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← The Parochial Church Council Of The Ecclesiastical Parish Of St. Mary's, Olveston

2023-12-31-accounts

Trustees' Annual Report for the Parochial Church Council of St Mary's Church, Olveston 2023

1. Aim and purposes

St Mary’s Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent, Rev David Moss, in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

2. Objectives and activities

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at Olveston. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services and activities can involve the many groups that live within our parish. Our services and worship put faith in to practice through prayer, scripture, music and sacrament.

In March 2018 after considering the Charity Commissions guidance on public benefit, and in particular the supplementary guidance on charities for the advancement of religion, the PCC adopted the following objectives to help people to live out their faith as part of a parish community.

To facilitate this work it is important that we both maintain the fabric of St Mary’s Church and consider any adaptations to the interior of the church which might better support the increasingly wide range of activities being undertaken in fulfilment of these objectives.

The objectives for St Mary’s are the same as those for the other four parishes within the North Severnside Benefice and it follows that some of the activities are undertaken on a shared basis.

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3. Achievements and performance

During the year we endeavour to demonstrate our commitment to the community and to the Church through a number of activities and services..

3a Worshipping God

Our vision for 2023 was :

3a 1 To recruit a Family Worker/Growing in Faith Chaplain and to advertise for the position in Q1 .

After advertisements, two candidates were interviewed and Becky Cox was appointed to commence 20 hours per week from September 2023 with Rev David Moss as her Line Manager. At St Mary’s she worked with Refresh and in Assemblies at both Olveston School and Tockington Manor. She also has duties at St Helen’s.

Vision for 2024: to continue as above and introduce a monthly Messy Church .

3a2 ( Our vision for 2023 was ):Emphasis on our stewardship of God’s Creation and working to meet the challenge of being carbon neutral by 2030 and to aim to achieve the Silver Award from Rocha:-

The PCC thanks the GreenForce group for their support in this objective through: managing the specialist Recycling Collections in the Churchyard, regular articles in Meeting Point, a presentation to the Annual Parish Council Assembly on 20 April 2023, joining 5 other churches in an awareness event organised by Sustainable Thornbury on 20 May, liaising with Olveston School to create an outside display – an Underwater Scene with Plastic Pollution in September and the collection of milk bottle tops.

At the Creationtide Service on 3 September a Questionnaire on environmental issues was distributed. In the light of the responses some policy adjustments enabled the application to A Rocha to be submitted and the Silver Award was received on 8 December 2023.

The PCC thanks the Buildings Team for progress towards the carbon neutral target.

Vision for 2024: to continue the emphasis as above .

3a3 ( To widen the variety of services, including Taize, Celtic and to trial “Messy Church” (family friendly)

Choral Services alternate between 6 p.m. and 10 a.m. and usually a Eucharist is held each Sunday. Services of the Book of Common Prayer are usually held at 6 p.m.

T he Service on Sunday 7 May to celebrate the Coronation of King Charles III was attended by around 90 people who appreciated the music of the Choir and trumpeters, and was followed by fizz and canapés.

Festival Services at All Souls, Remembrance, and Christmas attract wide support.

A Joint Service is held with Olveston and Tockington Methodists during the Week of Prayer for Christian unity. We have been kept informed and supported them in their decisions needed about their buildings. There is a planned “Messy Church” to commence at the Methodist Chapel in Olveston in Q1 2024 Vision for 2024 : Introduce Messy Church when possible. Monitor and assist decisions about Olveston Methodist Church buildings and promote exchange and sharing of services. Monitor numbers at 6 p.m. services.

Electoral Roll, Attendance, Baptisms, Confirmations, Funerals and Weddings

Sta$s$c 2016 2017 2018 2019 2020 2021 2022 2023
No. on Electoral Roll
Sunday Adult A?endance		 199
94		 202
85		 191
85		 125
65		 145
 145 141
59		 139
40

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Sunday Under 16 A?endance
No. of Bap$sms
No. of Confrma$ons
No. of Funerals
No. of Weddings		 17
10
3
23
4		 2
3
0
9
7		 6
5
0
11
3		 1
4
0
17
2
2
0
10
1		 1
0
8
4		 0
9
0
13
5		 0
13
0
10
3

Planned Giving

Sta$s$c 2016
(£)		 2017
(£)		 2018
(£)		 2019
(£)		 2020
(£)		 2021
(£)		 2022
(£)		 2023
(£)
Planned Giving
Loose Change		 57,111
7,214		 56,812
7,235		 54,324
7,879		 51,133
6,644		 47,874
2,355		 46,136
2,760		 43,071
4,750		 41,431
4,879

3b Growing in Faith

Our vision for 2023

To continue to encourage higher attendance to Bible Study and other small group activities

3b1. Encourage Small Group attendance

Wednesday 10 a.m. Holy Communion has a loyal following of up to a dozen.

Vision for 2024: To continue to encourage higher attendance to Bible Study and other small group activities

3b 2 ( Our vision for 2023 was ): Adopt the “Embracing Justice” guidance with booklet as a focus of groups meeting to study during Lent

All ministers received a copy of this book and were encouraged to make reference to it in Services. About 50 copies of the booklet were distributed free of charge to the congregation and the Weekly Sheet highlighted the theme of the week.

A Study group met during Lent in church following the Wednesday 10 a.m. service.

About 11 regularly used this booklet at CHAT group on Tuesday evenings.

£557.40 was raised and divided equally between Amnesty International and Bristol NorthWest Food bank as our Lent Good Causes.

Vision for 2024: To use Book 1 of the Pilgrim Course in small groups and in public worship during Lent

3b3 ( Our vision for 2023 was ):To integrate and support a new family worker into the ministry team

Having commenced working in with ministry team in September 2023, Becky has worked with the worship group and the incumbent. She also led part of the 10.am Sunday morning worship.

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Benefice Daily Prayer takes place Monday to Friday on Zoom at 8.30 a.m.

Around 8 lay persons lead Intercessions in Sunday services on a rota basis.

Lay Minister Paul Harrod continues his ordination training.

The Rev David Moss is the only Stipendiary Minister in the Benefice. All other trained ministers, Rev David Bone, Rev Ann Lloyd, Janet McBride, Trevor Cook are volunteers and also carry out duties in other parts of the Benefice. Consequently the workload is heavy.

Vision for 2024: To enlarge the Ministry Team

3c Serving Others

Our vision for 2023 was

3.c. 1. Continue to develop strong links with local schools and hold some assemblies in St Mary’s Church.

The Rev David Moss and the Rev Ann Lloyd regularly deliver assembly services for both Olveston CEVC Primary School and Tockington Manor School, and both schools held Carol Services in St. Mary’s. The Choir of St. Mary’s sang carols at Olveston School on 1 December.

‘Open the Book’ delivering dramatised Bible stories continue to be well received by staff and pupils.

During Re-cycling Week in September we encouraged Olveston School in displaying a sculpture in re-cycled materials - an Underwater Scene with Plastic Pollution. A collection of milk bottle tops for recycling was promoted successfully.

V ision for 2024: To continue the work outlined above

3.c 2. ( Our vision for 2023 was ): To be able to react quickly when needs and natural disasters occur to provide as much support with money or materials as is possible to charities .

Funds raised and distributed are set out in Para 3a on page 6 of the annexed Accounts Notes

V ision for 2024: To continue to be able to react quickly when needs and natural disasters occur in order to provide as much support with money or materials as is possible.

3.c 3 ( Our vision for 2023 was ): To continue to provide as much support as the Saturday young families group (‘Refresh' ).

‘Refresh’ continued weekly on Saturday afternoons in Term, with around 10 adults and 16 -20 children. Becky Cox, (Growing in Faith Chaplain ) and her children attended.

On 16 December informal carol singing at some local homes was a joyful event and much appreciated by those visited.

V ision for 2024: To continue to provide as much support as the Refresh group need in order to flourish.

3.c 4 ( Our vision for 2023 was ): To continue Pastoral/ Support Care Group

During 2023 the 5 members of the ecumenical (with 2 Olveston Methodist members and 3 St Mary’s) support group have regularly visited parishioners. At Easter and Christmas they also delivered gifts to 25 parishioners.

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Section 4. The Church Building

4.1 Vision for 2023 was: Complete the repara,on and upgrading of the church organ.

During the summer months the church organ was dismantled, cleaned and moving parts repaired. Obsolete electromechanical components were replaced with readily available electronic parts by Organ builders J.W.Walker Ltd. Re-assembly and re-tuning followed.

Work was completed for the Advent and Christmas season.

Cost was £47,500. This was met by a dona$on of £16,000 from the Bri?on Family Trust. Also a fund-raising programme by the church choir that was matched by from the church’s Fabric Fund. Comple$on of the work will be celebrated at a concert in January 2024 including a short performance by an organ scholar from St Mary Redcliff.

4.2 Chancel Roof Cross

The stone gable cross had collapsed and was removed, restored and replaced by Centreline Ltd of Painswick. Cost was £2,106.

4.3 Roof Repair work described in latest Architect’s Quinquennial Survey Report

A new roofing contractor was employed who completed the bird exclusion guard repairs, nes$ng rubbish removal and roof $le repairs set out in the QQSR.

An external and internal inspec$on of the chancel roof revealed a felted structure in sound, but fragile condi$on. The recommenda$on to do no further work except essen$al repairs was accepted.

Vision for 2024: To carry out trials for full insulation of the Nave and side aisles roofspace including necessary electrical re-wiring.

4.4 Tower project final retention payment

12 months aaer comple$on of the tower refurbishment project the final reten$on payment of £4,302 was paid to Centreline Ltd of Painswick.

4.5 Churchyard tree management

There was an on-going programme of tree reduc$on and necessary removal following statutory permissions. The voluntary churchyard workgroup con$nued their splendid work keeping the grounds in excellent condi$on including areas allocated to wildflowers.

4.6 . Disability access is regularly reviewed.

4.7 . Churchyard: Chris Smart is leader of our churchyard team of around 12 volunteers who include several who do not regularly attend worship services. They keep this much visited space in excellent condition. GreenForce advises and monitors areas of biodiversity and good environmental practice.

. Building Projects, Repairs and Maintenance Expenditure

Work Undertaken 2016 2017 2018 2019 2020 2021 2022 2023
(£) (£) (£) (£) (£) (£) (£) (£)
Minor Repairs and
Maintenance		 1,258 5,182 917 1,052 1,583 4,460 3,516 1,997

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Major Repairs and
Projects		 25,235 7,077 18,064 9,342 483 167,039 37,716 54,067

5. Safeguarding

The parish of St Mary’s is committed to safeguarding young people and adults at risk.

Our Safeguarding Officer is Debbie Harries.

The policies were reviewed in 2023 and are up to date.

Activities

The PCC oversees the following activities for children and adults, The choir, Coffee shop, Refresh, all social events and services.

Safer Recruitment and DBS

The PCC is responsible for the safe recruitment of people wanting to work with people working in these areas.

DBS Checks

As part of the safer recruitment process, volunteers working with vulnerable groups have been DBS checked at the level appropriate to the role.

PCC members are also all eligible for an enhanced DBS check, which have all been completed and up to date.

Training

Safeguarding training at different levels is a requirement for all roles. The Trustees have completed a safeguarding course on Domestic Violence delivered by Bristol Diocese courses over the last year online or face to face.

Action Plan for 2024

The safeguarding officer has an action plan created by the Parish Dashboard. This is updated regularly. Progress is reported to the PCC at each PCC meeting. Also PCC members will be encouraged to attend a training seminar on Mental Health, again delivered by Bristol Diocese…in April 2024.

6. Financial review

Total income in 2023 was £158,416, of which £113,671 was unrestricted. This includes £11,209 as Gift Aid and £1,368 in top-ups under the Gift Aid Small Donations Scheme. Total expenditure was £137,433, of which £75,383 was unrestricted.

Unrestricted general purposes income was £75,307 in 2023, a reduction of £708 (1%) compared with 2022. More specifically, there were reductions of £1,840 (3.4%) in planned giving by standing order or the weekly envelope scheme, and £1,048 (10%) in income from church activities. The former was mainly as a consequence of a net reduction of 3 (5 lost, 2 gained) in the number of planned givers in 2023; the latter being associated with parochial fees and Monday Movies, reflecting the fact that films are now being shown just once a month rather than twice a month as was the case previously. There was, however, an increase of £1,210 (51%) in one-off donations (largely associated with the response to the Advent Sunday Gift Appeal), whilst income from investments (£2,191) was over 3 times that in 2022, due to much higher interest rates.

Unrestricted general purposes expenditure was £69,127 which is £9,301 lower than in 2022. This was due mainly to a reduction of £12,728 (25%) in our Parish Share commitment to enable the funding of the part time appointments of a

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Family Worker and Administrator within the Benefice, in September 2023. The St Mary’s contribution to the cost of these two appointments covering the period September - December 2023 amounted to £4,015. In addition, there was increased expenditure in 2023 of £1,050 for utilities (reflecting the full year effect of new gas and electricity contracts during 2022) and £407 for insurance.

General purposes expenditure exceeded income in 2023 by £6,180, due mainly to the Family Worker and Administrator appointments not being made until September. Additionally, £5,000 was transferred from the Friends of St Mary’s, resulting in the general purposes fund displaying an in-year surplus of £10,280 in 2023.

As far as the Fabric Fund is concerned, expenditure of £54,067 was incurred in 2023, mainly comprising £47,500 for the overhaul of the church organ, £4,302 as the retention payment for the Tower Project and £2,106 for the replacement stone gable cross. Income of £33,927 was received in 2023, including a grant of £16,000 from the Britton Trust towards the organ overhaul, and the final instalment of £5,000 of the grant from Olveston Church Lands towards the Tower Project.

Outward giving donations totalling £7,213 were made in 2023 to 10 different causes (see Note 3a of Annual Accounts for details).These included £3,520 to the Aanandit Charity in Nepal, from the proceeds of a Murder Mystery fundraising event.

Reserves policy

It is PCC policy to maintain (where possible) a balance on unrestricted general purposes funds (free reserves) equating to approximately 6 months’ unrestricted general purposes payments. This is equivalent to around £40,000, and is held to smooth out fluctuations in cash flow, and to meet emergencies.

At 31 December 2023 the balance of the free reserves was £46,835, which exceeds the 6 month target. However, this is related to the fact that in 2023 Family Worker and Administrator expenditure commitments related to just 4 months of the year. More generally, St Mary’s faces some significant financial challenges in the future, given the age profile of our congregation and regular givers, and it should be noted that annual income

from planned giving has reduced by 20% (£13,000) over the last 5 years, at time when utility costs have increased by 9% and insurance by 24%.

The Vision Fund is an unrestricted fund, designated by PCC for projects and purchases relating to the vision of the church, and is sourced predominantly by legacies. At 31 December 2023, following receipt of a legacy of £25,000 in 2023 from the estate of the late Joan Hawkins, there was a balance of £71,658, of which £5,000 has been earmarked by PCC for projects aimed at engaging younger generations. PCC is currently considering other projects relating to St Mary’s vision for the future to which funds could be allocated.

The Church Fabric Fund is the main restricted fund held by St Mary’s. At 31 December 2023 there was a balance of £110,208.

It is PCC policy to invest the short-term investment fund balances with the CCLA Church of England Deposit Fund.

Funds held as custodian trustees on behalf of others

For a number of years, St Mary’s has held restricted funds on behalf of the Severnside Group of Churches. These funds represented donations originally made towards the costs of employing a youth worker. However, this project has since been abandoned and it was agreed that 50% of the funds should be re-designated towards supporting Youth Choirs within the North Severnside Benefice. At 31 December 2023 the total balance was £1,533, with £1,270 remaining assigned to the Severnside Group of Churches, and £263 available for supporting the Youth Choirs.

Going Concern

The trustees have considered the impact of the Covid pandemic on the charity’s current and future financial position. Although the impact is expected to be much less over the next 12 months, the charity will continue to take the following steps:

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The trustees therefore consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in Note 1(g) to the financial statements.

7 . Volunteers

We are very grateful and would like to thank all those who give their valuable time to enrich our services and our Church. St Mary’s Olveston is very fortunate in having a large number of volunteers to ensure all activities undertaken by the Church are successful and we would like to thank all them. Under normal circumstances, people help in many ways including:

Friends of St Mary’s

We are very grateful for the work of Friends of St Mary’s, who have supported the church through fundraising activities for over 25 years. Over £100,000 has been donated in that time

In 2023 we were especially grateful that once again they donated £5,000 into Church funds. They also funded the Christmas tree for the church. In addition they provided new cleaning machinery.

8 Structure, governance and management

The Parochial Church Council is a corporate body established by the Church of England, which includes the Diocese of Bristol. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a Registered Charity.

The method of appointment of PCC members is set out in the Church Representation Rules. At St Mary’s the membership of the PCC consists of the incumbent (our vicar), churchwardens, the reader and representatives elected by those members of the congregation who are on the electoral roll of the church. All those who attend our services / members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC.

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.

The full PCC met 5 times during the year with an average level of attendance of 80%. Given its wide responsibilities the PCC has a number of committees each dealing with a particular aspect of parish life. These committees, which include worship, mission and outreach and fabric and finance, are all responsible to the PCC and report back to it regularly with minutes of their decisions being received by the full PCC and discussed as necessary.

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9. Vicar’s message for 2023 and looking forward to 2024

Thanking God for 2023

I would like to take a moment to thank God for all your love and support. I appreciate the time you dedicate to supporting the work of the churches across the Benefice. I am grateful for the Parish Share that you donate, which helps to pay my salary.

Thank-you too, for your generosity goes beyond our churches and blesses the surrounding community and the world at large. Through our various activities such as worship, baptisms, weddings, funerals, choirs, charity coffee mornings, fetes, film nights, flower festivals, concerts, and classic car shows, we have been able to raise funds to help the poorest and neediest.

I am grateful for your willingness to take risks and try new things. For St. Mary’s it has been through Refresh and greater collaboration with the local school and at St. Helen’s it has been the start of Messy Church. Sadly, not everything we try is successful straight away. As churches together we appointed a Growing Faith Chaplain, Becky has now moved on. I think it is important not to let go of that spiritual energy that led to her appointment.

This year I have been reminded of my age with several emails from the Diocese entitled “Planning for your Retirement”. As we all grow older there is a need for us to plan and pray for the future and to hand our work to others. Whilst I have no immediate plans to retire, I would encourage the PCCs to work together in beginning to think about the type of person they would like to lead the Benefice in the future.

I am fortunate to have five wonderful congregations committed to loving each other and doing God’s work in the world.

Rev David Moss (Vicar)

8 Administrative information

St Mary’s Church is situated at 2, Church Hill, Olveston, South Gloucestershire, BS35 4BX. It is part of the Diocese of Bristol within the Church of England. The correspondence address is The PCC Secretary, 16 Ley Lane, Olveston BS35 4DG.

The Vicarage is in Alveston, and the contact details are:

St Helen’s Vicarage, Gloucester Road, Alveston, Bristol BS35 3QT,

Tel. 01454 415190, Mob. 0789 0262 334 or email: mossds@gmail.com.

The website: https://www.sthelensalvs.co.uk/stmarys/about/ and the recently established North Severnside Facebook are important means through which the church communicates its activities with the community.

The Parochial Church Council (PCC) is a charity registered with the Charity Commission:- number: 1134397.

PCC members who have served during 2023 and until the date report was approved are:

Role on PCC Name Date of Election Priest in Charge Rev David Moss 2nd November 2017

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Wardens
Churchwarden Mrs Debbie Harries 24th May 2023
Churchwarden Mrs Sue Farr 24th May 2023
Deanery Synod
Deanery Synod Rep Mrs Sue Farr 24th May 2023
Elected Members
PCC Treasurer Dr David Prothero 4th October 2023
PCC Secretary Mr Bernard Amos 24th May 2022
PCC representative Dr Michael Wright 4th October 2023
PCC representative Mrs Stephanie Fairhead
 4th October 2023
PCC representative Dr David Shaw
 4th October 2023
PCC Representative Mr Phil Savage 4th October 2023
PCC Representative Mrs Janet McBride LLM (co-opted) 3rd February 2021
PCC Representative Mr Lindsey Henniker-Heaton 4th October 2023
Ex Officio Members Rev Ann Lloyd
Rev Lady Helen Webb
Rev David Bone

Approved by the PCC on 28 April 2024 and signed on their behalf by the Reverend David Moss (PCC Chairman)

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St Mary the Virgin, Olveston, with Aust

Annual Accounts 2023

1. Introduction

The purpose of this report is to present, for PCC approval, the Annual Accounts for 2023 for St Mary the Virgin Olveston with Aust.

2. Annual Accounts 2023

2.1. Basis of Preparation

The Annual Accounts for 2023 for St Mary the Virgin Olveston with Aust are presented in Appendix 1.

The accounts have been prepared on an accruals basis, in accordance with the Church Accounting Regulations 2006 together with the Statement of Recommended Practice for accounting and reporting by charities (SORP) (FRSSE) 2015, issued in May 2014.

The accounts for St John’s, Aust have been included in order to meet the Diocesan requirement to produce an integrated set of accounts for Olveston with Aust. The Aust accounts were approved by Aust DCC at its meeting on 27th February 2024.

Although PCC is required to approve the integrated set of accounts, it is recognised that PCC members will be more familiar with the Olveston accounts, and as a consequence a separate set of accounts for Olveston alone is provided in Appendix 2, for information only.

The accounts comprise the following:

2.2. Independent Examination

Subject to approval of the integrated set of accounts for St Mary the Virgin Olveston with Aust by PCC, the accounts will be submitted for scrutiny by our Independent Examiner. Should any minor issues be identified, the Independent Examiner recommends that the Chair of Finance and Buildings should be authorised to approve the changes on PCC’s behalf.

2.3. Trustees’ Annual Report 2023

In accordance with the requirements of the Church of England and the Charity Commission, St Mary’s PCC must produce a Trustees’ Annual Report for 2023. Several sections of this report relate to financial issues and drafts of these are presented in Appendix 3, including the ‘Financial Review’ which provides a commentary on St Mary’s financial position for 2023.

3. Recommendation

PCC is requested to:

David Prothero, 4th March 2024

Treasurer, St Mary the Virgin Olveston, with Aust

Appendix 1

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

BALANCE SHEET as at 31 DECEMBER 2023

Note
FIXED ASSETS
Investment Assets (Endowment)
4
CURRENT ASSETS
Debtors
6
Short Term Deposits
8
Cash at Bank
9
CURRENT LIABILITIES
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Unrestricted
5
Restricted
5
Endowment
5		 2023
£
102,174
102,174
17,716
220,998
36,781
275,495
3,410
272,085
374,259
140,081
132,004
102,174
374,259		 2022
£
93,387
93,387
11,324
204,407
39,477
255,209
4,875
250,334
343,721
102,826
147,508
93,387
343,721

Approved by the Parochial Church Council on the 6th day of March 2024 and signed on its behalf by Revd David Moss (PCC Chair).

…………………………………………………. ……………………………

The notes on pages 3 to 10 form part of these accounts

Page 1

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

STATEMENT of FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
2022
£
£
£
£
£
INCOMING RESOURCES
Note
Voluntary Income - Regular Giving
2a
60,575
1,975
0
62,550
64,666
Voluntary Income - Donations
2b
4,080
27,957
0
32,037
15,727
Income from Church Activities
2c
10,524
0
0
10,524
11,130
Gross Income from Events & Activities
2d
14,985
6,806
0
21,791
18,047
Legacies etc
2e
25,000
2,722
0
27,722
10,845
Income from Investments
2f
5,083
4,752
2,793
12,628
5,443
TOTAL INCOMING RESOURCES
120,247
44,212
2,793
167,252
125,857
RESOURCES USED
Charitable Giving - from service collections
3a
0
1,114
0
1,114
2,053
Charitable Giving - donations
3a
75
6,099
0
6,174
9,130
Ministry
3b1
44,200
0
0
44,200
53,630
Church Running Expenses
3b2
26,701
0
0
26,701
30,532
Church Admin
3c
4,122
0
0
4,122
2,260
Other Expenditure
3d3
8,394
54,862
0
63,257
54,373
TOTAL RESOURCES USED
83,492
62,075
0
145,567
151,978
NET INCOMING RESOURCES BEFORE TRANSFERS
36,755
-17,862
2,793
21,685
-26,121
TRANSFERS BETWEEN FUNDS
434
2,359
-2,793
0
0
GAINS & LOSSES on INVESTMENTS (Unrealised)
M&G Charibond Units
66
66
-241
CBF Investment Fund Shares
8,786
8,786
13,247
NET MOVEMENT in FUNDS
37,255
-15,504
8,786
30,538
-13,115
BALANCES BROUGHT FORWARD AT
1 January 2023 (2022)
102,826
147,508
93,387
343,721
382,543
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022)
140,081
132,004
102,174
374,259
369,428		 Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
2022
£
£
£
£
£
INCOMING RESOURCES
Note
Voluntary Income - Regular Giving
2a
60,575
1,975
0
62,550
64,666
Voluntary Income - Donations
2b
4,080
27,957
0
32,037
15,727
Income from Church Activities
2c
10,524
0
0
10,524
11,130
Gross Income from Events & Activities
2d
14,985
6,806
0
21,791
18,047
Legacies etc
2e
25,000
2,722
0
27,722
10,845
Income from Investments
2f
5,083
4,752
2,793
12,628
5,443
TOTAL INCOMING RESOURCES
120,247
44,212
2,793
167,252
125,857
RESOURCES USED
Charitable Giving - from service collections
3a
0
1,114
0
1,114
2,053
Charitable Giving - donations
3a
75
6,099
0
6,174
9,130
Ministry
3b1
44,200
0
0
44,200
53,630
Church Running Expenses
3b2
26,701
0
0
26,701
30,532
Church Admin
3c
4,122
0
0
4,122
2,260
Other Expenditure
3d3
8,394
54,862
0
63,257
54,373
TOTAL RESOURCES USED
83,492
62,075
0
145,567
151,978
NET INCOMING RESOURCES BEFORE TRANSFERS
36,755
-17,862
2,793
21,685
-26,121
TRANSFERS BETWEEN FUNDS
434
2,359
-2,793
0
0
GAINS & LOSSES on INVESTMENTS (Unrealised)
M&G Charibond Units
66
66
-241
CBF Investment Fund Shares
8,786
8,786
13,247
NET MOVEMENT in FUNDS
37,255
-15,504
8,786
30,538
-13,115
BALANCES BROUGHT FORWARD AT
1 January 2023 (2022)
102,826
147,508
93,387
343,721
382,543
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022)
140,081
132,004
102,174
374,259
369,428		 Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
2022
£
£
£
£
£
INCOMING RESOURCES
Note
Voluntary Income - Regular Giving
2a
60,575
1,975
0
62,550
64,666
Voluntary Income - Donations
2b
4,080
27,957
0
32,037
15,727
Income from Church Activities
2c
10,524
0
0
10,524
11,130
Gross Income from Events & Activities
2d
14,985
6,806
0
21,791
18,047
Legacies etc
2e
25,000
2,722
0
27,722
10,845
Income from Investments
2f
5,083
4,752
2,793
12,628
5,443
TOTAL INCOMING RESOURCES
120,247
44,212
2,793
167,252
125,857
RESOURCES USED
Charitable Giving - from service collections
3a
0
1,114
0
1,114
2,053
Charitable Giving - donations
3a
75
6,099
0
6,174
9,130
Ministry
3b1
44,200
0
0
44,200
53,630
Church Running Expenses
3b2
26,701
0
0
26,701
30,532
Church Admin
3c
4,122
0
0
4,122
2,260
Other Expenditure
3d3
8,394
54,862
0
63,257
54,373
TOTAL RESOURCES USED
83,492
62,075
0
145,567
151,978
NET INCOMING RESOURCES BEFORE TRANSFERS
36,755
-17,862
2,793
21,685
-26,121
TRANSFERS BETWEEN FUNDS
434
2,359
-2,793
0
0
GAINS & LOSSES on INVESTMENTS (Unrealised)
M&G Charibond Units
66
66
-241
CBF Investment Fund Shares
8,786
8,786
13,247
NET MOVEMENT in FUNDS
37,255
-15,504
8,786
30,538
-13,115
BALANCES BROUGHT FORWARD AT
1 January 2023 (2022)
102,826
147,508
93,387
343,721
382,543
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022)
140,081
132,004
102,174
374,259
369,428
Funds
Funds
Funds
2023
£
£
£
£

60,575
1,975
0
62,550
4,080
27,957
0
32,037
10,524
0
0
10,524
14,985
6,806
0
21,791
25,000
2,722
0
27,722
5,083
4,752
2,793
12,628		 2022
£
64,666
15,727
11,130
18,047
10,845
5,443
120,247
44,212
2,793
167,252		 125,857
0
1,114
0
1,114
75
6,099
0
6,174
44,200
0
0
44,200
26,701
0
0
26,701
4,122
0
0
4,122
8,394
54,862
0
63,257		 2,053
9,130
53,630
30,532
2,260
54,373
83,492
62,075
0
145,567		 151,978
36,755
-17,862
2,793
21,685
434
2,359
-2,793
0
66
66
8,786
8,786		 -26,121
0
-241
13,247
37,255
-15,504
8,786
30,538		 -13,115
102,826
147,508
93,387
343,721		 382,543
140,081
132,004
102,174
374,259		 369,428

The notes on pages 3 to 10 form part of these accounts

Page 2

Parochial Church Council of St Mary the Virgin, Olveston with Aust Registered Charity Number: 1134397

Notes on Financial Activities as at 31 December 2023

1) Accounting Policies

a) Basis of Preparation

Financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with the Statement of Recommended Practice for accounting and reporting by charities SORP (FRSSE) 2015, issued in May 2014. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law.

b) Incoming resources

Income is recognised when the PCC is legally entitled to the income. Planned giving, collections and donations are recognised when received. Tax recoverable on Gift Aid donations is recognised as soon as the amounts are claimable, as are top-up payments under the Small Donations Scheme. Recoveries of VAT under the Listed Places of Worship Grant Scheme are offset against the related expenditure, when the payments have been received. Grants and legacies are accounted for when the PCC is notified of its legal entitlement and the amount due is quantifiable. Interest on investments is accounted for as it accrues.

c) Resources used

i) Charitable Grants and Donations (Outward Giving)

Grants and donations based on income received for specific charities are treated as restricted funds and the liability for payment is recognised when the amounts are received. Grants and donations made from unrestricted funds are recognised when determined by the PCC.

ii) Church Fabric

Significant projects related to the fabric of the church are funded from a specific restricted fund established for this purpose. Expenditure is generally recognised when it is incurred.

iii) All Other Expenditure

All other expenditure is generally recognised when it is incurred.

d) Funds

General purposes funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC.

Funds designated for a particular purpose by the PCC are also unrestricted and details of the funds held are provided in note 5.

Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions are provided in note 5.

Endowment funds, where the capital must be retained, are explained in note 5.

e) Reserves Policy

It is PCC policy to maintain (if possible) a balance on unrestricted general purposes funds, which equates to approximately 6 months’ unrestricted general purposes payments for both St Mary's Church and St John's Church, to cover emergency situations that may arise from time to time.

f) Fixed assets

i) Tangible

Consecrated and beneficed property of any kind is excluded from the financial statements by s.96(2)(a) of the Charities Act 1993.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as ‘inalienable’ property and are not required to be accounted for in the PCC’s accounts.

All other tangible fixed assets have fully depreciated.

ii) Investments

Investments are valued at market value at 31 December. Unrealised gains and losses represent the difference between the market value at the beginning and end of the financial year.

g) Going Concern Accounting Policy

p p p y g g COVID-19 pandemic has had a profound impact on the global economy, and has in turn affected the charity. The trustees have considered the impact of this issue on the charity’s current and future financial position. The charity holds unrestricted, general reserves of £60,060 (£46,835 – St Mary’s Olveston, £13,225 – St John’s Aust) and unresricted designated reserves that can be drawn down if necessary of £52,844. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Page 3

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

2 INCOMING RESOURCES
2a Voluntary Income - Regular Giving
Planned Giving
Gift Aid income
Gift Aid Income - tax recoveries
Non Gift Aid income
Alms
Small cash donations scheme recoveries
Wall Safe
2b Voluntary Income - Donations
Donations
Donations - Church Fabric Fund (Olveston)
Donations- Graveyard Fund (Aust)
Donations - tax recoveries
Donations Fabric Fund - tax recoveries
2c Income from Church Activities
Choir (Olveston)
Coffee Shop (Olveston)
Monday Movies (Olveston)
Monday Movies - tax recoveries
Monday Movies - SCDS top up
Parochial Fees
2d Income from Events & Activities
FOSM (Olveston)
Fundraising
Fundraising - Fabric
Fundraising - tax recoveries
Fundraising - SCDS top up
2e Legacies etc
Legacies
Defibrilator Maintenance (Aust)
Miscellaneous
2f Income from Investments
CBF CoE FWT Inc A/c (1001D) (Olveston)
CBF CoE Inv Fund Shares (1170S) (Olveston
CAF Bank Current Account (Olveston)
M&G Charibond Income Units (Olveston)
CBF CoE Deposit Fund (Aust)
TOTAL INCOMING RESOURCES		 Unrestricted
Restricted
Endowment
TOTAL FUNDS		 Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
£
£
£
£
41,898
541
42,439
10,485
135
10,620
2,896
115
3,011
4,152
947
5,099
1,011
237
1,248
134
0
134		 2022
£
43,447
10,865
3,554
5,390
1,321
89
60,575
1,975
0
62,550		 64,666
3,962
2,184
6,146
24,248
24,248
740
740
118
241
359
544
544		 7,592
6,230
440
1,238
227
4,080
27,957
0
32,037		 15,727
320
320
1,884
1,884
1,774
1,774
159
159
126
126
6,261
6,261		 850
1,799
2,282
206
148
5,845
10,524
0
0
10,524		 11,130
10,164
10,164
4,822
4,073
8,895
2,538
2,538
90
90
105
105		 10,402
7,129
0
475
41
14,985
6,806
0
21,791		 18,047
25,000
2,722
27,722
0
0
0		 10,046
390
409
25,000
2,722
0
27,722		 10,845
4,517
3,875
8,392
)
2,793
2,793
29
29
75
75
463
877
1,340		 2,222
2,777
5
41
397
5,083
4,752
2,793
12,628		 5,443
120,247
44,212
2,793
167,252		 125,857

Page 4

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

3 RESOURCES USED
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations (details next page)
Service Collections
1,114
1,114
2,053
Donations
75
6,099
6,174
9,130
75
7,213
0
7,288
11,183
3b1 Ministry
Clergy expenses - parochial
2,016
2,016
1,790
Family Worker
2,812
2,812
0
Parish Share
39,372
39,372
51,840
44,200
0
0
44,200
53,630
3b2 Church Running Exp
Altar Supplies
155
155
119
Bank Charges (Olveston)
86
86
83
Bibles (Olveston)
87
87
32
Choir (Olveston)
518
518
1,250
Churchyard
1,503
1,503
3,298
Cleaning (Aust)
488
488
650
Clock (Aust)
228
228
186
Flowers (Olveston)
200
200
200
Insurance
6,335
6,335
5,706
Miscellaneous
1,470
1,470
1,443
Organist (Olveston)
3,886
3,886
3,886
Organ Maintenance (Aust)
0
0
0
180
Repairs and Maintenance
1,997
1,997
3,516
Utilities
7,252
7,252
6,655
Sacristan (Olveston)
2,495
2,495
3,327
26,701
0
0
26,701
30,532
3c Church Admin
External printing
154
154
514
Photocopier
814
814
814
Print and Stat consumables
203
203
83
Salary & exp - administrator
2,358
2,358
312
Telephone and Broadband
593
593
537
4,122
0
0
4,122
2,260
3d3 Other Expenditure
Bookstall (Olveston)
156
156
211
Church Fabric (Olveston)
54,067
54,067
37,716
Coffee Shop
233
233
96
Event costs (non Fund R)
135
135
249
Fund Raising costs (Unrest)
549
549
536
Restricted event payments
770
770
194
FOSM (Olveston)
5,738
5,738
8,020
Lent (Olveston)
35
35
36
Monday Movies (Olveston)
255
255
418
New Equipment (Olveston)
237
237
6,021
Defibrilator Maintenance (Aust
205
205
0
Subs and Donations
853
25
878
878
8,394
54,862
0
63,257
54,373
TOTAL RESOURCES USED
83,492
62,075
0
145,567
151,978
TOTAL FUNDS		 3 RESOURCES USED
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations (details next page)
Service Collections
1,114
1,114
2,053
Donations
75
6,099
6,174
9,130
75
7,213
0
7,288
11,183
3b1 Ministry
Clergy expenses - parochial
2,016
2,016
1,790
Family Worker
2,812
2,812
0
Parish Share
39,372
39,372
51,840
44,200
0
0
44,200
53,630
3b2 Church Running Exp
Altar Supplies
155
155
119
Bank Charges (Olveston)
86
86
83
Bibles (Olveston)
87
87
32
Choir (Olveston)
518
518
1,250
Churchyard
1,503
1,503
3,298
Cleaning (Aust)
488
488
650
Clock (Aust)
228
228
186
Flowers (Olveston)
200
200
200
Insurance
6,335
6,335
5,706
Miscellaneous
1,470
1,470
1,443
Organist (Olveston)
3,886
3,886
3,886
Organ Maintenance (Aust)
0
0
0
180
Repairs and Maintenance
1,997
1,997
3,516
Utilities
7,252
7,252
6,655
Sacristan (Olveston)
2,495
2,495
3,327
26,701
0
0
26,701
30,532
3c Church Admin
External printing
154
154
514
Photocopier
814
814
814
Print and Stat consumables
203
203
83
Salary & exp - administrator
2,358
2,358
312
Telephone and Broadband
593
593
537
4,122
0
0
4,122
2,260
3d3 Other Expenditure
Bookstall (Olveston)
156
156
211
Church Fabric (Olveston)
54,067
54,067
37,716
Coffee Shop
233
233
96
Event costs (non Fund R)
135
135
249
Fund Raising costs (Unrest)
549
549
536
Restricted event payments
770
770
194
FOSM (Olveston)
5,738
5,738
8,020
Lent (Olveston)
35
35
36
Monday Movies (Olveston)
255
255
418
New Equipment (Olveston)
237
237
6,021
Defibrilator Maintenance (Aust
205
205
0
Subs and Donations
853
25
878
878
8,394
54,862
0
63,257
54,373
TOTAL RESOURCES USED
83,492
62,075
0
145,567
151,978
TOTAL FUNDS		 3 RESOURCES USED
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations (details next page)
Service Collections
1,114
1,114
2,053
Donations
75
6,099
6,174
9,130
75
7,213
0
7,288
11,183
3b1 Ministry
Clergy expenses - parochial
2,016
2,016
1,790
Family Worker
2,812
2,812
0
Parish Share
39,372
39,372
51,840
44,200
0
0
44,200
53,630
3b2 Church Running Exp
Altar Supplies
155
155
119
Bank Charges (Olveston)
86
86
83
Bibles (Olveston)
87
87
32
Choir (Olveston)
518
518
1,250
Churchyard
1,503
1,503
3,298
Cleaning (Aust)
488
488
650
Clock (Aust)
228
228
186
Flowers (Olveston)
200
200
200
Insurance
6,335
6,335
5,706
Miscellaneous
1,470
1,470
1,443
Organist (Olveston)
3,886
3,886
3,886
Organ Maintenance (Aust)
0
0
0
180
Repairs and Maintenance
1,997
1,997
3,516
Utilities
7,252
7,252
6,655
Sacristan (Olveston)
2,495
2,495
3,327
26,701
0
0
26,701
30,532
3c Church Admin
External printing
154
154
514
Photocopier
814
814
814
Print and Stat consumables
203
203
83
Salary & exp - administrator
2,358
2,358
312
Telephone and Broadband
593
593
537
4,122
0
0
4,122
2,260
3d3 Other Expenditure
Bookstall (Olveston)
156
156
211
Church Fabric (Olveston)
54,067
54,067
37,716
Coffee Shop
233
233
96
Event costs (non Fund R)
135
135
249
Fund Raising costs (Unrest)
549
549
536
Restricted event payments
770
770
194
FOSM (Olveston)
5,738
5,738
8,020
Lent (Olveston)
35
35
36
Monday Movies (Olveston)
255
255
418
New Equipment (Olveston)
237
237
6,021
Defibrilator Maintenance (Aust
205
205
0
Subs and Donations
853
25
878
878
8,394
54,862
0
63,257
54,373
TOTAL RESOURCES USED
83,492
62,075
0
145,567
151,978
TOTAL FUNDS
Funds
Funds
Funds
2023
£
£
£
£
ations (details next page)
1,114
1,114
75
6,099
6,174		 2022
£
2,053
9,130
75
7,213
0
7,288		 11,183
2,016
2,016
2,812
2,812
39,372
39,372		 1,790
0
51,840
44,200
0
0
44,200		 53,630
155
155
86
86
87
87
518
518
1,503
1,503
488
488
228
228
200
200
6,335
6,335
1,470
1,470
3,886
3,886
0
0
0
1,997
1,997
7,252
7,252
2,495
2,495		 119
83
32
1,250
3,298
650
186
200
5,706
1,443
3,886
180
3,516
6,655
3,327
26,701
0
0
26,701		 30,532
154
154
814
814
203
203
2,358
2,358
593
593		 514
814
83
312
537
4,122
0
0
4,122		 2,260
156
156
54,067
54,067
233
233
135
135
549
549
770
770
5,738
5,738
35
35
255
255
237
237
t
205
205
853
25
878		 211
37,716
96
249
536
194
8,020
36
418
6,021
0
878
8,394
54,862
0
63,257		 54,373
83,492
62,075
0
145,567		 151,978

Page 5

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

3 RESOURCES USED
Unrestricted Funds
Restricted Funds
Service Collections
Donations
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations
St Mary's, Olveston
A Rocha UK (Eco Church)
250
250
0
Amnesty International (Lent Good Causes)
279
279
0
Children's Society (Crib Service)
514
514
487
Church Mission Society (Uganda Harvest Appeal)
460
460
0
Crisis UK
191
191
0
DEC Earthquake Appeal
239
239
0
Nepal - Aanandit Charity
3,520
3,520
2,071
Royal British Legion (Poppy Appeal)
599
599
617
Salvation Army (Easton)
746
746
1,304
Salvation Army (Easton) - Choir Collection
136
136
78
Thornbury Foodbank (Lent Good Causes)
279
279
113
Diabetes Research and Wellness
0
303
Nebbi Appeal
0
3,297
Olveston School - cases of hardship
0
125
Ukraine Appeal
0
2,612
0
1,114
6,099
7,213
11,008
St John's, Aust
Royal British Legion
75
75
75
Ukraine Appeal
0
100
75
0
0
75
175
Total
75
1,114
6,099
7,288
11,183
TOTAL		 3 RESOURCES USED
Unrestricted Funds
Restricted Funds
Service Collections
Donations
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations
St Mary's, Olveston
A Rocha UK (Eco Church)
250
250
0
Amnesty International (Lent Good Causes)
279
279
0
Children's Society (Crib Service)
514
514
487
Church Mission Society (Uganda Harvest Appeal)
460
460
0
Crisis UK
191
191
0
DEC Earthquake Appeal
239
239
0
Nepal - Aanandit Charity
3,520
3,520
2,071
Royal British Legion (Poppy Appeal)
599
599
617
Salvation Army (Easton)
746
746
1,304
Salvation Army (Easton) - Choir Collection
136
136
78
Thornbury Foodbank (Lent Good Causes)
279
279
113
Diabetes Research and Wellness
0
303
Nebbi Appeal
0
3,297
Olveston School - cases of hardship
0
125
Ukraine Appeal
0
2,612
0
1,114
6,099
7,213
11,008
St John's, Aust
Royal British Legion
75
75
75
Ukraine Appeal
0
100
75
0
0
75
175
Total
75
1,114
6,099
7,288
11,183
TOTAL		 3 RESOURCES USED
Unrestricted Funds
Restricted Funds
Service Collections
Donations
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations
St Mary's, Olveston
A Rocha UK (Eco Church)
250
250
0
Amnesty International (Lent Good Causes)
279
279
0
Children's Society (Crib Service)
514
514
487
Church Mission Society (Uganda Harvest Appeal)
460
460
0
Crisis UK
191
191
0
DEC Earthquake Appeal
239
239
0
Nepal - Aanandit Charity
3,520
3,520
2,071
Royal British Legion (Poppy Appeal)
599
599
617
Salvation Army (Easton)
746
746
1,304
Salvation Army (Easton) - Choir Collection
136
136
78
Thornbury Foodbank (Lent Good Causes)
279
279
113
Diabetes Research and Wellness
0
303
Nebbi Appeal
0
3,297
Olveston School - cases of hardship
0
125
Ukraine Appeal
0
2,612
0
1,114
6,099
7,213
11,008
St John's, Aust
Royal British Legion
75
75
75
Ukraine Appeal
0
100
75
0
0
75
175
Total
75
1,114
6,099
7,288
11,183
TOTAL
Service Collections
Donations
2023
£
£
£
£
250
250
279
279
514
514
l)
460
460
191
191
239
239
3,520
3,520
599
599
746
746
136
136
279
279
0
0
0
0		 2022
£
0
0
487
0
0
0
2,071
617
1,304
78
113
303
3,297
125
2,612
0
1,114
6,099
7,213		 11,008
75
75
0		 75
100
75
0
0
75		 175
75
1,114
6,099
7,288		 11,183

Page 6

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

Unrestricted Funds
General Purposes
DesignatedFunds
Olveston
Aust
Vision
Fund
Choir
Summer
Ball
FOSM
£
£
£
£
£
£
4 FIXED ASSETS
Investment Assets (Endowment)
FWT Inv Fund Shares (1170S)
Tangible Fixed Assets
0
0
0
0
0
0
5 ANALYSIS of NET ASSETS by FUND
Fixed Assets
0
0
0
0
0
0
Current Assets
48,995
13,374
71,658
1,915
450
6,048
Current Liabilities
-2,159
-149
0
-50
0
0
Fund Balance
46,835
13,225
71,658
1,865
450
6,048		 Restricted Funds Restricted Funds
Olveston Aust
Fabric
Out Giv'g Sev'nside
Churches		 Facilities
Music
Roof
Graveyar
d
£
£
£		 £
£
£
£
0
0
0
110,208
1,431
1,533
0
-1,052
0		 0
0
0
0
12,205
4,527
1,795
1,357
0
0
0
0
110,208
379
1,533		 12,205
4,527
1,795
1,357

Designated Funds (All St Mary's)

Vision Fund

This fund, sourced predominantly by legacies, was established by PCC to support developments relating to the implementation of St Mary's vision for the future, including initiatives aimed at developing a family friendly church. Of the balance at 31 December 2023, £5,000 is earmarked for projects aimed at engaging younger generations.

Choir Fund: This fund was established to provide funds to meet costs incurred by St Mary's Church Choir. Summer Ball: This fund was established to support fundraising by the Summer Ball organising committee. Friends of St Mary's: This fund was established in 1994 to support fundraising by the Friends of St Mary's.

Restricted Funds

St Mary's

Fabric Fund: This fund was established in 2011 to provide funds for St Mary's Church fabric projects. Outward Giving: This fund was established to support fundraising for a variety of specific causes or charities, excluding major biennial outward giving appeals. Money received is via donations or fundraising events.

Severnside Churches Youth Fund:

This fund is held on behalf of the Severnside Churches Group. Of the balance at 31st December 2023, £263 is earmarked to support Youth Choirs within the North Severnside Benefice.

St John's

Facilities Fund: This fund supports the provision of essential facilities which are currently lacking within the church. The initial priorities are the provision of glazing within the tower to prevent heat loss, together with toilet and kitchen facilities. Plans are being developed. Music Fund: This fund comprises mainly money received from the 'Music in the Church at Aust' charity following its dissolution in 2015. Its purpose is to provide funds for use, at the discretion of the DCC, in promoting the appreciation of music both within the church and more generally within the local community.

Roof Fund: This fund was established to provide funds to enable the repair of St John's Church roof following the theft of lead, and is now used for the funding of ongoing maintenance of the church roof. Graveyard Fund: This fund was established in 2016 to provide funds specifically for the ongoing maintenance of the churchyard at St John's.

Endowment Fund (St Mary's)

Fred White Trust:

The endowment fund represents the investment made by the PCC of the bequest from the late Fred White. Under the terms of the trust the capital cannot be used by PCC, but the income from the investments can be used for the general purposes of the church and churchyard at the discretion of the PCC.

Page 7

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

6 DEBTORS
Gift Aid recoveries
Small cash donations scheme recoveries
Prepayments and Accrued Interest
VAT reclaimed
Other debtors
7 LIABILITIES
Amounts falling due within one year
8 SHORT TERM DEPOSITS
With CBF at CCLA:
CBF CoE FWT Inc A/c (1001D)
M&G Investment Fund
CBF CoE Dep Account (Aust)
9 CASH at BANK
NatWest Current Account - (Olveston)
CAF Bank Current Account (Olveston)
NatWest Current Account - General (Aust)
Choir a/c
Summer Ball a/c
Friends of St Mary's a/c		 Unrestricted
Restricted
Endowment
TOTAL FUNDS		 Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
£
£
£
£
2,529
226
0
2,755
901
380
0
1,282
2,650
0
0
2,650
46
9,921
0
9,967
309
753
0
1,062		 2022
£
2,584
1,259
1,351
4,693
1,438
6,436
11,280
0
17,716		 11,324
2,358
1,052
0
3,410		 4,875
2,358
1,052
0
3,410		 4,875
95,931
93,369
0
189,300
2,099
0
0
2,099
9,921
19,678
0
29,599		 172,115
2,033
30,260
107,951
113,047
0
220,998		 204,407
12,842
7,295
0
20,137
4,377
1,333
0
5,710
2,420
101
0
2,521
1,915
0
0
1,915
450
0
0
450
6,048
0
0
6,048		 23,558
4,620
1,994
2,063
450
6,793
28,052
8,729
0
36,781		 39,477

Page 8

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

10 RECONCILIATION OF MOVEMENT IN FUNDS

Unrestricted Funds Unrestricted Funds Restricted Funds Restricted Funds Restricted Funds Endow't TOTAL FUNDS
General Purposes Designated (Olveston) Olveston Aust Funds 2023 2022
Olveston Aust Vision Choir Summer FOSM Fabric Out Giv'g Sev'nside Facilities Music Roof Graveyar
Fund Ball Churches d
£ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
BALANCES BROUGHT FORWARD AT 36,555 13,357 43,778 2,063 450 6,623 126,590 336 1,533 11,670 4,329 1,740 1,310 93,387 343,721 382,543
1 JANUARY 2022 (2021)
INCOME 75,307 6,576 27,880 320 0 10,164 33,927 8,025 0 535 199 80 1,447 2,793 167,252 125,857
EXPENDITURE 69,127 8,109 0 518 0 5,738 54,067 7,983 0 0 0 25 0 0 145,567 151,978
GAINS & LOSSES on INVESTMENTS
(Unrealised) 66 0 0 0 0 0 0 0 0 0 0 0 0 8,786 8,853 -12,701
TRANSFERS BETWEEN FUNDS 4,034 1,400 0 0 0 -5,000 3,759 0 0 0 0 0 -1,400 -2,793 0 0
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022) 46,835 13,225 71,658 1,865 450 6,048 110,208 379 1,533 12,205 4,527 1,795 1,357 102,174 374,259 343,721

Page 9

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON with AUST Registered Charity Number: 1134397

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

11 CONTINGENT ASSETS

St Mary's, Olveston

In 2015 St Mary's Church was bequeathed a substantial legacy to be used for the maintenance of the fabric of the church building. The vast majority of this legacy has been received and is included in the accounts. The legacy included a share, along with 7 other beneficiaries, of two properties. One of the properties was sold in 2017 following agreement between the beneficiaries and the share received by St Mary's has been included within the accounts. However, negotiations regarding the future of the second property are still taking place, as some of the beneficiaries wish to achieve full ownership of the property by buying out the shares of the other beneficiaries . Should the sale proceed, there is uncertainty concerning the value of the St Mary's share due to the need for a formal valuation of the property and the amount to be deducted for fees and other expenses associated with the sale. However, it is estimated to be in the region of £20,000.

12 CONTINGENT LIABILITIES

St John's, Aust

Aust District Church Council holds two small funds on behalf of other organisations, the Aust Pilgrimage Committee and the Committee resposible for the maintenance of the Aust Village defibrillator. At the 31st December 2023 the balances were £149 and £273 respectively. For simplfication of presentation these balances are included in the church's unrestricted fund balance within the accounts.

Page 10

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

Appendix 2

BALANCE SHEET as at 31 DECEMBER 2023

Note
FIXED ASSETS
Investment Assets (Endowment)
4
CURRENT ASSETS
Debtors
6
Short Term Deposits
8
Cash at Bank
9
CURRENT LIABILITIES
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Unrestricted
5
Restricted
5
Endowment
5		 2023
£
102,174
102,174
16,578
191,399
34,260
242,237
3,261
238,976
341,150
126,856
112,120
102,174
341,150		 2022
£
93,387
93,387
10,483
174,148
37,483
222,114
4,186
217,927
311,315
89,468
128,459
93,387
311,315

Approved by the Parochial Church Council on the 6th day of March 2024 and signed on its behalf by Revd David Moss (PCC Chair).

…………………………………………………. ……………………………

The notes on pages 3 to 10 form part of these accounts

Page 1

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

STATEMENT of FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
2022
£
£
£
£
£
INCOMING RESOURCES
Note
Voluntary Income - Regular Giving
2a
57,730
1,332
0
59,062
61,510
Voluntary Income - Donations
2b
3,579
27,217
0
30,796
14,841
Income from Church Activities
2c
9,259
0
0
9,259
10,837
Gross Income from Events & Activities
2d
13,483
6,806
0
20,288
16,980
Legacies etc
2e
25,000
2,722
0
27,722
10,455
Income from Investments
2f
4,620
3,875
2,793
11,289
5,046
TOTAL INCOMING RESOURCES
113,671
41,952
2,793
158,416
119,668
RESOURCES USED
Charitable Giving - from service collections
3a
0
1,114
0
1,114
2,053
Charitable Giving - donations
3a
0
6,099
0
6,099
8,955
Ministry
3b1
42,000
0
0
42,000
51,690
Church Running Expenses
3b2
21,072
0
0
21,072
23,330
Church Admin
3c
4,122
0
0
4,122
2,260
Other Expenditure
3d3
8,189
54,837
0
63,027
54,348
TOTAL RESOURCES USED
75,383
62,050
0
137,433
142,636
NET INCOMING RESOURCES BEFORE TRANSFERS
38,287
-20,098
2,793
20,982
-22,968
TRANSFERS BETWEEN FUNDS
-966
3,759
-2,793
0
0
GAINS & LOSSES on INVESTMENTS (Unrealised)
M&G Charibond Units
66
66
-241
CBF Investment Fund Shares
8,786
8,786
-12,460
NET MOVEMENT in FUNDS
37,388
-16,339
8,786
29,835
-35,670
BALANCES BROUGHT FORWARD AT
1 January 2023 (2022)
89,468
128,459
93,387
311,315
346,985
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022)
126,856
112,120
102,174
341,150
311,315		 Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
2022
£
£
£
£
£
INCOMING RESOURCES
Note
Voluntary Income - Regular Giving
2a
57,730
1,332
0
59,062
61,510
Voluntary Income - Donations
2b
3,579
27,217
0
30,796
14,841
Income from Church Activities
2c
9,259
0
0
9,259
10,837
Gross Income from Events & Activities
2d
13,483
6,806
0
20,288
16,980
Legacies etc
2e
25,000
2,722
0
27,722
10,455
Income from Investments
2f
4,620
3,875
2,793
11,289
5,046
TOTAL INCOMING RESOURCES
113,671
41,952
2,793
158,416
119,668
RESOURCES USED
Charitable Giving - from service collections
3a
0
1,114
0
1,114
2,053
Charitable Giving - donations
3a
0
6,099
0
6,099
8,955
Ministry
3b1
42,000
0
0
42,000
51,690
Church Running Expenses
3b2
21,072
0
0
21,072
23,330
Church Admin
3c
4,122
0
0
4,122
2,260
Other Expenditure
3d3
8,189
54,837
0
63,027
54,348
TOTAL RESOURCES USED
75,383
62,050
0
137,433
142,636
NET INCOMING RESOURCES BEFORE TRANSFERS
38,287
-20,098
2,793
20,982
-22,968
TRANSFERS BETWEEN FUNDS
-966
3,759
-2,793
0
0
GAINS & LOSSES on INVESTMENTS (Unrealised)
M&G Charibond Units
66
66
-241
CBF Investment Fund Shares
8,786
8,786
-12,460
NET MOVEMENT in FUNDS
37,388
-16,339
8,786
29,835
-35,670
BALANCES BROUGHT FORWARD AT
1 January 2023 (2022)
89,468
128,459
93,387
311,315
346,985
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022)
126,856
112,120
102,174
341,150
311,315		 Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
2022
£
£
£
£
£
INCOMING RESOURCES
Note
Voluntary Income - Regular Giving
2a
57,730
1,332
0
59,062
61,510
Voluntary Income - Donations
2b
3,579
27,217
0
30,796
14,841
Income from Church Activities
2c
9,259
0
0
9,259
10,837
Gross Income from Events & Activities
2d
13,483
6,806
0
20,288
16,980
Legacies etc
2e
25,000
2,722
0
27,722
10,455
Income from Investments
2f
4,620
3,875
2,793
11,289
5,046
TOTAL INCOMING RESOURCES
113,671
41,952
2,793
158,416
119,668
RESOURCES USED
Charitable Giving - from service collections
3a
0
1,114
0
1,114
2,053
Charitable Giving - donations
3a
0
6,099
0
6,099
8,955
Ministry
3b1
42,000
0
0
42,000
51,690
Church Running Expenses
3b2
21,072
0
0
21,072
23,330
Church Admin
3c
4,122
0
0
4,122
2,260
Other Expenditure
3d3
8,189
54,837
0
63,027
54,348
TOTAL RESOURCES USED
75,383
62,050
0
137,433
142,636
NET INCOMING RESOURCES BEFORE TRANSFERS
38,287
-20,098
2,793
20,982
-22,968
TRANSFERS BETWEEN FUNDS
-966
3,759
-2,793
0
0
GAINS & LOSSES on INVESTMENTS (Unrealised)
M&G Charibond Units
66
66
-241
CBF Investment Fund Shares
8,786
8,786
-12,460
NET MOVEMENT in FUNDS
37,388
-16,339
8,786
29,835
-35,670
BALANCES BROUGHT FORWARD AT
1 January 2023 (2022)
89,468
128,459
93,387
311,315
346,985
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022)
126,856
112,120
102,174
341,150
311,315
Funds
Funds
Funds
2023
£
£
£
£

57,730
1,332
0
59,062
3,579
27,217
0
30,796
9,259
0
0
9,259
13,483
6,806
0
20,288
25,000
2,722
0
27,722
4,620
3,875
2,793
11,289		 2022
£
61,510
14,841
10,837
16,980
10,455
5,046
113,671
41,952
2,793
158,416		 119,668
0
1,114
0
1,114
0
6,099
0
6,099
42,000
0
0
42,000
21,072
0
0
21,072
4,122
0
0
4,122
8,189
54,837
0
63,027		 2,053
8,955
51,690
23,330
2,260
54,348
75,383
62,050
0
137,433		 142,636
38,287
-20,098
2,793
20,982
-966
3,759
-2,793
0
66
66
8,786
8,786		 -22,968
0
-241
-12,460
37,388
-16,339
8,786
29,835		 -35,670
89,468
128,459
93,387
311,315		 346,985
126,856
112,120
102,174
341,150		 311,315

The notes on pages 3 to 10 form part of these accounts

Page 2

Parochial Church Council of St Mary the Virgin, Olveston

Notes on Financial Activities as at 31 December 2023

1) Accounting Policies

a) Basis of Preparation

Financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with the Statement of Recommended Practice for accounting and reporting by charities SORP (FRSSE) 2015, issued in May 2014. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law.

b) Incoming resources

Income is recognised when the PCC is legally entitled to the income. Planned giving, collections and donations are recognised when received. Tax recoverable on Gift Aid donations is recognised as soon as the amounts are claimable, as are top-up payments under the Small Donations Scheme. Recoveries of VAT under the Listed Places of Worship Grant Scheme are offset against the related expenditure, when the payments have been received. Grants and legacies are accounted for when the PCC is notified of its legal entitlement and the amount due is quantifiable. Interest on investments is accounted for as it accrues.

c) Resources used

i) Charitable Grants and Donations (Outward Giving)

Grants and donations based on income received for specific charities are treated as restricted funds and the liability for payment is recognised when the amounts are received. Grants and donations made from unrestricted funds are recognised when determined by the PCC.

ii) Church Fabric

Significant projects related to the fabric of the church are funded from a specific restricted fund established for this purpose. Expenditure is generally recognised when it is incurred.

iii) All Other Expenditure

All other expenditure is generally recognised when it is incurred.

d) Funds

General purposes funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC.

Funds designated for a particular purpose by the PCC are also unrestricted and details of the funds held are provided in note 5.

Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions are provided in note 5.

Endowment funds, where the capital must be retained, are explained in note 5.

e) Reserves Policy

It is PCC policy to maintain (if possible) a balance on unrestricted general purposes funds, which equates to approximately 6 months’ unrestricted general purposes payments, to cover emergency situations that may arise from time to time.

f) Fixed assets

i) Tangible

Consecrated and beneficed property of any kind is excluded from the financial statements by s.96(2)(a) of the Charities Act 1993.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as ‘inalienable’ property and are not required to be accounted for in the PCC’s accounts.

All other tangible fixed assets have fully depreciated.

ii) Investments

Investments are valued at market value at 31 December. Unrealised gains and losses represent the difference between the market value at the beginning and end of the financial year.

g) Fixed assets

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. However, the COVID-19 pandemic has had a profound impact on the global economy, and has in turn affected the charity. The trustees have considered the impact of this issue on the charity’s current and future financial position. The charity holds unrestricted, general reserves of £46,835 and unresricted designated reserves that can be drawn down if necessary of £71,658. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Page 3

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

2 INCOMING RESOURCES
2a Voluntary Income - Regular Giving
Planned Giving
Gift Aid income
Gift Aid recoveries
Non Gift Aid income
Alms
Small cash donations scheme recoveries
Wall Safe
2b Voluntary Income - Donations
Donations
Donations Church Fabric Fund
Donations - tax recoveries
Donations Fabric Fund - tax recoveries
2c Income from Church Activities
Choir
Coffee Shop
Monday Movies
Monday Movies - tax recoveries
Monday Movies - SCDS top up
Parochial Fees
2d Income from Events & Activities
FOSM
Fundraising
Fundraising - Fabric
Fundraising - tax recoveries
Fundraising - SCDS top up
2e Legacies etc
Legacies
Miscellaneous
2f Income from Investments
CBF CoE FWT Inc A/c (1001D)
CBF CoE Inv Fund Shares (1170S)
CAF Bank Current Account
M&G Charibond Income Units
TOTAL INCOMING RESOURCES		 Unrestricted
Restricted
Endowment
TOTAL FUNDS		 Unrestricted
Restricted
Endowment
TOTAL FUNDS
Funds
Funds
Funds
2023
£
£
£
£
40,066
118
40,184
10,027
30
10,057
2,896
2,896
3,708
947
4,655
900
237
1,137
134
134		 2022
£
41,321
10,334
3,439
5,083
1,244
89
57,730
1,332
0
59,062		 61,510
3,461
2,184
5,645
24,248
24,248
118
241
359
544
544		 7,151
6,230
1,233
227
3,579
27,217
0
30,796		 14,841
320
320
1,884
1,884
1,774
1,774
159
159
126
126
4,996
4,996		 850
1,799
2,282
206
148
5,552
9,259
0
0
9,259		 10,837
10,164
10,164
3,319
4,073
7,392
2,538
2,538
90
90
105
105		 10,402
6,062
0
475
41
13,483
6,806
0
20,288		 16,980
25,000
2,722
27,722
0		 10,046
409
25,000
2,722
0
27,722		 10,455
4,517
3,875
8,392
2,793
2,793
29
29
75
75		 2,222
2,777
5
41
4,620
3,875
2,793
11,289		 5,046
113,671
41,952
2,793
158,416		 119,668

Page 4

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

3 RESOURCES USED
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations (details next page)
Service Collections
1,114
1,114
2,053
Donations
6,099
6,099
8,955
0
7,213
0
7,213
11,008
3b1 Ministry
Clergy expenses - parochial
1,916
1,916
1,690
Family Worker
2,812
2,812
0
Parish Share
37,272
37,272
50,000
42,000
0
0
42,000
51,690
3b2 Church Running Exp
Altar Supplies
155
155
119
Bank Charges
86
86
83
Bibles
87
87
32
Choir
518
518
1,250
Churchyard
103
103
744
Flowers
200
200
200
Insurance
3,809
3,809
3,402
Miscellaneous
1,270
1,270
1,356
Organist
3,886
3,886
3,886
Repairs and Maintenance
1,997
1,997
3,516
Sacristan
2,495
2,495
3,327
Utilities
6,465
6,465
5,415
21,072
0
0
21,072
23,330
3c Church Admin
External printing
154
154
514
Photocopier
814
814
814
Print and Stat consumables
203
203
83
Salary & exp - administrator
2,358
2,358
312
Telephone and Broadband
593
593
537
4,122
0
0
4,122
2,260
3d3 Other Expenditure
Bookstall
156
156
211
Church Fabric
54,067
54,067
37,716
Coffee Shop
233
233
96
Event costs (non F'raising)
135
135
249
Fundraising costs (Unrest)
549
549
536
Restricted event payments
770
770
194
FOSM
5,738
5,738
8,020
Lent
35
35
36
Monday Movies
255
255
418
New Equipment
237
237
6,021
Subs and Donations
853
853
853
8,189
54,837
0
63,027
54,348
TOTAL RESOURCES USED
75,383
62,050
0
137,433
142,636
TOTAL FUNDS		 3 RESOURCES USED
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations (details next page)
Service Collections
1,114
1,114
2,053
Donations
6,099
6,099
8,955
0
7,213
0
7,213
11,008
3b1 Ministry
Clergy expenses - parochial
1,916
1,916
1,690
Family Worker
2,812
2,812
0
Parish Share
37,272
37,272
50,000
42,000
0
0
42,000
51,690
3b2 Church Running Exp
Altar Supplies
155
155
119
Bank Charges
86
86
83
Bibles
87
87
32
Choir
518
518
1,250
Churchyard
103
103
744
Flowers
200
200
200
Insurance
3,809
3,809
3,402
Miscellaneous
1,270
1,270
1,356
Organist
3,886
3,886
3,886
Repairs and Maintenance
1,997
1,997
3,516
Sacristan
2,495
2,495
3,327
Utilities
6,465
6,465
5,415
21,072
0
0
21,072
23,330
3c Church Admin
External printing
154
154
514
Photocopier
814
814
814
Print and Stat consumables
203
203
83
Salary & exp - administrator
2,358
2,358
312
Telephone and Broadband
593
593
537
4,122
0
0
4,122
2,260
3d3 Other Expenditure
Bookstall
156
156
211
Church Fabric
54,067
54,067
37,716
Coffee Shop
233
233
96
Event costs (non F'raising)
135
135
249
Fundraising costs (Unrest)
549
549
536
Restricted event payments
770
770
194
FOSM
5,738
5,738
8,020
Lent
35
35
36
Monday Movies
255
255
418
New Equipment
237
237
6,021
Subs and Donations
853
853
853
8,189
54,837
0
63,027
54,348
TOTAL RESOURCES USED
75,383
62,050
0
137,433
142,636
TOTAL FUNDS		 3 RESOURCES USED
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations (details next page)
Service Collections
1,114
1,114
2,053
Donations
6,099
6,099
8,955
0
7,213
0
7,213
11,008
3b1 Ministry
Clergy expenses - parochial
1,916
1,916
1,690
Family Worker
2,812
2,812
0
Parish Share
37,272
37,272
50,000
42,000
0
0
42,000
51,690
3b2 Church Running Exp
Altar Supplies
155
155
119
Bank Charges
86
86
83
Bibles
87
87
32
Choir
518
518
1,250
Churchyard
103
103
744
Flowers
200
200
200
Insurance
3,809
3,809
3,402
Miscellaneous
1,270
1,270
1,356
Organist
3,886
3,886
3,886
Repairs and Maintenance
1,997
1,997
3,516
Sacristan
2,495
2,495
3,327
Utilities
6,465
6,465
5,415
21,072
0
0
21,072
23,330
3c Church Admin
External printing
154
154
514
Photocopier
814
814
814
Print and Stat consumables
203
203
83
Salary & exp - administrator
2,358
2,358
312
Telephone and Broadband
593
593
537
4,122
0
0
4,122
2,260
3d3 Other Expenditure
Bookstall
156
156
211
Church Fabric
54,067
54,067
37,716
Coffee Shop
233
233
96
Event costs (non F'raising)
135
135
249
Fundraising costs (Unrest)
549
549
536
Restricted event payments
770
770
194
FOSM
5,738
5,738
8,020
Lent
35
35
36
Monday Movies
255
255
418
New Equipment
237
237
6,021
Subs and Donations
853
853
853
8,189
54,837
0
63,027
54,348
TOTAL RESOURCES USED
75,383
62,050
0
137,433
142,636
TOTAL FUNDS
Funds
Funds
Funds
2023
£
£
£
£
ations (details next page)
1,114
1,114
6,099
6,099		 2022
£
2,053
8,955
0
7,213
0
7,213		 11,008
1,916
1,916
2,812
2,812
37,272
37,272		 1,690
0
50,000
42,000
0
0
42,000		 51,690
155
155
86
86
87
87
518
518
103
103
200
200
3,809
3,809
1,270
1,270
3,886
3,886
1,997
1,997
2,495
2,495
6,465
6,465		 119
83
32
1,250
744
200
3,402
1,356
3,886
3,516
3,327
5,415
21,072
0
0
21,072		 23,330
154
154
814
814
203
203
2,358
2,358
593
593		 514
814
83
312
537
4,122
0
0
4,122		 2,260
156
156
54,067
54,067
233
233
135
135
549
549
770
770
5,738
5,738
35
35
255
255
237
237
853
853		 211
37,716
96
249
536
194
8,020
36
418
6,021
853
8,189
54,837
0
63,027		 54,348
75,383
62,050
0
137,433		 142,636

Page 5

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

3 RESOURCES USED
Unrestricted Funds
Restricted Funds
Service Collections
Donations
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations
A Rocha UK (Eco Church)
250
250
0
Amnesty International (Lent Good Causes)
279
279
0
Children's Society (Crib Service)
514
514
487
Church Mission Society (Uganda Harvest Appeal)
460
460
0
Crisis UK
191
191
0
DEC Earthquake Appeal
239
239
0
Nepal - Aanandit Charity
3,520
3,520
2,071
Royal British Legion (Poppy Appeal)
599
599
617
Salvation Army (Easton)
746
746
1,304
Salvation Army (Easton) - Choir Collection
136
136
78
Thornbury Foodbank (Lent Good Causes)
279
279
113
Diabetes Research and Wellness
0
303
Nebbi Appeal
0
3,297
Olveston School - cases of hardship
0
125
Ukraine Appeal
0
2,612
0
1,114
6,099
7,213
11,008
TOTAL		 3 RESOURCES USED
Unrestricted Funds
Restricted Funds
Service Collections
Donations
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations
A Rocha UK (Eco Church)
250
250
0
Amnesty International (Lent Good Causes)
279
279
0
Children's Society (Crib Service)
514
514
487
Church Mission Society (Uganda Harvest Appeal)
460
460
0
Crisis UK
191
191
0
DEC Earthquake Appeal
239
239
0
Nepal - Aanandit Charity
3,520
3,520
2,071
Royal British Legion (Poppy Appeal)
599
599
617
Salvation Army (Easton)
746
746
1,304
Salvation Army (Easton) - Choir Collection
136
136
78
Thornbury Foodbank (Lent Good Causes)
279
279
113
Diabetes Research and Wellness
0
303
Nebbi Appeal
0
3,297
Olveston School - cases of hardship
0
125
Ukraine Appeal
0
2,612
0
1,114
6,099
7,213
11,008
TOTAL		 3 RESOURCES USED
Unrestricted Funds
Restricted Funds
Service Collections
Donations
2023
2022
£
£
£
£
£
3a Charitable Grants and Donations
A Rocha UK (Eco Church)
250
250
0
Amnesty International (Lent Good Causes)
279
279
0
Children's Society (Crib Service)
514
514
487
Church Mission Society (Uganda Harvest Appeal)
460
460
0
Crisis UK
191
191
0
DEC Earthquake Appeal
239
239
0
Nepal - Aanandit Charity
3,520
3,520
2,071
Royal British Legion (Poppy Appeal)
599
599
617
Salvation Army (Easton)
746
746
1,304
Salvation Army (Easton) - Choir Collection
136
136
78
Thornbury Foodbank (Lent Good Causes)
279
279
113
Diabetes Research and Wellness
0
303
Nebbi Appeal
0
3,297
Olveston School - cases of hardship
0
125
Ukraine Appeal
0
2,612
0
1,114
6,099
7,213
11,008
TOTAL
0
1,114
6,099
7,213		 11,008

Page 6

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

Unrestricted Funds Unrestricted Funds Unrestricted Funds Unrestricted Funds Restricted Funds Restricted Funds Restricted Funds Endow't TOTAL FUNDS
General DesignatedFunds Fabric Out Giv'g Sev'nside Funds 2023 2022
Purposes Vision
Choir		 Summer FOSM Churches
Fund Ball
£ £ £ £ £ £ £ £ £ £ £
FIXED ASSETS
Investment Assets (Endowment)
FWT Inv Fund Shares (1170S) 102,174 102,174 93,387
Tangible Fixed Assets 0 0
0 0 0 0 0 0 0 0 102,174 102,174 93,387
ANALYSIS of NET ASSETS by FUND
Fixed Assets 0 0 0 0 0 0 0 0 102,174 102,174 93,387
Current Assets 48,995 71,658 1,915 450 6,048 110,208 1,431 1,533 0 242,237 222,114
Current Liabilities -2,159 0 -50 0 0 0 -1,052 0 0 -3,261 -4,186
Fund Balance 46,835 71,658 1,865 450 6,048 110,208 379 1,533 102,174 341,150 311,315

Designated Funds

Vision Fund

This fund, sourced by legacies, was established by PCC to support developments relating to the implementation of St Mary's vision for the future, including initiatives aimed at developing a family friendly church. Of the balance at 31 December 2023, £5,000 is earmarked for projects aimed at engaging younger generations.

Choir Fund: This fund was established to provide funds to meet costs incurred by St Mary's Church Choir. Summer Ball: This fund was established to support fundraising by the Summer Ball organising committee. Friends of St Mary's: This fund was established in 1994 to support fundraising by the Friends of St Mary's.

Restricted Funds

Fabric Fund: Outward Giving:

This fund was established in 2011 to provide funds for St Mary's Church fabric projects. This fund was established to support fundraising for a variety of specific causes or charities, excluding major biennial outward giving appeals. Money received is via donations or fundraising events.

Severnside Churches This fund is held on behalf of the Severnside Churches Group. Of the balance at 31st December 2023, £263 is earmarked to support Youth Choirs within the North Youth Fund: Severnside Benefice.

Endowment Fund (St Mary's)

Fred White Trust

The endowment fund represents the investment made by the PCC of the bequest from the late Fred White. Under the terms of the trust the capital cannot be used by PCC, but the income from the investments can be used for the general purposes of the church and churchyard at the discretion of the PCC.

Page 7

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
6 DEBTORS
Gift Aid recoveries
2,071
120
0
2,191
2,047
Small cash donations scheme recoverie
793
380
0
1,173
1,193
Prepayments and Accrued Interest
2,235
0
0
2,235
1,188
VAT
46
9,921
0
9,967
4,693
Other debtors
259
753
0
1,012
1,361
5,403
11,175
0
16,578
10,483
7 LIABILITIES
Amounts falling due within one year
2,209
1,052
0
3,261
4,186
Amounts falling due after one year
0
0
0
0
0
2,209
1,052
0
3,261
4,186
8 SHORT TERM DEPOSITS
With CBF at CCLA:
CBF CoE FWT Inc A/c (1001D)
95,931
93,369
0
189,300
172,115
M&G Investment Fund
2,099
0
0
2,099
2,033
98,030
93,369
0
191,399
174,148
9 CASH at BANK
NatWest Current Account
12,842
7,295
0
20,137
23,558
CAF Bank Current Account
4,377
1,333
0
5,710
4,620
Choir a/c
1,915
0
0
1,915
2,063
Summer Ball a/c
450
0
0
450
450
Friends of St Mary's a/c
6,048
0
0
6,048
6,793
25,632
8,628
0
34,260
37,483
TOTAL FUNDS		 Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
6 DEBTORS
Gift Aid recoveries
2,071
120
0
2,191
2,047
Small cash donations scheme recoverie
793
380
0
1,173
1,193
Prepayments and Accrued Interest
2,235
0
0
2,235
1,188
VAT
46
9,921
0
9,967
4,693
Other debtors
259
753
0
1,012
1,361
5,403
11,175
0
16,578
10,483
7 LIABILITIES
Amounts falling due within one year
2,209
1,052
0
3,261
4,186
Amounts falling due after one year
0
0
0
0
0
2,209
1,052
0
3,261
4,186
8 SHORT TERM DEPOSITS
With CBF at CCLA:
CBF CoE FWT Inc A/c (1001D)
95,931
93,369
0
189,300
172,115
M&G Investment Fund
2,099
0
0
2,099
2,033
98,030
93,369
0
191,399
174,148
9 CASH at BANK
NatWest Current Account
12,842
7,295
0
20,137
23,558
CAF Bank Current Account
4,377
1,333
0
5,710
4,620
Choir a/c
1,915
0
0
1,915
2,063
Summer Ball a/c
450
0
0
450
450
Friends of St Mary's a/c
6,048
0
0
6,048
6,793
25,632
8,628
0
34,260
37,483
TOTAL FUNDS		 Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2022
£
£
£
£
£
6 DEBTORS
Gift Aid recoveries
2,071
120
0
2,191
2,047
Small cash donations scheme recoverie
793
380
0
1,173
1,193
Prepayments and Accrued Interest
2,235
0
0
2,235
1,188
VAT
46
9,921
0
9,967
4,693
Other debtors
259
753
0
1,012
1,361
5,403
11,175
0
16,578
10,483
7 LIABILITIES
Amounts falling due within one year
2,209
1,052
0
3,261
4,186
Amounts falling due after one year
0
0
0
0
0
2,209
1,052
0
3,261
4,186
8 SHORT TERM DEPOSITS
With CBF at CCLA:
CBF CoE FWT Inc A/c (1001D)
95,931
93,369
0
189,300
172,115
M&G Investment Fund
2,099
0
0
2,099
2,033
98,030
93,369
0
191,399
174,148
9 CASH at BANK
NatWest Current Account
12,842
7,295
0
20,137
23,558
CAF Bank Current Account
4,377
1,333
0
5,710
4,620
Choir a/c
1,915
0
0
1,915
2,063
Summer Ball a/c
450
0
0
450
450
Friends of St Mary's a/c
6,048
0
0
6,048
6,793
25,632
8,628
0
34,260
37,483
TOTAL FUNDS
Funds
Funds
Funds
2023
£
£
£
£
2,071
120
0
2,191
e
793
380
0
1,173
2,235
0
0
2,235
46
9,921
0
9,967
259
753
0
1,012		 2022
£
2,047
1,193
1,188
4,693
1,361
5,403
11,175
0
16,578		 10,483
2,209
1,052
0
3,261
0
0
0
0		 4,186
0
2,209
1,052
0
3,261		 4,186
95,931
93,369
0
189,300
2,099
0
0
2,099		 172,115
2,033
98,030
93,369
0
191,399		 174,148
12,842
7,295
0
20,137
4,377
1,333
0
5,710
1,915
0
0
1,915
450
0
0
450
6,048
0
0
6,048		 23,558
4,620
2,063
450
6,793
25,632
8,628
0
34,260		 37,483

Page 8

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

10 RECONCILIATION OF MOVEMENT IN FUNDS

Unrestricted Funds Unrestricted Funds Unrestricted Funds Restricted Funds Restricted Funds Restricted Funds Endow't TOTAL FUNDS
General Designated Funds 2023 2022
Purposes Vision Choir Summer FOSM Fabric Out Giv'g Sev'nside
Fund Ball Churches
£ £ £ £ £ £ £ £ £ £ £
BALANCES BROUGHT FORWARD AT 36,555 43,778 2,063 450 6,623 126,590 336 1,533 93,387 311,315 346,985
1 JANUARY 2023 (2022)
INCOME 75,307 27,880 320 10,164 33,927 8,025 0 2,793 158,416 119,668
EXPENDITURE 69,127 0 518 5,738 54,067 7,983 0 0 137,433 142,636
GAINS & LOSSES on INVESTMENTS
(Unrealised)		 66 8,786 8,853 -12,701
TRANSFERS BETWEEN FUNDS 4,034 -5,000 3,759 0 -2,793 0 0
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2023 (2022) 46,835 71,658 1,865 450 6,048 110,208 379 1,533 102,174 341,150 311,315

Page 9

PAROCHIAL CHURCH COUNCIL of St MARY the VIRGIN, OLVESTON

NOTES on FINANCIAL ACTIVITIES as at 31 DECEMBER 2023

11 CONTINGENT ASSETS

In 2015 St Mary's Church was bequeathed a substantial legacy to be used for the maintenance of the fabric of the church building. The vast majority of this legacy has been received and is included in the accounts. The legacy included a share, along with 7 other beneficiaries, of two properties. One of the properties was sold in 2017 following agreement between the beneficiaries and the share received by St Mary's has been included within the accounts. However, negotiations regarding the future of the second property are still taking place, as some of the beneficiaries wish to achieve full ownership of the property by buying out the shares of the other beneficiaries . Should the sale proceed, there is uncertainty concerning the value of the St Mary's share due to the need for a formal valuation of the property and the amount to be deducted for fees and other expenses associated with the sale. However, it is estimated to be in the region of £20,000.

Page 10

Appendix 3

St Mary the Virgin, Olveston

Sections for Inclusion within the St Mary’s Trustees’ Annual Report 2023

Financial review

Total income in 2023 was £158,416, of which £113,671 was unrestricted. This includes £11,209 as Gift Aid and £1,368 in top-ups under the Gift Aid Small Donations Scheme. Total expenditure was £137,433, of which £75,383 was unrestricted.

Unrestricted general purposes income was £75,307 in 2023, a reduction of £708 (1%) compared with 2022. More specifically, there were reductions of £1,840 (3.4%) in planned giving by standing order or the weekly envelope scheme, and £1,048 (10%) in income from church activities. The former was mainly as a consequence of a net reduction of 3 (5 lost, 2 gained) in the number of planned givers in 2023; the latter being associated with parochial fees and Monday Movies, reflecting the fact that films are now being shown just once a month rather than twice a month as was the case previously. There was, however, an increase of £1,210 (51%) in one-off donations (largely associated with the response to the Advent Sunday Gift Appeal), whilst income from investments (£2,191) was over 3 times that in 2022, due to much higher interest rates.

Unrestricted general purposes expenditure was £69,127 which is £9,301 lower than in 2022. This was due mainly to a reduction of £12,728 (25%) in our Parish Share commitment to enable the funding of the part time appointments of a Family Worker and Administrator within the Benefice, in September 2023. The St Mary’s contribution to the cost of these two appointments covering the period September - December 2023 amounted to £4,015. In addition, there was increased expenditure in 2023 of £1,050 for utilities (reflecting the full year effect of new gas and electricity contracts during 2022) and £407 for insurance.

General purposes expenditure exceeded income in 2023 by £6,180, due mainly to the Family Worker and Administrator appointments not being made until September. Additionally, £5,000 was transferred from the Friends of St Mary’s, resulting in the general purposes fund displaying an in-year surplus of £10,280 in 2023.

As far as the Fabric Fund is concerned, expenditure of £54,067 was incurred in 2023, mainly comprising £47,500 for the overhaul of the church organ, £4,302 as the retention payment for the Tower Project and £2,106 for the replacement stone gable cross. Income of £33,927 was received in 2023, including a grant of £16,000 from the Britton Trust towards the organ overhaul, and the final instalment of £5,000 of the grant from Olveston Church Lands towards the Tower Project.

Outward giving donations totalling £7,213 were made in 2023 to 10 different causes (see Note 3a of Annual Accounts for details).These included £3,520 to the Aanandit Charity in Nepal, from the proceeds of a Murder Mystery fundraising event.

Reserves policy

It is PCC policy to maintain (where possible) a balance on unrestricted general purposes funds (free reserves) equating to approximately 6 months’ unrestricted general purposes payments. This is equivalent to around £40,000, and is held to smooth out fluctuations in cash flow, and to meet emergencies.

At 31 December 2023 the balance of the free reserves was £46,835, which exceeds the 6 month target. However, this is related to the fact that in 2023 Family Worker and Administrator expenditure commitments related to just 4 months of the year. More generally, St Mary’s faces some significant financial challenges in the future, given the age profile of our congregation and regular givers, and it should be noted that annual income

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from planned giving has reduced by 20% (£13,000) over the last 5 years, at time when utility costs have increased by 9% and insurance by 24%.

The Vision Fund is an unrestricted fund, designated by PCC for projects and purchases relating to the vision of the church, and is sourced predominantly by legacies. At 31 December 2023, following receipt of a legacy of £25,000 in 2023 from the estate of the late Joan Hawkins, there was a balance of £71,658, of which £5,000 has been earmarked by PCC for projects aimed at engaging younger generations. PCC is currently considering other projects relating to St Mary’s vision for the future to which funds could be allocated.

The Church Fabric Fund is the main restricted fund held by St Mary’s. At 31 December 2023 there was a balance of £110,208.

It is PCC policy to invest the short-term investment fund balances with the CCLA Church of England Deposit Fund.

Funds held as custodian trustees on behalf of others

For a number of years, St Mary’s has held restricted funds on behalf of the Severnside Group of Churches. These funds represented donations originally made towards the costs of employing a youth worker. However, this project has since been abandoned and it was agreed that 50% of the funds should be re-designated towards supporting Youth Choirs within the North Severnside Benefice. At 31 December 2023 the total balance was £1,533, with £1,270 remaining assigned to the Severnside Group of Churches, and £263 available for supporting the Youth Choirs.

Going Concern

The trustees have considered the impact of the Covid pandemic on the charity’s current and future financial position. Although the impact is expected to be much less over the next 12 months, the charity will continue to take the following steps:

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:

The trustees therefore consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in Note 1(g) to the financial statements.

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Ind•pgndent Examlnorfs R•pDrt To Th• Parochlal Church Councll Of St Mary The Vlryln Olv•ston, With Aust I report on the a¢etyJnts of the Par¢xhkql CM4r¢h Couwl of St Mary the Virgin Olveston, with Au$t. for th& y•arndod 31 Cl•cemiw 2023. which arn aei out on pages 1 to 10. Respectlve re$ponslbllStl•• of th• PCC and th• Indopendont E￿￿nInOr The PCC consider that an audrt 1$ not required for this year under section 144121 of the charit￿8 Act 2011 (the 2011 Act) and that an ind8p8ndent examinatKJn 1$ needed. 11 is rny responsibllfty to" examine the accounts uTrJer 5edion 145 of the 2011 Act.. follow Ihe procedures laKI down In the General Th.reet￿n$ given by the Chatlty Commissioner6 8e¢tion 14515)Ibl of the 2011 Act.. and State whether p•iticulav matt•rs have corn8 to my attantic Basls of Indop8ndont ex4mlD•f• Stat•m•nt My 8xarnin8tion was tarriEd out in wlth Ihe General D1￿ctI)ng given by tho Chanty Commi86ion. examinaben Includes a r8¥K￿ of the a¢¢ountiryJ rvwd5 kept by the PCC and 8 comparison of the ac¢ount5 Wrth those recC￿8. It also indLk88s wnsk¥eration of any unusual Item5 or disdosures In the accounts and 588king explanations frcrn you as trustees oy)ceming any such matters. The pr(x￿u￿$ u￿rtaken do not provide all the evidence that would be wuired in 8 full audit, and consequently I do not expre$$ an audrt O￿nIOn on the a¢¢ounl5. Ind•pondont ExmIn•￿¥ St•tmnt In connection wrth my examination. no matters have com8 to my attsntion.. which gwe me reasonab￿ caus9 lo beleve that in any matenal r￿pect the requirement8 to keep actountiNJ records in accordanc8 With $8ction 130 of tho Act,. to wepare account8 whith accord wth the accourrtSng r8cord$ hav not been met". or 2. to wthich, in my O￿niOn, tention should be dra￿￿ in order to enab￿ a proper under8tan¢thn9 oftho #c¢tsunts to be r8acW. Dated r) Freddie Savage ACCA The Coach HoLA8, Aust Road. Olvesttsn. Bristol 8S35 4DE

PAROCH￿ CHURCH COUNCIL of St MARY￿ MRGIN. OLVE8TONlth AUST R•g￿ter￿j Charity Numtr. 1134397 BALANCE SHEET •• at 31 DECEMBeR 2023 2023 XEO ASSETS In￿¥bnent (En 102.174 93,387 102,174 93,387 CURRENT ASSETS Short Temi ￿posIts C8gh at Bar 17,716 220,998 38,756 11.324 39,47T 275,470 255.2￿4 CURRENT LIA8JLrriES rncwnts fallirvj dL *ithin one ye8r 3.410 4,875 NET CURXEKf ASSETS 272.( 250,334 TOTAL ￿TASSET8 374,234 343,721 FLINDS 140.0 132.1 102,174 t￿2,62& 147, 93,387 374,234 343.721 tho Pa on behpl Chwch CtyuKtl ￿th0£th day ofmgrtkn 2ff24 avd Oamd Moss IPCC Chalrl. and The notes on pa988 3 to 10fDm part ofth88e xwjnts Pag9 1