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2020-12-31-accounts

ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 2020

Registered Charity Number 1130893

Rector: Rev’d Canon Arani Sen

St Olave Hart Street 8 Hart Street London EC3R 7NB

www.saintolave.com

CONTENTS

ADMINISTRATIVE INFORMATION 2020 4
APCM AGENDA 2021 6
MINUTES OF APCM 2020 7
REVIEW OF 2020 12
HON. SECRETARY’S REPORT 2020 16
ELECTORAL ROLL REPORT 2020 19
FABRIC REPORT 2020 20
CITY OF LONDON DEANERY SYNOD REPORT 2020
22
MUSIC REPORT 2020 24
MISSION ACTION PLAN (MAP) 2021 34

3

Administrative Information 2020

St Olave Church is situated in the Ward of Tower in the City of London. It is part of the Diocese of London within the Church of England. The correspondence address is St Olave Rectory, 8 Hart Street, London EC3R 7NB.

The Parochial Church Council (“PCC”) became an individually registered charity in 2009 under Charity Number 1130893. Its full title is “The Parochial Church Council of the Ecclesiastical Parish of St Olave, Hart Street and All Hallows Staining, with St Catherine Coleman”.

Structure, Governance and Management

The method of appointment of PCC members is set out in the Church Representation Rules. All church attenders are encouraged to register on the Electoral Roll and stand for election to the PCC.

PCC members who have served in 2020 until the date this report was approved are:

are:
Incumbent: The Rev’d Canon Arani Sen
Assistant Curate: The Rev’d Nick Mottershead
Churchwardens: Mr Graham Mundy (St Olave, Hart Street)
Ms Penny Ritchie Calder (St Catherine Coleman)
Mrs Joy Wheeler (St Olave, Hart Street)
Mr Thomas Cleeve (All Hallows Staining)
Mr Mark Magnacca (St Catherine Coleman)
Hon Secretary: Mr Richard Bucknall
Hon Treasurer: Mr Graham Mundy
Administrator: Miss Huong Hoang
Director of Music: Mr Colin Spinks
Vergers: Mr Dennis Lee and Mrs Sharon Lee
(until March 2020)
Deanery Synod
Representative: Mr Graham Mundy

Parochial Church Council Members:

The Rev’d Arani Sen (Chair) Mrs Joy Wheeler Mr Graham Mundy (Lay Chair and Hon Treasurer) Mr Mark Magnacca Ms Penny Ritchie Calder (Children’s Champion) Mr Thomas Cleeve Ms Rina Wood (Safeguarding Officer) Mr Richard Bucknall (Hon Secretary) Ms Genevieve Aitchison (until November 2020) Dr Jim Harris, LLM The Rev’d Nick Mottershead

Attending when appropriate: Director of Music

Objectives and Activities

St Olave PCC has the responsibility of co-operating with the incumbent, in promoting in the ecclesiastical parish the whole mission of the Church: pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the church building in Hart Street, London EC3.

The average weekly attendance at the Sunday service is 24, plus 4 children, this includes both attendees via Zoom and in church (when possible).

This number increased at festivals and the various special services conducted on an annual basis for various organisations, including livery companies and the Corporation of Trinity House.

The average weekly attendance at the Tuesday lunchtime Communion before Covid-19 restrictions were put in place was 11.

Over the course of the year there was 1 memorial service.

5

APCM AGENDA 2021

ANNUAL PAROCHIAL CHURCH MEETING Including the Annual Vestry Meeting of St Olave, Hart Street and All Hallows Staining with St Catherine Coleman Sunday 25 April 2021

1. Welcome and prayer

2. Apologies for absence

3. Annual Vestry Meeting:

4. Annual Parochial Church Meeting

iii. Election of Verger iv. Election of Sidesmen

5. First Meeting of the PCC: Elections:

6. Any Other Business

7. The Year Ahead and the Grace

Minutes of APCM 2020

ANNUAL PAROCHIAL CHURCH MEETING Including the Annual Vestry Meeting of St Olave, Hart Street and All Hallows Staining with St Catherine Coleman Sunday 27 September 2020 at 11.45am

Papers for the meetings were distributed online: the Annual Report 2019, minutes of the APCM and Vestry meeting 2019 and agenda

Rev’d Arani Sen, Rector of St Olave, opened in prayer.

Apologies for absence were received from: Penny Ritchie-Calder and Nick Bundy Jess and Adam Greenwood

Present: Nick Corkery Sheila Halley Mark Magnacca Genevieve Aitchison Richard Edison Helen Edison Richard Bucknall Rev’d Nick Mottershead Lucy Cleeve Tom Cleeve Graham Mundy Joy Wheeler Ann Thomas Harry Wheeler Elsje Clarke Adrian Clarke Alison Sen Rina Wood Ben White Kay Tang

7

Vestry Meeting of St Olave Hart Street

1. Approval of minutes

AS proposed that the minutes of the vestry meeting of 14[th] April 2019 be approved. LC seconded; minutes approved unanimously.

2. Election of Churchwardens

The following were proposed and seconded for election as Churchwardens:

Graham Mundy: St Olave Hart Street Graham Mundy: St Olave Hart Street
proposed: Penny Ritchie Calder
seconded: Thomas Cleeve
Joy Wheeler: St Olave Hart Street
proposed: Elsje Clarke seconded: Adrian Clarke
Penny Ritchie-Calder: St Catherine Coleman
proposed: Graham Mundy seconded: Thomas Cleeve
Mark Magnacca: St Catherine Coleman
proposed: Graham Mundy seconded: Thomas Cleeve
Tom Cleeve: All Hallows Staining
proposed: Graham Mundy seconded: LucyCleeve

All were elected unanimously.

3. AS thanked the Wardens and the Ministry team for their work over the year and a half since the last Vestry and Annual Parochial Church meetings.

4. The meeting prayed in gratitude for the life and service of Mary Mee.

Annual Parochial Church Meeting of St Olave Hart Street

1. The minutes of the APCM on 14[th] April 2019 were presented for the . approval of the meeting

2. The Rector’s Annual Report was distributed online.

3. The PCC Secretary’s Report was distributed online.

4. The Deanery Synod Report was presented by GM.

5. The Fabric Report was presented by GM

6. The Finance Report was presented by GM

9

7. Elections

d) Lay members of the PCC:

8. AOB

9. Close

Meeting of the Parochial Church Council of St Olave Hart Street with St Catherine Colman and All Hallows Staining

Present

AS, GM, JH, TC, JW, RW, RB, MM, NM, GA

1. AS welcomed new members and asked for attendance at meetings to be a priority. A job description had been circulated

2. Elections

3. Rev’d Nick Mottershead

AS announced that after discussion with Archdeacon Luke and Bishop Sarah, NM, whose curacy ended in July 2020, would remain at St Olave as Associate Priest and as a servant minister in the archdeaconry. AS added we are still waiting official confirmation The meeting expressed its delight at the outcome and thanked NM for all his work, particularly in his missional role leading our work with the homeless charities and the Hygiene Bank.

4. AOB

The next meeting of the PCC will be held online on 19[th] November 2020 at 6 pm on Zoom

5. Close

AS closed in prayer

11

Review of 2020

Since the last Annual Report in September, the Pandemic has continued relentlessly and mercilessly, necessitating constant adaptation to the latest guidelines from the Bishop and Government. The wonderful thing is that we have been able to worship without ceasing on Sundays, in person when permissible, and on Zoom otherwise. In any case, Zoom is here to stay, and all our services have been mixed mode. Above all, we have maintained a sense of communion with Christ and community in each other.

Worship has been enhanced by the reflective and high-quality musical leadership by the Director of Music, Colin Spinks , the regular choir, and the cantors. During the periods on Zoom, the choir did an excellent job of prerecording choral music to enhance our worship. The Christmas services were very special, as we celebrated the wonder of the incarnation, enhanced by word, liturgy and beautiful music led by the choir. People were able to join from home too.

In October, St Olave’s was able to welcome the Master, HRH The Princess Royal, the Deputy Master and the Brothers and staff of Trinity House, to celebrate Trinitytide, a great success, the Dean of Canterbury being the preacher. At Christmas, I was able to join and lead prayers on Zoom for the St Thomas Eve celebration for the Clothworkers’ Company.

Until January 2021, Rev’d Nick Mottershead , as curate, has been, and continues to be, a great support to me and the congregation. Nick is currently serving as interim Priest-in-Charge at Holy Sepulchre London, as they are in vacancy. We are grateful to God for his gifts, in many areas, in liturgy, teaching, in finance and in his passion and energy for social justice, through the Hygiene Bank and work with the homeless. This work has been renamed GeneroCity and is a clear mission linking the wealth of the City to those who cannot even afford life’s very basic needs. Dr Jim Harris , as LLM has served faithfully though the whole period, it is a privilege to share ministry with Jim, who brings many unique gifts in teaching, creativity and in understanding art.

Alison Sen has of course been a constant support to me, and now as a licensed LLM, has been able to make many helpful contributions to the worshiping and administrative life of St Olave’s. Alison has led some very thought-provoking and reflective bible studies on prayer, and on the Beatitudes during Lent. We are all challenged about how to grow in our faith on a daily basis. In addition, Rev’d Alex Volossevich provides much support in celebrating and preaching on Tuesdays.

We are very grateful to the many years of service to St Olave’s by our vergers, Dennis and Sharon Lee , who did much to help me settle in, and keep worship running smoothly every Sunday. Dennis and Sharon have been at the heart of life at St Olave’s and were a part of many weddings, baptisms and livery company services.

Due to ill health, they have decided to step back from their duties, they will be greatly missed but we keep in touch.

We want to thank God for the new Digital Platform, saintolave.com. This is an excellent means to communicate the presence of St Olave digitally and keep people up to date with all that is going on, in worship, history, music and events. I am very grateful to Mark Magnacca for all he has done to set this up so successfully and professionally.

The regular lunchtime recitals on Wednesdays and Thursdays, of the highest musical calibre, have been very interrupted although there have been a few excellent concerts. We are grateful to the excellent team of Michael Gammie , Richard Ciecierski and Tom Butler for organising these. When possible, I have attended, given an introduction as a means of connecting the concerts to the spirituality of the church.

In August, our quinquennial architect, Russell Hanslip conducted the quinquennial review of the building. I have been working closely with Russell and the churchwardens, in terms of prioritising essential works, mostly affecting the roof. Russell is drawing up plans for disabled access, through a lift, a disabled WC, and new servery areas. This will very much enhance our sense of inclusion as a church, as well as making us more vit for mission I the 21st century. These matters are not easy in a Grade 1 listed building with almost 1000 years history.

As I write, the CCTV cameras are being upgraded, enhancing safety of all. We will work towards a webcam to live stream services.

The churchwardens and PCC have been a great source of support. As a PCC we have begun to engage with mission and growth, as a new chapter begins in the life of the church, building on the Mission Action Plan. A great deal of missional activity already takes place, and we wish to celebrate this: the social action, overseen and envisioned by Rev’d Nick Mottershead , has been inspiring, most notably the immense contributions of local business to the Hygiene Bank and the Suited and Booted scheme for the homeless.

13

The PCC has been energetic and very missional. Rina Wood has become safeguarding officer and is doing an excellent job is ensuring records and training are up to date, to keep all safe and flourishing. With the PCC I am going through a process of listening and seeking God’s priorities for the next few years of ministry. So far, I would describe these priorities as:

I express thanks to the PCC, churchwardens, and the administrative support from Huong Hoang . Graham Mundy has continued his diligent work as our Hon Treasurer and as Deanery Synod representative.

I also thank Penny Ritchie Calder for all her hard work over the years as our Hon Secretary and for helping ensure a smooth hand over to Richard Bucknall , who has done a wonderful job taking over the responsibilities of the role. I am very much aware that I have two roles, and I try to give both as much time as possible. My role as Area Director of Ministry on the Bishop’s staff is highly rewarding and far-reaching. It involves being the lead Director of Ordinands for the Two Cities, oversight and assessment of curates, and clergy ministerial reviews and training. I keep Friday as a day off.

I end with a message of hope for the future as we look forward to a new chapter, emerging from the Pandemic:

“Now may the God of hope fill you with all joy and peace in believing, that you may abound in hope by the power of the Holy Spirit.” (Romans 15:3)

Rev’d Canon Arani Sen – April 2021 Rector, St Olave Hart Street

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Hon. Secretary’s Report 2020

Governance

During 2020 the PCC met on five occasions.

The Finance and General Purposes committee (F&GP), reporting to the PCC on financial and organisational matters, met four times in 2020.

The impact of Covid-19 and the government lockdowns impacted our finances and there was a cash deficit in 2020 as a result of delayed/reduced payment of parish rates, lower rental income and reduced collections.

The congregation was encouraged to make donations by way of standing orders at a time when attendance at church was uncertain.

There were no circumstances requiring the Standing Committee to meet.

Meetings of the Barker and Bewley Trust were convened on the same dates as the F&GP. The trustees comprise members of the F&GP committee, together with an independent trustee yet to be appointed. The trust holds modest sums for use in encouraging the education of students engaged in a technical craft within the City of London. Following discussions with the Southwark Academy the trustees agreed a prize of £250 per annum to be granted to an A-level student from a deprived background who was studying physics.

The PCC meetings were chaired by Rev’d Arani Sen and the F&GP meetings were chaired by Mr Graham Mundy and both the PCC and the F&GP were supported by Miss Huong Hoang.

Following the first government lockdown, announced in the middle of March 2020, all subsequent meetings were held by Zoom.

Licencing of Mrs Alison Sen LLM

Alison Sen had been a lay reader in Leeds and permission was given by the Bishop of London for her licence to be transferred to the London Diocese. The PCC unanimously welcomed her to St Olave’s.

Churchwardens

At the APCM which was delayed until Sunday 27th September 2020 the

following were proposed and seconded for election as Churchwardens:

Joy Wheeler: St Olave Hart Street

Penny Ritchie Calder: St Catherine Coleman Mark Magnacca: St Catherine Coleman Tom Cleeve: All Hallows Staining

Lay Members of the Parochial Church Council of St Olave Hart Street

The following were appointed:

Genevieve Aitchison, Richard Bucknall and Rina Wood were all appointed as lay members of the PCC on September 27th, 2020.

Ann Thomas and Sean Attwood stood down and were thanked for their past service. Genevieve Aitchison resigned on November 23rd, 2020 following her decision to move to Doncaster. Penny Ritchie Calder stood down as the Honorary Secretary and was thanked for her many years of past service. Richard Bucknall was elected as her successor.

Safeguarding

The safeguarding of children and vulnerable adults remains a high priority for the PCC. Rina wood was appointed as the new Safeguarding Officer in September 2020, whilst Penny Richie Calder remains the children’s champion. The church’s safeguarding policy has been updated and approved and the formal adoption of the safeguarding policy in and around the church was approved. The safeguarding officer ensures that relevant members of the church community have obtained the necessary Disclosure and Barring Service certification and that training requirements are up to date.

Worship during Covid-19

Safety remained a key issue over the past year with the PCC watching government direction and guidance from the Bishop of London.

The assumption is that mixed, in person and Zoom services, will be a feature for the foreseeable future. Experience has suggested that the inclusivity of being online, in addition to at church, has resulted in certain services being better attended than in the past.

Agreement was reached for a bespoke digital platform for the website and other communications. A prayer wall was created on the digital platform. These initiatives helped the congregation in their faith and spiritual matters. For those members of the congregation unable to connect via Zoom contact was maintained by telephone and mail.

17

Health & Safety

The health & safety policy was updated and approved during the year. Graham Mundy was appointed as the churchwarden with oversight role for health & safety.

Policies

The PCC have discussed and reviewed the following policies, in addition to those already highlighted: lone working, grievance, disciplinary.

Mr Keith Cunningham, Mr Terry Hurlstone and Mrs Mary Mee

Sadly Keith Cunningham and Terry Hurlstone died last year. We are very grateful for their contributions to St Olave’s and they will be greatly missed.

Mary Mee died in February 2020. She attended services for more than fifty years, including being a churchwarden and was a much loved and respected member of the congregation. Mary first attended St Olave’s in 1967 when her husband became the organist. In thanks for her work and dedication during her time as Churchwarden, Mary was appointed Churchwarden Emeritus at the 2018 APCM.

The History of St Olave’s

The planned party on June 5th 2020 for the launch of Brian Grumbridge’s History of St Olave’s from 1895 to date needed to be postponed as a result of the Covid-19 restrictions.

Churchyard

We continue to be grateful to the City of London gardening team which keeps this much valued green space in top condition.

Mission Action Plan (MAP)

Arani has begun the process of working with the PCC on a new MAP. The PCC has discussed mission and discipleship this year.

Richard Bucknall – April 2021 Hon Sec, PCC

Electoral Roll Report 2020

At the beginning of 2020 there were 52 members listed on the electoral roll. Three members died during the year and four names have been added.

The electoral roll currently stands at 53 persons.

Graham Mundy – April 2021 Electoral Roll Officer

19

Fabric Report 2020

Quinquennial Report

The Churchwardens met on February 15th, 2021 to consider the recent report by Russell Hanslip of HMDW Architects, following the quinquennial inspection that took place in August 2020.

The following were identified as priorities:

There remain several important action points relating to planning and funding. The rector has met with Russel Hanslip to discuss proposed works and disabled access/WC.

Upgrading of CCTV/Webcams.

Specifications were developed and quotations were obtained for the upgrading and extension of the CCTV system in the church, office and churchyard. This upgrade is needed to ensure the security of staff and premises. It was agreed that this would be installed as soon as possible. Costings and specifications are awaited for a portable camera mounted on a tri-pod. A feature of the camera will be an ability to focus on different people depending on what they are doing, and this is expected to enrich the experience of online services.

Display of Van Thielt/ Capponi memorial

To make progress a decision needs to be made about the most practical display location. A double-sided free-standing display is now thought to create a number of challenges. The suggested solution is to display the slab on the north wall, Capponi side out with a resin replica alongside showing the more decorative Van Thielt side.

Further work needs to be undertaken including suggestions for conservators/installers as well as appropriate fundraising.

Replacement of South Porch Columbarium.

A recommendation is awaited from the architect as to the best location of the replacement of the south porch columbarium.

Annual servicing and maintenance

During the year all the fire extinguishers had to be replaced and the annual electrical appliance testing was completed. The church boiler was checked and serviced, one of the pumps was replaced. Additional annual maintenance carried out included: servicing of the organ blower, inspection of the lightning rod and bi-annual gutters clearance carried out by Hall and Randall.

Richard Bucknall – April 2021 Hon Sec, PCC

21

City of London Deanery Synod Report 2020

The first meeting of the Synod was held on Monday 6th January 2020 and was attended by the Lord Mayor, Alderman William Russell, the Lady Mayoress and the Sheriffs. The meeting opened with a presentation on the 2030 Diocesan Vision led by the Rev’d Adam Atkinson, the Two Cities Area Director of Mission, and Ms Georgina Graham, the Two Cities Operations Manager.

The speakers drew on three emerging themes from the 2030 Diocesan Vision:

a. Vision – for every Londoner to encounter the love of God in Christ

b. Priorities – confident disciples, compassionate communities (including support of night shelters, food banks, mental health provision), creative growth, and investment in young people

c. Enablers – people and diversity, finance and buildings, partnership working, safer churches All themes are inspired by prayer, which like a trellis supporting a plant, links and supports the vision and encourages growth.

These are closely aligned with the City of London’s Plan 2036 which has 3 themes:

i. Contributing to a flourishing society

ii. Shaping outstanding environments

iii. Supporting a thriving economy and focuses particularly on the areas of: health and inclusivity open spaces heritage culture and retail

The Lay Chair of the Synod, Mr Rory Anderson, then presented the Lord Mayor with a copy of the Holy Bible.

Following the departure of the Lord Mayor there was a discussion facilitated by the Rev’d Paul Kennedy in which members of Synod, and parishes generally, were challenged to reach out to every Londoner with the message of the Gospel and to encourage and nurture growth.

The summer meeting of Synod traditionally takes the form a joint garden party with the Westminster Synod but was cancelled this year due to the Covid-19 pandemic.

The final meeting of the Synod was held on Tuesday 13th October 2020 on Zoom. The main topic was a presentation by the Chairwoman of the City of London’s Policy and Resources Committee Catherine McGuiness. The Policy and Resources Committee is the main strategic decision making body in the City and Catherine compared her role to that of the Leader of the Council in other local authorities working in close partnership with the Lord Mayor who acted more as a civic ambassador for the City and the financial community. The presentation was wide ranging from the City’s response to Covid-19 to climate change.

Following the presentation there was an opportunity for members to ask questions which ranged from the Corporation’s response to homelessness and the support that the churches could offer during the pandemic.

Members noted that this was the last meeting of the current Triennium and elections for Synod members would be held in January 2021.

Graham Mundy – April 2021 Deanery Synod Representative

23

Accounts for 2020

PARISH CHURCH OF ST OLAVE FINANCIAL STATEMENTS THE YEAR ENDED 31 DECEMBER 2020

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST OLAVE, CITY OF LONDON

I report on the accounts of the charity for the year ended 31 December 2020, which are set out on pages 1 to 6.

Responsibilities and basis of report

As the charity 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 Foundation'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 Act.

Independent examiner 's statement

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.

John Duncan FCS for and on behalf of Gilbert Allen & Co Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 l NR

Parochial Church Council of St Olave, City of London Statement of financial activities

For the Year ended 31 December 2020

Note
Income from:
Donations
2(a)
Charitable Activities
2(b)
Investments
2(c)
Other
2(d)
Total income
Expenditure on:
Charitable Activities
3(a)
Generation ofvoluntaryincome 3(b)
Fund-raising trading costs
3(c)
Governance Costs
3(d)
Total expenditure
Net Income/ (Expenditure)
Gains on revaluation of
investments
4(b)
Net Movement in Funds
Totalfunds broughtforward
Total funds carried forward		 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
TOTAL
2020
TOTAL
2019
£
£
£
£
£
102,512
-
473
102,985
116,367
29,815
-
-
29,815
57,063
18,370
2,227
-
20,597
20,180
-
-
-
-
450,000
150,697
2,227
473
153,397
643,610
155,933
-
354
156,287
182,558
3,400
-
-
3,400
3,400
-
-
-
2,911
2,100
-
-
2,100
2,098
161,433
354
161,787
190,967
(10,736)
2,227
119
(8,390)
452,643
16,820
-
-
16,820
44,168
6,084
2,227
119
8,429
496,811
539,964
460,000
46,074
1,046,038
549,227
546,048
462,227
46,193
1,054,467
1,046,038

The notes on pages 3 to 7 form part of these accounts

25

Parochial Church Council of St Olave, City of London Balance Sheet at 31 December 2020

FIXED ASSETS
Note
Tangible
4(a)
Investments
4{b)
CURRENT ASSETS
Debtors
5
Short-term deposits
Cash at bank and in hand
Inter Fund Loan
LIABILITIES
Creditors - amounts falling due in
one year
6
Net current assets less current
liabilities
TOTAL NET ASSETS
PARISH FUNDS
Unrestricted General fund
7
Unrestricted Designated funds
Restricted funds		 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
TOTAL
2020
TOTAL
2019
£
£
£
£
£
513,414
460,000
973,414
956,594
513,414
460,000
973,414
956,594
37,427
37,427
19,350
10,206
10,206
10,206
41,710
2,227
43,937
71,385
(46,193)
46,193
43,150
2,227
46,193
91,570
100,941
10,516
10,516
11,497
32,634
2,227
46,193
81,054
89,444
546,048
462,227
46,193
1,054,467
1,046,038
546,048
546,048
539,964
462,227
462,227
460,000
46,193
46,193
46,074
546,048
462,227
46,193
1,054,467
1,046,038

Signed on behalf of the PCC: Rev’d Arani Sen

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2020

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP (FRS 102 2015).

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

Funds

Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not necessarily invest separately for each fund. Where there Is no separate investment, interest is apportioned to individual funds on an average balance basis.

Unrestricted funds are general funds which can be used for PCC ordinary purposes.

Incoming resources

Planned giving, collections and donations are recognized when received. Tax refunds are recognized when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognized when it is receivable. All incoming resources are for accounted gross.

Resources expended

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognized when it is incurred and is accounted gross.

Fixed assets

Consecrated and benefice property is not included in the accounts in accordance with the Charities Act 2011.

Movable church furnishings held by the rector and church wardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Subsequently no individual item except for the rectory carpets and curtains purchased in 2005 and computers purchased in 2006 has cost more

than £1,000 so all such expenditure has been written off when incurred. The PCC does not own any freehold land or buildings.

Equipment used within the church premises is depreciated on a straight-line basis over four years. Individual items of equipment with a purchase price of £500 or less are written off when the asset is acquired.

Investments are valued at market value at 31 December 2020.

27

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2020

2. INCOME
2(a) Voluntary Income
PlannedGivingincluding tax
recoverable
Collectionsandwallbox donations
Churchrate
Grants&Donations
Miscellaneous Income
2(b) Activities for generating
funds
Rental Income-Hireofchurchand
Churchhall
Fund-raisingevents
NetFees-Mastin Tower
Churchyardoverhanglicence (St
Catherine)
2(c) Income from Investments
DividendsandInterestincluding
taxrecoverable
2(d) Other income
Hallcompensation
Total Income
3. EXPENDITURE
3(a) Church Activities
Ministry: DiocesanParishshare
Ministry:Serviceandother costs
Churchrunning costs and
maintenance
Rectory, refurbishment andupkeep
costs
Officecostsandlegal and
professional fees
Grant toStKatharineCree Church
GranttoBarker andBewley charity
3(b) Generation of Voluntary
Income
ChurchRate &LicenceCosts
3(c) Fund-raising trading costs
Hallrunningcosts and maintenance
Cost ofEvents
3{d) Governance Costs
Independent Examination
Total Expenditure		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
18,035
–
18,035
14,845
513
–
513
1,516
50,433
–
50,433
79,721
33,530
473
34,003
16,041
–
–
–
4,244
102,511
473
102,984
116,367
4,946
4,946
24,641
12,836
12,836
20,744
12,033
12, 033
11,678
29,815
29,815
57,063
20,597
20,597
20,180
20,597
20,597
20,180
450,000
450,000
152,923
473
153,396
643,610
75,600
75,600
78,470
25,663
354
26,017
25,997
18,587
18,587
18,990
-120
-120
7,722
32,523
32,523
41,379
3,680
3,680
7,000
3,000
155,933
354
156,287
182,558
3,400
3,400
3,400
2,911
2,911
2,100
2,100
2,098
2,100
2,100
2,098
161,433
354
161,787
190,967

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2020

4. FIXED ASSETS 4(a) Tangible

Cost
At 1 January 2020
Additions at Cost
At 31 December 2020
Depreciation
At 1 January 2020
Charge for Year
At 31December 2020
Net Book Value
At 1 January 2020
Net Book Value
At 1 January 2019
4(b} Investments
Market Value 1 January 2020
Additions at Cost
Disposals
Revaluation surplus
Market Value 31 December 2020
5. DEBTORS
Tax Recoverable
Light & Heating
Church Building Hire
HMRC - PAYE
Parish Rates		 Rectory
curtains
and
carpets
Church
Equipment
Total
2020
Total
2019
£
£
£
£
6,500
17,395
23,895
23,895
–
–
–
–
6,500
17,395
23,895
23,895
6,500
17,395
23,895
23,895
–
–
–
–
6,500
17,395
23,895
23,895
–
–
–
–
–
–
–
–
Unrestricted
Funds
Designated
Funds
TOTAL
2020
TOTAL
2019
£
£
£
£
496,594
460,000
956,594
452,426
460,000
16,820
16,820
44,168
513,414
460,000
973,414
956,594
TOTAL
2020
TOTAL
2019
£
£
4,940
3,812
12,033
11,678
1,606
3,860
1,477
17,372
37,427
19,350

29

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2020

6. LIABILITIES

6. LIABILITIES
TOTAL TOTAL
2020 2019
£ £
Heat &Light 1,227 2,524
Cleaning 535
Accounts and Independent Examination Fees 2,100 2,100
Administration 2,750 2,700
FlatandRectory Heating 250
Mast Income in Advance 3,904 3,904
HMRC- PAYE 19
7. FUNDS
Fund Movements 10,516 11,497

Restricted Funds

Restricted Funds
Fabric Fund
JointMinistryproject
LadyHolfords CharityFund
Piano repair fund
Relief forthePoor
Clothworkersfabric fund
ChildrensChurch
CapponiMemorial
Barker and BewleyFunds
Sheepfold fund
HomelessProject
Designated Funds
Hallcompensation fund		 1.1.20
Incomin
g
resource
s
Out Going 31.12.20
£
£
£
£
3,911
3,911
2,000
2,000
162
162
354
(354)
600
600
38,135
38,135
4
4
548
548
140
473
613
20
20
200
200
46,074
473
(354)
46,193
1.1.20
Income Expenses 31.12.20
£
£
£
£
460,000
2,227
462,227

Hall compensation fund

8. SERVICE AND OTHER COSTS 2020 2019
£ £
Choirand Music 20,457 17,671
RegularReligiousService Costs 624 2,317
Childrens Church 210
Mission 3,832 3,663
Mission andCharitableGiving 750 2,136
25,663 25,997

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2020

9. STAFF COSTS
Salaries
Employers pension contribution		 TOTAL
2020
TOTAL
2019
£
£
24,720
24,540
742
676
25,462
25,216

10. RELATED PARTY TRANSACTIONS

There were no trustees remuneration or benefits in the year and no trustees expenses (2019 nil). The PCC has contracted for the provision of a bespoke digital platform with Gigcmo Ltd, a company owned by Mark Magnacca, a member of the PCC. Mr Magnacca abstained from any discussion and voting in the decision-making process. £2,055 was paid in the year (2019 nil).

31

Safeguarding Report 2020

The PCC takes safeguarding seriously and have adopted the London Diocese Safeguarding policy.

In accordance with the House of Bishops’ Policy Statements ‘Promoting a Safer Church’ (2017) and ‘Protecting All God’s Children’ 4th edition (2010) and the Diocesan Safeguarding Policy ‘Promoting a Safer Diocese’ (2018) the PCC agreed to commit to:

At the PCC meeting on 27[th] Sepember Rina Wood was voted the Safeguarding officer. Penny Ritchie-Calder the Children Advocate and DBS administrator. Huong Hoang continues to serve as first aider and supports with the administration of the central record and is based at the Parish office.

DBS

Penny Richie-Calder administers the DBS process. The PCC follows the safer recruitment guidelines. All information regarding DBS is held confidentially and remains private, in a designated safe.

Training requirements:

Safeguarding training records have been updated. Certificates and completion dates are now held at a central record. There are three levels of training that has been identified for PCC members, all delivered online by the Church of England. All PCC are expected to complete the foundation course (C0), church wardens, safeguarding officer and children’s advocate are expected to complete the C0 as well as intermediate course. Clergy and lay ministers attend the leadership course.

Safeguarding Concerns

There have not been any safeguarding incident/concerns reported since the last AGM. The safeguarding officer keep up to date with issues in the Church of England and the local communities via a safeguarding Newsletter and press releases sent by the Diocese. Safeguarding is a standing item on the agenda of the PCC and the F and GP.

Rina Wood – April 2021 Safeguarding officer

Music Report 2020

Despite the limitations on public worship, and particularly singing, resulting from the Covid-19 Pandemic, the musical life of St Olave’s has continued to thrive, particularly in the contribution of its group of “Choral Scholars” to the main Sunday service.

Within that group, Nicola Semple, erstwhile alto, and more recently soprano, has decided to step down as she and her family relocate to Somerset. We thank Nicola for her contribution to the choir over several years and wish her, Richard, and James well in their new life. The potentially difficult problem of finding a replacement for Nicola was solved with providential ease, in the form of Sapphire Armitage, who has settled seamlessly into the role with enthusiasm, dedication and professionalism. She joins Tara Mansfield, Nick Dykes, Nicolas Walker and Henry Page, the last two sharing the duties of Bass scholar. Particular thanks are due to Nic W and Henry for their technical expertise in preparing the choir’s “virtual” performances during lockdown, when public worship was suspended. Henry, also a distinguished composer, provided us with a beautiful, if challenging, new work – “O Morning Star” which received its premiere at the Christingle Service in December.

Sadly, congregational singing is currently prohibited, owing to the Pandemic. Many feel this limitation very strongly and I share their frustration. We hope that before too long all will be able again to participate musically in the worshipping life of the church.

Another casualty of the Pandemic has been the weekly rehearsals of the St Olave’s Singers, whose planned performance of Bach’s St Luke Passion in March was cruelly curtailed. Even more tragically, Stephen Harrow, director of their sister choir, The City Singers, based and St Katharine Cree, and with whom they planned to sing the Bach, died suddenly on Palm Sunday. I very much hope both choirs can reassemble soon to provide a fitting memorial to Stephen in recognition of all he contributed to the two churches.

Weekly recitals, organised by Michael Gammie and his team, on Wednesday and Thursday lunchtimes, have also been hit by Covid restrictions, although some were able to take place with limited audience.

These concerts are such an important part of the church’s outreach, and enjoyed by so many, both performers and audience members, and their resumption is eagerly awaited.

Colin Spinks - April 2021 Musical Director

33

Mission Action Plan (MAP) 2021 Work in progress

Our Mission – what are we about?

St OLAVE’S CHURCH is one of the few surviving mediaeval buildings in London encompassing a rich history and many links to historic City organisations. This is our mission; we are called to be:

A sanctuary:

A place of grace:

A wellspring:

St Olave Hart Street 8 Hart Street London EC3R 7NB www.saintolave.com

Registered Charity Number 1130893

2021