Charity registration numbtrr 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 2023
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustee5 The Revd Or Peter Groves The Revd Esther Lay Mr Nigel Timms Dr M Schrecker Ms G Hamnett Miss JoyGe Day Mi William Dawes Mr Chart Engela Mr G D Jone5 Miss Susan Purver Mrs D Vorhies MrAWalters The Revd Df M Mahall The Revd L Spiers Dr V West-Harfing Mi H Jests"co DrG Paul Dr R Saunders Mrs F Taykjr Ms N Rucker (Appointed 1 July 2023) (Appointed 30 April 20231 (Appointed 30 April 20231 (Appointed 30 April 20231 (Appointed 30 April 20231 (Appointed 30 April 20231 Charity number 1145027 Independent examiner Critchleys Audit LLP Beaver House 2&38 Hyihe Bridge Street Oxford OX12EP Bankers Bardays Bank plc 54 Commarkel Street Oxford OX1 3HS
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH CONTENTS Page Trustees. report Independent examinerfs re( Siatement of finanryal acliwbes Balance sheet 10
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 2023 Reference and administrative infomiation The Trustees presenl their annual reKM)rt and finanaal statements the year ended 31 Decembef 2023. The PCC is a charity. lStered with the Charity Commi%sion on 13 December 2011., its registered charily number is 1145027. The address of the parish church is Magdalen Street. Oxfor(F. OX1 3AE. The address of the church office is 15 Beaurriont Slreel, Oxford, OX1 2NA The Iruslees. members of the PCC, al the lime of this rerth, were as fdlows: Name Basls ofAppointment The Revd Dr Peter Groves The Revd Esther Lay The Revd Lucie Spiers from 1 Juty 2023 The Revd Dr Melanie Marshall Vr Assistsnl Curate Assistanl Curate Associate Priest Ex oificio Ex OffiGIO Ex Officio Ex Offioo Mr Nigel Timms Mrs Deborah Vorhies Churchwarden Churchwarden Ex OfFIcio Ex Offiuo Dr Matthew Sthrecker Ms Gillian Hamnett Deanery Syrn)d Representalive Deanery Synod Represenlats'va Ex Officio Ex Officio Miss Joyce Day Mr William Dawes Mr Charl Engela Mr Henry Jestico from 30Apnl 2023 Mr Garelh Jones Dr Georgina Paul from 30Apnl 2023 Miss Susan Purver Ms Nancy-Jane Rucker Dr Robert Saunders from 30April 2023 Mrs Fleui Taylor from 30Apnl 2023 Mr Ashley Walters Dr Veronica Wesl-Harling Elected Erected Elected Elected Elected Elected Elected Elected Elected Elected Elected Elected During the yearthe following retired fn)m Ihe PCC.. Mrs Veronica Ellis Mrs Sophie Law Mrs Susan Weavers Elecled Elected Elected Principal adw'sets." Bankers.. Barclays Bank PLC. CoMMaet Oxford Insurance Broker.. Mathews Comfort & Co Ltd, 6 St Aldates, Oxford Independent Examiners.. Critchleys Audil LLP. 2&28 Hylhe Bridge St. Oxfi)rd
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 2023 Objectives and activittes The objectives of the PCC are defined by the Parochial Church CcMJncil (Powers) Measure 1956 as 'to co-operate with the minister in promoting in the parish Ihe whde mission of the Church. pastoral. evangelistic, social and ecumeni¢al'. The charity truslees have complied with the ¢JiJty in Section 17151 of the 2011 Charilies Act lo have due gard lo guidance published by the Charily Commission. In planning and carying out its activities the PCC has considered Charity Commission guidance on public trefi[ ttyether bwih specific guidance on charities for the advancement of religion. In particular, the following activities give rise to public benefit." regUr public worship,. the provision of sacred Spa for per50n81 prayer and conlemplation.. pastoral *Y>th- leathing Christianity., promobon of Chrislianily,. supporting other charities in the UK and overseas. There are 144 members on the Electoral Roll. ofwhom 5 live in ihe parish. The PCC mel seven limes during the year. Risk assessments protection pdicies were reviewed and confirmed. Strategies lor fin8nci81 giving were discussed and put in place. Reports from the Deanery Synod of Oxford, and from Churches Together in Central Oxford, were discussed. The maintenance and fabric of the building continued to be a significant item of ¢ouncil business. Plans to mark the 950th anniversary of our foundation in 1074 were forrTrulated and 11 come to a dimax with our De(lication Festival in October 2024. A volunteer Parish Adminislr81or supports the parish's minislry by ftAlffilling various administrative tasks, in particular the preparation and publication of notices and liturgical material. lo manage trx)okings for ncertS and events and lo supervise thè building when in use by visiting grjPS or perfonners. During the year the followng priests assisted regulaty wth Ihe services on an h(M)orary basis= Mlhr Judith Brown, Fr Barry Hammett. Fr M8rtin Henig. Fr Nathan Mulcock. Fr Phillip Nixon. Mthr Mel Marshall. Fr Hugh Wybrew. The PCC is grateful to them for IheiT as51stan. The Oxford University &iety of Change Ringers continued to ring the bells b8fore the prtncipal service each Sunday and for Special celebrations, a practice extending back 120 years. The PCC is grateful lo the OUSCR. lor complementing Ouf acts of worship so regularfy and with suth ¢onst(leration f¢x our needs. The PCC is grateful to the Dir8Ctor of Music. the Organist. and the Choir for their excellenl contribution lo the worship of the parish. In the autumn. our organist Daniel Malhieson left lo take up a post al Chesler Cathodral. After a highly competitive recruitment pro¢ess. the PCC was Fleased lo welcome lan Tindale as our new organist. lan's first service was the Carol Serwce in December. The church relies on the voluntsry work of many people within the church and the PCC very much appreciates their service lo the church and the wder comwnunity. The PCC is grateful lo all those who have generi)usly contribuled lo the finarS of the parish during the year by standing order, Ihrough the envelope scheme, through electronic contributton via the contactless machines, or otherwise.
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 2023 Achievements and perfom)ance Worship The parish provKles a centre of Catholic Anglican worship in the heart of Oxford wrth a strong tradilKJn of preaching and music, with a full rourKI ol daily services and accessibility to the sacraments. In the usual pattem of worship. there is a High Mass on Sundays (preceded by Moming Prayer) and fvjo Low Masses. The average attendance is in excess of 100. On weekdays Morning and Evening Prayer are rrMallY said in church. drawing small bul faithful congregalions. The two daily masses Ilunch-lime and evening} draw conggatiOnS from those who work in the city ntre. or who are visib'ng the crty. A priest is available to hear confessions after the fflKlday mass. and at other limes. Musi¢ of a high standard rA)nlinues to play an important part in ihe Sunday worship of the parish- Ihe High AA8ss on Sunday is normally accompanied by a semi-profassional of eight. Lent, Holy Week an¢J Easter normally provide a special Opptnty for (KtreaGh and missw)n. During Lent, a weekly Stations of the Cross and Benediction of the Blessed Sacramenl is wnbine(I with a semion series. On Good Friday, the Three Hours Devotion Ipr&ached by our own clergy) is a major evenl in Anglo-C8tholi¢ preaching, drawing a wide congregation. The congregation welcomes a large number of visitors to Ihe seNi$ of the Triduum and Easter Day. Sacred Space The PCC has mel Ihe challenge of keeping the church open al règular times during weekdays by drawing upon the the city all make use of the church for prayer, or simply as a quiel pkce in the uty- The Sl Giles Fair took place in September 2023 and the parish sidl at the fair has not only been a very successful fLtndraising activity bul has also provided an OPnItY to "Sh off the church to local people. The thurch building has continued lo be used for ¢on¢erts. which again has provided a chance for the parish lo make itself known lo a wider range of people. Two major fundraising evenis look place in addition to our usual pattem. The "Byrdathon" saw our musicians mark the four hundredth anniversary of William 8yrd'5 death by performing the complele Latin wo(ks of Byrd over a period ol Iwenty-four hours. This was a spectacular success. raising ovw £1(M)00 and bringing hundieds ol people into the building to enjoy the music, Ihus also raising the profile of our excellent ¢hoir and important music81 ministry. Al a lower brow level, a 'G&S-alhon' saw church Members perform works by Gilbert a1 Sulliv8n for a day. and sponsorship raised around £5000. We ale very grateful lo all who took parL
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 2023 Pastoral Work The parochial clergy continued lo visit the sid( and bereaved. and prepare tnerrTrbers of the congregation and of the parish for the sacrarnenls. Other members of the conggatiOn a also involved in visiting regularly members ol the congregation in hosp¢tal. care rnes, or who are housebou. Teaching Work with children atKI students. and the support and encouragemenl ol those at any stsge of discemment of Christian vocation. continues to be a priority. A vocations neNYork conlinues lo be associated wth the parish. Durirwj Ihe year approximately len people connected with our congregation have been in training or diSMMenL The parish c(werates with the netghbouring parish of St Michael al the Northgate in running a'children's Church." A student discussion and sludy group dub has met weekly durirwJ Ihe University lem). This has attracted students from both universities and other colleges in Oxford. A Bible Study Gtoup meets onne, at least fortnightty. and more often during Lent and Advenl. A homegroup meets regulady for fellowship and study. A team of calechists. both lay and ordair. prOdeS initial Chriqtian instrudion and lo asslsl those preparing for the The "School of Theology., made up of clergy and ordinands assoCted wth Ihe parish. was laund)ed in 2018 with a festival weekend and during 2019 publishèd its fitsl iwk 'Love Makes Sense.. An Inviiab'on to Christian Theology. th SCM press. This has been very well received and sales have been highly ertc(Tag1g. Durin9 2021 a second book 'Calechesis'. an Invitation lo Living Faith, was published, and a third book'Love Makes Things Happen, was published in 2022. An extremely successful series of intemet publicab.ons has been maintained on the School web511e which continues lo be managed by Dr Jonathan Jong, our fomier (Jjrate. Promotion of Christianity The leadership team has continued lo uKxJate and expand ihe parish website. a rwular SOurce on the parish and Anglo-calholicism. and the website ol the St Mary Magdalen School of Theology. The parish's presence on social media siles such as Fabook and Twitler has inueased. particularty as a means of engagemenl during the pandemic. The 8am Sunday services are streamed on Fabook knve, so anybody with a FaCetk account can watch eilhef live or on catch-up. The early Sunday service is often viewed by more Ihar) 100 Facebrx)k users. Supporting Charities The parish has conlinued lo support the work of the Gatehse Dropin Cenlre. the Emergency Food Bank, and the Oxford Winter Night Sheller.
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 2023 Financial revlew Over the year the nel assets ol the PCC inueased by £29.948 The PCC has continued to meet ils target of paying ils Parish Share lo the DiSe. accepting the Deanery strategy that P8rishes should cover at leasl Iheir dergy costs that fall on the diocese. Resewes Policy In past years the PCC has had no fomial policy conceming reserves. It has. however, operated within a code of practice by which il is understocKI that there shcwld always be 5uffiaent liquid funds lo cover the Parish Share paid lo the Diocese, along with charitsble donalions arKJ all routine annual running costs as they fall Llue. The ability to do so has been monrtored on a mlling quarter by quarter basis. propcbng for 12 months. rather than a year end judg8menl. 11 has been an aspiration that lax effKienl planned 9iving. augmenled by the Gift Aid recovered. should cover the Parish Share. Most of this is rgceived through the Patbsh GNiry Scheme which provid8s a 8$ollable $8vel of security in managing cash flow. PiinGipal Risks 8nd unrtaIntieS The majoi risk is the im1 of the pandemic on parish giving. The high proportion of giving through planned giving al Sl Mary Magdalen's is a major rniligalion of the absence of giving in the plate. However. the absence of the plate doas remove a givin9 venue, particularty at Easter and Christrnas when large numbers of occasional worshippers are present. 11 is not clear when it will be safe to reintroduce IL reOver. those CLtrrently supporting the Parish through planned giving may find that they are unable to continue to increase their donabons in line with any rising costs, especially as the finanoal and economic impact of the pan(Jemic unfokls over the coming years. purc an Inves men pro received rental income of £25,150. Related Io OLJlgoings, the fabric of the thurch building wll always rKovide a level of uncertainty, even when properly ainlained. Our insurance policies ale reviewed every three years (last in 20151. Major ¢apilal projects are undertaken only after specific fundraising appeals and are underwritten by The St Mary Magdalen Resloralion and Development Trust 11 is the policy of the Charity that unrestricted fiJThls which have not been designated for a specific use should be maintained al a level equivalent to beeen three and six month's expenditure. The Trustees considei that reseNes al this level wll ensure that, in the event of a swjnificant drop in funding. they wll be able to continue the Charity's cuirenl activities while consideration Is given to ways in which addilional fuThls may be raised. This level ol reserves has been maintained Ihroughout the year. Plans for future p•riod$ The PCC will continue to promote in the parish the whole mission of the Church through prayer and worship. loaching and 18arning, and setmng the wider community. In practs"ce. we will achieve this by maintaining our pattem of services, continLJing our study programmes and ministry to students and ordin8rKls. and engaging in pastoral conta¢l with and ministry lo the geographi1 paiish as well a5 to the netsorks of gathered congregation and our many visitors.
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 2023 Structure, goveman¢e and management The PCC has been fomied under the Paiod)ial Chur¢h Counul (Powersl Measure 1956. PCC membership is achieved in various ways. The dergy li¢xnsed lo the parish a members by virtue ol their offi. The two churchwardens and three Deanery Synod PresentatIveS are also ex officio members, the former being elected by the parish annually and Ihe Latter by the APCM for lerms of three years. in accordance with rulings made by the Deanery Synod. Other members ol the PCC are elected for tem)s of three years by the APCM on a Totating basis lone Ihird annuallyl, and further members may be cwpted annualty by the PCC. Al these elections and co-options are made in accordance with the Church Representstion Rules. New PCC members are briefed by the OffirS of the PCC. No addibonal trainlng has been found necessary. except Safeguarding Training which is now being undertaken by all PCC mèmb8fS. The PCC makes all decisions corporately. The PCC is resKKJnsible all parish finance. its management and control. induding the appointment of a treasurer. Members of the PCC a responsible for keepiw accounting records. whith disclose with reasonable ac¢ura¢y the financial position ol the PCC and which enable them lo artain the financial position of the PCC and ensure that the financial slalemenls comply with the Church Accounting Regulatk)ns 1997 as amended by the Church A¢¢ounlirsg (Afflendmenll Regulations 2001. the Chartties Act 2011 and the Statement of Recommended Piacttce 'A¢¢ounling by Charities, 2005. The PCC is also responsible for safeguarding its assels and hen for iaknng reasonable steps for the prevention and detection of fraud and oiher iiregularities. The PCC is also reqtjiied to ensure Ihal the financial slalemenls are examined by an independent examiner or auditor pmr lo presentation to the Annual Parochial Church Meeting. Select suitable accounting policies and Ihen apply Ihem consislently Make judgements an¢J eslimales that are reasonable and prthlent Follow applicable accounting standards and stalements of rec0Mnnded practice. subjecl to any material departures disclosed and explained in the finanaal statements ppare the financial slaleTnenls on the going concern baS unless il is inappropriate lo pSuMe that the Charity will remain in operab"on. The parish is part of the Oxford Deanery, which is part of the DISe of Oxford. The parish is a rnember of Churches TcvJelher in Central Oxford. The parish website can be found al www.slm8ryrnagdalerxfOrd.org.uk The PCC has adopted the diS8n m(Klel policy on safeguarding. and is of the Opin that this provides adequale risk management. Officers Dr Groves is Chairm8n lex off10) of Ihe PCC. Other 0e[S are.. vChai[Man. Mrs Vorhies.. Secretary, Miss Putver., Treasurer, Mr Walteis. Committees The Standing Committee consists of the ViG2r. the Wardens, the Secretary, the Treasurer and Miss Day. The Standing Committee has power lo Iransacl the business of the council bets¥e8n th8 mèetings thereof subject lo any directions given by the council. The PCC has not found il rwes5ary to eslablish other cmMittees. bjt has from time to lime set up working groups lo carry out work and report back lo the PCC.
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 2023 Approved by the PCC and signed on its behaw by The Revd Dr Peter Groves Tru$t•• Date.. 3G.8.ZLf
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTIOAE PARIM E Y S OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD I report lo the Trustees on my examination of the financial State[rnts of The Parochial Church Council of the Ecclesiastical Parish of St Mary M8gdalen, Oxford (the Charity) for the year ended 31 December 2023. Responsibilitie$ and basis of report As the Trustees of the Charity you are responsible for the preparalion of the fin8rKial statements in accord8n¢e with the requirements of the Charities A¢t 2011 Ilhe 2011 Act). I report in respect of my examination of the Charity'5 financial statements carried out under Section 145 of Ihe 2011 Act. In carrying out my examination I have fdlowed 811 the applicable DirectK)ns gtven by the Charity Commission under section 14515llb} of the 2011 Act. Independent examinerfs $tatement I have completed my examinatFon. I confirm that no matter5 have come lo my attenlion in connection wtth the examination giving me cause lo believe thal in any material respect= accounting records We nol kept in respect of the Charity as required by section 130 of the 2011 Act: or the financial slalements do nol accord with those records,. c the financial slalements do not compty wilh applicable requ1rerrnts conceming the forni and content of accounts sèl out in the Charities (Accounts and RepK)rtsl Regulalions 2008 other than any requirement that the accounts give a true and fair view which is nol a matter considered as part of an independanl examination. I have no concems and have come across no other matters in connection the exatnination to which atténtion Robert Kirtland FCA Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Slreel Oxford OX12EP Dated.. 251912024
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notss Flxèd assets Tangible assets Investments 13 14 7.971 675.000 3,722 675,000 682,971 678.722 Current assets Debtors Cash al bank and in hand 15 16.447 47.492 69,741 77,694 63.939 Creditors: amounts falling due t*lthin one year 16 16.292 9.081 N81 current assets 61,402 54,858 Total assets less current liabilities 744.373 733,580 The funds of the Charity Endowment funds- geneial 17 130,443 130.443 Restricted incorne funds Unrestricted funds 18 125.754 220,416 117.227 201,314 744.373 733,580 The financial statements were approved by Ihe Trustees on ................ .. The Revd Dr Peter Groves Truste• 10-
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 2023 Accountlng pollcles Charity information Sl Mary Magdalen Oxfcwd Paro¢hial Church Council meets the defintlion of a public benefit entity under FRS 102.11 has been decided lo repcM1 on the accnjals ba&s in line with previous years. 1.1 Accounting convention The financial statemenls have been prepared in 8LXOTdance wlh the Church Accwnting Regu181ions 1997 10 2001, the Charities Act 2011, applicable acwunting standards and the Slatement of Recommended Practice applicable to charities pparing their finanal slalements in accordance with the Financial Reporting Standard applicable in the UK arKI Rewblic of Ireland {FRS 1021 leffectNe 1 January 2019) - (Charities SORP IFRS 1021). The financial statements are drawn up under the historical cosl convention as modified by the inclusion of investments assets at market value. The finanual stslements include all transacbons, assets and liabilities for which the PCC is responsible in law_ These financials slateffEnts do not include the ffinan¢ial statements of church groups that owe theii main affiliation to another body nor those that are infomial gatherings of church members. The financial statements have departed from the Charits {Accounls and Reports) Regulations 2008 only to the extent required lo provide 8 true and fair view. This departu has involved followng the Statement of Recommended Pra¢lice for ¢haTilies applying FRS 102 rather than the vers¢on of the Slatement ol Recommended PracttC8 which is referred to in the Regulations but which has since been withdrawn. amounts in Ih8se flnanci81 statements a rounded to Ihe nearest £. 1.2 Going concérn The financial stalemenls have been prep8re(l on a going concem basis. There are no material uncertainties related to events or conditions that cast signtficanl thjubt upon the chariiys ability lo contrnue as a going concem. 1.3 Charitable funds Unresliicted funds are general funds available for Ihe general 0"eCteS of the church. Designated fund5 ale unrestricted fijnds that have been sel aside by the PCC for particular purposes. Reslrided lunds can only be used for the purrK)sès for which they have been given. within the oty'eclives of the church. The cost of raising and administering 5uth funds are charged against those scrfic lunds. The aim and use of each fund is expL4ined later in the Notes. Endowment funds are restricted funds which musl be hdp permanenily and Ihe rpilal maintained while the income is resth"cted. 1.4 Income Income is recognised in the SOFA when the church has entitlement the tunds, it is 0babIe that the income 11 be received and the arrKJunl can be measured reliabty. ColleclKJns are recognised when received by or on behalfof the PCC. Planned giving is re¢(*Jnised only when received. Grants and legacies are ¢(nised as soon as Ihe PCC becomes aware of its legal entitlement and the arnounl due is quanlifiable with probable ceTtainty. I)me tax recoverable on 9ift aid donations is accounted for when the gift is received, not when the tax refund is received. 11
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 2023 Accounting policies (Continuodl When incoming resources have related expenditure las with fuThJraising Inco) the incoming resources and the related resource expen(led are acLX)unled for gross in the SOFA. Gifts in kind are accounted for al reasonaNe estimate of their value of the church or the amount actually realised. Gifts in kind for usè by the ¢hurth are induded in Ihe SOFA as incoming iesources whèn receivable. Div¢dends and interest are ar£ounled for rvable arKI includes any recoverable tax. Realised gains are accounted for on assets held f¢y the church's use are taken into account at the time of sale. 1.5 Expenditure Expenditure is included on an accruals basis and is recognised when Ihere is a legal or constructive obligation to pay for goods or services. All costs have been directly attrtbuted to the various categories wilhin the SOFA. Any general support costs have been allocated across athvity o)sl categories on a basis consistent with the use of resources based on an allcKation of aclual costs. As the church is not registered for VAT. all expendi1e is shown inclusive of VAT. Governance costs include the cost of preparation of the annual financial statements. the cost of PCC Grants and charitable giving are accounted for when paid over or when awarded, rf the award creates a binding obligation on the PCC, provided Ihal there are no coltionS to be met lating lo the grant which remain in the (x)ntrol of the church. Parish Share is accounted for when paid except that any Parish Share unpaid at the end of th8 financial year is provided for in the linancial slalements as a construclive obligation. although not a liability, and is included in the balance sheet as a liability. 12-
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 2023 Accountlng policies (Continued) 1.6 Tanglble fixed assets Consecrated and beneficed proFety of any kind ts excluded from ihe auxunls by s.10 of Ihe Charitses act 2011. Investmènt and freel1 property held for lh& PCC by Dk)ces8n Trustees Ioxford) Limited as custodian trusteo is included in the balance sheel. Land and buildings held on behalf of the PCC for ils own purposes are valued al cost. No depreciation is charged a9ainst su¢ properties, since in the opinion of the PCC these properties are mainiained lo a standard thal does not require depreciation. tmjt any expenditure on tnainlenance or improvement is written off as incurred. Provision will be made if there has been any pemNAnenl diminukn.on in value. All capital expenditu in &xcess of £1.000 for a sirKJle tEem or a group of similar items. is capiialised. 11 has not been possible. without incurring expense and effort disproport)nale lo the walue of using these PCC accounts, lo establish the value of longstanding inventory assets of the PCC. and they have Iheiefore been excluded from these finanoal statements. Otherwise depreciation is prowded on 811 tsngible fixeil assets at rates lcUlated tr) write off the cost evenly ovèr thè expected Ltseful economic life of assets as follows.. Vestments Music Chest and Fumilur Sound System 5 years straight line 5 years straight line 1.7 Fixed asset investments Investments are shown on 31 De¢ember at market value Both realised and unrealised gains are sh(wm under'other recognised gainsl(k)ssesl' section of the SOFA 13-
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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 2023 Income from charitable activities Unrestricted RestrletÈd funds funds 2023 2023 Total Unrestricted Restrictgd funds funds 2022 2022 Totsl 2023 2022 Other trading activities Sale of gcKKJs Other income 2.521 122 2.643 14.832 792 15,624 16-
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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 2023 Expenditure on raising fund$ Unrestricted Endowment funds funds 2023 2023 Total Unrestrictsd Endowment funds funds 2022 2022 Total 2023 2022 Fundralslng and publlelty Other fundraising costs 1.835 2,399 3.556 4.352 Expenditure on charitable actNitiÈs Expenses 2023 Expènsès 2022 Dlrect costs Parish Sha Insurance Electricity Organ Maintenance Othe¥ Major Works 66,024 7.279 9,459 63,837 6.621 7.522 869 6.422 1,013 116 27.235 2.023 Clergy Expenses Cost of Church Services Cost of Choir Oulreach Activities 950 Anniversary project 12.423 3,554 22.826 582 13.882 19,440 3.383 20,564 2,401 167,818 133,076 Grant lurKling of actwities (see note 7) 4.640 Share of support and gov•rnanc¢ ¢osts15ee note 81 Support Govemance 4,126 3.175 3,461 3,485 175.209 144.662 Analysis by fund Unreslncted funds Endowment funds- desonale¢J Restricled funds 111,498 25,873 37.838 118,804 4,570 21,288 175,209 144,662 18-
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 2023 Grants payable 2023 2022 Grants to inslilutions= Friends of Christ church Oxford Winter Night Sheher Cancer Research UK Grants to those involved in Mu1.$ Day sponsored abseil Other 20 20 500 400 3,650 70 70 4,640 Support costs allocated to activities 2023 2022 PhotcKopying Postage and Statk)nary Telephone and broadband 1.718 299 1.273 1,481 183 1,137 Other Governance costs 782 3.175 575 3,485 7,301 6.946 Analys¢d bgh¥wn'. Expenses 7.301 6,946 Trustees No members of the PCC received any remunefalion for iheir work on the PCC. The dergy licensed lo the parish, who are ex officio members. receive a sliperHJ bul are not remunerated for service on Ihe PCC. FNe Trustees had expenses 1MbUrSed totsling £2.510120T2.. £2.3741. Other PCC members are entitled lo re1ve choristers. fees. Trustees received a total of £3.405 (2022.. £3.6751. 10 Employees The average monthly numtr*r ofemployees during the year was.. 2023 Number 2022 Number There wefe no employees whose annual remuneration was rThJre Ihan £60.COJ. 19-
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 2023 11 Gains and losses on investments Endowment Endowment funds fund$ designated general 2023 2023 Total Endowment Endowment funds funds dèsignated general 2022 2022 Totsl 2023 2022 Gainslllossesl arisiThJ on.. Revaluation of investment properties 20,760 16.740 37,500 12 Taxatron The charity is exempt from taxation on its athitses iEcause all its irwme is applied for charitable purpos&s. 13 Tanglble flx8d ass8ts Vestments Mu8lc Chest Sound System and Furniture Total Cost Al 1 January 2023 Additions 2.432 10.888 13,320 6.OCQ Al 31 December 2023 2.432 10.888 6.CQO 19,320 D•pre¢iati¢n and impairnient At 1 January 2023 Depreciation charged in the year 710 122 8.888 429 9,598 1,751 1,200 At 31 December 2023 832 9.317 1,200 11,349 Carrying amount Al 31 December 2023 1.571 4.800 7.971 Al 31 Decembei 2022 1.722 3,722 14 Fixed asset investments Investment Prop¢rtles Cost or valuation At 1 January 2023 & 31 December 2023 675,000 Carrying amount Al 31 Decefflber 2023 675,000 At 31 Docember 2022 675.000
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 2023 15 Debtors 2023 2022 Amounts falling due wlthin on8 ar. Donations Prepayments and accrued inco 7.144 809 8,780 7,667 7.953 16.447 16 Cr•dttors= amounts falling due within one year 2023 2022 Trade credilors Other creditors Accruals and deferred income 167 12,985 3,140 3,641 2,080 3,360 16.292 9,081 17 Endowm•nt funds Endowment furlds repiesent assets which must be held pem)anèntly by the Charity- Income arising on the endowment funds can be used in accordan with the objecis ol the Charity and is induded as unreslricled income. Any capital gains OT kn5ses arising on the assets fonn part of the fvnd. At 1 January 2023 Incomlng ReSoUrS expandèd Transfers Galn$ and losses At31 December 2023 Pemianent endowments Morrel Hall Fund 130.443 4.910 (wi (4,3461 130,443 Previous year: At 1 January 2022 Incoming resourc•s Rèsources exnded Transfers Gains and losses At31 December 2022 Permanent endowments Morrel Hall Fund 113,703 5.357 (796) 14.5611 16,740 130.443 21
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 2023 18 Restricted funds The reslricted funds of Ihe charity comprise the unexpended balan5 of donations and grants held on trust subject lo speufic condiiions by donors as to how they may be used. At 1 January 2023 Incoming resources R•sourc&s expended Tran$férs At31 De¢ember 2023 Major Projects Curate House Music Frontals Friends of SMM fund SMM Fund 950 Anniversary Project 36,609 69,520 271 2.347 23.120 36.880 71,867 (23.6671 (40) 1249) 547 102 63 1,863 8,963 6,118 14 65 20.OfX) 8.898 113.882) 117.227 45,818 {37,8381 547 125,754 Previous year: At 1 January 2022 InMming resour¢es Resources expended Transfers At31 December Major Projects Curate House Music Frontsls Friends of SMM fund SMM Fund 36.589 67,232 21 2.289 6.805 36.610 69.521 (21.2881 14.483 102 1,796 8.892 102 2,097 8,897 301 114.611 9,421 {21,2881 14,483 117,227
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 2023 19 Endowment funds . designated These are endowment funds funds which a material to the Charitys activities. At 1 January 2023 In¢oming resour8 Resour¢es expended Transfers Gains and losses At31 December 2023 Wynne-Dawes Fund Fabric Fund 196,290 88,306 6.211 3.991 17LKJI {25.1731 {5.5111 4,346 196,290 71,470 284.596 10.202 (25.873) 11.165} 267,760 Previous year. At 1 January 2022 Incoming resources Resources expended Transfers Galns and losses At31 Decombor 2022 257.394 12.117 {4.570) 11.105) 20.760 284,5 20 Unrestricted funds The income fijnds of th8 charity includ8 the fdlowing desNJnate(I funds whth have been sel aside out of endowment funds by Ihe trnste8s for s(riC purposes". At 1 January 2023 Incoming resources Resources expended Transfer5 Gains and losses At31 December 2023 Wynne-Davis Fund Fabric Fund Geneial funds 7,639 9,047 184.628 7.639 9,047 203.730 127.471 {113.3331 4.964 201.314 127.471 (113.333) 4.964 220,416 -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 2023 20 Unrestricted fund5 (Contlnu•dl Previous year- At 1 January 2022 Incoming resources Resources expended Transfers Galns and lossès At31 D•¢ember 2022 Wynne-Davis Fund Fabric Fund General lunds 175.530 81.864 139,9201 6.653 5.464 102,900 (986) (3,583) 1117.7911 15.6661 4,561 11.712) 20,760 196.291 88.306 {83,2831 {20.7601 217.474 115.017 {122.3601 (8.817) 201,314 21 Analysis of net assets between funds Unrestricted Endowment funds funds designated 2023 R8strlct•d Endowmènt funds funds general Total 2023 2023 2023 2023 Fund balancès at 31 De¢ember 2023 are Tangible assets Investments Current assetsllliabilitiesl 7.971 291,951 179,506) 7,971 675.000 61.402 179.927 87.833 58,049 67.705 145.073 {14,6301 220.416 267.760 125.754 130,443 744.373 Unrestricted Endowment funds funds dsslgnated 2022 Restricted Endowment funds funds general 2022 Total 2022 2022 2022 Fund balancès at 31 D8mb•r 2022 ar• represented by: Tangible assets Investmen15 Current assetsllliabililiesl 3.722 291,951 {94,359) 3.722 675,000 54.858 179.927 104.669 58.049 59.178 145.073 114.630) 201.314 284,596 117.227 130.443 733.580 22 Related party transactions The PCC received donations from the St Mary Magdalen Restoration and Development Trust, a related charity with Trustees in common. Income received durirg the year was £10.000 {2022.. £10.0001. The grant was spent on charilable activilies. -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 2023 23 Pension Scherne Sl Mary Magdalen (Oxford) PCC {PB 20141 partiupates in Ihe rension buikJer scheme se¢lion of XWPF for lay staff. The Scheme is adminislered by Ihe Church of England Pens40ns Board. whid) holds Ihe assets of the schemes separalely fr( those of the Sl Mary Magdalen PCC and the other partiapating employers. The Church Workeis Pension Fund has a Section known as the Defined Benefits Scheme. a deferred annuity seclion known a5 Pension Builder Classic and a cash balan section known as Pension Builder 2014 P¢n$ion Builder Scheme The Pension Builder Scheme of the ChLTrrch Workers Pension Fund is made up of two sections. Pension Builder Classic and Pension Builder 2014. both of which are dassed as defined benefit schemes. Pension Burlder ¢lassrc provides a pension for members for payment from retirement. accumulated from conlribijtions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England PensK)ns Board frorn time to time. Bonuses may aL80 be added. depending on investment returns and other factors. Pension Builder 2014 is 3 cash balaniE scheme that provides a lump sump that membeTS Use lo prowde benefits at retirement. Pension ¢orhtn"bub"ons are recorded in an account for each member. This account may have bonuses added by thè Board befo reliremenl. The iK)nuses depend on investment experience and other factors. There is no requiremenl for the Board to grant any IyJnu5es. The accDunl, plus any bonuses declared, is payable from memtrws. Nom)al Pension Age. There is no sutFdivision of assets belween empl ers in eath sedion of the Pension Builder Scherne. The scheme is a mulbomployer stheme as deribed in section 28 for FRS 102. This is because il is not possible to attribule the Pension Builder Scheme's assets and liabilities lo speufic employers and that contribulS are accounted as il the Scheme were a (lefined (trIbUtion scheme. The pensions costs charge(I lo the SOFA in the year are contributnS payable NIL12022.' NIL) A valualion of Ihe PenSIc Builder Scheme is carried out orKe every three years. The most recent was carried out as at 31 De¢embef 2016. For the pension Builder Classics section. the valuattron revealed a deficit of £14.2 on the ongoing assumptions used. Al the ¥)st renI annual review. the Board chose not lo grant discretionary bonus, which will have acted lo improve the funding positi.on. There is no requirement for the deficit paymenis at the current tin. For the pensKJn Builder 2014 seciion. the valuation ievealed a surplus of £1.8m on the ongoing assumptions used. There is no requiremerbl for derll payments at the current bme. The al Structu of the s¢heme is such that if another employer fails. Sl Mary Magdalen (Oxford) PCC could beco responsible for paying a share of that employer's pension liabilit. -25-