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 appIl￿ble 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 A￿demiC 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$ey House is as lollows..
Charity Trustees
Principal
Chaplain & LayAcademic Fellow
Assistant Chaplain & Librarian
Adminislralive Slafl
Volunteers
Decisions regarding the déy-lo-day management of the House are considered by the Chapter at weekly
management rneelings, and approved by the Principal. The effectiveness, and appropriateness of these are
85sessed by the Trustee Board, meeting three limes in each year, and through consultation with the same. Any
significant strategic decisions are pul before the 8oard for approval, and the Trustees are responsible for setting
and reviewing the core policies c)f the CIO.
Statoment of truste&s' responslbllltles
The trustees are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Praclicel.
The law applicable lo charilies in England and Wales reqU￿re$ 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 a￿uraCY 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 I￿ls￿d (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 $0.
Audbtor's responslbilltles for the audlt of the flnan¢ial statements
We have been apptsinled as auditor under section 144 of the Charities Act 2011 and report in ?￿ordanCe with the
Act and relevant regulations made or having effect Ihereunder.
Our objectlves are lo obtain reasonable assurance about whether the finanaal slalemenls as a whole are free from
material misslalemenl, whether due lo fraud or error, and lo issue an audilorfs repprt that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit eonducled in accordance
with ISAS IUKI will always delect a material misslalemenl when il oxisls. Misslatemenls can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be eXp￿ted to influence
the economic decisions of users taken on the basis ol these financial ststements.
The extent to which our proceduos are capable of detoctlng irregularities. including fraud, is detailed below.
th& engagement partner ensured that the engagement team Collectively had the appropriate competence,
apabililies and skills to identify or r$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 aC￿p1 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 meaSU￿d 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 c￿ditOrS 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 chan￿lIOrS 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.