Registered Charity No: 1129388
**Parochial Church Council of St Michael & All Angels, Summertown, Oxford**
**Report and financial statements**
**For the year ended 31 December 2023**
**ANNUAL REPORT AND STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET YEAR ENDING 31 DECEMBER 2023**
## **CHARITY NAME THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL & ALL ANGELS, SUMMERTOWN, OXFORD**
**CHARITY NUMBER 1129388**
**TRUSTEES** The Revd Gavin Knight Nigel Hamilton Graham Kerr John Lee Lesley Noakes Irim Sarwar Jonathan Scheele Ann Stedman Michael Taylor Emma Wilkinson
**BANKERS** CAF BANK LTD BARCLAYS BANK PLC CCLA INVESTMENT MANAGEMENT LTD MANAGING THE CBF CHURCH OF ENGLAND FUNDS **INDEPENDENT** Mrs H C Fanthome **EXAMINERS** KING LOOSE & CO **REGISTERED** ST MICHAEL & ALL ANGELS CHURCH **ADDRESS** LONSDALE ROAD OXFORD OX2 7ES
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**St Michael & All Angels, Summertown, Oxford Registered Charity no. 1129388 Report of the Parochial Church Council for the year to 31 December 2023**
## **Administrative information**
St Michael and All Angels Church is situated in Summertown, Oxford. It is part of the Diocese of Oxford within the Church of England. The correspondence address is St Michael & All Angels Church, Lonsdale Road, Oxford OX2 7ES. The website is www.stmichaels-summertown.org.uk.
The Parochial Church Council (PCC) was registered as a charity with the Charity Commission on 5 May 2009 with the number 1129388. The full charity name is THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL & ALL ANGELS, SUMMERTOWN and the working name is ST MICHAEL'S SUMMERTOWN PCC. PCC members are also trustees of the charity. PCC members who served during the year to 31 December 2023 were:
Vicar The Revd Gavin Knight (Chairman) Wardens Irim Sarwar (until APCM 2023) Jonathan Scheele Ann Stedman (from APCM 2023) Representative on Irim Sarwar (from APCM 2023) the Deanery Synod Ann Stedman (from APCM 2023) Lay members Nigel Hamilton Graham Kerr (from APCM 2023) John Lee (from APCM 2023) Lesley Noakes Irim Sarwar (from APCM 2023) Ann Stedman until APCM 2023) Michael Taylor Secretary Emma Wilkinson
Ex-officio members of PCC: Treasurer William Black Building & Fabric Team Steve Hunter
## **Structure, governance and management**
The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.
## **Objectives and activities**
St Michael’s PCC has the responsibility of co-operating with the incumbent in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It has the maintenance responsibility for the church and gardens of St Michael’s and responsibility for the maintenance and operation of St Michael’s Church Hall, which is situated in Portland Road, Summertown. When planning activities for the year, the incumbent and PCC have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
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## **St Michael & All Angels, Summertown, Oxford Registered Charity no. 1129388 Report of the Parochial Church Council for the year to 31 December 2023**
## **Church attendance**
The Church Electoral Roll was revised in April 2023; there were 101 people on the roll as presented to the APCM in May 2023 (113 in 2022).
## **Review of 2023**
In 2023 the Vicar, the Revd Gavin Knight, was supported by the clergy team at St Michael and All Angels:
## **Part-time Associate Priests**
- Revd Dr Nicholas Bradbury
- Revd Mary Gurr
- Revd Alyson Peberdy
Leah Mattinson worked on a freelance basis as Parish Manager, providing administrative support to Gavin, the Treasurer, and the Spaces Team, in addition to overseeing the administration of the Church and Church Hall. Carlos Caban worked on a freelance basis as Caretaker and Operations Assistant.
The PCC met seven times during 2023 (22 January, 19 March, 23 April, 21 May, 23 July, 17 September, 19 November); the APCM was held on Sunday 21 May 2023. Much of the work in 2023 was focused on the church’s commitment to carbon net zero and its Covenant with Creation.
Regular Sunday morning services were held in person throughout the year, with a ministry of healing on the third Sunday of the month, and worship was augmented by a 30-minute meditative service of Taizé or Silent Prayer on Sunday evenings, including a session based around the Shrine of Fatima for Ukrainian guests. In the earlier part of the year, a midweek Lent Group studied Sam Wells’ book “Humbler Faith, Bigger God”, and later in the year there was a 6- week series of Thursday workshops to study a bible course organised by the Oxford Diocese. For Advent 2023, the Vicar developed a reading plan and daily commentary on the Gospel of John.
In 2023, in the light of nationwide debate around the “Living in Love and Faith” agenda, St Michael & All Angels became an official member of the Inclusive Church Network, to demonstrate to the local community that it is a church "which welcomes and serves all people in the name of Jesus Christ; which is scripturally faithful; which seeks to proclaim the Gospel afresh for each generation."
During the year, the choir had a full programme of musical activity, singing on Sunday mornings and at three Choral Evensongs: on 12 March the service was dedicated to former choir member, the late Elsa Morgan; on 16 July the service marked the 400th anniversary of the death of William Byrd and preceded the choir’s visit to sing services at Ripon Cathedral; on 11 November with music for Remembrance Sunday. The Christmas Carol Service was a choral highlight of the year. Duncan Saunderson continued as Director of Music, Duncan Angwin as Organist, and Alice Stainer led the St Michael’s Choristers in weekly term-time rehearsals and monthly contributions to worship.
Throughout the year, the congregation continued its monthly collection of items for the Community Emergency Foodbank and Cutteslowe Community Larder, participated in the Oxford Historic Churches Trust Ride & Stride event, and supported Oxford’s homeless charities. The ECO church team continued to develop and expand “reuse, reduce, recycle Sundays” and established an ECO-themed lending library. David Smith ran a fairly-traded goods stall after Sunday services. Several members of St Michael’s continued to work with Oxford Welcomes Refugees, helping a Palestinian family to resettle in Oxford. The Baby & Toddler group met throughout the year on Tuesday mornings. The Church hosted an Artweeks exhibition by six artists which enjoyed good footfall.
The Building & Fabric Team continued its work looking after the Church and Hall. In addition to routine maintenance tasks, the Team oversaw the commercial rental of the redeveloped office suite at the rear of the Lower Hall, the installation of new noticeboards in the Threshold, and the hanging of the newly-restored banners.
The Gardens Team worked on enhancing the garden, including tree- and bulb-planting, and organised regular Work Parties, some of which included Ukrainian guests from the Friendship Centre. Church garden guide/information sheets are now to be found under the Lych Gate; for every season, Suzanne Dalton has created a guide to the church garden. These are for visitors and neighbours in order to share in the wonder of the bio-diversity found in the garden space. On 3rd September, the Sunday morning service dedicated to Creation Sunday was held in the Church garden.
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## **Review of 2023 (continued)**
The Church’s website (www.stmichaels-summertown.org.uk) was regularly updated with news and links to recorded and streamed services and sermons; in 2023, all the documents for the APCM were made available on the website to reduce the environmental impact of printing. The Vicar circulated his weekly email blog to approximately 350 people and St Michael’s continued to have a social media presence on Facebook, Twitter, and Instagram.
Following the Russian invasion of Ukraine in 2022 and the consequent arrival in the UK of many Ukrainian citizens under the Homes for Ukraine scheme, St Michael’s established a weekly Friendship Centre to support them and their hosts. This began in April 2022, and has operated weekly, without exception, ever since with the support of a huge cohort of volunteers drawn from throughout the local community. The Vicar spoke at Oxford’s Peace Rally held on the first anniversary of the invasion in February 2023; the Friendship Centre was mentioned by Layla Moran MP in the House of Commons in March 2023; and during the year there were numerous associated activities including a fundraising concert to support work with refugees on the Polish/Ukrainian border, collections of wax for Inlight Ukraine, and a lunch for the Friendship Centre volunteers organised by the Ukrainian guests on Ukraine’s National Day.
St Michael’s is a founding member of both the Cutteslowe Church Partnership and the Summertown-WolvercoteWytham Church Partnership. Partnership activities in 2023 have included the Pavilion Service in Cutteslowe, a Lent quiet day, several partnership nature walks, a lecture series, PEG open meetings, pulpit swaps, summer Coffee Café, a joint Advent Carol Service and the publication of a Quarterly magazine.
## **Financial review**
Unrestricted income in 2023 was £174,635 (2022: £162,934), expenditure £174,983 (2022: £176,480), leaving a deficit of £348 (2022: deficit of £13,546). There was a gain in the value of the investment assets of £12,356 (2022: loss of £17,834), but as with all investment gains/losses, this would only be crystallized if and when the investments are sold – the value of investments can rise as well as fall depending on many economic factors beyond our control.
In FY 2022 our income was boosted by a £5,000 unrestricted legacy from the estate of the Revd William Pryor. Taking this into account shows that our unrestricted income has risen well, now that COVID and its restrictions have mostly gone. In particular the Hall letting fees were boosted by an increase in the hourly rates, and also from a longer-term lease of the old office space at the rear of the hall. We also rented out the Aldrich Road premises at a higher monthly amount than previously, based on the local commercial rates - as required by the Diocese.
Fortunately, we had no major maintenance or repair costs to meet in 2023, but there are some looming issues that have still to be addressed from the previous quinquennial review. It is also the desire of the PCC to invest in more ECOfriendly heating and lighting provisions. A small study was undertaken with some grant assistance, but a full plan would require from £50-100k to implement fully.
Although we made a small loss in FY 2023 of £348, this would have been much greater had the PCC not strongly resisted the Deanery’s “suggested” Parish Share payment of £73,500 but continued to pay £60,000 as in FY 2022. There has been much discussion at the Oxford Deanery Synod level as to what should constitute fair Parish Shares among its constituent churches whose regular attendances vary between a few 10s and several 100s. We would like to pay our fair share, but feel we cannot offer more at the present without pushing ourselves into a continuing annual deficit situation. Our “baseline” income and expenditure are not giving a sustained surplus that allows us to spend more on vital outreach within the local parish. The PCC has agreed a Parish Share for 2024 of £63,000, an increase of 5% on 2023.
The balance sheet at 31 December 2023 stands at £729,587 (2022: £708,808). The bulk of the balance sheet continues to be tied up in the Aldrich Road house (£559,277) and long-term investments (£145,356), leaving “working” capital of around £25k. This falls short of the PCC’s target of having some £150k to cover 12 month’s running costs – see Reserves Policy below.
## **Mission Giving**
This year, the Christmas Services raised between them £900 which was split between The Oxford Winter Night Shelter (OWNS) (£450) and the Cutteslowe Larder administered by St Andrews, Linton Road (£450).
St Michael’s also held a special appeal in December 2023 for the support of a number of asylum seekers. They were formerly housed in Oxford hotels but were being evicted only seven days after receiving news that they have been granted right to remain. Asylum Welcome made an appeal to find money to provide alternative housing and to prevent the real risk of their becoming street homeless. St Michael’s was able to donate £1,170 to this appeal.
## **Funds**
_Unrestricted funds_ may be spent on anything that is within the charitable objects of St Michael and All Angels Church. Our continued practice is to hold some of the reserves in a designated Outreach Fund.
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In addition to the short-term Mission Giving funds noted above, we continue to maintain a long-standing restricted _Organ fund_ which is held for its development (£390).
The _CIL Gardening fund_ – established from a grant received from Oxford City Council’s Community Impact Fund and other smaller donations in FY 2022 – continued to make disbursements on the church garden. The fund now stands at £333.
The _Ukraine fund_ created in FY 2022 to support of the Ukrainian Friendship Centre at St Michael’s, continued to receive donations: £10,609 (FY 2022: £7,620) and disbursed £5,627 (FY 2022: £5,073) during the year. The fund continues into FY 2024 with a balance of £7,529.
This year we offered to hold the cash reserves of the _Taung Link fund_ . The Summertown Wolvercote Wytham Church Partnership (PEG) maintain a link with a sister church St Chad's in Taung, South Africa. It has collected funds to support this link. The fund stands at £2,680, the committee advising on the fund requested no disbursements in FY 2023.
## **Reserves policy**
It is the PCC’s policy to hold unrestricted reserves sufficient to meet its commitments and planned activities for a twelve month period. This figure is estimated to be about £150,000 in a normal year. Post-pandemic, the net current assets (£24,954) are below this sum and the trustees intend to re-build this reserve gradually on an annual basis.
## **TRUSTEES’ RESPONSIBILITIES**
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- and prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Report of the Parochial Church Council and financial statements were approved and authorised for issue by the PCC and signed on their behalf by:
**----- Start of picture text -----**
……………………………………………………………… Trustee
**----- End of picture text -----**
**28 April 2024** ………………………………………………………………Date
Page 5
PAROCHIAL CHURCH COUNCIi OF ST MICHAEL & ALLANGELS. SUMMERTOWN. OXFORD
INDEPENDENT EXAMINER'S REPORT
for the year ended 31 December 2023
I report on the accounts of the charity for the year ended 315t December 2023, whlch are set out on pages 7 to 15.
Re5pettlve respDnsiblllt¥es of the trv5tee5 and exarnlner
The charity's trustees are responsible for the preparation of the accounts. The ¢harity'S trL¢Stee5 consider that an audlt
s not required for this year under Section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent
examlnatlon Is needed.
It is rny responsibility to'.-
al Examlne the accounts under Section 145 of the 2011 Act,.
bl to follow the procedures13id down in the General Directlons glven by the Charlty Commissioner
under Section 14515llbl of the 2011 Act. and
I to State whether partiiular matters have come to my attention.
Basls of Independent examlnerfs report
My examination was carried out in accordance with the general directions given by the Charity Commissioners. An
examination includes a review of the accounting records kept by the charity. and a comparison of the accounts
presented with those records. It also Includes con51deration of any unusual items or disclosures in the accounts. and
seeklng explanations from you as trustees concernin8 any such matters. The procedures undertaken do not provide all
the evidence that would be required in an audit, and consequently no opinion 15 given as to whether the accounls
present a 'true and fair view, and the report is1Smited to those rnatter$ Set out in the statement below.
Independent examlner's statement
In connection with my examination. no matter ha5 come to my attention..
111 which glves me reasonable ¢ause to believe that in any rnaterial respect the requirements
to keep accounting records In accordance with Sertion 130 of the 2011 Act,. and
to prepare aecounts which accord with the accounting records and to comply with the accounting
rEquirernent5 of the 2011 Act
have not been met.. or
121 to which. in rny opinion, attention should be drawn In order to enable a proper understandlng ol the
account5 to be reached.
King L005e & Co
St John's House
5 South Par?de
Summertown
Oxford
OX27JL
Mrs H C Fanthome FCA
Page 6
## **The Parochial Church Council of the Ecclesiastical Parish of St Michael & All Angels, Summertown**
## **Statement of Financial Activities for the year ended 31 December 2023**
|**Notes**
**Income and endowments**
Donations and legacies
4
Other income
4
Total Income before investments
4
Income from investments
4
**Total income and endowments**
**Expenditure**
**Charitable activities:**
Missionary and Charitable giving
5
Ministry and church running costs
5
Other support costs
5
**Total expenditure**
**Net income/(expenditure) before investment gains/losses**
Net gains/(losses) on investments
**Net income/(expenditure)**
Transfers between funds
**Net movement in funds**
Balance brought forward at 1 January 2023
**Balance carried forward at 31 December 2023**|**Unrestricted**
**Funds ***
**Restricted**
**Funds**
**Total Funds**
**2023**
**£**
**£**
**£**
67,943
15,599
83,542
102,451
-
102,451|
|---|---|
||173,394
15,599
188,993
4,241
-
4,241|
||**174,635**
**15,599**
**190,234**|
||770
6,828
7,598
173,253
-
173,253
960
-
960|
||**174,983**
**6,828**
**181,811**|
||**(348)**
**8,771**
**8,423**
12,356
-
12,356|
||**12,008**
**8,771**
**20,779**
-
-
-|
||**12,008**
**8,771**
**20,779**
705,437
3,371
708,808|
||**717,445**
**12,142**
**729,587**|
All of the above results are derived from continuing activities. All gains and losses recognised in the period are included above.
* £100k of the Unrestricted Funds was designated by the PCC in 2018 for eventual use for an outreach campaign. No movements were made in this designated fund in 2023.
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## **The Parochial Church Council of the Ecclesiastical Parish of St Michael & All Angels, Summertown**
## **Statement of Financial Activities for the year ended 31 December 2022 – comparative figures**
|**Notes**
**Income and endowments**
Donations and legacies
4
Other income
4
Total Income before investments
4
Income from investments
4
**Total income and endowments**
**Expenditure**
**Charitable activities:**
Missionary and Charitable giving
5
Ministry and church running costs
5
Other support costs
5
**Total expenditure**
**Net income/(expenditure) before investment gains/losses**
Net gains/(losses) on investments
**Net income/(expenditure)**
Transfers between funds
**Net movement in funds**
Balance brought forward at 1 January 2022
**Balance carried forward at 31 December 2022**|**Unrestricted**
**Funds ***
**Restricted**
**Funds**
**Total Funds**
**2022**
**£**
**£**
**£**
70,294
8,475
78,769
88,548
-
88,548|**Unrestricted**
**Funds ***
**Restricted**
**Funds**
**Total Funds**
**2022**
**£**
**£**
**£**
70,294
8,475
78,769
88,548
-
88,548|
|---|---|---|
||158,842
4,092|8,475
167,317
-
4,092|
||**162,934**|**8,475**
**171,409**|
||283
175,717
480|6,450
6,733
-
175,717
-
480|
||**176,480**|**6,450**
**182,930**|
||**(13,546)**
(17,834)|**2,025**
**(11,521)**
-
(17,834)|
||**(31,380)**
`|**2,025**
**(29,355)**
-
` -|
||**(31,380)**
736,817|**2,025**
**(29,355)**
1,346
738,163|
||**705,437**|**3,371**
**708,808**|
All of the above results are derived from continuing activities. All gains and losses recognised in the period are included above.
* £100k of the Unrestricted Funds was designated by the PCC in 2018 for eventual use for an outreach campaign. No movements were made in this designated fund in 2022.
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## **The Parochial Church Council of the Ecclesiastical Parish of St Michael & All Angels, Summertown**
**Balance sheet as at 31 December 2023**
|**Notes**
**Fixed assets**
Tangible assets
6
Investment assets
7
**Current assets**
Debtors
8
Short term deposits
Cash at bank and in hand
**Creditors:**
Amounts falling due within one year
9
**Net current assets**
**Net Assets**
**Funds**
Unrestricted general funds
12
Unrestricted designated funds
12
Restricted funds
12
**Total funds**|----------------**2023**-----------------
**£**
**£**
559,277
145,356
21,781
6,672
13,627
42,080
(17,126)
24,954
**729,587**
617,445
100,000
12,142
**729,587**|----------------**2023**-----------------
**£**
**£**
559,277
145,356
21,781
6,672
13,627
42,080
(17,126)
24,954
**729,587**
617,445
100,000
12,142
**729,587**|----------------**2022**-----------------
**£**
**£**
559,277
133,000
18,087
2,595
22,039
42,721
(26,190)
16,531
**708,808**
605,437
100,000
3,371
**708,808**|----------------**2022**-----------------
**£**
**£**
559,277
133,000
18,087
2,595
22,039
42,721
(26,190)
16,531
**708,808**
605,437
100,000
3,371
**708,808**|
|---|---|---|---|---|
||42,080
(17,126)||42,721
(26,190)||
||||||
|||**729,587**||**708,808**|
|||617,445
100,000
12,142||605,437
100,000
3,371|
|||**729,587**||**708,808**|
The financial statements were approved and authorised for issue by the PCC on 28 April 2024 and signed on their behalf by:
**………………………………………………….** The Revd Gavin Knight
**The notes on pages 10 to 15 form an integral part of these financial statements**
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## **Parochial Church Council of St Michael and All Angels, Summertown**
## **Notes to the financial statements**
## **for the year ended 31st December 2023**
## **1. Accounting policies**
The Balance Sheet, Statement of Financial Activities and Notes to the Financial Statements relate to the Parochial Church Council of St Michael’s Church, Summertown.
The financial statements are prepared under the historical cost convention, with the exception of investments which are included at fair value. The financial statements have been prepared under the Church Accounting Regulations 2006 and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - Charities SORP (FRS 102).
Council members have identified the major risks which may affect the PCC and have taken reasonable steps to mitigate those risks.
## **Funds**
General 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. The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.
A policy of retaining sufficient unrestricted reserves to finance the PCC’s planned programme and meet its future financial obligations is maintained. The policy is reviewed annually by the PCC.
## **Income**
## **Donations and legacies**
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under covenant is recognised only when received. Income tax recoverable on covenants or gift aid donations is included when due. Grants and legacies to the PCC are accounted for when received.
## **Other ordinary income**
Rental income from the letting of church premises is recognised when the rental is due.
## **Income from investments**
Dividends and interest are accounted for when receivable and are received gross.
## **Gains and losses on investments**
Realised gains or losses are recognised when investments are sold.
Unrealised gains or losses are accounted for on revaluation of investments at 31st December.
The PCC has absolute discretion to invest the funds of the Parochial Council; no restrictions are placed on these powers. The Council’s policy for the selection of investments for the charity is to seek to achieve a balance between income and capital growth and that the investments held have a low risk.
## **Expenditure**
## **Grants**
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
## **Activities directly relating to the work of the Church**
The diocesan quota or parish share is accounted for when payable.
Page 10
## **Parochial Church Council of St Michael and All Angels, Summertown**
## **Notes to the financial statements**
## **for the year ended 31st December 2023 (continued)**
## **1. Accounting policies (continued)**
## **Fixed assets**
## **Consecrated land and buildings and moveable church furnishings**
Consecrated and beneficed property is excluded from the accounts by S.96(2)(a) of the Charities Act 1993. No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property.
## **Summertown Church Hall**
No value has been included in these accounts for this building, nor the land it is on.
The hall was built with stone and roof timbers from the original St John's Church (now demolished) in Summertown. Due to its age and provenance its value is not easily compared to modern equivalents and there are few older "comparators". It stands uniquely within the parish. The War Memorial lies within its grounds. As with the main church building the hall requires permission from the Diocese for disposal.
The lower and upper halls are approximately 90 and 123 square meters, and have toilet and kitchen facilities. The building and gardens are well-maintained and are in daily use for social, educational and religious purposes.
## **Other fixtures, fittings and office equipment**
Equipment used within the church premises is depreciated on a straight line basis over 4 years. Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired.
## **59 Aldrich Road**
This freehold property is formally owned by DIOCESAN TRUSTEES (OXFORD) LIMITED, who hold it in Trust for the PCC of St Michael and All Angels Church, Summertown. It is valued as an asset at its purchase price of £559,277 (including £600 for existing installed white goods). The property will not be depreciated on the basis that it is held as an investment property in accordance with FRS 102, and thereby reflected at fair value, with revaluations being recorded in the Statement of Financial Activities.
## **Investments**
Investments are valued at fair value at 31 December 2023.
## **Current assets**
Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible. Short-term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank.
## **2. AIM AND USE OF FUNDS**
## **Designated**
In 2018 the PCC decided to designate £100,000 of unrestricted funds for future outreach projects. This continues but with no specific proposals to date.
## **Restricted**
The Organ Fund is for improvements to the Church organ. Funds are also managed for: the Summertown Wolvercote Wytham Church Partnership (PEG) for exclusive use in maintaining a link with a sister church St. Chad's in Taung, South Africa; Oxford City Council ‘s “Community Infrastructure Levy” (CIL) fund exclusively for the development and maintenance of the church garden; and the fund for the Ukrainian Friendship Centre at St Michael’s for exclusive use in running the Centre.
Page 11
## **Parochial Church Council of St Michael and All Angels, Summertown**
## **Notes to the financial statements for the year ended 31st December 2023 (continued)**
## **3. RELATED PARTY TRANSACTIONS**
No Trustee received any remuneration (2022: £0) in the year. No fees (2022: £0) were paid to any Trustee. Reimbursement for expenses to Trustees amounted to £360 (2022: £530).
## **4. INCOME**
|**Unrestricted Income**
**Donations and legacies**
Planned giving:
Stewardship giving
Income tax recoverable
Collections (open plate) at services
Sundry donations – unrestricted
Legacies - unrestricted
**Other income**
Fees
Church lettings
Hall lettings
Other fundraising events
Other income
Aldrich income
Repayments under LPOW scheme
**Total Unrestricted Income**
**Restricted Income**(Note 10)
Donations
Legacies
**Total Restricted Income**
**Income from Investments**
Dividends/interest (unrestricted)
**Total Income**|----------------**2023**-----------------
**£**
**£**
48,908
11,801
6,320
914
-
67,943
1,215
8,015
65,204
-
8,382
19,247
388
102,451
**170,394**
15,599
-
**15,599**
4,241
**190,234**|----------------**2023**-----------------
**£**
**£**
48,908
11,801
6,320
914
-
67,943
1,215
8,015
65,204
-
8,382
19,247
388
102,451
**170,394**
15,599
-
**15,599**
4,241
**190,234**|----------------**2022**-----------------
**£**
**£**
47,522
11,386
4,498
1,888
5,000
70,294
2,710
8,357
55,938
4,851
16,591
101
88,548
**158,842**
8,475
-
**8,475**
4,092
**171,409**|----------------**2022**-----------------
**£**
**£**
47,522
11,386
4,498
1,888
5,000
70,294
2,710
8,357
55,938
4,851
16,591
101
88,548
**158,842**
8,475
-
**8,475**
4,092
**171,409**|
|---|---|---|---|---|
||1,215
8,015
65,204
-
8,382
19,247
388||2,710
8,357
55,938
4,851
16,591
101||
||15,599
-||8,475
-||
|||**170,394**
**15,599**
4,241||**158,842**
**8,475**
4,092|
||||||
|||**190,234**||**171,409**|
Page 12
## **Parochial Church Council of St Michael and All Angels, Summertown**
## **Notes to the financial statements for the year ended 31st December 2023 (continued)**
## **5. EXPENDITURE**
|**Unrestricted Expenditure**
**Grants**
Sundry donations & Mission
**Church running costs**
Parish share of Diocesan Expenses
Church running expenses
Church maintenance
Administration
Cleaning and gardening
Pastoral
Choir and music
Partnership expenses
Stationery and sundries
Telephone
Church Development
Curate expenses
**Church Hall running costs**
Caretaker
Cleaning and gardening
Services and supplies
Maintenance
Telephone
Hall development
**Aldrich expenses**
**Other support costs**
Independent examiners’ fee
**Total Unrestricted**
**Restricted Expenditure**(Note 11)
From legacies
From other funds
**Total Restricted Expenditure**
**Total Expenditure**|----------------**2023**-----------------
**£**
**£**
770
770
60,000
18,886
6,385
25,606
79
-
10,707
360
1,754
1,047
-
28
124,852
16,231
3,255
11,995
1,051
437
8,348
41,317
7,084
960
**174,983**
-
6,828
**6,828**
**181,811**|----------------**2023**-----------------
**£**
**£**
770
770
60,000
18,886
6,385
25,606
79
-
10,707
360
1,754
1,047
-
28
124,852
16,231
3,255
11,995
1,051
437
8,348
41,317
7,084
960
**174,983**
-
6,828
**6,828**
**181,811**|----------------**2022**-----------------
**£**
**£**
283
283
60,000
9,028
5,929
30,755
-
106
7,564
183
1,614
1,104
3,640
683
120,606
16,341
3,121
7,132
984
399
23,732
51,709
3,402
480
**176,480**
-
6,450
**6,450**
**182,930**|----------------**2022**-----------------
**£**
**£**
283
283
60,000
9,028
5,929
30,755
-
106
7,564
183
1,614
1,104
3,640
683
120,606
16,341
3,121
7,132
984
399
23,732
51,709
3,402
480
**176,480**
-
6,450
**6,450**
**182,930**|
|---|---|---|---|---|
||60,000
18,886
6,385
25,606
79
-
10,707
360
1,754
1,047
-
28||60,000
9,028
5,929
30,755
-
106
7,564
183
1,614
1,104
3,640
683||
||16,231
3,255
11,995
1,051
437
8,348||16,341
3,121
7,132
984
399
23,732||
||-
6,828||-
6,450||
|||**174,983**
**6,828**||**176,480**
**6,450**|
||||||
|||**181,811**||**182,930**|
Page 13
## **Parochial Church Council of St Michael and All Angels, Summertown**
## **Notes to the financial statements for the year ended 31st December 2023 (continued)**
## **6. TANGIBLE FIXED ASSETS**
|**6.**
**TANGIBLE FIXED ASSETS**||
|---|---|
|**Investment Property: 59 Aldrich Road**
**Cost or Valuation**
**£**
At 1 January 2023
559,277
Additions
-
Disposals
-
At 31 December 2023
559,277
**Net book values**
At 31 December 2023
559,277
At 31 December 2022
559,277
**10. RESTRICTED INCOME**
**£**
Donations for the Christmas Collections
1,150
Donations for the Asylum Hotels Collection
1,120
Donations for the CIL Garden Fund
2,680
Donations for the Taung Link Fund
40
Donations for the Ukraine Fund
10,609
**Total**
**15,599**
**11. RESTRICTED EXPENDITURE**
**7.**
**FIXED ASSET INVESTMENTS**
**2023**
**£**
At Fair Value
145,356
**8.**
**DEBTORS**
**2023**
**£**
Prepayments
6,460
Other debtors
15,321
21,781
**9.**
**CREDITORS**
**2023**
**£**
Accruals and deferred income
8,524
Other creditors
8,602
17,126|**2022**
**£**
133,000|
||**2022**
**£**
6,377
11,710|
||18,087|
||**2022**
**£**
6,951
19,239|
||26,190|
|||
|**11. RESTRICTED EXPENDITURE**||
|---|---|
|Disbursements against the Christmas Collections
Disbursements against the Asylum Hotels Collection
Disbursements against the CIL Garden Fund
Disbursements against the Taung Link Fund
Disbursements against the Ukraine Fund
**Total**|**£**
250
810
0
141
5,627|
||**6,828**|
Page 14
## **Parochial Church Council of St Michael and All Angels, Summertown**
## **Notes to the financial statements**
## **for the year ended 31st December 2023 (continued)**
## **12. ANALYSIS AND RECONCILIATION OF MOVEMENTS ON FUNDS**
|Income
Expenditure
Surplus/(deficit)
Transfers
Investment gain/losses
Net movement in funds
Funds brought forward
**Funds carried forward**
**Split**
Tangible fixed assets
Fixed asset investments
Net current assets|**Church &**
**Hall (U)**
**Outreach**
**Fund (D)**
**Organ**
**Fund (R)**
**Misc.**
**Funds**
**(R)**
**Ukraine**
**Fund (R)**
**CIL**
**Garden**
**Fund (R)**
**Total**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
174,635
-
-
4,950
10,609
40
190,234
(174,983)
-
-
(1,060)
(5,627)
(141)
(181,811)|
|---|---|
||(348)
-
-
3,890
4,982
(101)
8,423
-
-
-
-
-
-
-
12,356
-
-
-
-
-
12,356|
||12,008
-
-
3,890
4,982
(101)
20,779
605,437
100,000
390
-
2,547
434
708,808|
||**617,445**
**100,000**
**390**
**3,890**
**7,529**
**333**
**729,587**|
||559,277
-
-
-
-
-
559,277
145,356
-
-
-
-
-
145,356
(87,188)
100,000
390
3,890
7,529
333
24,954|
||**617,445**
**100,000**
**390**
**3,890**
**7,529**
**333**
**729,587**|
U – unrestricted, D – designated, R - restricted
|**Fund**
ChristmasCollections
Asylum Hotels Collections
Taung Link Fund
**Miscellaneous minor**|**£**
**£**
**£**
**£**
**B/F**
**Income**
**Expenditure**
**C/F**
0
1,150
250
900
0
1,120
810
310
0
2,680
0
2,680|
|---|---|
||**0**
**4,950**
**1,060**
**3,890**|
Page 15