REGISTERED CHARITY NUMBER: 1134039
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2024
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 2024
|
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 26 |
Detailed Statement of Financial Activities |
27 to 28 |
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Report of the Trustees for the Year Ended 31 December 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31December2024.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)(effective1 January
2019).
Objectives and activities
Objectives and aims
TheParochialChurchCouncil(PCC)arerepresentativesoftheChurchmembershipwhohave the
responsibilityof cooperatingwiththe incumbentand the Churchwardensin promotingin the ecclesiastical
parishthewholemissionoftheChurch,pastoral,evangelistic,socialandecumenical.Theyalso have
responsibility for the management of the Church Hall.
Followingouraparishdevelopmentexercisein2023toreviewourvisionandmission,wecontinue to
ensure our vision is that:
Ourchurchisawelcomingandcaringall-agecommunityrootedintheamazinggraceofJesus Christ,
worshippingGod,sharingHisloveandprovidingasafespaceforeveryonetoexploretheirfaith. We
identified five focus areas to guide our activities:
BeingaWelcomingChurch-makingiteasierfornewcomerstojoinourchurchbydemystifying church
language and providing a personal welcome.
Outreach - sharing God's love through our involvement with community activities in the town.
UnityandDiversity-providingdifferentstylesofworshipandotheractivitiesforallages, while
maintaining one chur ch community.
Nurturing - providing ways for individuals to grow in faith.
OrganisationandCommunication-developingconsistentcommunicationofallourchurchactivities 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 2024
Achievements and performance
2024 was a challenging year for St Peter and St Paul as our rector was granted compassionate leave
from 1 st January prior to retiring after Easter, leaving us in effect in an interregnum for the whole of
the year. A new appointment was not made in 2024. This impacted our ability to develop our
mission during the year, but progress was made. We are hugely grateful to our Assistant Curate,
Hugh Reid, who has led our ministry team during this period and enabled us to maintain our pattern
of worship and other activities.
We revised our pattern of worship to include formal and informal eucharists, and non eucharistic
services on Sunday mornings, with Sunday evening services including Praise, Taize, Celtic, Compline
and Evening Prayer services. This enabled us to offer services at 10:00am and 6:00pm on every
Sunday, together with our Wednesday morning eucharist. A well attended Bible Study Group was
also held on Monday afternoons Due to declining numbers we took the difficult decision to
temporarily suspend our regular robed choir, although a ‘festival choir’ still sang at major festival
services.
Our Church Mice group for pre-school children and their carers meets weekly and continues to
thrive. We hosted services for our local schools at Harvest and Christmas, and held a hugely
successful Christmas Tree Festival coinciding with the town ‘Dickens of a Christmas’ event. We
joined with other churches to provide a Holiday Bible Club for a week during the summer holidays,
bringing more young families in contact with our church members.
Our church is open to all during daylight hours and we conducted 3 Baptisms, 7 Weddings and 18
Funerals in the church in 2024. The ratio of Baptisms to Funerals reflects the age profile of the
church and town.
The table of church attendance below shows how engagement with the church has grown post
Covid closures. Although average attendance was slightly down on 2023, our worshipping
community remains stable, and Christmas attendance was the highest since 2019.
|
2020 |
2021 |
2022 |
2023 |
2024 |
Christmas |
90 |
76 |
329 |
304 |
366 |
Easter |
- |
75 |
95 |
127 |
120 |
Average week, October |
75 |
105 |
76 |
131 |
117 |
Usual Sunday |
- |
- |
50 |
64 |
50 |
Worshipping Community |
95 |
72 |
79 |
90 |
90 |
FollowingtheretirementofourrectorweoweagreatdebtofthankstoourAssistantCurate,Hugh Reid,
andretiredpriestsJoSpray,JanetLawrenceandThelmaShackladywhosupportedourworship and
mission,togetherwithLicensedLayMinistersAndrewGearyandDerekMartin,andauthorised preachers
Kate Nicholas, Will Trevitt and Roger Hull..
We continue to 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
Page 2
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Report of the Trustees for the Year Ended 31 December 2024
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 are revising our tithing formula for 2024, enabling the annual meeting
to vote on four charities to support for the next two years. The aim is to develop firmer
relationships with the chosen charities.
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.
Fundraising activities raised a net amount of £17,752 compared to £15,962 in the previous year.
Many thanks to organisers Susan and Andrew Heron, David Phillipson, Mary Prosser and all
volunteers who worked tirelessly at our fundraising events.
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 planned shape of the Pastoral Reorganisation has been agreed, with
Olney joining a combined benefice of Lavendon with Cold Brayfield, Newton Blossomville, Clifton
Reynes, Emberton and Tyringham with Filgrave. This new benefice of Ouse Valley North will have
two stipendiary clergy. In line with the needs of pastoral reorganisation, the parish of Olney was
suspended in 2024, leading to the proposed appointment of a Priest in Charge until reorganisation is
completed.
The church, a 14 th century grade 1 listed building, is the responsibility of the churchwardens with the
fabric committee under the guidance of David Phillipson. A major project in 2024 was the
refurbishment of the church clock dial and replacement of the clock motor. Another major expense
was the replacement of fire safety system in the Church Hall. Our thanks to David Phillipson for
managing both these projects.
Safeguarding
SincethelastAPCMMrsKCharlesworth-LowehascontinuedtobeParishSafeguardingOfficerandMr M
JoneshasjoinedherasaDBSManager.CurrentlyallmembersofthePCCareundertakingtheir Basic
Awareness and Foundations Safeguarding training; thanks to those who have completed theirs.
Our DBS checksare up to date and we are now using Level3 on the new ParishSafeguardingHub software.
Level3isthehighestlevelandcompletingtheactionpointsatthislevelwillallowustoensurewe have
robustsafeguardingproceduresinplace,whichareallinlinewiththemostuptodateChurchof England
requirements.TheParishSafeguardingOfficerhasassistedtheDiocesewithtrainingsome new
safeguardingofficersand is workingcloselywiththe Dioceseas the Churchof Englandundergoesa change
to their safeguarding procedures.
OurPCCalsohasavisiblesafeguardingpolicyavailableinchurchforalltoview,andcombinedwith the
above details this means that the PCC of St Peter and St Paul can be said to have complied with the duty
undersection5oftheSafeguardingandClergyDisciplineMeasure2016(dutytohaveregardtoHouse of
Bishops' guidance on safeguarding children and vulnerable adults). Safeguarding is a very serious matter all
thedetailsofourParishSafeguardingOfficerandtheDiocesanSafeguardingOfficercanbefoundon 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 2024
Financial review
Financial position
Our Church is funded throughplannedgiving,plated collections,donations,grants,fundraisingand legacies
received.
Totalincomeduringtheyearwas£134,120(2023:£122,306)andisdetailedinthefinancial statements.
Thelargestsourceofincomewasfromdonationstotalling£58,912(2023:donations£54,310). Income
from the use of the Church Hall was £17,625 (2023: £10.876).
Totalexpensesduringtheyearwere£153,585(2023:£142,194).Thelargestsinglerunningexpenseis the
parishsharecontributionto theDioceseof £58.121(2023:£61,211).Theparishsharelargelyprovides the
stipends and housing for the clergy.
ChurchHallrunningcostswere£7,401(2023:£9,359)whichincludedmaintenance,nosignificant works
have been carried out to the Church Hall during the year, other than maintenance.
Overallourgeneralfundremainsin surplusdue to thelargeunrestrictedlegacybeingreceivedin previous
years.
Thenetresultfortheyearwasadeficitof£10,052,beinganoveralldeficitof£24,973on unrestricted
funds, a deficit of £4,310 on restricted funds and a surplus of £19,231on the endowment fund.
Themosteffectivewayparishionerscancontributeto thecostsof theChurchis throughourParish Giving
Scheme,OlneyLivingGenerously,administeredby ParishGivingSchemein associationwithTheChurch of
EnglandRegisteredCharityNo:1156606andourStewardshipSchemeadministratedbythe stewardship
officer.For taxpayers,this allowsus to recouptax paid on any donationsat a rate of 25%. Regular monthly
orweeklydonationsalsomakeiteasiertoplanthecashflowoftheChurchandbudgetforany additional
expenses.
Therearemanypeoplewhomanageaspectsofourfinancialprocessesonadailybasisandprovide the
valuabledatawhichallowstheTreasurertocontroltheChurch'sfinancesandprovide important
management information to the PCC.
Thepreparationoftheseaccountsisatimeconsumingeffort,however,thishasresultedinushaving a
much improved, transparent and accurate set of accounts.
Investment policy and objectives
Withintheparish,themainfinancialinvestmentsareheldbyDiocesanTrustees(Oxford)Limited.Ithas a
policyof investingmostof its assetsin productsmanagedby the CentralBoardof Financeof the Church of
England.Thisinturnhasitsowninvestmentpolicyintermsofethicalinvestment,social policy,
environmental issues and risk taking which therefore operates for the PCC.
Theobjectivesareincomefortheupkeep,repairandinsuranceoftheChanceloftheChurch,and if
sufficientmoneyremainsinthefund,itcanbeusedfortheupkeepandrepairoftheremainderof the
Church.
Page 4
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Report of the Trustees for the Year Ended 31 December 2024
Financial review
Reserves policy
ThePCCmaintainsseveralreserves.Theunrestrictedreservesareseparatedintodesignatedand general
funds.The variousfunds designatedfor use in a particularway are more fully explainedin the Notes to the
Accountsandthelevelofdesignatedfundsisreviewedannually.ThePCC'spolicyistocarrya general
reserveofatleast6-months'worthofexpenditureoranamountinexcessof£75,000whicheveris the
greater.Over recentyears the reserveshave not been sufficientto meet this policy,even though sufficient
reservesexistbecauseoftheunrestrictedlegacy,theTrusteescontinuetolookatwaystobuildup the
reservesforfutureyears.Totalreservesattheyearendwere£1,020,714(2023:£1,030,766)of which
£93,112 (2023: £97,422) were restricted, £284,372 (2023: £265,142) were endowment funds.
Structure, governance and management
ThePCCiscontrolledbyitsgoverningdocument,theParochialChurchCouncilPowersMeasure(1956) as
amended and Church Representation Rules, adopted 3 February 2010. The PCC is a registered charity.
ThemethodofappointmentofPCCmembersissetoutintheChurchRepresentationRules.All Church
attendeesareencouragedtoregisterontheElectoralRollandstandforelectiontothePCC. Ordained
deacons or priests who are retirement age are not eligible to register or stand for election.
The Trusteesof the PCC are electedfor a term of officeof 3 yearsat the Annual ParochialCouncil Meeting.
After3yearsthoseelectedmembersautomaticallystanddownanddonotseekre-electionfor another
term.Theonlyexceptiontothisis,if thereis insufficientmembersproposedat theAPCMtoserveon the
PCC, they may be permitted to stand for a further year.
TheonlycommitteeestablishedbystatuteistheStandingCommitteeconsistingoftheRector, Wardens,
Secretary and Treasurer.
Membersof the PCC are aware of potentialrisks both financialand otherwisethat might occur either in the
Church or in the Church Hall. They have taken appropriate action to control and minimise these risks.
ThePCCmembersareresponsibleformakingdecisionsonallmattersofgeneralconcernand importance
to the parish, including deciding on how the funds of the PCC are to be spent.
TheStandingCommittee,consistingoftheexofficioofficersofthePCC,putforwardproposals for
ratificationbythePCCandareauthorisedtocommitchurchfundsupto£750.TheMinistry Team,
consistingoftheministersandchurchwardens,managethescheduleofservicesandother pastoral
matters. The Fabric committee manages the physical structure of our buildings (Church and Church Hall).
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 2024
Trustees
Mrs S Bailey
Rev A Pritchard-Keens (resigned 31.3.24)
Mr A J Geary
Mr D Phillipson
Mrs L M Geary
Mr M Jones
Mr T Haskell (appointed 5.5.24)
Mr A Heron
Mr D Martin (appointed 5.5.24)
Mr G Lavender
Mrs M Prosser
Mrs K Charlesworth-Lowe
Mrs R Martin (appointed 5.5.24)
Mrs K Nicholas (appointed 5.5.24)
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 ............................................. 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 reportto the charitytrusteeson my examinationof the accountsof ParochialChurch Councilof St Peter &
St Paul. Olney (the Trust) for the year ended 31 December 2024.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').
I reportin respectof myexaminationof theTrust'saccountscarriedoutunderSection145of theAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under Section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Mr Jonathan R Cobley
Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF
2 May 2025
Page 7
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Statement of Financial Activities
for the Year Ended 31 December 2024
Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
58,911
Charitable activities
5
Charitable activity
130
Raising funds
14,519
Other trading activities
3
21,110
Investment income
4
12,840
Total
107,510
EXPENDITURE ON
Raising funds
Raising donations and
legacies
6
1,742
Other trading activities
7
1,320
3,062
Charitable activities
8
Charitable activity
130,140
Raising funds
856
Other
(1,005)
Total
133,053
Net gains on investments
-
NET
INCOME/(EXPENDITURE)
(25,543)
Transfers between funds
19
570
Net movement in funds
(24,973)
RECONCILIATION OF FUNDS
Total funds brought forward
668,203 |
Restricted
funds
£
1
-
16,787
-
5
16,793
11,812
-
11,812
7,399
-
1,322
20,533
-
(3,740)
(570)
(4,310)
97,422 |
Endowment
fund
£
-
-
-
-
9,817
9,817
-
-
-
-
-
(1)
(1)
9,413
19,231
-
19,231
265,141 |
2024
Total
funds
£
58,912
130
31,306
21,110
22,662
134,120
13,554
1,320
14,874
137,539
856
316
153,585
9,413
(10,052)
-
(10,052)
1,030,766 |
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)
-
(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 2024
Unrestricted
funds
Notes
£
TOTAL FUNDS CARRIED
FORWARD
643,230 |
Restricted
funds
£
93,112 |
Endowment
fund
£
284,372 |
2024
Total
funds
£
1,020,714 |
2023
Total
funds
£ |
|
|
|
|
1,030,766 |
The notes form part of these financial statements
Page 9
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Balance Sheet
31 December 2024
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
14
65,144
Investments
15
-
65,144
CURRENT ASSETS
Debtors
16
13,508
Cash at bank and in hand
566,207
579,715
CREDITORS
Amounts falling due within
one year
17
(1,629)
NET CURRENT ASSETS
578,086
TOTAL ASSETS LESS
CURRENT LIABILITIES
643,230
NET ASSETS
643,230 |
Restricted
funds
£
-
-
-
1,089
92,305
93,394
(282)
93,112
93,112
93,112 |
Endowment
fund
£
-
179,504
179,504
-
104,868
104,868
-
104,868
284,372
284,372 |
2024
Total
funds
£
65,144
179,504
244,648
14,597
763,380
777,977
(1,911)
776,066
1,020,714
1,020,714 |
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 |
|
|
|
|
|
The notes form part of these financial statements
Page 10
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Balance Sheet - continued
31 December 2024
FUNDS
19
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS |
643,230
93,112
284,372
1,020,714 |
668,203
97,422
265,141 |
|
|
1,030,766 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. 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 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.
Income
Allincomeisrecognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Tangible fixed assets
Consecratedandbeneficedpropertyofanylandisexcludedfromtheaccountsbysection10 (2)(a)
oftheCharitiesAct2011.MoveablechurchfurnishingsheldbytheRectorandChurchWardens on
specialtrustforthePCCandwhichrequireafacultyfordisposal,areaccountedas inalienable
propertyunless consecrated.They are listed in the church'sInventorywhich can be inspected(at any
reasonabletime).Forinalienablepropertyacquiredpriorto2000thereisinsufficient cost
informationavailableand thereforesuch assetsare not valuedin the accounts.Itemsacquired since
1January2000havebeencapitalisedanddepreciatedintheaccountsovertheir currently
anticipated useful economic life on a straight line basis.
Allexpenditureincurredintheyearonconsecratedorbeneficedbuildings,individualitems under
£2,000 or on the repair of movable church furnishings acquired before 1 January 2000 is written off.
Heritage assets
ThePCCmaintainsthechurchbuildingwhichisa GradeI registeredbuildingandasstatedabove is
excludedfromtheaccountsbysection10(2)(a)oftheCharitiesAct2011.Itisalsocustodianto a
numberofheritageassets.IntheTrustees'opinion,conventionalvaluationapproaches 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 2024
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Expenditure on major restoration
The cost of associatedmajor repairs is reportedin the Incomeand ExpenditureAccountin the year it
is incurred.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trustees.
Restrictedfunds can only be used for particularrestrictedpurposeswithinthe objectsof the charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.
Theaccountsincludealltransactions,assetsandliabilitiesforwhichthePCCisresponsiblein law.
Theydonotincludetheaccountsofchurchgroupsthatowetheirmainaffiliationtoanother body
nor those that are informal gatherings of Church members.
2. DONATIONS AND LEGACIES
Donations
Gift aid |
2024
£
52,348
6,564
58,912 |
2023
£
54,310
12,727 |
|
|
67,037 |
Page 13
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
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
7.
OTHER TRADING ACTIVITIES
Support costs |
2024
£
-
3,485
17,625
21,110
2024
£
22,662
2024
£
130
31,306
31,436
2024
£
13,554
2024
£
1,320 |
2023
£
620
7,202
10,876 |
|
|
18,698 |
|
|
2023
£
13,760 |
|
|
2023
£
130
22,681 |
|
|
22,811 |
|
|
2023
£
6,719 |
|
|
2023
£
- |
Page 14
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
8. CHARITABLE ACTIVITIES COSTS
Charitable activity
Raising funds
9.
GRANTS PAYABLE
Charitable activity
10.
INDEPENDENT EXAMINERS FEE
Independent examination |
Direct
Costs
£
137,593
856
138,449 |
Grant
funding of
activities
(see note
9)
£
(54)
-
(54)
2024
£
(54)
2024
£
1,320 |
Totals
£
137,539
856 |
Totals
£
137,539
856 |
|
|
|
138,395 |
|
|
|
|
|
2023
£
5,500 |
|
|
|
|
2023
£
1,320 |
11.TRUSTEES' REMUNERATION AND BENEFITS
Therewerethreetrusteereceivingremunerationorotherbenefitsrelatingtovergerfeesfor the
year ended 31 December 2024 (2023: Two)
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2024norforthe year
ended 31 December 2023.
Trustees Expenses
£384 was paid to 3 Trusteefor the reimbursementof administrativeand event expensesfor the year
ended 31 December 2024 (2023: £1077 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 2024
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
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
67,037
-
Charitable activities
Charitable activity
130
-
Raising funds
9,601
13,080
Other trading activities
18,698
-
Investment income
6,251
-
Total
101,717
13,080
EXPENDITURE ON
Raising funds
Raising donations and legacies
-
6,719
-
6,719
Charitable activities
Charitable activity
129,825
4,330
Other
1,320
-
Total
131,145
11,049 |
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
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
67,037
-
Charitable activities
Charitable activity
130
-
Raising funds
9,601
13,080
Other trading activities
18,698
-
Investment income
6,251
-
Total
101,717
13,080
EXPENDITURE ON
Raising funds
Raising donations and legacies
-
6,719
-
6,719
Charitable activities
Charitable activity
129,825
4,330
Other
1,320
-
Total
131,145
11,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Page 16
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
Net gains on investments
-
-
14,626
NET INCOME/(EXPENDITURE)
(29,428)
2,031
22,135
Transfers between funds
(2,686)
2,686
-
Net movement in funds
(32,114)
4,717
22,135
RECONCILIATION OF FUNDS
Total funds brought forward
700,317
92,705
243,006
TOTAL FUNDS CARRIED FORWARD
668,203
97,422
265,141
14.
TANGIBLE FIXED ASSETS
Cost
At 1 January 2024 and
31 December 2024
Depreciation
At 1 January 2024 and
31 December 2024
Net book value
At 31 December 2024
At 31 December 2023 |
|
Total
funds
£
14,626
(5,262)
-
(5,262)
1,036,028
1,030,766
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 2024
15. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Listed |
|
investments |
|
£ |
Market value |
|
At 1 January 2024 |
170,091 |
Revaluations |
9,413 |
At 31 December 2024 |
179,504 |
Net book value |
|
At 31 December 2024 |
179,504 |
At 31 December 2023 |
170,091 |
There were no investment assets outside the UK. |
|
Cost or valuation at 31 December 2024 is represented by:
|
|
Listed |
|
|
investments |
|
|
£ |
Valuation in |
2021 |
23,405 |
Valuation in |
2022 |
(21,789) |
Valuation in |
2023 |
14,626 |
Valuation in |
2024 |
9,413 |
Cost |
|
153,849 |
|
|
179,504 |
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Includedwithinothercreditorsisabalanceof£847(2022:otherdebtors£1942)forfundsheld 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 2024
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 18)
Trade creditors
Other creditors
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts |
2024
£
282
-
1,629
1,911
2024
£
282 |
2023
£
-
5,500
2,167 |
|
|
7,667 |
|
|
2023
£
- |
Page 19
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
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 1/1/24
£
659,925
295
749
1,172
6,062
668,203
24,485
43,255
283
29,399
97,422
265,141
1,030,766 |
Net
movement
in funds
£
(35,555)
-
-
-
10,012
(25,543)
-
3,653
292
(7,685)
(3,740)
19,231
(10,052) |
Transfers
between
funds
£
3,385
-
-
-
(2,815)
570
-
(7,685)
(570)
7,685
(570)
-
- |
At
31/12/24
£
627,755
295
749
1,172
13,259 |
|
|
|
|
643,230
24,485
39,223
5
29,399 |
|
|
|
|
93,112
284,372 |
|
|
|
|
1,020,714 |
Page 20
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
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
Pancake Fund
Bells Fund
Fabric Restricted Fund
Endowment funds
Endowment fund
TOTAL FUNDS |
Incoming
resources
£
89,882
17,628
107,510
16,787
6
-
16,793
9,817
134,120 |
Resources
expended
£
(125,437)
(7,616)
(133,053)
(13,134)
286
(7,685)
(20,533)
1
(153,585) |
Gains and
Movement
losses
in funds
£
£
-
(35,555)
-
10,012
-
(25,543)
-
3,653
-
292
-
(7,685)
-
(3,740)
9,413
19,231
9,413
(10,052) |
|
|
|
|
Page 21
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
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 1/1/23
£
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 22
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
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
£
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 23
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
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 1/1/23
£
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
£
(66,500)
-
-
-
11,529
(54,971)
(125)
8,370
292
(10,246)
(1,709)
41,366
(15,314) |
Transfers
between
funds
£
(364)
-
-
-
(1,752)
(2,116)
125
(7,685)
(570)
10,246
2,116
-
- |
At
31/12/24
£
627,755
295
749
1,172
13,259 |
|
|
|
|
643,230
24,485
39,223
5
29,399 |
|
|
|
|
93,112
284,372 |
|
|
|
|
1,020,714 |
Page 24
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
19. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
Church Hall Fund
Restricted funds
Mission & Outreach
Pancake Fund
Bells Fund
Fabric Restricted Fund
Endowment funds
Endowment fund
TOTAL FUNDS |
Incoming
resources
£
180,723
28,504
209,227
-
29,867
6
-
29,873
17,326
256,426 |
Resources
expended
£
(247,223)
(16,975)
(264,198)
(125)
(21,497)
286
(10,246)
(31,582)
1
(295,779) |
Gains and
Movement
losses
in funds
£
£
-
(66,500)
-
11,529
-
(54,971)
-
(125)
-
8,370
-
292
-
(10,246)
-
(1,709)
24,039
41,366
24,039
(15,314) |
|
|
|
|
Youth Fund - represents funds to support youth work in the parish.
Discretionary Fund - represents funds to alleviate hardship amongst the citizens of Olney
MissionOpportunityFund - representsfunds dedicatedto promotingthe grownof the churchand is
specifically not for general running costs.
Children's Fund - represents funds to support our children's work including church mice.
ChurchHallFund-representsincomefromChurchHalllettingsandotherexpensesandpays the
operating expenses of the Church Hall.
FabricFund-representsthepurchaseandacquisitionofitemstosupportthephysicalcomfort and
wellbeingofparishionerswhilstworshippingwithinthebuildingandtheongoingcare,repairs and
maintenance of the church buildings and contents.
PancakeFund - is a subcommitteeof the PCC whosesole purposeis to organisethe historic pancake
raceandassociatedcommunityevents,andindoingso,raiseanddisbursefundsfor the
maintenanceandfabricofthechurch.ThePCCunderwritetheinsuranceoftheevent.The fund
specifically does not support the running costs and expenditure of the church.
Page 25
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
19. MOVEMENT IN FUNDS - continued
EndowmentFund - consistsof a singlepermanentendowment,the capitalof which cannot normally
bedistributed,withtheincomegeneratedbythecapitalinthefundinitiallybeingusedagainst the
repairandmaintenanceofthechancel.Shouldthechancelbeingoodorder,theincomemay be
used onlyfor the repairand maintenanceof the restof the church.The accumulatedincomein the
fund held by the CBF C of E depositaccountat the yearend amountedto £95,049.The valueof the
capital stands at £170,091 (2022: £155,465).
The Mission& OutreachFund is dedicatedto promotingthe growthof the churchand shouldnot 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 2024.
Page 26
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
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
Training and parish work
Carried forward |
2024
£
52,348
6,564
58,912
-
3,485
17,625
21,110
22,662
31,306
130
31,436
134,120
13,554
8,619
58,121
12,500
25,829
21,104
368
126,541 |
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
658
106,897 |
This page does not form part of the statutory financial statements
Page 27
PAROCHIAL CHURCH COUNCIL OF ST PETER &
ST PAUL. OLNEY
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
Charitable activities
Brought forward
Church hall costs
Organist and music
Other administrative costs
Grants to institutions
Support costs
Finance
Bank charges
Governance costs
Independent examination
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net expenditure |
2024
£
126,541
7,401
4,507
-
(54)
138,395
316
1,320
153,585
(19,465)
9,413
(10,052) |
2023
£
106,897
9,359
4,488
7,911
5,500
134,155
-
1,320
142,194
(19,888)
14,626
(5,262) |
|
|
|
This page does not form part of the statutory financial statements
Page 28