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2022-12-31-accounts

Annual Report for the Year Ending December 2022

REGISTERED CHARITY NUMBER: 1130893

Contents

Contents
Administrative Information 4
APCM Agenda 2023 6
Minutes of APCM 2022 7
Rector’s Review 11
Hon. Secretary’s Report 14
Electoral Roll Report 17
Fabric Report 18
City of London Deanery Synod Report 19
Finance Report 20
Accounts for 2022 21
Safeguarding Report 29
Community and Charities Report 31
Music Report 32
Mission Action Plan (MAP) 2023 - 2026 33

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Administrative Information

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, 8 Hart Street, London EC3R 7NB.

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”.

The Parochial Church Council (“PCC”) became an individually registered charity in 2009 under Charity Number 1130893.

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 23, this includes both attendees via Zoom and in church. 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 service was 8.

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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 2021 until the date this report was approved are:

Incumbent: The Rev’d Canon Arani Sen Assistant Curate: The Rev’d Tessa Bosworth (Until July 2022) Churchwardens: Mr Graham Mundy (St Olave, Hart Street) Ms Penny Ritchie Calder (St Olave, Hart Street) Mr Mark Magnacca (St Catherine Coleman) Mr Richard Bucknall (All Hallows Staining)

Hon Secretary: Mr Richard Bucknall Hon Treasurer: Mr Graham Mundy Deanery Synod Representative: Mr Graham Mundy Safeguarding OfNicer: Ms Rina Wood Director of Music: Mr Colin Spinks Administrator: Miss Huong Hoang

Parochial Church Council Members:

The Rev’d Arani Sen (Chair) Mr Graham Mundy (Lay Chair and Hon Treasurer) Mr Richard Bucknall (Hon Secretary) Ms Penny Ritchie Calder (Children’s Champion) Ms Rina Wood (Safeguarding Of\icer) Mr Mark Magnacca Dr Jim Harris, LLM Ms Olushola Oguntimilehin Ms Olivia Whelan Mr Thomas Matchett

Attending when appropriate: Director of Music

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APCM Agenda 2023

ANNUAL PAROCHIAL CHURCH MEETING Including the Annual Vestry Meeting of St Olave, Hart Street and All Hallows Staining with St Catherine Coleman Sunday 30 April 2023

1. Welcome and prayer

2. Apologies for absence

3. Annual Vestry Meeting:

4. Annual Parochial Church Meeting

iii. Election of Verger

5. First Meeting of the PCC:

Elections:

6. Any Other Business

7. The Year Ahead and the Grace

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Minutes of APCM 2022

Minutes of APCM 2022

Annual Parochial Church Mee5ng Including the Annual Vestry Mee5ng of St Olave, Hart Street and All Hallows Staining with St Catherine Coleman Sunday 8[th] May ,2022 at 12.00pm Held in Person

Present :The Reverend Arani Sen, Chair Graham Mundy , Hon Treasurer Richard Bucknall, Hon Secretary

Members of St Olave’s PCC:Penny Ritchie Calder, Dr Jim Harris, Mark Magnacca as well as members of the electoral role being Rupert Willcocks, Hannah Willcocks, Colin Spinks, Olivia Whelan, Tom MatcheI and Olushola OgunJmilehin

Rev’d Arani Sen opened the meeJng with a prayer to provide all present with insights and wisdom and to honour the Lord in dealing with all the maIers of the meeJng.

Apologies had been received from Alison Sen, Nick Bundy, Rina Wood, Tom Cleeve and Ben White. It was agreed that the minutes of the meeJngs should be taken by RB, proposed by GM and seconded by PRC.

1) Annual Vestry Mee5ng

i) Minutes of the 2021 Annual Vestry

JH proposed and MM seconded that the minutes of the 2021 Annual Vestry MeeJng be approved, and they were unanimously agreed by all present.

ii) Elec5on of Churchwardens

The following churchwardens were elected to serve:

For St Olave Hart Street: Graham Mundy (proposed by Rina Wood and seconded by Colin Spinks) and Penny Ritchie Calder (proposed by Mark Magnacca and seconded by Graham Mundy)

For St Catherine Coleman: Mark Magnacca (proposed by Rina Wood and seconded by Sheila Halley) For All Hallows Staining: Richard Bucknall (proposed by Graham Mundy and seconded by Rina Wood).

AS congratulated the Churchwardens on being duly elected and thanked them for their help in the life of the church.

Tom Cleeve has stepped down as a church warden and AS thanked him for his past service and work in support of the church.

iii) Remembrance and thanksgiving for the departed

The meeJng remembered and prayed in graJtude for the lives of Ann Thomas who had served on the PCC as well as Andrew Cox, who had been a faithful member of the Tuesday congregaJon.

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2) Annual Church Mee5ng of St Olave Hart Street

i)The minutes of the APCM of 25[th] April ,2021 were presented to the meeJng for approval was proposed by PRC seconded by JH and approved unanimously. AS will sign and file them accordingly.

ii) The Rectors Annual Report for 2021

AS spoke to the meeJng, highlighJng in parJcular the Tuesday services which have recommenced following the pandemic, the support for the Hygiene Bank (noJng Hannah Willcock’s contribuJon to this), the Ukraine appeal as well support for the Afghan residents in the parish.He expressed his thanks to Dr Jim Harris LLM, Alison Sen LLM for their help, support and contribuJons as well as the new role performed by Rev’d Tessa Bosworth.

He went on to note the launch of Brian Gumbridge’s excellent history about St Olave’s. He thanked the PCC for their work in the development and direcJon of the church and emphasised the importance of the digital plaYorm.

He explained how he is trying to aIend more of the concerts held in the church and to strengthen the links with the arts. He expressed his hope that the new webcam would be available soon and prayed for growth in the congregaJon and acJviJes of the church.

Finally he expressed his thanks to Colin Spinks for the standard and quality of music, to Iris White for her help and support, to Rupert Willcocks for all he does and to Huong Hoang for all the administraJve work she performs.

creaJvity he has brought to the role and this was unanimously supported.

iii) Hon Secretary’s Report

No quesJons were asked in relaJon to the report, but it was noted that the reference to Mrs Ann Thomas should more correctly read Miss Ann Thomas.

CS commented that the acJviJes of the St Olave’s Singers were progressing well, and he was hopeful that there would be an increase in the numbers over the coming months.

GM explained the background and purpose of the Barker & Bewley Trust and that a prize had been reinsJtuted at The City Academy by AS.

iv) City Deanery Synod Report

AS thanked GM for his report. There were no quesJons but GM explained the prioriJes of the Synod following the pandemic and the importance of technology in reaching out to the community.

v) Report on the Electoral Role

The electoral role has grown from 53 to 57 over the past year.

vi) Fabric Report

PRC drew aIenJon to the prioriJes set out in the report and the progress being made to conclude

In parJcular, AS spoke about the repairs to the roof and tower cupola and the installaJon of a disabled lia and disabled WC and he highlighted the importance of the Access Audit to achieve these internal works.

Regarding the display of the Capponi/Van Thielt ledger stone, PRC expressed the hope that resoluJon would be achieved shortly, and it would be on display next year.

CS commented that a new camera and recording equipment, similar to those planned by E-Bound AVX Ltd at St Olave had been installed at St Mary’s Aylesbury and it was working very well.

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vii) Finance Report

GM highlighted that there had been a modest increase in the total income during the year as well as a modest reducJon in expenses. He thanked AS for his management of expenses. It was noted that total assets had increased to £1,118,468.

JH proposed a vote of thanks to GM for his conJnued oversight and guidance.

viii) Audited Accounts

A quesJon was raised in relaJon to the treatment of donaJons from lunchJme recitals and it was explained these are included within the overall figure for donaJons.

It was noted that our contribuJon to the Common Fund was £75,600 last year.

ix) Appointment of Auditor the Independent Examiner

The appointment of Zachary Ramsden of Messrs Gilbert Allen was proposed by GM and unanimously accepted.

x) Safeguarding Report

There were no quesJons relaJng to the Safeguarding Report. Formal acceptance of the report was proposed by MM and seconded by GM.

There was a vote of thanks for all the work that had been done by RW.

xi) Elec5on of Verger

MM proposed and GM seconded that Rupert Willcocks should conJnue act as the informal stand in verger. This was agreed and the meeJng expressed their appreciaJon of his ongoing support.

xii) Elec5on of Sidespersons

There are no formal appointments to be made but the maIer will conJnue to be reviewed.

A quesJon was raised whether it would now be appropriate to recommence the customary collecJons at future services. It was agreed that this would be reviewed at the next PCC meeJng in June.

xiii) Elec5on of lay members of the PCC

The following were elected:

Dr Jim Harris (proposed by Mark Magnacca and seconded by Penny Ritchie Calder)

Rina Wood (proposed by Graham Mundy and seconded by Colin Spinks)

Olivia Whelan (co-opted, proposed by Rina Wood and seconded by Graham Mundy)

Olushola OgunJmilehin (co-opted, proposed by Rina Wood and seconded by Graham Mundy) Thomas MatcheI (co-opted, proposed by Dr Jim Harris and seconded by Graham Mundy)

It was noted that Olivia Whelan, Olushola OgunJmilehin and Thomas MatcheI have been proposed to the PCC, but as they have not been on the electoral role for six months yet, the PCC will need to co-op them on formally.

The meeJng closed with the Grace.

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3) Mee5ng of the Parochial Church Council of St Olave Hart Street.

Present: AS, GM, JH, PRC, RB, PRC, OW, OO, TM

i) Approval of the Audited Accounts

It was unanimously agreed by previous commiIee members to approve the audited accounts and it was noted these had already been approved by email by all prior members of the PCC, apart from Tom Cleeve

ii) Elec5ons

Lay Vice Chair, GM was proposed by RB and seconded by PRC. Elected unanimously.

Honorary Secretary, RB was proposed by MM and seconded by JH. Elected unanimously. Honorary Treasurer, GM was proposed by JH and seconded by MM. Elected unanimously Safeguarding officer, RW was proposed by PRC and seconded by JH. Elected unanimously. Children’s Advocate, PRC was proposed by MM and seconded by OO. Elected unanimously.

The list of church members authorised to assist in distribuJng Holy Communion was agreed to be, Graham Mundy, Penny Ritchie Calder, Brian Grumbridge, Rina Wood, Olivia Whelan and Olushola OgunJmilehin. A list will be sent to the Bishop for approval.

iii) The Archdeacon’s Visita5on

The visitaJon is scheduled for Sunday May 22[nd] . It is important that all PCC members aIend in person and the inducJon of Churchwardens will be undertaken at the same Jme.

All persons on the electoral role will be encouraged to aIend.

iv) Date of the next Mee5ng

Is scheduled for Monday June 27[th] at 6.00 pm

v) Any Other Business

GM explained the background to the proposed sale of 71 Fenchurch Street, including the churchyard, by Lloyd’s Register.

This will require an assignment agreement and for this the PCC need to apply for a faculty.

the new owners of the building are and the proposed occupancy.

The meeJng closed at 1.10 pm.

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Rector’s Review of 2022

During 2022, there have been many new signs of hope and growth at St Olave’s. It has been very joyful to meet and worship together, with excellent teaching, liturgy, choral/ organ music and more people involved in the service.

The Tuesday Holy Communion service at 12.30 has shown very positive signs of growth; this has been a peaceful oasis amid the City; it has been good to welcome new people. The City is still less busy, but tourism is much stronger. These are our main mission \ield. Alison and I have continued to provide

connection and pastoral support to local businesses and service workers, cleaners, security staff etc.

The Archdeacon’s visitation took place on 22 May, and this went very smoothly. I am grateful to Huong Hoang for all her hard work in ensuring all necessary documentation was up to date. The PCC has worked diligently and coherently to ensure the church is a safe and welcoming place for all who come in.

Following the visitation, the PCC began to engage with the process of developing a new Mission Action Plan, and much fruitful work has been completed. The new Mission Action Plan will be presented at the APCM in April 2023.

One of the priorities for the PCC has been to be a place for the arts to \lourish and for re\lections on theology and the arts. My priority has been to link the work in the arts: music, literature, and the visual arts. The midweek concerts have been very well attended, organised so skilfully by Michael Gammie and Richard Ciecierski. I try to attend when I can and make strong connections with attendees. This has been fruitful, as a number of concert- goers have attended services.

We were delighted to host part of the TS Eliot festival, Fragments, in April; a highlight of which was a well-attended poetry reading by Tamsin Grieg.

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It is a privilege to share ministry with Dr Jim Harris, who brings many unique gifts in preaching, creativity and in understanding art. Alison has been a constant support to me, both as LLM, and in her service to St Olave’s. Alison has led some very thought-provoking and re\lective bible studies on the parables and on God’s justice. We are all challenged about how to grow in our faith daily. I am grateful to Rev’d Alex Volossevich who provides much support in celebrating and preaching on Tuesdays.

Sunday Worship and special services have been enhanced by strong and creative musical leadership by the Director of Music, Colin Spinks, the regular choir, and the cantors. This year, the Christmas services were very special, and very well attended, as we celebrated joyfully, enhanced by word, liturgy and beautiful music led by the choir. People were able to join from home too.

In June, St Olave’s was able to welcome the Master, HRH The Princess Royal, the Deputy Master and the brethren and staff of Trinity House, to celebrate Trinitytide, a great success, the Bishop of Llandaff being the preacher.

I have made even stronger chaplaincy connections with the Worshipful Company of Clothworkers, Trinity House, Worshipful Company of Environmental Cleaners, the Tower Ward Club and the Pepys Club, leading services, attending dinners and engaging in pastoral support.

Our online presence is now well embedded and we have increased considerably our social media presence. 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.

The churchwardens and PCC have been a great source of support. Much building work, following the last quinquennial report by Russel Hanslip, our inspecting architect, has taken place, and the church is now watertight, we hope that will last!

The PCC has been energetic and very missional. Rina Wood is doing an excellent job as safeguarding of\icer, ensuring records and training are up to date, to keep all safe and \lourishing.

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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. I would like to express immense gratitude to Rupert Willcocks who was an enormous help as acting verger, setting up St Olave’s for worship on Sundays, as well as helping at special services before he moved away in July 2022. My thanks also to Brian Grumbridge for his continuous support and help before and after Tuesday services and to Iris White for her help during Sunday services. It was a pleasure to welcome Edward McMillan to our team in October 2022. Edward has been a part time verger opening the church to visitors on Fridays.

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 intense but rewarding. 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 encouragement as we look forward:

“Let love be genuine; hate what is evil, hold fast to what is good; love one another with mutual affection; outdo one another in showing honour. Do not lag in zeal, be ardent in spirit, serve the Lord. Rejoice in hope, be patient in suffering, persevere in prayer. Contribute to the needs of the saints; extend hospitality to strangers. ” (Romans 12:9-13)

Rev’d Canon Arani Sen - March 2023 Rector

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Hon. Secretary’s Report

Governance

During 2022 the PCC met on \ive occasions.

The Finance and General Purposes committee (F&GP), reporting to the PCC on \inancial and organisational matters, met \ive times in 2022.

Despite in\lationary pressures which impacted our expenses, there was a modest cash surplus in 2022. Parish Rates were lower but there was a small increase in investment income. The PCC agreed to reinstate collections from June 2022 and overall donations and collections were in line with expectations. The congregation was again encouraged to make donations by way of standing orders. Our \inances bene\ited from a release of £38,000 from the trustees of the Fabric Repair Fund to enable us to carry out the extensive repair work listed in the Quinquennial Report. 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. 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 City of London Southwark Academy the trustees once again agreed a prize of £250 per annum to be granted to an A-level physics student from a deprived background who had demonstrated exceptional work.

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. All meetings were held by Zoom.

Churchwardens

At the APCM which was held on Sunday 8th May, 2022 the following were proposed and seconded for election as Churchwardens:

Graham Mundy: St Olave Hart Street Penny Ritchie Calder: St Olave Hart Street Mark Magnacca: St Catherine Coleman Richard Bucknall: All Hallows Staining

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

The following were re-elected:

Lay Vice Chair: Graham Mundy Honorary Secretary: Richard Bucknall Honorary Treasurer: Graham Mundy Safeguarding Of\icer: Rina Wood Children’s Advocate: Penny Ritchie Calder

Mark Magnacca serves as ex-of\icio members of the PCC by virtue of holding the of\ice of churchwarden and the following were elected to the PCC; Dr Jim Harris, Olivia Whelan, Olushola Oguntimilehin and Thomas Matchett.

Following the earlier resignation of Tom Cleeve, it was agreed that Olivia Whelan should join the Finance & General Purposes Committee.

Safeguarding

The safeguarding of children and vulnerable adults remains a high priority for the PCC.

Rina Woods is the Safeguarding Of\icer, whilst Penny Richie Calder remains the children’s advocate. The latest Diocese of London’s Safeguarding Policy Statement was adopted during the year and the PCC’s policy statement remains posted on the website.

The safeguarding of\icer ensures that relevant members of the church community have obtained the necessary Disclosure and Barring Service certi\ication and that training requirements are maintained up to date. A safeguarding self-assessment exercise was again completed during the year.

Worship Post Covid 19

Safety remains a key issue 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. The PCC upgraded the webcam during the year with a view to improve the quality of online worship. The quality of sound was inconsistent, and steps have been taken to investigate and improve the Wi-Fi.

More extensive use of the digital platform for the website has been encouraged. A prayer wall has been maintained 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.

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Policies

A new Reserves Policy was proposed and agreed, and a new Premises Hire Policy was also agreed.

Archdeacon’s Visitation

The visitation took place on Sunday 22nd May, 2022 and included the induction of the Churchwardens. The feedback has been generally positive and more work was proposed in relation to the Mission Action Plan.

Verger

Rupert Willcocks, who had agreed to act as the informal stand-in verger resigned during the year and Edward McMillan was taken on to act as the Friday Verger from the end of October.

Nick Bundy

Nick Bundy sadly died in July 2022. Nick was a former churchwarden and long standing member of our community. His funeral was held at St Olave’s where we were able to give thanks for his life and and for his dedication to the church.

The History of St Olave’s

9th April, 2024 will mark seventy years since the church was \inally reopened following the extensive damage incurred during the second world war. A number of events are planned throughout 2023 and 2024 to celebrate the occasion.

The Arts as Mission

This is an important initiative and St Olave’s hosted both the TS Eliot Festival in the City on 8th and 9th April 2022 as well as the Pepys annual service and lecture “Pepys in the City” on 26th May, 2022 in conjunction with the Pepys Club. In addition there had been a number of concert programmes in 2022.

Churchyard

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

Richard Bucknall – April 2023 Hon. Secretary

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Electoral Roll Report

At the time of the Annual Meeting in 2022 there were 57 names on the electoral roll.

During 2022/23 two members died and their names were removed from the role, and an additional thirteen names were added.

The electoral roll now stands at sixty-eight persons, an increase of 22 per cent over the year.

Graham Mundy – April 2023 Electoral Roll OfNicer

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Fabric Report

Quinquennial Report

Work continued to address the points which had been raised following the most recent QI (August 2020).

Planning continues for remaining priorities:

The rector has met several times with the architect and contractors to discuss the various works.

Webcam

Work continued on improvements to the webcam system to enable services and other events to be live-streamed and/or recorded. It proved hard to achieve a consistent good quality feed as the stone walls of the church impede the wi\i signal, but this has now largely been resolved.

Restoration and installation of Capponi/Van Thielt ledger stone

Progress has been made on this project. Advice and estimates were sought from three specialist contractors and the PCC has selected its preferred contractor, Cliveden Conservation. The DAC has approved the work in principle and have con\irmed that a petition for a faculty can been made. A fundraising appeal document has been prepared. The ledger stone continues to be stored safely at Jayhawk Ltd until work can begin.

Annual servicing and maintenance

Annual maintenance of all the \ire extinguishers and the annual electrical appliance testing (PAT) was completed. The church boiler was checked and serviced. Additional annual maintenance carried out included: servicing of the organ blower, inspection of the lightning rod and annual gutters clearance carried out by IPH Solutions.

Penny Ritchie Calder – April 2023 Church Warden

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City of London Deanery Synod Report

The \irst meeting of the Synod was held in January and members were honoured to entertain the Lord Mayor, Alderman Vincent Keaveny, the Lady Mayoress and the Sheriffs.

The main event was a presentation entitled “Caring for God’s Earth responding to the City’s Climate Action Strategy” re\lecting the shared objectives of both the Corporation of London and Synod to work towards net zero carbon emissions and to support the development of Green Finance.

The theology underpinning the belief that “Caring for God’s Earth” was one of the central faith issues of our age was discussed. The session took the form of three separate presentations led by Joan Ishibashi (St James Piccadilly), Helen Stephens (Church Relations Manager, Eco Church) and James Laing (Director Rothschild & Co and a member of Synod).

Following the presentation, the Lay Chair presented the Lord Mayor with “The Message” a Bible written in contemporary language. The Lord Mayor responded by thanking the Churches for their work in supporting City Institutions and workers, especially the homeless which was a particular concern of the Lady Mayoress.

Following the departure of the Civic Party there was a panel discussion and Question and Answer Session on the theme, “Caring for God’s Earth – What can the City Churches do” led by Catherine McGuiness (Chair of the Policy and Resources Committee at the Corporation of London) and Martin Carr (St Paul’s Marylebone, Co Lead for Creative Care Two Cities Area and LLM All Hallows by the Tower).

The Summer meeting of the Synod took the form of a garden party held in the garden of the Master’s Lodge at the Temple.

At the October meeting of Synod, the main topic for discussion was, “Ministering to the unseen City” raising awareness of the mission to cleaners, caretakers, catering staff etc who are often hidden in the background but who became more visible during COVID when of\ice workers stopped coming into the City. Members also discussed the development of a dedicated ministry to such workers at St Katharine Cree and the provision of warm spaces for those suffering from homelessness or fuel poverty.

Graham Mundy – April 2023 Deanery Synod Representative

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Finance Report for the Financial Year Ending * 31st December 2022

The outturn for the \inancial year ending 31st December 2022 re\lects a negative net movement of funds of £73,278 (positive £64,001) although the operating surplus was only £980 as against £7,651 in 2021 with the difference being made up largely of losses on the revaluation of the investment portfolio of £74,258 (gain £56,350).

Total Incoming Resources were £203,703 (£166,547) an increase of £37,156 or 22 % on 2021 mainly due to the receipt of a grant of £38,000 from the trustees of the Fabric Repair Trust to \inance the repairs to the exterior stonework recommended in the quinquennial report.

Total Resources Expended increased from £158,896 to £202,723, an increase of £43,827 or 27% with the main causes being the expenditure on the stonework of £24,682, Church Running costs increased from £22,623 to £31,406 and of\ice costs and professional fees from £35,885 to £41,413.

The Funds balance carried forward as at 31st December 2022 fell to £1,045,190 (£1,118,469) which re\lects the losses arising from the revaluation of our investment portfolio of £74,258 (gain of £56,350).

Given the de\icit on general fund it is important that the PCC keeps a close eye on income and expenditure in the current \inancial year to ensure that the \inances return to balance.

Graham Mundy - April 2023 Hon. Treasurer

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Accounts for 2022

PARISH CHURCH OF ST OLAVE FINANCIAL STATEMENTS THE YEAR ENDED 31 DECEMBER 2022

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 2022, 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.

Date:

Steve Hale FCCA FCA for and on behalf of Perrys Audit Ltd Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

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Parochial Church Council of St Olave, City of London Statement of financial activities For the Year ended 31 December 2022

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 of voluntary income
3(b)
Fund-raising trading costs
3(c)
Governance Costs
3(d)
Total expenditure
Net Income/ (Expenditure)
Gains(losses) on revaluation of
fixed asset investments
4(b)
Net Movement in Funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
TOTAL
2022
£
TOTAL
2021
£
100,672
-
38,098
138,770
106,708
41,523
-
-
41,523
40,890
19,653
2,800
957
23,410
18,949
-
-
-
-
161,848
2,800
39,055
203,703
166,547
173,527
-
25,035
198,563
154,816
2,000
-
-
2,000
1,800
-
-
-
-
-
2,160
-
-
2,160
2,280
177,687
25,035
202,723
158,896
(15,839)
2,800
14,020
980
7,651
(74,258)
-
-
(74,258)
56,350
(90,098)
2,800
14,020
(73,278)
64,001
609,092
462,691
46,685
1,118,468
1,054,468
518,994
465,491
60,705
1,045,190
1,118,469

The notes on pages 3 to 6 form part of these accounts

�22

Parochial Church Council of St Olave, City of London

Balance Sheet at 31 December 2022

CURRENT ASSETS
LIABILITIES
Note
FIXED ASSETS
Tangible
4(a)
Investments
4(b)
Debtors
5
Short-term deposits
Cash at bank and in hand
Inter Fund Loan
Creditors - amounts falling
due in one year
6
Overdrawn Bank Account
Net current assets less
current liabilities
TOTAL NET ASSETS
PARISH FUNDS
Unrestricted
7
Designated
Restricted		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
TOTAL
2022
£
TOTAL
2021
£
3,813
-
-
3,813
5,720
495,506
460,000
-
955,506
1,029,764
499,319
460,000
-
959,319
1035,484
27,506
-
-
27,506
31,518
10,206
-
-
10,206
10,206
53,341
5,491
-
58,832
51,757
(60,705)
-
60,705
-
-
30,348
5,491
60,705
96,544
93,481
10,672
-
-
10,672
10,497
19,675
5,491
60,705
85,871
82,984
518,994
465,491
60,705
1,045,190
1,118,468
518,994
518,994
609,092
465,491
465,491
462,691
60,705
60,705
46,685
518,994
465,491
60,705
1,045,190
1,118,468

Signed on behalf of the PCC:

Date:

�23

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2022

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 2021.

�24

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2022

Unrestricted Unrestricted Designated Designated Restricted Total Total
2. INCOMING RESOURCES Funds Funds Funds 2022 2021
£ £ £ £ £
2(a) Voluntary Income
Planned Giving including tax recoverable 16,589 - - 16,589 17,225
Collections and wall box donations 3,347 - 98 3,445 500
Church rate 42,143 - - 42,143 53,635
Grants & Donations 37,079 - 38,000 75,079 35,037
Miscellaneous Income 1,513 - - 1,513 311
100,672 38,098 138,770 106,708
2(b) Activities for generating funds
Rental Income-Hire of church and Church hall 10,085 - - 10,085 12,131
Fund-raising events - - - - -
Net Fees-Mast in Tower 19,409 - - 19,409 17,195
Church yard overhang licence (St Catherine) 12,030 - - 12,030 10,964
Film Production - - - - 600
41,523 - - 41,523 40,890
2(c) Income from Investments
Dividends and Interest including tax recoverable 19,653 2,800 957 23,410 18,949
19,653 2,800 957 23,410 18,949
2(d) Other income
Hall compensation - - - 0 -
0 - - 0 -
Total Incoming Resources 161,848 2,800 39,055 203,703 166,547
3.RESOURCES EXPENDED
3(a) Church Activities
Ministry: Diocesan Parish share 76,620 - - 76,620 75,600
Ministry: Service and other costs 21,901 - 103 22,004 18,279
Church running costs and maintenance 31,406 - 24,682 56,089 22,623
Depreciation 1,907 - - 1,907 1,907
Rectory, refurbishment and upkeep costs 281 - - 281 272
Office costs and legal and professional fees 41,413 - - 41,413 35,885
Grant to Barker and Bewley charity - - 250 250 250
173,527 0 25,035 198,563 154,816
3(b) Generation of Voluntary Income
Church Rate & Licence Costs 2,000 - - 0 1,800
3(c) Fund-raising trading costs
Hall running costs and maintainance - - 0 -
Cost of Events
0 - - 0 0
3(d) Governance Costs
Independent Examination 2,160 - - 2,160 2,280
2,160 - - 2,160 2,280
Total Expenditure 177,687 0 25,035 202,723 158,896

�25

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2022

4. FIXED ASSETS
4(a) Tangible
Cost
At 1 January 2022
Additions at Cost
At 31 December 2022
Depreciation
At 1 January 2022
Charge for Year
At 31 December 2022
Net Book Value
At 1 January 2022
Net Book Value
At 31 December 2022
4(b) Investments
Market Value 1 January 2022
Additions at Cost
Disposals
Revaluation deficit
Market Value 31 December 2022
5. Debtors
Tax Recoverable
Additions at CostLight & Heatinh
Church Building Hire
Mast Rent Review
VAT recoverable on Church Building
Lunchtime Recitals
Donations - Not Gift Aided
Rent COLAS
Parish Rates		 Rectory
curtains and
Church
carpets
Equipment
£
£
6,500
25,022
-
-		 TOTAL
TOTAL
2022
2021
£
£
31,522
23,895
-
-
6,500
25,022		 31,522
23,895
6,500
19,302
-
1,907		 25,802
23,895
1,907
-
6,500
21,209		 27,709
23,895
-
5,720		 5,720
-
-
3,813		 3,813
-
Unrestricted
Designated
Funds
Funds
£
£
569,764
460,000
-
-
-
-
(74,258)
-		 TOTAL
TOTAL
2022
2021
£
£
1,029,764
973,415
-
-
-
-
(74,258)
56,349
495,506
460,000		 955,506
1,029,764
TOTAL
TOTAL
2022
2021
£
£
1,146
2,949
12,029
22,996
-
2,106
2,472
-
4,937
-
500
-
1,634
-
160
-
4,628
3,467
27,506
31,518

�26

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2022

6. LIABILITIES

Heat & Light
Cleaning
Accounts and Independent Examination Fees
Administration
Clergy Expenses
Mast Income in Advance
Mission Pastoral
Church Maintenance
Music		 TOTAL
TOTAL
2022
2021
£
£
-
-
-
-
2,250
2,250
3,414
2,788
0
306
3,904
3,904
517
473
715
115
532
10,672
10,497

7. FUNDS

Fund Movements

Restricted Funds

Fabric Fund
Joint Ministry project
Music
Lady Holfords Charity Fund
Relief for the Poor
Clothworkers fabric fund
Childrens Church
Capponi Memorial
Barker and Bewley educational prize
Sheepfold fund
Homeless Project
Building Fund
Designated Funds
Hall compensation fund		 1.1.22
Incoming
resources
OutGoing
31.12.22
£
£
£
£
3,911
-
-
3,911
2,000
-
-
2,000
260
495
755
162
-
-
162
600
-
-
600
38,135
-
-
38,135
4
99
(103)
0
548
-
-
548
845
462
(250)
1,057
20
-
-
20
200
-
-
200
-
38,000
(24,683)
13,317
46,685
39,056
(25,036)
60,705
1.1.22
Income
Expenses
31.12.22
£
£
£
£
462,691
2,800
-
465,491

�27

Parochial Church Council of St Olave, City of London Notes to the financial statements for the year ended 31 December 2022

8. SERVICE AND OTHER COSTS
Choir and Music
Regular Religious Service Costs
Childrens Church
Clergy Expenses
Mission
Clergy Expenses
Mission and Charitable Giving
9. STAFF COSTS
Salaries
Employers Pension Contribution		 2022
2021
£
£
15,630
14,532
0
249
202
0
2,361
0
2,811
812
0
686
1,000
2,000
22,004
18,279
2022
2021
£
£
25,018
23,154
1,241
693
25,018
23,847

�28

Safeguarding Report

The PCC takes safeguarding seriously and has 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:

The safeguarding of\icer keeps 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&GP. At the PCC meeting on 21st June 2021 the PCC agreed and signed the Safeguarding policy. Penny Ritchie Calder the Children’s Advocate and DBS administrator. Huong Hoang continues to support the administration of the central record and is based at the Parish of\ice.

�29

DBS

Penny Ritchie Calder administers the DBS process. The PCC follows the safer recruitment guidelines. All information regarding DBS is held con\identially and remains private, in a designated safe.

Training requirements

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

The safeguarding team at the London Diocese have introduced a new online learning portal which I can access. The Safeguarding Parish Portal has also been introduced which will be updated in May 2022.

Safeguarding Concerns

There have not been any safeguarding incident/concerns reported since the last AGM.

Rina Wood - April 2023 Safeguarding ofNicer

�30

Community and Charities Report

In 2022 our parish community and congregation continued donating items to be distributed via charities including

The Hygiene Bank, Suited & Booted and Dress for Success.

Throughout the year there were collections for and donations made to Tear Fund, the Children’s Society and the Disasters Emergency Committee.

We continue to provide pastoral care and pot noodles to people in need in the parish.

We have reconnected with St Katharine Cree to provide English lessons to members of the Spanish and Portuguese speaking community working in and around the City.

All of us in the City can make a difference.

Rev’d Canon Arani Sen - April 2023 Rector

�31

Music Report

Following the disruption of the past 2 years of the Covid pandemic, 2022 saw a welcome return to normality in the musical life of St Olave’s.

Music at the main Sunday Eucharists is maintained by a regular team of 5 Choral Scholars, the bass role being shared by Henry Page and Nic Walker alongside long-standing tenor Nick Dykes. After several years as soprano and then alto, Tara Mans\ield stepped down from the group to be replaced by Ruth Elleson. Sapphire Armitage (now otherwise known as Mrs Nic Walker) also stepped down, but not before introducing us to Toni Smart, initially as a deputy, and now as a permanent replacement. My thanks to all of them for their loyalty and commitment to improving standards of music making in a friendly, relaxed and supportive environment.

The Scholars were supplemented by additional professional singers on the occasions of Easter Day, Patronal Festival and Remembrance Sunday. We also saw the return of the 5[th] Sunday Singers on those “eponymous” dates. Another group, the Hanover Choir, who use the building for rehearsals, will also be giving us the bene\it of their talents from next year, thus ful\illing our aim of expanding the number of people involved in the musical life of the church.

The long standing St Olave’s Singers are also back to their regular weekly rehearsals after Covid. Following the sad demise of their “sister” choir City Singers, it was hoped that some of their number would join us, and, as I write, take up, although limited, has been encouraging. I do hope progress can continue on this over the next year. The St Olave’s Singers provide music for a number of midweek services through the year, such as Ash Wednesday, the Pepys Club Service, Trinity House, Harvest, and the Corynthians Remembrance service, as well as several Carol Services.

Weekly recitals organised by Michael Gammie, Richard Ciecierski and their team on Wednesday and Thursday lunchtimes, are now happily back to full capacity. These concerts are such an important part of the church’s outreach, and enjoyed by so many, both performers and audience members.

Colin Spinks - April 2023 Musical Director

�32

Mission Action Plan (MAP) 2023 - 2026

A new Mission Action Plan will be launched at the APCM. Here is a summary:

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:

�33

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

Registered Charity Number 1130893

2023