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← Parochial Church Council Of The Ecclesiastical Parish Of The University Church Of St Mary The Virgin

2023-12-31-accounts

The University Church of St Mary the Virgin

Charity number: 1130491

Unaudited Accounts

for the year ended 31st December 2023

Wenn Townsend

Chartered Accountants

Oxford

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2023

Membership
Vicar: The Revd Canon Dr W Lamb (Chair)
Associate Vicar: The Revd H Cartwright
Associate Priests: The Revd Canon Dr C Bannister-Parker (resigned 31 December 2023)
The Revd A Ramsey
The Revd N Gardom - (appointed on 01 July 2023)
Licensed Lay Minister: S Mortimer -
Ex officio members/Trustees: N Hardyman - Churchwarden (Vice-Chair)
K Melham - Churchwarden
F Leach - Deanery Synod, Diocesan Synod, Treasurer
A Willington - Deanery Synod
J Reece - Deanery Synod (resigned 30 April 2023)
J Fordham - Deanery Synod (elected 30 April 2023)
Elected members/Trustees: R Abernethy
J Andrews
T Blenkinsop
T Cudbird - (PCC Stewardship Officer)
(resigned 30 April 2023)
J Fulljames - (resigned 30 April 2023)
A Hardiman - (elected 30 April 2023)
H Harrison - (elected 30 April 2023)
M Lean
A Le Cornu - (elected 30 April 2023)
V Mort
M Roper - (Deputy Churchwarden)
M Stevens - (PCC Secretary, Safeguarding Lead)
L White - (resigned 21 November 2023)
E Williams - (Deputy Churchwarden)
Co-opted members/Trustees: K MacRitchie - (co-opted 18 April 2023)
W Stephenson - (co-opted 18 April 2023)

- 1 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2023 (continued)

The members of the church present their annual report and the financial statements for the year ended 31st December 2023.

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 incumbent, 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 129 (2022: 128).

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

Following consultation with the University and the Diocese, the Parochial Church Council approved a new Vision and Strategy, entitled Faith Seeking Understanding in order to give expression to its mission and ministry. The document articulated the Church’s mission in relation to five areas of activity:

These five areas of activity provide a necessary focus and starting point for this report.

- 2 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2023 (continued)

Achievements and performance (continued)

Worship

Public worship continued at St Mary’s throughout the year, and attendance figures continued to recover following the Coronavirus pandemic. The usual Sunday attendance increased to 183, although the numbers of children and young people remain low. During Holy Week, we welcomed the Revd Canon Dr Dan Inman, Canon Chancellor, Chichester Cathedral, as our Holy Week Preacher. On Easter Day, there were 263 communicants, with an overall attendance of 518. The University Church hosted the Ordination of Priests for the Oxford Area, and a University Service to mark the Coronation of HM King Charles III. The Chancellor, Lord Patten of Barnes, gave an address, and the Bishop of Oxford gave the blessing at the end of the service. In the course of the year, we welcomed the following preachers of University Sermons: The Revd Max Kramer, Chaplain and Fellow, Keble College; Dr Janina Ramirez, Research Fellow, Harris Manchester College; Roxanna Panufnik, Composer; Dr Catherine Wilcox, Novelist; The Revd Dr Elenie Poulos, Adjunct Fellow, Macquarie University, Australia; The Revd Dr Mariama Ifode-Blease, Assistant Curate, St James’, Piccadilly; The Very Revd Dr Ian S Markham, Dean and President, Virginia Theological Seminary, Alexandria, VA. At Christmas, we welcomed 730 people to St Mary’s on Christmas Eve and Christmas Day. In addition, we continued to livestream all Sunday services. Daily Services continued throughout the year. The number of Choral Services has increased in the course of the year under the able direction of Robert Howarth, Director of Music. In the course of the year, we have benefitted from the assistance of the following clergy: 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 Canon John Record, and the Revd Sue Stevens. In addition, we welcomed a number of ordinands from Ripon College Cuddesdon, and Wycliffe Hall in the course of the year. In July, we welcomed the Revd Naomi Gardom to the team as Assistant Curate.

Learning

In 2023, we formed a collaboration with Stile Antico as our ‘artists-in-residence’. They led a successful Come and Sing workshop in March to celebrate the four hundredth anniversary of the death of the Elizabethan composer, William Byrd. In March, we welcomed Professor Siobhan Garrigan, Loyola Chair of Theology, Trinity College, Dublin, to give a lecture ‘Christian Imaginings of Home: Political Theology after Nationalism’ in conjunction with the Blavatnik School of Government. In May, we welcomed the Revd Dr Willie James Jennings, Yale Divinity School, as our Bampton Lecturer. Professor Jennings gave a series of lectures entitled, ‘Jesus and the Displaced: Christology and the Redemption of Habitation’. Termly Bible Studies, the Sunday Forum and also a series of short talks provided learning opportunities for the congregation. The Poetry Hour drew a circle of poets and others from a broad cross section of Oxford life. Termly workshops at the Ashmolean Museum enabled participants to explore the Christian animation of Western art and culture. Our children’s work benefitted from additional training in Godly Play and the institution of a series of Family Craft and Activity Days. For the duration of Trinity Term, the Vicar went to the United States on sabbatical.

Hospitality

The year began with an exhibition of Ukrainian Icons in the De Brome Chapel. Entitled ‘Icons on Ammo Boxes’, the exhibition provoked reflection on the conflict in Ukraine and raised money to purchase an ambulance and provide humanitarian relief for casualties in the conflict. In Lent, the ‘Passion and Compassion’ exhibition returned. In the course of 2023, our Thursday free lunchtime recitals became firmly established. In July, in collaboration with the Oxford Festival of the Arts, we hosted a Lux Muralis son-et-lumiere exhibition, entitled Renaissance. We offered a rich range of concerts in collaboration with Stile Antico, our artists-in-residence, the Oxford Symphonia, and the Oxford International Song Festival. In May, St Mary’s played its part in helping to host the Annual Interfaith Friendship Walk.

Following the commissioning of a Feasibility Study, the PCC appointed a Project Board to oversee the renovation of the café, increased accessibility, and the enhancement of the public realm. The Diocesan Advisory Committee reviewed our plans positively in consultation with Historic England and the Church Buildings Council. In May 2023, the PCC served notice to determine the licence of the current licensee on the ground floor of the Old Congregation House on 31st August 2023. This followed repeated attempts at negotiation. The PCC has paid careful attention to legal advice in the course of the dispute which has ensued.

- 3 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2023 (continued)

Achievements and performance (continued)

Justice

The Faith in Action Committee has continued to raise funds for worthy causes, including Oxfam, the parish of Littlemore, the Oxford Food Hub, Oxford Community Action, The Gatehouse and Hidden Spire. We also marked the end of the Christian Aid project to help fund the Nandolo Farmers Project. In the autumn, we marked Black History Month with the Resolved to Serve exhibition, celebrating Black culture and its influence in the Church today. In the course of the year, we hosted Sunday Forums on Homelessness, Literacy and the ‘Levelling-up’ Agenda, Cyber Security, and issues of gender identity.

Creation

In March 2023, the PCC was awarded a Silver Award as part of the A Rocha Eco-Church scheme. The Friends of Holywell Cemetery continue to facilitate Gardening Days, and the Green Team has installed a series of Bird Boxes within the Cemetery. On 17 May 2023, Holywell Cemetery was closed to further burials (with some exceptions) by Order of Council. The local authority has now taken responsibility for maintenance of the site in accordance with the provisions of section 215 of the Local Government Act 1972.

Plans for the Future

Our plans for the future are clearly articulated in our Vision and Strategy document. We have been particularly attentive in our plans to building up our work with families, children and schools, and ensuring that we continue to maintain and enhance our Grade 1 listed building so that it can be enjoyed by future generations.

Financial review

During the year, the University Church received income of £725,940 (2022: £761,530). The regular income of the church arises from the use of church buildings and donations. Expenditure during the year totalled £720,592 (2022: £1,178,323) resulting in a surplus of £5,348 (2022: deficit of £416,793). The general fund showed an accumulated surplus of £94,568 (2022: surplus of £121,666).

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 c£95k of 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 2024.

Approved by the Trustees on 16[th] April 2024 and signed on their behalf by:

…………………………………………

F Leach

- 4 -

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 2023 which are set out on pages 6 to 19.

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.

B Hayes BSc FCA Partner Wenn Townsend Chartered Accountants Oxford

16[th] April 2024

- 5 -

The University Church of St Mary the Virgin

Statement of Financial Activities for the year ended 31st December 2023

Unrestricted Unrestricted Restricted Totals Unrestricted Unrestricted Restricted Totals
Note General Designated Funds 2023 General Designated Funds 2022
Funds Funds Funds Funds
£ £ £ £ £ £ £ £
Income and endowments from:
Donations and legacies
Donations and legacies 2 466,228 10,000 24,320 500,548 349,644 25,500 9,519 384,663
Charitable activities 3 224,929 - - 224,929 376,598 - - 376,598
Interest received 4 463 - - 463 269 - - 269
Total income 691,620 10,000 24,320 725,940 726,511 25,500 9,519 761,530
Expenditure:
Church activities 5 645,497 54,944 20,151 720,592 867,037 48,445 262,841 1,178,323
Total expenditure 645,497 54,944 20,151 720,592 867,037 48,445 262,841 1,178,323
Net income/(expenditure) 46,123 (44,944) 4,169 5,348 (140,526) (22,945) (253,322) (416,793)
Transferred between funds 12/13 (73,221)
44,944		 28,277 - 87,343 22,945 (110,288) -
Net movement in funds (27,098)
-		 32,446 5,348 (53,183) - (363,610) (416,793)
Reconciliation of funds:
Total funds brought forward
at 1st January 2023 121,666 - 333,977 455,643 174,849 - 697,587 872,436
Total funds carried forward at
31st December 2023 94,568 - 366,423 460,991 121,666 - 333,977 455,643

The notes on pages 9 to 19 form an integral part of these accounts.

- 6 -

The University Church of St Mary the Virgin

Balance Sheet At 31st December 2023

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		 £
25,332
62,397
_
87,729
(90,137)
_		 2023
£
463,399
(2,408)
_
460,991
═════
366,423
94,568
-
_
460,991
═════		 £
48,643
44,931
_
93,574
(108,237)
_

These accounts were approved by the trustees at a meeting held on 16[th] April 2024 and signed on their behalf by:

F Leach

The notes on pages 9 to 19 form an integral part of these accounts.

- 7 -

The University Church of St Mary the Virgin

Statement of Cash Flows for the year ended 31st December 2023

Net cash generated by
operating activities (note 16)
Cash flows from investing activities:
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 463
_


 2023
£
17,003
463
_
17,466
44,931
_
62,397
═════		 269
_		 2022
£
(130,907)
269
_
(130,638)
175,569
_
44,931
═════

- 8 -

The University Church of St Mary the Virgin

Notes to the accounts

for the year ended 31st December 2023

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.

- 9 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

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.

- 10 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

2 Donations

Donations
Unrestricted Unrestricted Restricted Total
general designated funds 2023
funds funds
£ £
£		 £
Stewardship and planned giving 32,277 -
4,546		 36,823
Income tax recoverable on covenants and gift aid 8,013 -
-		 8,013
Collections - services 13,087 -
-		 13,087
- boxes 16,414 -
-		 16,414
Legacies 15,000 -
-		 15,000
Contribution from the de Brome Trust 376,001 -
-		 376,001
Recurring grant (from University) - 10,000
-		 10,000
Oriel contribution for Chancel insurance - -
1,774		 1,774
Parish Giving 5,436 -
-		 5,436
Other donations - -
18,000		 18,000
466,228 10,000
24,320		 500,548
Unrestricted Unrestricted Restricted Total
general designated funds 2022
funds funds
£ £
£		 £
Stewardship and planned giving 33,820 -
-		 33,820
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
Other donations 100,000 -
1,852		 101,852
349,644 25,500
9,519		 384,663

- 11 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

3 Income from charitable activities

Unrestricted Unrestricted Restricted Total
general designated funds 2023
funds funds
£ £ £ £
Old Library receipts 26,935 - - 26,935
Weddings and funerals 26,475 - - 26,475
Use of church buildings 53,699 - - 53,699
Coffee shop income 86,800 - - 86,800
Rental income from Stratford St & Mary Price Close 14,570 - - 14,570
VAT recoverable under DCMS scheme 16,450 - - 16,450
224,929 - - 224,929
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

4 Income from investments

Unrestricted Unrestricted Restricted Total
general designated funds 2023
funds funds
£ £ £ £
Bank and building society interest receivable 463 - - 463
Unrestricted Unrestricted Restricted Total
general designated funds 2022
funds funds
£ £ £ £
Bank and building society interest receivable 269 - - 269

- 12 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

5 Church activities

Church activities
Unrestricted Unrestricted Restricted Total
general designated funds 2023
funds funds
£ £ £ £
Parish share 95,335 - - 95,335
Curate’s stipend (including Er’s NI and pension) 39,484 - - 39,484
Stratford St and Mary Price Close costs - (1,093) - (1,093)
Publishing and printing 18,778 - - 18,778
Clergy expenses and salary 1,394 - - 1,394
Speaker fees and expenses 693 - - 693
Altar, flowers, cleaning & refreshments 33,443 - - 33,443
Staff training, entertaining and clothing 1,689 - - 1,689
Staff advertising and recruitment 3,444 - - 3,444
Volunteer expenses 734 - - 734
Old Congregation House 10,867 - - 10,867
Clergy housing 14,800 - - 14,800
Music costs (including organist’s wages) - 56,037 - 56,037
Wages (including Er’s NI and pension) 166,495 - - 166,495
Maintenance and repairs 185,260 - - 185,260
Insurance - - 4,051 4,051
Telephone 2,941 - - 2,941
Sundry expenses 1,315 - - 1,315
Depreciation 3,916 - 2,991 6,907
Governance costs (note 7) 6,352 - - 6,352
Vicar discretionary fund - - 4,563 4,563
Donations 784 - 8,546 9,330
Legal, professional and consulting 57,773 - - 57,773
645,497 54,944 20,151 720,592
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

- 13 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

6 Wages and salaries

The wages and salaries costs comprise:-

The wages and salaries costs comprise:-
2023 2022
£ £
Wages (including stipend) 186,958 173,388
Social security costs 8,885 8,458
Pension costs 10,136 11,970
────── ──────
205,979 193,816
══════ ══════
The average number of employees (full time equivalent)
during the year was:- 17 17
══════ ══════

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

The trustees neither received or waived any remuneration or expenses during the year.

7 Governance costs

Examiner fees
Tangible fixed assets
Cost
At 1st January 2023
Additions
At 31st December 2023
Depreciation
At 1st January 2023
Charge in year
At 31st December 2023
Net book value
At 31st December 2023
At 31st December 2022		 2023
2022
£
£
6,352
6,571
═════
═════
Freehold
Fixtures &
buildings
fittings
Piano
Total
£
£
£
£
442,462
66,545
111,505
620,512
-
-
-
-
442,462
66,545
111,505
620,512
-
62,629
87,577
150,206
-
3,916
2,991
6,907
-
66,545
90,568
157,113
442,462
-
20,937
463,399
442,462
3,916
23,928
470,306

8 Tangible fixed assets

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

- 14 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

9 Debtors 2023 2022
£ £
University grant 10,000 10,000
Other debtors 15,332 38,643
───── ─────
25,332 48,643
═════ ═════
10 Cash at bank and in hand
2023 2022
£ £
CAF cash 23,809 26,476
Nat West 38,588 18,455
───── ─────
62,397 44,931
═════ ═════
11 Creditors:Amounts falling due within one year
2023 2022
£ £
Owed to De Brome Trust 34,988 65,342
Owed to St Mary’s (PCC) Ltd 23,364 37,158
Other creditors 27,685 1,637
Accruals 4,100 4,100
───── ─────
90,137 108,237
═════ ═════

- 15 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

12 Restricted funds


Balance at 1st January 2023
Donations received
Expenditure
Transfers

Balance at 31st December 2023

Balance at 1st January 2022
Donations received
Expenditure
Transfers
Balance at 31st December 2022		 Vicar
Faith
Mary
Children
Discretionary
Piano
Butler
Chancel
in Action
Price
Book
Workers
Total
fund
fund
fund
fund
fund
fund
fund
fund
fund
£
£
£
£
£
£
£
£
£
1,756
14,504
7,717
-
-
310,000
-
-
333,977
-
-
-
1,774
4,546
-
3,000
15,000
24,320
(4,563)
(2,991)
-
(4,051)
(8,546)
-
-
-
(20,151)
6,000
-
(7,717)
2,277
5,000
-
-
22,717
28,277
______
3,193
11,513
-
-
1,000
310,000
3,000
37,717
366,423
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

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 trustees, gratefully acknowledging the support that the Butler fund has given over the years, have decided to apportion the balance to The Children Workers Fund, in accordance with the terms of the original donation, and close the Butler fund.

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.

The Book Fund comprises monies donated to enable the Bodleian Library to be commissioned to publish an architectural history of the Church.

The Children Workers Fund is to provide funds for a ‘children in schools’ outreach worker.

- 16 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

13 Designated funds

Stratford Street £
Balance at 1st January 2023 -
Income from Stratford Street property
-
Expenditure on Stratford Street property 1,093
Transfer from general funds (1,093)
──────
Balance at 31st December 2023 -
══════
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 -
══════

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
1/1/2023 in year in year from 31/12/2023
General
£ £ £ £ £
Music costs - 10,000 (56,037) 46,037 -
- 10,000 (56,037) 46,037 -
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 -

- 17 -

The University Church of St Mary the Virgin

Notes to the accounts (continued)

for the year ended 31st December 2023

14 Analysis of net assets between funds
General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund balances at 31st December 2023 were
represented by:-
Tangible fixed assets 132,462 - 330,937 463,399
Current assets 52,243 - 35,486 87,729
Current liabilities (90,137) - - (90,137)
Total net assets 94,568 - 366,423 460,991
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

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 :-

£
Maintenance and repairs 276,001
Wages 100,000
─────
376,001
═════

- 18 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2023

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

2023 2022
£ £
Net movement in funds 5,348 (416,793)
Add back depreciation charge 6,907 8,741
Deduct interest income shown in investing activities (463) (269)
Decrease in debtors 23,311 411,930
Decrease in creditors (18,100) (134,516)
───── ─────
Net cash generated/(used in) operating activities 17,003 (130,907)
═════ ════

- 19 -