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 f￿M 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 appIl￿ble 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 a￿ompanIed 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$s￿l4ted with the parish, was launched in 2018 with
festival weekend and during 2019 published ils first book Love Makes no Sens&.' An Invitation lo Christian Theology
with SCM press. Thi5 has been very well received and sales have been highly encouraging. During 2021 a second book
Catechesis.. an Invitat￿ft to Living Faith was published, and a third book Love Makes Things Happen was published in
2022. An extremely successftJ5 series of internet publications has been maintained on the School web$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 PoI￿Y
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 fO￿ard 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 Un￿rtainty, èven when properly
maintained. Our insurance policies are reviewed every three years. Major capital projects aro undertaken only after
specific fundraising appeals and are unde￿ritten 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
p￿VentIOn 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 aCc￿dance 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 t￿e 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 End0v￿ent 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
Charita￿e 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 be￿een 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
rfjce￿ed. 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 depr￿latIOn 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 sou￿83 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 dOna￿on5 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 PrO1￿t
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 ac￿VItIeS (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
Dep￿CiatIon of owned tangible fixed 85sets
5,094
1,748
4,636
1,749
11 Trustses
No members of the PCC re￿ived 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 D￿ember 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 Resou￿0¥
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
RwOu￿08
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$Ou￿8$
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 re￿iVed 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 liabil￿es.
-23-