**REGISTERED CHARITY NUMBER: 1134039**
## **Report of the Trustees and**
## **Unaudited Financial Statements**
**for the Year Ended 31 December 2023**
## **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 2023**
||**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 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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**
The Parochial Church Council (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.
During 2023 a parish development exercise was undertaken to review our vision and mission. This included surveys of both parishioners and representatives of organisations in the town. The revised vision is that: Our church is a welcoming and caring all-age community rooted in the amazing grace of Jesus Christ, worshipping God, sharing His love and providing a safe space for everyone to explore their faith. We identified five focus areas to guide our activities:
**Being a Welcoming Church** - making it easier for newcomers to join our church by demystifying church language and providing a personal welcome.
**Outreach** - sharing God's love through our involvement with community activities in the town.
**Unity and Diversity** - providing different styles of worship and other activities for all ages, while maintaining one church community.
**Nurturing** - providing ways for individuals to grow in faith.
**Organisation and Communication** - developing consistent communication of all our church activities to both congregation and externally.
Page 1
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **Achievement and performance**
2023 marked the 250th anniversary of the writing of the hymn Amazing Grace by John Newton, curate of Olney in 1773. This provided an opportunity for special services and events focused on John Newton and the abolition of the slave trade. New Year's Day saw a special service led by the Bishop of Buckingham with an address by the Bishop of Dover. This and other events have attracted significant numbers of people to the church.
We are continually reviewing our services to provide opportunities for people to worship in ways meaningful to them. In 2023, alongside our eucharistic services, we ran evening praise services, choral evensong, Taize services and Compline. We also introduced a church breakfast before our Sunday morning services. Like many churches we struggle to engage young families in our worship, but we have a thriving Church Mice group for pre-school children and their carers which meets weekly. We did host services for our local schools at Harvest and Christmas, which again brought young people and their parents into our church. We also held an immersive Easter Experience on Easter Saturday and a hugely successful Christmas Tree Festival in Advent. Our church is open to all during daylight hours and we conducted 7 Baptisms, 5 Weddings and 12 Funerals in the church in 2023.
The table of church attendance below shows how engagement with the church has grown post Covid closures:
||**2019**|**2020**|**2021**|**2022**|**2023**|
|---|---|---|---|---|---|
|Christmas|468|90|76|329|304|
|Easter|161|-|75|95|127|
|Average week, October|165|75|105|76|131|
|Usual Sunday|80|-|-|50|64|
|Worshipping Community|188|95|72|79|90|
We provide other public benefits by letting our church hall to provide a nursery school in the town and also use this facility to run a Memory Club once a month for the elderly and their carers. We collect food for Olney is Kind, the local food bank, and made a substantial contribution to this from our harvest service. The Knitty Stitchers group provides further opportunities for fellowship in the church. We tithe our regular income to local and international charities supporting disadvantaged communities, donating £5,500 in 2023.
We play a significant part in town events, running the annual pancake race and cherry fair as well as supporting other town events such a Riverfest and Dickens Day, providing refreshments. As well as enhancing the profile of the church in the town, these events raise significant funds for the PCC, thanks to our organisers Mrs S Heron, Mr A Heron, Mr D Phillipson, and Mrs M Prosser and all volunteers who work tirelessly at our fundraising event, our fundraising activities raised a net amount of £15,962 (2022: £10,403).
During the year our Rector announced his retirement, effective Easter 2024, which will lead to an interregnum in 2024, and we are hugely grateful to have an Assistant Curate, Rev H Reid, and retired priests Rev J Spray, Rev J Lawrence and Rev T Shacklady to support our worship and mission.
Page 2
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Report of the Trustees for the Year Ended 31 December 2023**
We are part of the Deanery of Newport and engage with the deanery through our three lay representatives as well as clergy, and are represented on Deanery Pastoral Standing Committee by one of our churchwardens. The deanery is currently planning significant reorganisation which will lead to Olney being combined with other parishes in a joint benefice and we are actively supporting this process. This process will have a significant effect on the appointment of a new incumbent as the parish will be suspended and a priest in charge appointed while the reorganisation is completed.
The church, a 14th century grade 1 listed building, is the responsibility of the churchwardens and was inspected by deanery officials in November with no adverse findings, but some advice given on minor matters which have been taken up by the churchwardens, fabric committee and parish administrator. A Defibrillator was installed on the outside of the church porch, available 24 hours a day to the public, but no other major alterations to the building were carried out in 2023.
## **Safeguarding**
Since the last APCM there have been some changes in the way safeguarding is managed. Mrs K Charlesworth-Lowe has undertaken the Parish Safeguarding Officer induction training and is undertaking the Leadership and Domestic Abuse safeguarding training modules. Mrs P Pankhurst will stand down from helping as our DBS Manager and so we would welcome another volunteer to assist Mrs K Charlesworth-Lowe with the DBS process.
Currently all members of the PCC are undertaking their Basic Awareness and Foundations Safeguarding training; thanks to those who have completed theirs. Our DBS checks are up to date and we have now started working towards Level 3 on the new Parish Safeguarding Hub software. Level 3 is the highest level and completing the action points at this level will allow us to ensure we have robust safeguarding procedures in place, which are all in line with the most up to date Church of England requirements.
Our PCC also has a visible safeguarding policy available in church for all to view, and combined with the above details this means that the PCC of St Peter and St Paul can be said to have complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have regard to House of Bishops' guidance on safeguarding children and vulnerable adults). Safeguarding is a very serious matter all the details of our Parish Safeguarding Officer and the Diocesan Safeguarding Officer can be found on the noticeboard in church as well as on our website.
Page 3
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **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 £122,306 (2022: £147,485) and is detailed in the financial statements. The largest source of income was from donations totalling £54,310 (2022: donations £54,818). Income from the use of the Church Hall was £10.876 (2022: £8,972).
Total expenses during the year were £142,194 (2022: £128,231). The largest single running expense is the parish share contribution to the Diocese of £61,211 (2022: £59,613). The parish share largely provides the stipends and housing for the clergy.
Church Hall running costs were £9,359 (2022: £6,908) which included maintenance, no significant works have been carried out to the Church Hall during the year, other than maintenance.
Overall our general fund remains in surplus due to the large unrestricted legacy being received in previous years.
The net result for the year was a deficit of £5.262, being an overall deficit of £32,114 on unrestricted funds, a surplus of £4,717 on restricted funds and a surplus of £22,136 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 2023**
## **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 £1,030,767 (2022: £1,036,028) of which £97,422 (2022: £92,705) were restricted, £265,142 (2022: £265,142) 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 Parochial 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 only committee established by statute is the Standing Committee consisting of the Rector, Wardens, Secretary and Treasurer.
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 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.
The Standing Committee, consisting of the ex officio officers of the PCC, put forward proposals for ratification by the PCC and are authorised to commit church funds up to £750. The Ministry Team, consisting of the ministers and churchwardens, manage the schedule of services and other pastoral matters. The Fabric committee manages the physical structure of our buildings (Church and Church Hall).
In 2023 we established a Parish Development Group as part of the Parish Development Process, and this group is tasked with furthering the mission of the church in our five focus areas, subject to PCC authorisation where required.
## **Reference and administrative details Registered Charity number**
1134039
Page 5
## **PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Report of the Trustees for the Year Ended 31 December 2023**
**Principal address** Church Street Olney MK46 4AD
## **Trustees**
Mrs S Bailey Rev A Pritchard-Keens Mr A J Geary Mr D Phillipson Mrs L M Geary Mrs P Pankhurst (resigned 21.5.23) Mr M Jones Mr R Colson (resigned 21.5.23) Mr T Haskell (resigned 21.5.23) Ms E Sheaf (resigned 21.5.23) Mr R Parker (resigned 21.5.23) Mr A Heron Mrs R Ayling (resigned 21.5.23) Mr D Martin (resigned 21.5.23) Mr G Lavender Mrs M Prosser (appointed 21.5.23) Mr R Hull (resigned 21.5.23) Mrs K Charlesworth-Lowe Mr S Gaunt (appointed 21.5.23) (resigned 31.12.23) Mrs R Rushton (appointed 21.5.23) (resigned 31.12.23)
## **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 28 March 2024 and signed on its behalf by:
................................................................. Mrs L M 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 2023.
## **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
Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF
Date: 28 March 2024
Page 7
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|Unrestricted
funds
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
67,037
**Charitable activities**
5
Charitable activity
130
Raising funds
9,601
Other trading activities
3
18,698
Investment income
4
6,251
**Total**
101,717
**EXPENDITURE ON**
**Raising funds**
Raising donations and
legacies
6
-
-
**Charitable activities**
7
Charitable activity
129,825
Other
9
1,320
**Total**
131,145
Net gains/(losses) on
investments
-
**NET**
**INCOME/(EXPENDITURE)**
(29,428)
**Transfers between funds**
19
(2,686)
**Net movement in funds**
(32,114)
**RECONCILIATION OF FUNDS**
Total funds brought forward
700,317|Unrestricted
funds
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
67,037
**Charitable activities**
5
Charitable activity
130
Raising funds
9,601
Other trading activities
3
18,698
Investment income
4
6,251
**Total**
101,717
**EXPENDITURE ON**
**Raising funds**
Raising donations and
legacies
6
-
-
**Charitable activities**
7
Charitable activity
129,825
Other
9
1,320
**Total**
131,145
Net gains/(losses) on
investments
-
**NET**
**INCOME/(EXPENDITURE)**
(29,428)
**Transfers between funds**
19
(2,686)
**Net movement in funds**
(32,114)
**RECONCILIATION OF FUNDS**
Total funds brought forward
700,317|
Restricted
funds
£
-
-
13,080
-
-
13,080
6,719
6,719
4,330
-
11,049
-
2,031
2,686|
Endowment
fund
£
-
-
-
-
7,509
7,509
-
-
-
-
-
14,626
22,135
-|2023
Total
funds
£
67,037
130
22,681
18,698
13,760
122,306
6,719
6,719
134,155
1,320
142,194
14,626
(5,262)
-|2022
Total
funds
£
100,784
1,013
18,880
20,745
6,063
147,485
8,477
8,477
118,554
1,200
128,231
(21,789)
(2,535)
-
(2,535)
1,038,563|
|---|---|---|---|---|---|
||(32,114)
700,317|4,717
92,705|22,135
243,006|(5,262)
1,036,028||
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 2023**
|Unrestricted
funds
Notes
£
**TOTAL FUNDS CARRIED**
**FORWARD**
668,203|
Restricted
funds
£
97,422|
Endowment
fund
£
265,141|2023
Total
funds
£
1,030,766|2022
Total
funds
£
1,036,028|
|---|---|---|---|---|
The notes form part of these financial statements
Page 9
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Balance Sheet 31 December 2023**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
14
65,144
Investments
15
-
65,144
**CURRENT ASSETS**
Debtors
16
21,960
Cash at bank and in hand
588,766
610,726
**CREDITORS**
Amounts falling due within
one year
17
(7,667)
**NET CURRENT ASSETS**
603,059
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
668,203
**NET ASSETS**
668,203|
Restricted
funds
£
-
-
-
1,089
96,333
97,422
-
97,422
97,422
97,422|
Endowment
fund
£
-
170,091
170,091
-
95,050
95,050
-
95,050
265,141
265,141|2023
Total
funds
£
65,144
170,091
235,235
23,049
780,149
803,198
(7,667)
795,531
1,030,766
1,030,766|2022
Total
funds
£
65,144
155,465
220,609
18,276
798,343
816,619
(1,200)
815,419
1,036,028
1,036,028|
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Balance Sheet - continued 31 December 2023**
|**FUNDS**
19
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|668,203
97,422
265,141
1,030,766|700,317
92,705
243,006|
|---|---|---|
|||1,036,028|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 March 2024 and were signed on its behalf by:
............................................. Mrs L M Geary - Trustee
............................................. Mr M Jones - 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 2023**
## **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**
Consecrated and beneficed property of any land is excluded from the accounts by section 10 (2)(a) of the Charities Act 2011. Moveable church furnishings held by the Rector and Church Wardens on special trust for the PCC and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church's Inventory which can be inspected (at any reasonable time). For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life on a straight line basis.
All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £2,000 or on the repair of movable church furnishings acquired before 1 January 2000 is written off.
## **Heritage assets**
The PCC maintains the church building which is a Grade I registered building and as stated above is excluded from the accounts by section 10 (2)(a) of the Charities Act 2011. It is also custodian to a number of heritage assets. In the Trustees' opinion, conventional valuation approaches lack sufficient reliability and any valuation is likely to involve costs that are likely to be onerous.
Page 12
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Tangible fixed assets**
## **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|2023
£
54,310
12,727
-
67,037|2022
£
54,818
21,856
24,110
100,784|
|---|---|---|
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**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
|**3.**
**OTHER TRADING ACTIVITIES**
Church rentals
Fees for weddings and funerals
Church hall lettings
**4.**
**INVESTMENT INCOME**
Dividends and interest
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Grants
Charitable activity
Fundraising events
Raising funds
**6.**
**RAISING DONATIONS AND LEGACIES**
Fundraising event costs|2023
£
620
7,202
10,876
18,698
2023
£
13,760
2023
£
130
22,681
22,811
2023
£
6,719|2022
£
7,306
4,467
8,972
20,745
2022
£
6,063
2022
£
1,013
18,880
19,893
2022
£
8,477|
|---|---|---|
||||
Page 14
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
|**7.**
**CHARITABLE ACTIVITIES COSTS**
Charitable activity
**8.**
**GRANTS PAYABLE**
Charitable activity
**9.**
**OTHER**
Support costs
**10.**
**INDEPENDENT EXAMINERS FEE**
Independent examination|Direct
Costs
£
128,655|Grant
funding of
activities
(see note
8)
£
5,500
2023
£
5,500
2023
£
1,320
2023
£
1,320|Totals
£
134,155|Totals
£
134,155|
|---|---|---|---|---|
|||||2022
£
4,972|
|||||2022
£
1,200|
|||||2022
£
1,200|
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were three trustee receiving remuneration or other benefits relating to verger fees for the year ended 31 December 2023 (2022: two).,
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees Expenses**
£1077 was paid to 4 Trustee for the reimbursement of administrative and event expenses for the year ended 31 December 2023 (2022: £699 was paid to 4 Trustees').
Page 15
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **12. STAFF COSTS**
|Wages and salaries
The average monthly number of employees during the year was as follows:
Employees
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
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
80,784
20,000
**Charitable activities**
Charitable activity
1,013
-
Raising funds
7,480
11,400
Other trading activities
20,745
-
Investment income
87
237
**Total**
110,109
31,637
**EXPENDITURE ON**
**Raising funds**
Raising donations and legacies
3,661
4,816
3,661
4,816
**Charitable activities**
Charitable activity
111,114
7,440
Other
1,200
-
**Total**
115,975
12,256|Wages and salaries
The average monthly number of employees during the year was as follows:
Employees
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
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
80,784
20,000
**Charitable activities**
Charitable activity
1,013
-
Raising funds
7,480
11,400
Other trading activities
20,745
-
Investment income
87
237
**Total**
110,109
31,637
**EXPENDITURE ON**
**Raising funds**
Raising donations and legacies
3,661
4,816
3,661
4,816
**Charitable activities**
Charitable activity
111,114
7,440
Other
1,200
-
**Total**
115,975
12,256||
|---|---|---|
||||
||||
||||
||||
Page 16
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
|**13.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
Net gains/(losses) on investments
-
-
(21,789)
**NET INCOME/(EXPENDITURE)**
(5,866)
19,381
(16,050)
**RECONCILIATION OF FUNDS**
Total funds brought forward
706,183
73,324
259,056
**TOTAL FUNDS CARRIED FORWARD**
700,317
92,705
243,006
**14.**
**TANGIBLE FIXED ASSETS**
**Cost**
At 1 January 2023 and
31 December 2023
**Depreciation**
At 1 January 2023 and
31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022||Total
funds
£
(21,789)
(2,535)
1,038,563
1,036,028
Fixtures
and
fittings
£
217,536
152,392
65,144
65,144|
|---|---|---|
||||
||||
||||
||||
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 2023**
## **15. FIXED ASSET INVESTMENTS**
|**Market value**
At 1 January 2023
Revaluations
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022|Listed
investment
£
155,465
14,626
170,091
170,091
155,465|
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 31 December 2023 is represented by:
|Valuation in 2021
Valuation in 2022
Valuation in 2023
Cost|Listed
investment
£
23,405
(21,789)
14,626
153,849
170,091|
|---|---|
## **16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Included within other creditors is a balance of £847 (2022: other debtors £1942) 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 2023**
## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other creditors|2023
£
5,500
2,167
7,667|2022
£
-
1,200
1,200|
|---|---|---|
## **18. LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
||2023||2022|
|---|---|---|---|
||£||£|
|Within one year||-|1,434|
## **19. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Discretionary fund
Youth Fund
Childrens fund
Church Hall Fund
**Restricted funds**
Mission & Outreach
Pancake Fund
Bells Fund
Fabric Restricted Fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|At 1/1/23
£
694,619
295
749
1,172
3,482
700,317
24,485
38,538
283
29,399
92,705
243,006
1,036,028|Net
movement
in funds
£
(30,945)
-
-
-
1,517
(29,428)
(125)
4,717
-
(2,561)
2,031
22,135
(5,262)|Transfers
between
funds
£
(3,749)
-
-
-
1,063
(2,686)
125
-
-
2,561
2,686
-
-|
At
31/12/23
£
659,925
295
749
1,172
6,062
668,203
24,485
43,255
283
29,399
97,422
265,141
1,030,766|
|---|---|---|---|---|
Page 19
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **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
£
90,841
10,876
101,717
-
13,080
-
13,080
7,509
122,306|Resources
expended
£
(121,786)
(9,359)
(131,145)
(125)
(8,363)
(2,561)
(11,049)
-
(142,194)|Gains and
Movement
losses
in funds
£
£
-
(30,945)
-
1,517
-
(29,428)
-
(125)
-
4,717
-
(2,561)
-
2,031
14,626
22,135
14,626
(5,262)|
|---|---|---|---|
Page 20
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **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
Pancake Fund
Bells Fund
Fabric Restricted Fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|At 1/1/22
£
702,548
295
749
1,172
1,419
706,183
25,673
31,952
283
15,416
73,324
259,056
1,038,563|Net
movement
in funds
£
(7,929)
-
-
-
2,063
(5,866)
(1,188)
6,586
-
13,983
19,381
(16,050)
(2,535)|
At
31/12/22
£
694,619
295
749
1,172
3,482
700,317
24,485
38,538
283
29,399
92,705
243,006
1,036,028|
|---|---|---|---|
Page 21
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **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
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 22
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **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
Pancake Fund
Bells Fund
Fabric Restricted Fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|At 1/1/22
£
702,548
295
749
1,172
1,419
706,183
25,673
31,952
283
15,416
73,324
259,056
1,038,563|Net
movement
in funds
£
(38,874)
-
-
-
3,580
(35,294)
(1,313)
11,303
-
11,422
21,412
6,085
(7,797)|Transfers
between
funds
£
(3,749)
-
-
-
1,063
(2,686)
125
-
-
2,561
2,686
-
-|
At
31/12/23
£
659,925
295
749
1,172
6,062
668,203
24,485
43,255
283
29,399
97,422
265,141
1,030,766|
|---|---|---|---|---|
Page 23
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **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
Pancake Fund
Fabric Restricted Fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|Incoming
resources
£
191,979
19,847
211,826
-
24,480
20,237
44,717
13,248
269,791|Resources
expended
£
(230,853)
(16,267)
(247,120)
(1,313)
(13,177)
(8,815)
(23,305)
-
(270,425)|Gains and
Movement
losses
in funds
£
£
-
(38,874)
-
3,580
-
(35,294)
-
(1,313)
-
11,303
-
11,422
-
21,412
(7,163)
6,085
(7,163)
(7,797)|
|---|---|---|---|
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 2023**
## **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 £95,049. The value of the capital stands at £170,091 (2022: £155,465).
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 2023.
Page 25
**PAROCHIAL CHURCH COUNCIL OF ST PETER & ST PAUL. OLNEY**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023**
|**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|2023
£
54,310
12,727
-
67,037
620
7,202
10,876
18,698
13,760
22,681
130
22,811
122,306
6,719
6,417
61,211
10,950
17,499
10,162
106,239|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|
|---|---|---|
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 2023**
|**Charitable activities**
Brought forward
Training and parish work
Church hall costs
Organist and music
Other administrative costs
Grants to institutions
**Support costs**
**Governance costs**
Independent examination
Total resources expended
**Net (expenditure)/income before gains**
**and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net expenditure**|2023
£
106,239
658
9,359
4,488
7,911
5,500
134,155
1,320
142,194
(19,888)
14,626
(5,262)|2022
£
96,005
-
6,908
4,145
6,524
4,972
118,554
1,200
128,231
19,254
(21,789)
(2,535)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 27