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