Chaiity rgglstrnllon numbgr 1145027 ST. MARY MAGDALEN CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ST. MARY MAGDALEN CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Tru$tO0S The Revd Dr Peter Groves The Revd E Brazil The Revd S Heam Mr Nigel fimms Dr H Todd Dr M Schreckef Dr Beth8ny Sollereder Ms Gillian Hamnel The Revd J Brov Miss Joyce Day Mr Wlliam DaY￿S Mrs Veronica Ellis Mf Chad Engela Ms Clare Gard¢xn Mr J Gutteridge Mr Gareth Jones Mrs Sophie Law Miss Susan Purver Mrs D Vorhies MrAWatteis Mrs Susan Weavers Mr Crispin Hyd￿Dunn Charlty numbér 1145027 Independent examlner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshwe OX12EP Bankers Bardays Bank plc 54 Commarket Street OXI 3HS ST. MARY MAGDALEN CHURCH CONTENTS Page Trustees, report Independent examinerfs reFM)rt Slalement of financial aclivilies 11 Balance sheet 12 Notes lo the financial statements 13-21 ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEAIBER 2021 Roferencg and administrative infomiatlon The Trustees present their annual report 8nd financial st*emenls ftKthe year ended 31 December 2021. The PCC is a charity. registered the Charity Cmimission 13 December 2011.. ils registered charity number is 1145027. The address of the parish church is Magdalen Street. Oxtord. OX1 3AE. The a(Idres$ of the church office 1$ 15 8eaumont Street, Oxford, OX1 2NA Prin¢tipal adv￿&￿.. Banker5'. Barclay5 Bank PLC. CcKnmarket Oxford Insurance Broker.. Mathews Comfort & Co Ltd. 6 StAdales. Oxford Independent Examiners.. Crit¢hleys LLP, 2>28 Hythe Bridge St. Oxford ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Objectives and activities The objectives of the PCC are defined by the Parcthi81 Church Counal (Pov￿r5) Measure 1956 as lo co operate the minister in promoting in the parish the vknole mission of the Church, pastoral, evangelistic. social and ecumenical.. The charily trustee5 have complied wih the duty in Section 17(5} of the 2011 Charities Act to have due regard to guidance published by the Chanty Commission. In planning and carryiryj Qui its activities the PCC ha5 considered Charity Commission guklance on public benefiL tcgether V*ith specific guidance on charrties for the advancement of religK)n. In particular, the followng 8thw"b"es give rise to public tenefft.. regular public V+Df5hip.' the prow5ion of sacred space for personal prayer and Contemplation- pastoral work- teaching Chrisb"anty," promotion of Chrigbanity", supporting other charities in the UK and overseas. There are 129 members on the Electoral Roll. 0fvth￿n 3 INe in the parish. The PCC met six times during the year. Risk assessments and protection policies were ￿VieWed and confimied. Strategies for financial giving were discussed and pul in place. Reports from the Deanery of Oxford, and from Churches Together in Central Oxford, were discussed. The maintenance and fabric of the building wntinued lo be a significant item of council business. The Cov1￿19 oulbtEak and rfs consequenf rest￿ll0nS We￿ again a major occupation of Ihe PCC dunng the year. The PCC has enSU￿d Ihat it cOmpl￿S ￿th with the law and govemment gu￿ance on publK w0￿￿1p as well as dwesan ￿g￿laI￿OnS and guKlèlines. The Trlum to publr worship was Ca￿[Ulty managed, and numbe grew steadily as restnctK)ns We￿ eased. A Parish Administrator vras employed by the PCC to support the parish's ministy by fulfilling various adminislralive lask5. in particular the preparation and publication of notices and liturgical material, and to supervise the building when open to Msilors. During the year the fOlk)V￿ng priests 3$5isled regulaAy the services on an hOr￿rary basis". Mlhr Judith Brown, Fr Stephen Heam, Fr Barry Hammett, Fr Marbn Henig, Fr Nevsky Everelt, Fr Phillip Nixon, Mthr Mel Marshall, Fr Hu9h Wybrew. The PCC is 9rateful to them for their assistance. Before the COVID-19 restrictKJns, the Oxlord UniveNty Society of Change Ringers continued to ring the bells before the principal serwce each Sunday and for special celebrats"ons. a practice extending back 120 years. The PCC is gralelul to the OUSCR. lor ¢omplemenb"ng our acts of worship so regularly and such ts)nsider8tion for our needs and looks fO￿ard lo welcoming them back to participate in our w)rship. The PCC ig grateful to the Director of mu9￿, the Org8nisL and the Choir f(¥ their excellent Contrib￿lon lo Ihe worship of the parish and the crealiwty and good humour with vthich Ihey conbnued to meet the challenges posed by the pandemic. The chuich relies on the voluntary work of many people within the church and the PCC very much appreciate their seNice lo the church and the widef communrty. The PCC is gratefvl lo all those vtho have generously contributed to the finances of Ihe parish dullng the year by stsnding order, through the envelope scheme. through ele¢tronic ￿￿tribUtIOn via the contactless machines, or othetwse. The PCC also thanks th)se who have *rKked so hard fundraistng in such Straitened orcumst3nce$. ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Achiev8ments and pgrfornian¢e Worship The parish provides a centre of Catholic Anglican V*wship in the heart of Oxford wth a strong tradition of pre8ching and music, with a fvll round of daity services arKI accessibilty to the sacraments. In the usual pattem of worship. there is a HNJh Mass on SurKlays (preceded by Moming Prayer) and tsvo Low Masses. The average attendance is usually in excess of 100. On weekdays Moming and Evening Prayer are normally said in church. drawing small bul failhlul congregations. The daily masses Ounch-time and evening) draw Congregat￿nS from those work in the cty centre, or vh)0 a￿ visrting the ¢ity. A priest is available lo hear confessions after the midday mass. and at other times. Music of a hryh standard continues to play an important part in the Sunday 4•h)rship of the parish.. the High Ma$$ on Sunday is nomially accompanied by a semi-professK)nal choir of eight. Lent, Holy Week and Easter normalty provKle a special opportunty for outreach and mission. During Lent, weekly Stations of the Cross and Benediction of the Blessed Sacrament is Combined th a semion series. On Good Friday. the Three Hours Devotion IrKJmialty preached by Ihe Vicar) is a major event in AngSo£atholic preaching. drawng a congiegalion. The cOng￿gab.On wel(xthe5 a large number of wsitors to the services of the Triduum and Easter Day. These semces V￿re not posSi￿e in 2020, but many of them were restored in 2021 and We￿ well supported gNen the circum5tsnce5. COVID-19 Mrtigat￿n The PCC sought to ensure that public worship vrd5 IX)nducted in a COVIO-secJJre manner, ensuring social distancing, providing sanitiser and masks. recei)ring communion in one knnd (viz.. only the celebrant receiving the chalice) and suppressing congregational singing vthile thal was advised. The pattern ofw)rship was reduced to mass per day during the week, and only one low mass on Surnlays. A Sunday mass Continued {arKI ¢ontinue5) lo be streamed even wlen public swrship was possible to selve those shekering at home. The PCC is gralefvl to the Director of Musi¢. chThT. and organist for responding to the crisi5 with creativity, and especially for prov￿Ing extra music vknere congregational singing nomalty occur. Sacred Space The PCC has in the past mel the Challenge of keeping the c*utch open at regular limes during ￿eekdaYS by employing an on-site parish administrator, and by drawng upon the g00dv￿lI of volunteers when she is not present. Parishioners. citizens of Oxford. and visitors to the cty all make use of the church for prayer, or simply as a quiet place in the (uty. The pan(lemic ne¢e$ststed the thurch being ch)5ed for tonger perh)(Fs this year. The Sl Giles Fair re￿rned to Oxford in 2021 and the parish slall at the fair has not only been a very successbjl fundraising activity but has also provKled an opportunity to "show off the church to local people. The church building has continued to be used for concerts, ￿lch again has prwded a chance for the parish to make itself known lo a wdef range of people. COVID-19 Mituation The PCC provided resources for personal prayer on the parish website and signposted similar iesources from the diocese and central church. ￿en the church could open again. the PCC ensured that wsitors We￿ safe by providing masks, sanitise and signs explaining social distanang njles. The Vicar and Director of Music have kept abreasi of changes to guidance aThl reguLation on public performance vAth a wewto allowng concerts lo resume safe￿ at the eadiesl OFVOrtunity. ST. MARY MAGDALEN CHURCH TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Pastoral Work Before pandemic restiictions. the paroch￿1 dergy u)ntinued to Vi8it the s￿k and bereaved. and prepare members of the congregation and of the parish for the sacraments. Olher membets of the congregation are also involved in wsiling regularly members of the congregation in hospital. care homes. or vtho are housebound. T8aching brk wth children and students, and the supw)rt and encou￿geMent of those al any stage of discemmenl of Christian vocation. conb'nues to be a wionty. A vocations netr￿rk continues to be assrKialed %Mlh the parish. During the year apprO￿matety len people connected with OUT congregation have been in training or discemmenL The parish co-operates ￿ the neighbouriThJ parish of St Michael at the Northgate in running a "Children's Chur¢h.' A Student discussion and S￿dY group dub has met wee￿Y during the Universty temi. This has attracted students from both universrties and other c￿lege8 in Oxf¢xd. A Bible Study Group meets online, at least fortnightty, and more often during LenL Two homegroups meet regLdarty for fello￿h[P and study. A team of catechists, both lay and ￿dallled. h8$ been fO￿ned to pro￿de Initi￿ Christian instruction and to as$ist those preparing for the sacraments. The °School of Theology", made up of clergy and ordinands associated wth the parish, was launched in 2018 th a festival weekend and during 2019 published its first book 'Love Makes no Sen$e An Invitation lo Christian Theology, wth SCM press. This has been very well received and sale5 have been highly encouraging. During 2021 a second book 'Catechesis'. an Invitation to Liwng Faith. was published. and a third book 'Love Makes Things Happen. was prepared for publication in 2022. An extremdy successfijl series of intemet publications ha9 been maintained on the Schc¥Jl website vh)ich conb.nues lo be man8ged by Or Jonathan JoThJ, our fomier curate. Promollon of Chrlstlanlty The leadership team5 ha5 continued to update and expand the parish website. a popular resource on the parish and Anglt>Catholiosm and Ihe website of the Sl Mary Magdalen School of Theology. The parish's presence on social media sites such as Facebook and TbMtter has increased, parts"eulady as a means of engagement during the pandemic. Serwces are streamed on Facebook Live, so anybody ¥knth a Facebook account Can join watch either live or on Catch-up. The Sunday service is often vie*Ed by mre than 100 Facebook users. Supporting Charitiès The parish has continued lo sUp￿rt the NKJrk of the Gatehcmjse Dropin Centre. the Emergency Food Bank, and the Oxford ￿nter Night Shelier. ST. MARY MAGDALEN CHURCH TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 Flnan¢ial review Over the year the net assets of the PCC irbcreased by £2.539 The PCC has continued lo meet rts target of paying its Parish Share to the DI￿Se. accepting Ihe Deanery strategy that parishes should cover al least their dergy costs that fau on the diocese. Resetves PolKy In past years the PCC has had no formal policy conceming reserves. It has. however. operated wthin a ¢ode of practice by which rt is understood that there should ahrnys be sufficient liquid fvnds to cover the PaTrsh Share paid to the Diocese. along with charitable d￿a￿"0￿$ and all rouline annual running costs as they fall due. The ability to do so has been monitored on a rolling quarter by quarter basis. projecb.ng forwaid 12 months. rather Ih8n a year end judgement. It has been an aspiration that tax effiaenl planned gi￿￿. augmented by the Gift recoVe￿d, should Cover the Parish Sha￿. Most of this 15 received through the Parish Giving Scheme vthich prowdes a reasonable level of security in managing cash flow. Prftnc¥MI Risks and Uncertaint*s The major risk is the impact of the pandemic on parish giwng. The high proportion of giwng through planned giving al Sl Mary Magdalen's is a major milKJation of the absence of giving in the plate. However, the absence of the plate does remove a giving venue, particularly at Easter and Christmas when large numbers of occasional worshippers are present. It is nol dear when it wll be $8fe lo reintroduce it. Moreover, those currently supporting the Parish through planned giving may find that they are unable to continue lo in¢rease their donations in line with any rising Costs, eswdty 8$ the financial and eCOrffii￿ impact of the pandemic unfolds over the coming years. In 2015 the PCC purchased an invesknent IXOWty and in 2020 received rental income of £25.800. Related lo outgoings, the fabric of the church building Nbill ahvays provide a level of uncertainty. even when properfy maintained. Our insurance poliues are reMev*d every three years Ilasl in 20151. Major capital projects are undertaken onty after specffic fvrKlral￿n9 appeals and are unde￿ilten by The Sl Mary Magdalen Restoration and Development Trtjst. It is the policy of the Charity thal Un￿striCted fijnds %thich have not been de￿gnaled fot a spechfjc use should be maintained at a level equivalent to be￿en three 3tKI six month's expendituTe. The Tru51ees consider that reserves at this level will ensure that, in the event of a significant drop in lunding. they wll be able to wnlinue the Charity's current activities while conwderab.on is given to ways in ￿lch additional fvnds may be raised. This level of reserves has been rnaintained throughout the year. Plans for future periods The PCC wll continue to promote in the parish the ￿th01e mis*on of the Church through prayer and worship, leaching and leaming, and serving the Y￿￿er community- In praclice. we ￿*11 achieve this by maintaining our pattem of seNices, continuing our study prtyJrammes and ministry to students and ordinands. and engaging in pastoral contact wth arbd ministry to the geographical p8nsh as well as to the neiworks ol our gathered congregats.on and our many visitors. ST. MARY MAGDALEN CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Structur&. governance and management The PCC has been formed under the P8ro¢hial Church Countil {Po*Ers) Measure 1956. PCC membership is 8¢hieved in variou5 ways. The dergy I￿sed to the parish are members by virtue of their office. The ￿ chureh￿drdenS and three Deanery SyncKI rep￿sents￿"ve5 are also ex officio members. the fomier being elected by the parish annually and the latter by the APCM for temis of three years. in accordance wth rulings made by the Deanery Syntyj. Other members of the PCC are ele¢ted for lemis of thiee years by the APCM on a rotating basis (one third annualtyl. aThJ further members may be C￿opted annually by the PCC. AII these elections and ¢o-tspb"ons are made in accordance hmth the Church Representslitsn Rules. New PCC members are briefed by the officers of the PCC. No 8ddrtion81 training has been found necessary. except Safeguarding Training which is now being undertaken by all PCC members. The PCC makes all decisions corporately. The PCC is responsible lor all parish finance. its management and control, inclL*Ying the appointment of a treasurer. Members of the PCC are responsible fc￿ keeping accounting records, ￿lch disdose wth reasonable 8ccuracy the financial posrtion of the PCC and ￿lch enable them to ascertain the financial po￿tIon of the PCC and ensure that the financial slalements com￿Y wlh the Church Aw)unting Regulations 1997 89 amended by the Church Accounting (Arnendmentl Regulations 2001, Ihe Charities Act 2011 and the Statement of Recommended Practice 'Accounling by Chartts"es' 2005. The PCC are a150 responsible for safeguarcsing their assets and hence for taking reasonable steps for Ihe preventK)n and detection of fraLtd and other irregularities. The PCC is also required to ensure that the financial statements are examined by an independent examiner or auditor prior to presentation to the Annual Parochial Church Meeting. In preparing the financial ststemenls. the PCC are requwed lo: Select suitable accounting poliaes and then appty them consistently Make judgements and estimates that a￿ reasonal￿e and pnjdenl Follow applicable accounting standards and statements of recommended pracbce, subj'ed to any material departure5 disclosed and explaine(l in ihe financial statements Prepare the financial statements on the going ¢orKem ba￿$ ￿￿e$S il is inappropriate to presume that the charity will remain in operation. The parish is part of the Oxlord Deanery, vknich is part of the Dicttse of Oxford. The parish is a member of Churches Together in Central Oxford. The parish ￿ebSIte Can be found al www.slmarymagdalenoxford.org.uk The PCC has adopted the diocesan model policy on safeguarding, is of the opinion thal this provides adequate risk managemenL Off￿erS Dr Groves is Chaimian lex officiol of the PCC. Other officefs a￿". Vice-Cham)an. Mr fimms," Swetsry , Miss Purver., Treasurer. Mr Mklters. Committees The Standing Committee ￿￿$1$15 of the ￿car. the Wdrdens. the Secretary. the Treasuref and Miss Day. The standing committee has power to transact the business of the counol bets¥een the meetings the￿of subject to any directions given by the council. The PCC ha$ not found it r￿essary to estsblish other committees, bul has from time to time set up wort¢ing group5 to carry out work and report bad( lo the PCC. ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees, members ofthe PCC. al the time of this report were as fdh)ws'. Name Basis appointment Vicar A$￿Stant Curate Associate Priesl The Rev<1 Dr Peter Groves The Revd Esther Brazil The Revd Stephen Heam Ex Officio Ex Officio Ex Officio Mr Nigel Timrns Dr Helen To(kl ChurchwaTden Churthwarden Ex Offiao Ex Offiao Dr Matthew Schrg¢kor D¢anery SyTh)d Representative Deanery Syno FOR THE YEAR ENDED 31 DECEMBER 2021 Trust¢• ST. MARY MAGDALEN CHURCH CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. MARY MAGDALEN CHURCH I report to the Trustees on my examination of the finawal $talements of SL Mary Magdalen Church (the Charity) for the year ended 31 December 2021. R¢sponsiblllti•s and basls of rèport As the Twslees of the Charity y¢xJ a￿ ￿$￿nsible for Ihe p￿paration of the financial statements in accordance with the requiiements of the Chanties Act 2011 (the 2011 Act). I report in ￿SpeCt of my examination of the Charity's finanaal statements carried OLrt under section 145 of the 2011 Act. In carrying out my examination I have fc4knv￿d all the applicable Direth"ons given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinees ststernent Your attention is drawn lo the fact that the charity has prep8ied financial stslemenlg in accordance wth Accounting and Repti￿ng by Charities preparing their accounts in accordance the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounts"ng and Reporting by Charities". Slalement of Recommended Practice issued on 1 April 2005 vthith is referred lo in the exiant gulatson$ bul has now been ￿thdra￿. l understand that this has ￿en done in order for ffinanual slatements to prowde a true aThJ fair view in accordance with Generally Accepted Accounting Praclice effective for reporting periods beginning ￿ or after 1 January 2015. I have completed my examination. I confimi that no mattets have come to my attention in connection with the examination giwng me cause to t￿lIeVe thal in any malerial respef accounting recordg were not kept in ￿$[￿¢t ol the Chanty as ￿VIred by section 130 of the 2011 Act., or the financial statements do not accord wth those records- or the financial statements do not comply vthh the applicable requirements con￿MIng the form and conlenl of accoun15 Set out in the Charities (Accounts and Reports) Regulab"on$ 2008 other than any requirement that the accounts give a true and fair ￿eW is not a matter considered as part ol an independent examination. I have no ￿ncernS and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the financial stslements lo be reached. Critchl8ys Audit LLP Beavef House 23-38 Hythe Bridge Street Oxlord OXl￿d$h1re OX1 2EP Dated.. 151712022 ST. MARY MAGDALEN CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Current financial yoar Unrgstrt¢tgd Endovm)ent Resblcted Endov•Tnent funds funds fund$ funds dèsignated generdl 2021 2021 Total Total 2021 2021 2021 2020 Donations and legacies Charitsble activities Investrnents 92.171 4.602 6,474 5.607 97,778 4.802 25,809 97.280 1.475 27.156 11,686 2,292 5.357 Total Incom8 and endowTnents 103,247 11.686 7,899 5.357 128,189 125.911 Raising funds 2.076 650 323 3,049 6,835 Charitsble actiwties 116.994 5.607 122.601 144.041 Total resourcos expgnded 119,070 650 5.607 323 125.650 150.878 Not (outgolngVln¢omlng resources before transfers (15.823) 11.036 2.292 5.034 2.539 124,965} Net lout9o5ngifincom5ng resources before transfers (15.8231 11.036 2.292 5,034 2.539 124,9651 GTOSS transfers between funds 11.279 16.245) 15,034) Net {expenditurellincom• for the yearl Net movement in fvn(ts (4.544) 4.791 2.292 2,539 124,9651 Fund balances at 1 January 2021 225.478 252.603 112,319 113,703 704.103 729,068 Fund balances at 31 December 2021 220.934 257.394 114.611 113,703 706,642 704,103 The stslement of finanoal actiwb.es include$ 811 gains and losses recognised in the year. All income and expenditure derive from continuing acti¥ibes. 10- Jo 0£> cju c ST. MARY MAGDALEN CHURCH BALANCE SHEET AS A T 31 DECEMBER 2021 2021 2020 Fixed assets Tar@th)￿ assets Investments 11 4,272 637,SXI 4,822 637.500 641,772 642.322 Curr•nt a8$9ts Oebtors Cash at bank aTrY in hand 13 12.937 58.193 11.717 52.892 71.190 ¢redl¢or5: amounts falling due withln ono year 14 {6.3201 {2,8281 Net wrrent assets 64.870 61,781 Totsl •$8ets less ¢urr•rt Ilabiliti8S 7(￿.642 704,103 Capltal funds Endowment fvnds- gw Income lunds Restricted funds Endowmen* fur¥Js.deygnaknJ UnrestiicbJ funds 113.703 113.703 114.611 257.394 220.934 112.319 252.603 225.478 7(fi.642 704,103 111.z2 The finanual stathents *Ere 4yoNEd by th8 Tnjstees ￿ ....................... Trustee 12- ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Ac¢ounting poli¢ies Charity inforniation St Mary Magdalen Oxford Parochial Church Counul meets the definition of a public benefft entty under FRS 102. It has been de¢ide(I lo report on the a¢¢ruals basis in line wlh PTevious years. 1.1 Accounting ¢onvention The financial stslemenls have been prepared in a(wr(lance wth the Church Accounting Regulations 1997 to 2001, the Charities Act 2011, applicable accounting standard$ and the Ststement of Recommended Practice applicable to chaiilies preparing their finanoal statements in accordance wf(h the Financial Repo￿ng Standard apFAicable in the UK and RepublK of Iretand {FRS 1021 (effeclive 1 January 20191- (Charities SORP IFRS 1021). The financial statements ale drawn up under the hislorical cost convention as nY)dffied by the indusion of investments a55e15 at market value. The financial ststements indude all transactions, assets and liabilities for which the PCC is responsible in law. These financials ststemenls do not include the finanryal statements of church groups that owe their main affiliats.on lo another body nor those that are informal gatherings of church members. The fin8nclal stslements have departed from the Charibes (Accourts and RepC￿ts) Regulations 2008 only to the extent required to prowde a true and fail view. This departure has involved follo￿n9 the Statement of Recommended Practice for charits.es app￿-￿9 FRS 102 rather than the version of the Slatemenl of Recommended Practice Ithich is referred lo in the ReguLqtions trArt ￿1¢h has since been wthdrawn. The financial stslements aTr p￿pa￿d in sterfing. is the funCb"0n￿ currency of the Charty. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Going concem The financial sialements have been prepared on a going concem basis. There are no material uncertainties related to evenis or condttions that cast signiftant doubt upon the charity's ability to continue a$ 3 going concem. 1.3 Charitsble fund$ Unreslrided funds are general fijnds avalable for the general objectives of the church. Designated fvnds are unrestricied funds that have been gel aside by the PCC for particulaf purpo$es. Restricted funds can onty be used for the purposes lor vthich they have been given, wthin the objectives of the church. The cost of raising and administering such fund$ are Charged against those specific funds. The aim and use of each fvnd is explained later in Ihe Notes. EndowTnent fvnds are restricled funds vknich must be help pemlan￿￿Y and the caytsl maintained while the income is reslricted. 1.4 Income In￿me is recognised in the SOFA vthen the churth has enlillement to the fijnds. il is probable that the income wll be received and the amount (an be Measu￿ reliably. Collections are recognised when received by or on behall of the PCC. Planned giving is recognised only en received. Grants and legacies a￿ wognised as soon as the PCC becomes aware of ils legal entitlement and the amount due is quanb'fiable wth probable certainty- Income tax recoverable on grft aid donatrons is accounted for when the gift is received. r￿t when the lax refijnd 15 received. 13- ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ounting poli¢40S (continued) When incoming resources have related expenditure (as fundraising income) the incoming resources and the related resource expended a￿ accounted for gross in the SOF Gffts in are accounted for at reasonable estimate of their value of the ¢*ur¢h or the amount actually realised. Gffts in kind foi use by the church are induded in the SOFA as incoming resources when receivable. Dividends and interest are accounted for vthen receivab￿ and inclLHles any recoverable tax. Realised gains are attounled for on assets held for the thjrch's use are taken into account at the time of sale. 1.5 Expenditure Expenditure is induded on an accruals basrs arKI is recojnised vthen there is a legal or constructive obligation to pay for gc¥)ds ￿ services. I costs have been direcdy attribuled to the various (xlwries vrithin the SOFA. Any general 5UPPKKt Costs have been albxated acr053 actNity cost catewes on a basis consistent wth the use of ￿sOUrceS based Im an all￿ation of aclval ¢￿ts. As the church is not ￿gistered for VAT, all expenditure is shown inclusive of VAT. Governance costs indude Ihe cost of preparation of the annual financial statements, the cost of PCC meetings and the legal cost of adwce on govemance or constiiutional matters. Grants and charitsble giving a￿ accounted for Yknen paid over N when awarded. if the awdrd creates a binding obligabon on the PCC, F￿vided that there are no condit#)n$ to be met relating to the grant which remain in the control of the church. Parish Share is accounted for vthen paid except Ihal any Parish Share unpaid al the end of Ihe financial year is provided for rn the financial 5ts1ements as a constructive Obl￿allon. although not a liability, and is included in the balance sheet as a liability. 14- ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies (Continued) 1.6 Tanglble fixed assèts Consecrated and benefi¢ed propety of any kind is exduded from the accounts by $.10 01 the Charities a¢t 2011. Investment and freehold property held for the PCC by Diocesan Trustees Ioxlordl Limited as custodian trustee is induded in the balance sheet. Land and buildings hekl on beh￿f of the PCC for its own puryx)ses are valued al ¢ost. No depre¢ialion is charged against such properties, since in the opinion of the PCC these prOPe￿eS are maintained to a standard that does not require depreciation, but any exper￿lture on maintenance or improvement is written off as incurred. Provision will be made rf there has been any pern￿nent diminution in value. AJI capital expend1lu￿ in excess of £1,000 for a ￿Tr31e item ￿ a group of similar items. Is capitalised. 11 has not been possible, thout incurring expense ar￿ effort di5pfoF*yb"onale to the value of using these PCC accounts. lo establish the value of longstanding inventory assets of the PCC. and they have therefore been excluded from these financial statements. Otherwse depreciation 1$ provided on all tangible fixed assets at rates cal￿lated lo vmte off the c05t eventy over the expected useful economic lrfe of assets as f(Abws: Vestments Musi¢ Chest and Fumiiu Sound System S yeafs straight line 20 years Straight line 5 years stra￿ht line 1.7 Fixed asset investments Investments are shown on 31 December at market value Both realised and unrealised gains are Shown uThJer'other re¢￿3n1Sed gainsluosses), section of the SOFA Donatlons and lega¢les Unrestricted Restricted funds funds Total Unrestricted Re5trTrcted funds fijnds Total 2021 2021 2021 2020 2020 2020 Donations 8nd grfts Legacies receivable Grants from Trusts 78.071 5.607 83.678 74,214 2,000 16,588 4.478 78,692 2,000 16,588 14.100 14,100 92.171 S,607 97.778 92.802 4,478 97.280 15- ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Donations and legacies {Continued} Donatlons and glfts Tax-efficienl planned giving lex. tax) Collections.. loose ￿$h 815ervices Other planned giving Other ind1viL￿jal donations Tax recovered Church boxes Special Appeals Other 43.598 4.272 47,870 49.470 2,590 52,060 622 3.618 622 3.618 2.032 2,930 2.032 2.930 1.520 15.317 1.012 3,876 8.508 100 735 1.620 16,052 1,012 4.376 8.508 2,482 12,747 1,358 3.195 600 3,082 12,747 2,346 3,495 988 300 5LTh) 78.071 5.607 83.678 74,214 4,478 78,692 Grants receivable for core activitiès St John's College SMM Restofalion & Development Trusl Listed Places of Worship Other 100 14,000 14.000 10,100 6.414 74 10.100 6,414 74 14,100 14.1CK) 16.588 16,588 Charitablé a¢tlvitles Other tradlng activities 2021 Other trading activities 2020 Other income 4.602 1.475 16- Iiii. i. iii I'ii- 7J W L •TJrtsl ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charltsbl• a¢tiviti•$ 2021 2020 Parish Share Insurance Gas Electricity Organ Maintenance Other Major Works Parish Administralr Administration Clergy Expenses Cost ol Church Servi¢es Cost of Choir Outreach Activities Independent Examination fee 63.078 6,435 210 2,448 1.103 6,178 63,392 7,375 1,406 1,452 443 1,170 1,158 37,740 11,414 609 {1421 974 11,031 469 2,375 8,163 3,113 859 588 5.607 15.267 5,700 119.735 140.866 Grant funding of acb"Mtres {5ee note 7) 1.020 1.020 Share of support costs (see note 8) Share of governance costs (see note 81 1.811 35 2,116 39 122,601 144,041 Analysis by fund Unrestricted funds Restricted funds 116.994 5.607 132,139 11,902 122.601 144,041 Grants payable 2021 2020 Grants lo instilutions.. Friends of Christ churth Oxford Vmnter Night Shetter Crisis 20 1,000 20 1.000 1.020 1,020 18- ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Support Costs Support Govemance costs costs 2021 Support Govemance costs costs 2020 Photo¢opying Postage and Stab"onery Telephone an¢J Broadband Fees, Bank Storage. etc. Deanery Capitation Fees, CTCO Subs￿p110nS 1.012 37 1.012 37 1.045 98 1,045 98 699 63 893 80 893 63 35 35 35 1.811 35 2,116 39 2,155 Analysed beN¥een Charitable acb'wties 1.811 35 2.116 39 2.155 Trustees No members of the PCC re￿iVed any remunerat￿7 for their on the PCC. The clergy licensed to the parish, who are ex officio member5, receive a stipend but are not remunerated for seNice on the PCC. In his ¢apa¢ity as assistant Curate Fr Jonathon Jong received expenses £Nil12020." £164.54). Other PCC members a￿ entilled lo receive choristers. fees. Wlliam Oawes received £2,950 {2020". £2.4801 10 Employees The average mnthty nufflber of employees durin9 Ihe year was". 2021 Number 2020 Number The￿ v*re no employees %those annual remuneration vrds more than £60,000. 19- ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 11 Tangible fixed a$s•ts v9¥ts1*￿ Ilu¥k Ch•st Sound Sy¥twn and Fvrnrture Total Cost Al 1 January 2021 2.432 10,888 7,029 20.349 Al 31 December 2021 2.432 10,888 7.029 20,349 Depreciation and impairnient At l January 2021 Depreciation charged in the year 467 122 8,031 428 7,029 15,527 550 Al 31 December 2021 589 8.459 7,029 16.077 Carying amount At 31 December 2021 1.843 2.429 4,272 Al 31 December 2020 1.965 2.857 4,822 12 Financial instrurnents 2021 2020 Carying amount of financial assets Instruments measured at fair value through wofit or loss 637,500 637.500 13 Debtors 2021 2020 Amounts falling due wfjthin one year: Donations Olher debtors Prepayments and accrned income 5,546 733 6.718 4,393 733 6,591 12.997. 11,717 14 Creditors: amounts falling due *rythin one year 2021 2020 Other cre