t lllcltt The Parochial Church Council of the Ecclesiastical Parish of St Matthew with St Sidwell, Exeter Registered Charity Number1169445 Annual Report and Financial Statements For the year ended 31st December 2023
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MAThHEW WITH ST SIDWELL EXETER Contents Page Annucjl Report Independent Exominers Report 12 statement of Financial Activities 13 Balonce Sheet 14 statement of Cash Flows 15-16 Notes to the Financial Statements 17-29
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXEfER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 Aim ond Purpose The Parochial Church Council of the Ecclesiasticol Porish of St Motthew with St Sidwell Exeter hos the responsibility to Go-operote with the incumbent to promote, within the ecclesiasticol parish, the whole mission of the Church, postoral, evangelistic, social ond ecumenicol. The PCC confirms thot It has givern due regard to the Chority Commissiorns guidance on public benefit when reviewing the charity's aims and objectives, and in planning future activitie2. Objectives and Actimties We believe this involve Inviting those outside the church to encounter Jesus and explore Creoting community ond developing a deep experience of elorbging, Equipping our members to live effective Christian lives in every sphere of society, and Sendirig out our members to transform society and proclaim hope. To fulfil this vision, our aims ore.. To build a worshipping, praying and spirit filled community,. To strengthen community ond deepen relotionships throughout the church ond community,. To equip every member to live o distirTrctively Christian life which brings God'8 Kingdom into homes, schools, universities ond workploces,. To evangelise ond spread the gospel, To engage children and young people in the Christian faith,. ond
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER TRUSTEES, ANNUAL REPORT Year Ending 31 December 2023 To offer pastorol core ond support to those living in Newlown and beyond. 2023 has been o year of change ond growth for St Matt's As we approach the end of the irnitial furnding period for the work we are doing In partnership with the Diocese of Exeter and supported by Strategic Development Funding (SDF), our focus has been on future sustainability, consolidoting growth, restructuring our staff team and focilities and developing future church plonts As a result, 2023 has seen significant chonge to the way we deliver our core objectives by moking greater use of volunteers and streomlining the operational needs of the church. The work of the last four years will continue when the SDF funding finishes in August 2024 With this in mind, the PCC and senior management team hove been working on a comprehensive firiariciol plan to ensure continuation of our core octivities. This plan depends on much greater volLJnteer engagement ond coreful financial planning Alongside this we hove focused upon the consolidotion of growth in church activities throughout the week. The number of people engaged by St Mott's has grown significaritly. A primory focus of 2023 hos been to deepen this community and help those new to fcjith to be octively involved in the life of the church With the exception of our Student and Younger Youth ministries, oll areos of church life hove growri numerically We see the consolidation of this growth to be crucial to enoble future plonting ond help the church to be sustainoble into the future To enable further grovrth, we have olso been restructuring our staff teom and focilities to k)etter meet the needs of our current activities. All ministry oreas relv upon strong teams of volunteers to deliver their groups. Rev Matt Cloyton left the staff teom and PCC in December 2022 to lead another church in the city He had primarily been responsible for the leadership of our Students (18-30s) and Youth (11- 18s) ministry areos. Given the proportionotely lower numbers attending these activities, the PCC decided to consolidate his role and the role of Youth Pastor into a new Ministry Head position to encomposs both ministries Therefore, the Youth Pastor role was made redundant in July 2023 The PCC continues to recruit for this senior role ond hopes to appoint a suitable condidate in 2024 who will develop Youth and Student octivities ocross our services. Our volunteers include some 'Super Volunteers, who play o key part in the delivery of our activity and maintenorice of our buildings.
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXEfER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 In 2023, preparotory works to begiri construction of an extension on the church to house six toilets and a small break-out room continued with the expectation that works will be completed in 2024. This will be the final piece of 0 3 phase project to upgrade St Matthew's church to meet the needs of our activities. Finally, a significant project undertaken by St Ivlatt's in 2023 hos been the establishment of a 'church planting, project in St Andrevls Exwick. At the invitation of the Bishops of Exeter ond Crediton, St Mott's was invited to propose a plan for a strategic partnership between our churches to enable church growth In Exwick. In August 2023, Rev Ed Hodges was licensed as Priest in Chorge of Exwick parish and Rev hAack Deptulo wos appointed Curote ot both St Andrew's and St Motthew with St Sidwell. We intend to continue building thege strotegic links and look to streamline the governance of both parishes to reflect this relationship In the meantime, the PCC hcjs agreed to support the revitolisotion of octivities at st Andrew's by providing equiprnent and stofl resource. Overall, we aspire for St Matt's to become fully self-sustoining in the longer term by building a growing community of active Christians who embody the Diocesan vision to grow in prayer, make new disciples ond serve the people of Devon with joy Achievements and performance Vvorship ond Prayer The largest gathering of people at st Matt's continue to be our sepdices of worship, encouragemernt ornd prayer There hove been 3 weekly services held throughout the year iricluding A midweek traditionol Eucharist, and 2 contemporary ond accessible Sundoy services ot10am ond 6pm. Collectively these services attract up to 400 worshippers each weel including over 60 children Services are supported by a variety of volunteer teoms including cafe, hosting, kids, worship and production and overseen by employed members of staff. These teams offer opportunities to senie the wider work of the church and encourage hond>on engagement in our worship ond mission. Proyer and worship provide on importont foundation for the wider octivities of the church. In response to feedbock from members of the cornmunity, our patterns of weekly prayer changed in Summer 2022. We designoted 2023 as a 'Year of Prayer,
TrE PAROCHIAL CHURCH CCiiNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 with weekly lunchtime prayer meetings and Increasing our 'Kingdom Come, events to every month. These provide an opportunity for worship and to pray for the needs of the church ond city St Mott's has o growing worship team, resourced by approximately 50 volunteers who lead worship ot our services and everits like Kingdom Come and Alpha. Creoting cynd Strengthening Community st Mott's exists to create and strengthen community through belonging One of the woyg this is ochieved is through midweek groups. In regponse to strotegic onolysig by our staff teom, we restructured groups to make them more easily occessible in 2023. At present there are 19 groups meeting fortnightly across Exeter and beyond. These groups are led by trained volunteers who organise, teach ond postor their attendees. Groups provide the environment for deep, long-lasting relationships and SLJPPOrt for pastoral needs. They creote opportunities for spiritual growth and seek to find woys they con impact their local communities. ive octively encouroge groups to play their part iri the transformation of their locality. Equipping the Church St Mott's Seeks to be o church that eqLilPS every memL)er to influence the world around them. OLJr intention is to deploy equipped ond motivated Christions into a variety of areas, supported by the church to reduce poverty and isolotion and tronsform society In Exeter. We also continue to gLipport ond encouroge members of our community to ploy an active role in outreach and social action through partner organisotions These hove included organisations supporting those leaving the care system, odoption, fostering and horneless feeding prograrnmes. In September 2023, we storted River Café, a women only spcjce where women on probation can come ond meet their Probation Officers and Support Workers. The vision for River Café is to create a welcoming space where the women who come feel seen, volued ond respected. We also seek to invest in leaders and future leaders of the Church of Englond St Mott's is responsik)le for the troining ond development of Rev Vonesso Pestridge who will serve her Curacy in the parish until 2024. She is irbvolved in o number of areas including leading volunteer teams, training small group leaders, midweek services ond pagtorol visiting In 2023, she wos joined by Rev Mock Deptulo lliho Is currently serving a hybrid curacy between St Matt's and St Andrew's Exwick. We continue to identify potential candidates for ministry within the Church of England
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXEfER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 and support their training and development. There are currently 3 ordinands training for ministry at st Mellitus South West and serving their placement at st Matt's Ev(Jngelism st Mott's corntinues to be o church which ottrcjcts ornd erngoges those outside the church. We are committed to runrning the Alpha course from Holy Trinity Brompton as an accessible and replicable model of evangelism. Each term, we promote the upcoming course and encouroge our members to invite fomily, friends ond colleogues to try Alpha arid explore the k)ig questions of life, foith and meoning In 2023, two courses have been offered in person ottrocting o peak attendance of 30 guests. We also continue to offer other courses and events which provide easy opportunities lor those ottending to explore faith and find out ak)out Cmristianitv. Chilcjren and Young People St Mott's is on intentionolly multigenerotional church with an emphasis upon reaching those groups who are least likely to ottend church. Namely, fomilies with young children, students and young odults St Mott's designation os o DioGes(Jn Resource Church places special emphasis upon engoging children, fomilies and university students and these continue to be top priorities for St ljatt's. Despite the lack of o deoignoted Student or Youth Pastor for much of 2023, we hove continued to offer these groups ond event8. The student ministry is now ottended by oround 30 students. We Intend to focus on this area further once o new Ministry Head has been oppointed as it remains an under-reached oreo of the city's demography. A crucial area of engagement with children and young people is ot our Sundoy services Our Sunday Kids groups regularly attract over 50 children ond their parents and are led ond facilitated k)y o volunteer teom in the church hall. In addition there are Sunday groups for11-14 year olds and midweek groups for young people oged15-18. To support families of younger children, we offer POLO (Parents of Little Ones), a rnid-week group for porents ond toddlers with o particulor empho8is on glipporting parents iri the eorly stoges of their children's lives. This has been a great group to invite locol families to who might otherwise not attend church as it hos o wider appeal to those who volue the support of other porents with yOLing children. We regulorly see over 50 kids and 50 odults attending In addition to this throughout 2023, we have offered POLO Tinies (for children aged l and under). This group hos
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 grown and developed significantly arid currently has betweeri15-20 regulor attendees st Mgtt's also plays on active role in its designoted porish school, St Sidwell's Our Kids and Families Pastor is supported by key volunteers in delivery of collective worship and providing pastoral care to the school staff team. Other Activities (inc. EcLJmenicol Relationships) As a Resource Church, 5t Matt's Is committed to fruitful partnerships with other churches and faitPtrbased organisations. This is partially achieved by the Involvement of clergy and loy-leoders In ecumenical groups, and we are also memk)ers of Churches Together in Exeter. We continue to offer consultancy ond training to local orgonisations and churches seeking to enhance their own services and octivities using our models. Additionally a number of other faith based ond community organisations moke use of our premises. This has included hosting regional strotegic events on beholl of the Diocese of Exeter, regional Alpho UK events, local school performances ond charity fundroisers. Financial Review The totol unrestricted income for the year was £270,917 (2022.. £220,333) of which £222,499 (2022.. £172,547) wos donotions The £348,120 (2022. £210,509) of restricted Income Includes £338,289 (2022. £171,784) of SDF income. £346,103 (2022. £335,005) was spent to provide Christian ministry ot st Njatt's and St Sidwell's Churches, including the contribution to the E)iocesan Common Fund which largely provides stipernds ond housing for the clergy. This Is the omournt that the churches In the diocese are asked to contribute to cover these costs. It is calculated by o formula based mainly on the head count of the Congregation. The expenditure olso Includes £69,052 (2022.. £54,669) spent orn moior improvements to the church building. The net result for the year was a surplus of £272,934 (2022. £95,837) before gainsliosses on investments. After adjusting for gains on investments, the net surplus for the year was £278,132 {2022. £88,466). The PCC receives rental income from renting the church hall, holl car park ond some spaces in the church cor pork.
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXEfER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 The PCC hos designated approximately IO/. of the years generated Income and investment dividends to charities of their choice. This designoted fund is called 'Charitoble Giving in the accounts The PCC hove ogreed thot the amount designated to be spent in 2024 is £10,000. Reserves Policy The Finance Teom has built orn the established budget monitoring process to develop more detailed reporting and analysis to support the decision moking of the PCC os it leodg the church through o period of growth and recovery from the Impact of Covid-lg. The PCC aims to hold free reseples broadly equivalent to 3 months, expenditure (£91,000) for the followirig reasons. l. 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 hos approved a budget for 2024 with a deficit of £20,000. This deficit is predorninontly due to the PCC opprooching the end of our SDF funding cjnd needing to portially fund some of the stoff salaries The PCC was willing to approve a deficit budget as experiditure will be reviewed throughout the yeor against projected and actual income and spending can be reduced if deemed necessory. The PCC hove olso k)een anticipoting this need to bridge the gap between SDF furnding and ongoing financial sustainability and as such, have reserves available to cover the deficit if necessary. The total net ossets os at the year end were £1,601,237, and of these, £246,8E6 are restricted reserves Of the remoining £1,254,351 unrestricted generol funds, £589,252 Is held as tangible fixed assets, ond £330,000 in investment property The remaining free resetves held by the PCC are £335,099 This is in excess of the reserves policy by £244,099. We are continuing to hold reserves in excess of the policy as we work towards establishing financial sustoinok)ility at the end of the external SDF funding period The funding period ends In August 2024 Detailed forecasting has been carried out to build a clear financial picture of the next 6 years We are onticipating deficit budgets until 2030 so the reserves are being held to cover these deficits.
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 Risk Management The policies with Ecclesiastical Insurance Group provide adequate insurance cover for oll the activities in which the PCC is involved, Including employers and public We hove in place o resilient sofeguarding procedure for the recruitment of stoff and new volunteers particulorly for the Kids and Youth team. The PCC holds a Risk Register that is reviewed on a regular basis iJy the senior staff team ond is presented to the PCC each year Our investments hove stobilised hoving dropped in volue earlier in the year Income and expenditure is being actively monitored by the Finance Team. We currently have reserves that would be oble to support (Jctivity should the need arise toward the end of 2024. The PCC will coritinue to monitor the situotion. structure, Governance and Management The method of oppointment of PCC members Is set out In the Church Representation Rules 2022. The Council comprises the Incumbent, the Associate Vicar, the Church Wordens, those elected to the Deanery Synod, ond other rnemk)ers who are elected at the Annuol Porochiol 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. There were109 members in 2023 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) Measure1956 include the power to acquire, manage, and administer property for Ecclesiastical purposes, ond the power to frame on 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 ond to determine the solaries and conditions of service of these officers The PCC met 7 times during 2023 During these meetings, reports from vorious ministry areas are reviewed. Our Annual Parochiol Church Meeting was held on 23 May 2023.
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 The Standing Committee consists of the Incumbent, the Associate Vicar, Churchwordens, the PCC Secretary, the Treasurer ond two other PCC members. This is the only committee required by law and hos the power to transoct business of the PCC between its meetings, subject to any direction of the Council. A Finance Teom has been established to work towords the PCC being self- sustoinoble at the end of the SDF income ond to review the quorterly monagement occounts ond other finonciol papers. We ore olgo developing o wider pool of volunteers ond roiging up volunteer teom leads who support the Incumbent and staff team to deliver on Sundays ond activities throughout the week that seek to meet our aims and objectives. The staff team comprises an Operations Director, Worship Pastor, Kids & Families Postor and Operations & Lecjdership Administrcjtor It hos previously olso included o Youth Pastor but this role was rnade redundont in July 2023. Each staff member will have an annuol Personal Development Review which will set out personal aims and objectives for the following yeor ond identify which strategic priorities they cjre regponsik)le for. We olso hove a volunteer Pori8h & Teom2 Administrotor In post who supports the staff teom by completing various administrative tosks and a Facilities Co-ordinator who helps to oversee the maintenonce ond oleoning of the buildings. We have also more recently recruited o volunteer E)BS Administrator who processes oll our DBS checks and references. Every staff teom member meets regularly with their line manager and the staff members responsible for the vorious volunteer teams meet regularly with those team leods We ore committed to ongoing training ond development for both staff and volunteers. Sofeguarding Porish sofeguarding is supported by Andreo Pethick and Janet Spencer. The PCC has complied with its duty under section 5 of the Sofeguarding ond Clergy Discipline Measure 2016 (duty to have regard to House of Bishops, guidance on safeguarding children and vulnerable odults) which hos been incorporoted into the Church Safeguarding Policy and embedded through our safeguarding practices.
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXEfER TRUSTEES, ANNUAL REPORT Year Ending 31 Docomber 2023 The PCC has adopted the Diocesan Dashboard for monitoring complionce with sofeguording best proctice Reference and administratwe Information The Porochial Church Council of the Ecclesiastical Parish of St Mcjtthew with St Sidwell, Exeter has pleosure in presenting their report cjnd the f inonciol stotements of the charity for the year ernded 31 December 2023. Church Addressgs st Matthew's Parish Church, Lower Summerlands, Exeter EXI 2LJ st Matthew's Church Office, St Matthew's Church Hall, Cliftori Road, Exeter EXI 2BS Charity Registration Number'.1169445 Tel.. 01392 248322 Email. hello@stmattsexeter.org Web. www.stmottsexeter.org St Sidwell'g Chapel, Sidwell Street, Exeter, EX4 6NN Memb8rship of the Parochial Church Council (pcc) PCC members who hove served from l Jcjnuary 2023 until the date this report wos approved were. Ex Officio members Clergy Rev Edward Hodges (Choir) Rev Maciei Stonislow Deptulo (from July 2022) Rev Vanesso Pestridge Incumbent Vicar Curate Church Wcjrdens Mark Hobson Rebecco Barratt Elected Members Chloe Christine Jade Faulkner-Lloyd John Kow Kim Wilding Neil Williams Adam Westoway Frank Ford (from May 2023) Treasurer 10
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASnCAL PARISH OF ST KIATHEW WITH gr SIDWELI EXttER TrUSTEES' ANNUAL REPORT Year Ending 31 December 2023 Co-opted Members Mike Cleveland (with PTO) Retired Clergy Key management personnel include all members of the PCC as well os the Operations Director (oophie Giles), the Kids & Families Postor (Jessica Hodges) and the Worship Pastor (Josh Chesworth until September 2023). Inv9Stmont knlanaggrg LCLA S@notor House, 85 Queen Victoria r99t, IONDQN FCAV 4FF Bank8rs Lloydts BanK 234 High Strcct EXETER EX4 3NL Independent Examiner Mrs S Truran FCCA, FCA Bush & Co Chartered Accountants, 2 Barnflela Lresceni Exeier, Devon EXI IUT This report wos opproved by the PCC on 22nd April 2024 and signed on their behalf by. (ljys Rcv Edward klodgc- Ma b30n PP.e. f.hair PCC Church Warden On behalf of the Par(hla1 Church councll
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MAThHEW WITH ST SIDWELL EXETER INDEFENDENT EXAMINEPS REPORT Yeor Ending J December 2023 I report to the PCC on my exomination of the accounts of The Ecclesiastical PorisN of St Motthew Iwith St Sidwell (the church) for the ye(Jr ended 31 December 2098 Iwhic.h ore set out on pages13 to 29. Responsibilities and bosis of report As the church s TrLJSt&os you ore responsible for the preparotion of th8 aGcounts in occordonce with the requirem8nts of the Choriti8s Act 2011 ('the Act,) I report in respect of my examination ol the Trustee's occounts corried out under section 145 of the 2011 Act and in Gorrying out my exomination I hove followed all the applicable Directions given by the Chority Commission under section145(5)(t)l of the 2011 Act. Independent exominer's statement Since the gross income for the year exceeds the amount provided in section145(3) of the Act, I contirm thot l am qualified to oct os Inde.pendent Exominer Linder the provisions of thot section of the Act and thot my qualificotion is as shown below. I have completed my examination. I confirm that no materiul matters have come to my ottention iri connection with the examinotion qivinq me couse to believe thot in ony moteriol respect". (i) occounting records were not kept In respect of tha choriLY as required by section 130 of the Act", or (21 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 thon ony requirement thot the accounts g1ve a 'true ond fair lev< which is not a motter considered as port of an independent examination. I hove no corncerns and have come across no othgr matters in connection with the exomination to which attention should be drown in this report in order to enoble o proper understanding of the accounts to be reached. Mrs S Truran FCCI FCA Bush & Co Limited Chortered Accountants 2 Bornfield Crescent Exeter EXI IQT 12
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER BAL4NCE SHEET As ot 31 Docembor 2023 2023 2022 Notes FIXED ASss Tangible fixed assets Investment property Investments 589,252 330,000 60,441 585,177 330,000 55,243 979,693 970,420 CURRENT ASSETS Stock 1,000 94,718 272,437 Debtors and prepoyments Cash ot bank and In hand io 20,137 624,363 644,500 368,153 LIABILITIES Creditors- amounts folling due within one yeor 22,956 15,468 Net current assets 621,544 352,685 Total assets less current liabilities 1,601,237 1,323,105 ASSETS 1,601,237 1,323,105 PARISH FUNDS Unrestricted reserves Genercjl 1,254,351 1,126,627 18 1,254,351 1,126,627 Restricted reserves 13 346,886 196,478 1,601,237 1,323,105 These finonciol statements were approved by the PCC on 22nd April 2024 ond were signed on Its behalf by d¥Jp Rev Edward Hodges PCC Choir 14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER STATEMENT OF CASHFLOWS Year Ending 31 Decembor 2023 2023 2022 Notes Cash flows from operating activities Net cosh provided by/(used in) operoting activities 376,794 112,824 Cash flows from investing activities Purchase of tongible fixed assets Net cash provided by/(used in) investing activit18S (24,868) (24,868) Change in cash and cash equwalents in the r8POrting period 351,926 112,824 Cash and cash equrvalents at the beginning of the reporting period 272,437 159,613 Totol cash ond cash equivolents Ot the year end 624,363 272,437 15
TrE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE STATEMENT OF CASHFLOWS Year Ending 31 Decembor 2023 2023 2022 l 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. Depreciatiori Goin on investments (Increase)Idecrease In stocks (Increase)Idecrease in debtors Increosel(decreose) in creditors Net cash provided by/(us8d in) operating activities 278,132 88,466 20,793 (5,198) 1,000 74,579 7,488 17,868 7,371 773 9,273 (10,927) 112,824 376,794 2 Analysis of cash and cash equivalents Cash at bonk and in hand Notice deposits (less than 3 months) 613,700 10,663 261,774 10,663 624,363 272,437 16
THE PAROCHIAL CHURCH CCiINCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decembor 2023 Accounting policies Basis of preparation The financial statements have been prepared under the Charities Act 2011 ond in accordance with Church Accounting Regulations 2006 together with the Chorities statement of Recommended Proctice (Charities SORP (FRS 102)) and Financiol Reporting StondcJrd102 (FRS102) The finoncial statements have been prepared under the historic cost converition except for the valuation of investment ossets, which are shown at fair volue. The PCC meets the definition of CJ public benef it entity under FRS102 The financiol stotements ore prepored in sterling, which is the functionol Currency of the PCC. Going concern The finonGial statemernts have been prepared orn the going concern basis There ore no materiol uncertointies reloted to events or conditions thot moy cost signif icont doLJbts upon the PCC s ability to continue os a going concern. Funds General funds represent the funds of the PCC that are not subject to any restrictions regarding their use ond are available for application on the general purposes of the PCC Funds designated for a particulor 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 ond restrictions provided are shown in the notes to the occounts The finoncial stotements include all transactions, (Jssets and liabilities for which the PCC is responsible in law. They do not include the accounts of the church groups that owe their moin affiliation to onother body rior those that are Informol gatherings of church members. Income Donations and legocies Planned giving, collections and generol donations are recognised only when received. Gift aid recoverable on donotions is recognised wheri the donation is received. Gronts and legocies to the PCC ore recognised os soon as the PCC is notified of Its legol entitlemenL the amount due is quantifiable and its ultimate receipt by the PCC is probable. 17
THE PAROCHIAL CHURCH CCiINCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decembor 2023 Accounting policies (continued) Charitable octivities Income from church fee income is recognised when the fee is due. Income from octivities is Jccounted for gross. Other troding 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 os they occrue. Dividends are accounted for when due ornd poyoble. Expenditure Roising funds Expenditure on raising funds is accounted for on the accruals basis. Raising funds includes the costs of the investment property Charifable activities Expenditure on charitoble cjctivities is occounted for on the occruals b(Jsis. The diocesan common fund is accounted for when poyoble Any unpaid omount at 31 December is provided for in these accounts as on operational (although not legal) liability and Is shown as a creditor in the Balance Sheet. Grants ore occounted for when poid over, or when oworded, if thot aword creotes a binding obligotion on the PCC. Taxation The charity is exempt from tax on its charitable activities. Tangible fixed assets Consecroted land and buildings and moveable church furnishings Consecrated ond beneficed property is excluded from the accounts by slO(2){a) of the Choritiég Act 2011. No value is placed on moveable church furrnishings held by the churchwordens on speciol trust for the PCC ond which require o foculty for disposal Since the PCC considers this to be inalienable property. All expenditure incurred during the yeor on consecrated or beneficed buildings and moveable church furriishings, whether maintenance or improvement, is written off as expenditure in the SOFA and seporately disclosed 18
THE PAROCHIAL CHURCH CCiINCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decembor 2023 Accounting policies (continued) Freeholcj property Freehold property is valued ot purchase price. The PCC does not depreciote its freehold properties cjs it judges any depreciation chorge to be immoteriol on the basis of the long life and high residuol volue on the bosis of the PCC'S policy of regulor mointenonce The PCC carries out periodic Impoirment reviews. Other fixed ossets Other fixed assets ore recogrnised at cost. Individual assets with a purchase price less than £1,000 cjre written off when the asset is acquired. Depreciation hos been provided on other fixed ossets on o stroight line basis in order to write off the cost of the assets over the following estimoted useful lives. Fixtures and fittings -10 y8ars Computers and equipment- 5 years Investment properties Investmerit properties are Included In the balance sheet at their operi market value in accordance with FRS 102 and are not deprecioted. Investments Investments ore o form of bosic f inancial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet dote using the closing quoted market price. The SOFA irncludes net going ond losses arising on revaluations and disposals throughout the yeor. 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 ore recognised irnitiolly ot the settlement amount. Prepoyments ore vallied ot the amount prepaid, net of any trade discounts due. Cash and cash equivalents Cash and cosh equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with origincjl moturities of three months or less. 19
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decombor 2023 Accounting policies (continued) Creditors Creditors are recognised when the PCC has an obligation ot the balance sheet date os o result of o past evenL it is proboble that o transfer of economic benefit will be required in settlement, and the amount of the settlement corn k)e estimated reliobly. Creditors are recognised at the amount that the PCC anticipates It will pay to settle the debt or the amount it has received as advonced poyment for the goods or services it must provide. Financial instruments The church only hos f inorncial ossets and liabilities of o kind that quolify os bosic f inonciol instrLJments All (including debtors and creditors) are initiolly recognised ot tronsaction volue and subsequently measured at their settlement value. Income from: Unrestricted Restricted Funds Funds Totol 2023 Total 2022 2a) Donations and legacles Planned giving Gift aid recoveroble Collections General donotions ond appeals SDF gronts other grants 137,946 31,228 6,693 46,632 137,946 32,484 6,693 52,857 338,289 2,150 125,474 26,593 3,568 52,850 171,784 2,000 1,256 6,225 338,289 2,150 222499 347,920 570,419 382,269 2b) Charitable activities Weddings ond funerols student weekend oway Youth Events 518 1,541 55 518 1,741 55 1,180 5,763 125 200 2,114 200 2,314 7,068 2c) other trading actimties St Motthews Church Holl rental St bAatthews parking 11,770 9,483 11,770 9,483 13,154 6,664 21,253 21,253 19,818 20
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decombor 2023 Unrestricted Restricted Funds Funds Totol 2023 Total 2022 2d Investments Dividernds and interest Crown House rentol 4,728 20,323 4,728 20,323 1,687 20,000 25,051 25,051 21,687 Total income 270,917 348,120 619,037 430,842 Exwndlture on: Unrestricted Restricted Funds Funds Total 2023 Total 2022 3a) Charitable activities Missionary ond choritoble giving (Note 6) LYN food bank {Note131 Diocesan common fund Ministry costs Cost of services Worship & production costs Youth, students & childrens work staff costs (Note 41 Mointenance and repoirs Major improvements Church running costs Church hall running costs Administrative costs 7,378 1,000 568 8,378 563 56,326 2,194 18,567 2,018 11,196 110,288 4,594 69,052 21043 2,631 13,163 20,793 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 56,326 2,194 17,878 2,018 11,196 11,626 4,594 689 98,662 69,052 21043 2,631 13,163 20,793 Depreciation Support ond governonce costs Legol ond profe8810rn01 fees Independent examiners fee 1,472 2,820 1,472 3820 576 2,115 176,132 169,971 346,103 335,005 21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decembor 2023 staff costs 2023 2022 Wages and salaries Sociol security costs Employer's pension contributions 104,573 3,591 2,124 114,265 4,748 2,331 110,288 121,344 2023 2022 Averoge number of employees Average number of full-time equivalent employees During the year the PCC did not employ anyone who earned £60,000 per annum or more (2022. none) Total employee benefits (including pension and employers national insurance contributions) to key mcjncjgement personnel wcjs £87,282 (2022.. £93,170) Related paty transactions Jessica Hodgos is morried to Edword Hodges, who is the incumbent ond choir of the PCC. Jessica Hodges is employed as the kids and families pastor and received gross salary of £20,565 (2022. £19,584) ond employers pension contributions of £430 {2022. £400). During the year to 31 December 2023, the charity received £41,273 (2022. £72,010) in donotions from the PCC members, key manogement personnel and persons closely connected to them. The gifts did not have any conditions which required the chority to significantly alter the nature of its existing activities. No other tronsoctions or expenses were undertaken with any other POC mernber, persons closely connected to them or related porties 22
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATtHEW WITH ST SIDWELL EXEfER NOTES TO THE ANANCIAL STATEMENTS Yoar Ending 31 December 2023 Missionary and choritable giving 2023 2022 Bridge The Gap CAP Children's Society CoLab Exeter 1,820 250 28 165 CTaX Foodk)onk Fusion Home for Good ICE Choritable Trust Joyfest Nayambo Trust Peninsulo Initicjtive - SW Cornmunity Chcjplaincy Op6n Doors RD&E Neonatol ICU st Petrock's St Sidwell's School leover s Bibles Street Pastors Tearfund The Beehive Foundotion Ukraine Appeal YMCA Other Discretionary gifts 35 1,200 500 600 150 416 35 1,200 600 150 500 485 600 250 250 500 279 257 500 450 300 300 250 300 500 250 638 2,800 298 2,800 8,378 11,278 23
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decombor 2023 Tangible fixed assets Land and Fixtures and buildings fittings Computers and equipment Total Cost Brought forward Additions 514,066 78,043 20,485 50,316 4,383 642425 24,868 Corried fotviard 514,066 98,528 54,699 667,293 Depreciation Brought forward Charge for year Corried fotviard 25,079 9,853 32,169 10,940 57,248 20,793 34,932 43,109 78,041 Net book value Carried fonNard 514,066 63,596 11,590 589,252 Brought fonward 514,066 52,964 18,147 585,177 Lond ond buildings only contoirns the St Matthews Church Hall ot deemed cost. Investment property Brought forward and carried forward 330,000 The only Investment property held by the PCC is Crown House The PCC hove volued the property L)ased on the fact that market rent is being charged at o rate of £20,000 per annum. A10 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. Investments Morket value brought fonNard Disposal proceeds Net gains on revoluotion arket value carried forward 55,243 5,198 60,441 24
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decombor 2023 10 Debtors and preFxJyments 2023 2022 Tax recoveroble Prepayments other debtors SDF income 4,625 2,647 6,313 6,552 3,724 2,222 5,018 83,752 20,137 94,716 Creditors and accruals 2023 2022 Trade creditors Accruals Deferred income other creditors 11,948 3,497 5,323 2,188 3,750 3,982 5,518 2,218 22,956 15,468 12 Contingent assets During 2019, St Matt's was awarded a Strategic E)evelopment 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 gront was applied for by the Exeter Diocesan Board of Finance (EE)BF), who was acting os an agent on behalf of St Mott's The grant is clairyied by filing expense cloims In orreors, with all moneys going through the EDBF ond 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 suk)stantially unlikely that St Ivlatt's will be able to deliver its outcomes os set out in the originol grant application. These performance related conditions prevent the full recognition of the grcjnt So far St Mott's have manoged to meet the conditions, so there does not oppeor to be CJ reoson why the SDF income will not be available for 2024. Of the total grant, £1,297,671 has k)een recognised, leoving £35,397 as a contingent asset. 25
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE FINANCIAL STATEMENTS Year Ending 31 Decembor 2023 13 Movement in funds 2023 Brought forward Gainsl (losses) Transfers Carried forward Income Expenditure Unrestricted reserves General Charitable Giving 1,126,627 262,837 8,080 (168,052) (8,0801 (176,132) 5,198 27,741 1,254,351 1,126,627 270,917 5,198 27,741 1,254,351 Restricted reseNes SDF (see below) LYN (see below) Extension Copital Projects BTG Bequest Donation 147,203 338,289 10,106 581 9,000 19,480 689 10,000 (151,469) (568) (9,000) (7,245) (689) 334,023 2,863 (7,256) 8,250 (20,485) 10,000 1,000 (1,000) (169,971) 196,478 348,120 (27,741) 346,886 1,323,105 619,037 (346,103) 5,198 1,601,237 Unrestricted funds Charitable Giving This Is made up of opproximately IO/ of the years generated income arbd irbvestment dividends. The PCC has agreed that the amount (Jesignated to be spent in 2023 was £8,000. It is to be poid to charities chosen by the PCC. The amount designated to be spent In 2024 is £10,000. Restricted funds Strcjtegic Development Funding (SDK) This fund contains the SDF income that has either been received or is receivoble. 26
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decembor 2023 13 fvAovement in funds (continued) Restricted funds Love Your Neighbour (L YN) Love Your Neighbour is our sociol response to the Covid-19 crisis A po•up food bank was set up to help those in our locol community. Extension This fund was spent In 2023 on the extensiori work to the church. Copitol Projects This fund contains a restricted gift frorn mernberg of the congregation to be used on the kitchen refurbishment In the hall and replacemerit of church carpets. Carpet and kitchen expenses totoled £7,245 ond £20,485, respectively, with kitchen refurbishments being treotèd os capitol èxpanditura. STG (Bridge the Gop) This fund wos used for on Exeter football tournoment. Funds were received irnto the LYN fund in 2021 which have been transferred to the BTG fund in 2022 and 2023. Bequest This fund contains a bequest to be used on the plarit at Exwick which will take place in 2024. The fund will be spent on building and staff costs. Donation This fund wos used to pay for childrens toys from a donation of £1,000 during the year, which hos been fully used up. 27
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEmE[s Year Ending 31 December 2023 13 fvAovement in funds (continued) 2022 Gains/ (losses) Transfers Brought Income Expenditure forward Carried forward Unrestricted reserves General Charitable Giving 1,079,108 213,768 6,565 (158,386) (6,565) (7,371) (492) 1,126,627 1,079,108 220,333 (164,951) (7,371) (492) 1,126,627 Restricted reserves Charity collections SDF LYN Extension Capital Projects NICU 28 134,292 11211 9,000 631 171,784 2,050 (1,151) (158,873) (2,371) 492 147,203 10,106 9,000 19,480 (1,784) 25,000 257 (5,520) (257) (1,882) BTG 787 10,000 1,784 689 10,000 equest 155,531 210,509 (170,054) 492 196,478 1,234,639 430,842 (335,005) (7,371) 1,323,105 14 Analysis of Assets and liabilities between funds 2023 Unrestricted funds Restricted funds Total Fixed assets Tangible fixed assets Investment property Investments Debtors and prepayments Cosh at bank and in hand Currernt liobilities 589,252 330,000 60,441 13,585 277,477 (16,404) 1,254,351 589,252 330,000 60,441 6,552 20,137 346,886 624,363 (6,552) (22956) 346,886 1,601,237 Net assets 28
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATfHEW WITH ST SIDWELL EXETER NOTES TO THE ANANCIAL STATEMENTS Year Ending 31 Decombor 2023 Analysis of Assets and liabilities been funds (continued) 2022 Tangible fixed assets Investment property lrnvestments Stock Debtors and prepayments Cash at bank and in hand Currernt liobilities 585,177 330,000 55,243 1,000 10,964 159,711 (15,468) 585,177 330,000 55,243 1,000 94,716 272,437 (15,468) 83,752 112,726 Net assets 1,126,627 196,478 1,323,105 29