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2021-12-31-accounts

Charity registration number 1190385

PUSEY HOUSE CIO

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

PUSEY HOUSE CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees The Revd Canon Dr Robin Ward
Mrs E Gregory
The Revd J Beswick
Mr P Hatt
Mrs M Jones
Dr N Aston
The Revd K Krecji
The Rt Rev M Langrish
Dr J Cooper (Appointed 25 June 2022)
Mr M Chinery (Appointed 12 March 2022)
Mr A Woodcock (Appointed 12 March 2022)
The Rev P Thomas (Appointed 12 March 2022)
Charity number 1190385
Registered office Pusey House
St. Giles
Oxford, OX1 3LZ
Auditor Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Bankers Lloyds Bank plc
Barclays Bank plc
Solicitors Winckworth Sherwood
16 Beaumont Street
Oxford OX1 2LZ

PUSEY HOUSE CIO

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 8
Statement of financial activities 9 - 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 28

PUSEY HOUSE CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The CIO’s objects are:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The key objective of the charity is “to perpetuate the memory of Dr Pusey by affording religious help and counsel to members of the University, and by promoting Theological Study and Holiness of Life." This is achieved financially by means of the stipends allocated to the members of the Chapter.

Achievements and performance

The Chapter continued the work of engaging with the academic and spiritual life of the University, and providing a “house of sacred learning” where worship and lecture programmes; study and confession; social events and work with those in need, sit alongside one another on a daily basis.

The House maintained its round of worship, study and pastoral activity, throughout the year, despite the various restrictions caused by Covid-regulations. Alongside those worshipping on site in the Chapel of the Resurrection, live-streaming of Sunday and some week-day services continued until the summer. The Steward Karen Westhaver led and taught a weekly Sunday school meeting during mass (after the Gospel, until the Offertory or Sanctus) in the Ursell room. For the first-time the House maintained Sunday and Wednesday masses all through the long-vacation. This was much appreciated by members of the congregation and visitors. It also meant that Michaelmas term started with more energy and an established congregation. The Scriptorium programme resumed usual prepandemic functioning with daily communal lunches and hospitality in the Hood Room in Michaelmas Term.

With the oversight and encouragement of the Librarian and Archivist Jessica Woodward, library use grew throughout the year as Covid-restrictions decreased. Project Cataloguer Philippa Taney resigned from her role in July, after two and a half years of excellent work for the Library, to become the full-time Librarian and Archivist at St Cross College. Her replacement, Monika Newcomb, joined us in July.

In Michaelmas of 2021 a new team joined the House over the summer of 2021. After four-years in post, Richard Keeble handed on Sacristan duties to Harry Spain. Jim Fellows became our organist working with David Bannister, our Director of Music. Jack Nicholson and Alex Fels completed their work as interns, and Jack Chisnall and Clinton Collister joined the House as interns in September. Jack also oversaw the work of Scriptorium, while Clinton’s efforts focused on catechetical groups. The Rev’d James Mosher moved from being an intern to serving as parttime assistant chaplain. All these served as members of the Greater Chapter. The Chapter consisting of the Principal, the Revd Dr George Westhaver, the Chaplain, the Revd Mark Stafford, and the Barry Lay Academic Fellow, Dr Jonathan Price.

The fundraising activities across the year successfully raised funds in excess of our budgeted expectations.

PUSEY HOUSE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

Income from all sources in the year totalled £541,481. The net movement on funds for the year amounted to an increase of £960,529 after taking into account a gain of £128,598 on revaluation of the investment portfolio and £700,000 revaluation gain on freehold properties.

. The freehold properties, which are vested in the Official Custodian for Charities, are not held primarily as investment assets, and are shown at their current market valuation.

Investment performance was satisfactory, with a level of income being achieved in accordance with expectations. There was an increase of 10% in the value of investments over the year, which was consistent with market performance in the year.

The Trustees have identified the maintenance of a sound capital base as their main investment objective. Net income is retained within reserves. These are reinvested where possible in order to secure the income necessary to maintain the ministry of Pusey House. As at 31 December 2021 the charity has total funds of £6,145,579 of which £51,451 were endowment funds, £627,333 restricted funds and £5,466,795 of unrestricted funds. Of this £5,466,795, £4,614,861 is represented by tangible fixed assets, £215,271 has been designated for specific purposes leaving a balance of free reserves of £636,663.

Investment income has again been augmented by generous donations from individuals and other charitable organisations who are in sympathy with the stated objects of the charity.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The CIO has assessed the risks which face the charity as including the challenge of providing adequate and secure funding sources, potential problems relating to caring for complex physical assets, rising energy costs, pressure on staff.

Plans for future periods

In the coming year the Trustees intend to assess the infrastructure of the organisation, and its suitability for the next phase of the CIO’s development - considering in particular the make-up of the Trustee Board, and the possibility of funding a part-time Bursar, or equivalent role, to oversee the administration of the institution, and its resources. The Chapter seek to expand the House’s academic work by adding regular colloquia to the regular pattern of lectures, developing the Scriptorium, and producing a series of resources that can be of use to the wider church, and to consolidate the expansion of the spiritual life of the House through the year-round weekly services and festivals.

Structure, governance and management

The charity is a CIO governed by its Constitution dated 13 July 2020.

PUSEY HOUSE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees who served during the year and up to the date of signature of the financial statements were: The Revd Canon Dr Robin Ward

Mr A Hargreaves-Smith (Resigned 20 October 2021) Mr A Carter (Resigned 20 October 2021) Mrs E Gregory The Revd J Beswick Mr P Hatt Mrs M Jones Dr N Aston The Revd K Krecji The Rt Rev M Langrish Dr J Cooper (Appointed 25 June 2022) Mr M Chinery (Appointed 12 March 2022) Mr A Woodcock (Appointed 12 March 2022) The Rev P Thomas (Appointed 12 March 2022)

New trustees are appointed according to the terms set out in the Charity's Constitution for the various categories of membership, after an appropriate audit of the governance skills required. Individual Trustees will thus take on specific responsibilities for the various areas of governance and compliance with the support of the President. The Principal works with the President regarding Trustee recruitment.

The President oversees the induction of new trustees, and ensures where necessary any relevant training is undertaken.

The Hierarchy of Leadership of Pusey House is as follows: Charity Trustees Principal Chaplain & Lay Academic Fellow Assistant Chaplain & Librarian Administrative Staff Volunteers

Decisions regarding the day-to-day management of the House are considered by the Chapter at weekly management meetings, and approved by the Principal. The effectiveness, and appropriateness of these are assessed by the Trustee Board, meeting three times in each year, and through consultation with the same. Any significant strategic decisions are put before the Board for approval, and the Trustees are responsible for setting and reviewing the core policies of the CIO.

PUSEY HOUSE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

.............................. The Rt Rev M Langrish Trustee

Date: ............................................. 27 October 2022

PUSEY HOUSE CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PUSEY HOUSE CIO

Opinion

We have audited the financial statements of Pusey House CIO (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the 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 annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

PUSEY HOUSE CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

PUSEY HOUSE CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

28 October 2022 Critchleys Audit LLP ......................... Chartered Accountants Statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

PUSEY HOUSE CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO

Critchleys Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

PUSEY HOUSE CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted Endowment
funds
funds
funds
2021
2021
2021
Notes
£
£
£
Income from:
Donations and legacies
3
301,443
128,925
-
Charitable activities
4
60,498
-
-
Investments
5
32,035
18,580
-
Total income
393,976
147,505
-
Expenditure on:
Charitable activities
6
285,767
123,783
-
Net gains/(losses) on investments
10
86,332
42,266
-
Net incoming/(outgoing) resources
194,541
65,988
-
Net incoming/(outgoing) resources
194,541
65,988
-
Other recognised gains and losses
Revaluation of tangible fixed assets
11
700,000
-
-
Net movement in funds
894,541
65,988
-
Fund balances at 1 January 2021
4,572,254
561,345
51,451
Fund balances at 31 December 2021
5,466,795
627,333
51,451		 Total Unrestricted
Restricted Endowment
funds
funds
funds
2021
2020
2020
2020
£
£
£
£
430,368
154,279
107,254
-
60,498
40,927
-
-
50,615
31,026
16,947
-
541,481
226,232
124,201
-
409,550
245,012
70,353
-
128,598
(85,659)
(46,791)
-
260,529
(104,439)
7,057
-
260,529
(104,439)
7,057
-
700,000
-
-
-
960,529
(104,439)
7,057
-
5,185,050
4,676,693
554,288
51,451
6,145,579
4,572,254
561,345
51,451		 Total
2020
£
261,533
40,927
47,973
350,433
315,365
(132,450)
(97,382)
(97,382)
-
(97,382)
5,282,432
5,185,050

PUSEY HOUSE CIO

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

PUSEY HOUSE CIO

BALANCE SHEET

AS AT 31 DECEMBER 2021

2021
Notes
£
£
Fixed assets
Tangible assets
11
4,649,621
Investments
12
1,383,859
6,033,480
Current assets
Debtors
14
10,846
Cash at bank and in hand
142,358
153,204
Creditors: amounts falling due within
one year
15
(39,105)
Net current assets
114,099
Total assets less current liabilities
6,147,579
Provisions for liabilities
16
(2,000)
Net assets
6,145,579
Capital funds
Endowment funds - general
51,451
Income funds
Restricted funds
18
627,333
Unrestricted funds
Designated funds
19
4,830,132
General unrestricted funds
636,663
5,466,795
6,145,579
The financial statements were approved by the Trustees on .........................
27 October 2022		 2020
£
£
3,954,315
1,226,835
5,181,150
9,265
44,933
54,198
(46,298)
7,900
5,189,050
(4,000)
5,185,050
51,451
561,345
4,091,030
481,224
4,572,254
5,185,050

.............................. The Rt Rev M Langrish Trustee

PUSEY HOUSE CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash absorbed by operations
22
Investing activities
Proceeds from disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
53,063
50,615		 £
(6,253)
103,678
-
97,425
44,933
142,358		 2020
£
-
47,973		 £
(14,489)
47,973
-
33,484
11,449
44,933

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Pusey House CIO is a Charitable Incorporated Organisation registered in England and Wales . Its registered office is Pusey House, St. Giles, Oxford, OX1 3LZ

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold residential properties and to certain financial instruments at fair value. The principal accounting policies adopted are set out below.

On 1 January 2021 the assets and liabilities of Dr Pusey Memorial Fund were transferred into Pusey House CIO (which previously had no activity). Merger accounting has been adopted and the comparative figures presented are those of Dr Pusey Memorial Fund for the year ended 31 December 2020.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold residential properties no depreciatin charge due to high residual values Pusey House and Chapel nil Organ 40 years straight line Fixture and equipment 15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The freehold properties not forming part of the main Pusey House site are included at valuation

Revaluation gains and losses are recognised in other recognised gains.

1.7 Heritage assets

Early books and other collections owned by the charity are classified as heritage assets and are not valued for inclusion as assets in these financial statements. Heritage assets are preserved and public access is permitted. There have been no material acquisitions or disposals of heritage assets in the last 5 years.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price .

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.11 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.12 Retirement benefits

Payments to multi-employer defined benefit pensions schemes are charged as an expense as they fall due. However a provision is made for deficit reduction contributions

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Valuation

The valuation of freehold residential properties.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
294,336
128,925
CJRS income
7,107
-
301,443
128,925
Donations and gifts
Americans for Oxford
17,206
12,315
Anglo-Catholic Ordination
Candidates Fund
30,000
-
Canterbury Institute
-
60,000
Friends of Pusey House
82,638
-
No 1 Trust Fund
20,000
-
Ascot Priory
-
24,500
Other
144,492
32,110
294,336
128,925		 Total
Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
423,261
142,316
107,254
7,107
11,963
-
430,368
154,279
107,254
29,521
13,700
-
30,000
30,000
10,000
60,000
-
60,000
82,638
64,908
-
20,000
-
20,000
24,500
-
-
176,602
33,708
17,254
423,261
142,316
107,254		 Total
2020
£
249,570
11,963
261,533
13,700
40,000
60,000
64,908
20,000
-
50,962
249,570

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

4 Charitable activities

Conference and other income
Rental income		 Pusey
House
2021
£
12,470
48,028
60,498		 Pusey
House
2020
£
12,928
27,999
40,927

5 Investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Income from listed
investments 32,035 18,580 50,615 31,026 16,947 47,973

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Charitable activities

Operation of
Operation of
Pusey
Pusey
House House
2021 2020
£ £
Staff costs 189,929 136,959
Depreciation and impairment 4,694 4,841
Chapel and pastoral 42,371 38,213
Property costs 96,059 72,819
Pusey House library 9,080 8,380
342,133 261,212
Share of support costs (see note 7) 41,219 28,171
Share of governance costs (see note 7) 26,198 25,982
409,550 315,365
Analysis by fund
Unrestricted funds 285,767 245,012
Restricted funds 123,783 70,353
409,550 315,365

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7
Support costs
Advertising, printing,
postage and stationery
Telecommunications and
IT
Accountancy and book-
keeping
Health and safety
consultancy
Other costs
Audit/accountancy fees
Legal and professional
Trustee meeting
expenses
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
13,712
-
4,276
-
2,050
-
2,947
-
18,234
-
-
4,813
-
21,213
-
172
41,219
26,198
41,219
26,198		 2021
£
13,712
4,276
2,050
2,947
18,234
4,813
21,213
172
67,417
67,417		 Support
costs
Governance
costs
£
£
8,644
-
4,078
-
792
-
2,959
-
11,698
-
-
3,720
-
21,980
-
282
28,171
25,982
28,171
25,982		 2020
£
8,644
4,078
792
2,959
11,698
3,720
21,980
282
54,153
54,153

Governance costs includes payments to the auditors of £3,000 (2020- £2,580) for audit fees.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 2 of them were reimbursed a total of £172 travelling expenses (2020- two were reimbursed £149).

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
6
2021
£
168,642
11,097
10,190
189,929		 2020
Number
6
2020
£
107,429
18,809
10,721
136,959

There were no employees whose annual remuneration was more than £60,000.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

10 Net gains/(losses) on investments

Unrestricted
funds
2021
£
Revaluation of
investments
86,332
11
Tangible fixed assets
Cost
At 1 January 2021
Revaluation
At 31 December 2021
Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020		 Restricted
Total
Unrestricted
funds
funds
2021
2021
2020
£
£
£
42,266
128,598
(85,659)
Freehold
residential
properties
Pusey House
and Chapel
Organ
£
£
£
3,800,000
34,760
110,826
700,000
-
-
4,500,000
34,760
110,826
-
-
5,542
-
-
2,771
-
-
8,313
4,500,000
34,760
102,513
3,800,000
34,760
105,284		 Restricted
funds
2020
£
(46,791)
Fixture and
equipment
£
52,103
-
52,103
37,832
1,923
39,755
12,348
14,271		 Total
2020
£
(132,450)
Total
£
3,997,689
700,000
4,697,689
43,374
4,694
48,068
4,649,621
3,954,315

The cost of freehold residential properties within tangible fixed assets is £484,073 (2020 - £484,073).

For the financial statements for the year ended 31 December 2021 the Trustees consulted with Chancellors Estate Agents in July 2022 to determine the fair value of the properties. The Trustees believe the properties have increased in value in line with the valuation prepared by Chancellors Estate Agents.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2021 1,226,835
Additions 81,489
Valuation changes 128,598
Disposals (53,063)
At 31 December 2021 1,383,859
Carrying amount
At 31 December 2021 1,383,859
At 31 December 2020 1,226,835

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

13
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
14
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Notes
ACOCF loan
Other taxation and social security
Deferred income
17
Other creditors
Accruals and deferred income
16
Provisions for liabilities
Pension deficit reduction contributtions		 2021
£
1,383,859
2021
£
4,757
6,089
10,846
2021
£
20,000
4,062
6,681
1,568
6,794
39,105
2021
£
2,000		 2020
£
1,226,835
2020
£
3,176
6,089
9,265
2020
£
20,000
8,226
6,681
1,184
10,207
46,298
2020
£
4,000

Movements on provisions:

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(Continued)
16 Provisions for liabilities 2021 2020
Pension deficit
reduction
contributtions
£
At 1 January 2021 4,000
Reversal of provision (2,000)
At 31 December 2021 2,000

The charity participates in the Church of England Funded Pensions Scheme

The Church of England Funded Pensions Scheme is a defined benefit scheme but the charity is unable to identify its share of the underlying assets and liabilities – each employer in that scheme pays a common contribution rate.

A valuation of the Scheme was carried out as at 31 December 2018. This revealed a deficit of £50m, with assets of £1,818m and a funding target of £1,868m, assessed using the following assumptions:

The Scheme set the “recovery period” to end on 31 December 2022.

The contribution rate was include 11.9% of deficit reduction contributions to December 2020, with 7.1% from January 2021.

For schemes such as the Church of England Funded Pensions Scheme, FRS102 requires the charity to account for pension costs on the basis of contributions actually payable to the Scheme in the year. However, a provision needs to be made for the net present value of expected future deficit reduction contributions. This has been estimated at £2,000 (2020: £4,000).

17 Deferred income

Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:		 2021
£
6,681
2021
£
6,681		 2020
£
6,681
2020
£
6,681

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

17
Deferred income
Deferred income at 1 January 2021
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2021		 (Continued)
6,681
10,000
-
(10,000)
-
6,681
6,681
6,681

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January
2020
£
Library Fund
33,269
Wilshere Fund
480,196
Internship Fund
40,823
CTLC Funds
-
Conference
-
Adminstration support
-
554,288		 Movement in funds
Income
Expenditure Revaluations,
gains and
losses
Balance at
1 January
2021
£
£
£
£
-
(7,985)
-
25,284
16,947
-
(46,791)
450,352
36,050
(57,460)
-
19,413
71,204
(4,908)
-
66,296
-
-
-
-
-
-
-
-
124,201
(70,353)
(46,791)
561,345		 Movement in funds
Income
Expenditure Revaluations,
gains and
losses
Balance at
31
December
2021
£
£
£
£
-
(8,686)
-
16,598
18,580
-
42,266
511,198
29,360
(48,773)
-
-
72,315
(60,824)
-
77,787
2,250
-
-
2,250
25,000
(5,500)
-
19,500
147,505
(123,783)
42,266
627,333		 Movement in funds
Income
Expenditure Revaluations,
gains and
losses
Balance at
31
December
2021
£
£
£
£
-
(8,686)
-
16,598
18,580
-
42,266
511,198
29,360
(48,773)
-
-
72,315
(60,824)
-
77,787
2,250
-
-
2,250
25,000
(5,500)
-
19,500
147,505
(123,783)
42,266
627,333
627,333

The Dr Pusey Memorial (Wilshere) Fund is governed by a Scheme of the Charity Commissioners sealed on 19 December 2007. The income arising may be used for any purpose of the Charity, but it is applied primarily to defray expenditure on the buildings. Internship fund represents donations received to cover the costs of interns. CTLC represent funds to support the Centre for Theology, Law and Culture.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:


Library Endowment and Chaplaincy Fund
Tangible fixed assets
Friends of Pusey House		 Balance at
1 January
2020
Expenditure

£
£
171,475
-
3,924,396
(4,841)
-
-
4,095,871
(4,841)		 Balance at
1 January
2021
£
171,475
3,919,555
-
4,091,030		 Movement in funds
Income
Expenditure
Transfers Revaluations,
gains and
losses
£
£
£
£
-
-
-
-
-
(4,694)
-
700,000
99,062
(1,240)
(67,483)
13,457
99,062
(5,934)
(67,483)
713,457		 Balance at
31
December
2021
£
171,475
4,614,861
43,796
4,830,132

The Chaplaincy Fund (£20,000) is intended to fund the stipend of an additional Priest Librarian at some future date.

The Library Endowment Fund (£151,475) is intended to secure an income sufficient to meet the expenses of maintaining and staffing Dr Pusey’s Library. Friends of Pusey House represents the funds of this charity of which Pusey House CIO is now the sole corporate Trustee.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Endowment
funds
2021
2021
2021
£
£
£
Fund balances at 31 December 2021 are
represented by:
Tangible assets
4,614,861
-
34,760
Investments
855,970
511,198
16,691
Current assets/(liabilities)
(2,036)
116,135
-
Provisions
(2,000)
-
-
5,466,795
627,333
51,451		 Total
Unrestricted
funds
2021
2020
£
£
4,649,621
3,919,555
1,383,859
759,792
114,099
(103,093)
(2,000)
(4,000)
6,145,579
4,572,254		 Restricted
funds
Endowment
funds
2020
2020
£
£
-
34,760
450,352
16,691
110,993
-
-
-
561,345
51,451		 Total
2020
£
3,954,315
1,226,835
7,900
(4,000)
5,185,050

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

21 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

During the year £20,000 of donations were received from the Number 1 Trust Fund (2020: £20,000).

The Friends of Pusey House donated £44,298 to the charity in 2020. During 2021 Pusey House CIO became the sole Trustee of Friends of Pusey House and assets of £82,638 became under its control.

These are related party transactions as the charities have trustees in common.

22
Cash generated from operations
2021
£
Surplus/(deficit) for the year
260,529
Adjustments for:
Investment income recognised in statement of financial activities
(50,615)
Donated investments
(81,489)
Fair value gains and losses on investments
(128,598)
Depreciation and impairment of tangible fixed assets
4,694
Movements in working capital:
(Increase) in debtors
(1,581)
(Decrease) in creditors
(7,193)
(Decrease) in provisions
(2,000)
(Decrease) in deferred income
-
Cash absorbed by operations
(6,253)		 2020
£
(97,382)
(47,973)
-
132,450
4,841
(188)
(918)
(2,000)
(3,319)
(14,489)

23 Analysis of changes in net funds

The charity had no debt during the year.