The Society of St Stephen's House Annual report and Financial Statements For the year ended 30 June 2025 Charity Registration Numbgr- 1177459 Company Registration Number. 11199178 Tho Soclety of Ststephen's Hou8• Annual Reportand Financial Statsments Contents INDEX PAGE Charity Infotmalion Tru5tees' Report Audilofs Report statement of Accounting Pdiraes 9-10 Statement of Finan￿81 ActivitEs Balance sheet Statement of Cash Fk)w5 13 Nol88 lo the Financial StaterÉnts 14-23 The SoGiety ofst Stephen's House Charity Infomiation For the year ended 30 June 2025 The Soaety of Sl Stephen's House Is a registered charity and a company limrted by guarantee. incorporatsd on 12 February 2018 and registered as a charty on the 7 March 2018. The assets and liabilities of the unincotporaied tharily 309693 The Society of Sl Stephen's House, formed by an indenture d¥led 16 August 1876 ¥nd enrolled in the High Court of Justice IChanc&ry Division), transferred to this new charity by deed of transfer on 1 July 2018. The previous tharty 309693 Is now a linked ch8rily renumbered as 1177459-1. Charity R￿l$tratiOn NumbÈr= 1177459 Address.. 16 Marston St￿t Oxford OX41JX Th8 House Council Tru5t88s'. + LrfeTIus1 Chairtnan.. The Rl Revd Dr Martin Warner. + Vice Chair.. Edward Dobson Es The Revd Canon Paul Armstead. The Rl Revd Jonathan B8ker + Mr John Booth DL resi ned 24 Se The Rt Worshipful Mora Ellis KC The Revd Canon Dr Robin Ward The Revd Dr Hatri Willi8Tn5 Princi The Revd Andreas Wenzel VictrPrin M$ Katie Hatrison The Revd Grant Naybr Mr Simon Bland laPWiThièd 17 FÉ￿r￿fV 20261 Mr Felix Trimbos I¥POint￿ 11 FÉbiuary2025. iérm al off￿￿•￿Pi￿d 17 FÉbruaty20261 Mr Ewan Gilling$ liérm ol 11 FÉbruaf¥20251 lerm ofofficeex Ired 18June 2025 ember2025 (exoF￿￿-1Efrn DfDffic8expir8d30Apn120251' BsEptEfflt¢r2L￿5l. rePra5E￿Ia1l￿Tr ITrustee8 are also Directors of the Limited Company The Finance and General Purptsses Committee= Trust8e mèmb&ts of the Committee are marked '21xp Advi$ors'. Bank.. Handelsbanken Oxford Wesl Way branch Seacourt Tower, 2nd Floor Wesl Way Botley Oxford OX2 OJJ Soliotor.. Stone lfjng 13 Queen Square Bath Avon BA1 2HJ Auditors.. W8nn Towns8nd 30 Sl Giles Oxford OX13LE The Society of St St¢ph¢n'$ Hou$¢ Trustee$. Report For the year ended 30 June 2026 The Trustee5 present their Annual Report. incorporating their DireGtor5' Report. forthe year ended 30 June 2025 under thè Charities Act 2011 and Companies Act 2006 t(￿ether with the audited financial statements for the year. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Tru8lees are responsible for preparing the annual report and the financial ststements in accordance with applicable United Kingdom law and with United Kingdom Gener311y Accepted Accounting Practices. Charity law requires the Trustees to prepare financial statemÈnts for each finanraal year whitj) give a true and fair vi of the charity'5 financial activities during the year snd of its financial position at the end of the yesr. In preparing these the Trustees are reqUI￿d to.. select suitable aGGQUnting poliGies then apply thetn con51StenUy, make judgements and estimates that are reasonable and prudent., follow appliGable oG¢ounting $tandar(l$ and the Charitie$ SORP. dis¢lo$ing and explaining any departures in the finanaal statements, and prepare the finanu81 ststements on the 90ing concern bssis unless it 15 inappropriate lo presume that the ¢harity will tontinue in operation. The Trustees are responsible for keeping accounting reGords that di$Glo$e. wth reaSona￿e awuraGy, the finanGial position of the charity at any tirrts, and lo enable them to ensure that the financial statements comply with charity law. They are also responsible for safeguarding the ass4s of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. REFeRENce AND ADMINISTRATIVE INFORMATION The Charity was founded in 1876 and was previously r4istered ￿th the Charity Commission under Charity number 309693. On 12 Febwary 2018, The Society of Sl. Stephen's House incorporated as a private company limited by guarantee 2nd regist&red as a charity on 7 March 2018. The assets and liabilities were transferred from th& unincorporated charity to thi5 limitecl company with effect from 1 July 2018. The House Council Member5 al the date of this report and of those in offi(* during the year, together with details of the senior staff 8nd advisers of tht Society, are sel out on page 3 of this report. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrniny Documtnts The charity is governed by its Mernorandum and Articles on incorporation on 12 February 2018 as arnended on 18 June 2018 and 13 Novetnber 2018. Governing Body The House Council, comprising all the Trustees. is the Society's governing body. It includes a stsff and a student pfftsentative and is supported by non-voting Staff and student memt*r8 at Its meetings. The House Council determines the ongoing strategic direction of the Society and ￿gUlateS its adminislralion and the Management of its finances and assets. It rneets eath terrn and is advised by the Finance General Purposes Sub-committee. New members of the House Council are appoint8d according to the terms set out In th8 Charity's Constitution for the various trAtegories of membership. after an appropriate audit of the govemante skill$ required. The Soclety of St Stephen's House Trustees. Report (Continued) For the year ended 30 June 2025 Reoruitment and training of Tru$tee$ The Trustees bi-annualty review their role and way of conducting business al a Iwo-day Residential. Individual Trustees take on specific responsibilities for the various areas of governance and cornplian￿ with the support of th8 Bursar. The PrinGipal sUPPOrts the Chairman regarding Trustee reGruittnent and House CounGiI tnembership. Romunoratlon of Trustses and S8nlor Colleg8 Staff The Trustees re￿1ve neither remuneration nor benefits from their Trusteeship of the Society. Those Trustees who are also employees of the Society receive remuneration for their work as employees of the Society. For Academic staff this 15 in accordan￿ With.￿ChrIe1d, sca￿ issued annually by the Finance Cotntnittee of the Ministry Division of the Church of England. Organisational Management The Society is managed by the House Counol. The House Council is also responsib￿ for setting and reviewing the core Oicies of the Society. These policies include a Safeguarding Policy incorporating the principles of the Church of England's Safeguarding Policy for children, young people and adults. IPromoting a Safer Church, 20171. The Health and Safety Poliw 1$ advised upon by Peninsula. and updated annually. The work of imp￿MentIng most of ils policie5 is carried out by the Finance and General Purposes Committee, which met six timès during the financial year. The day-ttrday running of the Souety Is delegated to the Principal, supported by hi5 stsff. Key management personnel are considered to be the Principal, Vice-Principal and Bursar. OBJECTIVES AND ACTIVITIES Charitsble Objects and Aims, Activities and Objectives The Society's objed is to fulfil its Èducational aims as set down in the Memorandum and Articles, being 'Yurthering the education and training of Gradustes of the Universities of Oxford and Cambridge and others prepsring for Mission Work abroad or for other Ministerial work in the Church of England or the Churches In communion with the Church of England 8nd for such other purpose5 as may tend to aid or further this gener81 object. The House Council hs5 considered the Charity Commission's guidan￿ on public benefit and in keeping with its objects, the Society's aims for th& public benefit are to train clergy for the Anglican Communion and to enable students to pursue gradu8te professional tr8ining 8nd academic research in Education. Theological Studies 8nd such related edutrational activities in the University of Oxford as are consonant with the Trust Deed. ACHIEVEMENTS AND PERFORMANCE The Society has furthered its charitable object this year as the educational home for 40 students. 14 ordinands for the Church of Engl8nd and 12 p05t orclin8tion candiclales have studied in a variety of ways through undergraduate and graduate courses at the UnivÈrsily of Oxford, programmes within St St&phÈn's House, and the Common Award programme validzted for the Church of England by the University of Durharn. The Society a150 welcorned five independent students and nine other University of Oxford stud&nts studying for higher degrees. Following the resignation of the Principal and the Senior Tutor, the House Coun¢il paid partiGular ernphasis to reviewing both roles and pl8cing recruitment to these p05ilions a high priority for its work. Following advertlsements. shortlisting and interviews. The Revd Dr Harri Wfilliams was appointed Principal 2nd Dr Euan Grant was appointed Senior Tutor in June 2025. FUNDRAISING The Society raises funds from students, alumni 8nd those using or visiting the site lo support it5 activities. This is done in a variety of ways including encouraging regular donations (for Èxample the 1876 Society). sales of merchandisè and periodic appeals for major projects. The Society has not re-appointecl lo the role of Development Director, Sin￿ thst role bècame vacant In December 2024. nor has It engaged the services of a commercial participator. No complaints were received during the year relsting to fundraising. The Soclety of St Stephen's House Trustees. Report (Continued) For the year ended 30 June 2025 FINANCIAL REVIEW Details of the financial perfom)anc& for the year are gn18n inthe Statement of Financial Activrties ISOFAI and the net assets are set out on the Ba18nce Sheet. Unrestricted net 8XP8nditur8 befor8 inv8slm8nt gains forthe year is £394,107 after a charge of £99,409 for buildings depreciation charge which is sèt againstthe maluation reserve. Donation Income In the year amounted to £181.384. Including £80,750 restricted donations. The Soci&ty Is grateful to the generous support of all 118 donors, wilhoul whom the work of the SoC￿ty could not continue. Reserv85 policy The reserves policy is lo rnaintain unrestricted reserve al a level equivalent to 3t least three months, operating costs. Unrestricted funds at 30 June 2025 amount8d lo £13.8 million as shown in Note 13 to the accounts. However. the vast tnajority of these funds are currently lied up in tangible fixed assets 3nd property investments Inel of long-term Iiabilitiesl, with only £255k free reserves at 30 June 2025. These free reserwes currently represent less than the tary&t unrestricted reseTve ststed in the policy. However, the Trustees remain content that the charity ha5 substantial nel assets with realisablÈ other investments amounting to £75k and significant property assets in excess of thos& needed for ch3ritable oper3tions. Further informalion Gan be found in the Going Concern 5edion on page 9. Rlsk management The House coun￿1. through the Finan￿ and General Purposes Committee, keeps under review the major risks faced by the Society.The risks are categorised under eight separate typès with impacvprobability stoffts for each one and a record kept of action either needed or tsken lo rnanage and mitigate these risks. The types of risk considered are in the areas of strategy, organisation, students, staff, buildings. financial control, information and IT provision. and provision of servi￿. At the operational level, risk as8e8sments are used to manage the risks associsted with all significant activities. Investsnent pollcy, obj8Ctives and perfomianca The investment portfolio is overseen by the Finan￿ and General Purpose8 comrnitlee. Funds are invested in M&G Charifund units and the investment properties of the charity in Oxford. Withdrawals amounting to £450k were made from the M&G Charifund in the year. The value of investments 8t 30 June 2025 held in M&G Charifund was £75k and in investrllent propertie$ wa$ £4.523k. Investment income for the year is set out in Note 3 to these a¢¢ounts and any capital movements are Sel out in Note5 8 and 9. FUTURE PLANS UndÈr the lead@￿hIp of th& new Principal, significant work and energy has been dtsignated towards the recruitment of ordin3nds to the coll￿e. with an antiGipated growth in candidates for the corning ye3rs. Through Gollaboration with rèsearch fellows of th8 College, and approv81 by the Ministry Development Board, a new pathway will b& opened at St Stephen's House. the MA in Canon Law. This Mrill fortn part of the establishment of an Institute for Canonical Studies, which It is hoped will broadtn the appeal of the College to the wider life of th& Church Df England and of the Anglican Communion. Approved by th& House Council on 8 March 2026 and signed on ils behalf by.. The RlghtRever8nd Dr Martln Wamer Bishop of Chichestsr Chairnian of the Council The Society of St Stephen's Hous8 Independent Auditor's Report to the Members of th8 Society of St Stephen's House For the year ended 30 June 2025 Oplnlon We have audited the financial statements of The Society of St stephen's House Ithe 'charitable company I for the year ended 30 June 2025 which Comprise th& Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows, and notes lo th& financial statements, Including significant aceounling policies. The financial reporting framework that has been applied In their preparation 18 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi81 R8porting St8nd8n$ 8pplicabl8 In the UK 8ndR8ptsblic of Irelancl (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's 8ffairs as at 30 June 2025, and of Its incoming resources anLI application of reSoU￿s, including ils income and expenditure, for the year then ended., have been propedy preparecl in accordan￿ with Unitecl Kingdorn Generally A￿pted Accounting Practi￿". and have been prepared in aGcord3nGe with the requirements of the Companies AGI 2006. Basis for opinion We conducte(l our sudil in accord8nce with International Stsndsrds on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those 5tand3rds are further described in Ihe auditor responsibilities for the audit of the financi31 statements section of our report We are independent of the charitable cotnpany in accordan￿ with the ethical requirements that are relevant to our audit of the financial slaternents in the UK, including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden¢e we have obt3ined is suffiGient 3nd appropriate to provide a basis for our opinion. Material uncertainty related to going contem We draw attention to the attounting policies note'going ¢oncern' in the financial statements on pagè 9. whi¢h indi¢ates that the free rese￿eS balance is under £255k at 30 June 2025. and that ¢ontinued defiGits are fore¢a$t for 2025126 2026127. meaning that free reserves would be extinguished within that timeframe without the fftalisation of property assets or additional loan finance secured against prop&rty assets. As stated in the accounting Policies note, these events or conditions. along with other Matte￿ as set forth in the note pertaining to going contem in that section, Indicate that a material uncertainty exists that may cast significant doubt on the company s ability to continue as a going concern. Our opinion Is not modified In rèspect of this matter. In auditing the financial statements. we have concluded that the Trustees. use of th& going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and th8 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Trustees, annual report. other Ihsn the financial statements and our auditorfs report Ihereon. The Trustees are responsible for the other information contained within the annu81 report. Our opinion on the financial ststements does not cover the other Information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance condu510n thereon. Our responsibility is to re8d the other information and, in doing so. consider whether the other information is rn8terially inconsistent with the fin8ncial st8temenls or our knowleLlge obtained in the course of the audit or otherwise appears to be m8teri8lly misstated. If we identify such material inconsi5tencie5 or apparent material mis5tatemenls. we are required lo determine whether thi5 give5 rise to a material mi5slaternent in the financial ststements themselves. If. based on the work we have perfomed, we conclude that there is a material misslalernent of thi5 Other inforrn8tion, we are required to report that fact. We have nothing to report in this regard. Opinions on other mallers pre$Gribed by the Cornpanie5 Act 2006 In our opinion, based the work undertaken in the course of the audit". the inforrnation given in the Trustees. report (incorporating the d1￿CtOrS. ￿port) for the finan¢ial year for which the financial $tatemenl$ 3re prepared is wnsislent with the finanGial statetnents". and the directors, fftport has been prepared in accordance with applicable legal requirements. Matters on whlch wè are requlred to rèport by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements In the directors, report. We have nothing to report in respect of the following matters in r&lation to which the Companies Act 21K￿ requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not teen received from branches not visited by us., or the financial st8tementS 8re not in agreement with the accounting ￿CordS and returns,. or rtsin clisclosure5 of director5, rernuneration specifiecl bylaw are not macle, or we have not reGeived all the infomiation and explanations we require for our audit, or the Trustee5 were not entitled to prepare the financial 51alements in zccordance with the small cotnpanies, regime and take advant3ge of the small Gotnpanies, exemption$ in preparing the director5, report and frorn the requiretnent to prepare 3 strategic report. The Society of St Stephen's Hous8 Independent Auditor's Report to the Members of th8 Society of St Stephen's House For the year ended 30 June 2025 R8spon81bllltfies of Trustse8 As explained more fully in the Trustees, responsibilities statement sel out on page 4, the Trustees (who are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the fITran￿al statements and for being satisfied that they give a true and fair view, and for such internal control ss the Trustees determin8 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prep8ring the financisl ststements, the Trustees 8re responsible for assessing the charitable company's 8bility to continue as a going concern, disclosing. as applicable. matters related lo going concern and using the going concern b85is of accounting unless the Trustees either intend to liquidate the charitable company or to ￿sse operations, or have no realistic alternative but to do so. Auditor re5pon5ibilities for the audit of the financial statements Our objectives 3re to obtain reasonable assur3nce about whether the financial staternents as a whole are free frotn rnaterial nii5ststement. whether due to fraud or error. and to 155ue an auclitorfs report that include5 our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordan￿ with ISAS IUKI will always detect a tnaterial misstatement when it exists Misstaternents Can arise frorn fr2ud or error and are considered rnateri31 if. Individually or in the aggregate, they could rea50n3bly be expethd to influence the eGonornic derisions of use tsken on the basis of these financial statements. Irregularities. intluding fraud, a￿ instances of nDn4ompliance with law$ and regulations. Vve design procedures in line with our responsibilities, outlined above. to deteu tnateriol tnisstalements in re$peGt of i[r￿Ul)ritIes. induding fraud. The extent to which our procedures are tapable of detecting irr￿Ularities, Including fraud is dètailed below". Enquiry of management. those charged with governance and the entity's solicitors around actual and potential litigation and claims-. Enquiry of entity staff in tax and cunpliance functions to identify any Instances of non-compliance with laws 8nd r8gulations'. Reviewing minutes of meetings of those charged with governance., Reviewing financial slalement disclosures and testing to 8UPPOrting documentation to SS8es8 Complian￿ with 8pplicable18ws ancl regulations., PerfoTrning audit work over the risk of rnan3getnent override of controls, induding testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent litnitstions of an audit, there is 3 risk that we will not delect all irregularitie5. including those1eading to 3 material misstatement in the financial statements or non-compliance with regulation. This risk increases the rnore that compliance with a law or ￿gulatIon 15 removed from the events and trzn5actions reflecte(l in the financial statements. as we will be less likely to beGQtne aware of instances of nonn S¢heme. The$es¢hemes are hybrid pension sthetnes. providing defined benefits (for tnetnbersl, as well as defined contribution benefits.The assets ofthe scheme5 sreeach held in a sep8r8te trustee-administered fund. Because of the mutual nature of the schemes. the assets are not sttribuled to individual College8 and scheme-wide contribution rates are 8et. The Society 18therefore exposed to actuarial risks associated with other Universities and College employees and Is unable to Identify It8 shart of the underlying assets and liabilities ofthe scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102"Employee bènefits the Society therefore actountsforthe sd)emes as If they were wholly defined contribution schemes. As a result, the amount charged tothe profit and loss account rèpresents t Gonlributions pay3ble to each scheme. Since the SoGiety has entered into agreetnents (the ReGovery Plans) th3t determine how each employer within the schemes will fund the overall defitit. the Society recognises a liabilityforthe Gonlributions payablethat arisefrom the agreetnenls Itothe extent that they ￿latet0 Ihe defiGItI and therefore an expense 1$ re￿￿￿e￿. ## **The Society of St Stephen's House Statement of Financial Activities** ## **(including income and expenditure account) For the year ended 30 June 2025** **----- Start of picture text -----**
Unrestricted Restricted 2025 2024
Funds Funds Total Total
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential 1 564,405 - 564,405 637,246
Donations and legacies 2 120,634 60,750 181,384 456,618
Investments
Investment income 3 308,541 6,550 315,091 29,888
Other income
Concert and other event income 182,799 - 182,799 132,320
Other rents and property income 331,296 - 331,296 545,055
Other income 2,288 - 2,288 10,267
Total income 1,509,963 67,300 1,577,263 1,811,394
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential 4 1,659,781 66,988 1,726,769 1,873,903
Generating funds:
Fundraising 4 11,306 - 11,306 20,459
Investment management costs 4 40,364 - 40,364 -
Other expenditure 4 192,619 - 192,619 137,145
Total Expenditure 4 1,904,070 66,988 1,971,058 2,031,507
Net Income/(Expenditure) before gains/(losses) (394,107) 312 (393,795) (220,113)
Net gains/(losses) on investments 9 7,638 - 7,638 16,772
Net Income/(Expenditure) (386,469) 312 (386,157) (203,341)
Transfers between funds 13 - - - -
Other recognised gains/losses
(Losses) on revaluation of fixed assets - - - (1,144,938)
Gains on revaluation of loans - - - 136,942
Actuarial gains on defined benefit pension schemes - - - -
Net movement in funds for the year (386,469) 312 (386,157) (1,211,337)
Fund balances brought forward 13 14,167,170 496,103 14,663,273 15,874,610
Funds carried forward 13 13,780,701 496,415 14,277,116 14,663,273
**----- End of picture text -----**
11 ## **The Society of St Stephen's House Balance Sheet** ## **As at 30 June 2025** **----- Start of picture text -----**
2025 2024
Notes £ £
FIXED ASSETS
Tangible assets 7 12,140,673 12,267,552
Property investments 8 4,523,000 4,523,000
Other Investments 9 74,519 516,881
Total Fixed Assets 16,738,192 17,307,433
CURRENT ASSETS
Stocks 1,834 1,111
Debtors 10 211,698 191,285
Cash at bank and in hand 516,078 287,473
Total Current Assets 729,610 479,869
LIABILITIES
Creditors: Amounts falling due within one year 11 (475,025) (408,368)
NET CURRENT ASSETS/(LIABILITIES) 254,585 71,501
TOTAL ASSETS LESS CURRENT LIABILITIES 16,992,777 17,378,934
CREDITORS: falling due after more than one year 12 (2,715,661) (2,715,661)
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR LIABILITY 14,277,116 14,663,273
TOTAL NET ASSETS/(LIABILITIES) 14,277,116 14,663,273
FUNDS OF THE COLLEGE 13
Restricted funds 496,415 496,103
Unrestricted funds
General funds 3,650,354 3,937,414
Revaluation reserve 10,130,347 10,229,756
14,277,116 14,663,273
**----- End of picture text -----**
The financial statements were approved and authorised for issue by the House Council of The Society of St Stephen's House on 6 March 2026 **The Right Reverend Dr Martin Warner Bishop of Chichester Chairman of the Council** 12 ## **The Society of St Stephen's House Consolidated Statement of Cash Flows For the year ended 30 June 2025** **----- Start of picture text -----**
2025 2024
Notes £ £
Net cash (used in) operating activities 18 (528,757) (150,194)
Cash flows from investing activities
Dividends, interest and rents from investments 315,091 29,888
Purchase of property, plant and equipment (7,729) (10,117)
Proceeds from sale of investments 450,000 -
Net cash provided by investing activities 757,362 19,771
Change in cash and cash equivalents in the reporting period 228,605 (130,423)
Cash and cash equivalents at the beginning of the
reporting period 287,473 417,896
Cash and cash equivalents at the end of the reporting
period 19 516,078 287,473
**----- End of picture text -----**
13 ## **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **1 INCOME FROM CHARITABLE ACTIVITIES** |**Teaching, Research and Residential**
Unrestricted funds
Educational income
Student residential income
Summer schools/conferences income
**Total Teaching, Research and Residential**
**DONATIONS AND LEGACIES**
**Donations and Legacies**
Unrestricted funds
Restricted funds
**INVESTMENT INCOME**
**Investment income**
Investment property income
Other investment income
**ANALYSIS OF EXPENDITURE**
**Charitable expenditure**
**Teaching, research and residential:**
Academic, premises, catering and other direct costs
Domestic administration costs
Depreciation
Property loan interest
Governance costs
Note 5
**Total charitable expenditure**
**Expenditure on raising funds**
**Fundraising**
**Investment management costs -**property
**Other costs of generating funds**- concert and other event costs
**Total expenditure on raising funds**
**Total expenditure**|**2025**
**£**
301,499
125,872
137,034
**564,405**
**2025**
**£**
120,634
60,750
**181,384**
**2025**
**£**
288,052
27,039
**315,091**
**2025**
**£**
1,218,794
317,127
134,608
45,767
10,473
**1,726,769**
11,306
40,364
192,619
**244,289**
**1,971,058**|2024
£
285,369
156,267
195,610
**637,246**
2024
£
123,359
333,259
**456,618**
2024
£
-
29,888
**29,888**
2024
£
1,328,836
251,712
248,481
35,855
9,019
1,873,903
20,459
-
137,145
157,604
2,031,507| |---|---|---| **2 DONATIONS AND LEGACIES** ## **3 INVESTMENT INCOME Investment income** - **4 ANALYSIS OF EXPENDITURE** ## **5 AUDITOR'S REMUNERATION** |**Governance costs:**
Auditor's remuneration - audit services
Auditor's remuneration - audit services re prior year
Auditor's remuneration - year end accounting services
Note 4
**Included within Domestic administration costs in Note 4:**
Auditor's remuneration - other accounting services|**2025**
**£**
6,215
950
3,308
10,473
37,238
**47,711**|2024
£
5,879
-
3,140
9,019
28,590
37,609| |---|---|---| 14 ## **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **6 STAFF COSTS** |The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension contributions
The average number of employees of the College, excluding Trustees,
was as follows.
Total|**2025**
**£**
**657,530**
**43,640**
**80,113**
**781,283**
**2025**
**25**|2024
£
509,130
41,956
79,980
631,066
2024
24| |---|---|---| No employee earned over £60,000 in the year other than the trustee disclosure in Note 15. The above salaries and wages costs for 2025 includes contractual and statutory entitlement payments in respect of role restructuring and cessation of a non-core activity, for relevant employees whose contracts ended in the year. These amounted to a total of £93,778, of which £8,243 is included in creditors at the year end. ## **7 TANGIBLE FIXED ASSETS** |**Cost or valuation**
At start of year
Additions
**At end of year**
**Depreciation and impairment**
At start of year
Charge for the year
**At end of year**
**Net book value**
**At end of year**
**At start of year**|Freehold
land and
buildings
£
12,120,000
-
**12,120,000**
-
99,409
**99,409**
**12,020,591**
**12,120,000**|Fixtures,
fittings and
equipment
£
804,299
7,729
**812,028**
656,747
35,199
**691,946**
**120,082**
**147,552**|**Total**
**£**
**12,924,299**
**7,729**
**12,932,028**
**656,747**
**134,608**
**791,355**
**12,140,673**
**12,267,552**| |---|---|---|---| External valuers, Carter Jonas, Chartered Surveyors and Property Consultants, valued the freehold property (and investment property in note 8) at August 2024 and this amount is reflected in the revaluations at 30 June 2025. Their valuation was prepared in accordance with the R.I.C.S. Appraisal and Valuation Standards. Buildings associated with equity sharing loans (note 12) have been included at their undepreciated fair value. ## **8 PROPERTY INVESTMENTS** |Valuation at start of year
Revaluation gains/(losses) in the year
Transfer from/(to) tangible fixed assets (note 7)
**Valuation at end of year**|**2025**
**Total**
**£**
**4,523,000**
**-**
**-**
**4,523,000**|2024
Total
£
994,252
(21,252)
3,550,000
4,523,000| |---|---|---| The valuation details are shown at the foot of note 7. 15 **The Society of St Stephen's House Notes to the financial statements** **For the year ended 30 June 2025** ## **9 OTHER INVESTMENTS** All investments are held at fair value. |**Fixed asset investments**
Valuation at start of year
Withdrawals - sales proceeds
Increase in value of investments
**Fixed asset investments at end of year**
The investments represent units held in an UK equities fund.
**DEBTORS**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
Other debtors
**CREDITORS: falling due within one year**
Trade creditors
Taxation and social security
Other creditors
**CREDITORS: falling due after more than one year**
Church Commissioners Equity Sharing Loan
ACOCF loan
Bank loans|**2025**
**£**
**516,881**
**(450,000)**
**7,638**
**74,519**
**2025**
**£**
**106,436**
**67,785**
**37,477**
**211,698**
**2025**
**£**
**242,960**
**19,557**
**187,848**
**475,025**
**2025**
**£**
**1,185,440**
**1,030,221**
**500,000**
**2,715,661**|2024
£
478,857
-
38,024
516,881
2024
£
82,874
60,550
47,861
191,285
2024
£
170,286
22,150
215,932
408,368
2024
£
1,185,440
1,030,221
500,000
2,715,661| |---|---|---| ## **10 DEBTORS** ## **11 CREDITORS: falling due within one year** ## **12 CREDITORS: falling due after more than one year** An equity sharing loan of £187,000 was advanced by the Church Commissioners to fund 95.6% of the purchase of 36 James Street, Oxford. (The initial interest rate was 3% and moves annually in line with RPI.) The amount repayable upon the sale of the property is the greater of £167,000 and 95.6% of the sale value. The market value of the property is £1,240,000 and hence the fair value of the loan is £1,185,440. The fair value of the loan, where greater than £167,000, is therefore by definition at all times fully offset by the associated asset and does not affect the net asset value of the Society. The ACOCF loan is a long term loan of £67,191, at a rate of 0.1% interest per annum secured on part of the property at 16 Marston Street, Oxford. On repayment, there is an additional equity share element to repay, being 33.6% of any increase in the value of the asset. Hence the loan has been included in the financial accounts at the fair value of £1,030,221. The value of the associated asset has also been included at undepreciated fair value. The Handelsbanken bank loan was taken out in December 2020 to fund the re-finance of 23 James Street, Oxford. The loan repayment date has been renegotiated for an additional year, to fall due on 7 December 2026. 16 ## **The Society of St Stephen's House Notes to the financial statements** **For the year ended 30 June 2025** ## **13 ANALYSIS OF MOVEMENTS ON FUNDS** |**13**
**ANALYSIS OF MOVEMENTS ON FUNDS**||||||| |---|---|---|---|---|---|---| |**Restricted Funds**
Community of The Servants of the Cross Fund
M Ramsey Fund
The Organ Fund
The Armorial Fund
Summer School Fund
USA - St Stephen's House 'In Residence'
USA - Fund for Study Leave
USA - Fund for Graduate Studentships
Ascott Priory: Edward King Centre Adminstrator Fund
Friday Charitable Trust: Edward King Centre Fund
SJE funds
ACOCF: Academic Stipend Fund
Fellowship of St John - Benson Scholarship
**Total Restricted Funds**
**Unrestricted Funds**
General funds
Revaluation reserve
**Total Unrestricted Funds**
**Total Funds**
**14**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**2025**
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
**2024**
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities|At 1 July
2024
£
168,384
3,988
32,175
10,100
6,426
13,000
15,000
41,156
18,724
187,150
-
-
-|Incoming
resources
£
-
-
-
-
-
-
-
-
-
6,550
3,750
30,000
27,000|Resources
expended
£
-
(3,988)
-
-
-
-
-
-
-
(2,250)
(3,750)
(30,000)
(27,000)|Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-|Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-|**At 30 June**
**2025**
**£**
**168,384**
**-**
**32,175**
**10,100**
**6,426**
**13,000**
**15,000**
**41,156**
**18,724**
**191,450**
**-**
**-**
**-**| ||496,103|67,300|(66,988)|-|-|**496,415**| ||3,937,414
10,229,756|1,509,963
-|(1,804,661)
(99,409)|-
-|7,638
-|**3,650,354**
**10,130,347**| ||14,167,170|1,509,963|(1,904,070)|-|7,638|**13,780,701**| ||14,663,273|1,577,263|(1,971,058)|-
Unrestricted
Funds
£
12,140,673
4,101,104
-
254,585
(2,715,661)
13,780,701
Unrestricted
Funds
£
12,267,552
4,523,000
20,778
71,501
(2,715,661)
14,167,170|7,638
Restricted
Funds
£
-
421,896
74,519
-
-
496,415
Restricted
Funds
£
-
-
496,103
-
-
496,103|**14,277,116**
**2025**
**Total**
**£**
**12,140,673**
**4,523,000**
**74,519**
**254,585**
**(2,715,661)**
**14,277,116**
**2024**
**Total**
**£**
**12,267,552**
**4,523,000**
**516,881**
**71,501**
**(2,715,661)**
**14,663,273**| 17 **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **15 TRUSTEES' REMUNERATION** Neither the trustees nor persons connected with them received any remuneration from the Society, except as below. Expenses for travel to meetings of £658 (2024: £1,630) and an officers' insurance (estimated apportioned cost: £2,800 plus insurance premium tax, 2024: £2,800) have been paid by the Society during the year. The Principal and staff representative on the Council are trustees of Society but receive remuneration only in respect of their academic roles. |The amounts involved are:|**2025**|2024| |---|---|---| ||**£**|£| |Principal|**125,322**|48,167| |Staff representative|**41,024**|40,475| Remuneration is calculated as gross pay and employer pension contributions. The above remuneration disclosure for 2025 includes non-recurring payments in respect of contractual entitlements relating to the transition in the Principal role. ## **16 KEY MANAGEMENT REMUNERATION** The total remuneration paid to key management was £268,132 (2024: £189,405). Remuneration is calculated as gross pay, employer pension contributions and employer national insurance contributions. Key management are considered to be the Principal, Vice Principal and the Bursar. 18 **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **17 PENSION SCHEMES** Fund (CWPF) and the University of Oxford Staff Pension Scheme (OSPS). ## **Church of England Funded Pension Scheme (CEFPS)** The Society of St Stephen's House participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies. Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends. to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activities in the year are contributions payable towards benefits and expenses accrued in that year. A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions: An average discount rate of 2.7% p.a.; RPI inflation of 3.6% p.a. (and pension increases consistent with this); CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards; Increase in pensionable stipends in line with CPIH; Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%). Following the 31 December 2018 valuation, a deficit recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) were as set out in the table below. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022. Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was in surplus. **Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 30 June 2025 is nil.** The legal structure of the scheme is such that if another Responsible Body fails, The Society of St Stephen's House could become responsible for paying a share ## **Church Workers Pension Fund (CWPF)** Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has two sections: 1. the Defined Benefits Scheme 2. the Pension Builder Scheme, which has two subsections; - (a) a deferred annuity section known as Pension Builder - (b) a cash balance section known as Pension Builder 2014. ## _Pension Builder Scheme_ Both sections of the Pension Builder Scheme are classed as defined benefit schemes. _Pension Builder Classic_ provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. _Pension Builder 2014_ is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension The pensions costs charged to the Statement of Financial Activities in the year are the contributions payable. A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. The next valuation is due as at 31 December 2025. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. **There is no requirement for deficit payments at the current time.** For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. **There is no requirement for deficit payments at the current time.** 19 **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **University of Oxford Staff Pension Scheme (OSPS)** The University of Oxford Staff Pension Scheme (OSPS) is a multi-employer hybrid scheme set up under trust and sponsored by the University. It is the pension scheme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined contribution basis. Members who joined before 1st October 2017 build up benefits on a career average revalued earnings basis. The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30 September 2023. Hence no deficit provision is required in these financial statements. The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund /other statutory levies. The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents **----- Start of picture text -----**
OSPS
Date of valuation: 31/03/2022
Value of liabilities: £914m
Value of assets: £961m
Funding surplus / (deficit): £47m
Principal assumptions used by actuary:
Rate of interest (periods up to retirement) Gilts +2.25%
Rate of interest (periods after retirement) Gilts +0.5%
Break-even RPI curve less
RPI 0.5% pa pre-2030 and 1.0%
pa post-2030
RPI inflation assumption less
CPI 1% pa pre-2030 and 0.1% pa
post-2030
Pensionable Salary increases RPI +pa
Funding ratios:
· Technical provisions basis 105%
· 'Buy-out' basis 62%
Non-financial assumptions:
Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - base table Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
improvements Pensioners: 105% of standard S3PxA medium tables for both males and females
16.5% DB for members from 01/10/2023
pensionable salaries): 10% /12% /14% DC members in relation to 4% /6% /8% cost plan - from 01/10/2023
Effective date of next valuation: 31/03/2025
**----- End of picture text -----**
## **Pension charge for the year** The pension charge recorded by the Society during the accounting peiod (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows: |**Scheme**
CEFPS
CWPS
OSPS
Other
Total|**2025**
£
13,030
23,016
44,066
0
**80,113**|**2024**
£
17,390
27,765
33,440
1,385
**79,980**| |---|---|---| 20 ## **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **18 RECONCILIATION OF NET INCOMING RESOURCES TO** |**RECONCILIATION OF NET INCOMING RESOURCES TO**||| |---|---|---| |**NET CASH FLOW FROM OPERATIONS**
**Net (expenditure)**
Elimination of non-operating cash flows:
Investment income
(Gains) in investments
Depreciation
(Increase)/decrease in stock
(Increase) in debtors
Increase/(decrease) in creditors
Release of provision
**Net cash (used in) operating activities**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash at bank and in hand
**Total cash and cash equivalents**|**2025**
**£**
(386,157)
(315,091)
(7,638)
134,608
(723)
(20,413)
66,657
-
**(528,757)**
**2025**
**£**
**516,078**
**516,078**|2024
£
(203,341)
(29,888)
(16,772)
248,481
327
(3,549)
(143,505)
(1,947)
(150,194)
2024
£
287,473| |||287,473| ## **19 ANALYSIS OF CASH AND CASH EQUIVALENTS** ## **20 RELATED PARTY TRANSACTIONS** Trustees' remuneration is disclosed in Note 16. Donations received from Trustees amounted to £261 in the year. The Charity also received grants of £27,000 from the Fellowship of St John, which has one trustee in common with the Charity. ## **21 CONTINGENT LIABILITIES** On 17 July 2006 a grant to The Society of St. Stephen's House of £32,000 orginally made by The Central Board of Finance of the Church of England was assigned to The Archbishops' Council. The grant is repayable if The Society of St Stephen's House ceases to be recognised for ordination training by the House of Bishops. 21 **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **22 ADDITIONAL PRIOR YEAR COMPARATIVES** ## **(a) Comparative Statement of Financial Activities ("SOFA")** The comparative SOFA for the year ended 30 June 2024 is presented below: |**INCOME AND ENDOWMENTS FROM:**
**Charitable activities:**
Teaching, research and residential
**Donations and legacies**
**Investments**
Investment income
**Other income**
Concert and other event income
Other rents
Other income
**Total income**
**EXPENDITURE ON:**
**Charitable activities:**
Teaching, research and residential
**Generating funds:**
Fundraising
Other expenditure
**Total Expenditure**
**Net Income/(Expenditure) before gains**
Net gains/(losses) on investments
**Net Income/(Expenditure)**
**Transfers between funds**
**Other recognised gains/losses**
Losses on revaluation of fixed assets
Gains on revaluation of loans
Actuarial gains/(losses) on defined benefit pension schemes
**Net movement in funds for the year**
Fund balances brought forward as previously stated
**Funds carried forward at 31 July**|Unrestricted
Funds
£
637,246
123,359
29,888
132,320
545,055
10,267
**1,478,135**
1,746,518
20,459
137,145
**1,904,122**
**(425,987)**
16,772
**(409,215)**
5,000
(1,144,938)
136,942
-
(1,412,211)
**15,579,381**
**14,167,170**|Restricted
Funds
£
-
333,259
-
-
-
-
**333,259**
127,385
-
-
**127,385**
**205,874**
-
**205,874**
(5,000)
-
-
-
200,874
**295,229**
**496,103**|**2024**
**Total**
**£**
**637,246**
**456,618**
**29,888**
**132,320**
**545,055**
**10,267**
**1,811,394**
**1,873,903**
**20,459**
**137,145**
**2,031,507**
**(220,113)**
**16,772**
**(203,341)**
**-**
**(1,144,938)**
**136,942**
**-**
(1,211,337)
**15,874,610**
**14,663,273**| |---|---|---|---| 22 ## **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2025** ## **b) Comparative fund movements** The comparative movement on funds for year ended 30 June 2024: |**Restricted Funds**
Community of The Servants of the Cross
M Ramsey Fund
The Organ Fund
The Armorial Fund
The Pye Settlement
Summer School Fund
USA - St Stephen's House 'In Residence'
USA - Fund for Study Leave
USA - Fund for Graduate Studentships
Ascott Priory: Edward Kind Centre Administrator Fund
Friday Charitable Trust: Edward King Centre
Salix Grant
Cleaver Trust: Academic Stipend Fund
ACOCF: Academic Stipend Fund
**Total Restricted Funds**
**Unrestricted Funds**
Designated funds
General funds
Revaluation reserve
Pension reserve
**Total Unrestricted Funds**
**Total Funds**|At 1 July
2023
£
168,384
3,988
32,175
10,100
5,000
6,426
13,000
15,000
41,156
-
-
-
-
-|Incoming
resources
£
-
-
-
-
-
-
-
-
-
18,724
187,150
85,385
12,000
30,000|Resources
expended
£
-
-
-
-
-
-
-
-
-
-
-
(85,385)
(12,000)
(30,000)|Transfers
£
-
-
-
-
(5,000)
-
-
-
-
-
-|Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-|**At 30 June**
**2024**
**£**
**168,384**
**3,988**
**32,175**
**10,100**
**-**
**6,426**
**13,000**
**15,000**
**41,156**
**18,724**
**187,150**
**-**
**-**
**-**| |---|---|---|---|---|---|---| ||295,229|333,259|(127,385)|(5,000)|-|**496,103**| ||1,166,147
2,834,005
11,581,176
(1,947)|-
1,478,135
-
-|(1,166,147)
(533,440)
(206,482)
1,947|-
5,000
-
-|-
153,714
(1,144,938)
-|**-**
**3,937,414**
**10,229,756**
**-**| ||15,579,381|1,478,135|(1,904,122)|5,000|(991,224)|**14,167,170**| ||15,874,610|1,811,394|(2,031,507)|-|(991,224)|**14,663,273**| 23