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

(S) Cfj ¢0 Tr-
(S) f
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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 ASs￿s
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 be￿en 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