Charlty règlgtrdtlon number 1145027 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Rewj Dr Peter Groves The Revd E Brazil Mr Nigel fimms Dr M Schrecker Ms G Hamnett The ReNxJ J Bi(y*n Miss Joyce Day Mr William Dawes Mrs veroni￿ Ellis Mr Charl Engela Mr G D Jones Mrs Sophie Law Miss Susan Purver Mrs D Vorhies MrA W¥lters Mrs Susan IAÈavers The Revd Df M Marshall Charity number 1145027 Independent examiner Cril¢hleys Audit LLP Beaver House 2&38 Hythe Bridge Street Oxford OXI 2EP 8ankern Barday5 Bank plc 54 Cotnmarket Street Oxfrjrd OXI 3HS THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN. OXFORD ST. MARY MAGDALEN CHURCH CONTENTS Page Trustees. rewKi Independent ex8mineV$ rewrt Statemenl of finanaal aclivrfies 11 Balan(E sheet 12 Notès to th6 finan(ial stataments 13-28 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Reference and administrative inforniation The Trustees present their annual report and financial ststtn￿tS for the year erKled 31 De(2mber 2022. The PCC is a charity, registe￿ the Chaiity Commis5w on 13 C)ecemter 2011: its regi51erwJ ¢h8rity number is 1145027. The athlrass of the parish church is Ma9dakn StreeL Oxford, OX1 3AE. The address of the church office is 15 Beaumont Street. Oxtord. OX12NA Principal advise￿.. Bankers.. Barclays Bank PLC. Commarkel Oxford Insurance Broker.. Mathews Comfort & Co Lld. 6 StAldates. Oxf¢*d Indepenijent Examiners.. Crilchleys LLP. 2>28 Hythe Bridge St. Oxford The finanaal slatements have ￿en prepared in a¢xxYdan￿ wrth the accounting poliaes set oul in nole 1 to the financial statements and comply with thè Chariws Parochkil Church Coun(ils IPowers} Measure 1956, 8nd the Church Representation Rules. the chartts.es Act 2011 and-Accovnting and Reporting by Chanties.. Siatement of Recommended Practice applicable to charities pieparing their accounts in accordan￿ ￿ the Financial Reporting Standard appli¢able in the UK and Republic of I￿land IFRS 1￿21, (effective 1 January 20191. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Obj'ectives and activities The objeclwes of the PCC are defineil by the Par(￿h181 Church Cwn(il {Power5) measu￿ 1956 as 'to ¢o-operale with the minisler in promoting in the parish the whole mission of the Church, pastoral. evangelistic, so¢ial and ecumenical.. The d)arity trustees have complied vnth the duty in Section 1715) of the 2011 Charities Acl lo have due regard to guidanfx published by the Charily Commissi￿. In planning arbj carrying out its aciivi(ies the PCC has considered Charrty Cofflmission guKlaneè on pubh'c benefit. together with Sk*afic guidance on charities for ihe advancemènt of ieligion. In partic#Jlar, the lollowng acliwtie5 gNe rise lo publK benefit.. regulaT Publ￿ worship.. the prowsion of sacTed space for personal prayer and contemplation.. pastoral worf('. teathing Christianity.. promotion of Christianity: supporting other charili8s in Ihe UK and overseas. There ale 141 members on the Electoral Roll, ofwhom 3 live in the pansh. The PCC met six limes during Ihe year. Risk assessments and prote￿10￿ poli(¥es were remewed and confirmed. Strategies for financial giving were dis(wssed and put in pla￿. Reports from the Deanery of Oxford, and from Churches Together in Central Oxf￿d, were di50Jssed. The maintenar￿e and fabric of the building continued to be a significanl item of ¢oun¢rl business. A volunteer Parish Adminislralor supp(xts the p8ri5h's rninistry by luffilhng vartQU$ 8dministrattve tssks. parti¢ular the preparalion and putAication of notices and liiurgical material, and 10 supervise the building when in use by visiting groups or perfomiers. During the year the foSlowng priests assisled regulady with ihe serVI￿S on an honorary basis.. Mthr Judilh Brown. Fr Slephen Hearn, Fr Barry Hammett. Fr Martin Henig. Fr Nevsky Everett. Fr Phillip Nixon. Mthr Mel Marshall. Fr Hugh Wybrew. The PCG is grateful lo them for their 3ssi$tan(*. The Oxford University SocAety of Change RTr￿ge￿ continued to ring the bells before the principal seTViC2 each Sunday and for speaal celebrations, a prdclice extendirvJ back 120 years. The PCC is grdleful lo ihe OUSCR, for ¢omplemènting tsur acts ofworship so ￿gULarty and with sL￿h consideration for our needs. The PCC is grateful lo the Director of Music, the Organi￿. and the Choir for their ex(*llenl wilribulion lo the worship of the parish and ihe creatiwty and goc*Y humour with which they conb.nued lo meet the challenge5 posed by the pandemic. The chuich relies on the voluntary work of many people within Ihe ehurth and the PCC very much appreciate their service to the churc* and the wi(ler communty. The PCC ts grateful to all those who have generousty contributed to the finar￿eS of the parish during the year by stsnding order, through the envelope scheme, Ihrough ethronic conlribution via the contaclless machines, or othe￿iSe. The PCC also thank$ thos6 who have worked so hard (undraising ui SLsch straitened circuMstan￿s. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Achievemènts and pgrfornunce Worshlp The parish provides a centre of Catholic AnglicAn V￿[ShIp in the heart of Oxford with a strong tr3dthon of preaching and music, with a full round of daily services and a￿esSIbIlity to sacraments. In the usual pattem of worship. Iheie is a High Mass on SuThJays Ipreceded by Moming Prayer) and Iwo Low Masses. The average attendance is usualty in excess of 1W. On weekdays Moming and Evening Prayer are normalty 5aKI in thuf(*. drawing small bLrt faithfvl ¢))ngregations. The two daily masses IlundFtime and evening) draw congregations from Ihose who in the city centre, or who are visiting the aly. A pfiest is available lo heal cOnfess￿nS afler the Thidday ffl8$s. ar￿ al other times. Music of a high standard continues to play an importanl pari in the Sunday wow5hip of the parish,. the High Mass on Sunday is normally accompanied by a semi-professional d)oir ol e￿Jht. Lent, H￿Y Week and Easter nornialty prowde a sp￿>01 (wportunity for oulreath arbd mi55ion. DuriTh3 Lènt, a wee￿Y Station5 of ihe Cross and Benediction of the Blessed Sacrament is combined with a sermon series. On Good Friday. the Three Hours Devotion Inomially preached by the VIc8rl is a major event in Anglo-catholic preaching. drawing a wide congregation. The congiegation welcomes a large number of visitws to the se(vices of the Triduum and E851er Day. These swwces had been greatly reslrL¢ied in P￿￿0(¢9 years owing to the pandevnio. bui weie restored to their full pattern in 2022. The ordination to thè priesthood of four dea{￿$. indudiThJ the parish's own ￿Tate. took place in 2022. The Revd Esther Biazil celebr8ted her first mass bvo days later. Thesè speaal (tra￿on5 were among the high points of the parish's year. Sacred Space The PCC has in the past met the challenge of keeping Ihe churth open at regular times during weekdays by employing an on-site parish administralor. and by drawing upon the gC￿thI1 of volunteers when she is not present. Parishioners, tizens of Oxford, and vtsitors to Ihe ryty all tnake use of Ihe church for prayer, or simpty as 8 Quiet place in the aty. The St Giles Fair took place in September 2022 arkj the parish stall at the fair has not onty been a very suecesslul fundraising activty but has also prowded an opporturiity to "Show thè thuith to IOCAI people. The thurd) building has continued lo be used lor Con￿rIS. which again has prowded a Chan￿ for the parish to make rtself known to a wider range of people. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Pa$toral Work The p8ro¢hial Clergy continued to visit Ihe sick 8nd bere8ved. and Fware members of the congregation and of the parish for the Sacraments. Olher members of the congregation are also involved in wsiting regularfy members of the congregation in hospital. care home5. or who are h￿jsebound. Teaching Work with ehildren and students, and Il* supp￿1 and enuwragement of those al any slage of ￿lS￿Mmen1 of Christ¢an vocabon, continues lo be a prionty. A vocations nefv40rk o)ntinues lo be associated with the parish. DurirMJ Ihe year approximale￿ ten people conneded with our congregation have been in training or discemmenL The parish co-operates ￿th the nÈwJhtxHJring pansh of St Mthael at the Northgale in running a'children's Church.. A sludenl discus￿0￿ arml Study group dub has met weekty during the University term. This has attracted studènts from bolh universities and other colleges in Oxtord. A &ble Stu(ty Group meets online. al least fortnightly, and more often during Lent. A hornegroup meets regularty for fellowship and sluty. A learn of catechisls, both lay and ordained. has been forrned lo provide Initi￿ Christian ￿StruCtI￿ and lo assisl those preparing for the sacrarnents. The "School of Theology.. made up of dwy and ordinands assooated with Ihe parish, w85 launthed in 2018 wth a festival weekend and during 2019 published ts first book 'Love Makes Sense An Invit*ion lo Christian Theology, wilh SCM PTess. This ha5 been very well receive(18nd sales have been highly encouraging. During 2021 a second book 'Catethesis.' an Invitation lo L￿ing Faith, vras published. and a third book'Love Makes Things Happen, was published in 2022. An extremely successfLtrI series of inleinet publications has been maintsined on the S¢hfy)I websile wh￿h continues to be managed by Dr Jonathan Jong. our fomier curate. Promotion of Christianity The leadership teams has continued to update and expand the parish ¥￿bSite, a popular ￿sOUrce on the parish and Anglo-catholicism and the website of Ihe St Mary Magdalen School ofTheology. The parish's presence on social media sites such as F3celx)ok and Twitter has increased, parb"culxdy as a means of engagernenl during the pandemic. The 8am Sunday setw¢es a￿ slreameil on F8¢el)ook ￿Ve, so anybody ￿th a Fa￿book atxount can join watch either live or on catth-up. The earfy Sunday Servi￿ 15 often ￿eWed by more than 1(K) Facebwk usets. SUppO￿ng Charltles The parish has ¢onts"nued lo support the work of the Galehou5e Dropin Centre. the Emergency Food Bank, and ihe Oxtord Wnter Night Shelter. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Flnancial review Over the year the net assets of the PCC inueawj by £29.948 The PCC has continued to meet its target of paying its Patish Share to the Dic￿. ac£epting the Deanery str81egy that parishes should cover at least their dergy costs that fall on the diocese. R8seNes PolKy In past yeais the PCC has had no form81 policy Ix)nceming feserves. It has, however, operated within a code of practice by which il is understood ihal Ihere should aPw8ys be suffioent liquid funds to (xFver the Parish Share paid to Ihe Di0￿se, along with charitable donations and all routine annual running Costs as they fall due. The abilty to do so has been monitored on a rolling quarter by quarter basis. proJe¢bng forward 12 months, rather than a year jvdgement. It has been an aspiration that tax effKient planned gibing, augmented by the Gtft reo)vered, should o)ver the Parish Share. Mosl of Ihis is recwved Ihcou9h the Parish Giving Stheme which prowdes a reasonable level of security in managing cash fh)w. ill¢iP81 Risks And U￿ertaInbeS The rnajor risk is the impact ol the pandemK on parish g￿ing. The high proportion of giving Ihfough planned giving at St Mary Magdalen's is a major mitigation of the absen￿ of gmng in the plate. However, the absence of the plate does remove a giving venue. parti(xJlady at Easter and Chri5tma5 when large numbers of occasional woishippers are present. It is not dear when rt will be safe to ￿intrOduce il. Moreover. Ihose ojtrèntty supporting the Parish through planned giwng may find that thèy are unable to C￿tInUe to increase their donations in line wilh any rising costs, especially as the financial and economi¢ impad of the pandemic unfolds over the ￿MIng years. In 2015 thè PCC purchased an investment pro[￿ and in 2022 teceived rental incorne of £25,8(X). Related to outgoing$, the fabric of the chulch building V￿11 ahvays prowde a kvel of un￿rtainty, even when properly maintained. Our insuranee policies are rewewed every three years (last in 2015). Major capital projects are undertaken only after specffic fundraising appeals and are underwritten by The St Mary Magdalen Restoration and Developfflenl Trust. It is the policy of the Charity thal unrestricted fvnds which have not been designated for a specific use should be maintained at a level equivalènt to be￿een Ihree and six month's expeAdrtU￿. The Tnjstees consider that reserves al this level will ensure that. in the event of a significanl drop in funding. they will be abl& to continue the Charty'5 current actiwties while consideration is gNen to ways in whth additional fvnds fflay be raised. This kvel of reserves has been mainl8ine(I throughout the year. plans for future periods The PCC will continue to promote in Ihe parish the wlK)le mtssion of the Church through prayer and worship, teaching and leaining. and seTring the ￿der communty. In practit%. we will athieve this by maintaining our pattem of services, continuing our sludy piogiammes and ministry to students and ordinand5. and engaging in pastoral contact with and ministry to the geographical parish as well as lo the ￿trIorkS of our galhered cOngregat￿n and oui many wsitors. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure. govern•n¢e and management The PCC has bagn frjmigd under the Parothial Church Council IP(J4¥ersl measu￿ 1956. PCC Tnembef5hip is achieved in various ways. The Clergy IK%nsed lo Ihe parish a￿ fflernbeis by virtue of their office. The churchwardens and three Deanery Synod represenlalives are a150 ex off￿0 members, Ihe former being elected by the parish annualty and the latter by the APCM for lerrns of th￿e years, in attordan￿ with rulings made by the Deanery Synod. Other members of the PCC are elected tenns of three years by Ihe APCM on a rotating basis lone third annually), and further members may be cmpted annualty by the PCC. All these elections and co-oplion5 8re made in attordance wth the Church Representation Rules. PCC mernbers are briefed by the Off￿r$ of the PCC. No additional training has been found necessary, except Safeguarding Training which is now being undertaken by all PCC mefflbers. The PCC makes all decisions corporatety. The PCC is responsible for all parish financè, ils mana9ement ar￿ control. in¢luding the appointmenl of a treasurer. Member5 of Ihe PCC ale responsFble foi keeping accounting rewrds. which dis(aose with reasonable accuracy the financial position of the PCC and which enable them lo as￿rtain the finan(aal position of Ihe PCC and ensure Ihal ihe financial statements compty with Ihe Church Accounling Regulaiions 1997 as amended by the Ch¢Jrch Accounting {Amendmenll Regulations 2￿1, the Charities Aci 2011 and the Statement of Recommended Practice 'Accounting by Charities, 2005. The PCC are also re$[K￿sIble for safeguarding their assets and hence foi lakn.ng reasonable steps for the preventlon and detectK)n of fraud and other irregulartties. The PCC is 81$0 required lo ensure that the financial sl8temen15 are examined by an independent examiner or a￿1￿0[ wor lo presentation to the Annual Paro(*ial Church Meeting. In preparing the financial statements, the PCC are requir&Y to.. Selecl suitable accounting wI￿leS at)d then aprAy them cx)nsislentty Make judgements and eslimates thal arè reasonable and prudent Follow applicable accounting standaTd$ and 5taieivben15 of reo)mmended praclice. subject to any malerial departures disdosed and explaine(l in Ihe finan(yal Statements Prepare the finanual stalemenls on the going concem basis unless it is inappropriate to presume that the charity will remain in operation. The parish is Part of the Oxford Deanery. is part of the Diryxse of Oxford. The parish is a member of Churches Together in Central Oxtord. The parish website bè found at WAW.stmarym3gdalenoxford.￿9.vk The PCC has adopted the diocesan model on safeguaTding. arKI is of the wnion that this provides adequate risk management. Offjc&rs Dr Groves is Chaiiman (ex offic•)) of the PCC. Other Offi￿r3 are.. ￿ce-ChaIMiall. Mr Timms,. Secreiary . Miss Purver,. Treasurer , Mr Walters. Committèes The Standing Committee consists of the Vicar. the Wardens. the Sec¥etary. the Treasurer and Miss Day. The standing committee has power to transact the business of the coun(yl befv￿en Ihe meetings thereof subject to any direct￿nS given by the council. The PCC has not found rt necessary lo estsbl'sh other c#)mmittees. but has from time lo lime sel up wothing groups lo cary out work and ieport badt lo the PCC. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The Truslees, membe[5 of the PCC. at the lime of this were as folbws.. Name Basis of appyntsnent The Rev(1 Dr p￿er Groves Vica The Revd Esther 8razil Asssstsnt Curate The Revd Or Melanie M8rshallAssouate Priest Ex Officjo Ex Offi¢io Ex Offiryo Mr Nigel Timms Mrs Deborah Vorhies Churchwarden Churchwarden Ex Offi(ao Ex Offioo Dr Matthew Schrecker Ms Gillian Hamnett Deanery Syn(xl RepresenlatNe Deanery Synod Repfesentati Ex Offityo Ex Offiao The Revd Professor Judith Brown Co-opted Miss Joyce Oay Mr Wlliam Dawes Mrs Veroni¢2 Ellis Mi Chad Engela Ms Nancy-Jane Ruc*ei Mr Gareth Jones Mrs Sophie Law Miss Susan Purver Mr Ashley WdlteTS Mrs Susan Weavers Dr Veron￿# We$t-Hading Ele(led Elected Elected Elected Elected Elected Elected Elecled Elected Elected Elected During Ihe year the f(4lowng retired from the PCC.. Dr Helen Todd The Rev<1 Slephen Heam Dr Bethany Sollereder Mr Joel Gutteridge Churchwarden Associate Priest Deanery Syn(xl RepresenlaiNe Ex Offiiio Ex Offiuo Ex Officio Elected The PCC h8s been f0m￿d under the Paro(*i81 Church Council (Powers) measu￿ 1956. PCC membership is achieved in various ways. The detgy licensed to ihe parish are members by the virtue of their office. The Iwo churchw8rdens and Ihree Deanery Syno(J reptesenlatives are also ex offiao mernbeis. the focmer being elected by the parish annually and U)e latter by the APCM for terms of thrèè years, in accordance with tulings made by the Deanery Synod. Other members of the PCC are elecled for terms of three years by the APCM on a rotating basis lone third annually), and further members may be ctropted annualty by the PCC. All these èleciions and cx)-OPtions are made in accordance wilh the Church RepreseTrtsb"on Rules. The PCC makes all decisions corpoialely. New PCC members are brieled by the offi¢2rs of the PCC. No addilional training has been found necessary, except Safeguarding Training which is now being undertaken by all PCC members. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Each of the Truslees has confimed that the￿ is rm) infom)ation of which they are awate which is relevant to the audit. but of which the auditor is un8ware. They have fvrther ￿nfim)ed Ihat they have laken appropriale sleps to identify such relevanl inlormation and lo eststAish that the audilw is alvarè of infr)M￿tI￿. The Trustees. report was approved by the Board of Twslees. The Revd Dr Peter Groves Trustee D8¢e'. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTIOAE E Y S OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD I report to the Trustees on my examinatitin ol the financial stalements of The Parochial Chuith Council of the Eeclesiastical Parish ol St Mary Magdalen. Oxford (the Charity) for Ihe year ended 31 December 2022. Responsibilitie$ and basls of report As the Trustees of Ihe Charity you are responwble for sxwralion of the finanual statements in accordance with the requirements of the Charities Act 2011 {the 2011 Act). I report in respect of my examinat*Jn of the Charivs financial stslements carried out under section 145 of the 2011 Act. In carrying out my examination I have folb44ed all the apFlicable Direc*"ons given by the Charty Commission under seciion 145(51{bl of ihe 2011 Ad. Independent examlnerfs ststement I have cornpleled my examination. I confimi Ihal no matters have com& to my altentiot) in o)nnect*)n the examination giving me cause lo believe Ihat in any mateiial resp*rt'. accounting ie¢ords were nol kept in respecl of the Charrty as requi￿ by secaion 130 of the 2011 Act: or the finanaal stalements do nol a￿Ord wtth those records", or tha finanaal statemen15 do not ry)mpty with the applicable requirements ￿lCernIng the fomi and Content of accounts set out in the Chariiies IAc(x)unts and Reports) Regulations 2008 other than any requirement that the a￿unt$ give a true and fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other maiters in ty)nne¢tion with the examination to which attention should be drawn in ihis ieport in order to enable a proper understanding of the finanryal Statements to be reached. Crltchleys Audit LLP Beaver House 2&38 Hythe Bridge st￿et Oxford OX12EP Dated: 231512023 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2022 Current financial year Unrestricted Endowment R8strlcted Endowmént fvnd$ funds funds funds dÈslgnatÈd general 2022 2022 Totsl Total As Rè8tsted 2022 2022 2022 2021 Notes Income from: Donations and legacies Charitable activities Inveslments 88,642 14,832 11.543 5.418 6.314 792 2.315 1ThJ.374 15,624 25.914 92,796 4,602 25,809 5.357 Total income and 8ndowmènts 115.017 12.117 9.421 5.357 141.912 123,207 Ex enditure on: Raising Alnds 4.352 3,049 Charitable actimties 118.804 4.570 21.288 144,662 121.079 Totsl re$our¢e$ expended 122,360 4.570 21.288 149,014 124,128 Nel gainslllos5esl orl investments 11 20.760 16.740 37.5Th) Ngt loutgolnglllncamlng resourees beforè tran$fers 17.343) 28,307 {11.86n 21.301 30,398 19211 Gross transfers bets¥een fijnds {8.817) 11.105) 14,483 (4.561) Net movement in funds {16.1601 27.2 2,616 16.740 30.398 (921) Fund balances at l January 2022 217.474 257.394 114.611 113.703 703.182 704,103 Fund balanc8s at 31 De¢ember 2022 201.314 284.596 117.227 130.443 733.580 703,182 The statement of financral actimties indudes all gains and losses rewnised in the year. All Income and expenditure derive from ￿)ntinuing ac*Nilies. 10- IJJ O) cooo o in ffj THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN. OXFORD ST. MARY MAGDALEN CHURCH BALANCE SHEET AS A T 31 DECEMBER 2022 2022 2021 as restated Notes Fixed assets Tangiblè asset$ In￿sIMentS 12 13 3,722 675.( 4.272 637.500 678.722 641.772 Currerbt assets Debtors Cash at bank and in hand 15 16.447 47.492 8.015 58,193 63.939 66,208 Cr*dltors: amounts falling due within one year 16 19.0811 14,7981 Net current assets 54.858 61,410 Total assets less current liabilities 733,580 703,182 Capital funds Endowfflent funds- general Income funds Restricted funds Endowmenl funds- dèsKJn3ted Unrestricted funds 17 130,443 113.703 117,227 284,596 201.314 114.611 257,394 217,474 733.580 703,182 11-5.31 The financial statements were approved by the Trusleès on ......................... rL7 Cr7 The Revd Di Peter Groves Trustee 12- THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Charity infomwtlon St Mary Magdalen Oxford Parothial Churth Councal rrbeets the definilion of a public benefit entity under FRS 102. 11 has been deaded to report on the accruals basis in line wtth premous years. 1.1 Accounting conventlon The finan¢ial statements have been p￿pared in accordan￿ wlh the Church ACC￿nI1￿j Regulations 1997 to 2001, the Charities Act 2011, applicable aecounttng standards arKI the Statement ol Recommended Praciice applicable to ch8nts.es preparing their finan(ial statements in acwtd8n(2 with the Financial Reporting Standard applicable in thè UK and Republ￿ of Ireland (FRS 1021 leffeth.ve 1 January 2019) - {Ch8ritiès SORP IFRS 102)). The financial staternenls are drawn up under the historTrcal cost convenlion as modified by the indusion of investments assets at market value. The finarrial statefflents in(Jude all Iransactions. assels and liabilities for whKh the PCC is responsible irh law. These finanaal$ statements do not include Ihe finanryal Statements of church groups thal owe their main 8ffi1lakn"￿ to anolher tr￿Y rK)r those that ale infomial gatherings of chuith members. The financial statements havè departed from Ihe Charilies (Accounts and Reports) Regulations 2008 only to ihe extent required to provide a true and fair wew. This departure has involved followng the Statemenl of Recommended Pra￿1￿ for tharilies apttying FRS 102 rather than Ihe version of the Statement of Recommended Practice which is referred to in the Regulations but vA)Mth has Sin￿ been withdrawn. The financial slalemevts are prepared in slethng. which is ihe fiJnc*on81 ￿lI￿nCY of the Charity. Monetary amounls in these finanryal slatements are iounded lo the nearest £. 1.2 Going concern The financial statem*nts have been wepaied on a going concern basi5. The￿ a￿ no material uncertainties lated io events or conditions that cast 5vJnfficant d￿jbI upon the charitys ability to continue as a going ncern. 1.3 Charitable funds Unre51ricted funds are ger￿￿ funds available for the general 014"e¢b"ve$ of the churth. Designated funds are unreskncted funds that have been sel aside by the PCC for partKular purtx*es. Restricted funds onty be used for the purposes for which they have been given, wilhiTI the obJ-Ècbves of Ihe church. Thé cost of rnising and administering suth ftjnds are chaiged against those specific funds. The aim and use of e8th fund is explained later in the Notes. Endowment funds are rèstrKted fijnds vthich must be help permanenuy and the capital maintained vknile the income is reslricted. 1A Incom• Income is re¢[￿Jnised in the SOFA when the has entitlement to the fvnds. li is probable that the ￿n￿me will be received and the amount can be measured ￿liab￿. Collections a￿ re(x>gnised vthen re￿IVed by or on behaK ol ihe PCC. Planned giwng is recognised only when received. Granls and legacies are recognised a5 S(x)n as the PCC berx)rne5 aware of ts legal enlitlement and Ihe amount due is quanb"fi8ble with probable c%rtainty. Income lax rer))verable on gifl aid donations is accounted for when the gift is received. not when the tax refund is ￿CeIved. 13- THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) en incoming resources have relatèd expen¢J4ture (as fundrai￿ng income) the I￿Aning resources and Ihe related resource expended a￿ at>x)unleif foi gros5 in the SOFA. Grfts in kind are a¢￿￿￿te£l for al reasonable estimale of their value of Ihe d)ur¢h or the amount actually alisèd. Gifts in kind for use by the church are induded in the SOFA as in(x)ming re50ur¢xs when receivable. DividerK15 and interest are aco)unled for when receivable and indudes any recoverable lax. Realised gains are accounted for on assets held for the churth's own use are taken inlo account at the liffle of sale. 1.5 Expenditure Expenditure is induded on an acuuals basFS and is re(wniwd when there is a legal or constructiv8 obligation to pay for goods or services. All Costs have been directy attributed lo the various categories within Ihe SOFA. Any general support costs have been al￿￿ted a(mss a(*wty cost categories on a basis consistent with the use of resources based on an èllocation (rf actual ¢x)sts. As the church is nol registpJed for VAT. all expendilure is indusive of VAT. Governance costs include the cosl of weparation of the annual fin3no81 statements. the cost of PCC meetings and the legal cost of adwce on 9ovemance or ¢onstilub"onal matters. Grants and tharitable gimng are a(tounted for when paid ONEr or vthen awarded, rf the award ￿eateS a binding 0￿19atIOn on the PCC. pro¥ided that there are no condttions to met (elating lo the grant which remain in the Control of the church. Parish Share is accounted for when paid except that any Parish Share unpaid at ihe end of Ihe financial year is provided for in Ihe financial statements 8$ 8 ¢>)nslrLK*ve obligation. although not a liabilty, and is in¢lude(J in the balance sheet as a liatM"Irty. 14- THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R)R THE YEAR ENDED 31 DECEMBER 2022 Accountin9 poll¢l¢$ {Continuedl 1.6 Tangible fixed assèts Con5e(y3ted and beneficed prO￿￿ty of any kind is exduded from Ihe 8(xx>unts by s.10 of Ihe Charities 8 2011. Investment and freehold propety held for the PCC by Diocesan Trustees {Oxford) Limiied as custodian injstee is indudeil in the balance sheeL Land and buildings hekl on beh81f of the PCC for it5 ¢ywr7 pUr￿$￿S valued at (rjst. ￿ depr￿atiOn is ch8rgÉd against such properties. since in the opinion of Ihe PCC these properties are maintained to a stsndard that does not require depte(iation, but any expenditure on maintenance or improvement is written off as incurred. Prowsion wll be made if there has been any permanent diminub.on in valLte. All capital expenditure in excess of £1,1))O for a Sing￿ item or a group of similar ilems. 1$ (xpitalised. It has not been p05SitAe, without inujrring expense 8nd efft)rt disproportionate to the value ol using these PCC accounts, lo establish the value of longstandirBJ inventory assets of the PCC. and ihey have Iherefore been exduded from these financi81 slalemènts. Otherwise depreciation is piovided on all iaThJible fixed assets at r*es ￿1￿JIated to write off the cost èvènly over the expected useful e¢x>nomic lrfe of assets as follow5.' Vestmenls Music Chest and Fumiture Sound System 5 yea15 5tr8ighl line 20 years straight line S years slfaighl line 1.7 Fixed a$s•t Investsnents Investments are shown ￿ 31 Decemtrm at Ma￿et Yalue Both realised and unrealised gains a￿ slKMn ￿der'Other [￿Qg￿lSe￿ gainsllb)ssesl' section of the SOFA 15- 0￿00(￿¢￿¢0[0 (N irf+r VL O ￿{4¢0￿&) CQ C￿tt*0 fD sr W* 4 t￿0¢￿)0￿0 ¢5) r O*• iri Pl r ¢Ci T* Ua Q IIISII ££ x3Q>£ (nz ooco OOtrknO* JQ fjJQ ¢Jfi)v)rr)aOO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charitable activities Other trading act1¥}￿$s 2022 Other tradlng activitie$ 2021 Other in(x)me 15,624 4,602 Analysis by fund un￿StrICted funds Restricted lunds 14.832 792 4.602 15,624 4.602 18- rlj ia tr fJl iJ ty ¢ 7) W (TJ (nz THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charitable activities 2022 2021 Parish Share Insuran Gas Ele￿ri￿ty Organ Maintenance Other Major Works Porish Adminislrator Administration Clergy Expenses Cost of Church Service5 Cost of Choir Oulrea¢h Activities Independent Examination fee 63,837 6.621 63,078 6,435 210 2,448 1,103 6,178 986 7,522 869 6.422 1,013 116 888 8,163 1,591 859 588 5,607 15,267 5,700 19.440 3,383 20,564 2.401 133,076 118,213 Grant funding of actimties (see note 7) 4,640 1,020 Share of 5UPPOrt C051s {see note 81 Shale of govemance (tsts (see N)le 81 3,461 3.485 1,811 35 144,662 121,079 Analysis by fund Unrestricted funds Endowment fvnds- de￿gnated Restricted funds 118.804 4,570 21,288 115,472 5.607 144.662 121,079 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants yyable 2022 2021 Grants lo institutions.. Friends of Chr+st church Oxford Winter Night Shetter Cancer Research UK Grants lo those invofved in Muriefs Day sponsored abseil Other 20 500 400 3.650 70 20 1,020 Support costs Support Goveman costs costs 2022 Support Govemance eosts 2021 Photocopying Postsge and Stationery Telephone and Broadband Fees. Bank Storage, eto Deanery Capitation Fees, CTCO Subscriptions Other 1.481 183 1.481 183 1.012 37 1,012 37 1,137 85 1.137 85 699 35 35 35 575 575 Audit fees 3.49) 3.450 3.461 3.485 1.811 35 1,846 Analysed be￿een Charitable actsvilies 3,461 3.485 1.811 Trustees No rnembers of Ihe PCC r￿1ved any remuneration for theii work on the PCC. The dergy licensed to Ihe parish, who are ex offioo members, re￿1ve a stipend but are not remunerated for seNice on the PCC. One Tnjstee. FT Stephen Heam, re￿Ived remunerations for their position as parish administrator lotslling £738 Q021'. £1.(ml Three Trustees had expenses reimbjrsed totsling £2.374 12021." NIL). Other PCC members are entitled lo re￿ve (*orislers' fees. One Trustge received £3.67512021.. £2.9501 21 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R?R THE YEAR ENDED 31 DECEMBER 2022 10 Employe08 The avei8ge monlhty number of emFloyees duriThJ the year was.. 2022 Number 2021 Number There were no employees whose annual TeMunerat￿n was more than £e&).(xx). 11 Net yainsl{lossesl on investments Endowment Endowmènt funds funds designated general 2022 2022 Total Total 2022 2021 Revaluation of investment prowbes 20.7PAI 16,740 37.500 12 Tangible fixed a$sets ve8ts)￿18 Mu$1¢ Chest and Furniture Totsl Cost At 1 January 2022 2,432 10,888 13,320 At 31 December 2022 2.432 10,888 13,320 Dèpreeiation and imp•irrnent At 1 January 2022 Dep￿CiatIon charged in the year 588 122 8.459 429 9,047 551 At 31 De(ember 2022 710 8,888 9.598 Canylng amount At 3lDe￿Mber 2022 1.722 2.0 3.722 Al 31 Decefflter 2021 1.843 2.429 4,272 13 Flxed asset investments -22- THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Fixèd asset investments (Continued) Invegtrnent Properties Cost or valuation At l J8nu8ry 2022 Valuation chaTrJes 637,500 37,500 At 31 December 2022 675,000 Carryiny amount Al 31 December 2022 675,(MY) Al 31 Décember 2021 637,500 14 Financial instruments 2022 2021 Carrylng amount of financial assets Instruments rneasured at fair value through profft or105S 675,￿0 637,500 15 Debtorn 2022 2021 Amounts falling due within on• year. Donations Other debtors Prepayments and #c¢rue(l in¢>)me 8.780 1.153 144 6,718 7,667 16,447 8.015 16 Creditor5'. amounts falllng due wkthln one year 2022 2021 Trade {￿drt0r5 Other (yeditors A(rnals and deferred inC￿Me 3,641 2.080 1.722 3.076 9,081 4,798 23- THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 Endowment funds Endcxwment funds represenl assets whth must be held ￿(ManentlY by the Ch8Fty. In¢xbme 8rising on the endowment funds can be used in accocdance with the obje¢ls of the Charity and is induded as unrestricted income. Any capital gains or k)sse5 ari5in9 on Ihe assets forwn part of the tund. Movement in funds In￿mIng B8L8nco rosource$l January 2Q22 Ipsources •xpendtyd Movèment In lunds Translers Revaluatlons Bakinc8 at galn5 arbd 31 Do¢8mber Ioss8S 2022 Pemi•nent endowments Morrel Hall Fund 113,703 5.&57 (7￿) (4.5611 16.740 130,443 113.703 5.357 (7￿) {4,561) 16.740 130.443 18 Restricted funds The income funds of the charity indude restricted funds comprising the following unexpended balances of donations and granls held on trust for speufic purposes= Movernent in funds Incomlng B￿anCe at In￿MIll9 Rosources resource$1 J*)uary 2022 Ypsources eApendod Movement in funds Transf•rs Balance at JI Decembfrr 2022 Major Projects Curate House Music Frontals FrEnds of SMM fund SMM Fund 36.589 67.232 21 2,289 6.805 36,610 69,521 121,2881 14.483 102 102 2,Q97 8.897 301 8.892 114.611 9.421 (21.288) 14,483 117,227 -24_ THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 19 0è*ignat•d funds The irTrcome funds of the charity indude the ftAlw"ng designated furK15 whic* have been set aside out of endowment funds by the trustees for specjfic purFY)ses." Movement in funds I￿ornIng Balanc• Incoffllng R•soUr￿$ resouru51 Janyory 2022 Y•$our￿ expgndod lknvement in lunds TraMf•rn Revaluaikns, 8•lJnc• at galns aml 31 De¢embfrr losses 2022 nne-Da¥is Fund Fabric Fund 175.530 81.864 {9861 13.5831 15.6661 4.￿] 20.760 196.291 88.306 257,394 12,117 14,569) (1,1051 20.760 284,597 25- 00 z> e4 Z> tsr i) (v J v ov) <40 * tho) ro) - (TJ m UaQ lrded in an account for each rnernber. This account may have bonuses added by the Board before retiiement. The bonuses depend on inveslmenl experience and other faciors. Thefe is no requirement for the Board lo granl any bonuses. The ar￿unt. plus any bonuses dèclared. is payable from ￿￿mberS, Nomial Pen￿on Age. There 1$ no sut￿divIsion of asset5 tetweèn èmployers in eath section of the Pension Builder Scheme. The scheme is a muttiomployer scheme as described in section 28 lor FRS 102. This is because li is not possible lo attribute the Pension Builder Stheme's assets and liabiliiies to spe(¥fic employers and thal contributions are afxounted for as ifthe Scheme weTe a definèd ujntrstrwjtion scheme. The pensions o)sts charged lo thg SOFA in the year are corth"bukn"on$ payable (2022.. NIL. 2021.. (£641) A wdluatson of Ihe Pension Builder Scheme ts Carried OLrt once every Ihree years. The most recent was carried out a5 al 31 December 2016. For the pension Buikler Classics sethon, ihe valuation ieve8led a deficit of £14.2 on the ongoing assumptions used. At the most recent annual review. the Boafd those not to grant a discretionary bonus. whid) VAII have acted to ifflpr¢)ve the fvnding wsiiicrfi. There is no requirement frjr th8 deficil payments al ihe cutrenl b"me. For the pensi￿ Builder 2014 se(aion. the valuation revealed a surplus of £1_8m ¢)n the ongoin9 assurnptions used. Thefè is no requirement for deficrt payments al the ojrrent time. The legal Structu￿ of the scheme is such that if another employer fails. St Mary MwJdakn (Oxford) PCC wjld become resty￿SIble for paying a share of that empbyet's pènsion lia￿lItieS. 23 Prior perfod adlustment THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 23 Prior period adjustment (Continued) Changes to the balance sheet At 31 December 2021 AS pr¥vtou$ly Adjustmènt reporte(I As reststed Current assets Debtors due wrthin one year Creditors due within one ye•r Olher credilors 12.997 14,9821 8,015 (6.3201 1,522 {4.7981 Nel assets 7(￿,642 13,460) 703,182 C8Pit81 funds Endowment fLtnds 113,703 113,703 Income funds Restri￿ed fvnds designated Unrestricted bjnds 114.611 257,394 220,934 114.611 257,394 217,474 (3.4601 Total equ5ty 71X,642 13.4601 703.182 Changes to the profit and loss account Pèrfod Ènded 31 De¢ember 2021 As prevlously Adjustmont As restated ported Donations and legacies 97.778 (4,982) 92,7 Charitable activities 122.601 (1,522) 121,079 Nel movement in funds 2,539 {3,460} 1¥211 -28-