## **Annual Accounts for the year ended 31 December 2020** Presented to the APCM on 23 May 2021 Parish Church of St Peter and St Paul Olney Part 1 of 2 **----- Start of picture text -----**
olney
St Peter
St P ul
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**REGISTERED CHARITY NUMBER: 1134039** **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR PCC OF ST PETER AND ST PAUL, OLNEY** **PCC OF ST PETER AND ST PAUL, OLNEY** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ||Page| |---|---| |Reference and Administrative Details|1| |Report of the Trustees|2 to 5| |Independent Examiner's Report|6| |Statement of Financial Activities|7| |Statement of Financial Position|8| |Notes to the Financial Statements|9 to 20| |Detailed Statement of Financial Activities|21 to 22| **PCC OF ST PETER AND ST PAUL, OLNEY** **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020** |**TRUSTEES**|Rev'd A Pritchard-Keens| |---|---| ||A Geary| ||S Bailey| ||D Phillipson| ||L Geary| ||P Pankhurst| ||S Gallimore (resigned 18/10/20)| ||S Page (resigned 18/10/20)| ||M Jones| ||E Knight| ||S Heron| ||R Colson| ||K Wiseman| ||H Langley| ||A Langley| ||T Haskell| ||B Linten (resigned 6/8/20)| ||E Sheaf| ||R Parker| |**PRINCIPAL ADDRESS**|St Peter and St Paul Church| ||Church Street| ||Olney| ||Buckinghamshire| ||MK46 4AD| |**REGISTERED CHARITY NUMBER**|1134039| |**INDEPENDENT EXAMINER**|DNG Dove Naish LLP| ||Eagle House| ||28 Billing Road| ||Northampton| ||Northamptonshire| ||NN1 5AJ| |**BANKERS**|Barclays Bank plc| ||Leicester| ||LE87 2BB| Page | 1 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** St Peter and St Paul’s PCC are representatives of the Church membership who have the responsibility of cooperating with the incumbent and the Churchwardens in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. They also have responsibility for the management of the Church Hall. ## **Significant activities** Significant activities of the Church include: - regular public worship open to all - the provision of sacred space for personal prayer and contemplation - pastoral work, including visiting the sick and bereaved - teaching of Christianity through sermons, courses and small groups - taking of religious assemblies in local schools - promoting the whole mission of the Church through provision of activities for senior citizens, parents and toddlers. ## Church Attendance Average attendance - this is calculated from the registers of the Church, and includes Church Mice and Harvest services. |**Service Attendance**|**Adults**|**Children**|**Total**| |---|---|---|---| |Average Sunday service attendance|44|7|51| |Average weekly (including Sunday)|54|18|72| |Totalattendance October|213|85|298| ## **Public benefit** The trustees have had regard to the Charity Commission guidance on public benefit. The trustees believe that the public benefits of the PCC's work are: The PCC's charitable objects equate to the advancement of religion, which is recognised as a charitable purpose having public benefit. All regular public worship is provided free of charge and open to all. Donations to other charities and our own projects provide public benefits and any member of the public may take part in church activities and services so benefits are to the whole public. ## **Volunteers** The PCC relies heavily on volunteers and would not be able to function without their generous giving of both time and finances. ## **ACHIEVEMENT AND PERFORMANCE** The PCC met twice during the year ended 31 December 2020 due to the Coronavirus pandemic. The Standing Committee have met weekly since March to enable the church to comply with the guidelines given by the Church of England. Decisions requiring PCC approval have been conducted in a remote way with the PCC given the opportunity to meet via Zoom should they wish to discuss items. This review provides an overview of the most significant activities overseen by the PCC. Page | 2 **PCC OF ST PETER AND ST PAUL, OLNEY** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** ## **ACHIEVEMENT AND PERFORMANCE (cont’d)** The Church continues to welcome visitors from many different countries, and the doors are always open to our local community. A brief look in the visitor’s book tells a tale of pilgrimages to our church from far and wide, as well as nearer home. Every year we also welcome many people to our “special” services such as the Shriving service, Easter services and Christmas services, although with the current Coronavirus pandemic a lot of our festival services have been unable to take place. Our Church buildings are in constant use and it is often a challenge to squeeze anything extra into their availability. As listed buildings they have been given an added momentum, with various Mission projects alongside our regular services. We are grateful that these additional activities manage to run and keep a balance in terms of expenditure versus income. The operational costs of our buildings are solely dependent on our stewardship and regular giving by our members, our joint members, and friends from the town fundraising committee efforts through Dickens, Cherry Fair and the Pancake Race, as well as grant applications for specific large fabric maintenance items. Without the gifts and support from them and our parishioners, neither the Church nor the Church Hall would be able to function. ## **FINANCIAL REVIEW** Our Church is funded through planned giving, plated collections, donations, grants, fundraising and legacies received. Total income during the year was £204,152 (2019: £124,369) and is detailed in the financial statements. The largest source of income was from legacy donations totalling £107,662 (2019: gift aid donation £50,351). Income from the use of the Church Hall was £4,755 (2019: £8,478). Total expenses during the year were £165,789 (2019: £135,658). The largest single running expense is the parish share contribution to the Diocese of £64,033 (2019: £63,243). The parish share largely provides the stipends and housing for the clergy. Church Hall running costs were £8,534 (2019: £8,206 which included maintenance), no significant works have been carried out to the Church Hall during the year, other than maintenance. There were no significant maintenance projects carried out on the church building during the year, because the church was closed for the pandemic for most, we did install a donation station to enable card donations to be made as more visitors are no longer carrying coinage to make a donation, this also has the facility for donations to be gift aided. Our general fund was in surplus for the year due to a large unrestricted legacy being received. The majority was provided for as accrued income in our accounts for the year ended 31 December 2018 based on best estimate and we have been receiving interim receipts from the donor until the estate has been finalised. The net result for the year was a surplus of £47,976, being an overall surplus of £64,787 on unrestricted funds, a deficit of £31,058 on restricted funds and a surplus of £14,247 on the endowment fund. The most effective way parishioners can contribute to the costs of the Church is through our Parish Giving Scheme, Olney Living Generously, administered by Parish Giving Scheme in association with The Church of England Registered Charity No: 1156606 and our Stewardship Scheme administrated by the stewardship officer. For taxpayers, this allows us to recoup tax paid on any donations at a rate of 25%. Regular monthly or weekly donations also make it easier to plan the cash flow of the Church and budget for any additional expenses. There are many people who manage aspects of our financial processes on a daily basis and provide the valuable data which allows the Treasurer to control the Church's finances and provide important management information to the PCC. The preparation of these accounts is a time consuming effort, however, this has resulted in us having a much improved, transparent and accurate set of accounts. Page | 3 **PCC OF ST PETER AND ST PAUL, OLNEY** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** ## **INVESTMENT POLICY** Within the parish, the main financial investments are held by Diocesan Trustees (Oxford) Limited. It has a policy of investing most of its assets in products managed by the Central Board of Finance of the Church of England. This in turn has its own investment policy in terms of ethical investment, social policy, environmental issues and risk taking which therefore operates for the PCC. The objectives are income for the upkeep, repair and insurance of the Chancel of the Church, and if sufficient money remains in the fund, it can be used for the upkeep and repair of the remainder of the Church. ## **RESERVES POLICY** The PCC maintains several reserves. The unrestricted reserves are separated into designated and general funds. The various funds designated for use in a particular way are more fully explained in the Notes to the Accounts and the level of designated funds is reviewed annually. The PCC’s policy is to carry a general reserve of at least 6-months’ worth of expenditure or an amount in excess of £75,000 whichever is the greater. Over recent years the reserves have not been sufficient to meet this policy and the Trustees are looking at ways to build up the reserves. Total reserves at the year end were £876,773 (2019: £828,797) of which £51,221 (2019: £82,279) were restricted, £231,138 (2019: £216,891) were endowment funds. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The PCC is controlled by its governing document, the Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules, adopted 3 February 2010. The PCC is a registered charity. The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. Ordained deacons or priests who are retirement age are not eligible to register or stand for election. The Trustees of the PCC are elected for a term of office of 3 years at the Annual Parish Council Meeting. After 3 years those elected members automatically stand down and do not seek re-election for another term. The only exception to this is, if there is insufficient members proposed at the APCM to serve on the PCC, they may be permitted to stand for a further year. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish, including deciding on how the funds of the PCC are to be spent. New members receive initial training into the workings of the PCC. Members of the PCC are aware of potential risks both financial and otherwise that might occur either in the Church or in the Church Hall. They have taken appropriate action to control and minimise these risks. The only committee established by statute is the Standing Committee consisting of the Rector, Wardens, Secretary and Treasurer. ## **COVID-19** The unexpected lockdown due to COVID-19 has greatly impacted the church’s fundraising efforts and income. The church remained closed since the Government order was put in place along with the church hall which is mainly used for lettings income in particular the nursery. Our Standing Committee have continued to hold weekly virtual meetings to discuss the ongoing situation and any issues that arise, these minutes are circulated to our PCC for their information and to request any items that they wish to be considered or discussed to help with the management of the church. Our PCC was due to meet in March but this was cancelled as some of our members were asked to remain at home by the government either by age or for health reasons. It has not been felt as necessary to hold a PCC at the moment as the business of the church has effectively ground to a halt, the PCC were asked if they would like to meet to discuss any church issues that arose requiring a vote, but this was overwhelmingly rejected in favour of the standing committing continue to carry out the day-to-day functioning of the church and referring to the PCC when it was required. Page | 4 PCC OF ST PETER AND ST PAUU OLNEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Sadly we were un8ble to hcAd any fund raithg actiwties during the year. ft is hoped that we are abbe lo hold other COVID frlendty events for ex8mpl8 8 quiz evenlng. We continue to recthe gift ￿ded income via $trT￿lng order ￿ the Parish Giving Stheme so this wll help towards our running costs, and the wpurtunity to receive card payment donations when the church is open for S￿e8s. Our Church Administrator C£￿tinueS to w(*k home so continuty and surwt for Week￿ infom)alion sheets can be Suptyied to cwr church mernkn and congregations. ￿1th has been 8n invalu8ble sourcè of comfort to our m￿e senior members who are dassed in the 70+ age i￿ckel and have teen shielding in thelr homes. W& as a L*urch antiopate th* we are in a gc￿j p0S￿On to ontinue wrth our responsibilities during the ccffning year with the reserY¢s lunding that ￿ have in FAace. by order ofthe of In￿ee5 cm ..,.. nd signed on rts behalf by.. LGoary-T tee Pag815 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PCC OF ST PETER AND ST PAUL, OLNEY** ## **Independent examiner's report to the trustees of PCC of St Peter and St Paul, Olney** I report to the charity trustees on my examination of the accounts of the PCC of St Peter and St Paul, Olney (the Trust) for the year ended 31 December 2020. ## **Responsibilities and basis of report** As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ACA which is one of the listed bodies 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 Trust 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our independent examination work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our independent examination work, for this report, or for the opinions we have formed. Nicola Fox FCA DNG Dove Naish Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ Date: 18 May 2021 Page | 6 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** ||||||2020|2019| |---|---|---|---|---|---|---| |||Unrestricted|Restricted|Endowment|Total funds|Total funds| |||funds|funds|fund||| ||Not|£|£|£|£|£| ||es|||||| |**INCOME AND**||||||| |**ENDOWMENTS FROM**||||||| |Donations and legacies|3|173,052|6,339|-|179,391|80,637| |Other trading activities|4|7,111|12,490|-|19,601|38,358| |Investment income|5|525|1|4,634|5,160|5,374| |**Total**||180,688|18,830|4,634|204,152|124,369| |**EXPENDITURE ON**||||||| |Raising funds|6|275|7,456|-|7,731|7,250| |**Charitable activities**|7|||||| |Charitable activity||115,626|42,432|-|158,058|128,408| |**Total**||115,901|49,888|-|165,789|135,658| |Net gains/(losses) on||||||| |investments||-|-|9,613|9,613|22,728| |**NET**||||||| |**INCOME/(EXPENDITURE)**||64,787|(31,058)|14,247|47,976|11,439| |**Transfers between funds**|18|-|-|-|-|-| |||||||| |**Net movement in funds**||64,787|(31,058)|14,247|47,976|11,439| |**RECONCILIATION OF**||||||| |**FUNDS**||||||| |**Total funds brought**||||||| |**forward**||529,627|82,279|216,891|828,797|817,358| |**TOTAL FUNDS CARRIED**||||||| |**FORWARD**||594,414|51,221|231,138|876,773|828,797| ## **CONTINUING OPERATIONS** All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page | 7 PCC OF ST PETER AND sr PAUL OLNEY STATEMENT OF FINANCIAL POStTION AT 31 DECEMBER 2020 2020 2019 Resttthd EndLwmient Tolal funds Total fiJnds fund Unreslrided thjnds Not FIXED ASSETS TanglL49 assets Investrnents !J. 65.144 14 15 65.144 65.144 153849 65.144 153,849 218,993 209,380 CURRENT ASSErs Debtors Cash at bank and in harml 16 5,549 526.790 5.549 227,257 394,860 532.339 51.221 77.289 660.849 622.117 CREDrroRS PJnounls faling due wthin one year 17 (3.IA9) 13.0691 (2,700) NET CURRENT ASSETS 529.270 77.289 657.780 619417 TOTAL ASSETS LESS CURRENT UABILITES 594.414 51,221 231.138 876.773 828.797 ASSEts 51 594 414 ￿1 . 876 773 FUNDS Unrestricted funds Restricted funds Endo%wnent funds 594.414 51.221 231.138 529,627 82,279 216,891 TOTAL FUNDS 828.797 The flnancl81 ststements wexe approvd by the Board of Tnthes ￿ ..... sl on Its beham by: Were -Tru$tee L Geary-Twstee The notes fc¥m part Lrf these f￿a￿la1 sL*ments Page18 **PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. LEGAL FORM** PCC of St Peter and St Paul, Olney is an unincorporated charity registered with the Charity Commission for England and Wales and is a public benefit entity. Its registered address is listed on page 2. ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements have also been prepared in accordance with the Church Accounting Regulations 2006. The presentation currency of the financial statements is the Pound Sterling (£). The accounts are rounded to the nearest £. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. ## **Critical accounting judgements and key sources of estimation uncertainty** The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Funds raised by the Cherry Fair, Dickens, Pancake Day and similar events are accounted for gross. Sales of books and magazines from the Church Bookstall are accounted for gross. Page | 9 **PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **2. ACCOUNTING POLICIES - continued** ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants and Donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures, fittings and equipment - 12.5% on cost Improvements to property (church hall) - 20 years on cost Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The trustees are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The trustees consider that the individual carrying values of assets are supportable by their value in use. ## **Consecrated property and movable church furnishings** Consecrated and beneficed property of any land is excluded from the accounts by section 10 (2)(a) of the Charities Act 2011. Moveable church furnishings held by the Rector and Church Wardens on special trust for the PCC and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church’s Inventory which can be inspected (at any reasonable time). For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life on a straight line basis. All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £2,000 or on the repair of movable church furnishings acquired before 1 January 2000 is written off. ## **Heritage Assets** The PCC maintains the church building which is a Grade I registered building and as stated above is excluded from the accounts by section 10 (2)(a) of the Charities Act 2011. It is also custodian to a number of heritage assets. In the Trustees’ opinion, conventional valuation approaches lack sufficient reliability and any valuation is likely to involve costs that are likely to be onerous. ## **Expenditure on major restoration** The cost of associated major repairs is reported in the Income and Expenditure Account in the year it is incurred. ## **Taxation** The charity is exempt from tax on its charitable activities. Page | 10 **PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **2. ACCOUNTING POLICIES – continued** ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. The accounts 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. ## **Financial instruments** Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the statement of financial activities. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. ## **Investments** Investments are included within the accounts at market value. ## **3. DONATIONS AND LEGACIES** |Donations
Church collections
Gift aid
Legacies
Grants
Income tax refund on gift aid
Children Church
Grants received, included in the above, are as follows:
Co-op Local Community Fund|2020
£
3,053
4,036
48,133
107,662
3,339
12,475
693
179,391
2020
£
3,339|2019
£
1,860
8,439
50,351
6,005
-
13,503
479
80,637
2019
£
-| |---|---|---| |||| Page | 11 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **4. OTHER TRADING ACTIVITIES** |2020
£
Fundraising events
13,745
Fees for weddings and funerals
798
Church hall lettings
4,755
Sundry sales
303
19,601
**5.**
**INVESTMENT INCOME**
2020
£
Dividends and interest
5,160
**6.**
**RAISING FUNDS**
**Other trading activities**
2020
£
Fundraising event costs
7,731
**7.**
**CHARITABLE ACTIVITIES COSTS**
Direct costs
Grant
funding of
activities
Support
costs
(See note 8)
(See note 9)
£
£
£
Charitable activity
113,683
42,725
1,650
**8.**
**GRANTS PAYABLE**
2020
£
Grants paid to individuals – John Kent Fund supporting students
Grants paid to institutions – see below
37,625
5,100
42,725
The total grants paid to institutions during the year was as follows:
2020
£
Missionary Societies Overseas
3,060
Relief and Development Overseas
2,040
5,100|2019
£
23,530
3,926
8,478
2,424
38,358
2019
£
5,374
2019
£
7,250
Totals
£
158,058
2019
£
-
5,032
5,032
2019
£
1,750
3,282
5,032| |---|---| ||| Page | 12 **PCC OF ST PETER AND ST PAUL, OLNEY** **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** |**9.**
**SUPPORT COSTS**
Charitable activity
**10.**
**INDEPENDENT EXAMINERS' REMUNERATION**
Fees payable to the charity's independent examiners for the
independent examination of the charity's financial statements|Governance
costs
£
1,650
2020
2019
£
£
1,650
2,100| |---|---| ## **11. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019. ## **Trustees' expenses** £2,895 was paid to 5 Trustees’ for the reimbursement of administrative and event expenses for the year ended 31 December 2020 (2019: £3,469 was paid to 8 Trustees’). ## **12. STAFF COSTS** The average monthly number of employee during the year was as follows: ||||2020|2020|2019| |---|---|---|---|---|---| |Employees||||2|3| |No employee received total employee benefits of more than||£60,000.|||| ||||2020||2019| ||||£||£| |Wages|||4,950||8,010| |**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**||**ACTIVITIES**|||| ||Unrestricted|Restricted|Endowment||Total funds| ||funds|funds||fund|| ||£|£||£|£| |**INCOME AND**|||||| |**ENDOWMENTS FROM**|||||| |Donations and legacies|75,637|5,000||-|80,637| |Other trading activities|25,011|13,347||-|38,358| |Investment income|619|38|4,717||5,374| |**Total**|101,267|18,385|4,717||124,369| |**EXPENDITURE ON**|||||| |Raising funds|2,148|5,102||-|7,250| ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** Page | 13 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES – continued** |||Unrestricted|Unrestricted|Restricted|Endowment|Total funds| |---|---|---|---|---|---|---| |||funds||funds|fund|| |||£||£|£|£| ||**Charitable activities**|||||| ||Charitable activity|126,008||2,400|-|128,408| ||**Total**|128,156||7,502|-|135,658| ||**Net gains/(losses) on investments**||-|-|22,728|22,728| ||**NET INCOME/(EXPENDITURE)**|(26,889)||10,883|27,445|11,439| ||**Transfers between funds**||-|-|-|-| |||||||| ||**Net movement in funds**|(26,889)||10,883|27,445|11,439| ||**RECONCILIATION OF**|||||| ||**FUNDS**|||||| ||**Total funds brought forward**|556,516||71,396|189,446|817,358| ||**TOTAL FUNDS CARRIED FORWARD**|529,627||82,279|216,891|828,797| |**14.**|**TANGIBLE FIXED ASSETS**|||||| |||||||Fixtures,| |||||||fittings and| |||||||equipment| |||||||£| ||**COST**|||||| ||At 1 January 2020 and 31 December 2020|||||217,536| ||**DEPRECIATION**|||||| ||At 1 January 2020 and 31 December 2020|||||152,392| ||**NET BOOK VALUE**|||||| ||At 31 December 2020|||||65,144| ||At 31 December 2019|||||65,144| No depreciation charge has been made as depreciation has been overcharged in prior years. Page | 14 **PCC OF ST PETER AND ST PAUL, OLNEY** **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** |**15.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 January 2020
Revaluations
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019
**Analysis of investments between funds**
UK equities
**16.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments and accrued income
**17.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Accruals and deferred income|Listed
investments
£
144,236
9,613
153,849
153,849
144,236
Endowment fund
£
153,849
153,849
2020
2019
£
£
-
217,324
5,549
9,933
5,549
227,257
2020
2019
£
£
969
-
2,100
2,700| |---|---| Included within other creditors is a balance of £969 (2019: other debtors £854) for funds held as agent. Funds received as agent totalled £5,204 and funds spent totalled £3,381. Page | 15 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **18. MOVEMENT IN FUNDS** |At 1/1/20
Net
movement in
funds
Transfers
between
funds
At
£
£
£
**Unrestricted funds**
General Fund
523,039
67,816
-
Discretionary Fund
295
-
-
Youth Fund
750
-
-
Children Fund
479
693
-
Church Hall Fund
5,064
(3,722)
-
529,627
64,787
-
**Restricted funds**
Pancake Fund
26,920
5,034
-
Bells Fund
1,488
(1,206)
-
John Kent Fund
38,886
(38,225)
-
Mission Outreach Fund
2,909
-
-
Fabric Restricted Fund
12,076
3,339
-
82,279
(31,058)
-
**Endowment funds**
Endowment Fund
216,891
14,247
-
**TOTAL FUNDS**
828,797
47,976
-|31/12/20
£
590,855
295
750
1,172
1,342
594,414
31,954
282
661
2,909
15,415
51,221
231,138
876,773| |---|---| Page | 16 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **18. MOVEMENT IN FUNDS – continued** Net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement in| |---|---|---|---|---| ||resources|expended|losses|funds| ||£|£|£|£| |**Unrestricted funds**||||| |General Fund|175,240|(107,424)|-|67,816| |Children Fund|693|-|-|693| |Church Hall Fund|4,755|(8,477)|-|(3,722)| ||180,688|(115,901)|-|64,787| |**Restricted funds**||||| |Pancake Fund|12,490|(7,456)|-|5,034| |Bells Fund|1|(1,207)|-|(1,206)| |John Kent Legacy|-|(38,225)|-|(38,225)| |Fabric Fund|6,339|(3,000)|-|3,339| ||18,830|(49,888)|-|(31,058)| |**Endowment funds**||||| |Endowment Fund|4,634|-|9,613|14,247| |**TOTAL FUNDS**|204,152|(165,789)|9,613|47,976| Page | 17 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **18. MOVEMENT IN FUNDS – continued** ## **Comparatives for movement in funds** |At 1/1/19
Net
movement in
funds
Transfers
between
funds
At
£
£
£
**Unrestricted Funds**
General Fund
550,645
(27,606)
-
Discretionary Fund
-
295
-
Youth Fund
750
-
-
Children Fund
-
479
-
Church Hall Fund
5,121
(57)
-
556,516
(26,889)
-
**Restricted Funds**
Pancake Fund
18,675
8,245
-
Bells Fund
1,485
3
-
John Kent Fund
41,286
(2,400)
-
Mission Outreach Fund
2,909
-
-
Fabric Restricted Fund
7,041
5,035
-
71,396
10,883
-
**Endowment funds**
Endowment Fund
189,446
27,445
-
**TOTAL FUNDS**
817,358
11,439
-|31/12/19
£
523,039
295
750
479
5,064
529,627
28,920
1,488
38,886
2,909
12,076
82,279
216,891
828,797| |---|---| Page | 18 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **18. MOVEMENT IN FUNDS – continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement in| |---|---|---|---|---| ||resources|expended|losses|funds| ||£|£|£|**£**| |**Unrestricted funds**||||| |General Fund|92,015|(119,621)|-|(27,606)| |Discretionary Fund|295|-|-|295| |Children Fund|479|-|-|479| |Church Hall Fund|8,478|(8,535)|-|(57)| ||101,267|(128,156)|-|(26,889)| |**Restricted funds**||||| |Pancake Fund|13,347|(5,102)|-|8,245| |Bells Fund|3|-|-|3| |John Kent Legacy|-|(2,400)|-|(2,400)| |Fabric Fund|5,035|-|-|5,035| ||18,385|(7,502)|-|10,883| |**Endowment funds**||||| |Endowment Fund|4,717|-|22,728|27,445| |**TOTAL FUNDS**|124,369|(135,658)|22,728|11,439| Page | 19 **PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020** ## **18. MOVEMENT IN FUNDS – continued** Youth Fund - represents funds to support youth work in the parish. Discretionary Fund - represents funds to alleviate hardship amongst the citizens of Olney Mission Opportunity Fund - represents funds dedicated to promoting the grown of the church and is specifically not for general running costs. Children's Fund - represents funds to support our children's work including church mice. Church Hall Fund - represents income from Church Hall lettings and other expenses and pays the operating expenses of the Church Hall. Fabric Fund - represents the purchase and acquisition of items to support the physical comfort and wellbeing of parishioners whilst worshipping within the building and the ongoing care, repairs and maintenance of the church buildings and contents. Pancake Fund - is a subcommittee of the PCC whose sole purpose is to organise the historic pancake race and associated community events, and in doing so, raise and disburse funds for the maintenance and fabric of the church. The PCC underwrite the insurance of the event. The fund specifically does not support the running costs and expenditure of the church. Endowment Fund - consists of a single permanent endowment, the capital of which cannot normally be distributed, with the income generated by the capital in the fund initially being used against the repair and maintenance of the chancel. Should the chancel be in good order, the income may be used only for the repair and maintenance of the rest of the church. The accumulated income in the fund held by the CBF C of E deposit account at the year end amounted to £77,289. The value of the capital stands at £153,849 (2019: £144,236). The Mission Canada Fund was a 19 day mission trip that brought together members of the church and YAG and Soultime Café in a trip to Canada, this fund was renamed during the year to the Mission & Outreach fund, following acceptance by the Charity Commission. The John Kent Fund was a legacy received in January 2016 with a restriction that it is used to support students through college and university. The Bells Fund consists of monies to be used with the maintenance and upkeep of the church bells. ## **Transfers between funds** There were no transfers between funds during the year. ## **19. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2020. ## **20. ULTIMATE CONTROLLING PARTY** During the year the charity was under the control of its Trustees as listed on page 3. Page | 20 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Church collections
Gift aid
Legacies
Grants
Income tax refund on gift aid
Children Church
**Other trading activities**
Fundraising events
Fees for weddings and funerals
Church hall lettings
Sundry sales
**Investment income**
Dividends and interest
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Fundraising event costs
**Charitable activities**
Parish Share
Clergy expenses
Church running expenses
Church maintenance
Training and parish work
Church Hall costs
Organist and music
Staff and other administrative costs
Grants to institutions
Grants to individuals|2020
£
3,053
4,036
48,133
107,662
3,339
12,475
693
179,391
13,745
798
4,755
303
19,601
5,160
204,152
7,731
64,033
1,200
14,468
8,064
162
8,534
5,020
12,202
5,100
37,625
156,408|2019
£
1,860
8,439
50,351
6,005
-
13,503
479
80,637
23,530
3,926
8,478
2,424
38,358
5,374
124,369
7,250
63,243
900
15,733
9,271
1,611
8,206
8,850
13,462
5,032
-
133,558| |---|---|---| This page does not form part of the statutory financial statements Page | 21 **PCC OF ST PETER AND ST PAUL, OLNEY** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** |**Support costs**
**Governance costs**
Independent Examiners fee
**Total resources expended**
**Net income/(expenditure)**
**before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on investments
**Net income/(expenditure)**|2020
£
1,650
165,789
38,363
9,613
47,976|2019
£
2,100
135,658
(11,289)
22,728
11,439| |---|---|---| Page | 22