2024-12-31-accounts

The Parochial Church Council of the Ecclesiastical Parish of St Giles’ Oxford

Registered Charity No. 1135246

Trustees’ Report & Financial Statements

For the year ended 31[st] December 2024

The Ecclesiastical Parish of St Giles’ Oxford

Contents

For the year ended 31st December 2024

Description	Page No.
Legal and Administrative Details	1
Trustees’ Annual Report	2 – 5
Independent Examiner’s Report	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9 – 16
Previous Year Comparatives	17 – 19

The Ecclesiastical Parish of St Giles’ Oxford

Legal and Administrative Details

For the year ended 31st December 2024

Charity title:	The Parochial Church Council of the Ecclesiastical Parish of St Giles’ Oxford	The Parochial Church Council of the Ecclesiastical Parish of St Giles’ Oxford
Registered charity no.	1135246 (registered 26 March 2010: previously excepted)
Principal address:	St Giles’ Church
	10 Woodstock Road
	Oxford OX2 6HT
Incumbent:	Rev. Daniel Geoffrey Thomas Walters
	The Vicarage
	Church Walk
	Oxford OX2 6LY
Trustees:	Rev. Daniel Walters	Vicar / PCC Chair
	Andrew Bishop	Elected Lay Member
	Rev. Claire Browes	Associate Priest
	Sir Hugo Brunner	Elected Lay Member (until May 2024)
	Angela Chelsom	Elected Lay Member (from May 2024)
	Jennifer Day	Elected Lay Member (from May 2024)
	Dr Sian Gronlie	Curate
	Helen Dodd	Elected Lay Member (until February 2024)
	Catherine Hilliard	Deanery Synod Representative
	Joseph Hollies	Elected Lay Member
	Rev. Dr Anne Holmes	Licenced Clergy (until November 2024)
	Andrew Lewin	Elected Lay Member
	Margaret Peacock	Deanery Synod Representative (from May 2024)
	Dr Nicholas Prozzillo	Elected Lay Member (until May 2024)
	Dr John Pusey	Elected Lay Member
	Paul Rutterford	Churchwarden
	Dr Andrew Sillett	Elected Lay Member
	Mary Whitlock	Churchwarden
Primary Bankers:	CAF Bank (Charities Aid Foundation)
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent OX1 3LE
Independent Examiner:	Chaweevan Williams FCCA
	Verdant Accountants Limited
	20-22 Wenlock Road
	London
	N1 7GU

1

Financial Report for 2024

The Parochial Church Council has a Budget Planning Committee consisting of the following Council members:

Chair: Rev Daniel Walters Church Warden and Acting Treasurer: Mary Whitlock Treasurer elect: Andrew Bishop (from January 2025) Andrew Sillett Andrew Lewin

The Committee met on a number of occasions in 2024. In September 2024, Andy Bishop began working with Mary Whitlock and the church bookkeeper, Lucy Nichols, with the intention of taking over the role of Treasurer in January 2025.

Church income

We are very grateful to all those who make regular donations. The income received comes from various sources:

Planned giving

St Giles’ receives donations through the Parish Giving scheme which, for a small fee, collects Gift Aid on the amount donated and then pays this into the church bank account. Donations through the Parish Giving scheme in 2024 totalled £16,036 (including Gift Aid). Where donations are paid by donors directly into the church bank account we collect Gift Aid on the amounts.

Through these two income streams, the church received £43,655 for unrestricted use. This compares with a figure of £29,000 in 2023.

The collection plate and Gift Aid envelopes

These sources produced a total of £7,668 in 2024 compared with £5,161 in 2023, an increase of £2,507. We are able to collect Gift Aid on these donations either through Gift Aid Small Donations Scheme (this scheme allows claims to be made of up to £8,000 per annum, on individual donations of £30 or less).

In 2024, St Giles' received £10,471.84 in Gift Aid for restricted income. Gift Aid to be claimed for 2024 is estimated at £6,821 for unrestricted income, and £413 for restricted income.

Jazz concerts and events

We are very grateful to David Clover and a team of helpers who organise the 'Jazz at St Giles' series of concerts that raise approximately £4,000 for each series, once expenditure has been accounted for. Other events, such as the St Giles’ Model Fairground Show, talks and recitals by our young musicians also generate income.

2

Project 900

Grants have been received to support P900. A grant of £10,000 was made towards the cost of the fabric work (the kitchen alterations, new toilet and the repair of burial vault). Grants totalling £138,679 have been awarded towards the funding of a new pipe organ, with the 'Sponsor-a-Pipe' online initiative raising £1,904. Many thanks are due to those who have given their time to this important fund raising work.

St. Giles' Parish Rooms.

The Trustees of the Parish Rooms (see below) pay into the church's general account the rental income from two organisations who have lease agreements (15 and 30 years respectively) for the Parish Rooms and other hiring fees. In 2024 this amount (accounted as Rooms and Rental Income) minus expenditure totalled £49,198. This money is used to support church expenditure.

Church Expenditure

Parish Share.

The Diocese asks all parishes to make an annual financial contribution to its expenses. The money is used to pay clergy and provide housing and also funds the support staff at the diocese who provide specialist expertise to parishes. A portion of the money is also used to support other parishes, locally and nationally, in areas of deprivation. In 2024 our parish share payment was £59,966 (£4,997 per month). The amount currently increases by 5% per year.

The Gatehouse

St Giles’ also supports the work of The Gatehouse in helping the homeless and vulnerable, by giving them a reduced rent for the Parish Rooms and congregational gifts of items for their guests. St. Giles’ has also contributed, together with the Diocese and funding from The Gatehouse, to the cost of a counsellor – initially for three years - at a total cost in 2024 of £12,691. The diocese will cease their funding commitment in 2025 and St Giles’ will need to review its ability to continue with its contribution.

Energy costs

Over the past three years St. Giles' has faced significant increases in its energy costs, although a three year contract, which ends in 2026, allowed us to lock in a guaranteed price for the standing charge and unit price for the contract period. This lowered the cost over three years. The church is classified as a business and the price of gas and electricity, unlike residential properties, is not subject to a price cap, although, as a charity, we pay 5% VAT on fuel rather than the full 20%.

Building maintenance

As a Grade-1 listed building, we have a special responsibility to maintain the church in good condition. We work with the church architect to ensure that maintenance and necessary repairs are carried out. We have to comply with statutory requirements with regard to the servicing of fire extinguishers and testing of electrical equipment (costs approx. £230 per annum) and the boiler needs servicing annually (£127 in 2024). We also have to ensure that

3

the bells are checked and serviced, at a cost of approximately £200 per annum. A new rope for a bell cost £200 in 2024.

A persistent leak in the tower roof identified in 2024 has meant that the roof covering has to be replaced and we have received a quote of £27,000 to repair it.

Insurance

The church holds building insurance and public indemnity insurance with a company called Trinitas. For many years insurance was arranged through Ecclesiastical, but the premium rose to over £6,000 per annum. This arrangement also locked the church into a three-year contract which, if paid monthly, attracted additional fees and also committed the church to paying an unknown annual increase. Changing to Trinitas has allowed us to pay monthly with no fee and no minimum contract term, and has saved £2,000 per annum.

Employees

St. Giles' has two members of staff employed directly - the Director of Music and the Church Steward. We also pay a share of the costs of our Benefice Manager who is jointly employed with St. Margaret's. These staffing costs are included in the church's general accounts.

Other Relevant Organisations

The Parish Rooms' Trust

In 1898 the St. Giles' Parish Rooms were built on land given by a Fellow of St John’s College to Trustees (the Vicar and Churchwardens of St. Giles') for the express intention of building the Rooms and creating an access to the churchyard on the north side of the church. The Trust is independent of the church and is not in the control of the PCC. The Rooms have a small house at one end, originally used by the church's curate, and the rest of the building was used for parish activities. Over the years the rooms have generated an income through hiring and two lease agreements with the Gatehouse and Old Parsonage. The Trustees have traditionally used this income to maintain the Parish Rooms and give any surplus to the church to use as general income and continued to do so in 2024.

The Vicar and Church Wardens ’ Trust (VCWT).

This is a Trust independent of the PCC and administered by the Vicar and Church Wardens. It was set up in the early 1960s when a legacy was received with the stipulation that it should be used at the discretion of the Vicar and Church Wardens to support the church. The legacy was not left to the PCC. There are no restrictions as to how the Trustees should use the legacy other that the Trust Deed's requirement that it should be used to support the church. The money was invested with further amounts being added over time.

In January 2025, the Lloyds access account (into which dividends are paid by JP Morgan) contained £51,317.47. The other (a high interest CCLA account) contained £46,421.19. The value of investments varies depending on the performance of the stocks and shares. In March 2024, the smaller portfolio was worth £26,365.35, and in May 2025 the larger one was worth £124,338.01.

The total assets of the VCWT in 2024 were approximately £248,442.02.

4

In 2019, the then Trustees made two major pledges (£110,000 and £150,000) to the fund for a new organ. The second of these pledges was made on the understanding that the PCC would set aside £5,000 per year from the income it received from a 30-year lease on the Parish Rooms over that period (i.e. a total of £150,000). It is the intention of the current Trustees that this pledge is honoured.

Conclusions

In the last year, St Giles’ has taken sensible steps to reduce expenditure, and, will seek to maximize income into the church’s general fund, via a continued increase in Planned Giving. The Budget Planning Group will be monitoring income and expenditure in 2025 and providing reports to PCC to support robust fiscal planning.

Approved by the Parochial Church Council on 27th October 2025 and signed on its behalf by:

Mary Whitlock Acting Treasurer 2024

5

The Ecclesiastical Parish of St Giles’ Oxford

Independent Examiner’s Report

For the year ended 31st December 2024

Independent examiner’s report to The Parochial Church Council of The Ecclesiastical Parish of St Giles’, Oxford (Charity no 1135246).

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31[st] December 2024.

Responsibilities and basis of report

The charity’s trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’). The Charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.

It is my responsibility to examine the accounts under section 145 of the Charities Act, follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether particular matters have come to my attention.

Independent examiner’s statement

Where the charity’s gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination by being a registered member of the Chartered Association of Certified Accountants which is one of the listed bodies.

I have completed my examination. I confirm that:

• (1) In connection with my examination, no material matters have come to my attention which give me cause to believe that, in any material respect:

• the accounting records were not kept in accordance with section 130 of the Charities Act; or

• the accounts did not accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Report) Regulation 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

• (2) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Chaweevan Williams FCCA Verdant Accountants Limited Chartered Certified Accountants 20-22 Wenlock Road, London N1 7GU

Date: 27[th] October 2025

6

The Ecclesiastical Parish of St Giles’ Oxford

Statement of Financial Activities

For the year ended 31st December 2024

					Total	Total
	Notes	Unrestricted	Restricted	Designated	Funds	Funds
		Funds	Funds	Funds	2024	2023
		£	£	£	£	£
Income from:
Donations and legacies	2a	54,119 1,868 6,514	54,119 1,868 6,514	54,119 1,868 6,514	62,50184,030	84,030
Activities for generating funds	2a	2,984 6,034 85,085	2,984 6,034 85,085	2,984 6,034 85,085	94,103116,426	116,426
Income from investments	2b	484 3,242 113	484 3,242 113	484 3,242 113	3,8393,192	3,192
Charitable activities	2c	- 4,285 -	- 4,285 -	- 4,285 -	4,2851,452	1,452
Other Income	2d	288 148,200 -	288 148,200 -	288 148,200 -	148,4884,518	4,518
Total income		57,875 163,629 91,712	57,875 163,629 91,712	57,875 163,629 91,712	313,216209,618	209,618
Expenditure on:
Cost of generating voluntary income	3a	891 - 12,064	891 - 12,064	891 - 12,064	12,9558,027	8,027
Charitable activities	3b	109,828 16,266 27,007	109,828 16,266 27,007	109,828 16,266 27,007	153,101168,852	168,852
Other expenditure	3c	12,810 (131)	12,810 (131)	135	12,814-	-
Total expenditure		123,529 16,135 39,206	123,529 16,135 39,206	123,529 16,135 39,206	178,870176,879	176,879
Transfer between funds Parish Rooms transfer Net income/(expenditure)	8	(65,654) 2,246 (5,552)	147,494 52,506 2,246 (5,552)	147,494 52,506 3,306	134,34632,739 - - ~~_~~
Net movements in funds		(63,408)	141,942 55,812	141,942 55,812	134,34632,739	32,739
Reconciliation of funds: Total funds brought forward at 01 January 2024	Total funds brought forward at 01 January	8,643 238,561 9,552	8,643 238,561 9,552	8,643 238,561 9,552	256,756224,017 —_
Total funds carried forward at 31 December 2024		**(54,765) **	380,503 65,364 391,102 256,756	380,503 65,364 391,102 256,756	380,503 65,364 391,102 256,756 ~~a~~

7

The Ecclesiastical Parish of St Giles’ Oxford

Balance Sheet

Balance Sheet
As at 31stDecember 2024
		2024	2023
	Notes	£	£
Fixed Assets
Investments		0	0
Total fixed assets		0	0
Current Assets
Debtors	5	841	7,076
Cash at bank and in hand		399,515	267,075
Total Current Assets		400,356	274,151
Liabilities
Creditors: amounts falling due within one year	6	9,254	(17,395)
Net current assets/(liabilities)		391,102	256,756
Total Net Assets		391,102	256,756
Parish Funds
Unrestricted funds	8	(75,648)	17,885
Restricted funds	8	385,895	4,160
Designated funds	8	80,855	234,711
Total Parish Funds		391,102	256,756

Approved by the Parochial Church Council on the 27[th] October 2025 and signed on its behalf by:

Revd. Daniel Walters Vicar / PCC Chair

The accompanying notes form a part of these financial statements.

8

The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements

For the year ended 31st December 2024

1 Accounting policies

a Basis of preparing the financial statements

The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, 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) (effective October 2019) (Charity SORP FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared on an accruals basis under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

b Fund accounting

Endowment funds are funds where the capital must be maintained. Only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established. St Giles has no endowment funds.

Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.

Unrestricted funds are general funds which can be used for any purpose that the PCC determines within that allowed under its governing documents.

c Incoming resources

Under the SORP income is recognised when there is entitlement, sufficient certainty of receipt and it can be measured reliably. Planned giving, collections and general donations are recognised when received. Gift Aid income is recognised when the income to which it relates is determined. All income is accounted for gross wherever possible.

d Resources expended

Under the SORP expenditure is recognised when a legal or constructive obligation exists at the balance sheet date as a result of a past event, it is more likely than not that a transfer of economic benefits, often cash, will be required in settlement and the amount of the obligation can be measured or estimated reliably. All expenditure is accounted for gross wherever possible.

e Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

f Fixed assets

Consecrated and benefice property is not included in the accounts in accordance with s10(2)(a) of the Charities Act, 2011.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church inventories, which are open to inspection. For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements.

9

The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements (cont’d)

For the year ended 31st December 2024

					Total	Total
2	Income	Unrestricted	Restricted	Designated	Funds	Funds
		Funds	Funds	Funds	2024	2023
		£	£	£	£	£
**2a **	Generated funds
	Planned Giving	14,584 1,452 -	14,584 1,452 -	14,584 1,452 -	16,03629,347	29,347
	Donations	29,071 416 820	29,071 416 820	29,071 416 820	30,30741,614	41,614
	Envelopes	2,995 - -	2,995 - -	2,995 - -	2,9952,787	2,787
	Collections/church boxes	7,469 - 199	7,469 - 199	7,469 - 199	7,6685,161	5,161
	Music Fund donations (choir)	- - 5,495	- - 5,495	- - 5,495	5,4955,121	5,121
	Gift Aid	841 3,395 -	841 3,395 -	841 3,395 -	4,2364,395	4,395
	Grants	- - -	- - -	- - -	--	-
	Rooms	- - 41,483	- - 41,483	- - 41,483	41,48332,628	32,628
	Parish hall hire	- - -	- - -	- - -	--	-
	Gatehouse	- - -	- - -	- - -	--	-
	Rental income	- - 25,777	- - 25,777	- - 25,777	25,77743,342	43,342
	Concert	- - 14,821	- - 14,821	- - 14,821	14,821-	-
	Jazz festival income	- - -	- - -	- - -	-12,972	12,972
	Sponsor-a-Pipe	- 2,061 -	- 2,061 -	- 2,061 -	2,0612,682	2,682
	Choir tour/academy	- - -	- - -	- - -	--	-
	Charges	2,064 - 140	2,064 - 140	2,064 - 140	2,2044,251	4,251
	Other income	79 578 2	79 578 2	79 578 2,864	3,52116	16,156
		57,103 7,902 91,599	57,103 7,902 91,599	57,103 7,902 91,599	156,604200,456	200,456
**2b **	Investment Income Bank interest	484 3,242 113	484 3,242 113	484 3,242 113	3,8393,192 ~~—~~
		484 3,242 113	484 3,242 113	484 3,242 113	3,8393,192 ~~oO~~
**2c **	Charitable activities
	Job Retention grant	- - -	- - -	- - -	--	-
	Covid 19 Council grant	- - -	- - -	- - -	--	-
	Reimbursed – St Margaret’s	- - -	- - -	- - -	--	-
	Gatehouse counsellor	- 4,285 -	- 4,285 -	- 4,285 -	4,2851,452	1,452
	Other	- - -	- - -	- - -	--	-
		- 4,285 -	- 4,285 -	- 4,285 -	4,2851,452	1,452
**2d **	Other incoming resources Grants Other	- 148,200 - 288 - -	- 148,200 - 288 - -	- 148,200 - 288 - -	148,2004,518 288- ~~—_~~
		288 148,200 -	288 148,200 -	288 148,200 -	148,4884,518 ~~OO~~
					~~PT~~
	Total Income	57,875 163,629 91,712 313,216	57,875 163,629 91,712 313,216	57,875 163,629 91,712 313,216	57,875 163,629 91,712 313,216209,618 ~~oo~~

10

The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements (cont’d)

For the year ended 31st December 2024

						Total	Total
3	Expenditure		Unrestricted	Restricted	Designated	Funds	Funds
			Funds	Funds	Funds	2024	2023
		Notes	£	£	£	£	£
**3a **	Raising funds
	Jazz Festival		- - -	- - -	- - -	-7,582	7,582
	Project 900		- - -	- - -	- - -	-445	445
	Events		891 - 12	891 - 12	891 - 12,064	12,955-	-
			891 - 12,064	891 - 12,064	891 - 12,064	12,9558,027	8,027
**3b **	Charitable activities Parish share Cleaning - Church - Parish Rooms Utilities - Church - Parish Rooms Insurance - Church - Parish Rooms - Church - Parish Rooms Music and Choir Gatehouse counsellor Other Staff costs Maintenance & Running cost	4	59,966 - - - - - - - 5,743 9,807 - - - - 11,998 4,831 - - - - - 2,049 1,820 3,923 - 319 3,645 - - 433 - 12,691 - 390 583 1,265 32,785 853 -	59,966 - - - - - - - 5,743 9,807 - - - - 11,998 4,831 - - - - - 2,049 1,820 3,923 - 319 3,645 - - 433 - 12,691 - 390 583 1,265 32,785 853 -	59,966 - - - - - - - 5,743 9,807 - - - - 11,998 4,831 - - - - - 2,049 1,820 3,923 - 319 3,645 - - 433 - 12,691 - 390 583 1,265 32,785 853 -	59,96651,391 -1,197 5,7432,190 9,80714,658 11,99813,792 4,8316,584 -- 7,79211,942 3,9642,570 433775 12,691887 2,23824,991 33,63837,875 -
			109,828 16,266 27,007	109,828 16,266 27,007	109,828 16,266 27,007	153,101168,852	168,852
**3c **	Other expenditure Other expenditure Examination fee		11,010 (131) 1,800 - -	11,010 (131) 1,800 - -	135 1,800 - -	11,014- 1,800- ~~—_~~
			12,810 (131)	12,810 (131)	135	12,814- ~~OO~~
						~~Pp~~	~~Pp~~
	Total Expenditure		123,529 16,135 39,206 178,870	123,529 16,135 39,206 178,870	123,529 16,135 39,206 178,870	123,529 16,135 39,206 178,870176,879 ~~Oo~~

11

The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements (cont’d)

For the year ended 31st December 2024

4 Staff Costs

**(a) **	Staff costs	2024	2023
		£	£
	Wages and salaries	30,786 36,235	36,235
	Employer’s NI	- -	-
	Employer’s pension contributions	2,852 1,640	1,640
		33,638 37,875	37,875

No employee earned more than £60,000 in 2024 (2023: Nil).

(b) Pensions

The St Giles, Oxford, Parochial Church Council participates in the Pension Builder Scheme section of the Church Workers Pension Fund (CWPF) for lay staff. The Scheme 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 CWPF has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

The Pension Builder Scheme of the CWPF is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific

employers and means 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 (2024: £2,825), (2023: £1,640).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31st December 2022 and the Actuarial report suggests no material changes to the year ended 31st December 2023.

For the Pension Builder Classic section, the valuation revealed a surplus of £__ (2019: surplus of £11.6m) on the ongoing assumptions used. In February 2023, the Board agreed a £160m buy-in with Aviva. In combination with the 2014 buy-in with Prudential, this insures all pensions in the DBS for those who retired before 13 August 2022. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, the St Giles, Oxford, Parochial Church Council could become responsible for paying a share of that employer’s pension liabilities.

Pension Builder 2014 is the pension scheme used by St Giles, Oxford, Parochial Church Council.

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The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements (cont’d)

For the year ended 31st December 2024

4 Staff Costs (cont’d)

(c) Trustees’ remuneration

The trustees neither received not waived any remuneration for undertaking their duties as trustees during the year (2023: Nil).

5 Debtors and prepayments

**5 **	Debtors and prepayments
		Unrestricted	Restricted	Designated	Total	Total
		Funds	Funds	Funds	2024	2023
		£	£	£	£	£
*	Tax recoverable of Gift Aid	841	-	- 841	841 7,076	7,076
	Payroll	-	-	- -	- -	-
	Pension	-	-	- -	- -	-
	PAYE & NIC	-	-	- -	- -	-
	Payroll reimbursements	-	-	- -	- -	-
	Prepayments	-	-	- -	- -	-
	Other	-	-	- -	- -	-
		841	-	- 841	841 7,076	7,076

*[represents partial claim for Gift Aid relating to 2024.]

6 Liabilities – amounts falling due

within one year	Unrestricted	Restricted	Designated	Total	Total
	Funds	Funds	Funds	2024	2023
	£	£	£	£	£
Trade Creditors	570	-	- 570	570 -	-
Receipts in advance	-	10,370	- 10,370	10,370 10,370	10,370
Accruals	3,108	-	- 3,108	3,108 7,025	7,025
Pension Payable	2,829	-	- 2,829	2,829 -	-
SM Payroll Account	(9,535)	-	- (9,535)	(9,535) -	-
Tax & NIC	112	-	- 112	112 -	-
Independent Examination	1,800	-	- 1,800	1,800 -	-
	(1,116)	10,370	- 9,254	9,254 17,395	17,395

13

The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements (cont’d)

For the year ended 31st December 2024

7 Funds

Unrestricted funds

General – used for all general purposes of the PCC, unless covered by another fund. Balance at year end transferred to Reserve Fund.

Designated funds

Reserve – accumulated annual surpluses/deficits on the General Fund.

Buildings – for buildings maintenance and improvement. Balance at year end transferred to General Fund.

Jazz – a series of concerts held throughout the year with funds raised being used to support the work of St Giles’ Church.

Parish Rooms – relates to the parish rooms and balance at year end transferred to General Fund.

Restricted funds

Bell – for re-tuning and hanging of the bells.

Chess – for chess activities. This fund was derestricted via a transfer in the year following the cessation of the chess club.

Choir – to further the work and activities of the St Giles’ Choir.

Choir Tour – relates to choir tour.

Gatehouse Counselling – for Gatehouse services.

Music – to support the work at St Giles’ in relation to the choirs, organ and choral scholars and the choir tour.

Project 900 Fabric – Fabric project celebrating 900 years of worship at St Giles’.

Project 900 General – for all project 900 objectives.

Project 900 Organ – for provision of new organ in celebration of 900 years of worship at St Giles’.

Vicar and Churchwardens’ Trust – donations from the Vicar and Church Wardens’ Trust and related expenditure.

Transfers

Income generated from the Parish Rooms has been released to the general fund via a transfer on the approval of the trustees.

14

The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements (cont’d)

For the year ended 31st December 2024

8 Funds – summary statement for the year ended 31[st] Dec 2024

year ended 31[st] Dec 2024
	Balance				Balance
	b/fwd	Incoming	Outgoing		c/fwd
	1 Jan 2024	Resources	Resources	Transfers	31 Dec 2024
Unrestricted funds	£	£	£	£	£
General fund	8,643	57,875	(144,412)	2,246	(75,648)
	8,643	57,875	(144,412)	2,246	(75,648)
Designated funds
General reserves	-	-	- -	-	-
Buildings	-	-	(3,923)	3,923	-
Room	-	68,708	(18,448) -	-	50,260
Music	-	8,572	(2,283) (6,289)	(6,289)	-
Jazz	4,160	15,884	(11,997)	5,392	13,439
Others	-	-	(120)	120	-
Bell	-	-	-	160	160
Adjustment	-	(1,452)	18,448 -	-	16,996
	4,160	91,712	(18,323)	3,306	80,855
Restricted funds
Bell (Move to Designated funds)	154	6	- (160)	(160)	-
Choir	26,781	-	- -	-	26,781
Choir tour	859	-	- -	-	859
Gatehouse counselling	6,215	4,285	(12,753) -	-	(2,253)
Jazz	5,392	-	- (5,392)	(5,392)	-
Project 900 – Fabric	49,967	11,243	- -	-	61,210
Project 900 – General	24,895	223	(1,941) -	-	23,177
Project 900 – Organ	134,534	146,420	119 -	-	281,073
Vicar/Churchwardens Trust	2,232	-	- -	-	2,232
Adjustment	(7,076)	1,452	(1,560) -	-	(7,184)
	243,953	163,629	(16,135) (5,552)	(5,552)	385,895
Total Funds	256,756	313,216	(178,870) -	-	391,102

15

The Ecclesiastical Parish of St Giles’ Oxford

Notes to the Financial Statements (cont’d)

For the year ended 31st December 2024

9 Analysis of net assets between funds

Analysis of net assets between funds	Analysis of net assets between funds
	Unrestricted	Restricted	Designated	Total	Total
	Funds	Funds	Funds	2024	2023
	£	£	£	£	£
Debtors	841	-	- 841	841 7,076	7,076
Cash	(77,605)	394,813	82,307 399,515	399,515 267,075	267,075
Liabilities	1,116	(10,370)	-	(9,254)	(17,395)
	(75,648)	384,443	82,307 391,102	391,102 256,756	256,756

10 Volunteers

The Parochial Church Council is dependent upon the many volunteers who offer their services free of charge, and often at personal expense by incurring travel costs and purchasing materials at their own cost. Volunteers are involved in all aspects of the Council’s work.

16

The Ecclesiastical Parish of St Giles’ Oxford

Comparatives

For the year ended 31st December 2024

Comparative Statement of Financial Activities

for the year ended 31 December 2023

for the year ended 31 December 2023
for the year ended 31 December 2023					Total	Total
	Notes	Unrestricted	Restricted	Designated	Funds	Funds
		Funds	Funds	Funds	2023	2022
		£	£	£	£	£
Income from:
Donations and legacies	2a	40,519 43,511 -	40,519 43,511 -	40,519 43,511 -	84,03046,325	46,325
Activities for generating funds	2a	13,460 24,075 78,891	13,460 24,075 78,891	13,460 24,075 78,891	116,426111,658	111,658
Income from investments	2b	2,030 1,162 -	2,030 1,162 -	2,030 1,162 -	3,192388	388
Charitable activities	2c	- 1,452 -	- 1,452 -	- 1,452 -	1,4524,834	4,834
Other Income	2d	(148)	4,666 -	4,666 -	4,5184,469	4,469
Total income		55,861 74,866 78,891	55,861 74,866 78,891	55,861 74,866 78,891	209,618167,674	167,674
Expenditure on: Cost of generating voluntary income Charitable activities Other expenditure Total expenditure Transfer between funds Parish Rooms transfer Other Net income/(expenditure)	3a 3b 3c 7	- 8,027 - 130,520 10,903 27,429 - - - 130,520 18,930 27,429 (74,659) 51,462 - (51,462) - - -	- 8,027 - 130,520 10,903 27,429 - - - 130,520 18,930 27,429 55,936 51,462 51,462 - (51,462) - - -	- 8,027 - 130,520 10,903 27,429 - - - 130,520 18,930 27,429 55,936 51,462 51,462 - (51,462) - - -	8,02710,212 168,852133,858 -- 176,879144,070 32,73923,604 - - -- ~~__~~
Net movements in funds		(23,197)	55,936 -	55,936 -	32,73923,604	23,604
Reconciliation of funds: Total funds brought forward at 01 January 2023	Total funds brought forward at 01 January	41,082 178,775 4,160	41,082 178,775 4,160	41,082 178,775 4,160	224,017200,413 —_
Total funds carried forward at 31 December 2023		17,885 234,711 4,160 256,756 224,017	17,885 234,711 4,160 256,756 224,017	17,885 234,711 4,160 256,756 224,017	17,885 234,711 4,160 256,756 224,017 ~~a~~

17

The Ecclesiastical Parish of St Giles’ Oxford

Comparatives (cont’d)

For the year ended 31st December 2024

Comparative Income

for the year ended 31 December 2023	for the year ended 31 December 2023				Total	Total
		Unrestricted	Restricted	Designated	Funds	Funds
2	Income	Funds	Funds	Funds	2023	2022
		£	£	£	£	£
**2a **	Generated funds
	Planned Giving	29,347 - -	29,347 - -	29,347 - -	29,34731,734	31,734
	Donations	3,429 38,185 -	3,429 38,185 -	3,429 38,185 -	41,6141,822	1,822
	Envelopes	2,787 - -	2,787 - -	2,787 - -	2,7873,835	3,835
	Collections/church boxes	4,956 205 -	4,956 205 -	4,956 205 -	5,1616,109	6,109
	Choir Fund donations	- 5,121 -	- 5,121 -	- 5,121 -	5,1212,075	2,075
	Gift Aid	4,145 250 -	4,145 250 -	4,145 250 -	4,3957,057	7,057
	Grants	- - -	- - -	- - -	--	-
	Rooms	750 - 31,878	750 - 31,878	750 - 31,878	32,62813,876	13,876
	Parish hall hire	- - -	- - -	- - -	--	-
	Gatehouse	- - -	- - -	- - -	-7,405	7,405
	Rental income – Cottage	- - 43,342	- - 43,342	- - 43,342	43,34237,801	37,801
	Jazz festival income	- 12,972 -	- 12,972 -	- 12,972 -	12,97210,523	10,523
	Sponsor-a-Pipe	- 2,682 -	- 2,682 -	- 2,682 -	2,68213,517	13,517
	Project 900 income	- - -	- - -	- - -	-10,103	10,103
	Choir tour/academy	- - -	- - -	- - -	-3,106	3,106
	Charges	580 - 3,671	580 - 3,671	580 - 3,671	4,2515,878	5,878
	Other income	7,985 8	985 8,171 -	171 -	16,1563	3,142
		53,979 67,586 78,891	53,979 67,586 78,891	53,979 67,586 78,891	200,456157,983	157,983
**2b **	Investment Income Bank interest	2,030 1,162 -	2,030 1,162 -	2,030 1,162 -	3,192388 ~~a~~
		2,030 1,162 -	2,030 1,162 -	2,030 1,162 -	3,192388 ~~—_——~~
**2c **	Charitable activities
	Job Retention grant	- - -	- - -	- - -	--	-
	Covid 19 Council grant	- - -	- - -	- - -	--	-
	Reimbursed – St Margaret’s	- - -	- - -	- - -	--	-
	Gatehouse councillor	- 1,452 -	- 1,452 -	- 1,452 -	1,452834	834
	Other	- - -	- - -	- - -	-4,000	4,000
		- 1,452 -	- 1,452 -	- 1,452 -	1,4524,834	4,834
**2d **	Other incoming resources
	Grants	(148)	4,666 -	4,666 -	4,5184,469	4,469
	Other	- - -	- - -	- - -	--	-
		(148)	4,666 -	4,666 -	4,5184,469 ~~—_——~~
					~~a~~
	Total Income	55,861 74,866 78,891 209,618	55,861 74,866 78,891 209,618	55,861 74,866 78,891 209,618	55,861 74,866 78,891 209,618167,674 ~~	~~

18

The Ecclesiastical Parish of St Giles’ Oxford

Comparatives (cont’d)

For the year ended 31st December 2024

Comparative Expenditure

for the year ended 31 December 2023

for the year ended 31 December 2023	for the year ended 31 December 2023
for the year ended 31 December 2023	for the year ended 31 December 2023					Total Total
			Unrestricted	Restricted	Designated	Funds Funds
3	Expenditure		Funds	Funds	Funds	2023 2022
		Notes	£	£	£	£ £
**3a **	Raising funds Jazz Festival Project 900		- 7,582 - - 445 -	- 7,582 - - 445 -	- 7,582 - - 445 -	7,5827,768 4452,444 ~~a~~
			- 8,027 -	- 8,027 -	- 8,027 -	8,02710,212
**3b **	Charitable activities Parish share Cleaning - Church - Parish Rooms Utilities - Church - Parish Rooms Insurance - Church - Parish Rooms Maintenance - Church - Parish Rooms Music and Choir Choir Tour Gatehouse counsellor Other Staff costs	4	51,391 - - 1,197 - - - - 2,190 14,658 - - - - 13,792 6,584 - - - - - 11,942 - - - - 2,570 - 775 - - - - - 887 - 22,494 - 2,497 22,254 9,241 6,380	51,391 - - 1,197 - - - - 2,190 14,658 - - - - 13,792 6,584 - - - - - 11,942 - - - - 2,570 - 775 - - - - - 887 - 22,494 - 2,497 22,254 9,241 6,380	51,391 - - 1,197 - - - - 2,190 14,658 - - - - 13,792 6,584 - - - - - 11,942 - - - - 2,570 - 775 - - - - - 887 - 22,494 - 2,497 22,254 9,241 6,380	51,39155,220 1,1971,608 2,1902,408 14,6584,929 13,7925,522 6,584114 -- 11,9421,333 2,5703,545 7753,363 -5,861 8874,625 24,9919,269 37,87536,061 -
			130,520 10,903 27,429	130,520 10,903 27,429	130,520 10,903 27,429	168,852133,858 ~~—~~
**3c **	Other expenditure Other expenditure		- - -	- - -	- - -	-- ~~a~~
			- - - - -	- - - - -	- - - - -	- - - - - ~~——~~
	Total Expenditure		130,520 18,930 27,429 176,879	130,520 18,930 27,429 176,879	130,520 18,930 27,429 176,879	130,520 18,930 27,429 176,879144,070 ~~——~~

19