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← The Parochial Church Council Of The Ecclesiastical Parish Of St Aldates, Oxford

2024-12-31-accounts

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

Annual Report & Financial Statements for the year ended 31 December 2024

Registered Charity 1131154

St Aldates, Oxford – Annual Report 2024

– THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES, OXFORD Annual Report for 2024

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 Tapiwa Mhuka, 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 2023

Revd Stephen Foster Ex-officio Rector of the Parish
Jamie Mitchell Elected Church Warden
Nemi Wilton Elected Church Warden
Jeremy Basset Elected Treasurer
Revd Mark Brickman Ex-officio Associate Minister
Revd Will Stuart-Lee Ex-officio Curate (resigned 31/3/2024)
Revd Reema Shinhmar Ex-officio Curate (from 1/7/2024)
Serenus Chelliah Deanery Rep Elected APCM 2023 to APCM 2026
Rachael Clear Deanery Rep Term on PCC runs to APCM 2025
Funmi Durodola Deanery Rep Elected APCM 2023 to APCM 2026
Dr Colleen McGregor Deanery Rep Elected APCM 2023 to APCM 2026
Wongani Mwanza Deanery Rep Elected APCM 2023 to APCM 2026
Ifeanyi Maijeh Deanery Rep Elected APCM 2023 to APCM 2026
Rosalind Kainyah Deanery Rep Elected APCM 2023 to APCM 2026
Andy Davisson Elected Elected APCM 2023 to APCM 2026
Claire Mortimer Elected Term on PCC runs to APCM 2025
Tim Campion-Smith Elected Term on PCC runs to APCM 2027
David Bennet Elected Elected APCM 2024 to APCM 2026
Carol Lister (Safeguarding-Children) Co-opted Safeguarding

Other senior staff or office holders:

Revd Simon Ponsonby Senior Staff Pastor of Theology Lauren Harris Senior Staff Worship Director Karen Simson Senior Staff Chief Operating Officer (resigned 11 October 2024) Tapiwa Mhuka Employee PA to the Rector and Secretary to the PCC

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St Aldates, Oxford – Annual Report 2024

Bankers: HSBC, 65 Cornmarket Street, Oxford, OX1 3HY Auditors: Mercer Lewin, 6-7 Citibase, New Barclay House, 234 Botley Road, Oxford OX2 0HP Solicitors: Winckworth Sherwood, 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG

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St Aldates, Oxford – Annual Report 2024

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 23[th] April 2024.

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, Oxford – Annual Report 2024

Structure and operating procedures

The Trustees met six times during 2024. All of these meetings were in person. The Standing Committee met on a further six 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 Andy Davisson, Funmi Durodola (until June) and Rosalind Kainyah (from June). We thank Funmi for her many years’ service on the Standing Committee. 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

The Mission Committee comprises the Rector, Treasurer, Mission Secretary (Andy Davisson) and Chief Operating Officer. The committee has delegated authority to make grants for mission up to £6,000. Grants above that amount must be authorised by the PCC.

Race, Faith and Justice Committee

The PCC has a established a 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.

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.

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St Aldates, Oxford – Annual Report 2024

Safeguarding and Clergy Discipline Measure 2016 (duty to have regard to House of Bishops’ guidance on safeguarding children and vulnerable adults).

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, Oxford – Annual Report 2024

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 mission committee is responsible for making individual grants (with those over £6,000 requiring PCC approval). The committee seeks to balance giving between local, national and international projects and also between projects supporting Ministry (ie evangelism), Maturity (ie discipleship) and Mercy (ie supporting the disadvantaged vulnerable).

Grants were made to a number of individuals and Christian charities working in evangelism, discipleship or social transformation projects. This included: encouraging the establishment and development of churches in key cultural cities in mainland Europe, supporting female entrepreneurs in rural poverty in Uganda, house churches in Iran, social justice projects among students in UK, providing palliative care in India, supporting orphaned and vulnerable children in South Africa and local practical responses to crime and safety and provision of Christmas hampers in Oxford.

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 600 volunteers were regularly involved in supporting church activities and ministry and we are grateful to them all.

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St Aldates, Oxford – Annual Report 2024

ACHIEVEMENTS AND PERFORMANCE

Church Membership and Attendance

In March 2024, the Electoral Roll was updated. The number on the updated Roll was 514 [2022: 464].

At the start of the year attendance was approximately 1200 adults and children each Sunday. By the end of the year attendance had reached approximately 1400 adults and children each Sunday.

We have continued to broadcast Sunday morning services and these still regularly receive approximately 1200 views each week.

We celebrated nineteen young people’s baptisms (age 0-17), twenty-six adult baptisms and five weddings in the church over the course of the year.

The Ministry of St Aldates

We continue to pursue 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.”

With continued to hold four services each Sunday at 10am, 12noon, 6pm and, during term time, 4pm.

Our 10am congregation continues to flourish with a particular focus on families with young children. We have about 200 children in Aldates Kids and have rented additional space to be able to accommodate them. This service is lived streamed and this year we’ve now introduced a host to further enable our online community to engage both with us and each other.

The 12noon congregation continues to thrive and provides an alternative for those who prefer a slightly less busy service to the 10am.

Our 4pm service is quieter and small but often a time of deep encounter for those who attend.

Our 6pm service continued to grow being especially popular with those in their 20 and 30s. We’ve introduced a number of socials after this service including Beer and Hymns, Volleyball and BBQ’s.

We started January with 21 days of prayer encouraging everybody to take part in a rhythm of praying at 8am, 1pm and 8pm. We also held lunchtime prayer meetings on Mondays, Wednesday and Thursday during those three weeks. It was joy for some of those meetings to be led by members of our congregation who are of Chinese and Korean heritage.

In February we felt a deep move of God as many came through our doors asking questions. It was a delight to give out many Bibles. Across our services we baptised 1 infant and 9 adults. A further 3 adults renewed their baptismal vows. We ended the month with our Vision Sunday and were delighted so many people responded to our vision.

In March we held our annual Gift Day and were so thankful for the generosity of nearly 500 members of our community. At the end of the month we celebrated Easter with, on Sunday morning, we believe, the Church having more people in in than ever before in tis 1,000 year history.

In April we started a new sermon series looking at what it means to be followers of Jesus. We held another one of our Love Matters events after the 6pm as we sought to equip a rising generation to navigate modern culture.

In May we celebrated baptisms and were delighted that so many youth and families chose to be baptised. Towards the end of the month we started our new sermon series “Freedom Rules” based on the ten commandments.

In June we celebrated more baptisms and continued our sermon series on “Freedom Rules” with a one week break where we consider the question “How would Jesus Vote”.

In July we continued our sermon series on “Freedom Rules” and held our Final Love Matters evening after a 6pm service. At the end of the month 250 members of our community attended the Focus Festival.

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St Aldates, Oxford – Annual Report 2024

In August started with an amazing Olympics themed holiday club for our children. Our small groups took a break and we gathered as a church on Wednesday evenings to learn about past revivals. On Sundays our sermon series was on different types of prayer. In September we returned from the summer holiday and a sermon series “Called to be Church”.

In October we started a new sermon series looking at the Emotions of Jesus. We were delighted to celebrate more baptisms In November as well as hosting another Love Matters event after the 6pm service.

In December we held nine carols services in a variety of different styles and were delighted to welcome many visitors into our church during this time.

Staffing

The Trustees pay tribute to the immense hard-work, creativity and flexibility of all the staff team as they responded and adapted to growth in the congregation.

In January we welcomed Abel Carkett who joined the team as ACT Supported Housing Manager and we were sad to say goodbye to Rachel Smith who had served for many years in a number of roles including time spent in ACT and more latterly as Families Pastor and Interim Children’s Pastor. In February we welcomed Hannah Webster as our new Children’s Pastor and said goodbye to Fin Rogers one of our vergers. In March we said goodbye to Aidan Hampton who had served as Student Pastor for eight years and will be very much missed. He was succeeded by Jonny Abbot who joined us in April. Also in April we were delighted that Jo Mitchell was able to join the ACT team to spearhead an expansion of ACT’s work to include women and Angie Jones joined as our Alpha and Small Groups lead. Claire Hemingway worked with us in a temporary capacity from April to June and made an enormous contribution to our kid’s ministry in a very short period of time. In July, Kyria Dognon joined us as assistant Kids Pastor. Also in July we were delighted to welcome Reema Shinhmar our new curate. As one ordained minister arrived, we said goodbye to Anna Cross who left for Wycliffe Hall to commence ordination training. Anna’s calm but deep stewarding of the pastoral ministry will be greatly missed. In September Laura Gallacher left the team with her husband, Owen, taking on full responsibility for the postgrad ministry. We also welcomed two of our graduating school of ministry students on to the staff team. Debbie Maburutse joined to help with media and the school of ministry programme and Anna Mauerhofer joined the ACT Team. In October we said goodbye to Karen Simson who led our operations function since 2023 and has moved on to pastures new. In November we welcomed Alex Brazier to the team as the new Head of ACT Charity.

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, 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 of 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 our curate.

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St Aldates, Oxford – Annual Report 2024

FINANCIAL REVIEW

Summary

Unrestricted income during 2024 was £2,431k (2023: £2,261k) and expenditure was £2,157k (2023: £1,973k). The PCC set aside (designated) £232k (2023: £356k) for various purposes and this resulted in a surplus of £42k (2023: deficit £57k) after transfers.

We also received £269k (2023: £351k) of income that was donated for a specific purpose i.e. restricted funds. Corresponding expenditure of these funds was £275k (2023: £384k). Restricted funds carried forward at the end of the year were £1,228k (2023: £1,245k).

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 3.8% in unrestricted planned giving and 4.7% in unrestricted 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 4.1% compared to 2023.

In February we received £77k being the third and final instalment of a three-year match funding grant 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

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 12.2% 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. Total staff costs, including housing, increased by 9.3% reflecting an increase in net staff numbers and the pay increase. Our largest single item of on-going expenditure is the Parish Share.

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 2025 recognising a desire to invest in ministry at what feels like a pivotal moment.

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 £320k. At the end of 2024, our total reserves were £2,126k (2023: £2,143k) of which £390k (2023: 344k) are regarded as free reserves after allowing for fixed assets (principally buildings) and restricted funds. These were more than 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 an annual Gift Day. On Gift Days 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.

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St Aldates, Oxford- Annual Report 2024 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. 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 build ing meet with Jesus. 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 remaln thankful to God for His leading and falthful 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 year5 ahead. th Approved by the Trustees on Monday 17 March 2025 Revd Stephen Foster (Chairman of the Trustees) Signed on behalf of the Trustees io

St Aldates, Oxford – Annual Report 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES

Opinion

We have audited the financial statements of PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash flows, 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 Auditors' 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 in the Report of the Trustees, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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, Oxford – Annual Report 2024

Opinions on other matters prescribed by the Charities Act 2011

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine 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.

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St Aldates, Oxford – Annual Report 2024

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

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 a Report of the Auditors 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.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We discussed the framework in which the charity operates with senior management and in conjunction with our experience of the industry in which the charity operates, sought to identify laws and regulations which are critical to the charity's business. No such critical laws and regulations were identified.

As part of routine audit procedures, the possibility of non-compliance with general laws (eg employment law, health and safety regulations) were considered, in response to the assessed risks in relation to these laws and regulations.

The risks of fraud were discussed with senior management, including details of any known instances. Our records of the charity's systems and procedures was reviewed by the audit team (including the audit engagement partner) to identify possible areas where fraud might occur.

The above procedures were undertaken by the audit team as a whole, led by the audit engagement partner. In this way the audit engagement partner was able to obtain assurance the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations and the possibility of irregularities arising from fraud.

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Management Committee and other management and the inspection of regulatory and legal correspondence, if any.

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St Aldates, Oxford -Annual Report 2024 Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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/auditors responsibilities. This description forms part of our Report of the Auditors. 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 Report of the Auditors. 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 trustee5 those matters we are required to State to them in a Report of the Auditors 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. Andrew Churchill Stone (Senior Statutory Auditor) for and on behalf of Mercer Lewin Ltd Chartered Accountants and Registered Auditors 6-7 Citibase New Barclay House 234 Botley Road Oxford OX2 OHP IS 14

St Aldates, Oxford – Annual Report 2024

Consolidated Statement of Financial Activities for the year ended 31 December 2024

Note
Income
Donations and legacies
2a
Income from investments
2b
Income from charitable activities 2c
Other income
2d
Total Income
Expenditure
Charitable activities - grants
3a
Charitable activities - ministry
3b&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
£
£
£
2,103,210
-
268,937
61,054
-
-
214,382
-
-
52,837
-
-		 2024

£

2,372,147

61,054

214,382

52,837
2023

£
2,298,601
56,171
211,545
45,448
2,431,483
-
268,937
2,700,420		 2,611,765
10,000
127,325
95,939
2,147,444
157,997
178,665


233,264

2,484,106		 325,326
2,250,723
2,157,444
285,322
274,604
2,717,370		 2,576,049
274,039
(285,322)
(5,667)
(231,883)
243,859
(11,976)
(16,950)


-
 35,716
-
42,156
(41,463)
(17,643)
393,323
503,520
1,245,910
(16,950)


2,142,753
 35,716
2,107,037
435,479
462,057
1,228,267
2,125,803		 2,142,753

15

St Aldates, Oxford- Annual Report 2024 Balance Sheets as at 31 December 2024 Consolidated Charity 2024 2023 2024 2023 Note Axed assets Investments Land and buildings Equipment, furniture and vehicles 829A84 831,541 829,484 831,541 44,515 50,702 44,515 50,702 873.999 882,243 874,000 882,243 Current assets Debtors 181,266 177,006 181.266 177,006 Cash at bank and Sn hand 1,236.792 1,247,253 1,236,792 1,247,253 Total current assets IA18,058 1,424,259 1,418,058 1,424,259 Creditors: amounts due wlthln one year (166,254) 1163,7491 (166.298) 1163,7491 Net current assets 1.251A04 1,260,510 1,251,760 1,260,510 Total assets less current Ilabllltles and Net assets 2,125,803 2,142,753 2,125,760 2,142,753 Funds Unrestrlcted General 435,479 393,323 435A36 393,323 Designated 462,057 503,520 462,057 503,520 897,536 896,843 897.493 896,843 Restrlcted 1,228,267 1,245,910 1.228.267 1,245,910 2,125,803 2,142,753 2,125,760 2,142,753 Approved by the Parochial Church Council on 17 March 2025 and signed on Its behalf by: Mrjeremy Ba reasurer) Jame Mitc {Church Warden) Mrs Nemi Wilton Ichurch Warden) 16

St Aldates, Oxford – Annual Report 2024

Consolidated Statement of Cash Flows for the year ended 31 December 2024

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		 2024
2023
£
£
(52,203)
(80,062)
61,054
56,171
(21,812)
(9,335)
2,500
1,830
41,742
48,666
(10,461)
(31,396)
1,247,253
1,278,649
1,236,792
1,247,253

17

St Aldates, Oxford – Annual Report 2024

1 Accounting Policies

The financial statements consolidate those of the charity and its trading subsidiary (Thousand Years Music Ltd).

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 12 Littlegate Street. 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 £387,481 (2023: £332,148) 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 below, fixed assets totalling £829,484 (2023: £831,541) 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.

18

St Aldates, Oxford – Annual Report 2024

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.

Pension costs

As detailed in note 11, 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

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, Oxford – Annual Report 2024

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

£
£
1,061,281
19,124
4,135
500
-
-
476,021
80,636

125,000
67,000
157,576
83,463
279,197
18,214		 Total Funds
2024

£

1,080,405

4,635

-

556,657

192,000

241,039

297,411		 Unrestricted
General
Funds
Restricted
Funds


£
£


1,022,313
16,141

5,964
531

5,256
-

447,298
66,943

125,000
68,000

88,074
183,350

254,485
15,246		 Total Funds
2023

£

1,038,454

6,495

5,256

514,241

193,000

271,424

269,731
2,103,210
268,937
2,372,147
1,948,390
350,211
2,298,601
61,054
-
61,054
56,171
-
56,171
45,394
-
-
-
3,835
-
12,172
-
152,981
-
45,394

-

3,835

12,172

152,981
43,858
444

-
-

17,429
-

11,654
-

138,160
-
44,302

-

17,429

11,654

138,160
214,382
-
214,382
211,101
444
211,545
51,731
-
1,106
-
51,731

1,106
45,325
-

123
-
45,325

123
52,837
-
52,837
45,448
-
45,448
2,431,483
268,937
2,700,420
2,261,110
350,655
2,611,765

Total income in 2024 was £2,700,420 (2023: £2,611,765) of which £2,431,483 (2023: £2,261,110) was unrestricted income and £268,937 (2023: £350,655) was restricted income.

20

St Aldates, Oxford – Annual Report 2024

3 Expenditure

3a Charitable activities - Grants
Note
Year to 31 December 2024
Mission partners and associates
Short- term missions including teams
Missional Projects
ACT
10
Other
Special collections paid over
Year to 31 December 2023
Mission partners and associates
Short- term missions including teams
Missional Projects
ACT
10
Other
Special collections paid over		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds

£
£
£
-
34,500
25,907
-
3,100
-
-
89,725
-
10,000
-
69,567
-
-
-
-
-
465		 Total Funds
2024

£

60,407

3,100

89,725

79,567

-

465
10,000
127,325
95,939
233,264
-
32,000
15,695
-
7,200
-
-
98,303
-
-
-
171,646
-
-
-
-
-
482
47,695

7,200

98,303

171,646

-

482
-
137,503
187,823
325,326

Grants to institutions totalled £170,844 (2023: £284,828).

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 overseas mission trips of a duration upto one year. Grants are made to Christian charities and individuals in Oxford and the UK. During the year the PCC made grants of £69,567 (2023: £171,646) to its related charity Aldates Community Transformation Initiatives (see note 11). Special collections are taken for specific purposes during services.

21

St Aldates, Oxford – Annual Report 2024

3b Charitable activities - Ministry
Note
Year to 31 December 2024
Parish share
Direct ministry expenses
Commercial lettings expenses
Lighting and AV refurbishment
Other buildings expenses
Support costs
3d
Audio, bookstall
Year to 31 December 2023
Parish share
Direct ministry expenses
Commercial lettings expenses
Lighting and AV refurbishment
Other buildings expenses
Support costs
3d
Audio, bookstall		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds

£
£
115,000
-
-
1,299,875
61,706
164,121
5,850
-
-
-
96,291
1,220
345,293
-
319
347,064
-
11,707
-
-
-		 Total Funds
2024

£

115,000

1,525,702

5,850

97,511

345,612

358,771

-
2,113,082
157,997
177,367
2,448,446
140,291
-
-
1,175,942
44,198
172,740
10,147
-
-
-
36,821
-
329,088
-
4,358
288,046
-
17,259
-
-
-
140,291

1,392,880

10,147

36,821

333,446

305,305

-
1,943,514
81,019
194,357
2,218,890

22

St Aldates, Oxford – Annual Report 2024

3c Governance costs
Note
Year to 31 December 2024
Audit fee
Support costs
3d
Year to 31 December 2023
Audit fee
Support costs
3d
Total Expenditure year to 31 December 2024
Total Expenditure year to 31 December 2023		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds

£
£
£
6,950
-
-
27,412
-
1,298		 Total Funds
2024

£

6,950

28,710
34,362
-
1,298
35,660
4,990
-
-
24,930
-
1,913
4,990

26,843
29,920
-
1,913
31,833
2,157,444
285,322
274,604
2,717,370
1,973,434
218,522
384,093
2,576,049

Total expenditure in 2024 was £2,717,370 (2023: £2,576,049) of which £2,442,766 (2023: £2,191,956) was unrestricted expenditure and £274,604 (2023: £384,093) was restricted expenditure.

23

St Aldates, Oxford – Annual Report 2024

3d Support costs
Year to 31 December 2024
Ministry support
Staff costs
Office administration
Other
Governance
Staff costs
Office administration
Total Support Costs
Year to 31 December 2023
Ministry support
Staff costs
Office administration
Other
Governance
Staff costs
Office administration
Total Support Costs		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds

£
£
£
234,385
-
11,685
57,777
-
-
54,902
-
22		 Total Funds
2024

£

246,070

57,777

54,924
347,064
-
11,707
358,771
26,043
-
1,298
1,369
-
-
27,341

1,369
27,412
-
1,298
28,710
374,476
-
13,005
387,481
215,613
-
17,216
39,976
-
-
32,457
-
43
232,829

39,976

32,500
288,046
-
17,259
305,305
23,957
-
1,913
973
-
-
25,870

973
24,930
-
1,913
26,843
312,976
-
19,172
332,148

24

St Aldates, Oxford – Annual Report 2024

3e Staff costs
Note
Year to 31 December 2024
Direct staff costs
Salaries
National Insurance
Pension contributions
11
Other staff costs
Housing
Other
Total Staff Costs
Year to 31 December 2023
Direct staff costs
Salaries
National Insurance
Pension contributions
11
Other staff costs
Housing
Other
Total Staff Costs		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds

£
£
£
885,522
-
133,523
75,622
-
13,287
36,947
-
3,239		 Total Funds
2024

£

1,019,045

88,909

40,186
998,091
-
150,049
1,148,140
98,249
-
-
29,843
-
625
98,249

30,468
128,092
-
625
128,717
1,126,183
-
150,674
1,276,857
767,507
-
139,512
63,411
-
14,585
33,829
-
2,951
907,019

77,996

36,780
864,747
-
157,048
1,021,795
109,330
-
1,770
34,239
-
305
111,100

34,544
143,569
-
2,075
145,644
1,008,316
-
159,123
1,167,439

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 £11,207 expenses as part of their ministry work (2023: £10,132). 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 £85,070 (2023: £89,054) of which pension was £6,810 (2023: £7,108).

25

St Aldates, Oxford – Annual Report 2024

Remuneration of the Senior Management Team not on the PCC (salaries & pension) amounted to £177,452 (2023: £156,481). The average number of staff during the year was 35 (2023: 33) equivalent to 32 full-time employees (2023: 29). With the exception of governance costs which are separately identified, support costs are all allocated to charitable activities based on direct usage.

One member of staff received total remuneration (excluding pension contributions) of between £70,000 and £80,000. There were no other members of staff who received remuneration of over £60,000 in either the current or prior year. During the year termination payments totalling £8,431 were made. All payments were fully expensed at the time incurred and no amounts were outstanding at the end of the year. There were no termination payments made in the prior year.

4 Investment in Subsidiary

Cost
Additions
At close of period		 Investment in
Subsidairy
£
1
1

The investment in subsidiary comprises the one issued ordinary share in Thousand Years Music Ltd (UK Company Number 12776919). The registered office of the subsidiary is 40 Pembroke Street, Oxford and its year end is 31 July. Its business is that of music publishing the results of which are fully consolidated with those of the charity.

26

St Aldates, Oxford – Annual Report 2024

5 Fixed Assets (Consolidated and Charity)

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
298,965
1,160,110
-
21,812
21,812
861,145
320,777
1,181,922
(29,604)
(248,263)
(277,867)
(2,057)
(27,999)
(30,056)
(31,661)
(276,262)
(307,923)
831,541
50,702
882,243
829,484
44,515
873,999

Land and buildings comprise No 40 Pembroke Street (at a cost of £664,491 plus improvements of £2,279), the Catacombs (at a PCC valuation of £150,000 in 1997 plus improvements of £9,943) and the PCC's share of 2 Shirelake Close (at a cost of £5,000). See also Note 10. Included within land and buildings are items with an original cost of £819,491 which are not depreciated.

6 Debtors (Consolidated and Charity)

6 Debtors (Consolidated and Charity)
Trade Debtors
Income tax recoverable
Other debtors and prepayments		 2024
2023
£
£
3,554
266
64,887
60,499
112,825
116,241
181,266
177,006

27

St Aldates, Oxford – Annual Report 2024

7 Liabilities: amounts due within one year

Trade creditors
Accruals and other creditors
Owed to subsidiary
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		 Consolidated
2024
2023
£
£
29,313
54,858
136,941
108,891
-
-
166,254
163,749
18,975
25,795
(18,975)
(24,895)
25,116
18,075
25,116
18,975		 Charity

2024
2023

£
£

29,313
54,858

136,941
108,891

44
-

166,298
163,749

18,975
25,795

(18,975)
(24,895)

25,116
18,075

25,116
18,975

8 Analysis of net assets by fund

Consolidated

Consolidated
Fixed assets
Net current assets/(liabilities)
Fund Balance
Prior Year Comparative
Fixed assets
Net current assets/(liabilities)
Fund Balance		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
45,714
-
828,285
389,765
462,057
399,982		 Total Funds
2024

£

873,999

1,251,804		 Total Funds
2023

£
882,243
1,260,510
2,142,753
435,479
462,057
1,228,267
2,125,803

Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
49,002
-
833,241
344,321
503,520
412,669		 Total Funds
2023

£

882,243

1,260,510
393,323
503,520
1,245,910
2,142,753

28

St Aldates, Oxford – Annual Report 2024

Charity

Charity
Fixed assets
Net current assets/(liabilities)
Fund Balance
Prior Year Comparative
Fixed assets
Net current assets/(liabilities)
Fund Balance		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
45,715
-
828,285
389,721
462,057
399,982		 Total Funds
2024

£

874,000

1,251,760		 Total Funds
2023

£
882,243
1,260,510
435,436
462,057
1,228,267
2,125,760		 2,142,753
Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
49,002
-
833,241
344,321
503,520
412,669

Total Funds
2023

£

882,243

1,260,510


393,323
503,520
1,245,910
2,142,753

29

St Aldates, Oxford – Annual Report 2024

9 Analysis of movement in Reserves

Consolidated
Unrestricted - General
Fund
Unrestricted - Designated
funds
Mission
Local Churches Support
Fund
Coffee Shop Fund
House Purchase Fund
Church Refurbishment
Total unrestricted funds
Restricted funds
Mission Gifts
ACT!
School of Ministry
Wednesday Pastorate
Senior Café
House Purchase Fund
Students
Special collections
Youth
Oxford City Council Grant
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
£
£
£
£
£
393,323
2,431,483
(2,157,444)
(231,883)
435,479
71,341
-
(189,031)
160,859
43,169
-
-
-
25,000
25,000
60,000
-
-
10,000
70,000
174,000
-
-
18,000
192,000
198,179
-
(96,291)
30,000
131,888
896,843
2,431,483
(2,442,766)
11,976
897,536
1,335
26,531
(25,907)
-
1,959
422
69,165
(69,587)
-
-
10,430
7,700
318
(9,432)
9,016
1,660
-
(345)
-
1,315
728
-
-
-
728
47,781
3,683
-
-
51,464
1,862
15,000
(15,000)
-
1,862
22,070
2,770
(5,848)
-
18,992
8,926
67,500
(36,143)
-
40,283
52
-
-
-
52
4,595
-
(3,000)
-
1,595
314,232
76,588
(117,136)
-
273,684
2,544
-
-
(2,544)
-
664,491
-
-
-
664,491
5,000
-
-
-
5,000
159,782
-
(1,956)
-
157,826
1,245,910
268,937
(274,604)
(11,976)
1,228,267
2,142,753
2,700,420
(2,717,370)
-
2,125,803

30

St Aldates, Oxford – Annual Report 2024

Designated funds
Mission The fund is for Mission Support administered through the PCC's Mission Committee.
Local Churches The fund is for support of local churches and is administered through the PCC's
Support Fund Mission Committee.
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 for various planned refurbishments of the Church
Refurbishment Building.
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

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St Aldates, Oxford – Annual Report 2024

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.

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St Aldates, Oxford – Annual Report 2024

Prior year
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
Wednesday
Pastorate
Senior Café
House Purchase Fund
Students
Postgraduates
Children
Special collections
Youth
Oxford City Council
Grant
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
£
£
£
£
£
450,565
2,261,110
(1,973,434)
(344,918)
393,323
77,607
-
(181,701)
175,435
71,341
50,000
-
-
10,000
60,000
155,500
-
-
18,500
174,000
83,000
-
(36,821)
152,000
198,179
816,672
2,261,110
(2,191,956)
11,017
896,843
876
15,654
(15,195)
-
1,335
145,627
59,365
(204,570)
-
422
8,387
8,500
-
(6,457)
10,430
2,132
-
(472)
-
1,660
728
-
-
-
728
42,037
5,744
-
-
47,781
1,862
15,000
(15,000)
-
1,862
4,061
-
(4,061)
-
-
4,358
-
(4,358)
-
-
1,763
54,448
(34,141)
-
22,070
5,208
6,444
(2,726)
-
8,926
52
-
-
-
52
9,997
-
(5,402)
-
4,595
228,944
181,500
(96,212)
-
314,232
3,104
4,000
-
(4,560)
2,544
664,491
-
-
-
664,491
5,000
-
-
-
5,000
161,738
-
(1,956)
-
159,782
1,290,365
350,655
(384,093)
(11,017)
1,245,910
2,107,037
2,611,765
(2,576,049)
-
2,142,753

33

St Aldates, Oxford – Annual Report 2024

Charity Reserves

The Charity's reserves are identical to the consolidated reserves apart from an additional £43 of unrestricted income which arose in the consolidated reserves in the year.

In the prior year there was no difference between consolidated and charity reserves.

11 Related Party Transactions

The St Aldates Ministry CIO (Registered Charity 1200135) is considered to be a related party by virtue of a number of common trustees. The objects of the charity is the advancement of the Christian religion. There were no transactions between the CIO and the PCC in the current or prior years.

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 to fabric and services of £125,000 (2023: £125,000) and £67,000 (2023: £68,000) to ministries supporting those in need or distress. The Charity paid the PCC £9,600 (2023: £9,600) for property management services. The PCC also leases property from the Charity at independently assessed market rates. Rent paid to the Charity in the year amounted to £145,745 (2023: £149,598). At the year end the amount due to or from the Charity was nil (2023: 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 £231,941 (2023: £132,616) on behalf of the Charity. The Charity made a grant to the PCC of £157,576 (2023: £88,074). The PCC made a grant to The Charity of £69,567 (2023: £171,646). At the year end the amount due from the Charity was £5,543 (2023: £3,856).

The trustees make voluntary donations to the work of St Aldates Church. These donations (including those made by spouses and related companies) totalled £171,662 (2023: £210,953). In addition, Gift Aid of £21,050 (2023: £49,820) was recovered in respect of these donations.

A Trustee (who retired on 28 March 2023) 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.

In the prior and current years grants were made to E3 Initiatives (registered charity 1092574) which has a common Trustee.

A close relative of a Trustee was employed by the PCC on normal commercial terms and paid £24,924 during the year (2023: £nil). Pension contributions amounted to a further £431 (2023: £nil).

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 2021. The valuation revealed a surplus of £560m.

34

St Aldates, Oxford – Annual Report 2024

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. 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 as at 31 December 2022. This revealed, on the ongoing assumptions used, a surplus of £34.8M. 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.

35

St Aldates, Oxford – Annual Report 2024

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
(Decrease)/Increase in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2024
2023
£
£
(16,950)
35,716
30,056
28,518
(2,500)
(1,830)
(61,054)
(56,171)
-
-
(4,260)
(37,954)
2,505
(48,341)
(52,203)
(80,062)
2024
2023
£
£
1,236,792
1,247,253
1,236,792
1,247,253

36