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2021-12-31-accounts

The University Church of St Mary the Virgin

Charity number: 1130491

Unaudited Accounts

for the year ended 31st December 2021

Wenn Townsend

Chartered Accountants

Oxford

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2021

Membership

Vicar:

Assistant Priest: Precentor: Associate Priests:

Licensed Lay Minister:

Ex officio members/Trustees:

Elected members/Trustees:

The Revd Dr W Lamb (Chair)

The Revd Hannah Cartwright (from 1st October 2021) The Revd Susannah Reide (until 30th September 2021)

The Revd C Bannister-Parker The Revd A Ramsey

S Mortimer

N Hardyman - Churchwarden (Vice-Chair) J Greenland - Churchwarden F Leach - Deanery Synod, Diocesan Synod, Treasurer S Maughan - Deanery Synod J Reece - Deanery Synod R Abernethy - (appointed 28th September 2021) J Andrews T Blenkinsop M Chaundy - (Deputy Churchwarden, Safeguarding Lead) T Cudbird - (PCC Stewardship Officer) M Lean M Lipscomb K Melham V Mort M Roper - (appointed 28th April 2021) R Sandford-Smith - (resigned 28th April 2021) L Sutton - (resigned 13th June 2021) L White E Williams - (Secretary) K Wodehouse - (resigned 28th April 2021)

- 1 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2021 (continued)

The members of the church present their annual report and the financial statements for the year ended 31st December 2021.

Structure, governance and management

The church is regulated by the Church of England and is a registered charity (no. 1130491) with the Charity Commissioners under the requirements of the Charities Act 2006. It operates under the guidance of the vicar, the church wardens and the parochial church council. It has the responsibility of promoting the whole mission of the church, pastoral, evangelistic, social and ecumenical. Along with the De Brome Trust, it also has maintenance responsibilities for the Church of St Mary the Virgin.

The PCC has been formed under the Parochial Church Council Rules (Powers) Measure 1956. 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. New PCC members are given induction training by the churchwardens. The PCC makes all decisions corporately except that the Standing Committee has delegated powers to make decisions between PCC meetings subject to keeping the PCC informed as necessary. The PCC has established three additional committees to oversee specific areas of our life and work: the Finance Committee, the Faith in Action Committee, and the Fabric Advisory Committee.

Objectives and activities for the public benefit

The objectives of the PCC are defined by the Parochial Church Council Rules (Powers) Measure 1956 as to cooperate with the minister in promoting in the parish the whole mission of the church, pastoral, evangelistic, social and ecumenical.

The electoral roll now numbers 123 (2020: 123).

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

Achievements and performance

Worship, learning and hospitality stand at the heart of the ministry of the University Church. Again, the year was dominated by the need to respond to the Coronavirus pandemic. Public worship continued at St Mary’s throughout the year, although numbers were restricted in the light of the PCC’s risk assessment from January – March. The usual Sunday attendance was 140 (although the numbers were restricted to 50 during the early part of the year). The main Sunday morning service was broadcast online for those shielding at home throughout the year. In the course of the year, there were over 100,000 users of the website. Remarkably, over 50% were aged between the ages of 18-34. 37% were aged 35-64 and 12% were 65 plus. 60% were female and 40% were male. The online worship pages were accessed by 3,577 users in the course of the year. Morning Prayer was offered each weekday in the Chancel and the weekday Eucharist resumed at the beginning of the Michaelmas Term. We welcomed the following preachers of University Sermons in the course of the year: The Revd Canon Dr Samuel Wells, Vicar of St Martin-in-the-Fields (Intercollegiate Service); The Rt Revd Dr Joanne Woolway Grenfell, Bishop of Stepney; Professor Andrew Dilnot, Warden, Nuffield College (Commemoration Day Sermon); The Revd Dr Ayla Lepine, Ahmanson Fellow in Art and Religion, National Gallery; The Revd Canon Dr Jen Smith, Superintendent Minister, Wesley’s Chapel and Leysian Mission; Carole Souter CBE, Master, St Cross College.

A number of events took place at St Mary’s in the course of the year. In May, we welcomed the Revd Canon Dr Jessica Martin, Canon Residentiary, Ely Cathedral, as the Bampton Lecturer. Over 1,500 people have listened to the lectures online. Professor Sarah Mortimer offered a series of discussions about the Common Good, which led to the release of a series of podcasts. The weekly programme of Bible study, a Poetry Workshop and a Theological Reading Group continued.

- 2 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2021 (continued)

Achievements and performance (continued)

There were a number of key staff changes in the course of the year. The Revd Susannah Reide left as the Precentor in September, while continuing in her role as Chaplain, Harris Manchester College.

The Revd Hannah Cartwright arrived as Assistant Priest in October 2021. In the course of the year, we have benefitted from the assistance of the following clergy: the Revd Julia Baldwin, the Revd Charlotte Bannister Parker, the Revd Dr Jane Baun, the Revd Susan Bridge, the Revd Dr John Findon, the Revd Canon Bruce Kinsey, the Revd Dr Erica Longfellow, the Revd Canon Dr Judith Maltby, the Revd Stephen McCarthy, the Revd Dr Alvyn Pettersen, the Revd Laurence Price, the Revd Alan Ramsey, and the Revd Donald Reece. In addition, we welcomed a number of ordinands from Ripon College Cuddesdon, the Oxford Ministry Course and Wycliffe Hall in the course of the year.

Early in 2021, the PCC received the Quinquennial Inspection report compiled by Mr Mark Hammond, Caroe Architects Ltd, Surveyor to the Fabric. In October 2021, work began on the replacement of the Nave Roof and repairs to the South Clerestory stonework. This capital project was made possible by a generous grant from the De Brome Trust and a grant of over £400,000 from the government’s Culture Recovery Fund. The PCC has secured Faculty permission and funding for the replacement and renewal of chairs to increase the capacity of the building for concerts and events. The PCC also approved Heads of Terms for a 20 year lease on the Old Congregation House with the University of Oxford. The Faith in Action Committee has continued to support the Community Emergency Food bank, the work of the Green Team, Asylum Welcome and Christian Aid.

Plans for the Future

The PCC plans to review the draft Strategic Plan in 2022. The PCC has worked with a consultant from the Cathedral and Major Church Projects Support Panel in order to review the arrangements for catering in the Old Congregation House and the Old Library. The PCC has secured funding and Faculty permission for the replacement of the PA system and the installation of cameras for live-streaming. This work will be completed by the end of June 2022.

Financial review

During the year, the University Church received income of £968,957 (2020: £350,952). The regular income of the church arises from the use of church buildings and donations. Expenditure during the year totalled £747,041 (2020: £422,850) resulting in a surplus of £221,916 (2020: deficit of £71,898). The general fund showed an accumulated surplus of £174,849 (2020: £184,280).

At 31st December 2021, there were free reserves of £32,721 (unrestricted general funds excluding fixed assets) (2020: £34,222).

Approved by the Trustees on 19th April 2022 and signed on their behalf by:

…………………………………………

F Leach

- 3 -

University Church of St Mary the Virgin

Independent Examiner’s Report to the Trustees of The University Church of St Mary the Virgin

I report to the charity trustees on my examination of the accounts of the University Church of St Mary the Virgin for the year ended 31st December 2021 which are set out on pages 5 to 18.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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

G L Cole BA FCA Partner Wenn Townsend Chartered Accountants Oxford

19th April 2022

- 4 -

The University Church of St Mary the Virgin

Statement of Financial Activities

for the year ended 31st December 2021

Unrestricted Unrestricted Restricted Totals Unrestricted Unrestricted Restricted Totals
Note General Designated Funds 2021 General Designated Funds 2020
Funds Funds Funds Funds
£ £ £ £ £ £ £ £
Income and endowments from:
Donations and legacies 2
Government grants receivable - - - - 25,669 - - 25,669
Donations and legacies 304,926 10,000 565,507 880,433 263,958 10,000 11,904 285,862
Charitable activities 3 79,887 7,538 - 87,425 32,500 6,363 - 38,863
Interest received 4 1,099 - - 1,099 558 - - 558
Total income 385,912 17,538 565,507 968,957 322,685 16,363 11,904 350,952
Expenditure:
Church activities 5 386,039 26,842 334,160 747,041 375,722 31,789 15,339 422,850
Total expenditure 386,039 26,842 334,160 747,041 375,722 31,789 15,339 422,850
Net income/(expenditure) (127)
(9,304)		 231,347 221,916 (53,037) (15,426) (3,435) (71,898)
Transferred between funds 13 (9,304)
9,304		 - - (15,426) 15,426 - -
Net movement in funds (9,431)
-		 231,347 221,916 (68,463) - (3,435) (71,898)
Reconciliation of funds:
Total funds brought forward
at 1st January 2021 184,280 - 466,240 650,520 252,743 - 469,675 722,418
Total funds carried forward at
31st December 2021 174,849 - 697,587 872,436 184,280 - 466,240 650,520

The notes on pages 8 to 18 form an integral part of these accounts.

- 5 -

The University Church of St Mary the Virgin

Balance Sheet At 31st December 2021

Note
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
10
Creditors:amounts falling due
within one year
11
Net current assets
Net assets
Funds
Restricted
12
Unrestricted
- general
- designated
13
Total funds		 £
460,573
175,569
_
636,142
(242,753)
_		 2021
£
479,047

393,389
_
872,436
═════
697,587
174,849
-
_
872,436
═════		 £
86,757
104,973
_
191,730
(4,798)
_		 2020
£
463,588
186,932
_
650,520
═════
466,240
184,280
-
_
650,520
═════

These accounts were approved by the trustees at a meeting held on 19th April 2022 and signed on their behalf by:

F Leach

The notes on pages 8 to 18 form an integral part of these accounts.

- 6 -

The University Church of St Mary the Virgin

Statement of Cash Flows for the year ended 31st December 2021

Net cash generated by
operating activities (note 16)
Cash flows from investing activities:
Interest received
Additions to fixed assets
Net cash provided/(used) by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 1,099
(29,910)
_





 2021
£
99,407
(28,811)
_
70,596
104,973
_
175,569
═════		 558
-
_		 2020
£
29,246
558
_
29,804
75,169
_
104,973
═════

- 7 -

The University Church of St Mary the Virgin

Notes to the accounts

for the year ended 31st December 2021

1 Accounting policies

a) Basis of preparation

These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts include all the transactions, assets and liabilities for which the Church is responsible in law. They do not include the accounts of church groups which owe their main affiliation to another body nor those which are informal gatherings of church members.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

b) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the members in furtherance of the general objectives of the church and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the church for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

c) Income recognition

Donations and legacies

Collections are recognised when received by or on behalf of The University Church. Planned giving receivable under covenant is recognised only when received. Income tax recoverable on covenants or gift aid donations is recognised when the income is recognised. Grants and legacies to The University Church are accounted for as soon as The University Church is notified of its legal entitlement and the amount due.

Charitable activities

Rental income from the letting of The University Church property is recognised when the rental is due.

Investments

Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year.

No amounts are included in the financial statements for services donated by volunteers.

- 8 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

1. Accounting policies (continued)

d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

Governance costs are those incurred in connection with administration of the Church as a legal entity and are not connected with generating income or charitable expenditure.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Church to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The Church is not registered for VAT and, as such, irrecoverable VAT is included within the expense in which it was incurred.

e) Fixed assets

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the accounts by Section 10(2) of the Charities Act 2011. No value is placed on moveable church furnishings held by the churchwardens on special trust for The University Church and which require a faculty for disposal since The University Church considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA.

Freehold buildings (Stratford Street & Mary Price Close)

This is included in the accounts at cost. The members consider that the property is maintained so that any depreciation would be immaterial and is therefore not required.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight line basis over 5 – 10 years.

f) Current assets

Amounts owing to The University Church at 31st December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible.

g) Government grants

The charity received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accruals model and as such are recorded in the statement of financial activities in the period in which the charity is entitled to such grants as a result of having furloughed staff members.

- 9 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

2 Donations

Donations
Unrestricted Unrestricted Restricted Total
general designated funds 2021
funds funds
£ £
£		 £
Stewardship and planned giving 167,232 -
-		 167,232
Income tax recoverable on covenants and gift aid 11,957 -
-		 11,957
Collections - services 2,589 -
-		 2,589
- boxes 7,751
-
-		 7,751
Donations - Mary Price 15,397
-
-		 15,397
Contribution from the de Brome Trust 100,000
-
144,461		 244,461
Recurring grant (from University) - 10,000
-		 10,000
Oriel contribution for Chancel insurance - -
3,359		 3,359
Vicar discretionary fund - -
9,270		 9,270
Archbishops Council Nave roof funding - -
408,417		 408,417
304.926 10,000
565,507		 880,433

Included within donations, gifts and legacies for the Charity is £Nil (2020: £25,669) of Government grants relating to the Coronavirus Job Retention Scheme.

Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £
£		 £
Stewardship and planned giving 45,514 -
-		 45,514
Income tax recoverable on covenants and gift aid 8,218 -
-		 8,218
Collections - services 6,192 -
-		 6,192
- boxes 6,144 -
-		 6,144
Contribution from the de Brome Trust
197,890		 -
-		 197,890
Recurring grant (from University) - 10,000
-		 10,000
Oriel contribution for Chancel insurance - -
3,304		 3,304
Vicar discretionary fund - -
8,600		 8,600
263,958 10,000
11,904		 285,862
Government grants receivable 25,669 -
-		 25,669
289,627 10,000
11,904		 311,531

- 10 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

3 Income from charitable activities

Unrestricted Unrestricted Restricted Total
general designated funds 2021
funds funds
£ £ £ £
Old Library receipts 1,645 - - 1,645
Weddings and funerals 6,036 - - 6,036
Use of church buildings 33,905 - - 33,905
Coffee shop income 37,184 - - 37,184
Rental income from Stratford St & Mary Price Close - 7,538 - 7,538
VAT recoverable under DCMS scheme 1,117 - - 1,117
79,887 7,538 - 87,425
Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £ £ £
Old Library receipts 5,379 - - 5,379
Weddings and funerals 7,233 - - 7,233
Use of church buildings 11,511 - - 11,511
Rental income from Stratford St & Mary Price Close 8,377 6,363 - 14,740
32,500 6,363 - 38,863

4 Income from investments

Bank and building society interest receivable

Unrestricted Unrestricted Restricted Total
general designated funds 2021
funds funds
£ £ £ £
1,099 - - 1,099
Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £ £ £
Bank and building society interest receivable 558 - - 558

- 11 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

5 Church activities

Church activities
Unrestricted Unrestricted Restricted Total
general designated funds 2021
funds funds
£ £ £ £
Parish share 91,086 - - 91,086
Curate’s stipend (including Er’s NI and pension) 14,228 - - 14,228
Stratford St and Mary Price Close costs - 6,602 - 6,602
Publishing and printing 6,820 - - 6,820
Clergy expenses and salary 11,825 - - 11,825
Altar, flowers, cleaning & refreshments 8,161 - - 8,161
Staff training, entertaining and clothing 2,039 - - 2,039
Staff advertising and recruitment 831 - - 831
Music costs (including organist’s wages) - 20,240 - 20,240
Wages (including Er’s NI and pension) 129,651 - - 129,651
Maintenance and repairs 65,004 - - 65,004
Nave roof repairs - - 309,408 309,408
Insurance - - 3,359 3,359
Telephone 2,512 - - 2,512
Sundry expenses 3,617 - - 3,617
Depreciation 7,930 - 6,521 14,451
Governance costs (note 7) 5,393 - - 5,393
Vicar discretionary fund - - 11,972 11,972
Donations 22,500 - 2,900 25,400
Legal, professional and consulting 14,442 - - 14,442
386,039 26,842 334,160 747,041
Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £ £ £
Parish share 91,086 - - 91,086
Curate’s stipend (including Er’s NI and pension) 14,587 - - 14,587
Stratford St and Mary Price Close costs 1,840 4,607 - 6,447
Publishing and printing 8,372 - - 8,372
Clergy expenses and salary 15,123 - - 15,123
Speaker fees and expenses 400 - - 400
Altar, flowers, cleaning & refreshments 6,051 - - 6,051
Staff training, entertaining and clothing 364 - - 364
Staff advertising and recruitment 366 - - 366
Music costs (including organist’s wages) - 27,182 - 27,182
Wages (including Er’s NI and pension) 143,976 - - 143,976
Maintenance and repairs 44,061 - - 44,061
Insurance - - 3,304 3,304
Telephone 3,076 - - 3,076
Sundry expenses 5,254 - - 5,254
Depreciation 9,129 - 8,160 17,289
Governance costs (note 7) 3,408 - - 3,408
Donations 14,721 - - 14,721
Vicar discretionary fund - - 3,875 3,875
Legal, professional and consulting 13,908 - - 13,908
375,722 31,789 15,339 422,850

- 12 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

6 Wages and salaries

The wages and salaries costs comprise:-

2021 2020
£ £
Wages (including stipend) 130,355 142,274
Social security costs 6,862 7,317
Pension costs 1,655 2,119
Government grants - (25,669)
Redundancy payments 5,007 -
────── ──────
143,879 126,041
══════ ══════
The average number of employees (full time equivalent)
during the year was:- 7 7
══════ ══════

No employee during the above years earned more than £60,000.

F Leach and K Wodehouse were trustees during the year and received sums of £nil and £440 (2020: £530 and £1,025) for services in the choir.

7 Governance costs

8

Examiner fees
Tangible fixed assets
Cost
At 1st January 2021
Additions
At 31st December 2021
Depreciation
At 1st January 2021
Charge in year
At 31st December 2021
Net book value
At 31st December 2021
At 31st December 2020		 2021
2020
£
£
5,393
3,408
═════
═════
Freehold
Fixtures &
buildings
fittings
Piano
Total
£
£
£
£
442,462
66,545
81,595
590,602
-
-
29,910
29,910
442,462
66,545
111,505
620,512
-
48,949
78,065
127,014
-
7,930
6,521
14,451
-
56,879
84,586
141,465
442,462
9,666
26,919
479,047
442,462
17,596
3,530
463,588

The freehold buildings comprise the house located at Stratford Street, and the property purchased from the Mary Price Fund to house a church worker.

- 13 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

9 Debtors 2021 2020
£ £
University grant 10,000 10,000
Owed by The De Brome Trust - 5,496
Owed by St Mary’s (PCC) Ltd 154,353 54,535
Other debtors 279,964 7,516
Prepayments 16,256 9,210
───── ─────
460,573 86,757
═════ ═════
10 Cash at bank and in hand
2021 2020
£ £
CAF cash 13,137 67,964
Nat West 162,432 37,009
───── ─────
175,569 104,973
═════ ═════
11 Creditors:Amounts falling due within one year
2021 2020
£ £
Owed to De Brome Trust 238,853 -
Other creditors - 1,359
Accruals 3,900 3,439
───── ─────
242,753 4,798
═════ ═════

- 14 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

12 Restricted funds

Vicar Faith Mary Church Care
Discretionary Piano Dev Butler Chancel in Action Price Nave roof Total
fund fund fund fund fund fund fund repairs fund
£ £ £ £ £ £ £ £ £
Balance at 1st January 2021 8,606 24,016 113,001 7,717 - 2,900 310,000
-		 466,240
Donations received 9,270 - - - 3,359 - -
552,878		 565,507
Expenditure (11,972) (6,521) - - (3,359) (2,900) - (309,408) (334,160)
______
Balance at 31st December 2021 5,904 17,495 113,001 7,717 - - 310,000
243,470		 697,587
Vicar Faith Mary
Discretionary Piano Development Butler Chancel in Action Price Total
fund fund fund fund fund fund fund fund
£ £ £ £ £ £ £ £
Balance at 1st January 2020 3,881 32,176 113,001 7,717 - 2,900 310,000
469,675
Donations received 8,600 - - - 3,304 - -
11,904
Expenditure (3,875) (8,160) - - (3,304) - -
(15,339)
Balance at 31st December 2020 8,606 24,016 113,001 7,717 - 2,900 310,000
466,240

The Piano fund comprises monies received in 2011 to 2013 for the purchase and ongoing maintenance of a new piano for the church. The fund is represented by cash for future maintenance costs.

The Development fund comprises monies received as grant funding and other donations to be used for the major development project at the Church.

The Butler fund comprises monies to be applied for ministry to students, assistance of students and the Sunday School, and is represented by cash held in savings accounts.

The Mary Price fund comprises of monies received towards the purchase of a new property to house a Church worker. The property is held in the accounts at cost at £403,769. The restricted fund of £310,000 along with unrestricted funds of £93,769 is represented by the cost of the building.

- 15 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

13 Designated funds

Stratford Street £
Balance at 1st January 2021 -
Income from Stratford Street property 7,538
Expenditure on Stratford Street property (6,602)
Transfer from general funds (936)
──────
Balance at 31st December 2021 -
══════
Stratford Street £
Balance at 1st January 2020 -
Income from Stratford Street property 6,363
Expenditure on Stratford Street property (4,607)
Transfer from general funds (1,756)
──────
Balance at 31st December 2020 -
══════

These funds are to pay for repairs to the property at Stratford Street.

Other designated funds

Balance at Balance at Income Expenditure Transferred Balance at
1/1/2021 in year in year from 31/12/2021
General
£ £ £ £ £
Music costs - 10,000 (20,240) 10,240 -
- 10,000 (20,240) 10,240 -
Balance at Income Expenditure Transferred Balance at
1/1/2020 in year in year from 31/12/2020
General
£ £ £ £ £
Music costs - 10,000 (27,182) 17,182 -
- 10,000 (27,182) 17,182 -

- 16 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

14 Analysis of net assets between funds

General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund balances at 31st December 2021 were
represented by:-
Tangible fixed assets 142,128 - 336,919 479,047
Current assets 275,474 - 360,668 636,142
Current liabilities (242,753) - - (242,753)
Total net assets 174,849 - 697,587 872,436
General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund balances at 31st December 2020 were
represented by:-
Tangible fixed assets 150,058 - 313,530 463,588
Current assets 39,020 - 152,710 191,730
Current liabilities (4,798) - - (4,798)
Total net assets 184,280 - 466,240 650,520

15 Transactions with related parties

During the year, The de Brome Trust made donations towards the following expenses, in accordance with its objects, which would otherwise have been borne by the church :-

£
Mission and outreach 8,914
Repairs 144,461
Parish share 91,086
─────
244,461
═════

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The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2021

16 Reconciliation of net movement in funds to net cash flow from operating activities

2021 2020
£ £
Net movement in funds 221,916 (71,898)
Add back depreciation charge 14,451 17,289
Deduct interest income shown in investing activities (1,099) (558)
Increase / (decrease) in debtors (373,816) 233,653
Increase/(decrease) in creditors 237,955 (149,240)
───── ─────
Net cash generated by operating activities 99,407 29,246
═════ ═════

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The University Church of St Mary the Virgin

Income and Expenditure Account for the year ended 31st December 2021

2021 2020
£ £ £ £
Income
Stewardship and planned giving 167,232 45,514
Income Tax recoverable on covenants and gift aid 11,957 8,218
Income from ancillary trading: - wedding and funeral
registration fees 6,036 7,233
- use of church buildings 33,905 11,511
Coffee shop income 37,184 -
Collections - services 2,589 6,192
- boxes 7,751 6,144
University contribution 10,000 10,000
Donations 15,397 -
Contribution by de Brome Trust 244,461 197,890
Bank and building society interest receivable 1,099 558
Old library receipts 1,645 5,379
Oriel College contribution 3,359 3,304
Vicar Discretionary Fund 9,270 8,600
Government grants receivable - 25,669
Archbishops Council Nave roof funding 408,417 -
Rental income from 22 Stratford Street 7,538 14,740
VAT recoverable under DCMS scheme 1,117 -
─────── ───────
968,957 350,952
Expenditure
Parish share (91,086) (91,086)
Curate’s Stipend (14,228) (14,587)
Clergy expenses and salary (11,825) (15,123)
Stratford St & Mary Price Close costs (6,602) (6,447)
Altar, flowers, cleaning and refreshments (8,161) (6,051)
Vicar discretionary fund (11,972) (3,875)
Music costs (including organist’s wages) (20,240) (27,182)
Staff training, entertaining and clothing (2,039) (364)
Staff advertising and recruitment (831) (366)
Wages (including Er’s NI and pension) (129,651) (143,976)
Nave roof repairs (309,408) -
Maintenance and repairs (65,004) (44,061)
Insurance (3,359) (3,304)
Telephone (2,512) (3,076)
Publishing and printing (6,820) (8,372)
Accountancy fees (5,393) (3,408)
Speaker fees and expenses
-		 (400)
Sundry expenses (including office costs) (3,617) (5,254)
Donations (25,400) (14,721)
Piano depreciation (6,521) (8,160)
Fixtures, fittings and equipment depreciation (7,930) (9,129)
Legal, professional and consulting (14,442) (13,908)
─────── ───────
(747,041) (422,850)
─────── ───────
Net surplus/(deficit) for the year 221,916 (71,898)
═══════ ═══════

This page does not form part of the statutory accounts.

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