22,530)
______________________
1,299,759
______________________|
|---|---|
32