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2022-12-31-accounts

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

Annual Report & Financial Statements for the year ended 31 December 2022

Registered Charity 1131154

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

– THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES, OXFORD Annual Report for 2022

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 Karen Simson, PCC Secretary, St Aldates PCC, St Aldates Church 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 Aldates 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 36 people and an additional ten School of Ministry Students. In addition to this, the Church is reliant on a large team (c500) of dedicated volunteers from within the congregation. The premises used on a day to day basis are the Church building, the Church Centre (40 Pembroke Street) and the Catacombs (12 Littlegate Street).

Trustees/PCC members serving during 2022

Revd Stephen Foster Ex-officio Rector of the Parish
Chris Gillies (Vice-Chair) Elected Church Warden
Jamie Mitchell Elected Church Warden from 27 April 2022
Mark Withers Elected Church Warden until 27 April 2022
Jeremy Basset Co-opted Treasurer from 11 July 2021
Revd Mark Brickman Ex-officio Associate Minister
Revd Will Stuart-Lee Ex-officio Curate
Serenus Chelliah Deanery Rep Elected APCM 2022 to APCM 2023
Rachael Clear Deanery Rep Elected APCM 2022 to APCM 2025
Andy Davisson Deanery Rep Term on PCC runs to APCM 2023
Funmi Durodola Deanery Rep Term on PCC runs to APCM 2023
Richard Hunter Deanery Rep Resigned 27 April 2022
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 Resigned 14 March 2022
Ali Chevassut Elected Term on PCC runs to APCM 2023
Alissa Moore-Williams Elected Term on PCC runs to APCM 2023
Claire Mortimer Elected Elected APCM 2022 to APCM 2025
John Tranter Elected Term on PCC runs to APCM 2023
Nemi Wilton Elected Term on PCC runs to APCM 2023
Tim Campion-Smith Elected Term on PCC runs to APCM 2024
Anya Herklots (Safeguarding-Adults) Co-opted
Carol Lister (Safeguarding-Children) Co-opted

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

Other senior staff or office holders:

ther senior staff or office holders:
Revd Simon Ponsonby Senior Staff Pastor of Theology
Lauren Harris Senior Staff Worship Director
Jenny Corps Senior Staff Director of Operations until 30 November 2022
PCC Secretary 8 May to 30 November 2022
Karen Simson Senior Staff Chief Operating Officer from 5 December 2022
PCC Secretary from 5 December 2022 to 6 March 2023
Chloe Bossward Employee PA to the Rector and Secretary to the PCC until 7 May 2022
Tapiwa Ngoma Employee PA to the Rector and Secretary to the PCC from 6 March 2023

Bankers: HSBC, 65 Cornmarket Street, Oxford, OX1 3HY Auditors: Wenn Townsend, Chartered Accountants, 30 St Giles’, Oxford, OX1 3LE Solicitors: Winckworth Sherwood, 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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. The APCM and elections of PCC members took place on 27[th] April 2022.

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 the Parochial Church Councils (Powers) Measure 1956 as amended. 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 2022

Structure and operating procedures

The Trustees met eight times during 2022 of which four meetings were virtual and four in person. The Standing Committee met on a further five separate occasions over the year all of which were virtual. 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 Church Centre and may be read by any members of the Electoral Roll upon request.

The Trustees receive written reports from the leaders of the church ministries to ensure they are kept up to date with what is happening and as an encouragement to pray into each area.

The Trustees delegate some matters to 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, Associate Minister, Wardens, Treasurer and members elected by the PCC from among their number. The elected members were Funmi Durodola and Andy Davisson. 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. Grantmaking during 2022 was overseen by the Treasurer and Andy Davisson with all grants in excess of £1,000 approved by the PCC. The PCC agreed at its meeting on 14 November 2022 to form a new Mission Committee comprising the Rector, Treasurer, Mission Secretary and Chief Operating Officer.

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 November 2022 the Committee presented an annual report to the PCC with specific proposals around leadership and representation, theology, education, prayer and worship, education diversity and inclusion and community engagement. The PCC agreed to implement these during 2023.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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, the Worship Director and the Chief Operating Officer. Remuneration of clergy and pastors is set to match clergy stipends and allowances as recommended by the Diocese of Oxford. Remuneration of other staff is set with regard to pay in the sector and the cost of living in Oxford.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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 congregational giving. The PCC is currently reviewing its approach to mission.

Grants were made to six mission partners working in Europe, the Middle East and Asia. The PCC also made grants to support the strategic partnership with St Mary’s, Barton.

Grants were made to a number of Christian charities working in mission or social transformation projects. This included: 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, supporting orphaned and vulnerable children in South Africa, medical diagnostic tests for a rural hospital in Uganda, health care projects in India and South Africa, support for the persecuted church worldwide, local practical responses to crime and safety and provision of Christmas hampers in Oxford.

In addition, we occasionally invite the congregation to contribute to specific appeals. In 2022 £488 was raised for the work of ACT responding to homelessness in the city of Oxford and Open Doors supporting the persecuted church worldwide. £225 was received in donations to support the work of relief in Ukraine.

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, work with children and young people, mid-week small group meetings, prayer ministry, hospitality, provision of food to the homeless and mentoring. Over 500 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 2022

ACHIEVEMENTS AND PERFORMANCE

Church Membership and Attendance

In March 2022, the Electoral Roll was updated. The number on the updated Roll was 464 [2021: 453].

At the start of the year attendance was approximately 900 adults and children each Sunday. By the end of the year attendance had reached approximately 1,200 adults and children each Sunday.

We have continued to broadcast Sunday morning services and these still regularly receive approximately 2,300 views each week.

We celebrated 5 young people’s baptisms (age 0-17), 10 adult baptisms, 8 confirmations and 9 weddings in the church over the course of the year. Sadly, two long standing members of our congregation passed away in the closing weeks of 2021 and their funerals were held in the church in January.

The Ministry of St Aldates

As the year began we sought to consolidate meeting in person and launched our new vision “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 started the year with four services each Sunday at 10am, 12noon, 6pm and, during term time, 8:15pm.

Our 10am congregation flourished as families with young children returned to church and new families joined us. For some this was a way for whole families to find faith. This service is live streamed and we were encouraged to see growth in the viewing numbers. It’s a joy to receive letters from those who follow our livestream.

The 12noon congregation grew throughout the year being popular with Students who then stayed on for the Student Lunch (a new initiative post Covid) and also those who preferred a slightly less busy service to the 10am.

Our 6pm service continued to grow being especially popular with those in their 20 and 30’s. It was particularly encouraging that we were able to baptise four in this community in November.

In April the team running our 8:15pm service felt it was time to lay it down. We took the opportunity to experiment with a 4pm service for 10 weeks starting in May. This went well and returned as a permanent fixture in September. It provides space for us to grow as the 6pm service reaches capacity.

Right from the start of the year we’ve been excited to see so many people coming to faith. It’s so encouraging that these people have been from all ages, stages and contexts. In May we held a confirmation service which included powerful testimonies. On May morning we engaged with students as they travelled home from their May Balls and gave out over 700 bacon baps. Many encouraging conversations resulted from this with individuals coming back to church to find out more. We continued to run Alpha courses throughout the year and were encouraged by the numbers attending and the lives we saw changed.

In May we launched Good Ground a unique course written by our staff team aimed at discipling new believers or those returning to faith. Those taking part met in small groups with mentors to study the bible, encourage each other and build accountability. A second course ran in the Autumn.

The generosity of our congregation and some grant funding has enabled us to replace our lighting which was at the end of it useful life. The new lighting should use at least 50% less electricity than the lighting it replaces. We took the opportunity to replace the aging audio visual cabling at the same time. We’re shortly going to launch a hosted livestream to make it easier for those who follow us online to engage with our community.

In the New Year our small groups journeyed together on a course called “The Reset” written by our staff team. This consisted of a short talk on particular spiritual disciplines (such as reading the bible, prayer, fasting), with

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

accompanying questions and a suggested activity for each week. It remains available online. Then in the Summer our Groups worked through a course called “Reconciled” that explored Biblical elements around these themes. Again this was written in house - this time by our Amazing Race, Faith and Justice (RFJ) Group.

The RFJ Group continues to work with ministry leaders throughout the church and have enabled us to raise up and emerging service and worship leaders. Recruitment within the staff team remains a concern and a priority for the future.

In June we enjoyed a Day Out together. It was fantastic to see people from all parts of our community enjoying fellowship, fun and food together in a field just outside of Oxford.

After the summer break we launched into September with three weeks of prayer both for our own community but also Oxford and the wider world. Also in September we invested in our growing children’s ministry at the 10am Service by renting additional space from the Story Museum in Pembroke Street.

Our Student ministry continued to grow with the Thursday night meeting being the mainstay of our student provision. With the support of grant funding we were able to appoint a Student Outreach Pastor. September saw the largest first night gathering for many years. We’re now seeing numbers as high as 170 at Student Night – the largest number of students in living memory.

We’re seeing similar encouraging growth in our ministry to post graduate students, with nearly 40 attendees at the annual weekend away in November.

The Ministry of ACT! continues and includes work in prisons, local bail hostels and through managed accommodation for suitable clients. Our monthly free community meal restarted and during the year moved to the Christopher Room in the Church Centre so as to accommodate the 4pm service.

In September we again welcomed ten 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.

Staffing

The Trustees pay tribute to the immense hard-work, creativity and flexibility of all the staff team as they adapted to change as society emerged more fully from the Covid 19 pandemic.

We had a number of staff changes during the year. In January Jemma I’ons left the ACT Team. In February Ellie Clear moved on and was succeeded as Youth Pastor by Sara Parsons who joined in July. Rhys Holloway was temporary Youth Pastor for the summer term. In March Ben Burnett joined as Media Content Producer. Verger, Gordon Buss, left in May and was succeeded by Fin Rogers who rejoined the team. Also in May Sue Pimm retired as Gift Aid Coordinator and Chloe Bossward, PA to the Rector left us. Lena Harris left us in July and Anna Cross became fulltime taking on wider responsibility for pastoral care. Also in July Tom Owen, Events Manager left us. Ash Sanders joined as Events Manager in September. Evy Prentice, Communications Manager, left us in September and was succeeded by Kate Harvey who joined in November. Also in September we were joined by Jodie Lintern, Student Outreach Pastor and Charlotte Simmons, Worship Assistant. Jamie Thomson, Worship and Creative Director left us in October. In November Lydia Hughes joined us as Creative Producer. At the end of November, Jenny Corps, Operations Director retired. Karen Simson joined us as Chief Operating Office in early December.

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.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

Buildings

The PCC is responsible for the Church, Church 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 School on Ministry Students. General repairs and maintenance were carried out in the Church building, Church 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.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

FINANCIAL REVIEW

Summary

Unrestricted income during 2022 was £2,381k [2021: £1,696k] and expenditure was £2,152k [2021: £1,573k]. The PCC set aside (designated) £172k [2021: £29k] for various purposes and this resulted in a surplus of £56k [2021: £133k] after transfers.

We also received £524k [2021: £110k] of income that was donated for a specific purpose i.e. restricted funds. Corresponding expenditure of these funds was £286k [2021: £78k]. Restricted funds carried forward at the end of the year were £1,290k [2021: 1,059k]

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 this was supplemented by a single gift day in March. We experienced growth of 47.8% in planned giving and 63.4% in one-off donations – the latter included an exceptionally generous response to the vision set out at the gift day in March. Overall unrestricted giving rose by 49.8% compared to 2021.

In January we received a significant grant of £360k. This was the first payment of three years of match funding provided by an anonymous donor to stimulate church growth and was for the purpose of funding a number of additional roles and also investing in the building’s infrastructure.

Additionally we receive income from hiring out our buildings for meetings and conferences and rental income from sub-leases on properties in Pembroke Street and a grant from the Parochial Charities

We were grateful to receive a grant from Alpha International that enabled us to invest in Media and Broadcast equipment.

Expenditure is targeted at achieving the key objectives of St Aldates, with supporting overheads kept to a reasonable minimum. Excluding grant-making, unrestricted expenditure increased by 45.3% as we sought to honour the increase in voluntary giving by investing both in ministry and our buildings. Our main area of expenditure is staff costs. Staff received an annual pay rise of at least 4% and salaries of all permanent staff exceed the Oxford Living Wage. Total staff costs, including housing, increased by 14.9% reflecting an increase in net staff numbers and the pay increase. Our largest single item of on-going expenditure is the Parish Share and this increased by 1.2%

The lighting in the Church Building had reached the end of its useful life. Accordingly we invested in a project to renew and upgrade the lighting. The new lighting is much more energy efficient enabling us to reduce our electricity consumption and better suited to supporting broadcasting. We took the opportunity to renew audio visual cabling and equipment at the same time. Total costs of £509k were incurred in the year of which £114k were grant funded. We have transferred a further £83k to a designated fund to cover costs expected to be incurred in 2023.

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 2023 as we seek to wisely spend the reserves built up in the last two years.

Reserves Policy

The Trustees have agreed that the reserves policy should enable the funding of the equivalent of three month’s staff costs i.e. approximately £260k. As the PCC is able to call on resources from the St Aldates Ministry CIO, 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 CIO, at all times be sufficient to fund the equivalent of three month’s salary costs.

At the end of 2022, our total reserves were £2,107k [2021: £1,641k] of which £387k [2021: 349k] are regarded as free reserves after allowing for fixed assets (principally buildings) and restricted funds. Combined with the funds of the Ministry CIO this is more than sufficient to comply with our reserves policy.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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 Days. 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 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. ACT or natural disasters.

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

St Aldates is placed in a strategic location and this continues to feel like 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.

Our priorities for the year ahead will seek to grow our community to be outward facing so that we become effective at inviting people into the building meet with Jesus. We will also seek to further develop our livestream offering and after a successful trial of a hosted stream at our Carol Services will be rolling this out to our Sunday Morning livestream.

We continue 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 ongoing changes in staffing and infrastructure.

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 6[h] March 2023

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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 2022 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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 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.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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.

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.

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St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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 Oxford

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 2022

Statement of Financial Activities for the year ended 31 December 2022

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
Gross Transfers between funds
9
Net movement in funds
Total funds brought forward
Total funds carried forward
9		 General
Funds
Designated
Funds
Restricted
Funds
£
£
£
2,156,446
-
521,843
8,100
-
-
187,908
-
-
28,283
-
1,862		 2022
£
2,678,289
8,100
187,908
30,145		 2021
£
1,623,254
129
142,529
40,435
2,380,737
-
523,705		 2,904,442 1,806,347
87,534
-
71,162
2,064,849
-
214,959		 158,696
2,279,808		 166,463
1,484,772
2,152,383
-
286,121		 2,438,504 1,651,235
228,354
-
237,584
(171,925)
178,585
(6,660)		 465,938
-		 155,112
-
56,429
178,585
230,924
394,136
187,522
1,059,441		 465,938
1,641,099		 155,112
1,485,987
450,565
366,107
1,290,365		 2,107,037 1,641,099

15

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

Balance Sheet as at 31 December 2022

Balance Sheet as at 31 December 2022
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		 2022
2021
£
£
833,599
835,656
67,827
52,506
901,426
888,162
-
1,283
139,052
131,204
1,278,649
746,692
1,417,701
879,179
(212,090)
(122,242)
1,205,611
756,937
2,107,037
1,645,099
-
(4,000)
2,107,037
1,641,099
450,565
394,136
366,107
187,522
816,672
581,658
1,290,365
1,059,441
2,107,037
1,641,099

Approved by the Parochial Church Council on Monday 6 March 2023 and signed on its behalf by:

16

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

Statement of Cash Flows for the year ended 31 December 2022

Note
Cash flows from operating activities:
Net cash provided by operating activities
13
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 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
13		 2022
2021
£
£
563,210
202,075
8,100
129
(39,353)
(47,925)
-
1,505
(31,253)
(46,291)
531,957
155,784
746,692
590,908
1,278,649
746,692

17

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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 £207,274 (2021: £340,263) 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 £833,599 (2021: £835,656) 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 receivable.

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 2022

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 CCLA CBF 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 2022

2 Income

2a Donations and
legacies
Planned giving
Collections
Legacies
Sundry donations
St Aldates Parochial Charity
Grant
Other grants
Income tax recoverable
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		 Unrestricted
General
Funds
Restricted
Funds
£
£
1,002,930
10,826
5,224
2,536
-
-
702,679
74,460

98,000
54,000
112,201
371,906
235,412
8,115		 Total Funds
2022
£
1,013,756
7,760
-
777,139
152,000
484,107
243,527		 Unrestricted
General
Funds
Restricted
Funds
£
£
678,340
11,999
1,698
341
-
-
430,101
22,253
100,000
55,000
113,522
16,660
189,022
4,318		 Total Funds
2021
£
690,339
2,039
-
452,354
155,000
130,182
193,340
2,156,446
521,843		 2,678,289 1,512,683
110,571		 1,623,254
8,100
-		 8,100 129
-		 129
36,930
-
153
-
24,366
-
13,081
-
113,378
-		 36,930
153
24,366
13,081
113,378		 9,025
-
228
-
39,263
-
12,777
-
81,236
-		 9,025
228
39,263
12,777
81,236
187,908
-		 187,908 142,529
-		 142,529
27,124
-
1,159
1,862		 27,124
3,021		 19,325
-
21,110
-		 19,325
21,110
28,283
1,862		 30,145 40,435
-		 40,435
2,380,737
523,705		 2,904,442 1,695,776
110,571		 1,806,347

Total income in 2022 was £2,904,442 [2021: £1,806,347] of which £2,380,737 [2021: £1,695,776] was unrestricted income and £523,705 [2021: £110,571] was restricted income. In the prior year other grants receivable includes government grants receivable in the form of the Coronavirus Job Retention Scheme of £9,553.

20

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

3 Expenditure

Note
3a Charitable activities -
Grants
Mission partners and
associates
Mission institutions
Short- term missions
including teams
Missional Projects
Social Projects
ACT
11
Other
Special collections paid over		 Unrestricted
General
Funds
Restricted
Funds

£
£
45,434
19,487
-
-
750
-
41,000
-
-
-
-
50,000
350
-
-
1,675		 Total
Funds
2022
£
64,921
-
750
41,000
-
50,000
350
1,675		 Unrestricted
General
Funds
Restricted
Funds
£
£
55,767
6,791
2,500
-
2,900
-
70,300
-
20,000
-
-
-
171
4,498
-
3,536		 Total
Funds
2021
£
62,558
2,500
2,900
70,300
20,000
-
4,669
3,536
87,534
71,162		 158,696 151,638
14,825		 166,463

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. During the year the PCC made a grant of £50,000 [2021: £nil] to its related charity Aldates Community Transformation Initiatives (see note 11). Special collections are taken for specific purposes during services.

In 2022 expenditure on grants totalled £158,696 [2021: £166,463] of which £87,534 [2021: £151,638] was from unrestricted funds and £71,162 [2021: £14,825] was from restricted funds.

Grants to Mission Institutions in the prior year comprised one grant of £2,500 to the Lambeth Partnership.

Note
3b Charitable activities -
Ministry
Parish share
Direct ministry expenses
Commercial lettings expenses
Lighting and AV
refurbishment
Other buildings expenses
Support costs
3d
Audio, bookstall		 Unrestricted
General
Funds
Restricted
Funds

£
£
135,648
-
974,029
100,278
9,250
-
395,450
113,781
307,885
-
207,274
811
869
-		 Total
Funds
2022
£
135,648
1,074,307
9,250
509,231
307,885
208,085
869		 Unrestricted
General
Funds
Restricted
Funds
£
£
134,039
-
673,086
43,319
-
-
-
-
237,367
-
340,263
18,321
6,887
-		 Total
Funds
2021
£
134,039
716,405
-
-
237,367
358,584
6,887
2,030,405
214,870		 2,245,275 1,391,642
61,640		 1,453,282

21

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

Note
3c Governance costs
Audit fee
Support costs
3d
Total Expenditure		 Unrestricted
General
Funds
Restricted
Funds

£
£
5,040
-
29,404
89		 Total
Funds
2022
£
5,040
29,493		 Unrestricted
General
Funds
Restricted
Funds
£
£
4,800
-
25,089
1,601		 Total
Funds
2021
£
4,800
26,690
34,444
89		 34,533 29,889
1,601		 31,490
2,152,383
286,121		 2,438,504 1,573,169
78,066		 1,651,235

Total expenditure in 2022 was £2,438,504 [2021: £1,651,235] of which £2,152,383 [2021: £1,573,169] was unrestricted expenditure and £286,121 [2021: £78,066] was restricted expenditure.

3d Support costs
Ministry support
Staff costs
Office administration
Other		 Unrestricted
General
Funds
Restricted
Funds
£
£
254,657
799
13,864
-
(61,247)
12		 Total
Funds
2022
£
255,456
13,864
(61,235)		 Unrestricted
General
Funds
Restricted
Funds
£
£
275,830
18,290
10,718
-
53,715
31		 Total
Funds
2021
£
294,120
10,718
53,746
207,274
811		 208,085 340,263
18,321		 358,584

Included within other is a credit of £73,350 [2021: charge of £42,900] in respect of bad debts.

Governance
Staff costs
Office administration
Note
3e Staff costs
Salaries
National Insurance
Pension contributions
12
Other staff costs
Housing
Other
28,295
89
1,109
-		 28,384
1,109		 24,151
1,601
938
-		 25,752
938
29,404
89		 29,493 25,089
1,601		 26,690
236,678
900		 237,578 365,352
19,922		 385,274
Unrestricted
General
Funds
Restricted
Funds

£
£
722,514
72,366
68,160
1,781
35,711
1,070		 Total
Funds
2022
£
794,880
69,941
36,781		 Unrestricted
General
Funds
Restricted
Funds
£
£
648,005
48,056
50,160
3,541
33,399
2,297		 Total
Funds
2021
£
696,061
53,701
35,696
826,385
75,217		 901,602 731,564
53,894		 785,458
93,393
-
12,514
443		 93,393
12,957		 76,857
-
9,787
360		 76,857
10,147
105,907
443		 106,350 86,644
360		 87,004
932,292
75,660		 1,007,952 818,208
54,254		 872,462

No member of the PCC received any remuneration for their work on the PCC. The clergy (3), 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 £5,025

22

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

expenses as part of their ministry work [2021: £3,755]. No other PCC members claimed expenses.

Revd Mark Brickman and Revd Will Stuart-Lee are ex-officio members of the PCC and Trustees and receive remuneration, pension or benefits for their ministry roles. The remuneration is set to match stipends, pensions and/or housing allowances in the Diocese of Oxford. Total paid was £86,316 [2021: £104,387] of which pension was £9,323 [2021: £13,890]. The prior year comparative includes remuneration for Revd Christopher Landau who was an ex officio member of the PCC during that year.

Remuneration of the Senior Management Team not on the PCC (salaries & pension) amounted to £110,155 [2021: £81,319]. No member of staff earns £60,000 or more. The average number of staff during the year was 32 [2021: 30] equivalent to 27 fulltime employees [2021: 27]. With the exception of governance costs which are separately identified, support costs are all allocated to charitable activities based on direct usage.

4 Fixed Assets

Cost
At start of period
Additions
At close of period
Depreciation
At start of period
Charge for the year
At close of period
Net book value
At start of period
At close of period		 Land and
buildings
Equipment,
furniture and
vehicles
Total
£
£
£
861,145
263,324
1,124,469
-
39,353
39,353
861,145
302,677
1,163,822
(25,489)
(210,818)
(236,307)
(2,057)
(24,032)
(26,089)
(27,546)
(234,850)
(262,396)
835,656
52,506
888,162
833,599
67,827
901,426

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 £15,649) and the PCC's share of 2 Shirelake Close (at a cost of £5,000). See also Note 11. 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		 2022
2021
£
£
3,592
120
52,035
45,242
83,425
85,842
139,052
131,204

23

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

6 Liabilities: amounts due within one year

6 Liabilities: amounts due within one year
Trade creditors
Accruals and other creditors
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
7 Provisions
Pension provision creditor		 2022
2021
£
£
68,127
30,779
143,963
91,463
212,090
122,242
29,139
14,218
(29,139)
(14,218)
25,795
29,139
25,795
29,139
2022
2021
£
£
-
4,000

8 Analysis of net assets by fund

Fixed assets
Net current assets/(liabilities)
Pension provision creditor
Fund Balance
Prior Year Comparative
Fixed assets
Net current assets/(liabilities)
Pension provision creditor
Fund Balance		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
63,230
-
838,196
387,335
366,107
452,169		 Total Funds
2022
£
901,426
1,205,611		 Total Funds
2021
£
888,162
756,937
450,565
366,107
1,290,365
-
-
-		 2,107,037
-		 1,645,099
(4,000)
450,565
366,107
1,290,365		 2,107,037 1,641,099


Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
45,009
-
843,153
353,127
187,522
216,288		 Total Funds
2021
£
888,162
756,937
398,136
187,522
1,059,441
(4,000)
-
-		 1,645,099
(4,000)
394,136
187,522
1,059,441		 1,641,099

24

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

9 Analysis of movement in Reserves

Unrestricted - General
Fund
Unrestricted - Designated
funds
Mission
Coffee Shop Fund
House Purchase Fund
Church Refurbishment
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
Oxford City Council Grant
Invite a Nation
Media Equipment
Church Growth
UKME Bursary
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
£
£
£
£
£
394,136
2,380,737
(2,152,383)
(171,925)
450,565
10,522
-
-
67,085
77,607
40,000
-
-
10,000
50,000
137,000
-
-
18,500
155,500
-
-
-
83,000
83,000
581,658
2,380,737
(2,152,383)
6,660
816,672
15,639
4,723
(19,486)
-
876
123,033
112,232
(89,638)
-
145,627
6,901
8,750
-
(7,264)
8,387
3,000
9,000
(12,000)
-
-
-
2,362
(230)
-
2,132
728
-
-
-
728
35,018
7,019
-
-
42,037
11,481
4,500
(14,119)
-
1,862
4,061
-
-
-
4,061
4,358
-
-
-
4,358
4,823
713
(3,773)
-
1,763
5,208
-
-
-
5,208
1,552
-
(1,500)
-
52
486
-
(486)
-
-
9,968
12,000
(11,971)
-
9,997
-
359,906
(130,962)
-
228,944
-
2,500
-
604
3,104
664,491
-
-
-
664,491
5,000
-
-
-
5,000
163,694
-
(1,956)
-
161,738
1,059,441
523,705
(286,121)
(6,660)
1,290,365
1,641,099
2,904,442
(2,438,504)
-
2,107,037

25

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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.
Church This fund is to set aside funds to complete the refurbishment of the lighting and AV
Refurbishment systems which commenced in 2022.
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 to fund Bursaries 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.
Media Equipment This fund is for grants specifically for the purpose of purchasing equipment to support
our media and broadcast channels.
Church Growth This fund is for grants specifically for the purpose of funding projects to support
Church growth.
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.

26

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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
Senior Café
House Purchase Fund
Students
Postgraduates
Children
Special collections
Youth
Oxford City Council
Grant
Invite a Nation
Media 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

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. Any income or expenditure in respect of these properties under joint control has been received by the PCC and included in the statement of financial activities.

27

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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. During the year the Trust resolved to transfer all its assets to the St Aldates Ministry CIO (registered Charity 1200135). The St Aldates Ministry CIO is also considered to be a related party because the Rector and one PCC member are Trustees. The objects of both charities are the advancement of the Christian religion. Neither the trust or the CIO made a grant to the PCC in the year [2021: nil]. The Trust's and the CIO's loans to the PCC stood at nil at 31 December 2022 [2021: nil]. The PCC made no transfer to the Trust or the CIO in the year [2021: nil].

The St Aldates Parochial Charities (Registered Charity 1080062) is considered to be a related party by virtue of a number of common 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 £98,000 to fabric and services [2021: £100,000] and £54,000 to ministries supporting those in need or distress [2021: £55,000]. The Charity paid the PCC £9,753 for property management services [2021: £9,118]. The PCC also leases property from the Charity at independently assessed market rates. Rent paid to the Charity in the year amounted to £133,622 [2020: £106,764]. 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 £138,972 [2021: £135,985] on behalf of the Charity. The Charity made a grant to the PCC of £109,701 [2021: £101,514]. The PCC made a grant to The Charity of £50,000 [2021: £nil]. At the year end the amount due from the Charity was £1,728 [2021: £5,067].

The trustees make voluntary donations to the work of St Aldates Church. These donations (including those made by spouses and related companies) totalled £186,968 [2021: £92,976]. In addition Gift Aid of £21,556 [2021: £19,670] was recovered in respect of these donations.

A Trustee is a Director of Stewardship Services (UKET) Ltd "Stewardship". The PCC obtains services from Stewardship on arms lengths terms and in amounts which are not considered material either to the PCC or Stewardship.

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

A grant was made to The Oxford Evangelical Pastorate (registered charity 1136848) which has a common 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.

28

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

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 2021. The valuation revealed a surplus of £560m. The previous valuation in December 2018 had recognised a deficit and in accordance with section 28.11A of FRS 102 the agreed deficit recovery payments had been recognised as a liability of £4,000 at 31 December 2021. Since the Scheme is now in surplus that liabilty has been released in the current period.

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 sub-division of assets between employers in each section of the Pension Builder Scheme. 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 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.

29

St Aldates PCC, Oxford – Annual Report & Financial Statements 2022

13 Note to the Statement of Cash Flows

Reconciliation of net income to net cash flow from operating activities

Net income for the reporting period (as per the statement of financial
activities)
Adjustments for:
Depreciation charges
Profit on disposal of Fixed Assets
Dividends, interest and rents from investments
Decrease in stocks
Increase in debtors
Increase in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2022
2021
£
£
465,938
155,112
26,089
23,199
-
(976)
(8,100)
(129)
1,283
5,450
(7,848)
(8,561)
85,848
27,980
563,210
202,075
2022
2021
£
£
1,278,649
746,692
1,278,649
746,692

30