Charity registration number 1145027 (England and Walès) 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 2024
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Revd Dr Peter Groves Dr M Schrecker Ms G Hamnett Miss Joyce Day Mr Charl Engela Mr G D Jones Miss Susan Purver Mrs D Vorhies Mr A Wallers The Revd Dr M Marshall Dr V West-Harling Mr H Jestico Dr R Saunders Mrs F Taylor Ms N Rucker Charity number (England and Wales) 1145027 Independent examlner Gravits Audit Oxford LLP First Floor. Park Central 4041 Park End Street Oxford OX1 1JD Bankers Barclays Bank plc 54 Commarket Street Oxford OX13HS
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH CONTENTS Paga Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 10-24
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 2024 Reference and administrative information The Trustees present their annual report and financial ststements for the year ended 31 December 2024. The PCC is a charity. registered wilh the Charity Commission on 13 December 2011- its registered charity number is 1145027. The address of the parish church is Magdalen Street, Oxford. OX1 3AE. The address of the church office is 15 Beaumont Street. Oxford, OX12NA The trustees. members of the PCC, at the lime of this report, are as follows: Name Basls of Appointment The Revd Dr Peter Groves The Revd Dr Melanie Marshall Vicar Associate Prfest Ex orricio Ex Officio Mrs Deborah Vorhies Mr Charl Engela Churchwarden Churchwarden Ex Officio Ex Officio Dr Matthew Schrecker Ms Gillian Hamnett Dr Veronica West-Harling Deanery Synod Representative Deanery Synod Representative Deanery Synod Representative Ex Officio Ex Officio Ex Officio Ms M. CooperAckerly (from 21 Apnl 2024) Mr ChristopherAdams (fmm 21 April 2024) Miss Joyce Day Mr Henry Jestico Mr Gareth Jones Miss Susan Purver Ms Nancy-Jane Rucker Dr Robert Saunders Mrs Fleur Taylor Mr Ashley Walters Dr Veronica West-Harling Elected Elected Elected Elected Elected Elected Elected Elected Elected Elected Elected During the year the following retired from the PCC.. Mr Nigel Titnms Mr William Dawes Dr Georgina Paul The Revd Esther Brazil (untilAugust 2024) The Revd Lucie Spiers (until May 2024) Ex Officio Elected Ex Officio Ex Officio Assistant Curate Assistant Curate PrinpaI advisers.. Bankers.. Barclays Bank PLC. Cornmarket Oxford Insurance Broker: Mathews Comfort & Co Ltd. 6 St Aldates, Oxford Independent Examiners.. Gravita Audit Oxford LLP. First Floor Park Central, 4041 P8rk End Street. Oxford
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 2024 The financial statements have been prepared in accordance with the accounting policies set out in noto 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" Objectives and activities The objectives of the PCC are defined by the Parochial Church Council (Powers) Measure 1956 as 'to co-operate wtth the minister in promoting in the parish the whole mission of Ihe Church, pastoral. evangelistic, social and ecumenical,. The charily trustees have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission. In planning and carrying out its activities the PCC has considered Charity Commission guidance on public benefit. together with specific guidance on charities for the advancement of religion. In particular, the following activities give rise to public benefit.. regular public worship., the provision of sacred space for personal prayer and contemplation. pastoral work., teaching Christianity- promotion of Christianity,. supporting other charities in the UK and overseas. There are 144 members on the Electoral Roll. of whom 5 live in the parish. The PCC met six times during the year. Risk assessments and protection policies were reviewed and confirmed. Strategies for financial giving were discussed and put in place. Reports from the Deanery Synod of Oxford, and from Churches Together in Central Oxford, were discussed. The Maintenan and fabric of the building continued to be a significant item of council business. A project to restore the churchyard has been taken forward by a group of volunteers, reporting to the PGC. The 950th anniversary of our foundation in 1074 was celebrated in October with considerable success. Preachers included the Rt Revd Lord Williams of Oysterfflouth. The world premiere of the newly commissioned "Mass of St Mary Magdalen Oxford" by Cecilia MacDowall took place at the High Mass for the Dedication Festival. In November 2024 the Vicar announced his intention to resign the Living the following summer. and the PCC has begun informal preparation for the upcoming vacancy and for the appointment process. A part time Parish Administrator supports the parish's ministry by fulfilling various administrative tasks. in particular the preparation and publication of notices and liturgical material. the management of bookings for conrtS and events and the supervision of the building when in use by visiting groups or performers. During the year the following priests assisted regularly with the services on an honorary basis.. Mthr Judith Brown, Fr Barry Hammett. Fr Martin Henig, Fr Nathan Mulcock, Fr Phillip Nixon, Mthr Mel Marshall. Fr Hugh Wybrew. The PCC is grateful lo them for their assistanGe. The Oxford University Society of Change Ringers continued to ring the bells before the principal service each Sunday and for special celebrations, a practice extending back 120 years. The PCC is grateful to the OUSCR. for complementing our acts of worship so regularly and with such consideration for our needs. The PCC is grateful to the Director of MusiG, the Organist, and the Choir for their excellent Gontribution to the worship of the parish. In the autumn, our organist Daniel Mathieson left to take up a post at Chester Cathedral. After a highly competitive recruitment process, the PCC was pleased to welcome lan Tindale as our new organlst. lan's first service was the Carol Service in December. The church relies on the voluntary work of many people within the church and the PCC very much appreciates their service to the churGh and the wider community. The PCC is grateful to all those who have generously contributed to the fInanS of the parlsh during Ihe year by standing order, through the envelope scheme, through electronic contribution via the contactless machines. or OtheiSe.
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 2024 It is noted that Ihere has been significant movement in the Treasurer role, namely by the stepping down of Ashley Walters, the appointment of ChristopherAdams in 2024. and finally the appointment of Oscar Riba-Thompson in March 2025, who compiled and provided the accounts for external auditing. The PCC wants to thank all those who have supported tho transition period. Achievements and performance Worship The parish provides a centre of Catholic Anglican worship in the heart of Oxford with a strong tradition of preaching and music, with a full round of daily services and accessibility to the sacraments. In the usual pattern of worship, there is a High Mass on Sundays (preceded by Morning Prayer) and Iwo Low Massès. The average attendance is in excess of 100. On weekdays Morning and Evening Prayer are normally said in church. drawing small but faithful congregations. The two daily masses (lunch-time and evening) draw congregations from those who work in the city centre, or who are visiting the city. A priest is available to hear confessions after the midday mass, and at other times. Music of a high standard continues to play an important part in the Sunday worship of the parish- the High Mass on Sunday is nomially accompanied by a professional choir of eighL Lent. Holy Week and Easter normally provide a special opportunity for outreach and mission. Durir7g Lent, a weekly Stations of the Cross and Benediction of the Blessed Sacrament was combined with a sermon series. On Good Friday, the Three Hours Devotion (preached by our own clergy) is a major event in Anglo-catholic preaching, drawing a wide congregation. The CDngregation welcomes a large number of visitors to the services of the Triduum and Easter Day. The year 2024 saw the departure of our training curate. the Revd Esther Brazil, to become Rector of Wootton with Glympton and Kiddington, in the DorGhester archdeaconry. The Revd Lucie Spiers moved to continue her curacy at the parish of St Barnabas with St Thomas the Martyr, and was priested in the sutnmer of 2024. Sacred Space The arrival of our new administrator has made a considerable difference to the task of keeping the church open at regular times during weekdays. We are now open moming and afternoon every weekday. We also draw upon the goodwill of volunteers who enable this provision. Parishioners. cittzens of Oxford, and visitors to the city all make use of the church for prayer, or simply as a quiet place in thg cily. The St Giles Fair took place in September 2024 and the parish stall at the fair has not only been a very successful fundraising activity but has also provided an opportunty to "show off. the church to local people. The church building has continued to be used for concerts. which again has provided a chance for the parish to make itself known to a wider range of people. The restoration of the churchyard ha5 been a major fundraising target during the year. A recital from our curate Esther Brazil and organist lan Tindale, and a sponsored "duetathon" undertaken by Esther and others. raised in excess of £5.000, and other contributions small 8nd18rge saw around £55.000 raised in total across 2023 and 2024. We are very grateful to all who donated and took part. Pastoral Work The parochial clergy continued to Vislt the sick and bareaved, and prepare members of the congregation and of the parish for the sacraments. Other members of the congregation are also involved in visiting regularly members of the congregation in hospital, care homes. or who are housebound.
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 2024 Teaching Work with children and students. and the support and encouragement of those at any stage of discemment of Christian vocation, continues to be a priority. A vocations neOrk continues to be associated the parish. During the year approximately ten people connected with our congregation have been in training or discemment. The parish co-operates with the neightK)uring parish of St Michael at Ihe Northgate in running a -Children's Church." A student discussion and study group club has met weekly during the University term. This has attracted students from both universities and other colleges in Oxtord. A Bible Study Group Tneets online, at least fortnightly. and tnore often during Lent and Advent. A homegroup meets regularly for fellowship and study. A team of catechists. both lay and ordained, prowdes initial Christian instruction and to assist those preparing for the sacraments. The -Sch(x)l of Theologf, made up of clergy and ordinands associated with the parish. was launched in 2018 with a festival weekend and during 2019 published its first book 'Love Makes no Sense: An Invitation to Christian Theology. with SCM press. This has been very well received and sales have been highly encouraging. During 2021 a second book 'Catechesis: an Invitation to Living Faith, was published. and a third book 'Love Makes Things Happen. was published in 2022. An extremely Successful series of intemet publications has been maintained on the School webstte which continues to be managed by Dr Jonathan Jong. our former curate. Promotion of Christianity The leadership team has continued to update and expand the parish website. a popular resource on the parish and Anglo-catholicism. and the websile of the Sl Mary Magdalen School of Theology. The parish's presence on social media sites such as Facebook and Twitter has increased. particularly as a means of engagement during the pandemic. The 8am Sunday 5etvices are streamed on Facebook Live, so anybody with a Facebook account can watch either live or on catch-up. The early Sunday service is often viewed by more than 100 F3bOok users. Supporting Charities The parish has continued to support the work of the Gatehouse Drop-in Centre. the Emergency Food Bank, and the Oxford Winter Night Shelter. Financial review Over the year the net assets of the PCC decreased by £24.067. The main reason for this is in relation to the expenditure linked to the 950th Anntversary and the Churchyard Project. Tha PCC has continued to meet tts target of paying its Parish Share to the Diocese, accepting the Deanery strategy that parishes should cover at least their clergy costs that fall on the diocese. In 2024. we paid £57.319 to the Parish Share Fund. Reserrfes PoliGy In past years the PCC has had no formal FX)licy concerning reserves. It has, however. operated within a code of practice by which it is understood that there should always be sufficient liquid funds to cover the Parish Share paid to the Diocese, along with charitable donations and all routine annual running costs as they fall due. The ability to do so has been monitored on a rolling quarter by quarter basis, projecting forward 12 months. rather than a year end judgoment. It has been an aspiration that tax efficient planned giving. augmented by the Grft Aid recovered, should cover the Parish Share. Most of this is received through the Parish Giving Scheme which provides a reasonable level of security in managing cash flow. However. there Is a division as to how donors giv8, which is split in direct bank transfers, via the Parish Giving Scheme. via Enthuse. and via contactlesslcash donations in Church. Our preferred method of giving is via the Parish Giving Scheme, as this system doès G[ftd claims and yearly renewals on an automated basis. It is the intention to consolidate Giving, whilst still giving options to individual donors.
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 2024 Principal Risks and Uncertainties The major risk is the impact of the rising cost of living on parish giving. We have reintroduced the plate at seNices and included donalion stations which are able to accept cash and contactless donations. However, those currently supporting the Parish through planned giving may find that they are unable to continue to increase their donations in line with any rising costs. especially as the financial uncertainty unfolds over the coming years. In addition to the above, the costs in relation to the Railings and Churchyard Project have escalated. which have required a closer management and review of the contractors. This will be apparent in 2025. In 2015 the PCC purchased an investment property and in 2024 received rental income of £31,193. Related to outgoings, the fabric of the church building wll always provide a level of uncertainty, even when properly rnaintained. Our insurance polictes are reviewed every three years. Major capital projects are undertaken only after specific fundraising appeals and are underwritten by The St Mary Magdalen Restoration and Development Trust. Plans for future periods The PCC will continue to promote in the parish the whole mission of the Church through prayer and worship, teaching and learning. and serving the wider communty. In practice, we will achieve this by maintaining our pattern of services, continuing our study programmes and ministry to students and ordinands. and engaging in pastoral contact with and ministry to the geographical parish as well as to the neorkS of our gathered (x)ngregation and our many visttors. Structure, governance and management The PCC has been fomied under the Parochial Church Council (Powers) Measure 1956. PCC membership is achieved in various ways. The clergy linSed to the parish are Tnembers by virtue of their office. The two churchwardens and three Deanery Synod representatives are also ex officio members, the former being elected by the parish annually and the latter by the APCM for terms of three years, in accordance with rulings rnade by the Deanery Synod. Other members of the PCC are elected for terms of Ihree years by the APCM on a rotating basis (one third annually), and further members may be co-opted annually by the PCC. All these elections and cMptions are made in accordance with the Church Representation Rules. New PCC members are briefed by the officers of the PCC. No addittonal training has been found necessary, except Safeguarding Training which is now being undertaken by all PCC member5. The PCC makes all decisions Corporately. The PCC is responsible for all parish finance. its management and conlrol. including the appointment of a treasurer. Members of the PCC are responsible for keeping accounting records. which disclose with reasonable accuracy the rinancial posilion of the PCC and which enable them to ascertain the financial position of the PCC and ensure that the financial stalements comply with the Church Accounting Regulations 1997 as amended by the Church Accounting (Amendment) Regulations 2001, the Charities Act 2011 and the Statement of Recommended Practice 'Accounting by Charities, 2005. The PCC is also responsible for safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other [egularitIes. The PCG is also reqUid 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 statements. the PCC is qUired to: Select sultable accounting p)licies and then apply them consistently Make judgements and estimates that are reasonable and prudent Follow applicable accounting standards and ststements of recommended practice. subject to any material departures disclosed and explained in the financtal statements Prepare the financ]al statements on the going concern basis unless it is inappropriate to presume that the charity will remain in operation.
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 2024 The parish is part of the Oxford Deanery, which is part of the Diocese of Oxford. The parish is a member of Churches Together in Central Oxford. The parish website can be found at www.stmarymagdalenoxford.org.uk The PCC has adopted the diocesan model policy on safeguarding, and is of the opinion that this provides adaquate risk management. Officers Dr Groves is Chairman (ex offlclo) of the PCC. Other officers are: Vice-chalrman, Mrs Vorhies. Secretary, Miss Purver., Treasurer. Mr Riba-Thompson (from March 2025, MrAdams (interim). Mr Walters (until 20241. Committees Tha Standing Committee consists of the Vicar, the Wardens, the Secretary, the Treasur8r and Miss Day. The Standing Committee has power to transact the business of the council between the meetlngs thereof subject to any directions given by the council. The PCC has not found It necessary to eslablish other committees, but has from time to time s8t up working groups to carry out work and report back ta the PCC. Approved by the PCC and signed on ils behalf by The Revd Dr Peter Groves Trustee 10.s.>
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH 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 examination of the financial statements of The Parochial Church Council of Ihe EcclesiastlC81 Parish of St Mary Magdalen, Oxford (the Charity) for Ihe year ended 31 December 2024. Respon51bllltle5 and basls of report As the Trustee5 of the Charity you are responsible for the preparation of the financial statements in accordance wlth the requirements of the Charities Act 2011. I report in rèspect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examinalion I have followed the Directions given by the Charity Commission under section 14515)(b) of the Charities Act 2011. Independent examlner's 8tatem8nt Your attention is drawn to the fact that the charity ha5 prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preferenc@ to the Accounting and Reporting by Charities- Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements lo provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examlnatlon. I conflrm thal no matters have come to my attentlon In connection with the examlnallon givlng me cause to be118V8 that in any material respect., accountlng r8cords were not kept In respect of the Charfty as r8quir8d by section 130 of the Charltles Act 2011. the financial statements do not accord with those records. or the financial statements do not comply with the applicable requirements concernlng the form and content of financial slalemen15 set out in th8 Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an indopendent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Robert Kirtland FCA Gravita Audlt Oxford LLP First Floor, Park Central 4041 Park End Street Oxford OX1 1JD 141512Q25........
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Endowment Restrlcted Endowment funds funds funds funds deslgnated gen&ral 2024 2024 Total Unrestrlcted Endowment Restrlcted Endowment funds funds funds funds deslgnated general 2023 2023 Total 2024 2024 2024 2023 2023 2023 Note8 Income from: Donations and legacles Charitable activities Investments 97,271 2,914 5,944 11,519 31,784 2,004 2,446 140,574 4,918 31,844 113,147 2,521 11,803 3,338 42,998 122 2,698 159,483 2,643 26,275 16,115 7,339 6,864 4,910 Total Income and endowments 106,129 27,634 36,234 7.339 177,336 127,471 10,202 45,818 4,910 188,401 Exponditure on: Ralslng funds Charltable actlvitles 1,780 126,337 978 2,758 198.651 1,835 111,498 564 2,399 175.209 3,400 68,914 25,873 37.838 Totsl expenditure 128.117 3,400 68,914 978 201,409 113,333 25,873 37,838 564 177.608 Net Incomel(expenditure) (21,9881 24,234 (32,680) 6,361 (24,073) 14,138 (15,671) 7,980 4,346 10,793 Transfers between funds (14,7581 (7,8891 29,008 (6,361) 4,964 {1,165) 547 (4,346) Net movement In funds Reconcillation of funds: Fund balances at 1 January 2024 10 (36,7461 16,345 (3,6721 (24,073) 19,102 (16,836) 8,527 10,793 220,416 267,760 125,754 130,443 744,373 201,314 284,596 117,227 130,443 733.580 Fund balances at 31 December 2024 183,670 284.105 122,082 130,443 720,300 220,416 267.760 125,754 130.443 744,373 The statement of financial activities includes all gains and losses recognised in the year. A15 income and expenditure derive from continuing activities.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 14 1S 6,222 675.000 7,971 675,000 681.222 682,971 Current assets Debtors Cash at bank and in hand 16 716 45.500 7,953 69,741 46.216 77.694 Creditors: amounts falling due within one year 17 (7.138) (16.292) Net current assets 39.078 61.402 Total assets less current liabilities 720.300 744,373 The funds of the Charity Endowment funds - general Endowment funds- designated Restricted income funds Unrestricted funds 18 20 19 21 130.443 284,105 122,082 183.670 130.443 267,760 125.754 220.416 720.300 744.373 l¥.Lfr. 25 The financial statements were approved by the Trustees on ......................... The Revd Dr Peter Grovas Trustee
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 2024 AGcountlng policies Charity information St Mary Magdalen Oxford Parochial Church Council meets the definition of a public benefit entity under FRS 102. It has been decided to report on the accruals basis in line with previous years. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the Church Accounting Regulations 1997 to 2001, the Charities Act 2011, applicable accounting standards and the Statement of Recommended Praclice applicable to charities preparing iheir financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019} - (Charities SORP IFRS 102)). The financial statements are drawn up under the historfcal cosl conventlon as modlfied by the incluslon of Investments assets at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. These financials statements do not indude the financial statements of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members. The financial statements have departed from the Charities (Accounts and Roportsl Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommend8d Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practlce whlch is referred to in the Regulations but which has since been wlthdrawn. The flnanclal statements are prepared in sterling, which is the fvnctional currency of the Charty. Monatary amounts in these financial statements are rounded to the nearest £. 1.2 Golng concern The financial statements have been prepared on a going ¢oncem basis. There are no material uncertainties related lo events or nditionS that cast significant doubt upon the charity's ability to continue as a going concern. 1.3 Charltable funds Unrestricte(I funds are general funds available for the general objectives of the church. Designated funds are unrestricted funds that have been set aside by the PCC for particular purposes. Rastrictad funds can only be used for the purposes for which they have been given, within the objectives of the church. The cost of raising and administering such funds are charged against those speclfic funds. The alm and use of each fund is explained later in the Notes. Endowment funds are restricted funds which must be help pennanently and the capital maintained while the income is restricted. 1.4 Income Income is recognised in the SOFA when the church has entitlement to the funds. it is probable that the income will be received and th8 amount can be measured reliably. Collections are recognised when received by or on behalf of the PCC. Planned giving is recognised only when received. Grants and legacies are recognised as soon as the PCC becomes aware of its legal entitlement and the amount due is quantifiable with probable certainty. Income tax recoverable on gift aid donations is accounted for when the gift is received, not when the tax refund is received. 10-
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 2024 Accounting policies (Contlnued) When incoming resources have related expenditure (as with fundraising income) the incoming resources and the related resource expended are accounted for gross in the SOFA. Gifts in kind are accounted for at reasonable estimate of their value of the church or the amount actually realised. Gifts in kind for use by the church are Included In the SOFA as incoming resources when receivabl8. Dlvidends and Intest are accounted for when receivable and includes any recoverable tax. Realised gains are accounted for on assets held for the church's own use are taken into account 8t the lime of sale. 1.5 Expendlture Expenditure is included on an accruals basls and is recognised when there is a legal or Constructive obligation to pay for goods or services. All costs have been directly attributed to the various categories withln the SOFA. Any general support costs have b88n allocated across activity Cost categories on a basls consistent wlth the use of resources based on an allocation of actual costs. As the churGh Is not registered for VAT, all expendlture Is shown indusive of VAT. Governan costs indude the cA)st of preparation of the annual financlal ststements. the cost of PCC meetings and the legal cost of advlce on governance or constitutional matters. Grants and charitable giving are accounted for when pald over or when awarded, rf the award creates a binding obligation on the PCC, provided that there are no conditions to be met relating to the granl which remain in the control of the church. Parish Share is accounted for when paid except thal any Parish Share unpaid at the end of the financial year is provided for in Ihe financial statements as a constructive obligation. although not a liability, and is included in the balanGe sheet as a liability. 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 2024 Accounting policies (Continued) 1.6 Tangible fixed assets Consecrated and beneliced property of any kind is exduded from the accounts by s.10 of the Charities act 2011. Investment and freehold property held for the PCC by Diocesan Trustees (Oxford) Limited as custodian trustee is included in the balance sheet. Land and buildings held on behalf of the PCC for its own purposes are valued at cost. No depreciation is charged against such properties, since in the opinion of the PCC these properties are maintained to a standard that does not require depreciation. but any expenditure on maintenance or improvement is written off as incurred. Provision will be made if there has been any permanent diminution in value. All capital expenditure in excess of £1,000 for a single item or a group of similar items, is capitalised. It has not been possible, without incurring expense and effort disproportionate to the value of uslng these PCC accounts. to establish the value of longstanding inventory assets of the PCC, and th&y have therefore been excluded from these financial statements. otheiS8 depreciation is provided on all tangible fixed assets at rates calculated to writ8 off the Cost evenly over the expected useful economic life of assets as follows.. Vestments Music Chest and Furniture Sound System 5 years straight line 20 years straight line 5 years stralght line 1.7 Fixed asset investments Investments are shown on 31 December at market value Both realised and unrealised gains are shown under'other recognised gainslllossesl, section of the SOFA Crltlcal accountlng estimates and judgements In the application of the Charity's accounting policies. the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Asset Llves Determining the useful life of assets is a crucial estimate that impacts depreciation expense and asset valuation. 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 2024 Donations and legacies Unrestricted Endowment Restricted funds funds fund5 2024 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Restricted funds 2023 Total 2024 2023 Donations and gifts Grants from Trusts 97,271 3.1,784 129.055 11.519 81,622 31,525 42.998 124.620 34.863 11,519 3,338 97,271 11,519 31,784 140,574 113,147 3,338 42,998 159,483 Donatlons and glfts Tax-efficient planned giving lex, tax) Collections: loose cash at services Other planned giving Other individual donations Tax recovered Church boxes Special Appeals Legacy receipts 950 Anniversary project 57,498 3.118 4,262 8,286 15,565 4,117 3.425 1,000 5,089 62,587 3.118 4.262 8,286 15,565 4,117 8,320 1,000 21,800 45,146 3,778 3,195 2,483 14,375 4,475 1.670 6,500 3,380 48,526 3,778 3.195 2,483 15.185 4.475 20.478 6.500 20,000 810 4.895 18.808 21,800 20.000 97,271 31,784 129.055 81.622 42,998 124,620 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 2024 Donatlons and18gacles (Contlnued) Grants recelvable for core actlvltios St John's College SMM Restoratlon & Development Trust Other Christ Church Cathedral Other 100 10,000 3,763 21,000 {3,338) 100 10,000 3,763 21,000 10,000 10,000 1.519 1,519 3,338 11,519 11,519 31,525 3,338 34.863 14-
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 2024 Income from charltsble activities Unrestricted Restricted funds fvnds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Other trading activities Other income 2.914 2,004 4.918 2,521 122 2.643 15-
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 2024 Income from Investments Unrestrlded Endowment Restrlcted Endowment funds funds fund8 funds designated general 2024 2024 Total Unrestrlcted Endowment Restrfcted Endowment funds funds fund$ funds deslgnated general 2023 2023 Total 2024 2024 2024 2023 2023 2023 Rental income Interest receivable 15,464 651 2,446 7.339 31,193 651 11,803 6.090 774 2,347 351 4,910 25,150 1,125 5,944 16,115 7.339 31,844 11.803 6.864 2,698 4,910 26,275 16-
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 2024 Expenditure on ralsing funds Unrestricted Endowrnent funds funds 2024 2024 Total Unrestrfcted Endowment funds funds 2023 2023 Total 2024 2023 Fundralslng and publlclty Other fundraisSng costs 1,780 978 2.758 1.835 564 2,399 Expenditure on charitable activitles Expenses 2024 Expenses 2023 Diract costs Depreciation and impairment Parish Share Insurance Organ Maintenance Other Major Works Clergy Expenses Parish Administrator Cost of Church Services Cost of Choir Outreach actlvities 950 Annlversary Project 1,749 57,319 8,389 13,546 2.923 7,886 3,558 8.005 10,500 3,262 27,591 3,396 39.933 1,751 66,024 7.279 9,459 841 27.235 823 1,690 12,423 3,431 22,398 582 13,882 188,057 167,818 Grant funding of activities (see note 8) 20 90 Share of 8UPPOrt and governance costs (see note 9) Support Governance 5,9)3 4,671 4.126 3,175 198,651 175,209 Analysis by fund Unrestricted funds Endowment funds - designated Restricted funds 126,337 3,400 68,914 111,498 25,873 37,838 198,651 175,209 17-
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 2024 Grants payable 2024 2023 Grants to institutions: Friends of Christ church Grants to those involved in Muriel's Day sponsored abseil 20 20 70 20 90 Support costs allo¢at•d to activltles 2024 2023 Photocopying Postage and Stationary Telephone and broadband Fees, Bank storage, etc. Other Govemance costs 2.800 18 2.565 48 472 4,671 1,718 299 1,273 54 782 3.175 10,574 7.301 Analysed between: Expenses 10,574 7,301 10 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediting): Fees payable for the independent exarnination of the charityls financial statements Depreciation of owned tangible fixed assets 4.636 1.749 3,140 1.751 11 Trustees No members of the PCC reiVed any remuneration for their work on the PCC. The dergy licensed to the parlsh, who are ex officio members. receive a slipend but are not remunerated for service on the PCC. Six Trustees had expenses reimbursed totaling £3,482 (2023." £2,510). Other PCC members a entitled to receive choristers, fees. One Trustees received a total of £5.990 (2023: £3.405). 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 2024 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 13 Taxatlon The charity Is exempt from taxation on its actNities because all its income is applied for charitsble purposes. 14 Tangible fixed as8et8 Vestm•nt8 Muslc Chest Sound Sy$t•m and Fumlture Total Cost At 1 J8nuary 2024 2.432 10.888 6,000 19,320 Al 31 Decemb8r 2024 2,432 10,888 6,000 19,320 Depreciatlon and impalrnient At 1 January 2024 Depreciation charged in Ihe year 832 121 9.317 428 1,200 1,200 11,349 1,749 At 31 December 2024 953 9,745 2,400 13,098 Carrying amount At 31 December 2024 1.479 1,143 3,600 6,222 At 31 December 2023 1,571 4,800 7,971 15 Fixed asset Investments Llsted investments Cost or valuation At 1 January 2024 & 31 December 2024 675,000 Carrylng amount At 31 DeceTnber 2024 675.000 At 31 Drnber 2023 675.000 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 2024 16 Debtors 2024 2023 Amounts falling due within one year. Trade debtors Prepayments and accrued income 642 74 7.144 809 716 7.953 17 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 167 12,985 3,140 7.138 7.138 16,292 18 Endowment funds Endowment funds represent assets which must be held penanentlY by the Charity. Incom8 arising on th8 endowment funds can be used in accordance with the objects of the Charity and is induded as unrestricted in(me. Any capital gain5 or losses arising on the assets form part of the fund. At 1 January Incoming 2024 resource5 Resources expended Transfers At31 December 2024 Pernianent endowments Morrel Hall Fund 130.443 7.339 (978) (6,361) 130,443 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Pemianent endowments Morrel Hall Fund 130.443 4.910 (564) (4.346) 130.443 -20-
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 2024 19 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subjecl to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming Resources expended Transfers At31 December 2024 Major Projects Curate House Music Frontals Friends of SMM fund SMM Fund 950 Anniversary Project 36,880 71.867 36.880 74,313 2,446 11,988 (28,9811 16.993 63 1,863 8,963 1.863 6.118 21.800 (39,933) 12,015 125,754 36.234 (68.914) 29,008 122.082 Prevlous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 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 {23.667) (401 (249) 547 102 2.098 8.898 63 1,863 8,963 6.118 14 65 20,000 (13.882) 117.227 45,818 (37,838) 547 125,754 -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 2024 20 Endowrnent funds - designated These are endowment funds funds which are material to the Charity's activities. At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 Wynne-Davies Fund Fabric Fund 196.290 71.470 9.103 18,531 (1,2131 (2,187) 17.889) 198,291 87,814 267.760 27,634 (3,400) {7,889) 284.105 Prevlous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Wynne-Davies Fund Fabric Fund 196,290 88,306 6,211 3,991 (700) (25,173) (5,511) 4,346 196.290 71.470 284,596 10,202 (25,873) <1,165) 267.760 21 Unrestricted funds The income funds of the charity include the following designated funds which have been set aside out of endowment funds by the trustees for specific purposes: At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 Wynne-Davis Fund Fabric Fund General funds 7.639 9.047 203.730 7,639 9.047 166,984 106,129 (128,117) (14,758) 220.416 106,129 (128,117) (14,7581 183.670 -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 2024 21 Unrestricted funds (Continued) Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Wynne-Davis Fund Fabric Fund General funds 7,639 9,047 184.628 7.639 9.047 203.730 127.471 {113,3331 4,964 201,314 127.471 (113,3331 4,964 220.416 22 Related party transactions The PCC received donations from the St Mary Magdalen Restoration and Development Trust, a relaled charity with Trustees in common. Income received during the year was £24,300 (2023.. £10,000). £14,300 of this was restricted to be used on the 950 anniversary project and the remainder was spent on charitable activities. -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 2024 23 Pension Scheme St Mary Magdalen {Oxford) PCC (PB 2014) participates in the pension builder sGheme section of XWPF for lay staff. The Scheme is administered by Ihe Church of England Pensions Board. which holds the asset5 of the schemes separately from those of the St Mary Magdalen PCC and the other participating employers. The Church Workers Pension Fund has a Section known as the Defined Benefits Scheme. a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014 Pension Builder Scheme The Pension Builder Scheme of the Church 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 Builder classic provides a pension for rnambers for payment from retirement. accumulaled from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be added, depending on investment returns and other factors. Penslon Builder 2014 Is a cash balan scheme that provides a lump sump that members use to provide benefits al retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before r8tirem8nt. The bonus8s depend on investment experience and other factors. There is no requirement for the Board lo grant any bonuses. The account. plus any bonuses declared, Is payable from members, Normal Pension Age. There is no sub-division of assets b8tW88n employ8rs in each section of the Pension 8ulld8r Scheme. The scheme is a multi*mployer scheme as described in section 28 for FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to th8 SOFA in the year are contributions payable NIL (2022: NIL) A valuation of the Pension Builder Scheme is carried out once every three years. The most r8C8nt was carried out as at 31 December 2016. For the pension Builder Classics section, the valuation revealed a deficit of £14.2 on the ongoing assumptions used. At the most recant annual revi. the Board chose not to grant discretionary bonus, which will have acted to improve the funding position. There is no requirement for the deficit payments at the current time. For the pension Builder 2014 sedion. the valuation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement for deficil payments at the current time. The legal structure of the scheme is such that if another employer fails, St Mary Magdalen (Oxford) PCC could become responsible for paying a share of that employerfs pension liabilities. -24-