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 2022 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER |Contents|Page| |---|---| |Annual Report|1 - 11| |Independent Examiner's Report|12| |Statement of Financial Activities|13| |Balance Sheet|14| |Statement of Cash Flows|15 - 16| |Notes to the Financial Statements|17 - 29| ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER TRUSTEE’S ANNUAL REPORT ## Year Ending 31 December 2022 ## Aim and Purpose The Parochial Church Council of the Ecclesiastical 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. 2022 has been a period of sustained growth for St Matt’s. With the impact of the Covid-19 related restrictions now behind us, we have been able to refocus our efforts upon growing the _1_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER ## TRUSTEE’S ANNUAL REPORT ## Year Ending 31 December 2022 church community, increasing the impact of our current activities and developing strategic goals for the next few years. A primary task has been to consolidate our current activities with a view to multiplying them in readiness for church planting and further growth. Throughout much of the year, we have been developing plans to establish a new campus in another area of the city. This will enable new worshipping communities to be built, greater services provided to children and families and further opportunities to authentically evangelise. As we approach the end of our Strategic Development Funding (SDF), we continue to carefully plan both financially and operationally for the sustainable future of the organisation. We intend for St Matt’s to become fully self-sustaining in the longer term by building a growing community of active Christians who embody the Diocesan vision to grow in prayer, make new disciples and serve the people of Devon with joy. In December 2022, Rev Matt Clayton was appointed leader of Unlimited Church. Unlimited is a youth focused church located in central Exeter which will provide an excellent opportunity for Matt to use his skills and talents to further the church in Exeter. We are immensely grateful to Matt for his hard work and contribution to St Matt’s. ## Achievements and performance ## _Worship and Prayer_ The largest gathering of people at St Matt’s continue to be our services of worship, encouragement and prayer. There have been 3 weekly services held throughout the year including: - A midweek traditional Eucharist; and - 2 contemporary and accessible Sunday services at 10am and 6pm. Collectively these services attract up to 360 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. In response to feedback from members of the community, our patterns of weekly prayer changed in Summer 2022. Rather than an 8am weekly prayer gathering, we intend to offer a lunchtime prayer meeting in 2023. We continued our pattern of half-termly ‘Kingdom Come’ events which include worship and prayer to pray for the needs of the church and city. St Matt’s has a growing worship team, resourced by approximately 45 volunteers who lead worship at our services and events like Kingdom Come and Alpha. _2_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER TRUSTEE’S ANNUAL REPORT ## Year Ending 31 December 2022 ## _Creating and Strengthening Community_ St Matt’s exists to create and strengthen community through belonging. One of the ways this is achieved is through midweek Groups. In response to strategic analysis by our staff team, we restructured groups to make them more easily accessible, replicable and to improve the leadership. At present there are 16 groups meeting fortnightly across Exeter and beyond. These groups are led by trained volunteers who organise, teach and pastor their attendees. Groups are now more flexible with some forming for a term and others being more permanent. This reflects the changing needs and life stages of the group members and makes leadership more manageable for the volunteers involved. 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. We actively encourage groups to play their part in the transformation of their locality. ## _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 and this is often emphasised in our gatherings and services. 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. We also continue to support and encourage members of our community to play an active role in outreach and social action through partner organisations. These have included organisations supporting those leaving the care system, adoption, fostering and homeless feeding programmes. 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. We continue to identify potential candidates for ministry within the Church of England and support their training and development. In 2022, we referred 8 people to the Diocese of Exeter for further exploration and discernment. ## _Evangelism_ St Matt’s continues 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 _3_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER TRUSTEE’S ANNUAL REPORT Year Ending 31 December 2022 of life, faith and meaning. From September 2022, courses have been offered in person attracting a peak attendance of 35 guests. We also continue to offer other courses and events which provide easy opportunities for those attending to explore faith and find out about Christianity. ## _Children and Young People_ St Matt’s is an intentionally multigenerational church with an emphasis upon reaching those groups who are least likely to attend church. Namely, families with young children, students and young adults. St Matt’s designation as a Diocesan Resource Church places special emphasis upon engaging children, families and university students and these continue to be top priorities for us. Our recently launched student group attracts over 60 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. Our Sunday Kid’s groups regularly attracts over 45 children and their 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. 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 on supporting parents in the early stages of their children’s lives. The peak attendance in 2022 was 129 people – 68 children and 61 adults. 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. We also offered Alpha as a follow-on to POLO for the first time in 2022. ## _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 layleaders in ecumenical groups, and we are also members of Churches Together in Exeter. We continue to offer consultancy and training to local organisations and churches seeking to enhance their own services and activities using our models. Additionally, a number of other faith based and community organisations make use of our premises. This has included hosting regional strategic events on behalf of the Diocese of Exeter, regional Alpha UK events, local school performances and charity fundraisers. _4_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER TRUSTEE’S ANNUAL REPORT Year Ending 31 December 2022 ## _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: - Three brief presentations on the Next Steps document: - Growth Values, how the culture of a church is expressed in behaviour, attitudes and relationships of the people that make it. - Mixed Ecology of Church and building up the Parish. - Healthy Mission Community Audit - it was noted that although some elements would be common to all Mission Communities, for example, having vision and strategy as well as the resources of people, money and buildings to deliver them, there would be differences in each particular place. - Election result of four members of the House of Laity to represent the Diocese in General Synod including Georgia Willis from St Matt’s Exeter. - The meeting held on 26[th] March 2022 included an update on the situation regarding arrangements for refugee sponsorship for those coming to the UK from Ukraine. Further information on support and prayer for Ukraine is available on the Diocesan website. ## _Church Fabric_ In 2021, St Matt’s sought a faculty to carry out phase two of a major renovation. This was granted in October 2021 and work began in December. The work was completed in early 2022 although some rectification work was needed for the steps to meet building control regulations. This is now complete. There is now step free access between the stage (chancel) and ground floor of the church, a levelled stage and a store room underneath the organ. Towards the end of 2022, we received Council planning permission for phase 3 of our building works. This will comprise an extension to the side of church, allowing for six new toilets and a breakout space which will be used on Sundays for parents and young babies and during the week as a meeting space. The installation of new toilets will greatly improve the experience of visiting St Matt’s. _5_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER ## TRUSTEE’S ANNUAL REPORT ## Year Ending 31 December 2022 In 2022 we also replaced the fraying carpet with new carpet tiles. They are more resilient to wear and individual tiles are easily replaceable if needed. ## Financial Review The total unrestricted income for the year was £220,333 (2021: £152,852) of which £172,547 (2021: £118,380) was donations. The £210,509 (2021: £159,327) of restricted income includes £171,784 (2021: £150,357) of SDF income. £335,005 (2021: £286,129) 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 £54,669 (2021: £13,218) spent on major improvements to the church building. The net result for the year was a surplus of £95,837 (2021: £26,050) before gains/losses on investments. After adjusting for losses on investments, the net income for the year was £88,466 (2021: £34,572). The PCC receives rental income from renting the church hall, hall car park and some spaces in the church car park. 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 2023 is £8,000. The PCC have also allocated £2,000 to a “Local Neighbourhood Fund”, a fund available for those in the immediate community to apply to for grants to help with everyday living costs. ## _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 (£83,000) 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 approved a budget for 2023 with a deficit of £26,000. This deficit is predominantly due to the PCC approaching the end of our SDF funding and needing to partially fund some of _6_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER TRUSTEE’S ANNUAL REPORT ## Year Ending 31 December 2022 the staff salaries. The PCC was 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 PCC have also been anticipating this need to bridge the gap between SDF funding and ongoing financial sustainability and as such, have reserves available to cover the deficit if necessary. The total net assets as at the year end were £1,323,105, and of these, £196,478 are restricted reserves. Of the remaining £1,126,627 unrestricted general funds, £585,177 is held as tangible fixed assets, and £330,000 in investment property. The remaining free reserves held by the PCC are £211,450. This is in excess of the reserves policy by £128,450. We are continuing to hold reserves in excess of the policy as we work towards establishing financial sustainability at the end of the external SDF funding period when a period with some deficits is anticipated. ## _Risk Management_ The policies with Ecclesiastical Insurance Group provide adequate insurance cover for all the activities in which the PCC is involved, including employers' and public liability. We have in place a resilient safeguarding procedure for the recruitment of staff and new volunteers particularly for the Kids and Youth team. The PCC holds a Risk Register that is reviewed on a regular basis by the senior staff team and is presented to the PCC each year. ## _Coronavirus and world events 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 2022 accounts (February 2023), we have maintained our external bookings at a slightly lower level than before the coronavirus pandemic. The anticipated reduction in giving due to Covid-19 did not materialise. Our investments have stabilised having dropped in value earlier in the year. 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 2023. The PCC will continue to monitor the situation. _7_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER TRUSTEE’S ANNUAL REPORT ## Year Ending 31 December 2022 ## Structure, Governance and Management The method of appointment of PCC members is set out in the Church Representation Rules 2020. 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 five times a year. During these meetings, reports from various ministry areas are reviewed. Our Annual Parochial Church Meeting was held on 23[rd] May 2022. The Standing Committee consists of the Incumbent, the Associate Vicar, Churchwardens, the PCC Secretary, the Treasurer and two other PCC members. 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 and Operations & Leadership Administrator. It has previously also included a cleaner but this role was made redundant in 2022. In 2021, we recruited a temporary Production Coordinator role, funded by the Allchurches Trust (now Benefact Trust). This temporary contract has now come to an end. The first four of the above 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 and a Facilities Co-ordinator who helps to oversee the _8_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ## ST MATTHEW WITH ST SIDWELL, EXETER ## TRUSTEE’S ANNUAL REPORT ## Year Ending 31 December 2022 maintenance and cleaning of the buildings. We have also more recently recruited a volunteer DBS Administrator who processes all our DBS checks and references. 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_ Georgina Hutson is our Parish Safeguarding Representative. She is supported by Andrea Pethick and Janet Spencer. 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 has adopted the Diocesan Dashboard for monitoring compliance with safeguarding best practice. 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 2022. ## _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 _9_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW WITH ST SIDWELL, EXETER ## TRUSTEE’S ANNUAL REPORT Year Ending 31 December 2022 ## _Membership of the Parochial Church Council (PCC)_ PCC members who have served from 1 January 2022 until the date this report was approved were: _Ex Officio members Clergy_ Rev Edward Hodges (Chair) Incumbent Rev Matt Clayton (until 11th December 2022) Associate Vicar Rev Vanessa Pestridge Curate _Church Wardens_ Mark Hobson Rebecca Barratt (from May 2022) Heidi Williams (resigned May 2022) ## _Elected Members_ Chloe Christine (from May 2022) Jade Faulkner-Lloyd (from May 2022) Lorraine Hayes Electoral Roll Officer and Deanery Synod Representative Georgina Hutson Safeguarding Officer Kate Jackson Deanery Synod Representative Alec Kemp (died May 2022) John Kow Harry Mutton (resigned May 2022) Kim Wilding Neil Williams Treasurer Adam Westaway _Co-opted Members_ Mike Cleveland 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 _10_ THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ## ST MATTHEW WITH ST SIDWELL, EXETER TRUSTEE’S ANNUAL REPORT Year Ending 31 December 2022 ## _Bankers_ Lloyds Bank, 234 High Street, EXETER EX4 3NL ## _Independent Examiner_ Shane Cann ACA FCCA CTA Bush & Co Chartered Accountants, 2 Barnfield Crescent, Exeter, Devon, EX1 1QT This report was approved by the PCC on 2023 and signed on their behalf by: 24th April …………………………………… …………………………………… Rev Edward Hodges Mark Hobson PCC Chair PCC Church Warden On behalf of the Parochial Church Council _11_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ## ST MATTHEW WITH ST SIDWELL, EXETER INDEPENDENT EXAMINER’S REPORT ## Year Ending 31 December 2022 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 2022, which are set out on pages 13 to 28. ## _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. S S Cann ACA FCCA CTA Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT Dated: _12_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ## ST MATTHEW WITH ST SIDWELL, EXETER STATEMENT OF FINANCIAL ACTIVITIES Year Ending 31 December 2022 |||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---|---| |||Funds|Funds|2022|funds|Funds|2021| ||Notes|£|£|£|£|£|£| |INCOME FROM|||||||| |Donations and legacies|2a)|172,547|209,722|382,269|118,380|159,327|277,707| |Charitable activities|2b)|6,281|787|7,068|1,238|-|1,238| |Other trading activities|2c)|19,818|-|19,818|11,458|-|11,458| |Investments|2d)|21,687|-|21,687|21,776|-|21,776| |||__________________|_________________|__________________|__________________|_________________|__________________| |TOTAL INCOME||220,333|210,509|430,842|152,852|159,327|312,179| |||__________________|_________________|__________________|__________________|_________________|__________________| |EXPENDITURE ON|||||||| |Charitable activities|3a)|164,951|170,054|335,005|161,516|124,613|286,129| |Raising funds|3b)|-|-|-|-|-|-| |||__________________|_________________|__________________|__________________|_________________|__________________| |TOTAL EXPENDITURE||164,951|170,054|335,005|161,516|124,613|286,129| |||__________________|_________________|__________________|__________________|_________________|__________________| |Net income/(expenditure) before investment|||||||| |gains/(losses)|9|55,382|40,455|95,837|(8,664)|34,714|26,050| |Net gains/(losses) on investments||(7,371)|-|(7,371)|8,522|-|8,522| |||__________________|_________________|__________________|__________________|_________________|__________________| |NET INCOME/(EXPENDITURE)||48,011|40,455|88,466|(142)|34,714|34,572| |Transfers|13|(492)|492|-|(232)|232|-| |Reserves brought forward|13|1,079,108|155,531|1,234,639|1,079,482|120,585|1,200,067| |||____________________|_________________|____________________|____________________|_________________|____________________| |Reserves carried forward|14|1,126,627|196,478|1,323,105|1,079,108|155,531|1,234,639| _13_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ## ST MATTHEW WITH ST SIDWELL, EXETER ## BALANCE SHEET ## As at 31 December 2022 |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|£
1,000
94,716
272,437
___________________
368,153
15,468
___________________|2022
£
585,177
330,000
55,243
______________________
970,420
352,685
______________________
1,323,105
______________________
1,323,105
______________________
1,126,627
-
______________________
1,126,627
196,478
______________________
1,323,105
______________________|£
1,773
103,989
159,613
___________________
265,375
26,395
___________________|2021
£
603,045
330,000
62,614
______________________
995,659
238,980
______________________
1,234,639
______________________
1,234,639
______________________
1,079,108
-
______________________
1,079,108
155,531
______________________
1,234,639
______________________| |---|---|---|---|---| These financial statements were approved by the PCC on 2023 and were signed 24th April on its behalf by: Rev Edward Hodges PCC Chair _14_ ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ## ST MATTHEW WITH ST SIDWELL, EXETER ## STATEMENT OF CASHFLOWS Year Ending 31 December 2022 |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|2022
£
112,824
-
-
-
-
___________________
-
112,824
159,613
___________________
272,437
___________________|2021
£
28,152
-
34,147
-
-
___________________
34,147
62,299
97,314
___________________
159,613
___________________| |---|---|---| _15_ ## 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 2022 |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)
|2022
£
88,466
17,868
-
7,371
773
9,273
(10,927)
__________________
112,824
__________________
261,774
10,663
__________________
272,437
__________________|2021
£
34,572
17,867
-
(8,522)
-
17,319
(33,084)
__________________
28,152
__________________
148,950
10,663
__________________
159,613
__________________| |---|---|---| _16_ THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ## ST MATTHEW WITH ST SIDWELL, EXETER NOTES TO THE FINANCIAL STATEMENTS Year Ending 31 December 2022 ## 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. ## 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. _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 2022 ## 1. Accounting policies (continued) ## _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. Grants are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. ## Taxation The charity is exempt from tax on its charitable activities. ## Tangible fixed assets ## _Consecrated land and buildings and moveable church furnishings_ 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. _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 2022 ## 1. Accounting policies (continued) ## _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. ## 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. _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 2022 ## 1. Accounting policies (continued) ## 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. |2
Income from:
Unrestricted
Funds
Restricted
Funds
£
£
2a) Donations and legacies
Planned giving
125,474
-
Gift aid recoverable
26,593
-
Collections
3,568
-
General donations and appeals
16,912
35,938
SDF grants
-
171,784
Coronavirus Job Retention
Scheme
-
-
Other grants
-
2,000
__________________
__________________
172,547
209,722
2b) Charitable activities
Weddings and funerals
1,180
-
Student weekend away
4,976
787
Youth Spree
125
-
__________________
__________________
6,281
787
2c) Other trading activities
St Sidwell Hall rental
-
-
St Mattew's Church Hall rental
13,154
-
St Matthew's parking
6,664
-
__________________
__________________
19,818
-|Total
2022
£
125,474
26,593
3,568
52,850
171,784
-
2,000
__________________
382,269
1,180
5,763
125
__________________
7,068
-
13,154
6,664
__________________
19,818|Total
2021
£
78,439
19,016
1,141
20,848
150,357
238
7,668
__________________
277,707
300
938
-
__________________
1,238
216
9,455
1,787
__________________
11,458| |---|---|---| _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 2022 |2d
Investments
Unrestricted
Funds
Restricted
Funds
Dividends and interest
£
1,687
£
-
Crown House rental
20,000
-
__________________
__________________
21,687
-
__________________
__________________
Total income
220,333
210,509
__________________
__________________
3
Expenditure on:
Unrestricted
Funds
Restricted
Funds
£
£
3a) Charitable activities
Missionary and charitable giving
(Note 6)
8,050
3,228
LYN food bank (Note 13)
-
2,371
Diocesan common fund
51,821
-
Ministry costs
2,006
-
Cost of services
13,831
62
Worship & production costs
3,276
-
Youth, students & children's work
15,255
-
Staff costs (Note 4)
11,620
109,724
Maintenance and repairs
6,882
-
Major improvements
-
54,669
Church running costs
18,078
-
Church hall running costs
2,082
-
Administrative costs
11,491
-
Depreciation
17,868
-
_Support and governance costs_
Legal and professional fees
576
-
Independent examiner's fee
2,115
-
___________________
___________________
164,951
170,054|_|Total
2022
£
1,687
20,000
__________________
21,687
__________________
430,842
__________________
Total
2022
£
11,278
2,371
51,821
2,006
13,893
3,276
15,255
121,344
6,882
54,669
18,078
2,082
11,491
17,868
576
2,115
__________________
335,005|_|Total
2021
£
1,776
20,000
__________________
21,776
__________________
312,179
__________________
Total
2021
£
6,437
2,424
48,888
4,177
9,753
5,077
7,625
123,615
15,597
13,218
13,623
2,049
13,904
17,867
-
1,875
__________________
286,129| |---|---|---|---|---| |||||| _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 2022 |3
Expenditure on (continued):
Unrestricted
Funds
Restricted
Funds
£
£
3b) Raising funds
Crown house costs
-
-
___________________
___________________
Total expenditure
164,951
170,054
___________________
___________________
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
2022
£
-
___________________
335,005
___________________
2022
£
114,265
4,748
2,331
__________________
121,344
__________________
2022
6
4|Total
2021
£
-
___________________
286,129
___________________
2021
£
116,045
5,266
2,304
__________________
123,615
__________________
2021
7
4| |---|---|---| During the year the PCC did not employ anyone who earned £60,000 per annum or more (2021: none). Total employee benefits (including pension and employer's national insurance contributions) to key management personnel was £93,170 (2021: £92,006). ## 5 Related party transactions Jessica Hodges is married to Edward Hodges, who is the incumbent and chair of the PCC. Jessica Hodges is employed as the kids and families pastor and received gross salary of £19,584 (2021: £19,328) and employer's pension contributions of £400 (2021: £393). _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 2022 - 5 Related party transactions (continued) During the year to 31 December 2022, the charity received £72,010 (2021: £46,374) in donations from the PCC members, key management personnel and persons closely connected to them. Included in this amount was a donation of £25,000 which has been restricted (see note 13) for kitchen and carpet refurbishment works. The remaining gifts did not have any conditions which required the charity to significantly alter the nature of its existing activities. No other transactions or expenses were undertaken with any other PCC member, persons closely connected to them or related parties. ## 6 Missionary and charitable giving |Bridge The Gap
CAP
Christians Against Poverty (Exeter)
Children’s Society
CoLab Exeter
CTaX
Foodbank
Home for Good
ICE Charitable Trust
Lifelines Exeter
Nayamba Trust
Newtown Community Association
Peninsula Initiative - SW Community Chaplaincy
Open Doors
RD&E Neonatal ICU
Southernhay Church
St Petrock’s
St Sidwell's Centre
St Sidwell's School leaver's Bibles
Street Pastors
Tearfund
The Beehive Foundation
Ukraine Appeal
YMCA
Discretionary gifts|2022
£
1,820
250
-
28
165
35
1,200
600
150
-
485
-
600
250
257
-
500
-
450
300
500
250
638
2,800
-
________________
11,278
________________|2021
£
-
-
577
-
-
35
577
-
577
25
-
300
577
500
-
300
-
578
325
577
500
-
-
577
412
________________
6,437
________________
-| |---|---|---| _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 2022 |7
Tangible fixed assets
Land and
buildings
Fixtures and
fittings
Computers
and
equipment
£
£
£
Cost
Brought forward
514,066
78,043
50,316
Additions
-
-
-
___________________
___________________
___________________
Carried forward
514,066
78,043
50,316
Depreciation
Brought forward
-
17,274
22,106
Charge for year
-
7,805
10,063
___________________
___________________
___________________
Carried forward
-
25,079
32,169
Net book value
Carried forward
514,066
52,964
18,147
___________________
___________________
___________________
Brought forward
514,066
60,769
28,210
___________________
___________________
___________________|Total
£
642,425
-
___________________
642,425
39,380
17,868
___________________
57,248
585,177
___________________
603,045
___________________| |---|---| Land and buildings only contains the St Matthew's Church Hall at 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. ## 9 Investments |Market value brought forward
Disposal proceeds
Net gains on revaluation
Market value carried forward|£
62,614
-
(7,371)
__________________
55,243
__________________| |---|---| _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 2022 ## 10 Debtors and prepayments |Tax recoverable
Prepayments
Other debtors
SDF income|2022
£
3,724
2,222
5,018
83,752
___________________
94,716
___________________|2021
£
6,353
2,979
6,403
88,254
___________________
103,989
___________________| |---|---|---| ## 11 Creditors and accruals |Trade creditors
Accruals
Deferred income
Other creditors|2022
£
3,750
3,982
5,518
2,218
________________
15,468
________________|2021
£
6,520
2,372
11,414
6,089
________________
26,395
________________| |---|---|---| ## 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 income will not be available for 2023. Income has therefore been accrued to cover preapproved salary expenditure for 2023 and is shown as a debtor in Note 10. Of the total grant, £959,382 has been recognised, leaving £373,686 as a contingent asset. _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 2022 ## 13 Movement in funds 2022 |Unrestricted reserves
General
Charitable Giving
Restricted reserves
Charity collections
SDF (see below)
LYN (see below)
Extension
Carpet/kitchen
NICU
BTG
Bequest|Brought
forward
£
1,079,108
-
______________________
1,079,108
28
134,292
12,211
9,000
-
-
-
-
______________________
155,531
______________________
1,234,639
______________________|Income
Expenditure
£
£
213,768
(158,386)
6,565
(6,565)
__________________
______________________
220,333
(164,951)
631
(1,151)
171,784
(158,873)
2,050
(2,371)
-
-
25,000
(5,520)
257
(257)
787
(1,882)
10,000
-
__________________
______________________
210,509
(170,054)
__________________
______________________
430,842
(335,005)
__________________
______________________|Gains/
(losses)
£
(7,371)
-
_________________
(7,371)
-
-
-
-
-
-
-
-
_________________
-
_________________
(7,371)
_________________|Transfer
s
£
(492)
-
__________________
(492)
492
-
(1,784)
-
-
-
1,784
-
__________________
492
__________________
-
__________________|Carried
forward
£
1,126,627
-
_____________________
1,126,627
-
147,203
10,106
9,000
19,480
-
689
10,000
_____________________
196,478
_____________________
1,323,105
_____________________
_| |---|---|---|---|---|---| ## 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 2022 is £6,000. It is to be paid to charities chosen by the PCC. The amount designated to be spent in 2023 is £8,000. ## 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. _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 2022 13 Movement in funds (continued) 2022 ## Restricted 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 2023 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. ## _Extension_ This fund has a brought forward balance of £9,000 which will be spent in 2023 on the extension work to the church. ## _Carpet/kitchen_ _This fund contains a restricted gift from members of the congregation to be used on the kitchen refurbishment in the hall and replacement of church carpets._ ## _NICU (Neonatal Intensive Care Unit)_ _This fund contains gifts given to support the work of our local NICU and the RD&E hospital._ ## _BTG (Bridge the Gap)_ _This fund was used for an Exeter football tournament. Funds were received into the LYN fund in 2021 which have been transferred to the BTG fund in 2022._ ## _Bequest_ _This fund contains a bequest to be used on the plant at Exwick which will take place in 2023. The fund will be spent on building and staff costs._ _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 2022 ## 13 Movement in funds (continued) 2021 |Brought
forward
Income
Expenditure
Gains/
(losses)
Transfer
s
£
£
£
£
£
_Unrestricted reserves_
General
1,073,482
152,852
(155,491)
8,522
(257)
Charitable Giving
6,000
-
(6,025)
-
25
______________________
__________________
______________________
_________________
__________________
1,079,482
152,852
(161,516)
8,522
(232)
_Restricted reserves_
Charity
collections
-
28
-
-
-
SDF
105,854
150,357
(122,054)
-
135
LYN
5,731
8,942
(2,559)
-
97
Extension
9,000
-
-
-
-
______________________
__________________
______________________
_________________
__________________
120,585
159,327
(124,613)
-
232
______________________
__________________
______________________
_________________
__________________
1,200,067
312,179
(286,129)
8,522
-
______________________
__________________
______________________
__________________
___________________
14
Analysis of Assets and liabilities between
funds
2022
Unrestricted
funds
Restricted
funds
£
£
Fixed assets
Tangible fixed assets
585,177
-
Investment property
330,000
-
Investments
55,243
-
Stock
1,000
-
Debtors and prepayments
10,964
83,752
Cash at bank and in hand
159,711
112,726
Current liabilities
(15,468)
-
______________________
___________________
Net assets
1,126,627
196,478
______________________
___________________|__
__|Carried
forward
£
1,079,108
-
______________________
1,079,108
28
134,292
12,211
9,000
______________________
155,531
______________________
1,234,639
______________________
Total
£
585,177
330,000
55,243
1,000
94,716
272,437
(15,468)
____________________
1,323,105
____________________| |---|---|---| _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 2022 14 Analysis of Assets and liabilities between funds (continued) |2021
Tangible fixed assets
Investment property
Investments
Stock
Debtors and prepayments
Cash at bank and in hand
Current liabilities
Net assets|603,045
330,000
62,614
1,773
15,735
92,336
(26,395)
______________________
1,079,108
______________________|-
-
-
-
88,254
67,277
-
___________________
155,531
___________________|603,045
330,000
62,614
1,773
103,989
159,613
(26,395)
______________________
1,234,639
______________________| |---|---|---|---| _29_