Registered Charity Number 1145027 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN. OXFORD Annual Report and Financial Statements of the Parochial Church Council for the year ended 31 December 2020 Criichleys Audit LLP egistered AL￿ltor Beaver House 23 - 38 Hythe Bridge Street Oxft)fd OXI 2EP Parochial Churth Council of St Mary Magdalen Oxford Contents Annual Report of the Parochia5 Church Council Ito9 Independent Examiner's Report Iotoll Statement of Financial Artivities 12 Comparative Statement of Financial Activities 13 Balance Sheet 14 Notes to the financial statements 15to26 Abbreviations= pcc SOFA Parochial Church Council Statement of financial activities Page I Parochial Church Council of Sl Mary Magdalen Oxford Trustees. Annual Report for the Year Ended 31 De£Èmber 2020 The Parochial Church Council IPCCI presents its Annual Report for the year ended 31 December 2020. Reference and administrdtive information The PCC is a charity, registered with the Charity Commission on 13 December 2011,. its registered charity number is 1145027. The address of the parish church is Magdalen Street Oxford, OXI 3A& The address of the church office is IS Beaumont st￿@t, Oxford, OXI 2NA The trustees, members of the PCC, at the time of this repon were a5 follow5.. Basis ol appointment The Revd Dr Peter Groves The Revd Professory Judith Brown The Revd Mr Stephen Hearn Vicar A55istsnt priest Assistani priest Ex officio Ex officio Ex officio Mr Nigel Timm# Dr Helen Todd Churchwarden Churchwarden EK offiao E% offiao Dr Matthew Schrecker Dr Bethany Sollereder lvls Gillian Hamnett Deanery Synod Representative Deanery Synod Representative Deanery SynDd Representative Ex officio Ex officio Ex officio) Miss ltsyce Day Co-opted Mr William Dawes Mrs Veronica Ellis Mr Charf £ngela Ms Clare Gardom Mr Gareth lones Mrs Sophie Law Miss Susan Purvèr Mr Ashley Walters Mrs Susan Weavers Elected ected Electèd Elected El&cted Elected Elected Elected Elected Page 2 Parochial Church Council of St Mary Magdalen Oxford Trustees. Annual Report for the Year Ended 31 December 2020 continued Reference and administrative inforniatton Icontynuedl During the year the lollowng retired from the PCC.. Dr Crispin Hyde-Dunn Elected Principal advise Bankers Insurance 8roker Independent Examiners 8èrtlays Bank plc Mathews Comfort & Co Ltd Critchleys LLP CornmarkeL Oxford 6 St Aldates, Oxford 23-38 H5rthe Bridge SL Oxford Structure. governance and mana9ement The PCC has been formed under the Parochi&l Church Council IPowersl Measure 1956. PCC membership is achieved in various ways. The clergy licensed to the parish are Membe￿ by virtue of their office. The iwo churchwardens and three Deanery Synod representatives are also ex officio member5, the former being eletted by the parish annually and the latter by the APCM for terms of three years, in accordance with rulings made by tne Deanery Syiiod. Other members of the PCC are elected for tèrms of three years by the APCM on a rotating basis lone third annually), and further members may be co-opted annually by the PCC, All these elertions and co-options are m8de in accordènce with the Church Representstion Rule& New PCC members are briefed by the officers of the PCC. No additional trnining has been found necessary, except Safeguarding Training which is now being undertaken by all PCC members. The PCC makes all decisions corporately. Page 3 Parochial Church Council of St Mary Magdalen Oxford TNstees' Annual Report for the Year Ended 31 De¢ember 2020 Continued Sirurturei govemance and management (Continued) The PCC is ￿SPonSible fc>r als parish finance, its management and control, including the appointment of a treaSu￿r. Members of the PCC are responsible for keeping accounting records, which disclose with ￿aSOnable accuracy the financial position of the PCC and which enable them to ascertain the financial position of the PCC and ensure that the financial ststem@nts cornply with the Church Accounting Regulations 1997 as amended by the Church Accounting IATnendmentl Regulations 2001, the Charities Act 2011 and the Statement of Recommended Practice'Accounting by Charities, 2005. The PCC are also responsible *or safeguarding their a55ets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The PCC is also required to ensure that the financial statements a￿ examined by an independent examiner or auditor prior to presentation to the Annual Parochial Church Mèeting. In preparing the financial statements, the PCC are reqLJired to.. Selert Suitable accounting policie5 and then apply them consistently Makejudgement5 and estimates that are reasonable and prudent Follow applicable accounting standards and statements ol recommended prartice, subject to any material departures disclosed and explained in the financial ststements Prepare the financial siaiements on the gDing concern basis unless it is inappropriate to presume thai the charity will remain in operation. The parish is part of the Oxford Deanery, which Is part of the Dicicèse ol Oxford. The parish is a member of Churches Together in Central Oxford. The parish website can be found at vmw.stmarymagdalenoxford.org.uk The PCC has adopted the dTocesan model policy on safeguarding, and Is ol the opinion that this provides adequate risk management. Officers Dr Groves is Chuwman lex officiol ofthe PCC. Other officers ère.. Vice-chairrnan, Mr Timms,. Secretury, Miss Pur4er Treosurer, Mr Walters. Committee5 The Standing Committee consists of the Vicar, the Wardens. the Secretary, the Treasurer and Miss Day. The standing committee has power to transact the business of the council between the meetings thereof subject to any directions given by the council. The PCC has not found it necessary to establish other committees, but has from time to time set up working groups to orry out work and report back to the PCC. Page 4 Pa￿hla1 Church Council of St Mary Magdalen Oxford Trustees. Annual Report for the Year Ended 31 December 2020 continued Objectives and Adivities The objectives of the PCC are defined by the Parochial Church Council (Powers) Measure 1956 as'to co-operate with the rninister in promoting in the parish thE whole mi55ion of the Church, pastoral, evangelistic, social and ecumenical.. The charity trustees have complied with the duty in Section 17151 of the 2011 Charitie5 Act to have due regard to gvtdance published by the Charity Commission. In planning and carrying out its activities the PCC has considered Charity Commission guidance on public benefit. together with specific guidanc@ on tharities for the advancement of religion. In particular the following activities give rise to public benefit.. regular public worship,. the provision of sacred space for personal prayer and contemplation.. pastoral work,. reaching Christianity,. promotion of Christianity,. supporting t)ther charities in the UK and overseas. There are 110 members on the Electoral Roll, of whom 3 live in the paTlSh, The PCC met six times during the year. Risk assessments and protedion policies were reviewed and confim)ed. Strategies for financial giving were discussed and put in place. Reports from the Deanery of Oxford, and from ChurchÈ% Together in Central Oxford, were discussed. The maintenanc¢ and fabric of the building continued to be a signific8nt item ol council business. The COWD-19 outbreak and its consequent restrictions have been the major occupation of the PCC during the year. The PCC has ensured that it complies both with the law and government guidance on public worship as well as diocesan regulations and guidelines. The impact of COVID was severely felt on most èspects of the church's mission and activities.. public worship, the opening of the church for prayer, pastoral care, and modes of teaching. The PCC took steps to mitigate the impact and to continue to *05ter a sense of community insofar as was possible. The mitigation for Each activity is taken below under Achievements & Performance. The Parish Administrator is employed by the PCC to support the parish's ministry by fulfilling various administrative tasks, in particular the preparation and publication of notices and liturgical material. and to supervise the building when open to visitors. During the year the following priests assisted regularly with the serdices on an honorary basis.. Mthr Judith Brown, Fr Stephen Hearn, Fr Barry Hammer Fr Martin H&nig, Fr Nev5ky Everett, Fr Phillip Nixon, Mthr Mel Marshall. Fr Hugh Wybrew. The PCC is grateful to them for their assistance. Before the COVID-19 restrictions, the Oxford UniveTsity Society of Change Ringers continued to ring the bells before the principal seNice each Sunday and for special celebrations, a practice extending back 120 yea￿. The PCC is grateful to the OUSCK for complementing our acts of worship $0 regularly and with such consideration for our needs and looks forward te welcoming ihem back to patticipate in our worship. The PCC ￿cognIseS that the pandemic has been profoulldly difficult for professional musicians, and is grateful to the Director of Music, the Organist and the Choir for their excellent contribution tc) the worship of the parish and th& creativity and good humour with which they have met the challenges ol the year. The church relies on the voluntary work Df many people within the church and the PCC very much appreciate their senice to the thurch and th2 wider community. The PCC is grateful to all those who have generously contributed io the finance5 of the parish during the year by standing order, through the envelope sch.eme, or otherwise. The PCC also thanks those who have worked so hard fundraising in such Straitened circumstances. Page 5 Parochial Church Council of St Mary Magdalen Oxford Tru5tee5' Annual Report for the Year Ended 31 DKember 2020 continued Achievements and perforniance Worship The parish provides a centre of Catholic Anglican worship in the he8rt of Oxford with a strong tradition of preaching and music with a full round of daily services 2nd accessibility to the sacraments. In the usual pattern of worship. there is a High Mass on Sundays (preceded by Morning Prayerl and tsvo Low Masses. The average attendance is usually in excess of 120. On weekdays Morning and Evenin9 Prayer are normally said in church. drawing small but faithful congregation& The two daily masses (lunch-time &nd evening) draw congregations from those who work in the city centre, or who are visiting the city. A PTiest is available to hear confessions after the midday mass, and at other times. Music of a high stsndard continues to play an important part in the Sunday worship of the parish,. the High Mass on Sunday is normally accompanied by a semi-prole55ional choir of eight Lent Holy Week and Easter nomially promde a gpecièl opportunity for outreach and mission. During Lent, a weekly Stations of the Cross and Benediction L)f the Blessed Sacrament is combined with a sertnon series. On Good Friday, the Th￿e Hours Devotion Inormally preached by the Vicarl is a major event in Anglo-catholic p￿a(hing, drawing a wide congregation. The Congregation welcomes a lar9e number of visitors to the senJices of the Triduum and Easter Day. Al these opporrunrcies were either lost or attenuated in online versions due to the first lockdtswn that began early in Lent. COVID-19 Mitigotion Public worship was suspended for a large part ol the year. The PCC sought to mitigate ihe impact of this by providing live- streamed services conducted in a COVID-secure environment by minimal personnel. Sermons continued to be published on the website. The PCC sought to ensure thaL when public w0￿h1p became possible again, it was condutted in a COWD-5ecure manner, ensuring soci31 distancing, providing sanit15er and masks, receiving communion in one kind IVIL, only the celebrant receiving the chalice) and supressing congregational singing. The pattern of worship was reduced to one ma55 per day during thè w&ek, and only one low mass on Sundays. A Sunday mas5 continued land continues) to be streamed even when public worship was possible to serve thosè sheltering at ho)me. The PCC is grateful to the Director of Musi4 choir, and organist for ￿Sponding to the crisis with creatiwty, and especially for providing extra music where cc)ngregational singing would normally occur. Sacred Space The PCC has met the challenge of keeping the church open at regular times during weekdays by employing an on site parish administrator, ènd by drawing upon the goodwill of volunteer5 when he is not present Parishioners, citizens of Oxford, and visitors to the city all make use ol the church lor prayer, or simply as a quiet place in the city. The parish stall at St Giles Fair has not only beèn a very successful fundraising activity, but has also provided an opportunity to 'show off. the church to local people. The church building has continued to be used for concerts, which again has prowded chance for the parish to make itself known to a wider range of people. Page 6 Parochral Churth Council of St Mary Magdalen Oxford Trustees, Annual Report for thé Yéar Ended 31 December 2020 continued COVID-19 Mit£gation Much of the foregoing was impossible for large parts ol the year as the Church was closed to visitors and the St Glles Fair did not take place Iremoving one of the church's most important fundraising as well as mission opportunities). The PCC provided resources for personal prayer on the parish website and signposted similar resources from the diocese and central church. When the church could open again, Ihe PCC ensured that visitors were safe by providing masks, sanitise and signs explaining stscial distancing rules. The Vicar and Director of Music have kept abreasi of changes to guidance and regulation on public performance with a view to allowing concerts to resume safely at the earliest opportunity. Pastoral Work Before pandemic restrictions, the parochial clergy continued to visit the sick and bereaved, and prepare Membe￿ of the congregation and of tPte parish for the sacraments. Other members ol the congregation are also involved in visiting regularly members of the cong￿gatIon in hospiial, care homes, or who are housebound. COVID-19 Mit£grtion During the height ol the pandemio In-pe￿an visiting was either prohibited or too high-risk to underrake. During those times, The clergy and others involved with pastoral work kept in touch with pastoral cases via email and telephone, and the parish developed an email list IGDPR compliant) to keep those who opted in up to date with parish news and in touch with the clergy. The PCC were kept informed of the revised pastoral strategy (although not, of course, the details of individual cases). Page 7 Parochial Church Counctl ot St Mary Magdalen Oxford Trustees. Annual Report for thè Year Ended 31 December 2020 continued Teaching Work with children and students. and the support and encouragement ol those at any %Vdge of discemment of Christian vocaiion, continues to be a priority. A vocations network continue5 to be associated with the parish. During the year approximately tèn people connected with our congregation have been in training or discernment The parish co-operates with the neighbouring parish of St Michael at the Northgate in running a 'Children's Church." A student discussion and study group club has met weekly during the University term. This has attracted students from both universities and other collegèg in Oxford. A Bible Study Group, 'Scripture on Saturday" meets monthly as does 8 social and educational group which gathers at the wcarage. Two homegroups me&t regularly for fellowship and study. A team of catechists, both lay and ordained, has been formed to proiqde initial Christian instruction and to agsist those preparing lor the sacraments. The"School of Theology. made up of clergy and ordinands associated with the parish, was launched in 2018 with a festival weekend and during 2019 published its first book 'Love Makes no Sense An Invitstion to Christian Theology, with SCM pres% This has been very well received and sales have been highly encouraging. Two more book projects We￿ undertaken in 2019 for publication in 2020. An extremely successful series of internet publications has been maintained the School webstt which was managed by Dr Jong until his departure from the parish. COVID-19 MitigGtion Most groups continued to meet onlTne and keep in touch remotely, the Scripture on Saturday meetings on Zoom proved especially popular, with increased participation. Sermons published to the website continued to provoke discussion and correspondence with the clergy. With the depanure of Drjong at the end of his curacy and the advent of the pandemic, the School's activities were de- prioritised in lavour of core pastoral attivities. As we emerge from the Pandemio the PCC will consider appropriate steps to continue and deepen the work of the School. Page 8 Parochial Church Coun¢il ol St Mary Ma9dalen OxFord TrLtstees' Annua5 Report for the Year Ended 31 December 2020 continued Promotion of Christianity The leadership teams has conttnued to update and expand the parish website, a popular resource on the parish and Anglo- Catholicism and the website of the 51 Mary Magdalen khool of Theology. The parish's presence on social media sites such as Facebook and Twitter has increased, particularly as a means of engagement during the pandemic SeNices are St￿amed on Facebook Live, so anybody with a Facebook account can join watch either live or on catch-up. The Sunday seryice is often viewed by more than 100 Facebook users. Supporting Charities The parish hès continued to support the work of the Gatehouse Drop-in Centre, the Emergency Food Bank, and the Oxford Winter Night Shelter. Financial review Over the year the net assets of the PCC decreased by £24,965 The PCC has continued to meet its target ol paying its Parish Share to the Diocese, accepting the Deanery strategy thai parishes should cover at least their clergy costs that fall on the dicKese. Resetves Poli In past years the PCC has had no formal policy concerning reseNes. It has however, operated within a code of practice by which it is understood that there should always be sufficient liquid ftjnds to cover the Parish Share paid to the Diocese, along with charitable donation5 and all routine annual running costs as they fall due. The ability to do so has been monitored on a rolling quarter by quarter basis, projecting forward 12 months, rather than a year endjudgement. It has been an aspiration that tax efficient planned giving, augmented by the Gift Aid recovered, should cover the Parish Share. Most of this is received thraugh the Parish Gimng Scheme which provides a reasonable level of security in managing cash flow. Page 9 Partschial Church Council of St Mary Magdalen Oxford Trustees. Annual Report for the Year Ended 31 December 2020 continued Principal Risks and Uncertainties The major risk is the impact of the pandemic on parish giving. The high proportion of giving through planned giving at St Mary Magdalen's is a major mitlgation of the 8bsence of giving the plaie. HDwevÈr, the absence of the plate does remove a giving venue, p3rticularly at Easter and Christmas when large numb&rs ol occasional worshippers are p￿Sent. It is not clèar when it will be safe to reintroduce it. Moreover. those currently supporting the Parish through planned giving may find that they are unable to continue to increase their donation5 in line with any rasing costs, especially as the financial and economic impact of the pandemic unfolds over the coming years. In 2015 the PCC purchased an investment property and in 2020 received rentsl income of £27,120. Re13t&d to outgoings the fabric of the church building will always provide a level of uncertainty, even when propedy maintaifted. Our insurance policies are ￿vieWed every three years Ilast in 20151. Major capital projects are undertaken only after specific fundraising appeals and are underwritten by The St Mary Magdalen Restoration and Devel(>pment Trust Future Plans The PCC will continue to promote in the parish the whole mission of the Church through prayer and worship, teaching and leaming, and seNtng the wider community. tn practice, we will achieve this by maintaining our pattern of services, continuing our study programmes and ministry to students and ordinands, and engaging in pastoral contact with and minTstry to the geographical parish as well a5 to the networks of our gathered congregation and our many visitors. Approved by the PCC and signed on its behalf by Mr Nigel Timms Vice-chairman 8 Soptèmbor 2021 Page 10 Independent Examiner's Report to the Trustees of The Parochial Church Council of St Mary Magdalen Oxford for the Year Ended 31 De¢ember 2020 I report to the trustees on my examination of the accounts of The Parochialchurch Council of St Mary Magdalen Oxford (the Trust) for the year ended 31 December 2020, which are set out on pages 11 to 25. Responsibilities and basss of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Dirertions given by the Charity Commission under section 14515)Ibl of the 20LI Act. Independent examiner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- {11 accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or 12) the accounts do not accord with those records., or 131 the accounts do not comply with the applicable requirements concerning the form ané content of accounts set out in the Charities IAccounts and Report51 Regulations 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. Page 11 Independent Examiner's Report to the Trustees of The Paro¢hial Church Council of St Mary Magdalen Oxford for the Year Ended 31 December 2020 continued 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. 16 Do¢èmbèr 2021 Robert Kirtland FCA Critchleys Audit LLP Chartered Accountants Hythe Bridge Street Oxford Page 12 Parothial Church Council of St Mary Magdalen Oxford Statement of Financial Artivities for the Year Ended 31 Dècember 2020 Unrestritted Designated Restricted Endowment funds funds funds funds 2020 Total 2019 Total Notes Incoming resources Income and endowments from.. Donation and legacies Other trading activities Investments 92,803 4,478 97,281 109,786 1,475 1,475 7,192 9,491 9,419 2,300 5,946 27,156 26,703 Total income and endowments 103,769 9,419 6,778 5,946 125,912 143,681 Resources expended Expenditure on.. Raising funds Charitable activities 4,027 2,002 806 6,835 3,294 132,139 11.902 144,041 135,907 Total expenditure Net gains/llossesl on investments 136,166 2,002 LI,902 806 150,876 139,202 30,000 Net incoming/{outgoing) resources before transfers 132,3981 7,417 15,1241 5,140 124,9651 34,479 Transfers bebNeen funds IL0451 11,2391 7.424 15,1401 Net incoming/loutgoingl resources before other recognised gain51llossesl 133,4431 6,178 2,300 124,9651 34,479 Other recognised g8ins/llossesl Net movement in fund5 133,4431 6,178 2,300 124,9651 34,479 Total funds brought forward Total funds carried forward 258,921 246,425 110,019 113,703 729.069 694,590 225,478 252,603 112,319 113,703 704.104 729,069 Page 13 Parnchial Church Council of St Mary Magdalen Oxford ststsmeni ilf Anancial Activ¥lies tor the Year Ended 31 Decernber 2019 Unrestrictèd Designated RÈSirirted Endowment funds fundg funds funds 2019 Tot31 20L8 Total Note5 In¢oming resources Income and èndowments frorn.. onation and legacies Other ttsdiry ?ai¥lties 100.873 4,478 109,786 127.160 5.784 1,408 7,192 6.847 Investment5 11,265 7.241 1412 5,785 26.161 Tatal income aDd ettdowments L17.922 9,229 10.746 5.785 143.681 160.168 Re50Urtes expended Expenditure on". RÉising funds 2.995 L66 134 3,294 5.616 L14,110 2.498 LI,902 135,907 L38.283 Total expenditure Net gain5111ossesl on investments Net incomin91(outgoingl resrjurces before transfers Translers betwÈÈn funds 117,105 2,664 LI.902 J39,202 143,899 25,050 4,950 30,000 84.580 25A67 6.564 13,6031 5,651 34h79 100.848 7.022 15,65LI Net incoTTrin9lloutgoin91 resources before other recogn￿ed gainslllossesl 32,889 5.193 13,6031 34,479 100.848 Other recognised gains/llossesl Net movement in funds 32,889 5,193 34,479 iOQ,848 Total funds broughtforward Total funds CaTYied forward 226,032 241,232 L13,622 113.703 694,590 593,742 258,92L 246,425 LIO,019 113,703 729,069 694,590 Page 14 Parochial Church Council of St Mary Magdalen Oxford Balance Sheet as at 31 December 2020 Unrestricted funds Desigr)ated Restricted Endgwment funds funds funds 2020 2019 Total Notes Total rixed assets Tangible assets Freehold Propety Loan to General Fund Investments io 4,822 4,822 5,373 li 291,951 296,773 159,167 159,167 58,049 58,049 128,333 128,333 637,SOO 637,500 642,322 642,873 Current assets Debtors Cash in hand and at bank 12 11,717 180,1831 168,4661 11,717 52,892 64,611 2,045 89,956 92,001 93,436 93,436 54,270 54,270 114,630) 114,6301 Creditors= amounts falling due within one year Net current assets I ILiabilitÈes) 13 12,8281 171,2941 12,8281 15,8061 6L,783 86,195 93,436 54,270 114,6301 credit￿ amounts falling due after one vear Loans Net assets 225,479 252,603 112,319 113,703 704,104 729,069 Funds of the church Unrestrirted funds General fund Loan Fund Designated funds 17 5,478 225,478 258,921 16 252,603 252,603 252,603 246,425 478,081 505,346 225,478 Restricted funds 15 112,319 112,319 110,019 Endowment fund 14 113,703 113,703 113,703 Total funds of the Church 225,478 252.603 112,319 113,703 704,104 729,069 Approved by the Parochial Church Council on 8 Soplèmbor 2021 and signed on its behalf by. The Revd Dr Peter Groves Chairman Page IS Parochial Church Council of St Mary Magdalen Oxford Notes to the Financial Staternents for the Year Ended 31 Decembèr 2020 l Basis of preparation The financial statements have been prepared in accordance with the Church Accounting Regulations 1997 to 2001, the Charities Act 2011, applicable accounting standards and the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire5and IFRS 1021 leffective l January 20191- Icharities SORP IFRS L02)1. The financial statements are drawn up under the historical cost convention as modified by the inclusion of investment assets at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. These financial statements do not include the financial statements of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members. St Mary Magdalen Oxford Parochial Church Council meets the definition of a public benefit er)tity under FRS 102. It has been decided to report on the accruals basis in line with previous years. 2 Accounting policies Funds Unrestricted funds are general funds available for the general objectives of the church. Designated funds are unrestricted fund5 that have been set aside by the PCC for particular purposes. Restricted fvnds can only be used for the purposes for which they have been given, within the objectives of the church. The cost of raising and administering such funds are charged against those specific funds. The aim and use of each fund is explained later in the Notes. Endowment funds are restricted funds which must be held pemianently and the capital maintained while the income is restricted. Incoming resources Income is recognised in the SOFA when the church has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Collections are recognised when received by or on behalf of the PCC. Planned giving is recognised only when received. Grant5 and legacies are recognised as soon as the PCC becornes aware of its legal entitlement and the amount due is quantifiable with probable certainty- Income tax recoverable on gift aid donatians is accounted for when the gift is received. not when the tax refund is received. Page 16 Parochial Church Council of St Mary Magdalen Oxford Notes to the Financial Statèments for the Year Ended 31 December 2020 ..continued 2 Accounting policies (continued) Incoming resources (continued) When incoming resources have related expend iture las with fundraising incornel the incoming resources and the related resources expended are accounted for gross in the SOFA. Gifts in kind are accounted for at a reasonable estimate of their value to the church or the arnount actually realised. Gifts in kind for use by the church are included in the SOFA as incoming resources when receivable. Dividends and interest are accounted for when receivable and includes any recoverable tax. Realised gains are accounted for on assets held for the church's own use are tsken into account at the time of sale. Resource5 expended Expenditure is included on an accruals basis and is rocognised when there is a legal or constructive obligation to pay for goods or setvices. All costs have been directly attributed to the various categories within the SOFA. Any general support costs have been allocated across activity Cost categories on a basis conslstent with the use of resources based on an allocation of actual costs. As the church is not registered for VAT, all expenditure is shown inclusive of VAT. Governance costs include the cost of the preparation of the annual financial statements, the cost of PCC meetings and the legal cost of advice on governance or constitutional matters. Grant5 and charitable giving are accounted for when paid over or when awarded, if the award creates a binding obligation on the PCC, provided that there are no conditions to be met relating to the grant which remain in the control of the church. Parish Share is accounted for when paid except that any Parish Share unpaid at the end of the financial year is provided for in the financial statements as a constructive obligation, although not a liability, and is included in the balance sheet as a liability. Page 17 Parochial Church Countil of St Mary Magdalen Oxford Notes to thè Financial Statements for the Year Ended 31 December 2020 -.contir)ued 2 Accounting policies (continued) Fixed assets Consecrated and beneficed propety of any kind is excluded from the accounts by s.10 of the Charities Art 2011. Investment and freehold propety held for the PCC by Diocesan Trustees Ioxfordl Limited as custodian trustee is included in the balance sheet. Land and buildings held on behalf of the PCC for its own purposes are valued at cost. No depreciation is charged against such properties, since in the opinion of the PCC these properties are maintained to a standard that does not require depreciation, but any expenditure on maintenance or improvement is written off as incurred. Provision will be made if there has been any permanent diminution in value. All capital expenditure in excèss of £LOOO, for a single item or a group of similar items, is capitalised. It has not been possible, without incurring expense and effort disproportionate to the value of those using these PCC accounts, to establish the value of longstanding inventory assets of the PCC. and they have therefore been excluded from these financial statements. Otherwise depreciation is provided on all tangible fixed assets at rates calculated to write off the cost evenly over the expected useful economic life of assets as follows.. Office Equipment: 3 years,. Music chests 20 years: other fumiture, fittings and equipment 5 years. Investments Investments are shown on 31 December at market value. Both realised and unrealised gains are shown under 'other recognised gains/llossesl' section of the SOFA. Preparation of the financial statements on a going concern basis The financial statements have been prepared or) a goir)g concern basis. There are no material uncertainties related to events or conditions that cast Significant doubt upon the charity's ability to continue as a going concern. Page 18 Parochial Chur¢h Coun¢il of St Mary Magdalen Oxford Notes to the Financial Statements forthe YÈar Ended 31 De£ember 2020 ..continued 3 Analysis of intoming resources 2020 Total 2019 Total Unrestricted Designated Restrirted End¢)wment Income and Endowments from: Donattons and Legacies rax-efficient planned givinglex. tax) Collections: loose cash at services Other planned gwing Other individual donations Grants from Trusts lal Tax recovered ChuTch boxes Gifts in kind Legacies Special appeals Ibl 49,470 2,032 2,930 2,482 16.588 12,748 1,358 2.59) 52,060 1032 2.930 3,082 16,588 13,736 1.358 50,579 5,145 1455 12,872 16.967 17,775 3.088 600 988 2.000 3,195 92,803 2,000 3A95 97,281 300 4,478 906 109.786 lal Grants from Trusts St John's College SMM Restoration & DevelopmentTrust St Mary Magdalen Ecclesiastical Charities Listed Places ol Worship Other OxfordshiTe Historic Churches Trust loo 10,L47 io.ioo 6,414 74 4,220 2,000 soo 16,967 16,588 Ibl The special appeals were a Gift Day, forthe Musrc Fund, and the Clock. 2020 Total 2019 Total Unrestritted DesignatEd RÈstricted Endowment Othertradin9 activities 1.953 813 1,408 310 685 142 1,300 581 7,192 Spring and Advent Stall Concerts, Music, etc Parish Lunch Fees- weddings, funerals etc Other Use of Registers Ride and Stride 260 260 248 900 68 1,475 900 68 1,475 Page 19 Parochial ChuTch Coun¢il of St Mary Magdalen Oxford Notes to the Financial Statements forthe Year Ended 31 December 2020 ..¢ontinued 3 Analysis of incoming rewurces Icotttinuedl 2020 Total 2019 Total un￿$tri￿ed Designated Restricted Endowment Investments Bank interest Rental Income 25 9,466 9.491 li 36 27,￿0 27,156 68 26,635 26,703 9.419 9,419 2,289 2,3CK) 5.946 5,946 4 Analysis of re50Ut¢es expended 2020 Total 2019 Total Unrestrirted Designated Restricted Endowment Expenditure on". Raising funds Parish Lunch Fundraising direct Costs Support cost5- fvndraising (note 51 Prttfessional Fe&5 Mo￿ton Ave Running Costs of 44 fvio￿tOn Ave Fees 8L running costs of 24 Salf0￿ Rd 642 1,215 76 60 240 L,063 3,294 2,235 2,235 423 383 423 1,382 2,796 6,835 999 1.003 1002 L793 4,027 806 Charitable artNrties Parish Share Church running ctssts Jnsyrance Gas Electric Organ Maintenance Other Major Works Parish Adrninistrator Administrztion Clergy èxpenses Clergy housing Cost ol church seNices Church social events Cost ol Choir Charitable donations (note 91 Outreach activities Independent ExaTpination fee Support costs (note Sl Governance costs Inote 51 63.392 63,392 61,538 7,375 1.406 1,452 443 1,170 1,158 37,740 11,414 609 142 7,375 1,406 1,452 443 1,170 1,158 37.740 11,414 609 142 7.200 1,933 1,414 798 5.105 1,124 11,556 11,256 203 455 974 974 3,821 60 16.768 4,020 3,180 1,720 3,657 99 871 1,020 469 2,375 2,116 39 LI,902 IL031 1,020 469 2.375 2,116 39 132,139 IL,902 144.041 135,907 Page 20 rochial Chur¢h Council of St Mary Ma9dalen Oxford Notes to the financial Statements for the Year Ended 31 L)e¢ember 2020 ..ctsntinued 5 Support costs 2020 Total 2019 Total Fundraising Ch3rytable Gcivernance Photocopying Postage and Ststionery Telephone and Broadband Fees, Bank Storage. etc. Dean@ry Capilation fees. crco subscriptions 1,046 98 893 2.121 431 1,132 13 135 3,831 893 80 35 39 3S 2,155 2,116 6 Tmstee remuneTrtion and expenses No members of the PCC ￿ceiVed any remuneration for thetrwork on the PCC. The clergy licensed to the paris￿ who are ex officio member£, receive a stipend but are not remunerated for service on the PCC. In his capacity as Parish Priest Fr Groves received expenses of £Nil12019.. £01. In his capacity as Assistant Curate Fr Jonathan Jong received expenses £164.5412019'. £30.501. Other PCC members are entitled to receive choristers. fees-. William Dawes received £2.480 12019.. £3,075). 7 Staff Costs No ernployees during the year recewed employee benefits of more than £60,000 8 Independent examination fee 2020 2019 Fee for reporting on the financial statements Other fees paid tg examiner 2,375 1,720 2,375 1,720 Page 21 Parochial Church Council of St Mary Magdalen Oxford Notes to the Financial Statements forthe Year Ended 31 December 2020 -continued 9 Grants made 2020 2019 Grants We￿ made to the following in¥Litution5'. Friends ol Christ Church Oxford Winter Night Shelter 20 20 2,000 1,000 Christian Aid Asylum Welcome Horneless Oxfordshire Helen e£ Douglas House 500 soo 500 500 4,020 1,020 Page 22 Parochial Chur¢h Council of St Mary Ma9dalen Qxford Notes to the fjnanctal Ststements for the Year Ertded 31 December 2020 ..continued 10 Tangible fixed assets Music Chests and Furniture Sound System Vesttnents Total Cost OT valuation At l January 2020 Additions Revaluation5 Oisposals At 31 December 2020 2.432 10,888 7,029 20.349 2.432 10,888 7.029 20,349 Depreciation At l January 2020 Charge for year DisposBIs At 31 December 2020 345 122 7,602 429 7,029 14.976 551 467 8,031 7,029 15,527 Net book value At l JanE53ry 2020 At 31 December 2020 2,087 1,965 3,286 2,857 5,373 4,822 Allocation of annual tharye The charges a￿ allocated in note 4 a5 follows.. Church running costs Cost of Choir 122 122 429 551 429 429 122 11 Invesbment assets Unrestricted Designated Restricted Endowment Totsl Fixed asset imrestments rryin9 lrnarkeil value on l January 2020 Transfers from Freehold Propety Add additions at C05tfvalue Less disposals at carrying value Net gain/lloss1 on revaluation Carrying Itn3rketl value on 31 December 2020 291,951 159,L67 58,049 128,333 637,500 291,951 159,167 58,049 128,333 637,500 PagÈ 23 Paro¢hial Church Counal of St Mary Ma9dalen Oxford Notes io the Finan¢ial statements for the Year Ended 31 December 2020 ..continuecl 11 Investment assets I|(5,140)|-|113,703| The rental income is transferred to the Fabric Fund. ## **15 Restricted Funds** |Major Projects
Curate House (Restricted portion)
Missions
Music
Frontals
Friends of SMM Fund
SMM Fund|Fund
balances
brought
forward
£
36,577
62,654
-
-
102
1,796
8,890
110,019|Incoming
resources
£
9
2,289
-
4,478
-
-
2
6,778|Resources
expended
£
-
-
-
11,902
-
-
-
-
(11,902)|Transfers and
Loan
Repayment
£
-
-
-
7,424
-
-
-
7,424|Fund
balances
carried
forward
£
36,586
64,943
-
-
102
1,796
8,892
112,319| |---|---|---|---|---|---| Page 25 ## **Parochial Church Council of St Mary Magdalen Oxford** ## **Notes to the Financial Statements for the Year Ended 31 December 2020** …..continued ## **15 Restricted Funds (Continued)** The purpose of these Funds is as follows Major Projects Curate House (Restricted portion) Missions Music Frontals Friends of SMM Fund SMM Fund Major projects supported by external trusts Share of equity of 24 Salford Road Missions Support of choir, music, and organ Purchase, repair, etc of frontals, vestments, and similar Purchase and repair of ornaments and fittings Available for use of parish priest for such purposes relating to the church's mission and ministry (but not the Fabric) as he shall determine in his sole discretion. ## **16 Designated Funds** **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Fund|Fund| |balances|balances| |brought|Incoming|Resources|carried| |forward|resources|expended|Transfers|forward| |£|£|£|£|£| |Wynne-Davies Fund|175,530|7,378|(999)|(6,379)|175,530| |Fabric Fund|70,895|2,041|(1,003)|5,140|77,073| |246,425|9,419|(2,002)|(1,239)|252,603| **----- End of picture text -----**
The purpose of these Funds is as follows Fabric Fund For major works on the fabric of the Parish Church. Wynne-Davies Fund To provide a stream of income to support the ministry and charitable activities of the Parish. The Fund holds part of the freehold of 44 Moreton Ave, value £159,167 ## **17 Other Unrestricted Funds** **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Fund|Fund| |balances|balances| |brought|Incoming|Resources|carried| |forward|resources|expended|Transfers|forward| |£|£|£|£|£| |General Fund|258,921|103,769|(136,166)|(1,045)|225,478| **----- End of picture text -----**
Page 26 Parochial Church Council of St Mary Magdalen Oxford Notrs ts the fin3n¢ial Statements for the Year EAded 31 De