2022-12-31-accounts - Parochial Church Council Of The Ecclesiastical Parish Of The University Church Of St Mary The Virgin

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The University Church of St Mary the Virgin

Charity number: 1130491

Unaudited Accounts

for the year ended 31st December 2022

Wenn Townsend

Chartered Accountants

Oxford

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2022

Membership
Vicar:	The Revd Canon Dr W Lamb (Chair)
Assistant Priest:	The Revd Hannah Cartwright
Associate Priests:	The Revd C Bannister-Parker
	The Revd A Ramsey
Licensed Lay Minister:	S Mortimer
Ex officio members/Trustees:	N Hardyman	- Churchwarden (Vice-Chair)
	J Greenland	- Churchwarden (resigned 24th April 2022)
	K Melham	- Churchwarden (appointed 24th April 2022)
	F Leach	- Deanery Synod, Diocesan Synod, Treasurer
	S Maugham	- Deanery Synod (resigned 24th April 2022)
	A Willington	- Deanery Synod (appointed 24th April 2022)
	J Reece	- Deanery Synod
Elected members/Trustees:	R Abernethy
	J Andrews
	T Blenkinsop
	M Chaundy	- (resigned 24th April 2022)
	T Cudbird	- (PCC Stewardship Officer)
	J Fulljames	- (appointed 24th April 2022)
	A Le Cornu	- (appointed 24th April 2022)
	M Lean
	M Lipscomb	- (resigned 24th April 2022)
	K Melham	- (resigned 24th April 2022)
	V Mort
	M Roper	- (Deputy Churchwarden)
	M Stevens	- (PCC Secretary, Safeguarding Lead)
		(appointed 24th April 2022)
	L White
	E Williams	- (Deputy Churchwarden)

- 1 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2022 (continued)

The members of the church present their annual report and the financial statements for the year ended 31st December 2022.

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 128 (2021: 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

At the beginning of the year, another strain of the Coronavirus delayed our recovery from the impact of the pandemic. Public worship continued at St Mary’s throughout the year, although the limits on numbers were gradually eased. The usual Sunday attendance increased to 154. On Easter Day, there were 220 communicants, with an overall attendance of 271. Building on the success of previous Christmas Carol Services during the pandemic, we offered an Advent Carol Service with the German Lutheran Congregation on Advent 1, followed successively by Carols on the High (with the Oxford High Street Association), Carols in the Square with the City of Oxford Silver Band (raising donations for the Oxford Winter Night Shelter), the OU Graduate Colleges Christmas Carol Service, and our own Festival of Nine Lessons and Carols. Thousands of people came to St Mary’s in the Christmas season. Thanks to a generous donation, we were able to install a new sound system with capacity for live-streaming. We continued to broadcast the main Sunday morning service for those shielding at home and for those who are housebound as well as our friends across the world. The online worship pages were accessed by 2,468 users in the course of the year. Daily Services continued throughout the year. We welcomed the following preachers of University Sermons in the course of the year: Professor Teresa Morgan, Oriel College (Latin Sermon); Baroness Ruth Hunt (Intercollegiate Service); The Revd Dr Sharon Prentis, St Mellitus College; The Rt Hon Dominic Grieve KC; The Most Revd and Rt Hon Stephen Cottrell, Archbishop of York; Chine McDonald, Director, Theos; and The Revd Dr Peniel Rajkumar, Global Theologian, USPG. In September 2022, a Service of Thanksgiving for HM Queen Elizabeth II took place at the University Church. The Chancellor, Lord Patten of Barnes, gave an address, and the Bishop of Oxford gave the blessing at the end of the service. Merton College Chapel Choir sang at the service.

- 2 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2022 (continued)

Achievements and performance (continued)

A number of events took place at St Mary’s in the course of the year. In May, we welcomed Professor Alec Ryrie, University of Durham, as the Bampton Lecturer. In the Michaelmas Term, we offered a series of lectures entitled ‘A Question of Character.’ The weekly programme of Bible study, the Poetry Workshop and a Theological Reading Group continued. We hosted a session on ‘Human Flourishing’ with Professor Andrew Briggs and Kathy Sykes, presented of BBC hit Rough Science. The Vicar introduced a series of popular Candlelit Tours for visitors and members of the University. We staged a series of successful exhibitions, including Luke Jerram’s Gaia (in partnership with the Oxford Festival of the Arts), the photography of Thomas Merton (curated by Esther de Waal). The latter was reviewed in The Tablet. We also reviewed our communications and began to publish a quarterly What’s On to showcase the many events and activities taking place at the University Church.

In the course of the year, we have benefitted from the assistance of the following clergy: the Revd Julia Baldwin, 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 Canon John Record, the Revd Donald Reece, and the Revd Sue Stevens. In addition, we welcomed a number of ordinands from Ripon College Cuddesdon, St Stephen’s House and Wycliffe Hall in the course of the year.

In March 2022, work on the replacement of the Nave Roof and repairs to the South Clerestory stonework was completed. 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. A 20 year lease on the Old Congregation House was agreed between the Diocesan Trust, the Parochial Church Council and the University of Oxford. The PCC has worked with a catering consultant to review the catering arrangements for fine dining. In October 2022, the PCC appointed new accredited caterers. The PCC has also sought to engage Mr William Pouget in an ongoing conversation about his continued occupation of the ground floor of the Old Congregation House. The Faith in Action Committee has continued to support the work of the Green Team, Asylum Welcome and Christian Aid.

Plans for the Future

Members of the PCC attended a number of meetings in the course of the year, as well as an Away Day at Christ Church, to review our plans for the future. A new Vision and Strategy document has been drafted and the priorities identified will set the agenda for 2023 onwards.

Financial review

During the year, the University Church received income of £761,530 (2021: £968,957). The regular income of the church arises from the use of church buildings and donations. Expenditure during the year totalled £1,178,323 (2021: £747,041) resulting in a deficit of £416,793 (2021: surplus of £221,916). The general fund showed an accumulated surplus of £121,666 (2021: £174,849).

Reserves policy

It is the policy of this church to hold in reserves the equivalent of three months general running costs (approximately £190k). This policy will be reviewed every twelve months.

The PCC note that, at present, we have £14,712 in negative free reserves but have agreed a plan with the Trustees of the De Brome Trust, a related charity, to build reserves to the level required during 2023.

Approved by the Trustees on 18th April 2023 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 2022 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:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.

B Hayes BSc FCA Partner Wenn Townsend Chartered Accountants Oxford

18th April 2023

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The University Church of St Mary the Virgin

Statement of Financial Activities for the year ended 31st December 2022

		Unrestricted	Unrestricted	Restricted	Totals	Unrestricted	Unrestricted	Restricted	Totals
	Note	General	Designated	Funds	2022	General	Designated	Funds	2021
		Funds	Funds			Funds	Funds
		£	£	£	£	£	£	£	£
Income and endowments from:
Donations and legacies
Donations and legacies	2	349,644	25,500	9,519	384,663	289,529	10,000	565,507	865,036
Charitable activities	3	376,598	-	-	376,598	95,284	7,538	-	102,822
Interest received	4	269	-	-	269	1,099	-	-	1,099
Total income		726,511	25,500	9,519	761,530	385,912	17,538	565,507	968,957
Expenditure:
Church activities	5	867,037	48,445	262,841	1,178,323	386,039	26,842	334,160	747,041
Total expenditure		867,037	48,445	262,841	1,178,323	386,039	26,842	334,160	747,041
Net income/(expenditure)		(140,526)	(22,945)	(253,322)	(416,793)	(127)	(9,304)	231,347	221,916
Transferred between funds	12/13	87,343	22,945	(110,288)	-	(9,304)	9,304	-	-
Net movement in funds		(53,183)	-	(363,610)	(416,793)	(9,431)	-	231,347	221,916
Reconciliation of funds:
Total funds brought forward
at 1st January 2022		174,849	-	697,587	872,436	184,280	-	466,240	650,520
Total funds carried forward at
31st December 2022		121,666	-	333,977	455,643	174,849	-	697,587	872,436

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

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The University Church of St Mary the Virgin

Balance Sheet At 31st December 2022

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/(liabilities) Net assets Funds Restricted 12 Unrestricted - general - designated 13 Total funds	£ 48,643 44,931 _ 93,574 (108,237) _	2022 £ 470,306 (14,663) _ 455,643 ═════ 333,977 121,666 - _ 455,643 ═════	£ 460,573 175,569 _ 636,142 (242,753) _

These accounts were approved by the trustees at a meeting held on 18th April 2023 and signed on their behalf by:

F Leach

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

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The University Church of St Mary the Virgin

Statement of Cash Flows for the year ended 31st December 2022

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	269 - _	2022 £ (130,907) 269 _ (130,638) 175,569 _ 44,931 ═════	1,099 (29,910) _	2021 £ 99,407 (28,811) _ 70,596 104,973 _ 175,569 ═════

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The University Church of St Mary the Virgin

Notes to the accounts

for the year ended 31st December 2022

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 2022

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.

- 9 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2022

2 Donations

Donations
	Unrestricted	Unrestricted	Restricted	Total
	general	designated	funds	2022
	funds	funds
	£	£	£	£
Stewardship and planned giving	133,820	-	1,852	135,672
Income tax recoverable on covenants and gift aid	7,601	-	-	7,601
Collections - services	10,461	-	-	10,461
- boxes	14,119	-	-	14,119
Legacies	28,139	-	-	28,139
Contribution from the de Brome Trust	151,852	-	-	151,852
Recurring grant (from University)	-	25,500	-	25,500
Oriel contribution for Chancel insurance	-	-	1,667	1,667
Vicar discretionary fund	-	-	6,000	6,000
Parish Giving	3,652	-	-	3,652
	349,644	25,500	9,519	384,663

	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
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
	289,529	10,000	565,507	865,036

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The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2022

3 Income from charitable activities

	Unrestricted	Unrestricted	Restricted	Total
	general	designated	funds	2022
	funds	funds
	£	£	£	£
Old Library receipts	18,279	-	-	18,279
Weddings and funerals	14,391	-	-	14,391
Use of church buildings	93,934	-	-	93,934
Coffee shop income	102,735	-	-	102,735
Rental income from Stratford St & Mary Price Close	14,719	-	-	14,719
VAT recoverable under DCMS scheme	132,540	-	-	132,540
	376,598	-	-	376,598
	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	15,397	7,538	-	22,935
VAT recoverable under DCMS scheme	1,117	-	-	1,117
	95,284	7,538	-	102,822

4 Income from investments

	Unrestricted	Unrestricted	Restricted	Total
	general	designated	funds	2022
	funds	funds
	£	£	£	£
Bank and building society interest receivable	269	-	-	269
	Unrestricted	Unrestricted	Restricted	Total
	general	designated	funds	2021
	funds	funds
	£	£	£	£
Bank and building society interest receivable	1,099	-	-	1,099

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The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2022

5 Church activities

Church activities
	Unrestricted	Unrestricted	Restricted	Total
	general	designated	funds	2022
	funds	funds
	£	£	£	£
Parish share	92,179	-	-	92,179
Curate’s stipend (including Er’s NI and pension)	39,913	-	-	39,913
Stratford St and Mary Price Close costs	-	6,492	-	6,492
Publishing and printing	13,562	-	-	13,562
Clergy expenses and salary	2,399	-	-	2,399
Speaker fees and expenses	1,451	-	-	1,451
Altar, flowers, cleaning & refreshments	29,107	-	-	29,107
Staff training, entertaining and clothing	3,776	-	-	3,776
Staff advertising and recruitment	2,034	-	-	2,034
Volunteer expenses	2,047	-	-	2,047
Music costs (including organist’s wages)	-	41,953	-	41,953
Wages (including Er’s NI and pension)	153,903	-	-	153,903
Maintenance and repairs	237,439	-	-	237,439
Nave roof repairs	234,645	-	243,470	478,115
Insurance	-	-	4,380	4,380
Telephone	1,997	-	-	1,997
Sundry expenses	1,552	-	-	1,552
Depreciation	5,750	-	2,991	8,741
Governance costs (note 7)	6,571	-	-	6,571
Vicar discretionary fund	-	-	10,148	10,148
Donations	7,243	-	1,852	9,095
Legal, professional and consulting	31,469	-	-	31,469
	867,037	48,445	262,841	1,178,323

	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

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The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2022

6 Wages and salaries

The wages and salaries costs comprise:-

The wages and salaries costs comprise:-
	2022	2021
	£	£
Wages (including stipend)	173,388	130,355
Social security costs	8,458	6,862
Pension costs	11,970	1,655
Redundancy payments	-	5,007
	──────	──────
	193,816	143,879
	══════	══════
The average number of employees (full time equivalent)
during the year was:-	17	7
	══════	══════

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

The trustees neither received or waived any remuneration or expenses during the year. K Wodehouse was a trustee during the prior year, and received £400 for services in the choir.

7 Governance costs

8

Examiner fees Tangible fixed assets Cost At 1st January 2022 Additions At 31st December 2022 Depreciation At 1st January 2022 Charge in year At 31st December 2022 Net book value At 31st December 2022 At 31st December 2021	2022 2021 £ £ 6,571 5,393 ═════ ═════ Freehold Fixtures & buildings fittings Piano Total £ £ £ £ 442,462 66,545 111,505 620,512 - - - - 442,462 66,545 111,505 620,512 - 56,879 84,586 141,465 - 5,750 2,991 8,741 - 62,629 87,577 150,206 442,462 3,916 23,928 470,306 442,462 9,666 26,919 479,047

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

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The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2022

9	Debtors	2022	2021
		£	£
	University grant	10,000	10,000
	Owed by St Mary’s (PCC) Ltd	-	154,353
	Other debtors	38,643	279,964
	Prepayments	-	16,256
		─────	─────
		48,643	460,573
		═════	═════
10	Cash at bank and in hand
		2022	2021
		£	£
	CAF cash	26,476	13,137
	Nat West	18,455	162,432
		─────	─────
		44,931	175,569
		═════	═════
11	Creditors:Amounts falling due within one year
		2022	2021
		£	£
	Owed to De Brome Trust	65,342	238,853
	Owed to St Mary’s (PCC) Ltd	37,158	-
	Other creditors	1,637	-
	Accruals	4,100	3,900
		─────	─────
		108,237	242,753
		═════	═════

- 14 -

The University Church of St Mary the Virgin

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

12 Restricted funds

Balance at 1st January 2022
Donations received
Expenditure
Transfers
Balance at 31st December 2022
Balance at 1st January 2021
Donations received
Expenditure
Balance at 31st December 2021 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
£
£
£
£
£
£
£
£
£
5,904
17,495
113,001
7,717
-
-
310,000
243,470
697,587
6,000
-
-
-
1,667
1,852
-
-
9,519
(10,148)
(2,991)
-
-
(4,380)
(1,852)
-
(243,470)
(262,841)
-
-
(113,001)
-
2,713
-
-
-
(110,288)
______
1,756
14,504
-
7,717
-
-
310,000
-
333,977
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
£
£
£
£
£
£
£
£
£
8,606
24,016
113,001
7,717
-
2,900
310,000
-
466,240
9,270
-
-
-
3,359
-
-
552,878
565,507
(11,972)
(6,521)
-
-
(3,359)
(2,900)
-
(309,408) (334,160)
______
5,904
17,495
113,001
7,717
-
-
310,000
243,470
697,587

The Vicar’s Discretionary fund comprises income from research and other fees received by the Vicar and its use is delegated to him by the PCC.

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 comprised monies received as grant funding and other donations to be used for the major development project at the Church. Its balance comprised retention monies received back in 2016 as part of an HLF project. These costs had been covered by the charity’s general funds in previous years. The trustees have reviewed the information and advice from the accountants and decided to close the fund by transferring the balance to general funds.

The Chancel fund comprises monies received from Oriel College to insure the Chancel.

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.

The Faith in Action fund comprises donations to specific charitable causes that are made through the church funds each year. These are distributed to the relevant charities as directed by the Faith in Action committee.

The Church Care Nave Roof Repairs fund comprised monies received as grant funding through the Archbishops' Council as part of the Culture Recovery Fund for the replacement of the Nave roof. The works were completed in 2022 and the fund is now closed.

- 15 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2022

13 Designated funds

Stratford Street	£
Balance at 1st January 2022	-
Income from Stratford Street property	-
Expenditure on Stratford Street property	(6,492)
Transfer from general funds	6,492
	──────
Balance at 31st December 2022	-
	══════
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	-
	══════

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
	1/1/2022		in year	in year	from	31/12/2022
					General
		£	£	£	£	£
Music costs		-	25,500	(41,953)	16,453	-
		-	25,500	(41,953)	16,453	-
	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	-

- 16 -

The University Church of St Mary the Virgin

Notes to the accounts (continued)

for the year ended 31st December 2022

Analysis of net assets between funds
	General	Designated	Restricted	Total
	Funds	Funds	Funds	Funds
	£	£	£	£
Fund balances at 31st December 2022 were
represented by:-
Tangible fixed assets	136,378	-	333,928	470,306
Current assets	93,525	-	49	93,574
Current liabilities	(108,237)	-	-	(108,237)
Total net assets	121,666	-	333,977	455,643
	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

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 :-

Repairs

151,852 ═════

- 17 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2022

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

	2022	2021
	£	£
Net movement in funds	(416,793)	221,916
Add back depreciation charge	8,741	14,451
Deduct interest income shown in investing activities	(269)	(1,099)
Decrease / (increase) in debtors	411,930	(373,816)
Increase/(decrease) in creditors	(134,516)	237,955
	─────	─────
Net cash generated by operating activities	(130,907)	99,407
	═════	═════

- 18 -

The University Church of St Mary the Virgin

Income and Expenditure Account for the year ended 31st December 2022

			2022		2021
		£	£	£	£
Income
Stewardship and planned giving			135,672		167,232
Income Tax recoverable on covenants and gift aid			7,601		11,957
Income from ancillary trading:	- wedding and funeral fees		14,391		6,036
	- use of church buildings		93,934		33,905
Coffee shop income			102,735		37,184
Collections - services			10,461		2,589
- boxes			14,119		7,751
University contribution			25,500		10,000
Legacies			28,139		-
Contribution by de Brome Trust			151,852		244,461
Bank and building society interest receivable			269		1,099
Old library receipts			18,279		1,645
Oriel College contribution			1,667		3,359
Vicar Discretionary Fund			6,000		9,270
Parish giving			3,652		-
Archbishops Council Nave roof	funding		-		408,417
Rental income from 22 Stratford Street / Mary Price Close			14,719		22,935
VAT recoverable under DCMS scheme			132,540		1,117
			───────		───────
			761,530		968,957
Expenditure
Parish share		(92,179)		(91,086)
Curate’s Stipend		(39,913)		(14,228)
Clergy expenses and salary		(2,399)		(11,825)
Stratford St & Mary Price Close	costs	(6,492)		(6,602)
Altar, flowers, cleaning and refreshments		(29,107)		(8,161)
Vicar discretionary fund		(10,148)		(11,972)
Music costs (including organist’s wages)		(41,953)		(20,240)
Staff training, entertaining and clothing		(3,776)		(2,039)
Staff advertising and recruitment		(2,034)		(831)
Wages (including Er’s NI and pension)		(153,903)		(129,651)
Volunteer expenses		(2,047)		-
Nave roof repairs		(243,470)		(309,408)
Maintenance and repairs		(472,084)		(65,004)
Insurance		(4,380)		(3,359)
Telephone		(1,997)		(2,512)
Publishing and printing		(13,562)		(6,820)
Accountancy fees		(6,571)		(5,393)
Speaker fees and expenses		(1,451)		-
Sundry expenses (including office costs)		(1,552)		(3,617)
Donations		(9,095)		(25,400)
Piano depreciation		(2,991)		(6,521)
Fixtures, fittings and equipment	depreciation	(5,750)		(7,930)
Legal, professional and consulting		(31,469)		(14,442)
		───────		───────
			(1,178,323)		(747,041)
			───────		───────
Net surplus/(deficit) for the year			(416,793)		221,916
			═══════		═══════

This page does not form part of the statutory accounts.

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