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2021-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES OXFORD ,

Annual Report & Financial Statements for the year ended 31 December 2021

Registered Charity 1131154

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES, – OXFORD Annual Report for 2020

Registered charity 1131154

ST ALDATES PCC, OXFORD (Working Name)

Governing documents

PAROCHIAL CHURCH COUNCIL (POWERS) MEASURE 1956 as amended and the CHURCH REPRESENTATION RULES (contained in schedule 3 to the Synodical Government Measure 1969 as amended)

Office location and contact details

c/o Chloe Bossward, PCC Secretary, St Aldates PCC, St Aldates Parish Centre,

40 Pembroke Street, Oxford, OX1 1BP Tel: 01865 254 802 Fax: 01865 201 543

Context of St Aldates Church

St Aldates Church is located on St Aldate’s Street, central Oxford. As a member church of the Church of England, St Aldates is located in the Deanery and Diocese of Oxford and therefore comes under the pastoral and administrative care of the Bishop of Oxford. The Church is governed locally by the Senior Leadership Team (clergy and lay) and the Parochial Church Council.

Due to the size of the Church and scale of activities there is a staff team of 34 people. In addition to this, the Church is reliant on a large team of dedicated volunteers from within the congregation. The premises used on a day to day basis are the Church building, the Parish Centre (40 Pembroke Street) and the Catacombs Centre (12 Littlegate Street).

Trustees/PCC members serving during 2021

Revd Stephen Foster Ex-officio Rector of the Parish from 11thApril 2021
Revd Mark Brickman Ex-officio Acting Rector to 10thApril 2021
Mark Withers (Vice-Chair) Elected Church Warden
Chris Gillies Elected Church Warden
Revd Will Stuart-Lee Ex-officio Curate
Revd Christopher Landau Ex-officio Resigned 31st Aug 2021
Andy Davisson Deanery Rep Term on PCC runs to APCM 2023
Dr Funmi Durodola Deanery Rep Term on PCC runs to APCM 2023
Richard Hunter [Treasurer] Deanery Rep Term on PCC runs to APCM 2023
Dr Colleen McGregor Deanery Rep Term on PCC runs to APCM 2023
Wongani Mwanza Deanery Rep Term on PCC runs to APCM 2023
Toby Walker Deanery Rep Term on PCC runs to APCM 2023
Paul Bossward Elected Term ended APCM 2021
Claire Mortimer Elected Term on PCC runs to APCM 2022
Ali Chevassut Elected Term on PCC runs to APCM 2023
Alissa Moore-Williams Elected Term on PCC runs to APCM 2023
John Tranter Elected Term on PCC runs to APCM 2023
Nemi Wilton Elected Term on PCC runs to APCM 2023
Tim Campion-Smith Elected Elected APCM 2021 to APCM 2024
Anya Herklots (Safeguarding-Adults) Co-opted From 28th June 2021
Carol Lister (Safeguarding-Children) Co-opted From 22ndNovember 2021

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Other senior staff or office holders: Rev Simon Ponsonby Senior Staff Pastor of Theology Jenny Corps Senior Staff Director of Operations Chloe Bossward Employee PA to the Rector and Secretary to the PCC

Bankers: HSBC, 65 Cornmarket Street, Oxford, OX1 3HY Auditors: Wenn Townsend, Chartered Accountants, 30 St Giles’, Oxford, OX1 3LE Solicitors: Winkworth Sherwood, 16 Beaumont Street, Oxford, OX1 2LZ

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and Induction of Trustees

Most Trustees (members of the PCC) are either ex officio, or are elected by the Annual Parochial Church Meeting (APCM) in accordance with the governing document (Church Representation Rules). Some others are co-opted for particular purposes. As a result of the Covid-19 pandemic and the consequent restrictions on gathering, the Bishop of Oxford signed an instrument allowing Parishes to defer their APCM until later in the year. The APCM and elections of PCC members took place on 30[th] June 2021.

New Trustees receive an induction on their role and responsibilities from the Secretary of the PCC and any relevant documents and guidelines, in addition to a general induction from the Chairman during the first meeting of the year following each APCM.

Responsibilities of the Parochial Church Council (The Trustees)

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees oversee and support the Leadership Team, the staff and the members of St Aldates Church in their various areas of ministry and are responsible for ensuring that a representative (usually the Chairman) reports back to the Church members annually at the APCM along with other ministry leaders. This meeting also includes election of new Trustees and is open to all to attend, but only those named on the Electoral Roll or living in the Parish may vote in this matter. A detailed report of ministry activities for the previous twelve months is made available at this meeting, along with copies of the Annual Report and Financial Review.

Public benefit

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. Examples of this public benefit can be found in the other parts of this Report.

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

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Structure and operating procedures

The Trustees met six times during 2021 and the Standing Committee met on a further seven separate occasions over the year. All meetings were held virtually except for the PCC meetings in September and November. During these meetings the Trustees discussed and prayed into a wide variety of matters including vision, governance, policies, buildings and infrastructure as well as receiving regular reports on financial performance and staffing. Key strategic topics considered by the Trustees during the year were:

Copies of the minutes of these meetings are kept by the Secretary to the PCC at the Parish Centre and may be read by any members of the Electoral Roll upon request.

Each year the Trustees meet with leaders of church ministries to hear reports on their areas. This function of the PCC’s role is vital to ensure oversight and encouragement of ministry and to pray into each area. In 2021, the leaders of Communications and Production reported to the Trustees.

The Trustees delegate some matters to sub-committees, which meet between the full meetings of the PCC. The PCC has approved a Governance Document setting out the relationship between the PCC, the Standing Committee and the Senior Leadership team and the associated responsibilities and delegated authorities.

Standing Committee

The Standing Committee of the PCC has delegated authority to transact the business of the PCC between its meetings, subject to any directions given by the Trustees. It is made up of the Rector, Wardens, Treasurer and members elected by the PCC from among their number. The elected members were Funmi Durodola and Toby Walker. Most operational matters within St Aldates including staffing issues, monthly financial reporting, facilities and maintenance issues are reported on and investigated fully by the Standing Committee and findings and recommendations are taken forward to full PCC meetings.

Mission Committee

Pending a strategic review of objectives and governance, the PCC suspended the Missions Committee in 2020. Grant-making during 2021 was overseen by the Treasurer and Rector with all grants in excess of £1,000 approved by the PCC.

Race, Faith and Justice Committee

The PCC established the Race, Faith and Justice Committee to provide a focal point and a catalyst that enables the church to celebrate racial diversity and to respond to issues of racial injustice by supporting and making recommendations to the leadership. In May 2021 the Committee presented an annual report to the PCC with specific proposals around leadership and representation, theology, education, prayer and worship, diversity and inclusion and community engagement, many of which have now been implemented.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Principal risks and uncertainties

The PCC is exposed to risks associated with finance, safeguarding, legislative compliance, buildings and infrastructure, and pastoral oversight. Each area has been reviewed by the Trustees during the year and plans put in place to manage the risks.

Remuneration of Senior Managers

The Senior Leadership Team includes senior staff members who are employed directly by the PCC – the Pastor of Theology, the Associate Minister and the Operations Director. Remuneration of clergy and pastors is set to match clergy stipends and allowances as recommended by the Diocese of Oxford. Remuneration of the Operations Director was bench-marked at recruitment against corresponding roles in churches of a similar size and nature.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

OBJECTIVES AND ACTIVITIES

The main objective of St Aldates PCC is (in accordance with The Parochial Church Council (Powers) Measure 1956) to co-operate with the minister in promoting the whole mission of the Church, pastoral, social and ecumenical.

The main areas of activity this includes are:

Grantmaking Policies

The annual budget for UK and international mission is set at 10% of voluntary giving. The PCC is currently reviewing its approach to mission.

Grants were made to 7 mission partners and 4 mission associates working in Europe, the Middle East and Asia. The PCC also made grants to support the strategic partnership with St Mary’s, Barton including support for a community development worker.

Grants were made to a number of Christian charities working in mission or social transformation projects. This included: church planting in Vienna, supporting female entrepreneurs in rural poverty in Uganda, house churches in Iran, social justice projects among students in UK, supporting traumatised young children in India, bringing clean water to rural communities in South Africa, medical diagnostic tests for a rural hospital in Uganda, health care projects in India and South Africa, and support for the persecuted church worldwide.

In addition, we occasionally invite the congregation to contribute to specific appeals. In 2021 £2,588 was raised for the work of ACT responding to homelessness in the city of Oxford and Open Doors supporting the persecuted church worldwide.

In 2020, the PCC set aside an additional £20,000 to support local projects helping to relieve poverty. In 2021 these funds were disbursed to 6 local organisations working directly with people facing poverty and hardship.

Volunteers

Volunteers play a key role in the life of St Aldates and we aim to ensure that this is beneficial to both the church and the volunteers. For the church, this service is essential in enabling the ministry to take place. For the volunteers, it enables them to discover, explore and use the gifts that God has given them.

Throughout the year our volunteers supported production and broadcasting of church services, leading worship, prayer ministry, hospitality, provision of food to the homeless and mentoring. In the autumn, we were able to resume in-person activities with children and youth and volunteers were once again able to serve in these areas. Over 200 volunteers were regularly involved in supporting church activities and ministry and we are grateful to them all.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

ACHIEVEMENTS AND PERFORMANCE

Church Membership and Attendance

In March 2021, the Electoral Roll was updated and then updated again in September following the postponement of the Annual Parochial Church Meeting. The number on the updated Roll was 453 [2020: 432].

The Covid-19 pandemic and consequent restrictions resulted in a year of change as the pattern of services times and formats was adapted to enable people to participate despite restrictions on gathering. Between January and the end of March, all services were held online. Once services were allowed to resume in-person, social distancing meant that numbers were restricted to approximately 100 people in each service, so additional services were introduced. We trialled a 4pm service focussed on youth before finally adopting a pattern of 4 services at 10am, 12 noon, 6pm and 8.15pm. With appropriate cleaning and sanitising between services, this enabled over 400 people to attend inperson each Sunday. By the end of the year and as social distancing requirements relaxed, attendance at the 4 services had grown to approximately 900 adults and children.

We have continued to broadcast Sunday morning services and these still regularly receive approximately 1,500 views each week.

We celebrated 3 infant baptisms, 3 adult baptisms and 8 weddings in the church over the course of the year.

The Ministry of St Aldates

The goal of our Church is to welcome and reach out to people of all ages, stages and walks of life in our city, and enable them to find and experience the healing love of God. By virtue of its two universities, renowned hospitals and many different businesses, Oxford is a crossroads for the nations and so our welcome extends to people from all over the world who come to study, work or simply as tourists. It is in the light of this that we call ourselves a ‘House of Prayer for all Nations at the heart of Oxford’.

As England entered its second lockdown at the end of 2020, we continued to make extensive use of online broadcasting and gatherings over Zoom. The year started with a week on online prayer which gave way to Rhythm – a series of daily talks and reflections. We ran the Saints Alive course online enabling people to start the year with a “spiritual MOT” and to deepen their relationship with God. We also ran Alpha online at this time.

Following the institution of our new Rector, Revd Stephen Foster, in April we held a number of Arise gatherings to enable the church to come together for prayer and worship and to listen to God. Covid restrictions meant that attendance was limited to approximately 100 people and we had to introduce booking for these and for Sunday Services. Opportunities for creating community and socialising on Sundays were extremely limited, so the church worked hard to create opportunities for connection and the small grassed area outside church became a focal point for ice-cream throughout the summer. Despite restrictions, we continued to find ways to raise up the next generation and held an innovative “tag team” preaching event in a number of services.

Autumn was a time for regathering the church, although some understandably continued to feel hesitant about meeting in person. We ran the Jesus Sessions examining the character and teachings of Jesus, enabling Small Groups to engage with the material either in the church or in homes if they felt more comfortable meeting in that way. Autumn is also the time of a significant influx of new students and academics into the City, so we launched a new lunch for students on Sundays, ran Alpha courses and restarted our monthly free community meal. Throughout the autumn, most ministry groups (students, postgrads, international, children and youth) were all able to resume holding their meetings in person.

The year culminated in 7 Carol services on 4 different dates. By holding multiple events our total attendance was similar to previous years. The rise in cases of Covid and concerns over the Omicron variant meant that we ended the year with a brief return to online services.

Preaching in Sunday services included expositions of Isaiah, Nehemiah, Luke, Acts, 1 Corinthians and Philippians. As the church regathered in the Autumn and new people joined the church, the preaching sought to establish common vision by addressing key topics such as prayer, serving, hope and transformation followed by a re-focussing on Jesus through the gospel of Luke and thematic series looking at the hard sayings of Jesus and questions Jesus asked.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Our network of over 30 Small Groups meeting midweek for Bible Study, prayer and support is a vital part of our church life. The leaders of these groups have carried a tremendous load in maintaining community and acting as our first-line of pastoral support. We are deeply grateful to each and every one of them.

The Race, Faith and Justice group has been working with ministry leaders throughout the church. We are delighted to see the fruits of their recommendations around representation, especially in leading services, which have enabled us to raise up emerging leaders. Recruitment and representation within the staff team is still an area of concern and a priority for the future. They have also been developing material for a Small Groups course for 2022.

In September we welcomed 9 students onto our year-long training programme known as the School of Ministry. This enables young leaders aged 18-25 to receive structured theological, pastoral and leadership teaching and development opportunities within different departments of the Church.

The ministry of ACT! continued to expand and includes work inside prisons, local bail hostels and through managed accommodation for suitable clients. For the majority of 2021, the team were managing twelve accommodation units, with space for up to 22 clients. Our regular monthly free community meals had to be suspended, so a team of volunteers provided approximately 50 free hot meals every day throughout much of 2020 and resumed this service in early 2021.

Our link with Commonwealth House, a 70 bed short to long-term hostel for internationals in Pembroke Street, continues although no joint events were possible this year.

Staffing

Revd Stephen Foster became the new Rector of St Aldates at his institution service on 11[th] April 2021. We have been delighted to welcome him and his family into the life of the church and are excited to see where God is taking us under his leadership.

The Trustees pay tribute to the immense hard-work, creativity and flexibility of all the staff team as they continued to respond to the pandemic. For some, this meant a return to working from home at the start of the year while for others we continued to make use of the Government’s Job Retention (furlough) Scheme.

We had a number of staff changes over the summer. Verger, Cip Entiknap, left in May and was replaced by Gordon Buss. Children’s Pastor, Lizzie Sanderson, left in July and was replaced by Emilie Radford. Finance & IT Manager, Angus Couper, moved to IT Manager and was replaced by Tom Curtis as Finance Manager. Postgrads Pastors, Christopher and Carolyn Landau, left in August and were replaced by Owen and Laura Gallagher. We were able to increase our support for student well-being through the appointment of Anna Cross in September. At the same time, Mousa Bashir and Leah Leslie joined the ACT team. Finally, Gosia Brudlo joined as Children’s Co-ordinator in November.

The staff team is a relatively young, dynamic and close knit team and change always brings a mixture of sadness coupled with excitement for the future. We thank them for their service to God while at St Aldates and pray blessings on their futures. We thank God for the way He continually provides new and equally talented team members.

Buildings

The PCC is responsible for the Church, Parish Centre and Catacombs. We are party to rental agreements for houses for our Associate Minister, Pastor of Theology, Curate, Postgrads Pastor and ACT Director. We also hold tenancy agreements for parts of the buildings in Pembroke Street known as Commonwealth House, including 9 Pembroke Street which houses our intern community. General repairs and maintenance were carried out in the Church building, Parish Centre, Catacombs and 9 Pembroke Street, as we continue to work through the rolling 5-year maintenance and IT plan.

The PCC owns a 5% share of the property used to house the ACT Director. It is the intent of the Trustees to proceed with the purchase of the property from the Diocese, although this has been delayed until 2022.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

FINANCIAL REVIEW

Summary

Unrestricted income during 2021 was £1,695,776 [2020: £1,648,371] and expenditure was £1,573,169 [2020: £1,556,863]. The PCC set aside (designated) £28,500 for various purposes and this resulted in a surplus of £133,087 [2020: £32,463] after transfers.

We also received £110,571 [2020: £167, 514] of income that was donated for a specific purpose i.e. restricted funds. Corresponding expenditure of these funds was £78,066 [2020: £114,737]. Restricted funds carried forward at the end of the year were £1,059,441 [2020: 1,026,936]

The principal sources of funding are the sacrificial giving of the congregation together with some external grants.

The PCC consistently encourages regular monthly giving and, in a change to our normal pattern, this was supplemented by a single gift day in May. In 2021 we continued to see changes in the patterns and methods used for giving. We no longer take a physical offering during services so cash collections reduced from £40,759 in 2019 to £16,552 in 2020 and to just £1,698 in 2021. By contrast, we experienced growth of 11% in regular giving and 14% in one-off donations – the latter included an exceptionally generous response to the vision set out at the gift day in May. Overall unrestricted giving rose by 9% compared to 2020.

The Covid-19 restrictions continued to affect two smaller but important sources of additional income: income from hiring out our buildings for meetings and conferences and rental income from sub-leases on properties in Pembroke Street. We also suffered a significant reduction in grants received from the Parochial Charities. These changes inevitably constrained our plans and ability to develop ministry further, as evidenced by the reduction in unrestricted expenditure (see below).

We were grateful to receive grants from Alpha International that enabled us to invest in online services and to support advertising for Alpha across Oxford through the Invite a Nation scheme.

Expenditure is targeted at achieving the key objectives of St Aldates, with supporting overheads kept to a reasonable minimum. Excluding grant-making, unrestricted expenditure fell by 5%. Our main area of expenditure is staff costs. Staff received an annual pay rise of at least 1% and salaries of all permanent staff exceed the Oxford Living Wage. Total staff costs, including housing, fell by 2% reflecting posts that were lost in 2020 and have not yet been replaced. Our largest single item of expenditure is the Parish Share and this was unchanged from 2020.

At each meeting the PCC receives a financial report and considers the financial position of the church. We are thankful for God’s faithful and abundant provision for our needs throughout the year.

After prayerful consideration, the PCC approved a deficit budget for 2022.

Reserves Policy

The Trustees have agreed to ensure that they are able to fund the equivalent of three month’s salary costs i.e. approximately £220,000. As the PCC is able to call on resources from the St Aldates Ministry Trust, the PCC Trustees have agreed to ensure that the level of free reserves held by the PCC will, when combined with the funds available from the St Aldates Ministry Trust, at all times be sufficient to fund the equivalent of three month’s salary costs.

At the end of 2021, our total reserves were £1,641,099 [2020: £1,485,987] of which £349,127 [2020: 232,224] are regarded as free reserves after allowing for fixed assets (principally buildings) and restricted funds. Combined with the funds of the Ministry Trust this is sufficient to comply with our reserves policy.

Fundraising Activities

The PCC encourages members to support the church by regular giving, preferably by monthly standing order. Due to the location of St Aldates and the consequent regular turnover of members, the PCC continues to support the practice of holding special Gift Weekends. At those times, teaching is focussed on the role of generosity and financial giving within Christian discipleship; new members are encouraged to commit to regular giving; and existing members are encouraged to make additional, one-off gifts to support the work of the church. A key principle of

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Biblical teaching is that giving should be in proportion to means. This is emphasised in the teaching and donations are handled with confidentiality. Together, these measures help to ensure that no-one feels under pressure to give nor to give more than they can afford. There are occasional special collections for specific events e.g. student mission, natural disasters or mission partners.

The PCC does not use professional fundraisers or involve commercial participators and no complaints were received about fundraising during the year.

PLANS FOR THE FUTURE

Regathering and rebuilding the church community will continue to be key priorities for the year ahead. New people have been joining the church but some existing members are yet to return physically to church. Effective communication that enables us to move forward as one church will be essential.

Discussions on strategy took place through 2021 and are still ongoing. St Aldates is placed in a unique location and this feels a unique moment with a particular openness to questions of faith in the aftermath of the pandemic. Through God’s grace we are seeing people come to faith. In all our ministries and contexts, we will be seeking to invite people to encounter Jesus; to equip people to follow Jesus in every area of their lives; and to inspire people to transform the contexts in which they live.

We will need to enhance our ability to engage in the digital space and embrace new media. We want to continue raising up the next generation and developing new, more structured opportunities for training and growth as well as continuing to support them after they leave Oxford.

Achieving this will require changes in staffing and infrastructure. We will need to pay more attention to our buildings especially the church which was radically reordered over 20 years ago with what was then state-of-the-art equipment that is now long overdue renewal.

We remain thankful to God for His leading and faithful provision over the years, for the way people sense His presence as they enter the church and so often remark that they feel they have come home. We seek to keep in step with the leading of His Spirit in the years ahead.

Approved by the Trustees on Monday 14[th] March 2022

Revd Stephen Foster (Chairman of the Trustees) Signed on behalf of the Trustees

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Independent Auditor’s Report to the Trustees of

The Parochial Church Council of the Ecclesiastical Parish of St Aldates, Oxford

Opinion

We have audited the financial statements of Parochial Church Council of the Ecclesiastical Parish of St Aldates (the ‘charity’) for the year ended 31st December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wenn Townsend, Statutory Auditor

30 St Giles’

Oxford

14 March 2022

Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Statement of Financial Activities for the year ended 31 December 2021

Note
Income
Donations and legacies
2 a
Income from investments
2 b
Income from charitable activities 2 c
Other income
2 d
Total Income
Expenditure
Charitable activities - grants
3 a
Charitable activities - ministry
3 b&c
Total expenditure
Net income/(expenditure)
Gross Transfers between funds
10
Net movement in funds
Total funds brought forward
Total funds carried forward
10		 General
Funds
Designated
Funds
Restricted
Funds
2021
£
£
£
£
1,512,683
110,571
1,623,254
129
-
129
142,529
-
142,529
40,435
-
40,435		 2020
£
1,626,247
725
172,741
16,172
1,695,776
-
110,571
1,806,347		 1,815,885
151,638
-
14,825
166,463
1,421,531
-
63,241
1,484,772		 151,093
1,520,507
1,573,169
-
78,066
1,651,235		 1,671,600
122,607
-
32,505
155,112
10,480
(10,480)
-
-		 144,285
-
133,087
(10,480)
32,505
155,112
261,049
198,002
1,026,936
1,485,987		 144,285
1,341,702
394,136
187,522
1,059,441
1,641,099		 1,485,987

15

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Balance Sheet as at 31 December 2021

Balance Sheet as at 31 December 2021
Note
Fixed assets
Land and buildings
Equipment, furniture and vehicles
4
Current assets
Stock
Debtors
5
Cash at bank and in hand
Total current assets
Creditors: amounts due within one year
6
Net current assets
Total assets less current liabilities
Provisions for liabilities
7
Net assets
8
Funds
Unrestricted
General
9
Designated
9
Restricted
9		 2021
2020
£
£
835,656
835,140
52,506
28,825
888,162
863,965
1,283
6,733
131,204
122,643
746,692
590,908
879,179
720,284
(122,242)
(91,262)
756,937
629,022
1,645,099
1,492,987
(4,000)
(7,000)
1,641,099
1,485,987
394,136
261,049
187,522
198,002
581,658
459,051
1,059,441
1,026,936
1,641,099
1,485,987

Approved by the Parochial Church Council on Monday 14 March 2022 and signed on its behalf by:

Mr Richard Hunter (Treasurer)

Mr Mark Withers (Church Warden)

Mr Chris Gillies (Church Warden)

16

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Statement of Cash Flows for the year ended 31 December 2021

Note
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
14
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds on disposal of property, plant and equipment
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
14		 2021
2020
£
£
202,075
164,649
129
725
(47,925)
(14,980)
1,505
-
(46,291)
(14,255)
155,784
150,394
590,908
440,514
746,692
590,908

17

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

1 Accounting Policies

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together 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) (Charities SORP (FRS 102) issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared under the historical cost convention except for the valuation of the Catacombs. The Charity's functional and presentation currency is pounds sterling and the accounts are rounded to the nearest whole pound.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements, the Trustees have made the following judgements:

Basis of allocation of support costs (note 3d)

Support costs totalling £385,274 (2020: £411,787) are allocated to expenditure categories in the Statement of Financial Activities based on an estimate of the time spent on these activities.

Estimate of useful economic life of fixed assets (note 4)

As noted in the fixed asset accounting policy above, fixed assets totalling £888,162 (2020: £863,965) are depreciated on a straight line basis based on an initial estimate of their useful economic lives.

Funds

Unrestricted funds consist of a General Fund which the PCC may use, for the furtherance of the objects of the PCC, at its discretion. Designated funds are unrestricted funds which have been allocated for future expenditure for a specific purpose by the PCC. Restricted Funds are subject to specific conditions imposed by the donors or by terms of an appeal, these conditions being legally binding upon the PCC.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law.

Income and Endowments

Donations and capital sources

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised.

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due is quantifiable and its ultimate receipt by the PCC is probable.

Other trading activities

Rental income from the letting of PCC premises is recognised when the rental is due.

Income for events and fees for services is accounted for on an accruals basis.

Income from investments

Dividends and interest are accounted for when received.

Expenditure

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. The annual report details the policy for Grants made.

Governance costs

These include those costs associated with meeting the constitutional and statutory requirements of the PCC and include the audit fee and costs linked to the strategic management of the PCC.

18

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Pension costs

As detailed in note 12, the PCC participates in three pension schemes: the Church of England Funded Pensions Scheme (CEFPS) for stipendiary clergy; the Pension Builder Scheme of the Church Workers Pension Fund and NEST Pension Fund for lay staff. In accordance with FRS 17 contributions to the schemes are accounted for in the year they are payable.

Ministry costs

The diocesan parish share is accounted for when payable. Any parish share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.

Irrecoverable VAT

In common with similar organisations, the charity is not able to reclaim most of the VAT that it incurs. Irrecoverable VAT is treated as expenditure in the principal activity that incurred the original VAT.

Fixed assets

Consecrated property and movable church furnishings

Consecrated and beneficed property of any kind is excluded from the accounts.

Movable church furnishings held by the Rector and Church Wardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church’s inventory which can be inspected. For inalienable property acquired prior to 2001 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2001 have been capitalised and depreciated in the accounts over three to six years on a straight-line basis.

All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1,000 or on the repair of movable church furnishings acquired before 1 January 2001 is written off.

Other land and buildings

The buildings are maintained in such a state of repair that their residual value is at least equal to their net book value and any depreciation would therefore be immaterial. Annual impairment reviews are carried out to confirm this. The Catacombs building improvements are being depreciated on a straight-line basis over 20 years.

Equipment, furniture and vehicles

These assets are depreciated on a straight-line basis over 3 to 6 years. Individual items with a purchase price of £1,000 or less are written off when the asset is acquired.

Current assets

Stock consists of purchased goods for resale. Stocks are valued at the lower of cost and net realisable value. Items donated for resale are not included in the financial statements until they are sold.

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.

Short-term deposits include cash held on deposit with the COIF Charities Deposit Fund, or at the bank.

Debtors and creditors receivable/payable within one year are recorded at transaction price.

19

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

2 Income

2a Donations and
legacies
Planned giving
Collections
Legacies
Sundry donations
St Aldates Parochial Charity
Grant
Other grants
Income tax recoverable		 Unrestricted
General
Funds
Restricted
Funds
Total Funds
2021
£
£
£
678,340
11,999
690,339
1,698
341
2,039
-
-
-
430,101
22,253
452,354
100,000
55,000
155,000
113,522
16,660
130,182
189,022
4,318
193,340		 Unrestricted
General
Funds
Restricted
Funds
Total Funds
2020
£
£
£
613,416
5,860
619,276
16,552
3,671
20,223
1,000
-
1,000
377,701
80,333
458,034
135,000
61,000
196,000
136,469
-
136,469
179,850
15,395
195,245
1,512,683
110,571
1,623,254		 1,459,988
166,259
1,626,247

2b Investments income

2b Investments income
Dividends and interest
2c Charitable activities
Ministries
Audio, bookstall
School of Ministry fees
Fees for services
Other buildings income
2d Other Income
Commercial lettings income
Other income
Total Income		 129
-
129		 725
-
725
9,025
-
9,025
228
-
228
39,263
-
39,263
12,777
-
12,777
81,236
-
81,236		 16,811
-
16,811
271
-
271
33,535
-
33,535
12,228
-
12,228
109,896
-
109,896
142,529
-
142,529		 172,741
-
172,741
19,325
-
19,325
21,110
-
21,110		 11,710
-
11,710
3,207
1,255
4,462
40,435
-
40,435		 14,917
1,255
16,172
1,695,776
110,571
1,806,347		 1,648,371
167,514
1,815,885

Total income in 2021 was £1,806,347 [2020: £1,815,885] of which £1,695,776 [2020: £1,648,371] was unrestricted income and £110,571 [2020: £167,514] was restricted income. Other grants receivable includes government grants receivable in the form of the Coronavirus Job Retention Scheme of £9,553 (2020: £33,843).

20

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

3 Expenditure

3a Charitable activities -
Grants
Mission partners and associates
Mission institutions
Short- term missions including
teams
Missional Projects
Social Projects
Other
Special collections paid over		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
£
£
£
55,767
6,791
62,558
2,500
-
2,500
2,900
-
2,900
70,300
-
70,300
20,000
-
20,000
171
4,498
4,669
-
3,536
3,536		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
£
£
£
38,017
19,417
57,434
4,250
-
4,250
1,000
-
1,000
53,517
-
53,517
-
-
-
5,620
-
5,620
-
29,272
29,272
151,638
14,825
166,463		 102,404
48,689
151,093

Grants are made to further the PCC's objectives of providing resources and training for Christian mission and ministry locally, nationally and abroad and to support other charities in the UK and overseas. Mission partners and associates receive grants for a number of years up to £5,000 each. Short term missions including teams are grants to individuals and teams for mission trips overseas for a few weeks and average £1,000 or less per person. Grants are made to Christian charities and individuals in Oxford and the UK. Special collections are taken for specific purposes during services.

In 2021 expenditure on grants totalled £166,463 [2020: £151,093] of which £151,638 [2020: £102,404] was from unrestricted funds and £14,825 [2020: £48,689] was from restricted funds. Costs to support these mission activities amounted to £0 [2020: £573].

Grants to Mission Institutions comprised one grant of £2,500 to the Lambeth Partnership [2020: Oxford Centre for Mission Studies £1,750 and Lambeth Partnership £2,500].

Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Note
£
£
£
3b Charitable activities -
Ministry
Parish share
134,039
-
134,039
Direct ministry expenses
673,086
43,319
716,405
Commercial lettings expenses
-
-
-
Other buildings expenses
237,367
-
237,367
Support costs
3d
340,263
18,321
358,584
Audio, bookstall
6,887
-
6,887
1,391,642
61,640 1,453,282		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Note
£
£
£
3b Charitable activities -
Ministry
Parish share
134,039
-
134,039
Direct ministry expenses
673,086
43,319
716,405
Commercial lettings expenses
-
-
-
Other buildings expenses
237,367
-
237,367
Support costs
3d
340,263
18,321
358,584
Audio, bookstall
6,887
-
6,887
1,391,642
61,640 1,453,282		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
£
£
£
134,039
-
134,039
657,137
39,581
696,718
1,289
-
1,289
268,364
-
268,364
357,862
24,433
382,295
3,720
-
3,720
1,391,642
61,640 1,453,282		 1,422,411
64,014 1,486,425

21

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
Note
£
£
£
£
£
£
3c Governance costs
Audit fee
4,800
-
4,800
4,590
-
4,590
Support costs
3d
25,089
1,601
26,690
27,459
2,033
29,492
29,889
1,601
31,490
32,049
2,033
34,082
Total Expenditure
1,573,169
78,066 1,651,235
1,556,864
114,736 1,671,600
Total expenditure in 2021 was £1,651,235 [2020: £1,671,600] of which £1,573,169 [2020: £1,556,864] was unre
expenditure and £78,066 [2020: £114,736] was restricted expenditure.
Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
£
£
£
£
£
£
3d Support costs
Ministry support
Staff costs
275,830
18,290
294,120
315,075
24,341
339,416
Office administration
10,718
-
10,718
13,639
-
13,639
Other
53,715
31
53,746
29,148
92
29,240
340,263
18,321
358,584
357,862
24,433
382,295
Governance
Staff costs
24,151
1,601
25,752
26,320
2,033
28,353
Office administration
938
-
938
1,139
-
1,139
25,089
1,601
26,690
27,459
2,033
29,492
365,352
19,922
385,274
385,321
26,466
411,787		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
Note
£
£
£
£
£
£
3c Governance costs
Audit fee
4,800
-
4,800
4,590
-
4,590
Support costs
3d
25,089
1,601
26,690
27,459
2,033
29,492
29,889
1,601
31,490
32,049
2,033
34,082
Total Expenditure
1,573,169
78,066 1,651,235
1,556,864
114,736 1,671,600
Total expenditure in 2021 was £1,651,235 [2020: £1,671,600] of which £1,573,169 [2020: £1,556,864] was unre
expenditure and £78,066 [2020: £114,736] was restricted expenditure.
Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
£
£
£
£
£
£
3d Support costs
Ministry support
Staff costs
275,830
18,290
294,120
315,075
24,341
339,416
Office administration
10,718
-
10,718
13,639
-
13,639
Other
53,715
31
53,746
29,148
92
29,240
340,263
18,321
358,584
357,862
24,433
382,295
Governance
Staff costs
24,151
1,601
25,752
26,320
2,033
28,353
Office administration
938
-
938
1,139
-
1,139
25,089
1,601
26,690
27,459
2,033
29,492
365,352
19,922
385,274
385,321
26,466
411,787		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
£
£
£
4,590
-
4,590
27,459
2,033
29,492
29,889
1,601
31,490		 32,049
2,033
34,082
1,573,169
78,066 1,651,235		 1,556,864
114,736 1,671,600
340,263
18,321
358,584		 357,862
24,433
382,295
24,151
1,601
25,752
938
-
938		 26,320
2,033
28,353
1,139
-
1,139
25,089
1,601
26,690		 27,459
2,033
29,492
365,352
19,922
385,274		 385,321
26,466
411,787

Total expenditure in 2021 was £1,651,235 [2020: £1,671,600] of which £1,573,169 [2020: £1,556,864] was unrestricted expenditure and £78,066 [2020: £114,736] was restricted expenditure.

22

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Note
£
£
£
3e Staff costs
Salaries
648,005
48,056
696,061
National Insurance
50,160
3,541
53,701
Pension contributions
12
33,399
2,297
35,696
731,564
53,894
785,458
Other staff costs
Housing
76,857
-
76,857
Other
9,787
360
10,147
86,644
360
87,004
818,208
54,254
872,462		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2021
Note
£
£
£
3e Staff costs
Salaries
648,005
48,056
696,061
National Insurance
50,160
3,541
53,701
Pension contributions
12
33,399
2,297
35,696
731,564
53,894
785,458
Other staff costs
Housing
76,857
-
76,857
Other
9,787
360
10,147
86,644
360
87,004
818,208
54,254
872,462		 Unrestricted
General
Funds
Restricted
Funds
Total
Funds
2020
£
£
£
677,160
57,280
734,440
50,446
4,267
54,713
29,005
2,453
31,458
731,564
53,894
785,458		 756,611
64,000
820,611
76,857
-
76,857
9,787
360
10,147		 57,936
-
57,936
14,340
-
14,340
86,644
360
87,004		 72,276
-
72,276
818,208
54,254
872,462		 828,887
64,000
892,887

No member of the PCC received any remuneration for their work on the PCC. The clergy (4), who are ex officio members, do receive a stipend or equivalent salary but are not remunerated for their service on the PCC. Clergy members claimed £3,755 expenses as part of their ministry work [2020: £3,778]. No other PCC members claimed expenses.

The following PCC members received remuneration, pension or benefits from the PCC for ministry roles: Revd Mark Brickman, Revd Christopher Landau and Revd Will Stuart-Lee (ex-officio trustees) receive remuneration to match stipends, pensions and/or housing allowances in the Diocese of Oxford. Total paid was £104,387 [2020: £102,735] of which pension was £13,890 [2020: £15,569].

Remuneration of the Senior Management Team not on the PCC (salaries & pension) amounted to £81,319 [2020: £92,552]. No member of staff earns £60,000 or more. The average number of staff during the year was 30 [2020: 33] equivalent to 27 full-time employees [2020: 28]. With the exception of governance costs which are separately identified, support costs are all allocated to charitable activities based on direct usage.

23

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

4 Fixed Assets

Cost
At start of period
Additions
Disposals
At close of period
Depreciation
At start of period
Charge for the year
Disposals
At close of period
Net book value
At start of period
At close of period		 Land and
buildings
Equipment,
furniture and
vehicles
Total
£
£
£
858,614
219,882
1,078,496
2,531
45,394
47,925
-
(1,952)
(1,952)
861,145
263,324
1,124,469
(23,474)
(191,057)
(214,531)
(2,015)
(21,184)
(23,199)
-
1,423
1,423
(25,489)
(210,818)
(236,307)
835,140
28,825
863,965
835,656
52,506
888,162

Land and buildings comprise No 40 Pembroke Street (at a cost of £664,491), the Catacombs (at a PCC valuation of £150,000 in 1997 plus improvements of £13,693) and the PCC's share of 2 Shirelake Close (at a cost of £5,000). See also Note 11. During the year improvements of £2,532 were made to No 40 Pembroke Street. Included within land and buildings are items with an original cost of £819,491 which are not depreciated.

5 Debtors

5 Debtors
Trade Debtors
Income tax recoverable
Other debtors and prepayments		 2021
2020
£
£
120
4,064
45,242
53,385
85,842
65,194
131,204
122,643

24

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

6 Liabilities: amounts due within one year

6 Liabilities: amounts due within one year
Trade creditors
Accruals and other creditors		 2021
2020
£
£
30,779
26,160
91,463
65,102
122,242
91,262

Deferred income

Accruals and other creditors includes deferred income as follows:

Balance at start of period
Amounts released in the year
Amounts deferred in the year
Balance at close of period		 14,218
4,238
(14,218)
(4,238)
29,139
14,218
29,139
14,218

7 Provisions

Pension provision creditor 2021
2020
£
£
4,000
7,000

8 Analysis of net assets by fund

Fixed assets
Net current assets/(liabilities)
Pension provision creditor
Fund Balance		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total Funds
2021
£
£
£
£
45,009
-
843,153
888,162
353,127
187,522
216,288
756,937		 Total Funds
2020
£
863,965
629,022
398,136
187,522
1,059,441
1,645,099
(4,000)
-
-
(4,000)		 1,492,987
(7,000)
394,136
187,522
1,059,441
1,641,099		 1,485,987

Prior Year Comparative

Fixed assets
Net current assets/(liabilities)
Pension provision creditor
Fund Balance		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total Funds
2020
£
£
£
£
28,824
-
835,141
863,965
239,225
198,002
191,795
629,022
268,049
198,002
1,026,936
1,492,987
(7,000)
-
-
(7,000)
261,049
198,002
1,026,936
1,485,987

25

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

9 Analysis of movement in Reserves

9 Analysis of movement in Reserves
Unrestricted - General
Fund
Unrestricted - Designated
funds
Mission
Coffee Shop Fund
House Purchase Fund
Social projects
Total unrestricted funds
Restricted funds
Mission Gifts
ACT!
School of Ministry
International Worker
Senior Café
House Purchase Fund
Students
Postgraduates
Children
Special collections
Youth
Oxford City Council Grant
Invite a Nation
Broadcast Equipment
Property
40 Pembroke Street
Shirelake Close
Catacombs
Total restricted funds
Total funds		 Balance at
start of year
Income for
the year
Expenditure
Transfers
between
funds
Balance at
end of year
£
£
£
£
£
261,049
1,695,777
(1,573,170)
10,480
394,136
29,502
-
-
(18,980)
10,522
30,000
-
-
10,000
40,000
118,500
-
-
18,500
137,000
20,000
-
-
(20,000)
-
459,051
1,695,777
(1,573,170)
-
581,658
15,381
7,049
(6,791)
-
15,639
115,091
51,410
(43,468)
-
123,033
2,029
4,872
-
-
6,901
3,000
10,000
(10,000)
-
3,000
728
-
-
-
728
25,675
9,343
-
-
35,018
10,781
5,000
(4,300)
-
11,481
4,061
-
-
-
4,061
4,358
500
(500)
-
4,358
5,533
6,348
(7,058)
-
4,823
5,158
50
-
-
5,208
-
2,000
(448)
-
1,552
-
2,000
(1,514)
-
486
-
12,000
(2,032)
-
9,968
664,491
-
-
-
664,491
5,000
-
-
-
5,000
165,650
-
(1,956)
-
163,694
1,026,936
110,572
(78,067)
-
1,059,441
1,485,987
1,806,349
(1,651,237)
-
1,641,099

26

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Designated funds

Mission The fund is for Mission Support administered through the PCC
Coffee Shop Fund This fund is set aside for future building/lease issues associated with the Coffee Shop.
House Purchase Fund This fund is to facilitate the purchase of a property currently co-owned by the PCC
and the Diocese of Oxford.
Social projects This fund is for the relief of poverty in Oxfordshire.
Restricted funds
Mission Gifts This fund is for donations from Congregation members given specifically for mission.
ACT! This fund is for the grant from St Aldates Parochial Charity and others in support of
the ACT! department of the church and ex-offenders mentoring project. It also
includes donations and collections made specifically for ACT! Funds are carried
forward for future strategic projects.
School of Ministry This fund is for donations and grants for the School of Ministry.
International Worker This fund is for the grant from St Aldates Parochial Charity towards the salary costs of
the Church International Worker.
Wednesday This fund is for the grant from St Aldates Parochial Charity in favour of the
Pastorate Wednesday Communion Pastorate.
Senior Café This fund is for a grant from the Oxford Deanery to facilitate the setting up of a
community café for Seniors
House Purchase Fund This fund is for donations made towards the purchase of a property currently co-
owned by the PCC and the Diocese of Oxford.
Students This fund is for grants and donations specifically for the benefit of the ministry to
Students.
Postgraduates This fund is for grants and donations specifically for the benefit of the ministry to
Postgraduates
Children This fund is for grants and donations specifically for the benefit of the ministry to
Children.
Special collections These are taken for specific purposes during services.
Youth This fund is for grants and donations specifically for the benefit of the ministry to
Youth.
Oxford City Council This fund is for a grant from the "We Are Oxford" project.
Grant
Invite a Nation This fund is for a grant to raise the profile of Alpha in Oxford.
Broadcast Equipment This fund is for grants specifically for the purpose of purchasing broadcasting
equipment.
Property
40 Pembroke Street This fund arose from donations and grants to purchase and refurbish the building
as the St Aldates Parish Centre.
Shirelake Close This fund is the PCC 's share of the purchase cost of the house. The rest of the
house belongs to the Diocese of Oxford.
Catacombs This building and its improvements were funded by grants and donations and is
owned by the Holy Trinity Parochial Hall or Ragged School Trust.

27

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

Prior Year comparatives

Prior Year comparatives
Unrestricted - General
Fund
Unrestricted - Designated
funds
Mission
Coffee Shop Fund
House Purchase Fund
Social projects
Total unrestricted funds
Restricted funds
Mission Gifts
ACT!
School of Ministry
International Worker
Wednesday
Pastorate
Senior Café
House Purchase Fund
Students
Postgraduates
Children
Special collections
Youth
Property
40 Pembroke Street
Shirelake Close
Catacombs
Total restricted funds
Total funds		 Balance at
start of year
Income for
the year
Expenditure
Transfers
between
funds
Balance at
end of year
£
£
£
£
£
228,586
1,648,371
(1,556,863)
(59,045)
261,049
18,957
-
-
10,545
29,502
20,000
-
-
10,000
30,000
100,000
-
-
18,500
118,500
-
-
-
20,000
20,000
367,543
1,648,371
(1,556,863)
-
459,051
13,230
21,619
(19,468)
-
15,381
93,841
62,250
(41,000)
-
115,091
2,029
-
-
-
2,029
3,000
12,000
(12,000)
-
3,000
-
500
(500)
-
-
728
-
-
-
728
-
25,675
-
-
25,675
10,781
6,000
(6,000)
-
10,781
4,061
-
-
-
4,061
4,358
1,500
(1,500)
-
4,358
1,881
32,965
(29,313)
-
5,533
3,153
5,005
(3,000)
-
5,158
664,491
-
-
-
664,491
5,000
-
-
-
5,000
167,606
-
(1,956)
-
165,650
974,159
167,514
(114,737)
-
1,026,936
1,341,702
1,815,885
(1,671,600)
-
1,485,987

28

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

10 Holy Trinity Parochial Hall Trust

The PCC are the managing trustees of the Holy Trinity Parochial Hall or Ragged School Trust. The trust owns the Catacombs and 35.71% of 40 Pembroke Street. The accounts of the Trust are consolidated in these financial statements.

11 Related Party Transactions

The St Aldates Ministry Trust (Registered Charity 281581) is considered to be a related party of the PCC as the Rector and two PCC members are Trustees. The objects of the Charity are the advancement of the Christian religion. The trust made no grant to the PCC in the year [2020: nil]. The trust's loans to the PCC stood at nil at 31 December 2021 [2020: nil]. The PCC made no transfer to the Ministry Trust in the year [2020: nil].

The St Aldates Parochial Charities (Registered Charity 1080062) is considered to be a related party as the Rector and three PCC members are Trustees. The objects of the Charity are to contribute to the maintenance of the fabric and of the services in St Aldates Church and to provide assistance to the beneficiaries in the City of Oxford who are in conditions of need, hardship or distress. The Charity made grants of £100,000 to fabric and services [2020: £135,000] and £55,000 to ministries supporting those in need or distress [2020: £61,000]. The Charity paid the PCC £9,118 for property management services [2020: £8,820]. The PCC also leases property from the Charity at independently assessed market rates. Rent paid to the Charity in the year amounted to £106,764 [2020: £122,740]. At the year end the amount due to or from the Charity was nil [2020: nil].

Aldates Community Transformation Initiatives (ACT!) (Registered Charity 1143136) is a related party by virtue of a number of common trustees. During the year, the PCC incurred direct expenses (including staff costs) totalling £135,985 [2020: £127,414] on behalf of the Charity. The Charity made a grant to the PCC of £101,514 [2020: £90,763]. At the year end the amount due from the Charity was £5,067 [2020: £36,651].

The trustees make voluntary donations to the work of St Aldates Church. In 2021 these donations (including those made by spouses) totalled £92,976 [2020 £79,354]. In addition Gift Aid of £19,670 was recovered in respect of these donations.

A grant was made to St. Mary's Church, Barton where a family member of a Trustee is the Incumbent.

A grant was made to Medic Assist International (Registered Charity 1104760) where a member of Senior Staff is a Trustee.

A grant was made to 222 Ministries (registered charity 1171159) where a family member of a Trustee is a senior member of staff.

A grant was made to E3 Initiatives (registered charity 1092574) which has a common Trustee.

The PCC pays 'Parish Share' to the Oxford Diocesan Board of Finance. The Rector and the Curate are employees of the Oxford Diocesan Board of Finance.

12 Pensions

St Aldates (Oxford) participates in three pension schemes: the Church of England Funded Pensions Scheme (CEFPS) for stipendiary clergy; the Pension Builder Scheme of the Church Workers Pension Fund for lay staff who enrolled before October 2016 and NEST Pension Fund for lay staff enrolling after October 2016.

CEFPS is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. Each participating employer in the scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions (see below).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at 31 December 2018. The 2018 valuation revealed a deficit of £50M and a recovery plan was put in place until 31 December 2022 based on deficit repair contributions of 11.9% in 2020 and 7.1% thereafter. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability and the balance sheet liability at 31 December 2021 was £4,000 [2020: £7,000].

The CWPF is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. The Fund has a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. Both components are defined benefits schemes. There is no subdivision of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multiemployer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme.

29

St Aldates PCC, Oxford – Annual Report & Financial Statements 2021

The pension costs charged to the SoFA in the year are contributions payable.

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at 31 December 2019. This revealed, on the ongoing assumptions used, a surplus of £0.7M. The PCC has one active member of the scheme.

The NEST Pension Scheme is a defined contribution ‘money purchase’ scheme. The PCC’s contribution is restricted to the contributions disclosed in note 3. The money purchase scheme is managed by NEST Corporation and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan a pension fund which is then converted into a pension upon the employee’s normal retirement year age when eligible for a state pension. The PCC has no liability beyond making its contributions and paying across the deductions for the employee’s contributions. There were no outstanding contributions at the year end.

13 Note to the Statement of Cash Flows

Reconciliation of net income to net cash flow from operating activities

Reconciliation of net income to net cash flow from operating activities
Net income/(expenditure) for the reporting period (as per the statement of
financial activities)
Adjustments for:
Depreciation charges
Loss/(Profit) on disposal of Fixed Assets
Dividends, interest and rents from investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities		 2021
2020
£
£
155,112
144,285
23,199
26,480
(976)
-
(129)
(725)
5,450
699
(8,561)
6,626
27,980
(12,716)
202,075
164,649

Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2021
2020
£
£
746,692
66,207
-
524,701
746,692
590,908

30