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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1134039

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Contents of the Financial Statements for the Year Ended 31 December 2022

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8 to 9
Balance Sheet 10 to 11
Notes to the Financial Statements 12 to 25
Detailed Statement of Financial Activities 26 to 27

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Report of the Trustees for the Year Ended 31 December 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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.

Page 1

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Report of the Trustees for the Year Ended 31 December 2022

Objectives and activities

Significant activities

Significant activities of the Church include:

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

Service Attendance Adults Children Total
Average Sunday Service
attendance 46 2 48
Average weekly (incl Sunday) 48 34 72

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.

Page 2

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Report of the Trustees for the Year Ended 31 December 2022

Achievement and performance

The PCC met both virtually and in person the year ended 31 December 2022, with the Standing Committee meeting as necessary. Decisions requiring PCC approval have been conducted in a normal 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.

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.

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.

Page 3

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Report of the Trustees for the Year Ended 31 December 2022

Financial review

Financial position

Our Church is funded through planned giving, plated collections, donations, grants, fundraising and legacies received.

Total income during the year was £147,485 (2021: £252,570) and is detailed in the financial statements. The largest source of income was from donations totalling £54,818 (2021: legacy donations £175,886). Income from the use of the Church Hall was £8,972 (2021: £4,953).

Total expenses during the year were £128,231 (2021: £114,185). The largest single running expense is the parish share contribution to the Diocese of £59,613 (2021: £64,363). The parish share largely provides the stipends and housing for the clergy.

Church Hall running costs were £6,908 (2021: £11,153) which included maintenance), no significant works have been carried out to the Church Hall during the year, other than maintenance.

Our general fund was in surplus for the year due to the large unrestricted legacy being received.

The net result for the year was a deficit of £2,535, being an overall deficit of £5,866 on unrestricted funds, a surplus of £19,381 on restricted funds and a deficit of £16,050 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.

Investment policy and objectives

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.

Page 4

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Report of the Trustees for the Year Ended 31 December 2022

Financial review

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, even though sufficient reserves exist because of the unrestricted legacy, the Trustees continue to look at ways to build up the reserves for future years. Total reserves at the year end were £1,036,028 (2021: £1,038,563) of which £72,705 (2021: £73,324) were restricted, £243,006 (2021: £243,006) 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.

Reference and administrative details Registered Charity number

1134039

Principal address

Church Street Olney MK46 4AD

Page 5

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Report of the Trustees for the Year Ended 31 December 2022

Trustees

Mrs S Bailey Rev A Pritchard-Keens Mr A J Geary Mr D Phillipson Mrs L Geary Mrs P Pankhurst Mr M Jones Mr R Colson Mr H Langley (resigned 15.5.22) Mrs A Langley (resigned 15.5.22) Mr T Haskell Ms E Sheaf Mr R Parker Mr A Heron (appointed 15.5.22) Mrs R Ayling (appointed 15.5.22) Mr D Martin (appointed 15.5.22) Mr G Lavender Mr R Hull (appointed 15.5.22) Mrs K Charlesworth-Lowe (appointed 15.5.22)

Independent Examiner

Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF

Approved by order of the board of trustees on 21 March 2023 and signed on its behalf by:

Mrs L Geary - Trustee

Page 6

Independent Examiner's Report to the Trustees of Parochial Church Council of St Peter & St Paul. Olney

Independent examiner's report to the trustees of Parochial Church Council of St Peter & St Paul. Olney

I report to the charity trustees on my examination of the accounts of Parochial Church Council of St Peter & St Paul. Olney (the Trust) for the year ended 31 December 2022.

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

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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr Jonathan R Cobley Association of Chartered Certified Accountants Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF

21 March 2023

Page 7

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Statement of Financial Activities for the Year Ended 31 December 2022

----- Start of picture text -----
2022 2021
Unrestricted Restricted Endowment Total Total
funds funds fund funds funds
Notes £ £ £ £ £
INCOME AND
ENDOWMENTS FROM
Donations and legacies 2 80,784 20,000 - 100,784 236,788
Charitable activities 5
- - -
Charitable activity 1,013 1,013
-
Raising funds 7,480 11,400 18,880 3,323
Other trading activities 3 20,745 - - 20,745 7,938
Investment income 4 87 237 5,739 6,063 4,521
Total 110,109 31,637 5,739 147,485 252,570
EXPENDITURE ON
Raising funds
Raising donations and
legacies 6 3,661 4,816 - 8,477 358
3,661 4,816 - 8,477 358
Charitable activities 7
-
Charitable activity 111,114 7,440 118,554 112,087
Other 9 1,200 - - 1,200 1,740
Total 115,975 12,256 - 128,231 114,185
Net gains/(losses) on
investments - - (21,789) (21,789) 23,405
NET
INCOME/(EXPENDITURE) (5,866) 19,381 (16,050) (2,535) 161,790
RECONCILIATION OF FUNDS
Total funds brought forward 706,183 73,324 259,056 1,038,563 876,773
----- End of picture text -----

The notes form part of these financial statements

Page 8

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Statement of Financial Activities for the Year Ended 31 December 2022

----- Start of picture text -----
2022 2021
Unrestricted Restricted Endowment Total Total
funds funds fund funds funds
Notes £ £ £ £ £
TOTAL FUNDS CARRIED
FORWARD 700,317 92,705 243,006 1,036,028 1,038,563
----- End of picture text -----

The notes form part of these financial statements

Page 9

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Balance Sheet 31 December 2022

----- Start of picture text -----
2022 2021
Unrestricted Restricted Endowment Total Total
funds funds fund funds funds
Notes £ £ £ £ £
FIXED ASSETS
Tangible assets 14 65,144 - - 65,144 65,144
Investments 15 - - 155,465 155,465 177,254
-
65,144 155,465 220,609 242,398
CURRENT ASSETS
Debtors 16 18,276 - - 18,276 5,250
Cash at bank 618,097 92,705 87,541 798,343 800,093
636,373 92,705 87,541 816,619 805,343
CREDITORS
Amounts falling due within
one year 17 (1,200) - - (1,200) (9,178)
NET CURRENT ASSETS 635,173 92,705 87,541 815,419 796,165
TOTAL ASSETS LESS
CURRENT LIABILITIES 700,317 92,705 243,006 1,036,028 1,038,563
NET ASSETS 700,317 92,705 243,006 1,036,028 1,038,563
----- End of picture text -----

The notes form part of these financial statements

Page 10

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Balance Sheet - continued 31 December 2022

----- Start of picture text -----
FUNDS 19
Unrestricted funds 700,317 706,183
Restricted funds 92,705 73,324
Endowment funds 243,006 259,056
TOTAL FUNDS 1,036,028 1,038,563
----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for issue on 21 March 2023 and were signed on its behalf by:

Mrs L Geary - Trustee

Mrs S Bailey - Trustee

The notes form part of these financial statements

Page 11

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements for the Year Ended 31 December 2022

1. 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.

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.

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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - at varying rates on cost

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

Page 12

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES - continued

Tangible fixed 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.

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.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Legacies		 2022
£
54,818
21,856
24,110
100,784		 2021
£
48,790
12,112
175,886
236,788

Page 13

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

----- Start of picture text -----
3. OTHER TRADING ACTIVITIES
2022 2021
£ £
Church rentals 7,306 -
Fees for weddings and funerals 4,467 2,985
Church hall lettings 8,972 4,953
20,745 7,938
4. INVESTMENT INCOME
2022 2021
£ £
Dividends and interest 6,063 4,521
5. INCOME FROM CHARITABLE ACTIVITIES
2022 2021
Activity £ £
Grants Charitable activity 1,013 -
Fundraising events Raising funds 18,880 3,323
19,893 3,323
6. RAISING DONATIONS AND LEGACIES
2022 2021
£ £
Fundraising event costs 8,477 358
----- End of picture text -----

Page 14

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

----- Start of picture text -----
7. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Direct (see note
Costs 8) Totals
£ £ £
Charitable activity 113,582 4,972 118,554
8. GRANTS PAYABLE
2022 2021
£ £
Charitable activity 4,972 7,281
9. OTHER
2022 2021
£ £
Support costs 1,200 1,740
10. INDEPENDENT EXAMINERS FEE
2022 2021
£ £
Independent examination 1,200 1,740
----- End of picture text -----

11. TRUSTEES' REMUNERATION AND BENEFITS

There were two trustees remuneration or other benefits relating to verger fees for the year ended 31 December 2022 (2021: none).,

Trustees Expenses

£699 was paid to 4 Trustee for the reimbursement of administrative and event expenses for the year ended 31 December 2022 (2021: £2173 was paid to 1 Trustees').

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Page 15

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

12. STAFF COSTS

2022
£
Wages and salaries
5,148
5,148
The average monthly number of employees during the year was as follows:
2022
Employees
1
No employees received emoluments in excess of £60,000.
No employee received total employee benefits of more than £60,000
13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
214,024
22,764
-
Charitable activities
Raising funds
3,323
-
-
Other trading activities
7,938
-
-
Investment income
8
-
4,513
Total
225,293
22,764
4,513
EXPENDITURE ON
Raising funds
Raising donations and legacies
358
-
-
358
-
-
Charitable activities
Charitable activity
111,426
661
-
Other
1,740
-
-
Total
113,524
661
-		 2021
£
5,178
5,178
2021
1
Total
funds
£
236,788
3,323
7,938
4,521
252,570
358
358
112,087
1,740
114,185

Page 16

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

----- Start of picture text -----
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Endowment Total
funds funds fund funds
£ £ £ £
- -
Net gains on investments 23,405 23,405
NET INCOME 111,769 22,103 27,918 161,790
RECONCILIATION OF FUNDS
Total funds brought forward 594,414 51,221 231,138 876,773
TOTAL FUNDS CARRIED FORWARD 706,183 73,324 259,056 1,038,563
14. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
Cost
At 1 January 2022 and
31 December 2022 217,536
Depreciation
At 1 January 2022 and
31 December 2022 152,392
Net book value
At 31 December 2022 65,144
At 31 December 2021 65,144
----- End of picture text -----

No depreciation charge has been made as depreciation has been overcharged in prior years.

Page 17

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

15. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Market value
At 1 January 2022
Revaluations		 Listed
investments
£
177,254
(21,789)
At 31 December 2022 155,465
Net book value
At 31 December 2022		 155,465
At 31 December 2021 177,254
There were no investment assets outside the UK.
Cost or valuation at 31 December 2022 is represented by:
Valuation in 2021
Valuation in 2022
Cost		 Listed
investments
£
23,405
(21,789)
153,849
155,465

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Included within other debtors is a balance of £1,942 (2021: other creditors £38) for funds held as agent.

Page 18

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Other creditors|1,200|9,178|

----- End of picture text -----

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

----- Start of picture text -----
||||| |---|---|---|---| |2022|2021| |£|£| |Within one year|1,434|1,912| |-| |Between one and five years|1,434| |1,434|3,346| |19.|MOVEMENT IN FUNDS| |Net| |movement|At| |At 1/1/22|in funds|31/12/22| |£|£|£| |Unrestricted funds| |General fund|702,548|(7,929)|694,619| |Discretionary fund| |295|-|295| |Youth Fund|749|-|749| |Childrens fund|1,172|-|1,172| |Church Hall Fund|1,419|2,063|3,482| |706,183|(5,866)|700,317| |Restricted funds| |Mission & Outreach|25,673|(1,188)|24,485| |Pancake Fund|31,952|6,586|38,538| |Bells Fund|283|-|283| |Fabric Restricted Fund|15,416|13,983|29,399| |73,324|19,381|92,705| |Endowment funds| |Endowment fund|259,056|(16,050)|243,006| |TOTAL FUNDS|1,038,563|(2,535)|1,036,028|

----- End of picture text -----

Page 19

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Church Hall Fund
Restricted funds
Mission & Outreach
Pancake Fund
Fabric Restricted Fund
Endowment funds
Endowment fund
TOTAL FUNDS		 Incoming
resources
£
101,138
8,971
110,109
-
11,400
20,237
31,637
5,739
147,485		 Resources
expended
£
(109,067)
(6,908)
(115,975)
(1,188)
(4,814)
(6,254)
(12,256)
-
(128,231)		 Gains and
Movement
losses
in funds
£
£
-
(7,929)
-
2,063
-
(5,866)
-
(1,188)
-
6,586
-
13,983
-
19,381
(21,789)
(16,050)
(21,789)
(2,535)

Page 20

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Discretionary fund
Youth Fund
Childrens fund
Church Hall Fund
Restricted funds
Mission & Outreach
John Kent
Pancake Fund
Bells Fund
Fabric Restricted Fund
Endowment funds
Endowment fund
TOTAL FUNDS		 At 1/1/21
£
590,855
295
750
1,172
1,342
594,414
2,909
661
31,954
282
15,415
51,221
231,138
876,773		 Net
movement
At
in funds
31/12/21
£
£
111,692
702,547
-
295
-
750
-
1,172
77
1,419
111,769
706,183
22,764
25,673
(661)
-
-
31,954
-
282
-
15,415
22,103
73,324
27,918
259,056
161,790
1,038,563

Page 21

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Church Hall Fund
Restricted funds
Mission & Outreach
John Kent
Endowment funds
Endowment fund
TOTAL FUNDS		 Incoming
resources
£
220,340
4,953
225,293
22,764
-
22,764
4,513
252,570		 Resources
expended
£
(108,648)
(4,876)
(113,524)
-
(661)
(661)
-
(114,185)		 Gains and
Movement
losses
in funds
£
£
-
111,692
-
77
-
111,769
-
22,764
-
(661)
-
22,103
23,405
27,918
23,405
161,790

Page 22

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Discretionary fund
Youth Fund
Childrens fund
Church Hall Fund
Restricted funds
Mission & Outreach
John Kent
Pancake Fund
Bells Fund
Fabric Restricted Fund
Endowment funds
Endowment fund
TOTAL FUNDS		 At 1/1/21
£
590,855
295
750
1,172
1,342
594,414
2,909
661
31,954
282
15,415
51,221
231,138
876,773		 Net
movement
in funds
£
103,763
-
-
-
2,140
105,903
21,576
(661)
6,586
-
13,983
41,484
11,868
159,255		 At
31/12/22
£
694,618
295
750
1,172
3,482
700,317
24,485
-
38,540
282
29,398
92,705
243,006
1,036,028

Page 23

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Church Hall Fund
Restricted funds
Mission & Outreach
John Kent
Pancake Fund
Fabric Restricted Fund
Endowment funds
Endowment fund
TOTAL FUNDS		 Incoming
resources
£
321,478
13,924
335,402
22,764
-
11,400
20,237
54,401
10,252
400,055		 Resources
expended
£
(217,715)
(11,784)
(229,499)
(1,188)
(661)
(4,814)
(6,254)
(12,917)
-
(242,416)		 Gains and
Movement
losses
in funds
£
£
-
103,763
-
2,140
-
105,903
-
21,576
-
(661)
-
6,586
-
13,983
-
41,484
1,616
11,868
1,616
159,255

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.

Page 24

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

19. MOVEMENT IN FUNDS - continued

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 £87,540. The value of the capital stands at £155,465 (2021: £177,254).

The Mission & Outreach Fund is dedicated to promoting the growth of the church and should not be used for general running costs.

The Bells Fund consists of monies to be used with the maintenance and upkeep of the church bells.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

Page 25

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Detailed Statement of Financial Activities for the Year Ended 31 December 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Legacies
Other trading activities
Church rentals
Fees for weddings and funerals
Church hall lettings
Investment income
Dividends and interest
Charitable activities
Fundraising events
Grants
Total incoming resources
EXPENDITURE
Raising donations and legacies
Fundraising event costs
Charitable activities
Staff costs
Parish share
Clergy expenses
Church running expenses
Church maintenance
Carried forward		 2022
£
54,818
21,856
24,110
100,784
7,306
4,467
8,972
20,745
6,063
18,880
1,013
19,893
147,485
8,477
5,148
59,613
4,814
13,407
13,023
96,005		 2021
£
48,790
12,112
175,886
236,788
-
2,985
4,953
7,938
4,521
3,323
-
3,323
252,570
358
5,178
64,363
1,200
8,813
3,190
82,744

This page does not form part of the statutory financial statements

Page 26

PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY

Detailed Statement of Financial Activities for the Year Ended 31 December 2022

----- Start of picture text -----
2022 2021
£ £
Charitable activities
Brought forward 96,005 82,744
Training and parish work - 160
Church hall costs 6,908 11,153
Organist and music 4,145 4,086
Other administrative costs 6,524 6,663
Grants to institutions 4,972 6,620
Grants to individuals - 661
118,554 112,087
Support costs
Governance costs
Independent examination 1,200 1,740
Total resources expended 128,231 114,185
Net income before gains and losses 19,254 138,385
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments (21,789) 23,405
Net (expenditure)/income (2,535) 161,790
----- End of picture text -----

This page does not form part of the statutory financial statements

Page 27