Charity reglstratlon number 1145027 (England and Wales) 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 2025
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH LEGALANDADMINISTRATIVE INFORMATION Trustseg Dr Gillian Hamnett Miss Joyce Day Mr Charl Engela Miss Susan Purver Mrs D Vorhies MrA Walters The Revd Dr M Marshall Dr V West-Harllng Mr H Jesb'co Dr R Saunders Ms N Rucker O Riba.Thornpson M W C Aekerly CAdam (Appointed 2 March 20251 (Appointed 21 April 20251 Charlty reglstratlon England and Wales 1145027 Ind•pend•nt •xamlner Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 IJD 8ankern Barclays Bank PIC 54 Cornmark¢l Streèt Oxford OX13HS
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH CONTENTS Page Trustees, r8POrt Independent examineffs report Statement of financial activllies 8alanc8 8heel Notes lo the financial slalemenls 10-23
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 2025 Reference and adminlstratlve Inforniatlon The Trusteès prèsent their annual T8PQrt and financial stslements for the year ended 31 Oecember 2025. The PCC Is a Charity, registered with the Chartty Commission on 13 December 2011., ils registered charity number 1$ 1145027. The address ol 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, were as follows". Namo Bas1¥ of Appolntmeftt Mrs Deborah Vorhies Mr Charl Engela Churchwarden Churchwarden Ex Officio Ex Officio Dr Gillian Hamnett Dr Veronica West-H&rting Deanery Synod Representstive Deanery Synod Representative Ex Offi¢io Ex Officio Ms M. CooperAckerty Mr ChristopherAdams Miss Joyce Day Dr Tristan Frnnklinos fM 4 May 2025 Mr Henry Jeslico Ms Catherine Mccosker from 4 May 2Q25 Miss Susan Purver Mr Osear Riba-Thompson fmm 4 M8y 2025 Ms Nancy-jane Rueker Dr Robert Saunders Mr Ashley Wallgr$ Elected Elected Elected Elected Eleded Elected Elected Elected Ele¢led Elected Elected The Revd Or Melanle Marshall Mr Pelei Dockrill Co-opted Co-opted Durlng the year the lollowlng retired frvm the PCC.. The Revd Dr Peter Groves Dr Matthew Sehreeker Mr Garelh Jones Mrs Fleur Taylor Vicar Deanery Synod Represenlalive Ex Officio Ex Officio Elected Electèd Princip81 aifvisers.. Bankers.. Barclays Bank PLC, Commarket Oxford Insurance Broker". Mathews Comfort & Co Ltd, 6 St Aldales. Oxford Independent Examlners.. GravTia Audit Oxford LLP, Park Central, 4041 Park 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 2025 The financial statements have been prepared in accordance with the accounting policles set OLrt in note 1 to the financial slalemenls 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 Chanlies.. Statement of Recommended Practice appIlble lo charities preparing their accounts in accordance with the Financial Reporting Standaid applicable in the UK and Republie of Ireland IFRS 1021" Obloctivos and activitles The objectives ol the PCC are defined by the Parochlal Church Council IPow8rsl Measure 1956 as 'lo co-operate with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, s¢xial and ecumenical,. The charity trustees have complied with Ihe duty in Secbon 17151 ol the 2011 Charities Act to have due regard lo guidance published by the Charity Commission. In planning and carrying out ils activities the PCC has considered Charity Commission guidance on public benefit, logelher with specific guidance on charities for thé advanc¢menl of religion. In particular, the following aclivilies give rise to public benèffil.. regu18r public worship., the provlsion of sacred spaeè for personal prayer and conlemplalion.. pastoral work., lèaehlng Chr181ianity,' promotion ol Christianity,. supporting olhgr charities in the UK and overseas, There are 114 members on the Electoral Roll, of whom 3 Ilve in the parish. The PCC met twelve Ilm&s during the year (including meetings ¢onvened under Section 11 and Section 12 01 the Patronage (Beneficesl Measure 19861. Risk assessments and protection policies were reviewed and confimed. Strategies for financial giving were discussed and pul in plaeè. Report8 from the Deanery Synod of Oxford were discussed. The maintenance and fabric of th8 building were regularly reviewed, as was a continuing project lo restore the churchyard railings and beautify the churchyard. Major items ol business throughout the year have been making arrangements for the parish lo continue 'busines5 as usual. as much as po$siblg following the departure of the vicar. preparing a Parish Profi'lg and advertisement tor a new incurnbenl. and electlng repregenlallves to serve on the appointment panel. A part-time Parlsh Administrator supports the parish's mini81ry by fulfilling various adminislr81ive tasks, in particular the preparation and publication ol notices and liturgical material, the management of bookings for concerts and events and the supervision of the building when open to visitors, and when in use by visiting groups Qr performers. During the year the following pries15 assisted regularly with the services on an honorary basis.. Mlhr Laura Biron-scott, Mlhr Kirsly Borthwck. Mlhr Judith Brown. Fr Lyndon Drake, Mthr Naomi GardDm, Fr Barry Hammett, Fr Martin Henig, Fr Gavin Knight. Fr Phillip Nixon, Mthr Mel Marshall, Mlhr Lucie Spiers, Fr Lyndon Webb, Fr Justsn Wnilo. Mlhr Philippa While, Fr Christopher Woods. Fr Hugh Wbrew. The PCC is grateful lo them for their asslslance, and especially lor taking on the extra burden of continuing thè pattern of daily services as mueh as possible in the absence ot an incumbent. The Oxford University Soc4ely of Change Ringers Continued lo ring the bells before the principal seNice each Sunday and for special celebrations, a practice extending back 120 years. The PCC is grateful lo the OUSCR, for eomplemenling our acts of worship so regularty and with such consideration for our needs. and also for mainlalning the bells on a regular basis on our behalf. The PCC Is grateful lo the Director of Music. the Organist, and the Choir for their excellent contribution lo the worshlp of the parish. The church relies on the voluntary work of many people wllhin the church and thè PCC very much apprgciales their seryice to the church and the wider MMUnity. The PCC Is gratefLJI to all those who have generously contributed to the finances of the parish during the year through the Parish Giving Scheme. by Standing order, through the envelope scheme, through electronic contribution via the contactless machines. or otherwise. The PCC also thanks those who have worked so hard fundraising through the St Giles, Fair and other events.
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 2025 Achievements and porformancg Worship The parish provides a centre of Catholic Anglican worship in the heart of Oxford with a slr¢ng tradition of preaching and music. with a fiJll round of daily servic&s and accessibility lo the sacraments. In the usual pattern of worship, there is a High Mass on Sundays Ipreceded by Morning Prayèr) and Low Masses. The average all&ndance is in excess of 100. On weekdays Morning and Evening Prayer are normally said in church, drawlng small bul faithful eongregallons. The 40 daily masses Ilunch-lime and evening) draw congregalions from those who work in the city centre, or who are visiting the clly. A priest Is available lo hèar confesslons after the midday mass, and al other limgs. Music of a high standard eonlinuès lo play an important part in the Sunday worship of the parish.. the High Mass on Sunday is normally aompanIed by a professional choir of eight. Lent. Holy Vveek and Easter normally provide a speclal opportunily lor oulrèaeh and mission During Lent, there was a weekly servi¢e of Stations of the Cross an¢J Exposition of the Blessed Sacrament. On Good Friday, Ihe Three Heurs Devotion Ipreached by our own clergy) is a major event in Anglo-calholie preaching, drawing a wide congregation. The congregation welcomes a large number of visitors lo the servirEs ol Ihg Triduum and Easter Day. Sa¢rgd Space Thanks lo our admini81rator, and lo a team of volunle8rs who give gènerously of Ihglr ts'me, wè have bèen ab lo keep the church open morning 8nd afternoon on most weekdays. Parishioners, cilizgns of Oxford, those working in nelghbouring shops and offices, students and visitors lo the city all make use of the church for prayer. or simply as a quiet place in the city. The Sl Glles, Fair tskes place annually in Septembar, and the parlsh stsll al the fair has not only been a very successful fundraising activity bul h8s also provided an opportunity lo show off, the ¢hurch lo local people. The church building has continued lo be used lor concerts, which again has provided a chance for the parish lo make ilsell known lo a wider range ol pegple. Pastoral Work The parochial clergy continued lo visit the sick and bereaved, and prepare members of the Congregation and of the parish for the saeraments. Other members ol the congregation arè also involved in visiting regularly members of the congregation in h05pilal and in care homes, or who are housebound. Teachln9 Work with children and students, and the support and encouragemgnl of Ih05e al any stage ol discernment of Christian vocation, continues ID be a priority. The parish has 8 long Iradition of loslering voc4lions to ordained ministry, and of those ordained al Petertide in the Oxford diocese, three Itwo deacons and one priestl had been closely associated with St Mary Magdalen's. The parish co-operalgs with Ihg neighbouring parish of Sl Michael at the Northgale 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 olheT colleges in Oxford. A Bible Study Group meets online orther lortnightly or weekly lallhough meetings have become morg sporadic during the inlerregnuml. A homegroup meets regularfy for fellowship and Study. A team of catechisls. both lay and ordained. PTovides initial Christian instruction and assists those preparing for the saerarnenls. The 'School of Theology" made up of dergy and ordinands a$sl4ted with the parish, was launched in 2018 with festival weekend and during 2019 published ils first book Love Makes no Sens&.' An Invitation lo Christian Theology with SCM press. Thi5 has been very well received and sales have been highly encouraging. During 2021 a second book Catechesis.. an Invitatft to Living Faith was published, and a third book Love Makes Things Happen was published in 2022. An extremely successftJ5 series of internet publications has been maintained on the School web$ite which continues lo be managed by Dr Jonathan Jong, our former curate (soon 19 retum as our new vicar).
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 2025 Promotlon of Chrlstlanlty The leadership team has continued lo update and expand the padsh webfAle, a popular resource on the parish and Anglo-calholicism. and the website of the St Mary Magdalen School of Theology. The parish's presence on social media siles such as Facebook and Twitter ensures there is engagement with friends and enquirers world-wide. Until the interregnum, the 8am Sunday seTvices were streamed on Facebook Live, so anybody with a Facebook account could watch ef(her live or on ¢al¢h-up. The early Sunday seNice was often viewed by more than 100 Facebook users. Supportlng Charltles The pansh has continued to support the work of the Gatehouse DrotFln Centre, the Emergency Fgod Bank, and the Oxford Winter Night Shelter. Flnanclal revlew Over the year the net a88els of the PCC sh¢)w an increasè of £23,171. However, thls total includes restricted donations of £33.485 for which equivalent exwndilure is already commilled in early 2026. Excluding Ihtse donations, the nel assets of the PCC decreased by £10,314. Most of the restricted Income in 2025 was for donations in relation lo the Churchyard Project, which continued from the 950 Anniversary Project. The expenditure for this project is scheduled lo happen in 2026, and the works are occurring al the lime of this meeting. The PCC has continued lo meet ils larg81 ol paying ils Parish Share lo the Diocese, accepting the Deanery stral99y that parishes should covèr al least their clergy Costs that fall on the diocese. In 2025. we paid £83,544 lo the Parish Share Fund. RgseThgs PoIY In past yèars the PCC has had no fomal policy concerning reservey.11 has, however, operated within a code of pracllce by which il is understood that there should always be suffidenl liquid funds lo cover the Parish Share paid lo the Diocese, along s¥ilh charitable donations and all routine annual runnlng costs as they fall due. The ability lo do so ha8 been monllored on a rolling quarter by quarter basis, projecting fOard 12 months, rather than a year end judgement. 11 has been an aspiration that lax efficient planned giving, augmented by the Gift Aid recovered, should cover the Parlsh Share. Most of this is received through the Parish Giving Scheme which PTovides a reasonable levol of sgcurily in managlng cash flow. Principal Risks and Uncertalntles The major risk is that Ih05e currently supporting the Parish through planned giving may find that they are unable lo eonlinue lo inerease their donations in line with any rising costs, especially as the cost of livin9 continues lo increase and the world becomes an ever more uncertain place. We are also very reliant on the goodwill of thÉ)se who volunteer lo keep the church open on weekdays lo maintain the level of casual 9iving by visitors. In addth'on to the above, the costs in relation lo the Railings and Churchyard Project have escalated, which have required a closer management and review of the contractOTS. In 2015 the PCC purchased an investment property. Together bwth the income from our curate's house (currently rented oull, in 2025 the PCC received rental income 01 £28,620. Related to outgoings, the fabric of the church building will always provide a level of Unrtainty, èven when properly maintained. Our insurance policies are reviewed every three years. Major capital projects aro undertaken only after specific fundraising appeals and are underitten by The St Mary Magdalen Resloralion and Development Trust. Plans for futuro poriods The PCC will continue to promote in the parish the whole mission of the Church through prayer and worship, teaching and leaming, and serving the wider community. In practi, we will achieve thls by maintaining our pattern of services, continuing our study programmes and ministry to students and ordinand5, and engaging in pastoral contad with and ministry to the geographical parish as well as lo the networks of our gathered Congregation and our many visitors. The PCC looks forward to welcoming and working with a new vicar in the furtherance of these aims.
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 2025 Structuro, governance and management The PCC has b&n formed under the Parochial Church Couneil (Powers) Measure 1956. PCC membership is achieved in various ways. The clergy licensed lo the parish afe members by virtue of their office. The chulchwardens and three Deanery Synod representatives are also ex officio members, the former belng elected by the parish annually and the laller by the APCM for terms of three years, in accordance with rulings made by the Deanery Synod. Other rnembers ol the PCC are elected for terms of three years by the APCM on a rolaliny basis lone third annually). and further members may be co-opted annually by the PCC. All these elections and co-oplions are made in accordance with the Church Representatlon Rules. New PCC members are briefed by the officers of the PCC. No addition81 training has been found n¥Sary, except Safeguarding Training which 1$ now being undertaken by all PCC members. The PCC makes all deasions corporately. The PCC is responsible for all parish finance, ils management and control, including the appointment of a treasurer. Members ol the PCC are responsible for keeping accounting records, which disclose with reasonable accuracy the financial position of the PCC and which enable them lo ascertain the finandal position ol the PCC and ensure that the flnancial slalements comply with the Church Accounting Regulations 1997 as amended by the Church Accountin9 (Amendmgnll Regulations 2001. the Charities Act 2011 and the Slalemenl of Recommended Practice Accounting by Charities, 2005. The PCC is also responsible lor safeguarding ils assets and hence lor taking reasonable steps for the pVentIOn and detection of fraud and other irregularities. The PCC is also required lo ensure that the financial slalemen18 are examined by an independent examiner or auditor prlor lo presentation t¢ the Annual Parochial Church Meellng. In preparing the financial stalemenls, the PCC 13 required to.. Select suitable accounting policies and then apply them consislgnlly Make judgements and eslimales that are reasonable and prudent Follow applicable accounting standards and slalements of recommended practice, subject lo any malersal departur¢5 disclosed and explained In the financial stalements Prepare the financial statements on the going concern basis unless 11 is inappropriate to presume that the charity will remain in operation. The parish 1$ part of the Oxford Deanory, which 1$ part of the Diocese of Oxlord. The parlsh is a member of Churches Togelhgr in Central Oxford. The parish webslle can be found at www.slmarymagdalenoxford.org.uk The PCC has adopted the diocesan model policy on safeguarding, and Is of the opinion that this provides adèquate rlsk management. Office Dr Groves was Chaimian lex officiol of the PCC until his reslgnalion look effect on 31 August 2025. Other offlceTS are.. Vice-chairman. Mrs Vorhies., Secretary, Miss Purver,. Treasure¥, Mr Riba-Thompson. Committees The Standing Committee consists of the Vicar, the Wardens. the Secretary, the Treasurer and the Head Server. The Standing Committee has power to transact the business of th¢ council between the meetings thereof subject lo any directions given by the council. The PCC has not found it necessary lo eslabllsh other committees. but has from ts'me lo time set up working groups to 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 2025 Approved by the PCC and signed on its behalf by Mrs D Vorhies Tru6t•• Date.. Jftl 2,1 2.b...
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 report lo the Trustees on my examinats'on ol the fi'nancial stalem8nls of Th8 Parochial Church Council of the colesi88tlcal Parish of Sl Mory M8gdalen, Oxford (the Charity) IDr the year ended 31 December 2025. Rosponslbllltl•s and bas15 01 report As the Trustees ol the Charbty you are spOI)sIble for the proparalk)n of Ihg financial statements In aCcdance with the requirements of the Charlties Act 2011. report in respect ol my examination ol the Charity's fi'nancial statements carried out under section 145 01 thè Charlties Aei 2011. In carrying out my oxamination I h8wè followed Ihe Directions glven by the Charity Commission under section 14515llbl ol the Chgrities Act 2011. Ind•pond•nt •xamln•r'• 8tat•m•nt Your attention 18 drawn lo the fact that thè charity has prepared th& hnancial slalernents in accordance with the relev8nl version of the Slalement ol Recommgnded Pracbce appllcable l(> charlties prepanng Iheir lin(Incial statemenls In aecordance with the Financial Reporting Standard Applieahle in the UK and Republic of Ireland IFRS 1021 in preference lo tho Accounting and Reporting by Ch3rib'es.' Slalerngnl of Recomrnended Pracllce Issued on I April 2(K15 which 18 referred lo in the extant regulations bul has now beeri wilhdrawn. l understand Ihal Ihis has been done in order lor Ihe finanuel slaternents lo provide a true and lair view in 8ccord?n¢g viilh UK Generally Accèpted AccouTrling Practice, I have complel(•d my exgmination. I wnfirm Ih8t ng m8tter5 have come lo my attonlion in connecl+on with the examinalion giving me cause lo believe Ihat in any material rèspect.. accounting rècord5 were not kept in fespect of thè Chanly as roquired by secllon 130 01 Ihe Charities Act 2011. th* financial slalefflenls do not accord with th058 records., or the financial stalernents do not cotnply with the 8pplic8blè rgquirèmonis concerning the lom and conlent of linanciJl statemènts sèt oul In the Charities (Aceounls and Reports) Regulations 2008 olh8r than any requirèment that th8 financial slalemenls give a te and fair view. which is nol a maller consldered as part of an indepenL1ent examlnation. I have no concerns 8nd havè com8 across no oth&r mattels in conneelion wth the examination lo whi¢h attention should be drawn in this report In order lo enable a proper understanding ol the financial siatemènts to be reached. Robert Klrtland FCA Gravlta Audlt Oxford LLP First Floor, Park C8rilr&l 4041 Park End Street Oxford OX1 1JD Dale.. 151512026
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 2025 Unrestricted End0vent Restricted Endowment funds lunds funds funds deslgnated general 2025 2025 Total Unrestricted Endowment Restricted Endowment funds funds lunds funds deslgnated general 2024 2024 Total 2025 2026 2026 2024 2024 2024 Notes Income from: Donatsons and legacies Charitable acts'vits'es Investments 101,816 3,662 6.746 5.854 44,896 2,140 2.488 152,566 S,802 28,983 97,271 2.914 11.519 31,784 2,004 2,446 140,574 4,918 31,844 13,620 6.129 16,115 7.339 Total income and èndowments 112,224 19.474 49,524 6,129 187,351 106.129 27,634 36,234 7.339 177.336 Expèndlture on: Raising funds Charitae activities 2,425 3,265 160,915 1.780 126,337 978 2,758 198,651 114,055 12,727 34.133 3.400 68,914 Total oxpendlture 114,895 12,727 34.133 2,425 164.180 128.117 3,400 68,914 978 201.409 Net In¢omellexpendlture) 12.671} 6.747 15.391 3,704 23.171 121.988} 24,234 132,6801 6,361 124,073) Transfers beeen funds {12.2881 14.52n 20.519 13.7041 114,758) 17,8891 29,008 (6,3611 Not movoment in funds 10 114.9591 2.220 35.910 23.171 136,746) 16,345 13,6721 124,073) Re¢on¢lllatlon of fvnds: Fund balances at 1 January 2025 183,670 284.105 122.082 130.443 720.3 220,416 267.760 125,754 130,443 744,373 Fund balances at 31 December 2025 168,711 286.325 157,992 130,443 743.471 183.670 284.105 122,082 130,443 720,300 The stslemenl of financtal actiwlies indudes all gains and losse5 reccrfJnised in the year. All income and expenditure derive from continuing activthes.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH BALANCE SHEET AS AT 31 DECEMBER 2025 202$ 2024 Notes Fixod assets TaNJible assets Investments 14 16 4,472 675.000 6,222 675,000 679,472 681,222 Current a8sets Debtors Cash at bank and In hand 16 8,503 71,283 716 45.500 79.766 46,216 Crèdltors: amounts falllng due wlthln onè yèar 17 115,7671 17,1381 Net currènt assets 63,999 39.078 Total asset81oss current Ilabllltl•s 743.471 720,300 The funds of the Charlty Endowment funds - general Endowment funds - designate11 Restricted income funds VnTeslrict8d ftjnds 18 20 19 21 130,443 286,325 1 57.992 168,711 130,443 284,105 122.082 183,670 743,471 720,300 The financial slalernenls were appToved by the Trustees on MTS O Vorhies 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 2025 Accountlng pollcles Charlty Informatlon Sl Mary Magdalen Oxford Parochial Church Council meets the definition of a public benefit ents'ty ursder FRS 102. It has been decided to report on the accruals basis in line with previous years. 1.1 Basls of pr•paratlon The financial statements have been prepared in accordance with the Church Accounting Regulations 1997 to 2001, the Charities Act 2011. applicable aceounlino standards and the Slalemenl of Recommended Practice applicable lo charities preparing their financjal statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effèctive 1 January 20191- Icharilies SORP IFRS 10211. The financial statam8nls are drawn up under the historical cost eonvenllon as modified by the Inclusion of inveslm8nl$ assets at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. Thesg financials slalemenls do not in¢lude the financial slalemenls of church gTOUPS that owe their main affiliation lo another body nor those that are informal gatherings of church members. The financial statements have departed from Ihe Charilles (Accounts and Reports) Regulations 2008 only lo the extenl required lo provide a true and fair view. This departure has involvèd following the Statement of Recommended Practice for ch8ri1ies applying FRS 102 rather than the version of the Statement of Rocommendèd Practice which is referred lo in the Regulations bul which has since been withdrawn. The financial stalfJment$ are prepared in sterling. which is the functlonal currency of thè Charity, Monetary amounts in these financial slalèmènts are rounded to Ihg nearest £. 1.2 Golfig concern The linan¢Sal slalemenls have been prepared on a going Concern ba$. There are no materi81 uncertainties related to events or condition$ that cast significant doubt upon the ch8rity'$ ability lo continue as a going concern. 1.3 Charltable funds Unreslricled funds are general funds available for the general objectives of the ehurch. Designated funds are unreslricled funds Ihol have bèen Sel aside by the PCC for particular purposes. Restricted funds can only be used for the purposes for which they have been given, within the objecllves of the church. The cost of raising and administering such funds are charged 8gain$l Ih¢)se specific funds. The aim and use of each fund is explained later in the Notes. Endowment funds are reslrieted funds which must bè help pemanenuy and the capltsl maintainod while the ncome is restricted. 1.4 lrtcome Income is recognised in the SOFA when the church has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 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 2025 Accounllng poll¢lgs Icontlnued Collections are recognised when fecelved by or on behalf of the PCC. Planned glvlng is recognised only when rfjceed. Grants and legacies are recognised as soon as the PCC becomes aware of ils legal entillemenl and the amount due is quantifiable with probable ¢ertainty. Income tax recoverable on gift ald donations Is accounted for when the gift is recetved, not when the lax refund is received. When incomlng resources have related expenditure las with fundrai51ng income) the incoming resources and the related resource expended are accounted lor gross in the SOFA. Gifts in kind are accounted for al reasonable esllmale of their v81ue 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 receivable. Dividends and interest are accounted lor when receivable and includes any recoverable lax. Realised gains are accounted for on assets held for the church's own use are taken into accounl al the lime of sale. 1.6 Expendltvrè Expenditure is included on an 8ccruals basis and is recognisod when there is a legal or conslwclive obligation to pay for good8 or 8etvices. All cos18 have been directly allribuled to Ihg various categoriès wilhln the SOFA. Any general support cost8 have been allocated across aelivity cost calegortes on a basis consislenl wlh the use of resources based on an allocation of actual costs. As thg church is not registered for VAT. all expenditure Is 8hown Inclusive ol VAT, Governance costs include the cost of preparation of the annual financial slatemgnt5, the eosl of PCC meetings and the legal wsl of advicè on governance or constitutional maller5. Grants and charitable giving are accounted lor when paid over or when awarded, if the award creates a blndlng obligation on the PCC, provided that there are no conditions lo be mel relating lo the grant whlch remain in the control of the church. Parish Share is accounted for when paid except that any Parish Sharg unpaid at the end of the financial year is provided for In the financial statements as a constructive obligation, although not a liabillty. and is included in the balance sheet 83 8 liability. 1.6 Tanglblo flxed assets Consecrated and beneflced property of any kind is excluded from the accounts by $.10 of the Charities act 2011. Investment and freehold property held lor the PCC by Diocesan Trustees (Oxford) Limited as custodian Iruslee is induded in the balance sheet. Land and buildings held on behalf of the PCC for its own purposes are valued al cost. No depreciation is charged agalnsl such propertles, since in the opinion of the PCC these properties are maintained lo a standard that does not require depreciation. bul any expenditure on maintenance or improvement is written off as incurred. Provision wll be made if there has been any permanent diminution in value. All capital expenditure in excess of £1,000 lor a single item or a group of similar items, is capitalised. 11 has not been possible, wilhoul incuiring expense and effort disproportionate lo the value of using these PCC accounts, to establish the value of longstanding inventory assets of the PCC, and tt)ey have therefore been excluded from these financial stslemenls. 11
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng poll¢loS IContlnued} Otherwise deprlatIOn is provided on all tangible fixed assets at rates calculated lo writ& off the cost evenly over the expected useful economic life of ass&ls as follows.. Vestments Music Chest and Furnitu Sound System 5 years 51raight line 20 yèars Straight line 5 years slralght ling 1.7 Flxod asset Investments Investments are shown on 31 Deeemb8r at market value Both realised and unrealised gains are shown under 'olhgr recognlsed gainslllossesl, section of the SOFA Crltlcal accountlng estlmates and judgement$ In the applica110n of the Charity's accounting policies, the Trustees arg required lo makè judgements, eslimales and assumptions about the carrying amount ol assets and liabilities that are not readily apparent from other sources, The eslimales and associated assumptions are based on hislorieal experience and other factors that are conwdered lo be relevant. Actual results may differ from these e8Umate8. The estimates and underlylng assumption8 ara reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in Ihfj period in which the estimate is revised where the revision affects only that period. or in the pgriod of the revision and l¥Jlure periods where the revislon affects both currant and future periods. The estimotes and assumptions which have a significant risk of causin9 8 material adjuslmgnt lo the carrying amount of assets and Iiabililies are as follows. Key sou83 of estlmatlon uneèrtalnty Asset Llves Delefmining 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 2025 Income from donations and legacies Unrestrlcted Endowmenl Restrlcled funds funds funds deslgnated 2025 Totsl Unrestrfcted Endowment Re8trScted fvnd$ funds funds dgsignated 2024 Total 2025 2025 2025 2024 2024 2024 Donalians and gifts Grants e1Vable for core activities 91.816 10,000 44.896 136,712 15.854 97.271 31,784 129,055 11,519 5,854 11,519 101,816 5.854 44.896 152,566 97,271 11,519 31,784 140,574 Donations and gifts Tax-efficienl planned giving lex. tax) Collections.. loose cash at seNices Other planned giving Other individual donatsons Tax recovered Church boxes Churchyard project 2026 Special Appeals Legacy receipts 950 Annivers8ry project Other 50.694 2,880 450 4.684 16,167 9,881 8.406 59,100 2.880 450 4,684 16.167 9.881 33,485 7,060 57,498 3.118 4,262 8,286 15.565 4,117 5,089 62.587 3,118 4.262 8.286 15.565 4,117 33.485 7,(60 3.425 1.000 4,895 8,320 1,000 21.800 21,800 3,005 3,005 91,816 44,896 136,712 97,271 31,784 129,055 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 2025 Income frc4n dOnaon5 and legacies Icontlnuedl Unrestrlcted Endowment Restrlcted funds funds funds designated 2025 Total Vnrestrlcted Endowment Rostrl¢ted funds funds funds deslgnated 2024 Totsl 2025 2025 2025 2024 2024 2024 Grants re¢91vable for core activities SMM Restoration & Development Trust other 10,000 10.000 5.854 10.000 1,519 10.000 1.519 5.854 10,OCKI 5.854 15.854 11,519 11,519 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 2025 Income from ¢harltsble a¢llvltles Unre5trl¢ted Restrlctod funds funds 2025 2025 Total Unrestricted Restrlcted funds funds 2024 2024 Total 2026 2024 Other trading activitles Other income 3,662 2,140 5,802 2,914 2,004 4,918
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 2025 Incom8 from investments Unrestrictèd Endowment Restrfcted Endovmient funds funds funds fund$ deslgnated general 2025 2025 Totsl Unrostrict8d Endowment Restricted Endowment funds funds funds funds doslgnated general 2024 2024 Total 2025 2025 2026 2024 2024 2024 Rental income Interest receivable 6.383 363 13,620 6.129 28.620 363 15,464 651 7.339 31,193 651 6,746 13,620 2,488 6,129 28.983 5.944 16.115 2.446 7,339 31,844 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 2025 ExpendIlU on ralslng fvnds Unrestrlcted Endowment fund$ funds 2025 2025 Total Unre$trlctèd Endowmènt fvnds lunds 2024 2024 Total 2025 2024 Fundraising and publlclty Oth&rfundraisin9 costs 2,425 3,265 1,780 978 2,758 Expfrndlture on charitable activitl8S Expèns•s 2025 Expèn$tJ 2024 Dlrect co¥ls Depreciation and imp8imignt Parish Share Insurance Organ Maint¥nance Other Major Works Clergy Expenses P¥rish Administrator Cost of Church Services C08t ol Choir Outreach acuvltlas 950 Anniversary PrO1t 1,748 63.544 8.895 9,173 2,187 14,913 3,8D9 S27 10,432 2,507 28,482 939 3,597 1,749 57.319 8.389 13,546 2,923 7,886 3,558 8,005 10,5(K) 3.262 27,591 3,396 39,923 150,753 188.057 Grant fundlno of acVItIeS (see note 81 20 Share of support and governancè ¢osts Iseo note 91 Support Govefnance 5,021 5,141 5,903 4,671 160.915 198,651 Aftaiysis by fund Unrestdcted funds Endowment funds- deslgnated Restrlcled funds 114,055 12,727 34,133 128.337 3,400 68,914 160,915 198.651 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 2025 Grants payable Expenses 2024 Grants to institutions.. Friends ol Christ thurch 20 Support costs allrtated to activities 2025 2024 Photocopying Postage and Stationary Telephone and broadband Fees, Bank storage, etc. other Governance costs 2,127 2,800 18 2,565 48 472 4,671 2,345 503 5,141 10.162 10,574 Analy5ed between.. Expenses 10,182 10,574 10 Net movement in funds 2025 2024 The net movern8nt In funds is $18led after chargingllcTeditingl'. Fees pay8ble for the independent examination of the charity's financial statemen15 DepCiatIon of owned tangible fixed 85sets 5,094 1,748 4,636 1,749 11 Trustses No members of the PCC reived any remuneration for their work on the PCC. The clergy licensed to the parish, who are ex oificio member5, receive a stipend but are not remuneraled for seNice on the PCC. Six Tru51ees had expenses reirnbuT5ed totaling £3,48212024' £2,510). OiheT PCC members are enliued to receive choristers, fees. One Trustees received 8 total of £5.99012024'. £3,405). 18-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 Employee¥ The averago monlhly number of employees during the yoar was.. 2025 Number 2024 Number T¢)tsl There we¥e no employees whose annual remuneration was more than £60,000. 13 Taxation The charlty is exempl frorn tsxatlon on activrties because all Its income is 8pplied for charitsble purposes. 14 Tanglble flxed assets •tmonts Muslc Chost Sound Sy•t•m and Furnttur• Tot•1 Cost Al 1 January 2025 2,432 10,888 6.000 19,320 At 31 December 2025 2,432 10,888 6.000 19,320 D•preclat5on and Impalrmtsnt Al 1 January 2025 Oeprecialion charged in the year 954 120 9,748 428 2,400 1,200 13,100 1,748 Al 31 December 2025 1,074 10,174 3,600 14,848 Carrylng amount AI 31 Dember 2025 1,358 714 2,400 4,472 Al 31 December 2024 1,479 1,143 3,800 6,222 15 Flxgd a¥$et Invgstmgnts Investment Propertlgs Cost or valuatlon At 1 January 2025 & 31 December 2025 675.000 Carrylng amount At 31 December 2025 675,000 At 31 December 2024 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 2025 16 Debtors 202S 2024 Amounts falling due within one year: Trade debtors Prepayments and a¢cTued income 174 8,329 642 74 8.503 716 17 Credltors: amounts falllng du9 wlthln one year 2025 2024 Trade credrtgrs Accruals ané deferred income 8,468 7,299 7.138 15,767 7,138 18 Endowmèntfund8 Endowment funds represent assets which musl be held permanently by the Charity. Income arising on the endowment funds be used in aeeordance wilh the objects of the Charity and is Included as unreslriclgd incorne. Any capital gains or losses arising on the assets form part of the fund. At 1 January 2025 Incoming Resou0¥ rèsources expended Transfers At31 December 2026 Permanent endovmients Moriel Hall Fund 130,443 6,129 12,4251 13,7041 130,443 Prevlous year: At 1 January 2024 Incomlng resourcgs Resourcts expéndèd Transfvrs At31 Docomber 2024 Permanent endowmonts Morrel Hall Fund 130,443 7,339 19781 16,3611 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 2025 19 Restrleted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subjed to spectfic conditions by donors as lo how they may be used. At 1 January 2025 Incomlng resources RwOu08 expanded Transfers At31 DKemb&r 2025 Malor Projects Curate House Music Frontals Friends of SMM fund SMM Fund 950 Anniversary Project Churchyard project 2026 Pelerfs leaving gift Funds held by PCC on behalf ol others 36,880 74,313 36,880 76,801 2,488 9.983 313 129,5281 13781 19,545 63 1.863 8.963 1.863 8,963 19741 974 33,485 3,005 33,485 13,0051 250 12501 122,082 49,524 {34.1331 20,519 157,992 Prevlous year: At 1 January 2024 Incomlng R8source8 r•sourc•s exp•nd•d Trnnsfers At31 2024 Major Prolgcts Curate House Muslc Frontals Friends of SMM fund SMM Fund 950 Anniversary Proje 3e,880 71,867 36,880 74.313 2,446 11,988 128,9811 16,993 63 1,863 8,963 6,118 63 1,863 8,963 21,800 139,9331 12,015 125,754 36,234 168.9141 29.008 122,082 21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 20 Endowmgnt fund$- deslgnated These are endowment funds lunds which ara materiJ to the Charills activiti.es. At 1 January 202S Incomlng resources Resources expgnded Transfers At31 08combèr 2025 nne-Davies Fund Fabric Fund 196,290 87.815 7,491 11,983 12,9631 {9,7641 14.5271 196,291 90.034 284,105 19,474 {12,7271 14.5271 286,325 PrgvSous yèar.. At 1 January 2024 Incomlng Rosourca$ resourus expended Transfers At31 Dec•mber 2024 nne-D8vies Fund Fabric Fund 196.290 71,470 9,103 18,531 11.2131 12,1871 17,8891 196,291 87,814 267,760 27,634 13,4001 <7,8891 284, 105 21 Unrestrlcted funds The income funds of the eharily include the following designated funds which have been Gel aside out of endowrnenl fund5 by the Iruslees lor specific purposes.. At 1 January 2026 Incomlng ro$Ou8$ Resource8 èxpended Transfers At31 Dg¢ombgr 2026 General funds 183,670 112,224 1114.895 112,2881 168,711 Prevlous yoar. At 1 Janijary 2024 Incomlng resources Resources expended Trdn$fgrs At31 D•¢emb•r 2024 nne-Davis Fund Fabric Fund General funds 7,839 9,047 203,730 7,639 9,047 166,984 106, 129 (128,1171 114,758} 220.416 106,129 1128,1171 114,7581 183,670 -22-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY MAGDALEN, OXFORD ST. MARY MAGDALEN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 22 Rolat•d party transactlons The PCC received don81ions from the St Mary Magdalen Restoration and Development Trust. a Telated charity with Trustees in cornmon. Incotne reiVed during the year wa5 £24.30012024". £10,000). £14,300 of this was restricted to be used on the 950 anniversary project and the remainder was spent on charrtable actwits'es. 23 Penslon Scheme Sl Mary Magdalen (Oxford) PCC IPB 20141 participales in the pension builder scheme section of XWPF for lay staff. The Scherne is administered by the Church of England Pensions Board, which holds the assets of the schemes separ8tety from those of the St Mary M8gdalen PCC and the other partSclpaling employer5. The Church Workers Pension Fund ha5 8 Section known as the Defined Benefits Scheme, a deferred annuity section knowll as Pension Builder Classic and a cash balance section known a5 Pension Buildèr 2014 Pen$lon Bullder Scheme The Pension Builder Scheme of the Church Workers Pension Fund is made up ol Iwo sections, Pension Builder Classic and Pension Builder 2014. both of which 8re classed as defined benefit schemes. Pension Bulld9r dassic pmwdes a pension for members for payment from retirernent, accumulated from contributions paid and converted into a deferred annuity during eTnployment based on terms set and reviewed by the Church of England Pensions Board from time ¢0 time. Bonuses may also be added, depending on investment retums and other factors. Pension Builder 2014 is a C8sh balance Scheme that provides a lump surnp that members use lo provide benefits al retirement. Pension contributions are recorded in an account for each member. This account rnay have bonuses added by the Board before retirement. The bonuse5 depend on investment experience and other factors. There is no requirernent for the Board to grant any bonuses. The account, plus any bonu5e8 declared, is payable from members. Nomial Pension Age. There i8 no sub-division of 855ets belween ernployers in each section of the Pension Builder ScheTne. The scheme 15 a multiemployer scheme as described in section 28 for FRS 102. This is because il is not Possible to altribute the Pension Builder Scherne's assets and liabilities to spedfic employers and thal contributs'ons are accounted for as if the Scheme were 8 defined contribution scheme. The penslons costs charged to the SOFA in the year are contributions payable NIL12024.' NIL) A valuation of the Pension Bullder Scheme 15 carried out once every three years. The most recent W85 Carried out as at 31 December 2016. FOT the pension Builder Classics Section. the valuation revealed a deficit of £14.2 on the ongoing 8ssumptiDll5 used. At the rnost recent annual review, the Board o*ose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for the deficit payfnents at the current time. For the pension Builder 2014 section. the valuation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement foT deficit payments 81 the current time. The legal stnsclure of the scheme is such that if another employer fails, St Mary Magdalen (Oxford) PCC could become responsible for payin9 share of that employerfs pension liabiles. -23-