Charlty règlstratlon numb•r 1190385 PUSEY HOUSE CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
PUSEY HOUSE CIO LEGAL AND ADMINISTRATIVE INFORMATION Tru•tOè8 Mrs E Gregory The Rwd J BO8( Mr$ M Jon¢s Dr N Aston Th¢ Rt Rgv M Langrlsm Dr J Cocper Mr M Chinary MrA INoodcod( Tho Rev P Thomas Th? L Mil¢r IAppoint•d 21 Octob•r 20231 (Appointod 21 OCtor 20231 IAppointed 21 October 20231 Mr8 S Colllster The Ravd Canon David Stanton Ch•rlty numb•r 11SNJ38S R•gl•t•rod offl¢• Pusey Hou8e SL Giles Oxford. OX1 3LZ Audltor Crrtchley8 Audit LLP e08r Hous8 2&38 Hythe 8ridg9 Streol Oxford OX12EP B8nkor• Lloyds Bank plc 88rclay8 88nk ple Svllrllor• nckworth Shenvood 16 B08umonl Slreot Oxford OX1 2LZ
PUSEY HOUSE CIO CONTENTS Pag• Trustee8' Port Independent auditorfs report Ststem&nl olflnandal a(tsbe8 8al¥ne 8Jot Notes to the flnonckql 8tatamth8 10-24
PUSEY HOUSE CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 trustees present their annual reFKJrt and fin4no81 $tlts forthe year eThknJ 31 De(ter 2023. Th8 finanel81 statements have trmn prepornd acts)rdance wilh the aco)unts'ng prJirie8 yet in not& 1 to th8 financial st8t9m9nts and compty with the thariWs19ov8ming douJm8ntl, the Charities Act 2011 and "ArA)Junting and Reporting by Charities.. Ststernent of Recc¥nmended Prnctice app(ble to chatitig9 pTrpanng their accounis In accordan wtlh thè Flnancial Repoiting StsTrJard wlicable in tho UK aThJ Republic ol Ire18TrJ IFRS 1021" l January 2019). ObltIveS And actlvfll•• The CIO'3 0'8Cts 8r&'. the m2inten8nr ol thè insbtutson kncwn as Pusey House 85 ¥ housè ol sacf6(118aming,' the affordiw of relvJiou8 help and coun841 to members of tho Unfverw of Oxford", ark1 th• promotion ol th8ologi& st1 8nd holyntss of lrfè. Th• trust8 have paid due Mg•rd to puK18n¢e ISSd by the Chaiity Ciynmisslon kn dtrclillng whgt acu189 th& tharty Should undèrtak&. Thè key obl8cthe ol the carity1s'10 pelUate th• mgmory of Dr Pusey by affNdirvJ rOlKJu9 hlp and counsèl to members of the University. And by pr0.ng Theologi Stuoy aThd Hoh'n688 of Llf•.' Thi8 18 athiev•J finan0ty by me8n# of th8 sllp•nds all¢xatsd to ts membern of lh• Chapt6r. Achlev•rnenl8 and pprfornion¢• The Chapter conbnued thè worf( of 8rrfJaging the lifg of Ihe UnNètsity, aNJ pro¢Jirq & "hougfj of ¢Ted 1è8rning' where worship and kcium progrnmme8.' 8tu¢ty and confe8Bknn,' $otyal •vènts work with tho8a Sn nged, slt 8longslde one another w a daily basis. Th• Hou8e maintatned its round ol wotsNp, stLth, arml pastoral 8CtMty. rw èstAbMsh8d a$ o y&ar40und programme, indudlng Sunday Sthool provisiort and thè Scriptorium projed, and the work of the Ac8d8rnic Lay Fellow, Jonathan Prlce, lurther f03tered the ac&Jtmlc •SFCt of the House's mi88ion. wilh the F&ith In Public Lif• es18b1hirQ itself in the VIar lecture strri. Th8 hokling togelher ol intslle¢Xual and 5pirilu81 development, which Pusey aayS Seeks to nurture, h8$ lo new partnershlps b8ing lostered or explored wlh SCIO I l. M8moriA, and the UniveT8lty of Tèxas. Aftof a docade in posL the Principal enjoyed a t•mi of wèll aamed sabbats'cal study18av8 to further his work on the tywogy of Dr Pus•y. The chapin fvnction&J as Actiry Princip ably Bupportgd by An Interim ch¥p]n In Fr James Finmore. Wrth tha ov8rsKJht and an Inierim brarian lobltrTrvJ Librarian and Archiwst Jessica Woodward's rnove to 8 mtsr• senior role, Ihe library excdlent w of its te ofvoluntewB to rem¥in ro9ular u86 by students from across the Univarsity. In Michaelma8 Term w¢ Mro 0$ •v¢rloln8d by aJitlons to our Minislry Ewtèrts Volunte•r Scham•. Daniet M8rtiTrThomas became our Sacristsn. wth Jame$ K¢nyon eontinuiNJ as an intsm, haviThJ joined the previous New Year, aTrJ David Stèn, Tim Po1 and Ruth Danglal frjrther ougmented the team. Last years Youth and Schools inillatsve continued working in pathership with chaplain at the Oxford Academy. And wè wdcomad Ed Gaul as a new Director of Music. with Ally Trowell re4(ng him as OrganisL as Jim Felw3 moved on to take a p05t at Radloy School. The adwtses of the Houta Continued to expaThJ #s in¢rtosad lund(aising, and gener$ support, allowed the work to flourish, and the proposals put in pce to rther safeguwd ts lubJTe of the institution ty re¥Aewing its Infrastructure have led to key new appointments to the Trustee Board. augmenting Ihe experience and expert15e at thè govemance re1 of the House.
PUSEY HOUSE CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnan¢lal revlew Income from all sources in the y8ar tota18d £377.108. The n8t movement on furvts for thé year arnounted to an decrease of £161.909 after taking into accawnt a gain ot £7.751 on revaluation of ttE rnveslmenl portfolio. The freehold properties, whith are vested in Ihe Officaal ctc¢1an for Charities. are rKJt held primarily as irwestsnent assets, and are shown al their CAJrrent rn8rket valualTOn. Inv8stment perf0mlan was satisfactory. wth a of ¢ncw beirvj achieved in a?anCe wth expectation5. There was an increase of 1% in th8 value of inveslm8nts ov8r ts y8ar, VAS consistent wth Maet performanc8 in th8 year. The TrustEe5 have idBntified Ihe Maintenan of a sound capital base as their mwn investment objectNe. Net income ss retained thin reserves. These are rwnvested Whe possib in order to secure the inwrne necessary to maintain ministry ol Pusey House. As at 31 December 2023 the charity has total funds ol £5,815,245 of which £51.451 wero 8ndowrn8nt fur)ds. £587.049 restrioted funds and £5.176.745 of unrestricted fuThJs. Of this £5.176.745, £4.605.939 13 reKwnted by tangible fixgJ assets. £216.$23 ha8 t8en designabj for SFrtifte purposes leawro a balance of free r&serves of £354.283. Investment inccKne has again been augmented by generous donatio frn ind(vidua15 and othgr ch?rit)I organis8tions who are in sympathy with stated objects of the thanty. 11 is the poliey of the i*arity that Unrestric funds whth rw)t teen (lesKJnated for a specific use should be maintained at a level equNalent to betren three and six month's expenditure. The tnjstees cons¥Jer that re5erv85 at this level will ern$u that, in the event of a signsficant drop in fundirvJ, ttey will be able to continue the charity's rrent activities while consKleration is gwi to ways in whtth addrbonal furyls may be raised. This18vel of reserves has been maintsined throughout the year. The CIO has assessed the iisks which face the chanty as induding the challervJe of providing ajeqvate and secure fijnding sources. potents'81 problems reL8ting to caring for complex physical assets, rising eneryy costs, pr8S5ure on staff. Plans for luturg pgrlods In the coming year the Trustees intend to continue to rewew and Ukxjate the infrastruthre of the organisation. lo be best Suited to the next phase of the CIO'S ¢JeveknFNnent- fure considering the make-up of ihe Trustee Board, and the staff team to secu¥9 the ¢ff¢Gtive adrnini$tration of ts institutson. and it5 resources. The Chapter seek to furthar expand the Houses academic wod( by a(kling regular collwuia to the gUlar pailem of leclures. developing the Scriptorium, and hosting a fvrther intÈmab.0n Conferen. and to rxjnsolidak the expansion of the spiritual lrfe of the House through the year-round weekty serwces and festivals. stru¢Te, go¥ernan¢e and managèment The tharity is a CIO goveffled by its Constitution date(113 Juty 2020. The twstees who Berved durirs the year and up to the date ofs>3nature of the finanrial statsments were: Mrs E Gregory The Revd J Beswidi Mrs M Jor5 Dr N Aston The Rt Rev M Langrish Dr J Cooper Mr M Chinery MrAVk4)odcor The Rev P Thornas The Ven L Miler Mrs S Collister The Revd Canon DaVa Stanton Mrs S Firth (Appointed 21 Odober 20231 {Appointed 21 October 20231 (Appointed 21 Ortober 20231 (Appnted 1 January 2024)
PUSEY HOUSE CIO TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 New trustee5 are appointed according to the tem set cwjt in the Charity's Constitution for the various categorie5 01 rnernb8rship, after an appropriate audit of the governan skills required. Individual Trustees will thus take on specafic r85powksibiliti8s for the varbOUS araas ol go¥eman and cmplian wth the support of the Presthnt Th8 Princjpal works with the PresKlent reg8Tding Trustee r8twrfrn8nL The Presthnt oversees the irkluetion of trustaes. 8rvJ ensures Wh necessary any rethnt training is undèrtaken. The Hierarchy of Leadership of Pusey House is as foll Charity Tmst Principal Chaplaln & LayAcademic Fdlrm Assistant Cha0)n & Librarian Administratr"ve Staff Volunt8ers Deusions regardiro th& day40-day management of the House are considered by the Chapter at week management Meen$. and approved by the Prinopal. The effetheress. and appropriateness of these are assessed by the Trustee Board. meeting the times in each year, and through consultation vthh the same. Any signifi1nI strategie doosions ara pul before the Board for appro. and the Trustees are responsi8 for seiting Bnd reviewng the eore Wiaes ofthe CIO. 5tatemont of trustees. responslbililie8 The trustees a responsitJe for prep8rrrg thè Trustees. ReprKI and Ihe fal81 stalements in accordan wth applicable law and Unikd KiTrJdom ActountirJ Stsndarils (United tY10M Generally Acc8pl8d Accoutbting Practice). The law applicable to GIale$ in Eroland and WdlÈg requires the trusteès to preparè finanoal statements for oach financial year which give a true and fwr of the stste of affair3 of the tharrty and of the incorning re50urce5 and application ol resour9 ofthe th8rity for thatyear. In prepariTrJ these finanoal 3tsternent4 ts trustees rpquirpd to: . select suitable x0utiThj poliues lh thwn (y)nsr&tetty', - d)8erve Tllgth(yJ$ arKI winoples in the Charities SORP: - make judg¢mgtts aThJ estimates that are [easOnab and mKJert - ststg whgthgr applicable aCUnting standards have been subject lo any materi?1 departure5 di¥clo8ed and explained in Ihe fin8ncaal statémenb". and - pwaie the financial statemenis on the gc¥ng concem unkn it B inappropriate to pre¥Ury Ih8t th8 ¢harity will mntinue in operation. Th8 trust ar• responsbi le lor ke•rrfJ suffi¢ient actwnting records that di8dose with reasonabk accuracy at any me the financial position of the ch8rity 8nd enable them to ensuie Ihat the finanoal statemènts compty with the Charitiès Act 2011, the Charity (Accounts and Reports) Regulations 2008 aTrJ the provisiorts ofthe trust deed. They are also responsib for safeguarding the assets ol the d)arity aThJ henc for taking sOnable steps for the pr8¥ents"on and dtstecti of fraud and other irrtyulantss.
PUSEY HOUSE CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The tnsstees, report was approved by the Board ofTrustses. The Rl Rev IA Lan Trust•• rish Date.. 12 October 2024
PUSEY HOUSE CIO CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PUSEY HOUSE CIO Oplnlon We have audiled the finanaal ststements of Pusey Hovse CIO lthe'charityl for the year ended 31 Dec&mber 2023 vthich comprise the statement of financaal arties. th8 balancé sh86t and notes to the financial statern8nts, includiry significant accounting policies. The financial reporting frarnvwork that has be8n applièj In their prap8rats.on is applicable Law and United rOdorn Aryounting Standard$. including Finanaal Reporb"tvJ Standard 102 The FinanGi& RepartNng Stèndd applicable in lh& UK and Republic of Irel (United lQn9dom Generally Attapt Accountwu Practic41. In our opinion. the finanoal $tatefflgJ)ts'. gwe a true and fair vi8w of the state of the charity's affwrs as at 31 Drnber 2023 ?nd ot ts ineoming r6sources and application of resour. forthe yearthen ènded", have been properfy pwared in acCoan Uniterl Kingdom Gerwalty A• Accountirg Practice,. and have been ptepared in a0))rdan wilh the requwernents ofthe Ch41ib8s Act 2011. Basls for oplnlon rx)nductsd our alIt in 8c£ortlance vnth lnlemats.onal Standards on Auditing (UK) IISAS {UJQl and appli¢2b law. Our respon5ibilthes under those standards are further desrxibed in the Auditors SponsIbl11"eS for ffte audit of th8 financial st8t8ffl8nts section of our reporL a in<lependent of ttE th8rrty in a¢eordance wrth tha ethCal requirements that are rel8V8nl to our audft of the finanoal statements in the UK inrJudin9 the FRC'$ Ethical Standard, and have fulfiljed our gtsr gthical Tesponsibilities in aco)rdance Ihese requirements. believe that th8 audit tswidence we have oblwned is ffi(ent 8rKI aFvropriatè to prtivide a basis oF¥nk)n. Conclusion¥ relating to golng Cottr In audrting the fjnanual statements. w8 have That tha 1rn5ta8S' Ltsè of the gng o)ncem basis of accounting in the preparatr.on of the financial slatsments i8 appropriate. B8S8d on lh8 work we have Ferfonned, habE not Klentifd 8ny rnatsrial uncertainbes L4"n9 to events or conditions that, indNYually or cdwvely. may cast Snificant doubt on the charity's abilty lo continue a5 a going Concern for a peri1 of at 8$t Nvelve months Irom when the finanaal ststements are aLrthorised for issue. Our responsibile$ the responsibile$ of the tru¥lees with rosw¢t to 0)nrn are desoibed in the relevant sections of this rep)rL Other Information The other inform8tion (yjrnpws the 5nfomiats.on induded in the annual report other Ihan the financial stemgnts and our auditoes report thereon. The tnjstees are responsible for the othèr infomialion contained wthin the annual report. Our aptnion oft th& finanoal ststements does not cover the other inforrnatson and %%p do not expre55 any fotm of assurance condusion theOn. Our respon5Lbilty is to read the other inftsmab.on 8nd. in doing so, consider wh8th8r the other infomiat.on ts materially ino)nsstent with the ffnanoJ sfaternents or our knOwdge obtaId in Ihe ul8? of the audi( or otherwise appears lo be materialty misstated. 11 we identify suth material Inconsisterje$ or appant material mi5Statgments. we are required to determine whetherthis gNe5 rise lo a Material rni5Stat8rnenl In the financial ststements themsefves. 11. based on the work have rfOn, wé Cond1& that tharo ks a material misstatement of Ihis other information, we are required to report that tacL have nolhing to r8pJrt in Ihis regard. Mattern on which wè arn rèquirèd to report by exceptlon Wè have nothing to P)rt in pect of the frjllwng matter3 in retation to wthhich thè Charibes (Accounts aTh Reports) Regulalions 2008 rLguire us to wort to you if, in our opinion.. the infom)ab"on given in the finanoal statements is inconsistent in any rnri?l sPeCt with the tn5. report, or sufficient accounting records have not been kept or the financtal ststernents a rtot in 89reement wih the aOXn11ng r[9.. or have not receNed all the irtfomiatim tsxpl8n8tions t reqtNre lor ouraudit.
PUSEY HOUSE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF PUSEY HOUSE CIO Rosponslbllltles of truste•8 As explained more lully in the statement of trustees, responsibilities, tha trustaes aro r8sponsibl& for the pmparatlon of the finantial stat8ments and for being 3atssfigd that they give a true and fair view, and for such internal control as the trustees detemiine is nSSary to enabla tha preparation of financlal sla18menls Ih818re fr?8 from materbal rnIsglatemÈni, whèther due to fraud or error. In preparing the financial 8tatements, the trustees are responsible for assessing the charity's ability to continue as a golng concern. dlsdoslng, 8$ applicJb19, mattgr8 related lo going concem and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic allernativo but to do so. Audltorf8 respon8lbllltle$ for the auillt of the Ilnanclal 8tatomonts We have been appointed as audltor und8r saction 144 01 th8 Chari•9 Act 2011 and rèport In 8ecord8nea th the Act and relev8nl regul8tton8 made or having effect thereunder. Our obje¢tives are lo obl8in r8a8onable 838urance about whether the financial 5t8tements as a whole are free from material rnisststemenl. whether due to fraud or error, and to Issue 8n audllo¢s report that Includas ouf opinlon. Reasonoblg 8$sur8n¢e 18 8 high level of a88urance bul is not a guarantae that an audlt conducted in accordance with ISAS IUKI will aNvays detect a material misslat&menl when 11 exlsts. Mlsstslgm¢n¢s ¢8n arisg from fraud or error and arè consl(Jered materlal 11, indFvldually or in the aggrecate, they could reasonably be expected to influence the economic dedsions ol us8rs takan on tha basis ol th888 flnanci81 stsl•m•nts. The extent lo which our procedures are capable of dot8cdng irregularflles. Indudlng fraud, Is d8tailad b81ow. the engagement partner ensured that the eng8gemant tèam collactlvely h8d tha appropri8t8 compètanc•. p8bililies and skllls lo Idenllfy or recognlse non.complianca with applicable laws and regulations., we identifiad the laws and fegulgtions applic9bb ID th8 company Ihr¢ugh di¥cu¥3i0n$ with dilOr8 and othèr man3o*mgnl. and from our knOedge and experience.. we focu88d on 8pedflc laws and regulAtlons whlch w• consldaréd may havè a dlrèct m8tarl81 att on tho ffn8ncl81 stalèmènls or thé operations of tho MpanY', we a6ses6ed the extent ol compllance th the law8 and regulations l¢Jontifi•d abova through making enquiri99 01 m8n8ggmgnt and inspecting legal correspondence where applicable,. and idenllfled law$ 8nd regulallons wgre ¢ommunicaled wjthln the audit team regularly and the team Temalned 81ert to inslancas of non-complianc& throughout the audM. Wo assèssad th$ suscèptibility of th¢ charit6 fin8n¢ial Blalement8 lo rnaterlal rnl$Btal&ment, Including obtaining an understanding ol how fraud mlght occur, by.. making enquir8 01 mariagernenl as lo where they consldared thore was suscAptlblllty to fra(KJ, th•lr knoedge ol actual, suspected and 8118gad traud,. and consldering the Intern81 controls Sn plaee lo mlligot¢ risks of fraud and nOnVMPlI9nc0 wS¢h laws and regu18tions. To address the risk ol fraud through management bias and ov•rridg ol controls. w&.. porformed 8natyti¢81 proceiJure8 lo Idenb'fy any unusual or unexpected relationships,. test8d journ818nlrie$ to id8ntify unusual Irans?¢tions', assassèd wheihar judgements and assumptions made in determlnlng Ihe accountlng estimates were indicatlV8 01 pot8ntial bias.. and Investigated the raUonal& behlnd slgnifieanl or unusual Ir8ns8¢tion8.
PUSEY HOUSE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO In response lo th8 rfsk of IrrBgularitKs and non-compliance wth laws and regulations, we designed prordu3 whl¢h Included, but were not limited lo.. agreeing financial Stament di$¢lo$uws to undetying supporting documentation. ading the rninute8 of meellng8 ofthosè charg8d wlth 90Manc0., enqulring ul manogemenl 88 to actual and pot&nttal litlgatlon and daims., revI1ng relevant correBpondence. There ar8 inherent IlmS18tions In our audit proceduré8 d•scrfb8d above. The more removed that laws and r8gu18llon8 Arè Irorn financial transactlons, the les3 likely il Is that we would become awa ol nun-¢ompll8n¢9. Audlliog 3tBnd8rd8 also limit thg audit procedures requlred lo Identlfy non-compliance wrth laws and regulations lo enquiry ol the directors and other management and the inspection ol reoulalory and Itgal eorrespondence, If any. Material mi88l•lem•nts that arisa dua to Iraud can b8 h8rd&r to d8tect than those IhAt arise frorn error a6 they may Involv8 dellberats concealment or collu850n. A further descripdon of Our rosponslbllllles 1$ avaSlabla on Ihe Financial Reportlng Council'5 websi18 &L' hty.'l/ www.Irc.org.uklAuditorsrespon$ibilith?s. This de9crfption forms part ol our audltorfs report. Other matter• Your attentlon18 drawn to ttt? ¢0¢t that th$ eharity has prèpAred flnanclal stateménts in accord8nca with"Accounting and R6portSng by Charitses.. S¢alemonl of RQMMeNded Practleè applieablè to charitl&s praparing thèir account$ In accordance wllh the Fln8nclal Reporting Standsrd 8ppIIc8ble In the UK 8nd R8publlc of Ir8land IFRS 1021. 18s 8rn8ndedl in pr&f8rene8 to th• Accountr'ng and Reporting by Charities.. Stalernent ol Recornmended Practice i38ued on 1 Aprll 2005 whlo*1s rel¢rred to In Ihg eant rggulalions bul has now been wlthdrawn. Th1$ has been dono In order lor th8 flnanclal staternents lo provido 8 tw¥ and lalr vk8w In accordanc8 wlth currènl Generalty Ac¢eptecl Ac¢¢unlibYJ Pracb"c8. U¥e of our report Thls report is made 3olely to the ¢h8rity's trustees, as 8 bocly, In 8ceord8nce with part 4 01 the Charlties (Accounts gnd Rèportsl Regulallons 2008. Our audit work has been undertaken so that we might State to the charity'5 trustees those matters we ar8 r8quir•d to stste to them in on auditoff s report and for no olh8r purpose. To the fullest extsnl pemitted by law, w8 do not accepl or 853ume responsibility 10 8nyone other th8n Ihe charity and the charity'$ trustees as a body, for our aud work, lor th18 report, or for the oplnlon8 we have foffned. Crttchleys Aud1¢ LLP 18 October 2024 Chart8red Ar¢ountsnt¥ St¥tutgry Audllor 8eaver House 2&38 Hythe Bridge Street Oxford OX12EP Critchleys Audit LLP is eligible for 8ppointrnenl a5 audslor of the charity by virtue of its eligibility for appJintm8nt a5 auditor of a company under 88ctyon 1212 of the CompaniesAct 2(h)6.
PUSEY HOUSE CIO STATEMENT OF FINANCIALACTlVtTIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2Q33 fur 202J fvnd$ a)22 2023 2022 2022 DonBIion5dWCes t57A34 264.Y2 205.841 317.729 97.$33 57.01J 97,533 26.146 Irhywrnents 23.939 EO.190 20.867 TotallTrEom• 244261 130.817 377.1L 241567 229.7 472.275 3K924 147.W 516.7fj8 317.296 216.6B4 633.gBD 11 7.751 1fj6.956) 139.7941 11r6.720) 1148.3651 li3.) {161.9C8) (141.wI (26.7401 {168A251 KelmovIln 113.5M) (161.W (141.6 126.740) {168.42SJ Fund 2023 S.32S.11tI WJ.S53 51.4S1 S77.154 5.466.795 627.333 51.451 145.579 1¢46a1)I Detber202) 5.17Q745 587.049 51.4S1 5.815.245 5.32S.110 8DJ.5B3 S1.451 5.571.154
PUSEY HOUSE CIO BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Fixed assets Tangible assets Investments 13 14 4.640.6g9 1.234.890 4,645,052 1.277,139 5.875.589 5.922.191 Current a•tr Debtors Cash at bank and in hand 15 2.381 67.980 4,525 93,428 70.361 97,953 Crodltors: amounts falltng dué within one year 16 I1.705> 142.9901 Nel current 1118bi1eS¥8ssets {60.3441 54,963 Total a88ets le88 current Ilabllltle6 5.815,245 5,977,154 Capltsl fund¥ Endowrn8nt ftJnd8- gener¥[ In¢ome funds Restricied ftjnds 19 51.451 51.451 587.049 6C(1.593 Designated tunds Gentrrnl unwstr"¢ted funds 4.822.462 354.283 4.837,724 487,386 5.176,745 5,325,110 5.815,245 5.977,154 The financial statements wer• apDVsd by the Trustees on.12..Q.otobRr.1024 Th8Rt Trustee Langrish
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aceountlng pollcl•8 Charity informatSon Pu38y House CIO is a Chilable Inc4)rporatgJ Organi8abon rgJister•J in England and Wgb$ . Its wistèred offica is Pusey House, SL GI5. Oxford, OX13LZ 1.1 Accountlnq convention The financial statements have weparad in accor(lan with the charity's tgoverning dorjjmtrnti, the Chanties Act 2011. FRS 102 The Finan(xal ReporlirvJ Stsndard appcab[e in th& UK aTrJ Republic of Ireland" I'FRS 102.1 and th• Charities SORP "ACunting aTrJ Reports'ng by Charts$." Statèment ol Recommend&J Practice applicab to Iare$ prèpariTha thèir acccMJnts in ac(rdanCe wth the Financaal Reporting Standard applieable in the UK and Repu1¢ of Iland {FRS 1021" leffedivg 1 January 20191. The charity ts a PU1C Benefit Entity as by FRS 102 The tharity has ten 4(1v8ntage of ts provNons in th& SORP for tharitM not to ppare a Statsm•nt of Cash Fk•ts. The finanrial stat8m8nts have ¢parted from the ch81ib.es IAC¢xnts arKI RerM)rtsl Regulations 2C08 only to the extent required to provide a true and tsir wiw. This daparture has invofved following the Ststemenl of Recommended Practite fL¥ d)aribes aw)Iw'ThJ FRS 102 rather than the verSK>n of the Statement of R8commended which is refer1 to in Ihg Regulations bLrt wh(ch has since been ¥thdraWn. The finanaal statsments are prepared in $1grfiNJ. Ls the functical cwronry of the tharity. Monry amounts w) thsse finanaal statements a rounded to ttE rearBSI £. The finan 3t•tsments have Lwn Fxepare4J urvjer the histowl cost conventw. Mrxjir to ilUd0 the revaluats.on of freeho resKlenb"al sxopeities and to certawi financaal wL4truments at fair valu8. The prfndpal acmuntirvj pdicies 1optèJ are set oui below. On 1 Januwy 2021 ttE 8ssets and liabilities of Dr Pusey Mem181 Fvnd were trsfeffed into Pusey Hou89 CIO Ivthich prefft0us no actiwtyl aThY mew antir9 has been &Jopted. 1.2 Golny nc•M At the time of apprown9 Ihe financial staternents, Ihè trusts•s hale a rUsonab expectslion that th8 charity has Jequate $oUrCes to in OTatiOnal exi5t8nc for the fo¢eseeabk fuiure. Thus the trustee8 conb"nu8 to a()pt the goirvJ concem basis of a¢counting in prepariNJ thè financial statements. 1J Charltabh funds Unrestricted fv¢nds a avadabl8 for use at the dtscrebcm of the trustees in fwthewce of their charitabk De5ignatsd fijnds compris8 unresIrid fvnds that hav8 been sel 85Kltr by trvstees for parbular purposes. The aim and use of each deSnsted fund is set out in the notes to the financ4al statements. Restricte&J fuThts a Stthiect to SFecrfic t(rtI)n$ by deS or grantrlrs as trj how they may btr used. The purposes and uses of the restricted fvnds are sel out in the notes lo lh8 firtanual slatments. Endrrénnent funds are subj.grt to $Feufic condlltorts by don¢y5 Ihat the ¢apitsl musl bg malntained by tharity. 1A Incom? Inc4)rne 15 reccsni4ed when the th¥rity 1$ 9allY entitled to it after any perftsman c0Th4rtnS teen mrt the amounts can t measured reliably. and r( is pr¢A)abl8 that inLx¥ne L* TNed. -10-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl•8 Icontlnuedl C¥sh don¥ti¢ns are re¢oyn on rlpL Other dOnatiC are recogniwj once th8 chaiTty has been nots'fied of the donation. unless perfomianca condib.ons (equire deferral gf the amount Income tay recoverable in relation to ¢Jonth"ons re1Ve{l under GfftAid or deeds of g)venant i8 rec4nrsed at the b.me ofthe donation. Legacies are recognised on reIpt or OtheiS¢ if th& clianty has en notrfied of an TmpendiTrJ di8tributson, the arNount is known, and rEcp1 15 expeded. 1.5 Expenditure Expenditure is r?ny&ed Ihere a or conslru(ve obwgation to transfer ec4)nomic benèfit tD 8 third paty, it is probab that a transfer of ec()nomic bentrfits ill btr wuirpd in settlement. and the amount ol the c&lwJation be measured rdiabty. End1bJr8 rs dassifd by athity. ¢05ts of eath acbw are made up of the total of (fireci costs 8JyJ shared c08ts, induding support CA)sts Invo in uThJertaking each attmty. DI¢1 Costs attributatAe to B Single activity are allocated diredy to that acbwty. Shared costs Ythich corTtnbute to more than one 3¢tivTty and support costs whith are not attriburablè to 8 siThJl& a(IMty 8pwboned treknn those actiwties on a basis consistent the use ol resour. 1.6 Tanoible fixed a$8ets Tangible fryed awts are inthlty measur1 at cost and sthequenty measured at ct or valuation, n?1 of depreciatlon and any imp8im)¢nt l¢>ss¢s. DeprecAation is renIsEd so as to write off thè eost or vaklTron of a83ets18ss their resKlual vaue5 over their useful INes on the loll(Ming boses." Freeho resi¢Jential Fxope Pusey House aThJ ChaFel Organ Fixture and equipment no dwecaation charye due to high residual values 40 years straight line 15% f•YucirKJ bala The gain or108$ #rising on the dwaj of an asset i8 detennined as the dIffen($ bèfvvètn the sale predS and the carrying valua ofthè asseL and 1$ rgc¢JrMsed the slatement ol financial athti&s. 1.7 Herltage assets Early books and other coleclions by the charity are dassffied as heritage assets aNvJ not Wdlued for inrjusion as assets in these financial ststements. Fleritage assets are preseNed and public a55 is mistted. The have been no matoriaj acquisibons or dw)osaLs ol hgritage assets in th& last 6 years. 1.8 Fixed asset In¥estments Fiyed 8s5et in¥estrnenls are ltialty measurnj at transadion pric gxcaxling transacti costs. and are subsequently measured ai Pdir value at exth rewtiry da Changes in fair value a tonISed in net incom•llw&nditure) for the year. 1.9 Cash and cash equivalents Cash and cash 8quNalent5 indtbje cssh in haTrJ and dwits held at call 7•rith banks.
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounung pollcles (cont1nd> 1.10 Flnaneial Instruments Tha charity has electod to awy thè prov1s1o of S6con 11 Bas Flnandal Instrumènts. and Sadon 12 'other Fin¥nry81 Instrurn¢nts1s8ugs' of FRS 102 to all ol rts finanrA81 irtruMents. FinanL7al instrurnts are recogniseil in the cliaritrfs balance sheet when the tharity b8come$ party to Ih& contractual prwsions ol the instrurnenL Finanoal assets and liabilitEs are oflseL wih the net amounts Presented In the financAal staternents. when there 18 0 18gally 8nforc88blg right to sgt off the iecr4ni6gd amounts ortd therg is an intgnts'on to Sgttl? on 8 n•1 b1¥ or to r88lLse the asset And $8Ws the liability simuttaneousty. s1¢ Iln•nel8lJss•ts Ba8ic ftnanci818588ts, Incl16 d8btoFs and ¢88h and bank b818nce8. 8ro inits81y me88ured 8t transaction price. 8¥¥k flnwncl?Ill•bllhl¢¥ 88si¢ finanrA81 liabil¢ti"e¥. Induding treditm are inalty recogni at tran3aclion price . Tr¥de ¢r¢di1or8 8r¢ obligabons to w for gotyJ$ or seThi¢os that have 8cquired in thtr ordinary courntr ol operations frorn 8uppllerB. Amounts payable are dasslfied 88 ojrrtsnt 118kn11t If payment L8 due wiihln one yar or l¥u. If not, they or¢ presented a& nOn4u¢nI li8bilrti&$. 1.11 R•Ur•ment ben•flts Paymgnts io multl-employ¢r dtsfined t¢nefil ponwJM xhwnes arn ¢hargod 8$ 8n •xp•ns& as fvy f911 du•. However a provlslon Is made for def1 redudon contr>uJon8 Crltlcal •Gcountln9 tImat•• 4ndJudg•m•nts In Ihe 8ppIIc8don ol the tharty's aC(nng polldos. tha trustee8 ar• r8qulr8d to maka Ijgaments, •8Im8ts8 and 8$8umplion$ about the ¢8rrying 8movnl of assets and Iiabililie5 that are not readily appaont from other sources. The ests'mates aThJ assooated assumpts.ons aro based on historical oxparionc8 and oth6r factOfB that arè eonahl•red to rnbèvant. Actual rèsums may diffèr from thèsè eSlm8t¢s. The 8slimat88 and untjerfying assumptlons are We on 8n ongolng basis. Revislons to accountlng estirn8te¥ are rewgnised in penod in whith the estimate is reviwl where the rgvision affect¥ only th81 perlod. or In the period of the rewsion and fulure peri¢xls where Ihe rewsion affects both eJJrrent and future P8noda. Crhlc81 ludgqm•nl• V•luallon The valuation ol Ireehold re¥>Jential propertre8. 12-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oonallon• And 18gacl•• Unrg•trlcted R•trietsd lund tund Tolal Unrestrthd Resth'ded bjnds nds Totsl 2023 2023 2023 21Y22 2022 2022 Donab"ty)s and gits 157.434 264,342 108.888 208.841 317,729 Don•tJon• •nd glft• Arnerican8 for Oxford AngltyC8tholi¢ Ordlnatb)n cand8¢?¥ Fund Canterbury In3titut• No 1 Trust Fund Ascot Priory Qth•r 25.781 9.134 34.895 48.254 16.499 82,753 30,1 30.0)) 30,oc¥J 60,0 20,orMJ 19.0 12S.978 60.CQ) 20.OC¥) 19,C)O 63.342 15.C)O 15.r)J) 23.C( 161.447 23,C<() 44.774 116.673 62,634 157,434 1C.gN)8 284.342 108,888 208.841 317.729 ChaYltsbl• aetlvltl•• Pu••y Hou 2023 Pu8fry Htsus• 2022 Cortren¢e 8TrJ olh•r irKom• Rontsl incorne 20.151 32,435 49.935 47.598 S2,586 97,533 Ib)VOts Llnrestrlcted R•8lriet•d fund• funds T*)t•l Unmtrbcted Rtr[¢t fvndB fund• Totsl 2023 2023 2023 2022 2022 2022 It)come from Ilsted investments 36,241 23.939 eo,180 36,146 20,887 57,013 13-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ExpgndÉtur• on charltablo actlvltl•s Headlng
ac9B2
2023 Heading
ae982
2022 Dlrect costs Staff costs DepCIation and impairynent Chapel, pa8tor81 and education Property costs Pusey House library 220.547 4.353 117.128 117.673 17.097 212,045 4,589 127,388 104,341 17,614 476.796 465,957 Share of support and gov•man¢? ¢osts1$g0 noto 71 Support Govemance 50,969 19,rxJ3 55,230 12,793 $46,768 533,980 Analysls by fund Unr8Strict8d funds Rèstricted funds 398.924 147,844 317,296 216,684 546.768 533,980 14-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023 Support Governanc8 o¥ts 2022 Advertising, Printing, postage and stationery Tèlecommunications and 15.241 15,241 24.283 24.263 4.327 4.327 3.884 Acrounlanw and book- keeping Health and safety onSuancY Olher costs 1,152 1,152 2.271 2,271 2.901 27,348 2,901 27,348 3,205 21.627 3,205 21,627 Auditlaccounlancy fees Legal and professional Trusteg m¢#ts"Dg expenses 5.000 12.538 5,000 12,538 4,565 4,565 7,854 1.465 1.465 374 374 50,969 19,003 69,972 55.230 12.793 68,023 Analysed betsveen Charitable actNib'es 50,969 19,003 69,972 55,230 12,793 68,023 Govemance eosts indudes payments to the auditors of £5.(M)012022- £4.5651 for audr( fees. Net movement in fund$ 2023 2022 The net rnovement in fvnds is s18ted After charginglltyedrtingl: F88S Payable for the audit of the charity's finanoal statements DepCiatIon of owned tangible fixed assets 4.565 4.569 4.353 Tru8teeA None of the trustees lor any persons connected with them) received any remuneration duriroJ the year, and none of thern were reirnbursed 8ny Ir8velliThJ 8nd me21 &xp8n58s12022- Nonè wer• r&imbursadl. 10 Employee8 The 8ver8ge monthly numbèr of employaès during the year was.. 2023 Number 2022 Number 15-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEIWBER 2023 10 Ernployees (Continued) employmont¢osts 2023 2022 Wages and $01oria$ Soaal security costs Othar nSIOn costs 191,965 12,911 15,671 188,183 12,618 11,244 220,$47 212,045 Tharo were no employees whose annual remuneration was more than £SO.(K)O. 11 Gains and Ioss9s on irtv•stmonts Unr8striet•d R•strict8d fund5 funds 2023 2023 Total Unrestrlct8d R•strlct&d funds funds 2022 2022 Total 2023 2022 Gainslllo3sesl arising on". Rev81uation of Investments 4.298 3,453 7,751 166,9561 139,7641 1106.7201 12 Toxatlon The tharity 1$ gxpmpl from tax on incomg an¢J g8in$ falllng within section 505 01 the faxes Aci 1988 or section 252 01 the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 13 Tangible fixed a55•ts Freehold Pu8ey House resldfrnltal and Chapel proporfes Organ FSxture and equlpment Totsl Cost At 1 January 2023 4,500.Th)O 34,760 110,826 52,103 4,697,689 At 310ecember 2023 4,$00.IJOO 34,760 110,826 52,103 4,697,68g Depreclatlon and Impalrment At 1 January 2023 Dèpreoation ch8ruad in thè yèar 11,084 2,771 41,553 1,582 52,637 4,353 At 31 Dacember 2023 13.855 43,135 56.990 arrying amount At 31 December 2023 4,500.0 34,760 96.971 8,968 4.840,699 At 31 Decembor 2022 4,500.0 34,760 99.742 10,550 4.645.052 -16-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tangible red assets (Continued) The cost of fr89hold rasidenlial propertiès withln tanglblè ffxsd assats Is £484,07312022- £484,073). For th& financial statements for the year ended 31 December 2021 the Trustee5 consutted with Ch8ncellor5 Estate Agent$ In July 2022 to deterffline the fair value ol the properts"es. The Trustees believe that it is appropriate to continue to use that valuation. 17
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Flx•d at Invg$tm9n¢s Ll$tsd inw#tment• Cost orvaluation At 1 January 2023 Valuation CheS Disposals 1,277,139 7,751 {50,0001 At 31 DecMr2023 1,234,890 Carrying amount At 31 DeCtr 223 1.234,890 At 31 Decb8r2022 1.277,139 18-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Debtorn 2023 2022 Amounts fallng wlthin on? year. Other debtor3 2,381 4,525 16 Crndltorn: amounts falllng du• one year 2023 2022 ACOCF loan Other taxation and soaal 9Unty Govemment grants other creditors Ac£ruals and deter inc¥Jme 20.( 16.913 ,693 2.7C 27,399 20.000 17 2,444 11,296 130.705 42,9+ 17 Deferr Incomg Delerred Inco is Ind18(1 in the finon¢i81 $tatsrnts a$ folky. 2023 2022 DetèrrBd income is induded vthhii.. Current liabilitses 63.893 Movements in the y8ar D?fvrr8d incomè at 1 January 2023 ReaSed from pr•wous wcés Resou dèferr in th& year 6,681 16,6811 63.693 Deferd irKorrE at 31 December 2 63,693 This ¢onsists ¢fgrants and othw ineometo 2024 ex4]rtWe. 18 Reliremert benofft $¢lwn 2023 2022 Defin 1>on•fft seh•m•s Charge to or loss in resFect ofdeftd tser 15,671 11.244
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 R•tir•rnent benefft sch•m• {Contlnu•dl Th• charity participates in ihe Church of Eryland FwvJ8d P8nskJns Fjthen The Church ol EThJland Funded PenOnS Schwne is a d&fin•J tfrt $theme but Ihe chgfty Is unabb to laantify its share of the und8rlylng assets and lbl.¢$ - empbyer in that sthgm8 pays a common contribution rate. Avaluation of th• s¢Prne was carried oul as at 31 Decemb8r 2021.Th0 2021 valuation revgaled • aurF4u8 01 £560m. b•8ed on assets 01£2.72Ckn and a fundiro t8rW of£2.16Lkn. Followiry finallsation of Its 31 Decwnber 2021 valu•tp)n, deff(yt contn"LxJtlon$ ceased with effeeA from 1 January 2023. since the Schem• was fulty fvjnded. The stNtXyr• ol th8 6(orn0 su¢h that if anoiher R8sponsbb B¢)dy f4llB. Pusey House CIO cod come re8pon8Jle for poylng a sh8r8 ofthat f8ibJ Re8n51b1e 89 pènsion liobli rb88. 19 Endov47n•nt fund• Endowment fvnds represent assets whtch rnu•l held p8m)anènlty by the charity. Incom• arf$ing on the •ndtswent funds can b• used in aOrdanc• wlth obioct8 01the charity and 18 Indthded as tn"¢t¢ Income. copltal gaifk8 or bs888 arin9 on th? assets lom) part olth¢ lund. At 1 January 2023 At31 D•c•mb•r 2023 P¢min•nt •ndowments 51,451 51,451 Pr•vlou• yo•r. At1 JInry 2022 At31 D•c•mbar 2022 P*Mn•nI •ndowm•nts 51,451 S1,451
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Re•trkted lund# Thè rèstrict8d funds of ts charity comprise the unexFThled b8knncs of donob"on$ aThJ grants helj on trust subject to speofic (l)n$ by donors as to h¢MI they may b? Y1. At 1 J•nuary Ineomlng R••ourc•• 2023 mour¢•• •xp•nd•d G4lnJs and los• At31 De¢¢mbgr 2023 Library Fund Ishere Fun Intemship Fund CTLC Fund? A(Jmir(JlrnJon 814JPOrt 12.1)J)I 4V2,301 23.939 57.440 24.468 23.1 3.453 519.693 (57,4401 170.0491 (19,3551 81,718 28,574 36,137 31.219 8¢J),593 130.847 1147.8441 3.453 587.049 Prnvlou• y••r. Atl J•nu•ry In¢omlng R•our¢e• 2022 ruourc•• •xpend•d Galn• and At31 D•c•rnr 2022 Llbr8ry Fund Wlshère Fund Int•m8hlp Fur<1 CTLC Fundg Confèran Admln8tr4tion support 16,598 511.198 116.8481 20.867 139,764} 492,301 I.5)) 188.2631 {29.1471 111.9261 77,787 2,250 19.5 72.194 26.897 19.CO) 81.718 26,574 27,333 229.708 1216,Wl 139,764) 800,593 Th8 Dr Pusey Mwnorial Iwbhèral Fund is grned by a sdrn9 of the Charity Commissioners sealed on 19 DerRrnber 2007. Th• inccme arising rnay u8ed for any purpose of the Charity. bui rc 18 8pr4ied prim8rSly lo defr8y èxpanditure on the buildir¥Js. Int•mship fund represenis donaiions receNed to cover Ihe cts of intems. CTLC réprèsani funds lo support ihe Centre Law and Cutiure. 21 Analysls of n•t a•uts fvnds Unmtrlthd Restricted Endowmerrt fundg funds fvnds 2023 2023 2023 Total 2023 At 31 Docomb•r 2023: Tartgib assets Investrnellts Current ass{abIlltieS1 4,605.939 698, 1127,7LXII 34,780 16.691 4,640.699 1,234,89) 160,3441 519.693 5.176.745 51,451 5,815,245 21-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Analy515 of not a5%9ts b8iwrnin lund5 (Contlnuedl untrIcted Roslrfcted Endovrnent lunds funds 2022 2022 Total 2022 2022 At 31 D•¢•mber 2022: Taroible assots Investments Current asseIabIlitiesI 4,610,292 788.147 153.3291 34.760 16.691 4.645,052 1.277,139 54,*3 492.301 108.292 5.325,110 61x1.593 51,451 5,977,154
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS ICOMTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2&23 IlmrnertknbfvThJ 1021 L¥aty Chl4irq FL Tangitl•fix¥l 171.475 171.47$ 171.47S 4.614.8fj1 {4.569) 4.610.292 14.J531 4.605.939 Fri)18 of Pu 43.796 786 {129 {2.333) 51.524 167.0gJ) 1929) 4.630.132 8.786 (s.e611 (2.33¥ 4.637.724 $8.$24 15.767) 167.090) 19291 4.D22.462 Thq ChaFlainty Fund (£20.000) ttended toll the Pilo# TrIlaalSl1Uro&. Th• bbrary ErxQwrt Fund (t1S1.4751 IsjEdl0etrjrt Meet1 e>wtseg *thr¥Or Puwlsubra
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Relatod party tsansaetlon• r8 WÈ no disebsabk rèlatsd party transaebons during the ye•r12022- non¢l. -24-