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2025-12-31-accounts

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

Annual Report & Financial Statements for the year ended 31 December 2025

Registered Charity 1131154

St Aldates, Oxford – Annual Report 2025

– THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES, OXFORD Annual Report for 2025

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 37 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 2025

Trustees/PCC members serving during 2025
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 Reema Shinhmar Ex-officio Curate
Serenus Chelliah Deanery Rep Elected APCM 2023 to APCM 2026
Rachael Clear Deanery Rep Elected APCM 2023 to APCM 2026
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
Shumi Kupara Deanery Rep Elected APCM 2025 to APCM 2028
Alissa Moore-Williams Elected Elected APCM 2023 to APCM 2026
Andy Davisson Elected Elected APCM 2023 to APCM 2026
Lawrence Owusu Elected Elected APCM 2025 to APCM 2028
Andrew Legg Elected Elected APCM 2025 to APCM 2028
David Bennet Elected Elected APCM 2025 to APCM 2028
Carol Lister (Safeguarding-Children) Co-opted Safeguarding
Rosalind Kainyah Deanery Rep Resigned 28 April 2025
Tim Campion-Smith Elected Resigned 28 April 2025
Claire Mortimer Elected Term ended 28 April 2025

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St Aldates, Oxford – Annual Report 2025

Other senior staff or office holders: Revd Simon Ponsonby Senior Staff Pastor of Theology Lauren Harris Senior Staff Worship Director Tapiwa Mhuka Employee Secretary to the PCC

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 2025

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 relevant PCC members took place on 28 April 2025.

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 2025

Structure and operating procedures

The Trustees met five times during 2025. All of these meetings were in person. The Standing Committee met on a further three 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, Rosalind Kainyah (to April) and Shumi Kupara (from June). 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), The Head of Finance and the Head of People and Culture. 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 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 2025

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 and the Worship Director. 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 2025

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, supporting the revitalisation of a church in Wales 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 2025

ACHIEVEMENTS AND PERFORMANCE

Church Membership and Attendance

In March 2025, the Electoral Roll was updated. The number on the updated Roll was 404 [2024: 514].

At the start of the year attendance was approximately 1400 adults and children each Sunday. By the end of the year attendance had reached approximately 1500 adults and children each Sunday.

We have continued to broadcast Sunday morning services and these still regularly receive approximately 2000 views each week.

We celebrated 52 baptisms of adults and young people and 4 baptisms of infants. Additionally, a number of individuals chose to renew their baptism vows. 8 weddings were held 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.”

We 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 live streamed and this year we have 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 provide an alternative for those who prefer a slightly less busy service to the 10am.

Our 4pm service is more reflective and smaller 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 30’s. We’ve introduced a number of socials after this service including Beer and Hymns, Volley Ball and BBQ’s.

In January we commenced our sermon series on 1 Peter looking at RESILIENT HOPE and at what it means to be a people of hope in a complex age. In February we looked at our vision to transform our city and the lives of those who live in it. This also included an invitation to give to our work and we’re so grateful to those who responded. In March we started a new sermon series “When God Moves” exploring what happens in the church in times of renewal. In April we celebrated Easter starting with a contemplative service on Maundy Thursday. On Good Friday St Ebbe’s joined us at 10am and we livestreamed an alternative service in the evening. On Easter Day we held three services of celebration. In May we started our sermon series on the Nicene creed. In June we celebrated four baptisms and continued looking at the Nicene creed both on Sundays and at a Wednesday evening School of Theology. At the end of June we started a new practical sermon series on “Beyond Sunday” looking at taking faith outside the walls of our building. This continued through July, and we were delighted to celebrate 22 baptisms on 6 July. At the end of July many of our community went to FOCUS together. We started a new sermon series looking at the Psalms which continued into August. Also in August our small groups took a break and we ran a mid-week Summer Nights programme in the church – “Get a Deeper Life”. In September, as term restarted, we held 21 days of prayer encouraging our congregation to pray at 7am, 1pm and 7pm each day. In October our sermon series “See Jesus” worked through John’s gospel. We celebrated 8 baptisms and reaffirmations of faith. Our “See Jesus” series continued through November and we ended the month with more baptisms. In December we celebrated at 10 different carol services catering for all ages with over 5,300 people hearing the good news of the gospel.

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.

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St Aldates, Oxford – Annual Report 2025

In January we welcomed Tim Stedman to the team as part time verger. In February James Aldred joined us in the new role of Operations Lead. In March we said goodbye to Emily Chisnall who went on maternity leave. We were delighted to hear later in the year that Emily had been accepted for ordination training in the Church of England. In May Tim Stedman moved on having made a huge impact in his short time with us, and we welcomed Nyari Mazvidza and Bruno Ramos to the verger team. In June Beth Woods left for pastures new and Sarah Brockwell joined us as EA to the Rector. We were delighted to welcome Beth and Jonny back briefly in September for their wedding. At the end of July Owen Gallacher (Postgrads Pastor) moved with his family to Swansea to lead a church. We thank Owen and Laura for their faithful stewarding of the postgrad community over the last 4 years. August was a month of further goodbyes. Peter Lister (Facilities Manager) and Angus Couper (IT Manager) retired, both after many years of faithful service. Jodie Lintern (Student Outreach Pastor) left us after three years and Lydia Hughes (Creative Content Producer) left after nearly three years. We’re so grateful to all that they both brought to the team. In September Anna Mauerhofer ACT Outreach worker completed her year with us and Phoebe Linnell Joined us in her place. Also in September we were joined by Clemmie Hill (School of ministry pastoral support), Will Avellanet (Media Pastor), Sam Baker (Student Outreach Pastor), Kanyi Mbugua (Alpha and Groups coordinator) and Sarah Kime (Student Events Coordinator). In October we said goodbye to Kate Harvey (Creative Lead) and Sarah Brockwell. We wish them both well for the future. At the start of December Kerry Balfour joined the ACT Team as Progression Coordinator, Lily Pearson joined us as Creative Media Producer and Lewis Weetch joined us as Creative Project Manager. At the end of December Debbie Maburutse moved on to pastures new. We wish her well for the future.

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 and Curates. 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.

The PCC owns a 5% share of the property used to house one of our curates.

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St Aldates, Oxford – Annual Report 2025

FINANCIAL REVIEW

Summary

Unrestricted income during 2025 was £2,899k (2024: £2,431k) and expenditure was £2,445k (2024: £2,157k). The PCC set aside (designated) £368k (2024: £24k) for various purposes and this resulted in a surplus of £97k (2024: surplus £42k) after transfers.

We also received £275k (2024: £269k) of income that was donated for a specific purpose i.e. restricted funds. Corresponding expenditure of these funds was £207k (2024: £275k). Restricted funds carried forward at the end of the year were £1,285k (2024: £1,228k).

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 February. We experienced growth of 5.2% in unrestricted planned giving and 59.5% in unrestricted one-off donations – the latter included an exceptionally generous response to the vision set out at the gift day in February and some substantial donations received in December. Overall unrestricted giving rose by 22.1% compared to 2024.

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 9% 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 14% reflecting an increase in net staff numbers and the pay increase. Our largest single item of on-going expenditure is the Parish Share paid to the Diocese of Oxford. The Diocese pay our Rector and Curate.

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.

Reserves Policy

The Trustees have agreed that the reserves policy should be between 75% and 100% of the previous year’s Gift Day receipts plus allowance for unexpected expenditure and working capital. At the end of 2025, our total reserves were £2,453k (2024: £2,126k) of which £502k (2024: 390k) is regarded as free reserves after allowing for fixed assets (principally buildings) and restricted funds. This was higher than policy allowing a deficit budget to be set in 2026.

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 nor 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. 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.

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St Aldates, Oxford-Annual Report 2025 Our pilorities for the year ahead wlll seek tD grow our communlty to be Dutward faclng 50 that we become effettive at inviting people Into the buildlng meet with Je5U5. We continue to enhance our abillty to en8a8e in the dlBltal space and embrace new media. We want to continue rolsin8 UP the next 8eneratlon and developlng new, mDre Structured oppJrtunltle5 lor training and Browth as well as continulng to support them after they leave Oxford. Achlevlng thls wlll require ongolng changes in staffing aftd infrastructure. We remain thankful to God for His leading and falthful provision over the years. for the way people sense Hi5 presence as they enter the church and so often remark that they feel they have come horne. We seek to keep in step wlth the leadln8 of H15 Splrh in the years ahead. Approved by the Trustees on Monday 16 March 2026 R￿d Stephen Foster (Chairman of the Tru5teesl Sl8ned on behalf of the Trustees io

St Aldates, Oxford- Annual Report 2025 REPORT OFTHE INDEPENDENT AUDITORS TO THE TRUSTEES OF PAROCHIALCHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF 5T ALDATES Opinlon We have audited the flnancial statements of PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST ALDATES Ithe'charity'l for the year ended 31 December 2025 which comprise the Staternent of Financial Attivities, Balance Sheet. Statement of Cash flows. and Notes to the Financial Statements, including a summary of significant accounting policies, The flnancial reportin8 Iramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5. including Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, (United Kin8dom Geneially Accepted Accounting Practicel. In our opinion the financial statement5'. give a true and fairview of the state of the charity's affalrs a5 at 31 Decernber 2025 and of it5 incoming resources and application of resources, for the yearthen ended.. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accountin8 Practice.. and have been prepared in accordance with the requirement5 of the Charities act 2011. Basi5 foropinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAs IUKII 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 requirernents that are relevant to our audit of the financial statements In the UK, includ5ng the FRC'S Ethical Standard, and we have fulfilled our other Èthical responsibilities in accordance wlth these requirements. We bel￿£ that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinK)n. Conclusions rela￿ng 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 relatlng to events or conditions that, individually or collectivety, may cast significant doubt on the charity's ability to continue a5 a going concem for a period of at least twelve months from when the financial stètements are authori5ed for issue. Our responsibilities and Ihe responsibilities of the trusiees with respect to going concern are described in the ￿levant 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 explicltly stated in our report. wè do not express any fom of assurance conclusion thereon. In connettion with our audit of the finèntial statements, our responsibility Is to read the other information and, in doing 50. 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 misst3t@d_ If we identify such material Incons15tencies or apparent materlal misstatements. we are required to determine whether this gives rise to a material misstaternent in the linancial statement5 themselves. If, based on the work we have perforrned, we conclude that there 15 a rnaterial rnisstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. li

St Aldates, OxFord-Annual Report 2025 opin10￿ on other matters prescribed by the Charltles Art 2011 In our opinion, based on the work undertaken in the course of the audit.. the information given in ihe Report ol the Trustees lor the financial year fur which the finawtcial statements are prepared is conslstent with the financial 5tatements-, and the Report of the Trustees has been prepared in accordance with applicable legal requirernents. Matters on which we are requlred to report by e¥ceptlon In the light of the knowledge and understanding of the charlty and its environment obtalned In the course of the audit, we have not identified material rni55tatements in the Report of the Trustees. We have nothin8 to report in respert of the ftsllowiTrg matters where the Charities (Accounts and Reports) Regulation5 2￿8 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or return5 adequate for our audit have not been received from branches not visited by us. or the financial statements are not In agreement with the accountina records and returns,. or certain disclosures of trustee5' remuneration specified by law a￿ not made., or we have not received all the information and explanations we require for our audit.. or the trustees were not entitled to prepare the financial Statements in accordance with the small companie5 regime and take advantag& of the small comp3nies' exernption frorn the requlrement to prepare a Strategic Report or in prèparin8 the Report of the Trustees. Responslbllities of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 3, the truttees are responsible for the preparation of the financ131 statements and for being satlsfied that they give è iiue and fair view, and for such internal control as the trustee5 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 5taternents, the trustees are responsible foi assessing the charlty's abillty to continué as a goin8 concern, di5cIosing, as applicable. matter5 related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charity or to tease operations, or have no reallst¢c alternatwe but to do so. 12

St Aldates. Oxford- Annual Report 2025 Auditors, respon5Ibllltles forthe audlt of the financlal ststernents Our objectives are to obtain reasonable assurance a￿)ut whether the financial statements as a whole are free from material misstaternent, whether due to Iraud or error. and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a hi8h level of a55urance. but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a rnaterlal misstatement when it exists. Misstaternents can arise from fraud or error and are considered tnaterial if. individually or in the aggregate, they could reas(>nably 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 ststements a5 8 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 8 high level of assurance, but is not a guarantee that an audffc conducted in accordance with ISA5 IUKI will 8lways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the 3ggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. Irregu13rities, including fraud, are instances of non-compliante with laws and regulations. We design prtseedure5 in line with our responsibilities, outlined above. to detect material misstatements in respect of irre8ulaTlties, indudlng fraud. The extent to which our procedures are capable of detectlng irregularities, includin8 fraud is detailed below.. We discussed the framework in which the charity operates with senlor management and In conlunction with our experience Df the industry in which the charity operates, 50UBht to identify laws and regulations which are critical to the charity'5 bu5ine55. No such critical laws and Yegulations were identified. As part of routine audit procedure5. the pgs5ibility of non-compliance with general law5 leg employment law, health and safety re£ulatlonsl were considered, in response to the a55e55ed risks in relation to these law5 and regulations. The risks of fraud were dlscussed with Senior management, including details of any known Instances. Our records of the charity's systems and procedures was reviewed by the audlt team Ilncluding the audit engagement partner) to identify posslble areas where fraud might occur. The above procedure5 were undertaken by the audit team as a whole, led by the audit engagement partner. In this way the audit engagement partner wa5 able to obtain assurance the en8aÉement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance wlth laws and regulatlons and the possibility of irregularities arising from fraud. To addre55 the risk of fraud through managernent bias 3nd override of controls, we.. performed analytical procedure5 to identify any unusual or unexpected relation5hips,' tested journal entries to identify unusual transactions,. assessed whether judgements and assumptlons made in deterrnining the a¢¢ounting estimates were indicative of potential bias,. and Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed prO￿dureS which included, but were not limited to.. agreeing financial staternent disclosu￿$ to underlySng 5UPPOrtin8 documentation., reading the minute5 of meetin65 of those charged with governance; and enquiring of mana8ement as lo actual and potential litigation and claims,. There are inherent limitations in our audlt procèdures described above. The more removed that laws and re8ulations are from financial transactions, the le55 likely it is that we would become aware of ntsn-complianee. Audlting standards a150 lirnii the audlt procedures required to Identlfy non<ompliance with laws and regulations to enqulry of the Management Cornmittee and other managernent and the in5pertion of regulatory and legal correspondence, if any. 13

St Aldates, Oxford- Annual Report 2025 Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they rnay involve deliberate concealrnent or collusion. A further descriptlon of our responsibi1Sties for the audit of the flnancial statements Is located on the Financi31 Reportlng Council's website at www.frc.org.uk/audltors re5pon5ibilities. ThSs descrlptioTh foims part of our Report of the Auditors. A further deserlption of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's website at www.frc.org.uVauditorsresponsibilities. This description forms part of our Report of the Auditors. Use of our report This report is made 501ely to the charity's tru5tee5, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the charity'5 tru5tee5 those matters we are required to 5tat& to them in a Report of the Auditor5 and for no other purpose. To the fullest extent permitted by law, we do not actept or assume rE5ponsibility to anyone other than the ch3rity and the charity's trustees a5 a body, for our audit work. for this report, or forthe opinlon5 we have formed. Andrew Churchill Stone (Senior Statutory Auditor) lor and on behalf of Mercer Lewin Ltd Chartered Accountants and Registered Auditors 6-7 Citibase NEW Barclay House 234 8otley Road Oxford OX2 OHP 14

St Aldates, Oxford – Annual Report 2025

Consolidated Statement of Financial Activities for the year ended 31 December 2025

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
£
£
£
2,613,327
-
274,594
52,928
-
-
202,634
-
1,381
30,269
-
-		 2025
£
2,887,921
52,928
204,015
30,269		 2024
£
2,372,147
61,054
214,382
52,837
2,899,158
-
275,975		 3,175,133 2,700,420
10,000
113,365
50,025
2,435,480
81,939
157,514		 173,390
2,674,933		 233,264
2,484,106
2,445,480
195,304
207,539		 2,848,323 2,717,370
453,678
(195,304)
68,436
(356,766)
368,084
(11,318)		 326,810
-		 (16,950)
-
96,912
172,780
57,118
435,479
462,057
1,228,267		 326,810
2,125,803		 (16,950)
2,142,753
532,391
634,837
1,285,385		 2,452,613 2,125,803

15

st Aldates. Oxford-Annual Report 2025 Balance Sheet5 35 at 31 De£ember 2025 ConsolFd•ted 2025 2024 1025 2024 Note Flxed as￿% In¥e5trnents Land and buSldlngs Equlpment. lurnlture and vehkles 827,426 829,484 827A26 829.484 28,565 44.515 18J65 44,515 855,991 873,999 855,992 B74,C4JO Current os51ts Debtors 139236 181,166 139,236 181,266 Cash at bank and in hand 1.523J31 1,236.792 1.523,531 1.236.792 Total current 355et5 1,762,767 1,418,058 1,762,767 1,418,058 CredltoYs'. amounts du• wjthlh om y•ir 1166.1451 1166.2541 1166.177) 1166,2981 Nqt ￿rrnfit •sMts L596.622 1,251.804 L596.590 1,251,760 Totsl as5•ts l•M cutrnnt Il•bllttt•% ind N•1 455•ts 2,452.613 2,125,803 2,452 582 2.125,760 Fundj Unr•strltt•d General 532,391 435,479 $31360 435,436 Des18nated 634,837 462,057 634￿37 462,057 1.167229 897.536 1,167,197 897,493 Restrittid 5 1228.267 1285.385 1,228,267 z,452.613 2,125,803 2M51,5B2 2,125,760 Approved by the pa￿hla1 Church 16 Marth ?026 ènd si8ned on it5 beholf by.. Mr lererny Basset ITrea5urerl Mrjames Mltchell (Church Warde 1111111 Mr5 Neml Wilton (Church Wardenl 16

St Aldates, Oxford – Annual Report 2025

Consolidated Statement of Cash Flows for the year ended 31 December 2025

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		 2025
2024
£
£
237,752
(52,203)
52,928
61,054
(5,441)
(21,812)
1,500
2,500
48,987
41,742
286,739
(10,461)
1,236,792
1,247,253
1,523,531
1,236,792

17

St Aldates, Oxford – Annual Report 2025

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 £389,921 (2024: £387,481) 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 £827,426 (2024: £829,484) 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 2025

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 2025

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
Total Funds
2025
£
£
£
1,116,418
25,205
1,141,623
16,908
25
16,933
-
-
-
748,929
175,901
924,830

127,500
27,000
154,500
300,783
2,875
303,658
302,789
43,588
346,377		 Unrestricted
General
Funds
Restricted
Funds
Total Funds
2025
£
£
£
1,116,418
25,205
1,141,623
16,908
25
16,933
-
-
-
748,929
175,901
924,830

127,500
27,000
154,500
300,783
2,875
303,658
302,789
43,588
346,377		 Unrestricted
General
Funds
Restricted
Funds
Total Funds
2024
£
£
£
1,061,281
19,124
1,080,405
4,135
500
4,635
-
-
-
476,021
80,636
556,657
125,000
67,000
192,000
157,576
83,463
241,039
279,197
18,214
297,411		 Unrestricted
General
Funds
Restricted
Funds
Total Funds
2024
£
£
£
1,061,281
19,124
1,080,405
4,135
500
4,635
-
-
-
476,021
80,636
556,657
125,000
67,000
192,000
157,576
83,463
241,039
279,197
18,214
297,411
2,613,327
274,594
2,887,921		 2,103,210
268,937		 2,372,147
52,928
-
52,928		 61,054
-
61,054
54,449
1,381
55,830
-
-
-
4,049
-
4,049
8,811
-
8,811
135,325
-
135,325		 45,394
-
45,394
-
-
-
3,835
-
3,835
12,172
-
12,172
152,981
-
152,981
214,382
-
214,382
202,634
1,381
204,015		 214,382
-
30,112
-
30,112
157
-
157		 51,731
-
51,731
1,106
-
1,106
52,837
-
52,837
30,269
-
30,269		 52,837
-
2,899,158
275,975
3,175,133
3,175,133 2,431,483
268,937		 2,700,420

Total income in 2025 was £3,175,133 (2024: £2,700,420) of which £2,899,158 (2024: £2,431,483) was unrestricted income and £275,975 (2024: £268,937) was restricted income.

20

St Aldates, Oxford – Annual Report 2025

3 Expenditure

3a Charitable activities - Grants
Note
Year to 31 December 2025
Mission partners and associates
Short- term missions including teams
Missional Projects
ACT
10
Other
Special collections paid over
Year to 31 December 2024
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
£
£
£
-
61,000
23,080
-
1,000
-
-
41,365
-
10,000
10,000
23,340
-
-
-
-
-
3,605		 Total Funds
2025
£
84,080
1,000
41,365
43,340
-
3,605
10,000
113,365
50,025		 173,390
-
34,500
25,907
-
3,100
-
-
79,725
-
10,000
10,000
69,567
-
-
-
-
-
465		 60,407
3,100
79,725
89,567
-
465
10,000
127,325
95,939		 233,264

Grants to institutions totalled £111,340 (2024: £180,844).

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 up to one year. Grants are made to Christian charities and individuals in Oxford and the UK. During the year the PCC made grants of £43,340 (2024: £89,567) to its related charity Aldates Community Transformation Initiatives (see note 11). Special collections are amounts given for specific purposes. Other restricted grants represents amounts paid out in accordance with the terms of certain restricted donations.

21

St Aldates, Oxford – Annual Report 2025

3b Charitable activities - Ministry
Note
Year to 31 December 2025
Parish share
Direct ministry expenses
Commercial lettings expenses
Church refurbishment
Other buildings expenses
Support costs
3d
Audio, bookstall
Year to 31 December 2024
Parish share
Direct ministry expenses
Commercial lettings expenses
Church refurbishment
Other buildings expenses
Support costs
3d
Audio, bookstall		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds
£
£
118,450
-
-
1,567,909
65,965
138,727
5,686
-
-
-
15,974
-
366,001
-
-
345,410
-
18,787
-
-
-		 Total Funds
2025
£
118,450
1,772,601
5,686
15,974
366,001
364,197
-
2,403,456
81,939
157,514		 2,642,909
115,000
-
-
1,299,875
61,706
164,121
5,850
-
-
-
96,291
1,220
345,293
-
319
347,064
-
11,707
-
-
-		 115,000
1,525,702
5,850
97,511
345,612
358,771
-
2,113,082
157,997
177,367		 2,448,446

22

St Aldates, Oxford – Annual Report 2025

St Aldates, Oxford – Annual Report 2025
3c Governance costs
Note
Year to 31 December 2025
Audit fee
Support costs
3d
Year to 31 December 2024
Audit fee
Support costs
3d
Total Expenditure year to 31 December
2025
Total Expenditure year to 31 December 2024		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds
£
£
£
6,300
-
-
25,724
-
-		 Total Funds
2025
£
6,300
25,724
32,024
-
-		 32,024
6,950
-
-
27,412
-
1,298		 6,950
28,710
34,362
-
1,298		 35,660
2,445,480
195,304
207,539		 2,848,323
2,157,444
285,322
274,604		 2,717,370

Total expenditure in 2025 was £2,848,323 (2024: £2,717,370) of which £2,640,784 (2024: £2,442,766) was unrestricted expenditure and £207,539 (2024: £274,604) was restricted expenditure.

23

St Aldates, Oxford – Annual Report 2025

3d Support costs
Year to 31 December 2025
Ministry support
Staff costs
Office administration
Other
Governance
Staff costs
Office administration
Total Support Costs
Year to 31 December 2024
Ministry support
Staff costs
Office administration
Other
Governance
Staff costs
Office administration
Total Support Costs		 Unrestricted
General
Funds
Unrestricted
Designated
Funds
Restricted
Funds
£
£
£
219,754
-
-
70,631
-
-
55,025
-
18,787		 Total Funds
2025
£
219,754
70,631
73,812
345,410
-
18,787		 364,197
24,417
-
-
1,307
-
-		 24,417
1,307
25,724
-
-		 25,724
371,134
-
18,787		 389,921
234,385
-
11,685
57,777
-
-
54,902
-
22		 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

24

St Aldates, Oxford – Annual Report 2025

3e Staff costs
Note
Year to 31 December 2025
Direct staff costs
Salaries
National Insurance
Pension contributions
11
Other staff costs
Housing
Other
Total Staff Costs
Year to 31 December 2024
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
£
£
£
1,051,054
-
82,489
110,526
-
11,705
39,289
-
3,463		 Total Funds
2025
£
1,133,543
122,231
42,752
1,200,869
-
97,657		 1,298,526
106,815
-
-
44,293
-
8,006		 106,815
52,299
151,108
-
8,006		 159,114
1,351,977
-
105,663		 1,457,640
885,522
-
133,523
75,622
-
13,287
36,947
-
3,239		 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

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 £10,667 expenses as part of their ministry work (2024: £11,207). One member of the PCC claimed expenses of £173 (2024: £0).

Revd Mark Brickman and Revd Reema Shinhmar 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 £86,405 (2024: £85,070) of which pension was £6,405 (2024: £6,810).

25

St Aldates, Oxford – Annual Report 2025

Remuneration of the Senior Leadership Team not on the PCC (salaries & pension) amounted to £104,227 (2024: £177,452). The average number of staff during the year was 37 (2024: 35) equivalent to 34 full-time employees (2024: 32). With the exception of governance costs which are separately identified, support costs are all allocated to charitable activities based on direct usage.

In the current year one member of staff received total remuneration (excluding pension contributions) of between £60,000 and £70,000. In the prior year one member of staff received total remuneration (excluding pension contributions) of between £70,000 and £80,000. There were no termination payments made in the current year. During the prior 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 prior year.

4 Investment in Subsidiary

Investment in Subsidiary £ Cost At start and close of period 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 2025

5 Fixed Assets (Consolidated and Charity)

Cost
At start of period
Additions
Disposals
At close of period
Depreciation
At start of period
Charge for the year
Disposals
At close of period
Net book value
At start of period
At close of period		 Land and
buildings
Equipment,
furniture and
vehicles
Total
£
£
£
861,145
320,777
1,181,922
-
5,441
5,441
-
(25,226)
(25,226)
861,145
300,992
1,162,137
(31,661)
(276,262)
(307,923)
(2,058)
(22,332)
(24,390)
-
26,167
26,167
(33,719)
(272,427)
(306,146)
829,484
44,515
873,999
827,426
28,565
855,991

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)

Trade Debtors
Income tax recoverable
Other debtors and prepayments		 2025
2024
£
£
43,002
3,554
78,332
64,887
117,902
112,825
239,236
181,266

27

St Aldates, Oxford – Annual Report 2025

7 Liabilities: amounts due within one year

7 Liabilities: amounts due within one year
Trade creditors
Accruals and other creditors
Owed to subsidiary		 Consolidated
2025
2024
£
£
46,949
29,313
119,196
136,941
-
-
166,145
166,254		 Charity
2025
2024
£
£
46,949
29,313
119,196
136,941
32
44
166,177
166,298

Deferred income

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		 25,116
18,975
(25,116)
(18,975)
21,715
25,116
21,715
25,116		 25,116
18,975
(25,116)
(18,975)
21,715
25,116
21,715
25,116

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
£
£
£
30,630
-
825,361
501,761
634,837
460,024		 Total Funds
2025
£
855,991
1,596,622		 Total Funds
2024
£
873,999
1,251,804
532,391
634,837
1,285,385		 2,452,613 2,125,803

Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
45,714
-
828,285
389,765
462,057
399,982		 Total Funds
2024
£
873,999
1,251,804
435,479
462,057
1,228,267		 2,125,803

28

St Aldates, Oxford – Annual Report 2025

8 Analysis of net assets by fund (continued)

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
£
£
£
30,631
-
825,361
501,729
634,837
460,024		 Total Funds
2025
£
855,992
1,596,590		 Total Funds
2024
£
874,000
1,251,760
532,360
634,837
1,285,385		 2,452,582 2,125,760
Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
45,715
-
828,285
389,721
462,057
399,982		 Total Funds
2024
£
874,000
1,251,760
435,436
462,057
1,228,267		 2,125,760

29

St Aldates, Oxford – Annual Report 2025

9 Analysis of movement in Reserves

Consolidated

Consolidated
Unrestricted - General
Fund
Unrestricted - Designated
funds
Mission
Local Churches Support
Fund
Coffee Shop Fund
House Purchase Fund
Church Refurbishment
Rector's Ministry Fund
Total unrestricted funds
Restricted funds
Mission Gifts
ACT!
School of Ministry
Wednesday Pastorate
Senior Café
House Purchase Fund
Students
Children
Special collections
Youth
Oxford City Council Grant
Media Equipment
Church Growth
Support for Roles
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
£
£
£
£
£
435,479
2,899,158
(2,445,480)
(356,766)
532,391
43,169
-
(170,847)
185,426
57,748
25,000
-
-
25,000
50,000
70,000
-
-
10,000
80,000
192,000
-
-
18,000
210,000
131,888
-
(15,974)
80,000
195,914
-
-
(8,483)
49,658
41,175
897,536
2,899,158
(2,640,784)
11,318
1,167,228
1,959
25,348
(24,955)
-
2,352
-
23,409
(23,409)
-
-
9,016
10,375
-
(11,318)
8,073
1,315
-
(453)
-
862
728
-
-
-
728
51,464
3,050
-
-
54,514
1,862
16,000
(17,862)
-
-
-
250
-
-
250
18,992
2,412
(8,918)
-
12,486
40,283
7,631
(41,621)
-
6,293
52
-
-
-
52
1,595
-
(1,595)
-
-
273,684
-
(38,138)
-
235,546
-
187,500
(48,632)
-
138,868
664,491
-
-
-
664,491
5,000
-
-
-
5,000
157,826
-
(1,956)
-
155,870
1,228,267
275,975
(207,539)
(11,318)
1,285,385
2,125,803
3,175,133
(2,848,323)
-
2,452,613

30

St Aldates, Oxford – Annual Report 2025

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.
Rector's Ministry This fund is to set aside honorariums received for use on items at the discretion of
Fund the Rector and to cover certain of his expenses.
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.
Support for Roles This fund is for donations made to support and/or enable particular roles in the
Church.
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.

31

St Aldates, Oxford – Annual Report 2025

Prior Year comparatives

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

Charity Reserves

The Charity's reserves are identical to the consolidated reserves apart from an additional £12 of unrestricted net expenditure (2024: £43 net income) which arose in the consolidated reserves in the year.

10 Holy Trinity Parochial Hall Trust

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

32

St Aldates, Oxford – Annual Report 2025

11 Related Party Transactions

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 £127,500 (2024: £125,000) and £27,000 (2024: £67,000) to ministries supporting those in need or distress. The Charity paid the PCC £2,400 (2024: £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 £149,786 (2024: £145,745). At the year end the amount due to or from the Charity was nil (2024: 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 £322,190 (2024: £231,941) on behalf of the Charity. The Charity made a grant to the PCC of £251,125 (2024: £157,576). The PCC made a grants to The Charity of £43,340 (2024: £89,567). At the year end the amount due from the Charity was £7,266 (2024: £5,543).

The trustees make voluntary donations to the work of St Aldates Church. These donations (including those made by spouses and related companies) totalled £139,839 (2024: £171,662). In addition, Gift Aid of £22,345 (2024: £21,050) was recovered in respect of these donations.

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 £36,542 during the year (2024: £24,924). Pension contributions amounted to a further £909 (2024: £431).

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.

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 had one active member of the scheme who retired during the year. The scheme manager has confirmed in writing that the PCC has no further liability to 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.

33

St Aldates, Oxford – Annual Report 2025

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
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		 2025
2024
£
£
326,810
(16,950)
24,390
30,056
(2,441)
(2,500)
(52,928)
(61,054)
(57,970)
(4,260)
(109)
2,505
237,752
(52,203)
2025
2024
£
£
1,523,531
1,236,792
1,523,531
1,236,792

34