Charlty reglstratlon number 1190385 PUSEY HOUSE CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
PUSEY HOUSE CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Revd Canon Dr Robin Ward Mrs E Gregory The Revd J Beswick Mr P Hall Mrs M Jones Dr N Aston The Revd K Krecji The Rl Rev M Langrish Dr J Cooper Mr M Chinery MrA Woodcock The Rev P Thomas (Appointed 25 June 2022} (Appointed 12 March 20221 (Appointed 12 March 2022) (Appointed 12 March 2022) Charlty number 1190385 Reglstered offlce Pusey House Sl. Giles Oxford, OX1 3LZ Audltor CritchleysAudll LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Bankers Lloyds Bank plc Barclays Bank plc Sollcltors 'nckworth Sherwood 16 Beaumont Street Oxford OX12LZ
PUSEY HOUSE CIO CONTENTS Page Trustees, report Independent auditor's rèport Statement of financial aclivilles Balancè sheet Stslemenl of cash flows 11 Notes lo the financial slalemenls 12-26
PUSEY HOUSE CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their annual report and financial slatem&nls for the year ended 31 December 2022. The financial slalemenls have been prepared in accordance wth the accDunling policies sel out in note 1 to the financial slalemenls and comply with the charity's Igoveming documenll, the Charities Act 2011 and "Accounting and Reporting by Ch4rbties.' Slalement of Recomm&nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard appIlble in the UK and Republic of Ireland IFRS 1021" leffeetive 1 January 20191. Objectlves and actlvltles The CIO'S objects are.. the maintenance of the inslitutbon known as Pusey House as a house of sacred leaming-, Ihg affording of religious help and counsel lo members of the University of Oxford,. and the promotion ol theological study and holiness of life. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what aclivllies the charity should undertake. The key objective of the charity is lo perpetugle the memory of Dr Pusey by affordlng ligIouS help and counsel lo members of the University, and by promoting Theolwical Study and Holiness of Life.. This is achieved financially by means of the stipends allocated to the mombors of the Chapter. Achlevements and perfomiance The Chapter continued the work of engaging wth the life of the University, and providing a 'house of sacred learning. where worship and lecture prDgrammes,' study and confession., social gvenls and work with those in need, sil alongside one another on a daily basis. The House maintained its round of worship, study, and pastoral aclivily, now established as a year-round programme, induding Sunday School provision and the welcome presence of an increasing number of f8milies adding to the congregation. The Scriptorium project, and the work of the AdemiC Lay Fellow, Jonathan Price, further fostered the acad&mic aspect of the House's mission, with a new Faith in Public Life series being added lo the regular lecture series, and the holding together of intellectual and spiritual development, which Pusey always seeks lo nurture, was very visibly manifest in tho hugely successful Descent of the Dove. Theological Conference in July 2022 which enjoyed rewrd-breaking allendance and a range of excellent speakors, and hosted, in partn@rship with Sl Cross Collège, 300 delogales over three days. With the oversight and encouragement of the Librarian and Archivist Jessica Woodward, library expanded ils team of volunteers, and extonded its cataloguing and rgsloralion schemes, whilst remaining in regular use by 8ludenls from across the University. In Mi¢haelmas Term we were as ever joined by new additions lo our Ministry Experience Volunteer Scheme, Jack Chisnall became our Sacristan, and Daniel Martin-Thomas joined the team, bringing his background in Youth Work lo bear on a new Common Good initiative working wlh teenagers on the Blackbird Lees Eslale. As the year concluded we prepared lo say farewell to our very successful Director Music, and welcome Jim Fellows in that role, with one of our regular assistant Organists, Ed Gaul replacing him as Organist. The activities of the House conlinuad lo expand as ils increased fundraising, and generous support, allowed, despite the difficult financial circumstances of the ntempOrary economic dimale, and new proposals have been pul in place lo further safeguard the future of the inslilulion, and the legacy of the Oxford Movement enlrusled lo ils care.
PUSEY HOUSE CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Financlal review Income froffl 811 sources in the year l018led £472.275. The nel movement on funds for the year amounted lo an decrease of £168,425 sfter taking into account a loss of £106,720 on revaluation of the investment portfolio. The freehold properties, which are vested in the Official Custodian for Charities, are not held primarily as investment assets, and afe shown at their current market v21ualion. Investment perfomiance was salisfaclory, with a level of income being achieved in accordance wth &xpectation$. There was an decrease of 80h in the value of investments over the year, which was consislenl th 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 lo secure the income necessary lo maintain the ministry of Pusey House. As al 31 December 2022 the charity has total funds of £5,977,154 of which £51451 were endowment funds, £600,593 reslrieled funds and £5,325.110 of unreslricled funds. Of this £5,325,110, £4,610.292 is represented by tangible fixed assets, £227,432 has been designated for 8pecific purposes leaving a balance of free reserves of £487,386. Investment income has again been augmented by generous donations from individuals and other ¢harltsble organisalions who are in sympathy with the slated objects of the charity. It is the policy of the charity Ihal unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month's expenditure. The Iruslees ¢onsider that reserves al this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's current activities while consideration is given lo ways in which additional funds may be faised. This level of reserves has beèn mainlaingd throughout the year. The CIO has assessed th& risks which face the charity as including the challenge of providing adequatè and secure funding sources. potential problems relating lo caring for complex physical assets, rising energy costs, pressure on staff. Plans for flrture poriods In the coming year the Trustees Sntend lo assess the infrastructure of the organisalion, and ils suilabilily for the next phase of the CIO'S deve1opmgnt - considering in particular the make-up of the Trustee 8oard, and the possibility of funding a part-time Bursar, or equivalent role, lo oversee the administration of Ihg inslilulion, and ils resources. The Chapter seek to expand the House's academic work by adding regular colloquia lo the regular pattern of lectures, developing the Scriptorium, and producing a series ol resources that can be of use lo the wider church, and lo consolldale 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 ils Constitution dated 13 July 2020. The Iruslees who servod during the year and up lo the dale of signature of the financial statements were.. The Revd Canon Dr Robin Ward Mrs E Gregory The Revd J Beswick Mr P Hall Mrs M Jones Dr N Aston The Revd K Krecji The Rl Rev M Langrish Dr J Cooper Mr M Chinery MrAWoodcock The Rev P Thomas (Appoinlod 25 June 2022) (Appointed 12 March 2022) (Appointed 12 March 2022) (Appointed 12 March 2022)
PUSEY HOUSE CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 New Iruslees ale appointed accordlng lo the terms Sel out in the Charity's Constitution for the various categories of membership, after an appropriate audit of the govemance skills required. Indlwdual Trustees will thus lake on specific responsibllilie8 for the various areas of governance and Complian with the 8UPPDrt of the President. The Principal works with the President regarding Trustee recruilmenl. The Presldent overseès the induction of new trustees, and ensures where ngcessary any relevant training is undertaken. The Hierarchy of Leadershlp of Pu$ey House is as lollows.. Charity Trustees Principal Chaplain & LayAcademic Fellow Assistant Chaplain & Librarian Adminislralive Slafl Volunteers Decisions regarding the déy-lo-day management of the House are considered by the Chapter at weekly management rneelings, and approved by the Principal. The effectiveness, and appropriateness of these are 85sessed by the Trustee Board, meeting three limes in each year, and through consultation with the same. Any significant strategic decisions are pul before the 8oard for approval, and the Trustees are responsible for setting and reviewing the core policies c)f the CIO. Statoment of truste&s' responslbllltles The trustees are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charilies in England and Wales reqUre$ the Iruslees lo prepare financial slalemenls for each financial year which give a true and fair view of the stale DI affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial stslemenls, the Iruslees ?re rgquired to.. select 8uilable accr)unting poliaos and then apply them consistently., observe the method5 and prinaples in the Charilles SORP., make judgements and estimates that are reasonable and prud43nl', slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalements., and prepare the financial slalemenls on the going concem basis unless il is inappropriate lo presume that the charity 11 continue in operation. The trustees are responsible for keeping sufficlenl accounting records that disclose wth reasonable auraCY al any time the financial position of the charity and enable them lo ensure that the financial slstemenls comply with the Charities Act 2011, the Charity IAccounls 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 sl?ps for the prevention and detection of fraud and other irregularities.
PUSEY HOUSE CIO TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The Iruslees, report was approved by the Board of Trustee8. The Rl Rev hh Langrish Trustee
PUSEY HOUSE CIO CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PUSEY HOUSE CIO Oplnlon We have audited the financial statements of Pusey House CIO Ilhe 'charity'l for the year ended 31 December 2022 which comprise the statement of financial aclivilies, the balance sheet, the statement of cash flc)ws and notes lo the financial sta16menls, including significant accounting policies. The financial reporb'ng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Rèporting Standard 102 The Financial R6porting Standard applicable in the UK and Republic of Ilsd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalemenls.. give a true and fair view of the slate of the cha¥ity's affairs as al 31 December 2022 and of f(s Incoming resources and application of resources. for the year Ihgn ended.. have been proporly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have boen prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We eonducted our audit in a¢wrdance with Inlernallonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs rssponsibililies for the audil of Ihe linanci81 statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the aLJdil eviden¢9 we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢luslons relatlng to golng concern In auditing the financial slalemenls, we have coneluded that the Iruslees. us& of the going concem basis of accounting in the preparation of the financial slalemenls 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 lo continue as a going concem for a period of al least tselve months from when the financial slalemenls are authorised for issue. Our rasponsibililies and the responsibilities of the Iru51ees with respect lo going concern are described in the relevant sections of this report. Other Information The other inforrnalion comprises the information included in the annual report other than the financial slalemenls and our auditor's report Iher&on. The trustees are responsible for the other Information contained within the annual report. Our opinion on the financial ststamenls does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. considtsr whether the other information is materially inconsislenl wlh the fi'nancial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalèmenls, we are required lo dglermine whglher this gives rise lo a material misslalemenl in thè financial slalemenls themselves. 11. based on the work we have perfomied, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We hav8 nolhlng lo report in this regard. Matt8rs on which we are roqulred to report by exceptlon Vve have nothing lo report in respect of the following mallers in relation lo which the Charities (Accounts and Roportsl R@gulalions 2008 require us lo report lo you if, in our opinion.. the information 9iven in the financial slalemenls is inconsislènl in any material respect with the Iruslees, report,, or sufficient accounting records have not been kept., or the financial slalemenls are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
PUSEY HOUSE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO R8sponslbllltles of trustees As explained more lully in the sl8temenl of Iruslees, responsibilities, th8 Iruslees are responsible for the preparation of the financial st8lemenls and for being satisfied that th&y give a Iruo and fair view. and for such internal control as the Iruslees delemiine is necessary to enable the preparation of financial statements that are free from material misstalomenl, whether due to fraud or error. In preparing the linancial slalemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing. as applicable, matters related lo going oncern and using the going concern basis of accounting unlgss the trustees either intend to cease operations, or have no realistic allernalive but to do $0. Audbtor's responslbilltles for the audlt of the flnan¢ial statements We have been apptsinled as auditor under section 144 of the Charities Act 2011 and report in ?ordanCe with the Act and relevant regulations made or having effect Ihereunder. Our objectlves are lo obtain reasonable assurance about whether the finanaal slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an audilorfs repprt that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit eonducled in accordance with ISAS IUKI will always delect a material misslalemenl when il oxisls. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be eXpted to influence the economic decisions of users taken on the basis ol these financial ststements. The extent to which our proceduos are capable of detoctlng irregularities. including fraud, is detailed below. th& engagement partner ensured that the engagement team Collectively had the appropriate competence, apabililies and skills to identify or r$cDgnise non-compliance wth applicable laws and regulations.. we identified the laws and regulations applicable lo the company through discussions with directors and other management, and from our knowledge and experience., we focused on specific laws anLY regulations which we considered may have a direct material effect on the rinancial slalemenls or the opefalions of the company., we assessed the exlenl of compliance with the laws and regulations identifièd above through making enquiries of management and inspeding legal correspondence whew spplicable; and idenlifiod laws and regulations were communicated within the audit team regularfy and the tgam remained alert lo instances of ncin-compliance throughout the audit. Vve assessed the susceptibility of the charity's financial slalemenls to material misslalement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo wher8 they considered there was susceptibllily to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to miligale risks of fraud and non-compliance wlh laws and regulations. To address the risk of fraud through management bias and overrlde of contro18. we., performed analytical procedures to identify any unusual or unexpected relalionshlps., tesleij loumal entries lo identify unusual Iransaclions., assessed whether judgements and assumpts'ons made in delerminlng the awounting 8s1imates were indicalive of potential bias., and invesb'gated the rationale behind significant or unusual transactions.
PUSEY HOUSE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO In response lo the risk of irregularities and non-compliance with laws and rggulalions. we designgd procedures which included, bul were not limited lo.. agreeing flnancial statement disclosures lo underfying supporting documentation.. reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential liligaliDn and claims., reviewing relevant correspondence. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-complianco. Auditing standards a159 limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and leg?1 correspondence, if any. Material misslalemenls that arise due lo fraud can be harder lo delect than those that arise from orror as they may involve deliberate concealment or collusion. A further description of our responsibilltie8 is available on the Financial Reporting Council's website at". hitps.'Il www.frc.org.uklaudilorsresF)onsibilities. This description forms part of our auditor's report. Other matters Your attention is drawn lo the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to eharilies preparing their accounts in accor(lance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference lo the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 2005 which is referrgd lo in the exlanl iegul81ions but has now been withdrawn. This has been done in tsrdÈr ftsr the financial slalemenls to provide a truè and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report Thi8 report is made solely lo the charity's Irusl8es, as a body. in accDrdanGe with part 4 of the Charities (Accoun18 and Reports) Regulations 2008. Our audit work has been undartaken so that we might slate lo the charity's Iruslee8 those m8tters we are requiied lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law. we do not aCp1 or assumo responsibility to anyone other than the charity and the Gharily's Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Crltchlgy5 Audlt LLP .25..Q.Gtoho.2023 Chartered Accountants Ststutory Audltor Beaver House 23-38 Hylhe Bridge Street Oxford OX1 2EP Critchleys Audit LLP is eligible for appointment as auditor of the charity by virtue of ils eligibility for appolnlmenl as auditor of a company under section 1212 of the Companies Act 2006.
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PUSEY HOUSE CIO BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notgs Flxed agsets Tangible assets Investments 12 13 4,645,052 1,277,139 4,649,621 1,383,859 5,922,191 6,033,480 Current assgts Debtors Cash al bank and in hand 14 4,525 93.428 10,846 142,358 97.953 153,204 Creditors: amounts falling due wlthln onè year 15 142,9901 139,1051 Nel current assets 54.963 114.099 Total assgts less curront liabllltles 5,977,154 6,147,579 Provislons for liabllltles 12,0001 Net assets 5,977,154 6,145,579 Capltsl funds Endowment funds- goneral Income funds Restricted funds Unreslricled funds Designated funds General unrestricted funds 51,451 51,451 18 600,593 627,333 19 4,837,724 487,386 4.830,132 636.663 5,325.110 5.466,795 5,977,154 6.145,579 The financial statements were approved by the Trustees on 21 October 2023 The Rt R4wASèaMgrish Trustse 10-
PUSEY HOUSE CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Not05 Cash flows Irom operatlng a¢tSvities Cash labsorbed by}Igeneratad from operations 22 1105,9431 75,236 Investlng a¢tlvltlos Purchase of investments Proc&eds from disposal of investments Investment income received 181.4891 53,063 50.615 57,013 Net cash gèneratgd from Investlng actlvlties 57,013 22.189 Net cash used In financing activitios Net Idecreaselllncrease In cash and ca8h •qulvalgnts 148,9301 97.425 Cash and cash equivalents al beginning of year 142.358 44,933 Cash and ¢a$h equlvalents at end of year 93,428 142.358 11
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng policies Charity information Pusey House CIO is a Charitable Incorporated Organisation registered In England and Wales . Its registered offiee is Pusey House, Sl. Giles, Oxford. OX13LZ 1.1 Accountlng conventlon The financial slalemenls havè been prepared in accordance with the charity's Igoverning documenll, the Charitr'es Act 2011, FRS 1 D2 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicabl8 in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191. The charity is a Public Bonefil Enlily as dèfined by FRS 102. The fi'nanual slalements have departed from the Gharities (Accounts and Reports} Regulations 2008 only lo the exlenl requifftd ID provide a true and fair view. This departure has involved lollowlng the Statement of Recommended Practice for charities applying FRS 102 rather than the vèrsion of Ihg Statement of Recommended Practice which is referred to In the Regulations bul which has sinc$ been withdrawn. The financial statements are prepared in slerllng, which is the functional currency of the charity. Mon8lary amtrunls in these financial statements are rounded lo the nearest £. The financial statemen15 have been prepared under the historical cost convention, modified to include the revaluation of freehold residential properties and to certain financial instruments al fair value. The principal 8ccounling policies adgpted are sel 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 aclivityl and merger accounting has been adopted. 1.2 Golng concern At the lime ol approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial slalements. 1.3 Charltable fund8 Unrestricted funds a available for use at the discretion of the trustegs in furtherance of their charitable objectives. Designated funds comprise unrestrlcled funds that havo been sel aside by the trustees for p3rbcular purposes. The aim and use of each designated fund is set OLJt in the notes lo the financi81 slalèmenls. Restrictèd funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the financial sl8lemenls. Endowment funds are subject lo speafic conditions by donors that the capital musl be mainlalned by the charity 1.4 Income Income is recognised wh&n the Gharity Is legally enutled lo il after any performance conditions have been mel, the amounts can be measured reliably, and it is probable that income will be received. Cash donatlons are recognised on receipt. Other donations are recognised once the charity has beon notrfied of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 12-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcl88 Icontlnued) Legacies are recognised on receipt or olhemse if the charity has been notified of an impending dislribulion, the amount is known, and receipt is expeclad. 1,5 Expgndlture Expenditure is recognised once there Is 8 legal or consliu¢tive oblig81ion lo transfer economic benefit to a third party, il is probable that a transfer ol economic benefits will be required in solllemenl, and the amount of the obligation can bè meaSUd reliably. Expenditure is dassilied by acllvily. The costs of each activity are mado up of the total of direct costs and shared costs, includin9 SUPPOrt costs involved in undertaking each activity. Direct costs atllibulable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which a not attributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuab"on. net of depreciation and any impairment losses. Depreciation is recognised $0 8S to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold residential properties Pusèy House and Chapel Organ Fixture and equipment no deprecialin charge due to high residual values 40 years slraighl line 15Q/o reducing balance The gain or loss arising on the disposal of an asset is dfjlermined as the difference between the sale proceed$ and the carrying value of the asset, and is recognised in the statement of financial aclivilies. 1.7 Horltsgg assets Early books and other collections owned by the charity are classified as heritage assets and are not valued for indusion a5 assets in these financial slalemenls. Heritage assets are preserved and public access is permitted. There have been no material acquisitions or disposals of heritage assets in the last 6 years. 1.8 Fixed assgt Invgstments Fixed asset investments are initially measured al Iransaetlon priee excluding transaction costs, and are subsequently mèasured al fair value al each reporting clale. Changes in fair value are recognised in nel incomellexpendilurel for the ygar. 1.9 Cosh and cash equivalents Cash and cash equivalents include cash in hand and deposits held al call with banks. 1.10 FSnanclal instrnments The charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumerit8' and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial instruments a recognised in the charity's balanco sheet when the charity becomes party to the conlraclual provisions of the instrument. Finanaal assets and liabilities are offset, with the nel amounts presenlgd in th$ financial slalemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo settlo on a nel basis or lo realise the asset and settle the liability simultaneously. 13-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢counllng policies IContinued> Basic financlal assets Basic financial assets, which include debtors and cash 8nd bank bal8nce8, aro initially measured sl transaction price. Baslc financial118bilitiès Basic financial liabilities. including cditOrS are inilialty recognised at transaction Pfice Trade creditors are obllgalions to pay for goods or services that have been acquir&d in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilib'es if payment is due within one year or less. If not. they are presented as non-currenl liabilities. 1.11 Provlslons Provisions are recognised when the GhaTlty has a legal or constructive present obligation as 8 result of a past event, il is probable Ihal the charity will be required lo setNe that obligation and a raliable estimate can be made of the amount ot the obligation. The amoLJnt recognised as a provision is the best estimate of the consideration required lo settle the present obligation al the reporting end date, taking into account the risks and uncèrtainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected lo be r&quired lo sgtlle the obligation is recognised al Present value. Vlfften a provision is moasured al present value, the unwinding of the discount is recognised as a finance cost in nel incomellexpendilurel in the period in which il arises. 1.12 Retlrement b8neflts Payments lo mulli-employer defined benefi't pensions schemes are Charged as an expènse 8S they f811 due. However a provision is made for deficit reduction contributions Crltlcal accountlng gstlmates and judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, eslimales and assumptions about the carrying ampunl 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 Ihal are considered lo be relevant. Actu81 results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisipns lo accounting estimates are recognisèd in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and futurg periods where the revision affects both current and future periods. Crltlcal judgements Valuatlon The valuation of freèhold rosidenllal properties. 14-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donatlons and l¢gaclgs Unrestrlcted Restrlctod fund$ funds Total Unrestricted Re81ricted funds funds Total 2022 2022 2022 2021 2021 2021 Donations and gifts CJRS ineome 108,888 208,841 317,729 294,336 7,107 128,925 423,261 7,107 108,888 208,841 317,729 301.443 128,925 430,8 Donatlons and glfts Americans for Oxford AnglD-Calholic Oidinalion Candidates Fund Canterbury In81ilule Friends of Pusey House No 1 Trust Fund Ascot Priory Other 46,254 16,499 62,753 17,206 12,315 29,521 30,000 60,000 30,OQIO 60,000 30.000 30,000 60,000 82,638 20,000 24,500 176,602 60,000 82,838 20,000 20.000 19.000 63,342 20,000 19,000 125,976 24,500 32,110 62,634 144,492 108,888 208,841 317,729 294,336 128,925 423,261 Charltable actSvltl8s Pusey House 2022 Pusey House 2021 Conference and other income Rental income 49,935 47,598 12,470 48,028 97,533 eo,498 Investments Unrgstrlcted Restricted fund$ funds Total Unre$lrlcled Restricted funds funds Total 2022 2022 2022 2021 2021 2021 Income from listed investments 36,146 20,887 57,013 32,035 18,580 50,615
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charltable actlvltles Operatlon of Operatlon of Pusey Pusey House Houso 2022 2021 Stsff costs Depreciation and Impairment Chape1, pastoral and education Property costs Pusey House library 212.045 4,569 127.388 104,341 17,614 189,929 4,e94 42,371 96,059 9,080 485,957 342,133 Share of support costs (see note 71 Share of governanc8 costs (see note 71 55,230 12,793 41.219 26,198 533,980 4Q9,550 Analysis by fund Unrestricted funds Restricted funds 317.296 216,684 285,767 123,783 533,960 409,550 16-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support costs Support Governance costs costs 2022 Support Governancg costs costs 2021 Advertising, printing, postage and slalionery Tele¢ommunicalions and 24,263 24,263 13,712 13,712 3,864 3,864 4,276 4,276 Accounlan¢y and book- keeping Health and safely consultancy Other costs 2.271 2,271 2,050 2,050 3,205 21,827 3,205 21.627 2,947 18.234 2.947 18,234 AudiVa¢countsnoy lees Legal and professional Trustee meeting expenses 4.565 7.854 4,565 7,854 4,813 21,213 4.813 21,213 374 374 172 172 55,230 12,793 68,023 41,219 26,198 67,417 Analysed between Charitable activities 55,230 12,793 68,023 41,219 26,198 67,417 Govefnance costs includes payments lo the auditors of £3,30012021- £3,000) for audit fee5. Trustees None of the Iruslees {or any persons connected with them) received any remuneration during the year, and none of them were reimbursed any travellin9 and meal expenses12021- two were reimbursed £1721. Employees The average monthly number of employees during the year was.. 2022 Number 2021 Number Employment costs 2022 2021 Wage5 and salaries SocAal security costs Other pension costs 188.183 12,618 11,244 168.642 11,097 10,190 212,045 189,929 There were no employees whose annual remuneration was more than £60.000. t7-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Net galng1{lossesl on investments Unretstrlcted Re5trlcted funds funds Total Unrestrlcted Restrlcted funds funds Total 2022 2022 2022 2021 2021 2021 Revaluation of investments 166,9561 139,764} 1106,7201 86,332 42,286 128,598 11 Taxatlon The chadly is ex&mpl from lax on income and galns falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these ore applied to ils charitable objeets. 12 Tangible fixed assets Fr¢6hold Pusey Hou80 resldentlal ond Cbapol prtspertles Organ Flxture ¥nd equlpment Totsl Cost At 1 January 2022 4,500,000 34,760 110,826 52.103 4,697,689 At 31 December 2022 4,500,000 34,760 110,826 52,103 4,697,e89 Depreclation and Impairment Al 1 January 2022 Depreciation eharged in the year 8.313 2,771 39,755 1,798 48,068 4,569 Al 31 December 2022 11.084 41,553 52,637 Carrying amount Al 31 December 2022 4,500,000 34,760 99,742 10,550 4,845.052 Al 31 December 2021 4,500.000 34,760 102,513 12,348 4,649,621 The cost of freehold residentl81 properties within larbgible fixed 05sels is £484,07312021 £484.0731. For the financial slalements fer the year ended 31 December 2021 the Trustees ¢onsulled with Chancellors Estste Agents in July 2022 to dètermine the fair value of the properties. The Trustees b&lieve the properties have Increased in value in line with the valuation prepared by chanlIOrS Estsle Agents. 18-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Flxed assot Invgstment8 Llsted Invèstments Cost or valuation At 1 January 2022 Valuation changes 1.383.859 1106,7201 At 31 December 2022 1.277.139 Carrying amount Al 31 December 2022 1,277,139 Al 31 Docember 2021 1,383,859 19-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14 Debtors 2022 2021 Amounts falllng due wlthln one year. Other debtors Prepayments and accrued income 4,525 4,757 6,089 4,525 10,846 15 Crnditors.. amounts falllng due wlthln one yoar 2022 2021 Notes ACOCF loan Other taxation and social security Deferred income Other creditors AcGruals and deferred income 20,000 9,250 20,000 4,062 6,681 1,568 6,794 17 11,296 42.990 39,105 16 Provlslons for Ilabilities 2022 2021 Pension deficit reduction contributtion5 2,000 2Q-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Icontlnued) 2021 16 Provlslon8 for1Sabllltles 2022 The charity P8rtieipates in the Church of England Funded Pensions Scheme The Church of England Funded Pensions Scheme is a defined benefit s¢heme but the charity is unable lo identify ils share of the underlying assets and liabilities each employer in that scheme pays a common contribub'on rate. A valuation of the Scheme was carried out as al 31 December 2021,The 2021 valuation revealed 8 surplus of £560m. based on assets of £2.720m and a funding largel of £2,160m. The contribution iale included 7.1 Vlo of delicil reduction contributions from January 2021 10 31 Decerllber 20222. For schemes such as the Church of England Funded Pensions Scheme. FRS102 requires the charity lo account for pension costs on the basis of contributions actually payable lo the Scheme in the year. However, provision needs lo be madg for the nel present value of expected future defi¢it reduction co>nlribulions. This has been eslimaled at £nil12021'. £2,000). 17 Deferred Income 2022 2021 Other deferred in¢ome 6,681 Deferred income is included in the financial Slalemenls as follows.. 21
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 Deferred income Icontlnuedl 2022 2021 Def?rred income is included within.. Current liabilities 6,681 Movements in the year.. Deferred income al 1 January 2022 Released from previous periods 6,881 {6.6811 6,681 Deferred income al 31 De¢èmber 2022 6,681 ALL 22-
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PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2022 21 Related party transactlons Transactlons wlth related partles During the year the charity entered into the following transactions with related parties.. During 2021 Pusey House CIO became the sole Truste8 of Friends of Pusey House 8nd assets of £82,638 came under ils control. This was a related party transacb'ons as the charities had a trustee In common. 22 Cash generated from operatlons 2022 2021 (Deficitllsurpus for the y8ar {168,4251 260.529 Adjustment3 for.. Investment Income recognised in slalemenl of financial aclivilles Fair value gains and losses on investmen15 Depreciation and impairment of tangible fixed assets 157,0131 106,720 4,569 150,615) {128,5981 4,694 Movements in working eapilal.. Decreasellincreasel in debto Increaselldecreasel in creditors (Decrease) in piovisions (Decrease} in deferred income 6,321 10,566 12,0001 16,8811 11,5811 17,1931 12,0001 Cash (absorbed byllgenerated from operatlons {105,9431 75,236 23 Analysls of changes in net funds The charity had no debt during the year. -26.