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

2024-12-31-accounts

The University Church of St Mary the Virgin

Charity number: 1130491

Unaudited Accounts for the year ended 31st December 2024

Wenn Townsend

Chartered Accountants

Oxford

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2024

Membership
Vicar: The Revd Canon Dr W Lamb (Chair)
Associate Vicar: The Revd H Cartwright
Associate Priests: The Revd A Ramsey
The Revd N Gardom
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 (resigned 12 July 2024)
J Fordham - Deanery Synod (resigned 28 April 2024)
R Nascimento - Deanery Synod (elected 28 April 2024)
Elected members/Trustees: R Abernethy
J Andrews
T Blenkinsop
E de Waal - (elected 28 April 2024)
A Hardiman
H Harrison
L Jarvis - (elected 28 April 2024)
M Lean - (resigned 28 April 2024)
A Le Cornu
V Mort - (resigned 28 April 2024)
E Pritchard - (elected 28 April 2024)
M Roper - (Deputy Churchwarden)
M Stevens - (PCC Secretary, Safeguarding Lead)
E Williams - (Deputy Churchwarden)
Co-opted members/Trustees: K MacRitchie - (coopted 7 May 2024)
W Stephenson - (coopted 7 May 2024)

- 1 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2024 (continued)

The members of the church present their annual report and the financial statements for the year ended 31st December 2024.

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 133 (2023: 129).

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

In 2023, 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 2024 (continued)

Achievements and performance (continued)

The Desire for God

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 207, although the numbers of children and young people remain low. During Holy Week, we welcomed the Revd Professor Katherine Sonderegger, William Meade Chair in Systematic Theology at Virginia Theological Seminary, as our Holy Week Preacher. On Easter Day, there were 283 communicants, with an overall attendance of 572. Volunteer groups have grown and are more diverse. In April, we hosted Armenian Vespers for the Armenian Community in Oxford, an ANZAC Day Service in collaboration with the University’s Australia and New Zealand Society, and we offered hospitality to the the University’s Catholic Chaplaincy, hosting a Roman Catholic Mass at which Fr Damian Howard SJ, the Catholic Chaplain, presided. The German Congregation continues to flourish and the German Congregation have elected a Steward who liaise with the staff team at St Mary’s. In the course of the year, we welcomed the following preachers of University Sermons: Dr Tristan Franklinos, Oriel College; the Very Revd Dr Mark Oakley, Dean of Southwark; Jeanette Winterson, Novelist; Professor Helen Moore, President, Corpus Christi College; Mr Stephen Beresford, Playwright; Dr Kathryn Murphy, Fellow, Oriel College; The Very Revd Professor Jane Shaw, Pro-Vice-Chancellor and Principal, Harris Manchester College. At Christmas, we welcomed 781 people to St Mary’s on Christmas Eve and Christmas Day.

Usual Sunday attendance has increased by 44% since 2017. In addition, we continued to livestream all Sunday services. Daily Services continued throughout the year. Choral Services have established a regular pattern in the course of the year under the able direction of Robert Howarth, Director of Music. Choral Evensong continued through July and August. In the course of the year, we have benefitted from the assistance of the following clergy: The Revd Dr Jane Baun, The Revd Stephanie Burette, The Revd Dr John Findon, The Revd Canon Bruce Kinsey, The Revd Max Kramer, The Revd Dr Erica Longfellow, The Revd Canon Dr Judith Maltby, The Revd Dr Alvyn Pettersen, the Revd Canon John Record, the Revd Sue Stevens, and the Revd Alice Watson. 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 July, the Revd Naomi Gardom, Assistant Curate, was ordained priest. In the course of the year, we also appointed a new Chaplain for Children, Families and Schools, who will take up her appointment in 2025.

The Love of Learning

In March, we welcomed the Rt Revd Dr Rowan Williams, the former Archbishop of Canterbury, as our Bampton Lecturer. Dr Williams gave a series of lectures entitled, ‘Recognizing Strangers: Solidarity and Christian Ethics’. In Michaelmas Term, we hosted the book launch of ‘Lower than the Angels’ by Professor Diarmaid MacCuloch and ‘Immaculate Forms’ by Professor Helen King. Termly Bible Studies, the Sunday Forum, a retreat at Launde Abbey, 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. In Michaelmas Term, we ran a series of sessions around death and dying, including the reintroduction of a ‘Death Café’, an initiative which began at St Mary’s in 2011. Workshops at the Ashmolean Museum and the Bodleian Library 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.

The Joy of Hospitality

We hosted a number of exhibitions in the course of the year, including an exhibition entitled ‘People on the Move’ about migration, a collaboration with the Old Fire Station about their work as a social enterprise, and a photographic exhibition by Rob Judges about ‘Faith’ in the city of Oxford. Our Thursday free lunchtime recitals continue to be well-supported. We offered a rich range of concerts in collaboration with the Oxford Festival of the Arts, the Oxford Symphonia, and the Oxford International Song Festival. In June, St Mary’s played its part in helping to host the Annual Interfaith Friendship Walk.

Following the commissioning of a Feasibility Study in 2023, the PCC continued with its plans to renovate the café, increase accessibility, and enhance the public realm. Following the determination of the licence of the current licensee on the ground floor of the Old Congregation House, the Parochial Church Council has been engaged in a protracted legal dispute. This serious incident has been reported to the Charity Commission. The PCC has paid careful attention to professional 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 2024 (continued)

Achievements and performance (continued)

The Cry for Justice

The Faith in Action Group have continued to support international and local charities and causes with financial gifts and practical support from regular giving and special collections, with an emphasis on poverty relief. We made donations to the Caritas Gaza appeal, John Henry Newman Academy, The Porch, Christian Aid, Oxford Mutual Aid, The Ukrainian Society ambulance appeal, and Littlemore Church poverty relief fund. We began a new partnership project with Christian Aid in Burkina Faso (more details to follow in 2025) and organised Christmas boxes for Asylum Seekers. We have encouraged partnerships between Colleges and local food support organisations to boost student involvement, and undertook a soft launch of a 'Community of Justice'. Sunday forums included the topics of homelessness, food poverty and woodland re-wilding.

The Care of Creation

In November 2024, The Friends of Holywell Cemetery won an award from the Oxford Preservation Trust for their work in conserving and enhancing the public realm. The Parochial Church Council also commissioned an energy survey, with a number of clear proposals which would enable the church to reduce its carbon footprint. Following the quinquennial inspection in 2021, the PCC also commissioned an update of its Conservation Management Plan, and a report on stone conservation, which was produced by Mr Alex Wenham. The PCC also received a thorough report on accessibility from the University’s Estates Services.

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 jave appointed a new Chaplain to concentrate on this aspect of our shared ministry. We hope to resolve the ongoing issues with the café in order to enhance the mission and ministry of the University Church. We will also ensure 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 £759,579 (2023: £725,940). The regular income of the church arises from the use of church buildings and donations. Expenditure during the year totalled £743,179 (2023: £720,592) resulting in a surplus of £16,400 (2023: surplus of £5,348). The general fund showed an accumulated surplus of £115,860 (2023: surplus of £94,568)

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£116k 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 2025.

Approved by the Trustees on 1[st] April 2025 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 2024 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

1[st] April 2025

- 5 -

The University Church of St Mary the Virgin

Statement of Financial Activities

for the year ended 31st December 2024

Unrestricted Unrestricted Restricted Totals Unrestricted Unrestricted Restricted Totals
Note General Designated Funds 2024 General Designated Funds 2023
Funds Funds Funds Funds
£ £ £ £ £ £ £ £
Income and endowments from:
Donations and legacies 2 594,947 10,867 2,355 608,169 466,228 10,000 24,320 500,548
Charitable activities 3 150,958 - - 150,958 224,929 - - 224,929
Interest received 4 452 - - 452 463 - - 463
Total income 746,357 10,867 2,355 759,579 691,620 10,000 24,320 725,940
Expenditure:
Church activities 5 643,361 84,619 15,199 743,179 645,497 54,944 20,151 720,592
Total expenditure 643,361 84,619 15,199 743,179 645,497 54,944 20,151 720,592
Net income/(expenditure) 102,996 (73,752) (12,844) 16,400 46,123 (44,944) 4,169 5,348
Transferred between funds 13/14 (81,704)
73,752		 7,952 - (73,221) 44,944 28,277 -
Net movement in funds 21,292 - (4,892) 16,400 (27,098) - 32,446 5,348
Reconciliation of funds:
Total funds brought forward
at 1st January 2024 94,568 - 366,423 460,991 121,666 - 333,977 455,643
Total funds carried forward at
31st December 2024 115,860 - 361,531 477,391 94,568 - 366,423 460,991

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 2024

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
11
Creditors:amounts falling due
within one year
12
Net current assets/(liabilities)
Net assets
Funds
Restricted
13
Unrestricted
- general
- designated
14
Total funds		 £
12,311
82,868
_
95,179
(85,740)
_		 2024
£
467,950
2
9,439
_
477,391
═════
361,531
115,860
-
_
477,391
═════		 £
25,332
62,397
_
87,729
(90,137)
_

These accounts were approved by the trustees at a meeting held on 1[st] April 2025 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 2024

Net cash generated by
operating activities (note 17)
Cash flows from investing activities:
Interest received
Purchase of fixed assets
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		 452
(9,427)
_


 2024
£
29,446
(8,975)
_
20,471
62,397
_
82,868
═════		 463
-
_		 2023
£
17,003
463
_
17,466
44,931
_
62,397
═════

- 8 -

The University Church of St Mary the Virgin

Notes to the accounts

for the year ended 31st December 2024

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 2024

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 2024

2 Donations

Donations
Unrestricted Unrestricted Restricted Total
general designated funds 2024
funds funds
£ £
£		 £
Stewardship and planned giving 32,225 -
515		 32,740
Income tax recoverable on covenants and gift aid 9,212 -
-		 9,212
Collections - services 14,453 -
-		 14,453
- boxes 20,290 -
-		 20,290
Legacies 5,274 -
-		 5,274
Contribution from the de Brome Trust 500,000 -
-		 500,000
Recurring grant (from University) - 10,867
-		 10,867
Oriel contribution for Chancel insurance - -
1,840		 1,840
Parish Giving 13,493 -
-		 13,493
594,947 10,867
2,355		 608,169
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

- 11 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2024

3 Income from charitable activities

Unrestricted Unrestricted Restricted Total
general designated funds 2024
funds funds
£ £ £ £
Old Library receipts 38,456 - - 38,456
Weddings and funerals 25,005 - - 25,005
Use of church buildings and related income 70,298 - - 70,298
Coffee shop income - - - -
Rental income from Stratford St & Mary Price Close 13,943 - - 13,943
VAT recoverable under DCMS scheme 3,256 - - 3,256
150,958 - - 150,958
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

4 Income from investments

Unrestricted Unrestricted Restricted Total
general designated funds 2024
funds funds
£ £ £ £
Bank and building society interest receivable 452 - - 452
Unrestricted Unrestricted Restricted Total
general designated funds 2023
funds funds
£ £ £ £
Bank and building society interest receivable 463 - - 463

- 12 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2024

5 Church activities

Church activities Church activities
Unrestricted Unrestricted Restricted Total
general designated funds 2024
funds funds
£ £ £ £
Parish share 100,102 - - 100,102
Curate’s stipend (including Er’s NI and pension) 41,693 - - 41,693
Stratford St and Mary Price Close costs 3,306 18,596 - 21,902
Office costs 20,402 - - 20,402
Clergy expenses 3,026 - - 3,026
Speaker fees and expenses 406 - - 406
Altar, flowers, cleaning, refreshments & Church events 38,493 - - 38,493
Staff training, entertaining and clothing 2,657 - - 2,657
Staff advertising and recruitment 2,968 - - 2,968
Volunteer expenses 432 - - 432
Old Congregation House 9,998 - - 9,998
Clergy housing 22,757 - - 22,757
Music costs (including organist’s wages) - 66,023 - 66,023
Wages (including Er’s NI and pension) 169,414 - - 169,414
Maintenance and repairs 64,734 - - 64,734
Insurance 482 - 3,792 4,274
Telephone 2,690 - - 2,690
Sundry expenses 1,042 - - 1,042
Depreciation 1,885 - 2,991 4,876
Governance costs (note 7) 9,338 - - 9,338
Vicar’s discretionary fund - - 7,198 7,198
Donations 7,732 - 1,218 8,950
Legal, professional and consulting
 133,296 - - 133,296
643,361 84,619 15,199 743,179
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)
Office costs 18,778 - - 18,778
Clergy expenses 1,394 - - 1,394
Speaker fees and expenses 693 - - 693
Altar, flowers, cleaning, refreshments & Church events 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’s 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

- 14 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2024

6 Wages and salaries

The wages and salaries costs comprise:-

The wages and salaries costs comprise:-
2024 2023
£ £
Wages (including stipend) 191,543 186,958
Social security costs 9,300 8,885
Pension costs 10,264 10,136
────── ──────
211,107 205,979
══════ ══════
The average number of employees (full time equivalent)
during the year was:- 16 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

2024 2023
£ £
Amounts payable to independent examiner:
- Independent examination 3,465 3,300
- Other services 3,810 1,115
────── ──────
7,275 4,415
Payroll fees: 2,063 1,937

8 Tangible fixed assets

Cost
At 1st January 2024
Additions
At 31st December 2024
Depreciation
At 1st January 2024
Charge in year
At 31st December 2024
Net book value
At 31st December 2024
At 31st December 2023		 Freehold
Fixtures &
buildings
fittings
Piano
Total
£
£
£
£
442,462
66,545
111,505
620,512
-
9,427
-
9,427
442,462
75,972
111,505
629,939
-
66,545
90,568
157,113
-
1,885
2,991
4,876
-
68,430
93,559
161,989
442,462
7,542
17,946
467,950
442,462
-
20,937
463,399

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 2024

9 Investments

During the current period the church set up a subsidiary company, St Mary’s Church Trading Limited (registered company number 15722898). It holds 100% of the share capital of the company, being two shares of £1 each. As at the year end date the company remained dormant.

10 Debtors 2024 2023
£ £
University grant - 10,000
Other debtors 12,311 15,332
───── ─────
12,311 25,332
═════ ═════
11 Cash at bank and in hand
2024 2023
£ £
CAF cash 70,803 23,809
Nat West 12,065 38,588
───── ─────
82,868 62,397
═════ ═════
12 Creditors:Amounts falling due within one year
2024 2023
£ £
Owed to De Brome Trust 34,988 34,988
Owed to St Mary’s (PCC) Ltd 9,097 23,364
Other creditors 26,074 27,685
Accruals 15,581 4,100
───── ─────
85,740 90,137
═════ ═════

- 15 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2024

13 Restricted funds

Balance at 1st January 2024
Donations received
Expenditure
Transfers

Balance at 31st December 2024
Balance at 1st January 2023
Donations received
Expenditure
Transfers

Balance at 31st December 2023		 Vicar
Faith
Mary
Children
Discretionary
Piano
Butler
Chancel
in Action
Price
Book
Workers
Total
fund
fund
fund
fund
fund
fund
fund
fund
fund
£
£
£
£
£
£
£
£
£
3,193
11,513
-
-
1,000
310,000
3,000
37,717
366,423
-
-
-
1,840
515
-
-
-
2,355
(7,198)
(2,991)
-
(3,792)
(1,218)
-
-
-
(15,199)
6,000
-
-
1,952
-
-
-
-
7,952
______
1,995
8,522
-
-
297
310,000
3,000
37,717
361,531
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

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 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 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, families and schools’ chaplain.

- 16 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2024

14 Designated funds

Balance at Income Expenditure Transferred Balance at
1/1/2024 in year in year from 31/12/2024
General
£ £ £ £ £
Stratford Street Property - - (18,596) 18,596 -
Music Costs - 10,867 (66,023) 55,156 -
- 10,867 (84,619) 73,752 -
Balance at Income Expenditure Transferred Balance at
1/1/2023 in year in year from 31/12/2023
General
£ £ £ £ £
Stratford Street Property - - 1,093 (1,093) -
Music costs - 10,000 (56,037) 46,037 -
- 10,000 (54,944) 44,944 -

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

- 17 -

The University Church of St Mary the Virgin

Notes to the accounts (continued)

for the year ended 31st December 2023

15 Analysis of net assets between funds
General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund balances at 31st December 2024 were
represented by:-
Tangible fixed assets / investments 140,006 - 327,946 467,952
Current assets 61,594 - 33,585 95,179
Current liabilities (85,740) - - (85,740)
Total net assets 115,860 - 361,531 477,391
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

16 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 70,000 Mission and Ministry 430,000 ───── 500,000 ═════

- 18 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2024

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

2024 2023
£ £
Net movement in funds 16,400 5,348
Add back depreciation charge 4,876 6,907
Deduct interest income shown in investing activities (452) (463)
(Increase) / decrease in debtors 13,021 23,311
Increase / (decrease) in creditors (4,399) (18,100)
───── ─────
Net cash generated/(used in) operating activities 29,446 17,003
═════ ════

- 19 -