2021-12-31-accounts

REGISTERED CHARITY NUMBER: 1134039 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 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 2021 Page Reference and Admlnlstrallve Delalls Report of the Trustees 2to5 Independent Examiner's Report Slalement of Finan¢lal Activities Statement of Financlal Posltlon Notes lo the Flnanclal Statements 9t021 Detailed Slalemenl of Financlal Activities 221023

PCC OF ST PETER AND ST PAUL, OLNEY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES Revd A PrSlchard-Kegn8 AGeary S 8aSley D Philllpson L Geary P Pankhurst M Jones E Knlghl (to 23 May 20211 S Heron (to 23 May 20211 R Colson K Wlseman Ilo 23 May 2021} H Langley A Langley T Haskell E Sheaf R Parker A Heron lfrom 23 May 20211 R Ayllng Ifrom 23 May 20211 D Martin (from 23 May 20211 G Lavender lfrom 23 May 20211 PRINCIPAL ADDRESS Sl Peter and Sl Paul Church Church Street Olney Buckinghamshire K46 4AD REGISTERED CHARITY NUMBER 1134039 INDEPENDENT EXAMINER DNG Dove Naish LLP Eagle House 28 Billing Road Northampton Northamptonshlrè NN1 5AJ BANKERS Ba￿lay$ 88nk plc L61¢8sl8r LE87 2BB Page11

PCC OF ST PETER AND ST PAUL, OLNEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The Iruslees present their report wllh the finanGial slalemenls of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihts UK and RepubliG of Ireland IFRS 102) (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and alms Sl Peter and Si Psul's PCC are represenlatlves of the Church memborship who have the responsibllity of cooperating with the incumbent and the Churchwardens in prorNoling in the eccl8siaslical parlsh the whole mission of the Church. pastoral, evangellsllc, soGial and ecum8nical. They also have responsibllily for the management of the Church Hall. Slgnificant actlvltles Significant activities of the Church Include: regular public worship open lo all the provision of sacred space for personal prayer and rontemplalion pastoral work. including visillng the sick and bereaved teaching of Chrislianily 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 cttizens, parents and toddlers. Church Attendance Average attendance - this is calculated from Ihe registers of the Church, and includes Church Ml¢e and Harvosl services. S9rvicg Attondance Adults Chlldren Totsl Avera Avera e Sunda e weekl service attendance includin Sunda 46 48 48 72 24 Public benefit The trustees have had regard to the Charity Commission guidance on publio benefit. The trustees believe that the public benefits of the PCC'S work aro.. The PCC'S charitable objects equate to the advancement of religion, which Is recognlsed as 2 Gharitable purpose having publlc benefit. Al regular public worship is provided free of charge and open to all. Donatlons lo other charities and our own projects provide public bonefils and any member of th8 public may take part in GhurGh activities and services so benefits are to the whole publlc. Volunteèrs The PCC relies heavily on volunteers and would not bo able to funcllon wllhoul their generous giving of both lime and finances. ACHIEVEMENT AND PERFORMANCE The PCC mel twice both virtually the year ended 31 December 2021 due lo the ongoing Coronavlrus pandemic. The Standing Commitleo have mel ollher weekly or fortnighlly sincé March lo enable the church lo comply with the guidelinos given by the Church of England. Decisions r￿Uiring PCC approval have been conducted in a remote way with the PCC given the opportunlly to moot vla Zoom should they wish to dlscu$s Items. Th1$ revlew provldes an overvlew of the most slgnificanl aolwities overseen by the PCC. Page12

PCC OF ST PETER AND ST PAUL, OLNEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 ACHIEVEMENT AND PERFORMANCE (Gont'dl The Church continues to Wel￿Me visitors from many drfferenl COLJnlrlès. and the doors are always open to our local community. A brief look in the visitor's book tells a tale of pilgrimages lo our church from far and wide, 8s well as nearer homfj. Every year we also welcome many people lo our"special" sorvices such as th8 Shrlving servire, Easter services and Christmas service8, although wlh the Gurrenl Coronavirus pandemlc a lol of our festival services have been unable lo tak8 place. Our Church buildings arg in constant use and 11 Is often a challengè lo squeeze anythlng extra Into their availability. As listed buildings Ihoy have been gSven an added momentum, with various Mission prolecls alongside our regular services. We are grateful that these addllional a¢tlvltl&s 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 givlng by our members, our joint member5, and friends from the town fundraising committee efforts through Dlckens, Cherry Fair and the Pancake Race, as well as grant applications for speorfic large fabric maintenanc8 It&ms. Wilhoul the gifts and support from them and our parishioners, nelther the Church noF the Church Hall would be ablè lo function. FINANCIAL REVIEW Our Church is funded through planngd giving, plated colle¢tions, donations, grants, fvndraising and legaoies received. Total income during the year was £252,57012020'. £204,152) and is detailed in the financial slalemen18. Th8 largesl source of income was from legacy donations lolalling £175,886 {2020.. 1ogaGy donations £107,662). Income from the use of the Church Hall was £4,95312020', £4,755). Total expenses durlng the year were £114,18512020'. £165,789). The large818lngle running expense Is the parish share conlrlbutlon lo the Diocese of £64,363 {2020- £64,033). The parish share laigely provides the stipends and housing for the olergy. Church Hall running costs were £6,277 12020.. £8,534 which included mainlenancel, no significant works have been carried out lo the Church Hall during the year, other than mginlenanGe. There were no significant maintenance projects carried out on the church building during the yoar, because the church remained closed for the pandemic for most of the period, we did install a donation station lo enable card donations lo be made as more visitors are no longer carrying Goinage lo rnake a donation, Ihls also has the facility for donations lo be gift aided. Our general fund was in surplus for the year due to a large unreslricled legaGy being recgived. The nel result for the year was a surplus of £161,790. belng an overall surplu5 01 £111,796 on unreslrlcled funds, a surplus of £22,103 on restricted funds and a surplus of £27,920 on the endowment fund. The most effective way parishioners can conlrlbule lo the costs of the Church is through our Parlgh 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 adminislraled by th8 $18wardship officer. For taxpayers, this allows us lo recoup tax paid on any donations at a rale of 25010. Regular monthly or weekly donations also make il easler lo 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 dally ba818 and provid8 the valuable data whlch allows the Treasurer to control tho Church's flnanc88 and provide important management infomialion lo the PCC. The preparatior) of these accounts is a lime consumlng effort, however, this has resulted In us havlng a much improved, Iranspar6nt and accurate sel of accounts. Pag813

PCC OF ST PETER AND ST PAUL. OLNEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 INVESTMENT POLICY Within the parish, the main financial Inveslments are held by Diocesan Trustees {Oxfordl Limlled. It has a policy of investing most of ils assets in produots managed by the Contral Board of Finance of the Church of England. This in turn has ils own investment policy in terms of ethical investment, soclal pollcy, environmental issues and risk taking which therefore operales for the PCC. The objeGlives are irbGome for the upkeep, repair and insurance of the Chancel of the Church, and If sufficient money remains in Ihe fund, il can be used for the upkeep and repair of the remainder of the Church. RESERVES POLICY The PCC mainlaills several reserves. The unrestricted reserves are separated into dgsignaled and general funds. The various funds designated for use in a particular way are more fully explained in the Notes lo the Accounts and the level of designated funds is reviewed annually. The PCC'S policy is lo carry a general reserve of at least 6-monlhs' worth of expenditure or an amount in excess of £75,000 whlchever Is thè greater. Even though sU￿1Clent reservas exist beGause of Ihe unrestricted legacy, the Trustees continue to l¢x)k al ways lo build up the reserves for future years. Total reserves al the year end were £1,038,563 {2020: £876,773) of which £73,32412020= £51,221) were reslricled, £259,05612020-. £231,138) were endowment funds. STRUCTURE, GOVERNANCE AND MANAGEMENT The PCC is colltrolled by Its governing document, the Parochial Church Council Powers Measure119561 a$ amended and Church Rep￿SentatIOn Rules, adopted 3 February 2010. The PCC is a registered charlty. The method of appointment of PCC membeis is set out in the Church Ropresenlalion Rules. Al Church allendees are encouraged lo register on the Electoral Roll and sland for eleclion to tho PCC. Ordained deacons or priests who a￿ retirement age are not eliglble to register or sland for election. The Trustees of the PCC are elected for a tem) of offlce of 3 years al the Annual Parish Council Moeting. After 3 years those elected members automallcally stand down and do not seek re*leotion for another 18mi. The only excepllon lo Ihls is, If there is insufficient members proposed at the APCM lo serve on the PCC, they may be permitted to stand for a further year. ' The PCC members are ￿sponsIble for making d8cislons on all matters of general conGem and importance lo the parish, including éeciding on how the funds of the PCC are to be spent. New members receive initlal 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 Ihe Church or in the Church H811. They have taken appropriate action lo 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 ongoing lockdowns due to COVID-19 have greatly impacted the church's fundralsing efforts and income. The church was closed when the Government orders wore put in place along with the church hall whioh is mainly used for lettings income in particular the nursery. Our Standing Committee have continued lo hold virtual meetings to dlscuss the ongoir79 situation and any Issues that arlse, these minutes are circulated lo our PCC for their information and lo request any items that they wish lo be considered or discussed to help with the management of Ihe ¢hur¢h. It has not been felt as necessary lo hold a PCC at Ihe moment as the business of the church has effectlvely ground lo a halt, the PCC were asked If they would Ilke lo meet lo discuss any church ￿SSueS that ar08& requiring a vole, bul this was overwhelmingly rejected in favour of the standing commilling continue to cary out th& day-lo-day functioning of the Ghurch and referring lo the PCC when il was required. The PCC flnally opted lo meet in a virtual capacity in November. Page14

PCC OF ST PETER AND ST PAUL, OLNEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Sadly we were unable lo hold sovoral of the regular fund raising activities during the year. however we were able to hold some outdoor, socially distanced events towards the end of the year. We continue to receive our gift aided income via standing order or the Parish Giving Scheme so this will help towards our running costs, and the opportunity lo receive card payment donations when the churGh is open for servlces. Our Church Administrator continues lo work from home so conlinuily and support for weekly information sheets can be supplied lo our church members and congregations, which has been an Invaluable source of comfort to our more senior members who are classed in the 70+ age bracket and have been shielding in Ihelr homes. We 28 2 church anticipate that we are in a good posttlon to continue with our responsibllllies during th8 comlng year with the reserves funding that we have in place. Approved by order of the board of Iruslees on ioloslaaaa and signed on its behalf by.. LGe8ry-Tr lee Page15

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 2021.

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 LLP Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ

Date: 10 May 2022

PCC OF ST PETER AND ST PAUL, OLNEY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Reslrlcted Endowm9nt Total funds Total funds funds fund Unreslricled funds Not es INCOME AND ENDOWMENTS FROM Donations and legacies 214.024 22,764 236,788 179,391 Other ITading activities Investment income 11,261 11,261 4,521 19.601 5.160 4,513 Total 225,293 22,764 4,513 252,570 204,152 EXPENDITURE ON RaSsing funds Charltable actlvltles Charitable activity 358 358 7,731 113,166 661 113.827 158,068 Total 113,524 661 114,185 165,789 Nel galnsl(losses} on Investments 23,405 23,405 9,613 NET INCOMEI(EXPENDITURE) 111,769 22,103 27,918 161,790 47,976 Transfers between funds 18 Net movement In funds 111,796 22,103 27.920 161,7 47,976 RECONCILIATION OF FUNDS Total funds brought for4vard 594,414 51,221 231,138 876.773 828,797 TOTAL FUNDS CARRIED FORWARD 706.183 73,324 259,056 1,038.563 876 773 CONTINUING OPERATIONS All Income and expenditure has arlsen from ¢onlinuing acllvilies. The notes form part of these financlal statements Page17

PCC OF ST PETER AND ST PAUL, OLNEY STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2021 2021 R&$trtcled Endowmont Total funds funds fund 2020 Total funds Unrastri¢tèd funds Not FIXED ASSETS Tangible a$s¢ts Inv8stmenl$ 14 15 65,144 65.144 177,254 65,144 153 849 177,254 65,144 177,254 242,398 218,993 CURRENT ASSETS D&blors Cash al bank and in hand 16 5,250 644,967 5,250 800,093 5.549 655.300 73,324 650,217 73,324 81,802 805,343 660,849 CREDITORS Amounts falling due wlthtn onè yoar 17 19.178) {9,178) (3,069) NET CURRENT ASSETS 796 165 657 780 TOTAL ASSEfs LESS CURRENT LIABILITIES 706,183 73,324 259,056 1,038,563 876,773 NET ASSETS 706 183 73.324 259 056 1038 563 876 773 FUNDS Unreslriclod fvnd8 Restrioted funds Endowm8nl fund8 18 706,183 73,324 259,056 594,414 51,221 231,138 TOTAL FUNDS 1038 563 876 773 lolo£l ioaa The financlal 818taments wore approved by the B08rd of Truste88 on ............................................. and were 81gned on Its behalf by., S Bailey-Truglee 8tee The notes fom part of thes¢ financial 81aleman18 Page18

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 LEGAL FORM PCC of St Peter and Sl Paul, Oln8y is an unincorporated charlty r8glstered wlth the Charity Commission for England and Wales and Is a public benefit enlily. Ils registered addres8 18 118ted on page 2. ACCOUNTING POLICIES Basls of prgparlng the flnanclal statements The financial slalem8nts of th8 charity. whlch Is a public benefit enlily under FRS 102. hav8 been prepared in accordanc8 with the Charillos SORP IFRS 1021 'Accounling and Reportlng by Charities.. Slalem8nl of Recommended Practice applicable lo charities preparing their accounts In accordance wllh the Financial Reporting Standard applicab18 in the UK and Rep(Jblic of Ireland {FRS 102) (effecllve 1 January 20191,, Financial Reporting Standard 102 'The Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland, and the Charllies Act 2011. The financial stalemenl8 have been prepared under the hislorlcal cost convenllon with the exception of investments which are Included al market value, as modified by the revaluallon of certain assel8. Th8 financial statements have also been prepared In accordance wlth the Church A¢counling Regulatlons 2CK)6. The presentallon currency of the financlal slatemgnts Is the Pound Sterllng (£1. The accounts are rounded lo the nearest £. The Iruslees con8ider that Ih8re are no material uncertainties about the Charitls abillly to contlnue as a going concern. Crltlcal a¢¢ountlng ludggmants and koy sourc0$ of Bstlmatlon uncgrtalnty The preparation of financial slalemenls requires the use of certain critical accounting eslimale8.11 also requires management lo exercise ils judgement in the process of applySng the company accounllng policies. The areas Involving a higher degree of judgement or complexity, or areas where assumptions and eslim81es are significant to the financial slalements are disdosed wthln the indlvldual accounting policies. Incomo Afl income Is recognlsed in the Stalemonl of Financial Acllvllies once the charlly has enllllemenl to the funds,11 Is probable that the Income will be recelv8d, and the amount can be measured reliably. For legacies, enllllement Is taken as th8 eadier of the dale on whlch elther.. the charity Is aware that probate has been granted, th8 estat8 has been flnalised and nolificallon has been made by the executorls) lo the Trust that a dlslribullon will be made, or when a dislribullon Is rècelved from the estate. Receipt of a legacy, In whole or In part. Is only consld8red probable when the arllounl can be measured rellably, and the charity has been nOt￿8d of the executor's inl8nlion lo make a dislribulion. Wher?16gacies have b88n not￿led to Ihe charity, or the charlly is aware of the granting of probate, and the orilerla for incomè recognlllon have not been mel, then the legacy is a Irealed as a conlingenl asset and disclosed if material. Inl8resl on funds held on deposlt is included when receivable and the amount can be measured reliably by the charity-, this is normally upon nolificalion of the interest paid or payable by the bank. Funds raised by the Cherry Fair, Dickens, Pancake Day and slmilar events are accounted for gro88. Sales of books and magazines from the Church Bookstall are accounted for gross. Page19

PCC OF ST PETER AND ST PAUL. OLNEY NOTES TO THE FINANCIAL STATEMENTS. CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES- continugd Expenditurg Liabilities are reGognised as expenditure as soon as there is a legal or conslrucllve obligallon ommitting the charity lo that expenditure, il Is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is aGGounled for on an acciuals basis and has been classified under headings that aggregate all cost rglated lo Ihe category. Where costs cannot be directly allribuled to partlcular headlngs thèy have been alloc8led lo aGlivities on a basis Gonsislent with the use of resources. Grants and Donations are accounted for whgn paid over, or when awarded, rf that award Creates a binding obligation on the PCC. Tangiblg fixed assots Deprecialiov is provided al the following annual rates in order to write off each asset over Ils eslimaled useful life. Fixtures, fillings and equipment 12.50h on cost Improvements to property (church hall) 20 years on cost Fixed assets are staled al cost less accumulated doprocialion 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 oquipmenl. Depreclallon methods, useful lives and residual values are reviewed al each balance sheet date. The selection of these residual values and eslimaled lives requires the exercise of judgemenl. The trustees are required to assess whether there is an indication of impairment lo the carrying value of assets. In making that assessment, judgements are mad8 in estimating value in use. The Iruslees consider that the individual carrwng values of assets are supportable by their valu8 in use. Consecrated property and movable church furnishings Consecrated and beneficed property of any land is excluded from the accounts by section 1012118) of the Charitles Act 2011. Move2ble church furnishings held by tho Roctor and Church Wardens on special trust for the PCC and which require a faculty for disposal, are accounted as inalienable properly unless conseGraled. They are listed in the church's Inventory which can be inspected (al any reasonable time). For inalienable properly acquired prior lo 2000 there is insufficient cost information available and therefore SUGh assets are not valued in the accounts. 11@ms acquired since 1 Jgnuary 2000 have been capilalised and depreciated in the accounts over their currently anticipated useful economic lrfe on a slraighl line basis. All expenditure incurred in the year on consecrated or beneficed bulléings, Individual it8ms under £2,000 or on the repair of movable church furnishings acqulred before 1 January 2000 is WTittgn off. Heritage Assets The PCC maintains the church building which is a Grade I registered building and as staled above Is excluded from the accounts by section 1012llal of the Charities Act 2011. 11 is also custodian to a number of heritage assets. In the Trustees, opinion, Gonvenlional valuation approaches lack suffici8nt reliability and any valuation is likely to Involve cos15 that are likely lo be onerous. Expendlture on major restoratlon The cost of associated major repairs is reported in Ihg Income and Expenditure Account in the year it is incurred. Taxation The charity is ex8mpl from tax on ils charitable activities. Pagel 10

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES- continuod Fund accountlng Unreslricled funds can be used in accordance with the charitable objectives al the dlsGrelion of the trustees. Reslrlcled fLtnds can only be used for particular reslriGleé purposes within the objects of Ihe charity. Reslrlclions arlse when specified by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is inGluded In the nolas lo the finanoial slalements. The accounts Include all Iransaclions. assets and liabilities for whioh the PCC is responsiblo in law. They do not include the accounts of church groups that owe their main affiliation lo 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 dale of three months or less. Debtors and creditors with no staled interest rale and recelvable or payable wlthln one year are recorded al transaction pric8. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Vvhere the conlraclual obligations of financial instruments are equival8nl lo a similar debt inslrumenl, those financial instruments are classed as financial liabilities. Financial Ilabilities are prosenled as such in the balance sheet. Finance Costs and gains or losses relating lo financial liabilities are included in the statement of financial aclivilies. Finance costs are calculated so as to produce a constant rale of return on tho outstanding liability. Invgstmonts Investm6nls are included within the accounts al market value. DONATIONS AND LEGACIES 2021 2020 Donations Church collections Gift ald Legacies Grants Income tax refund on glft aid Children Church 100 8,228 40,462 175,886 3,053 4,036 48,133 107,662 3,339 12,475 693 12,112 236,788 179,391 Grants received, included in the above, are as follows.. 2021 2020 cO￿p Local Communlty Fund 3,339 Pagel 11

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDEO 31 DECEMBER 2021 OTHER TRADING ACTtVlTIES 2021 2020 Fundral8lng events Fees for w&ddlngs and funerals Church h211 lettlngs Sundry salo8 3.323 2,985 4,g53 13,745 798 4,755 303 11,261 INVESTMENT INCOME 2021 2020 Dividends and inlgrest 4,521 5,160 RAISING FUNDS Other trading activitios 2021 2020 Fundraising event costs 358 7,731 CHARITABLE AcTIV￿lEs COSTS Grant funding of aclNlties (See note 81 (See note 9} Support costs Dlrecl costs Totals Charitable activity 104,806 7,281 1,740 113,827 GRANTS PAYABLE 2021 2020 Grants paid lo indlviduals- John Kent Fund supporting students Grants paid lo inslilulions- see below 661 37.625 7,281 42,725 The total grants pald lo inslllullons during the year was as follows: 2021 2020 Mi88ionary Societie8 Overseas Rell8f and Development Overseas 6,620 3,060 2,040 6,620 5,100 Page | 12

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 SUPPORT COSTS Governance CO818 Charitable activity 1,740 10. INDEPENDENT EXAMINERS, REMUNERATION 2021 2020 Fees payable lo the charity's independent examiners for the independent examination of the charity's financial slalements 11. TRUSTEES, REMUNERATION AND BENEFITS Thgr8 were no trustees, remuneration or other beneflls for the year ended 31 Decemb9r 2021 nor for the year ended 31 December 2020. Trustees, expenses £173 was paid lo 1 Trustee for the reimbursement of adminislralive and event expenses for the year ended 31 December 202112020.. £2.895 was paid lo 5 Tmslees'l. 12. STAFF COSTS The averag6 monthly number of employee during the year was as follows.. 2021 2020 Employees No employee received lolal employee benefits of more than £60,000. 2021 2020 Vvages 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Reslricled Endowment Total fijnds funds fund INCOME AND ENDOWMENTS FROM Donations and legacies 173,052 8,339 179,391 Other trading activities Investment income 7,111 525 12,490 19,601 5,160 Total 180,688 18,830 4,634 204.152 EXPENDITURE ON Ral$ing funds 275 7,456 7,731 Page | 13

PCC OF ST PETER AND ST PAUL. OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- contlnuad Unreslrfcled funds Reslricled Endowment Total funds funds funé Charitablo adivitios Charitable activity 115.626 42,432 158,058 Total 115,901 49,888 165,789 Net galnsl{Ioss9sI on Investmgnts 9,613 9.613 NET INCOMEI(EXPENDITURE} 64,787 {31,058} 14,247 47,976 Transfers between fund8 Not movement In funds 64,787 131,058) 14,247 47,976 RECONCILIATION OF FUNDS Total funds brought forward 529,627 82.279 216,891 828,797 TOTAL FUNDS CARRIED FORWARD s94,414 51,221 231,138 876,773 14. TANGIBLE FIXED ASSETS Fixtures, fittings and equipment COST At 1 January 2021 and 31 December 2021 217,536 DEPRECIATION Al l JanLJary 2021 and 31 December 2021 152,392 NET BOOK VALUE Al 31 December 2021 65,144 Al 31 December 2020 65,144 No depreciallon charge ha$ been mad8 as depreclalion has boen overcharged in prior years. Pagel 14

PCC OF ST PETER AND ST PAUL. OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 15, FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 January 2021 Revaluations 153,849 23,405 At 31 December 2021 NET BOOK VALUE At 31 December 2021 177,254 At 31 December 2020 Analysls of Invostments betwegn funds Endowment fund UK equllies 177,254 177,254 DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2021 2020 Other debtorg Prepayments and accrued income 5,250 5,549 5,250 5,549 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 202Q Other creditors Prepayments and accrued income 38 9,140 969 9.178 3,089 Included wilhln other creditors Is a balance of £38 {2020.' £9691 for funds held ag agent. Funds received as agent lotalled £8,532 and funds spent lotalled £9,463. Page | 15

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 18. MOVEMENT IN FUNDS Nel movement in funds Transfeis between funds Al 31112121 Al 111121 Unrgstrioted funds General Fund Discrglionary Fund Youth Fund Children Fund Church Hall Fund 590,855 295 750 1,172 1,342 111,692 702,547 295 750 1,172 1,419 77 594,414 111,769 706,183 Restrlcted funds Pancake Fund Bells Fund John Kent Fund Mission & Outreach Fund Fabric Reslricled Fund 31.954 282 661 2,909 31,954 282 {661) 22,764 25,673 15,415 51,221 22,103 73,324 Endowment funds Endowment Fund 231,138 27,918 259.056 TOTAL FUNDS 876,773 161,790 1,038 563 Page | 16

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 18. MOVEMENT IN FUNDS- ¢ontinued Not movomenl in funds, included in the above are as follows.. Incoming resources Resources expended Galns and Movement in losses funds Unrestrlcted funds General Fund Church H211 Fund 220,340 4,953 {108,6481 4,8761 111,692 77 225,293 {113,5241 111,769 Restrictgd funds Mission & Outreach Fund John Kent Legacy 22,764 22,764 22,764 {6611 22,103 Endowment funds Endowment Fund 4,513 23,405 27,918 TOTAL FUNDS 252,570 114,185) 23,405 161.790 Page | 17

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 18. MOVEMENT IN FUNDS- contlnued Comparatlves for movement In funds Nel movement In fund5 Transfer5 between funds Al 31112120 Al 111120 Unrestrlcted fund$ General Fund Discrelionary Fund Youth Fund Children Fund ChurGh Hall Fund 523,039 295 750 479 5,064 67,816 590.855 295 750 1,172 1.342 693 3,7221 529,627 64.787 594,414 Restrlcted funds Pancake Fund Bells Fund John Kent Fund Mission & Outreach Fund Fabric Reslricled Fund 26,920 1,488 38,886 2,909 12,076 5.034 {1.2061 138.2251 31,954 282 661 2,909 15,415 3,339 82,279 {31.058) 51,221 Endowment fund8 Endowment Fund 216.891 14,247 231,138 TOTAL FUNDS 828,797 47,976 876,773 Page | 18

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 18. MOVEMENT IN FUNDS- contlnued Comparatlve n81 movement In fLJnds, Included in the above are as follows: Incoming rosources Resourcos expended Galns and Movement In losses funds Unrestrlctad funds General Fund Chlldren Fund Church Hall Fund 175,240 693 4,755 1107,424} 67.816 693 3,722} 8,477} 180,688 1115.9011 64,787 Restrlcted funds Panoake Fund Bells Fund John Kent Legacy Fabric Fund 12,490 (7,4561 11,2071 (38,2251 5,034 11,2061 (38,2251 3,339 6,339 18,830 (49,8881 131,0581 Endowment funds Endowment Fund 4,634 9,613 14,247 TOTAL FUNDS 204,152 165,7891 9,613 47,976 Paoe | 19

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 18. MOVEMENT IN FUNDS- contlnued Youth Fund - represents funds lo support youth work In the parish. Dlscrelionary Fund represents funds lo alleviate hardshlp among81 the cltlzens of Olney Misslon Opportunlty Fund - represents funds dedlcated lo promoting Ihe grown of the Ghurch and is specifically not for general running costs. Chlldren's Fund - represents funds lo support our chlldren's work Includlng church mice. Church Hall Fund - represents income from Church Hall lettlngs and other expenses and pays th8 operallng expenses of the Church Hall. Fabric Fund represents the purchase and acquisition of items lo support the phy81cal wmfort 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 lo organise the historic pancak8 race and assoc1ated 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 whlch cannot normally be dislribuled, with the income generated by the capital in the fund inllially being used against Ihg repair and maintenance of the chancel. Should the chancel be in good order, the income may be used only for the repair and mainlenanco 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 lo £81,802. The value of the capital stands at £177,254 {2020.' £153,849). The Mission & Outreach Fund is dedicated lo promoting the growth of the church and should not be used for general running costs. The John Kent Fund was alogacy roceived in January 2016 with a re8lriclion that il is used to support students through college and university, this fund has been fully depleted in the year and this legacy is considered fuhfiSled. 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 durlng the year. Page | 20

PCC OF ST PETER AND ST PAUL, OLNEY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 19. OPERATING LEASE COMMITMENTS Minlmum lease payments under non-cancellable operallng leases fall due as follows.. 2021 2020 Wllhin one year Between one and five years 1,912 1,434 1,912 3,346 3,346 5,258 20. RELATED PARTY DISCLOSURES There were no related party Iransa¢tlons for the year gnded 310ecember 2021. 21. ULTIMATE CONTROLLING PARTY During the year the ¢harily was under the control of ils Trus160s as listed on pago 3. Page | 21

PCC OF ST PETER AND ST PAUL, OLNEY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 INCOME AND ENDOWMENTS Donations and legacios Donations Church collections Gift aid Legacies Grants Income tax refund on gift aid Children Churoh 100 8,228 40,462 175,886 3,053 4,036 48,133 107,662 3,339 12,475 693 12,112 236,788 179,391 Other tradlng actlvltlgs Fundraislng events Fees for weddings and funerals Church hall lettlngs Sundry sales 3,323 2,985 4,953 13,745 798 4,755 303 11,261 19.601 Inve9tment Income Dividends and interest 4,521 5,160 Total Incomlng resources 252,570 204,152 EXPENDITURE Other tradlng acilvltles Fundraising event costs 358 7,731 Charltable acilvltles Parish Share Clergy expenses Church running expenses Church maintenance Training and parish work Church Hall costs Organist and music Staff and olhel adminislralive costs Grants lo inslilulions Gr8nls lo individuals 84,363 1,200 13,689 3,190 160 6,277 4.086 11.841 6,620 661 64.033 1,200 14,468 8,064 162 8,534 5,020 12,202 5,100 37,625 112,087 156,408 This pag6 does not form part of the statutory flnanclal stalem8nts Page | 22

PCC OF ST PETER AND ST PAUL, OLNEY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 2020 2020 Support Gosts GovBmanc8 costs Independent Examiners fee 1,740 1,650 Total resources gxpgnded 114,185 165,789 Net Incomellexpenditure) before galns and losses 138,385 38,363 Reallsed recognlsed galns and losses Realised galnslllossesl on Investments 23,405 9,613 Net Ineomellexpendllure) 161,790 47,976 Page | 23