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 OCto￿r 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 e08￿r 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* 8J*ot 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 $￿t￿￿lts 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). Obl￿tIveS And actlvfll•• The CIO'3 0*'8Cts 8r&'. the m2inten8nr* ol thè insbtutson knc*wn 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& st￿1 8nd holyntss of lrfè. Th• trust8￿ have paid due Mg•rd to puK18n¢e ISS￿d by the Chaiity Ciynmisslon kn dtrclillng whgt acu￿189 th& tharty Should undèrtak&. Thè key obl8cthe ol the c*arity1s'10 pe￿lUate th• mgmory of Dr Pusey by affNdirvJ rOlKJ￿u9 h*lp and counsèl to members of the University. And by pr￿0￿.ng Theologi￿ Stuoy aThd Hoh'n688 of Llf•.' Thi8 18 athiev•J finan0￿ty 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 •SF*Ct of the House's mi88ion. wilh the F&ith In Public Lif• es18b1￿hirQ itself in the ￿VIar lecture strri￿. Th8 hokling togelher ol intslle¢Xual and 5pirilu81 development, which Pusey a￿ayS 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 chap￿in fvnction&J as Actiry Princip￿ ably Bupportgd by An Interim ch¥p￿]n In Fr James Fin￿more. Wrth tha ov8rsKJht and an Inierim ￿brarian lobltr*TrvJ 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¢ M*ro 0$ •v¢rloln8d by a*Jitlons 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 Po￿￿1 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 re￿4(￿ng him as OrganisL as Jim Fel￿w3 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 p￿ce 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 re￿1 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 c￿tc¢￿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 Ma￿et 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.$23 ha8 t8en designabj for SFrtifte purposes leawro a balance of free r&serves of £354.283. Investment inccKne has again been augmented by generous donatio￿ fr￿n ind(vidua15 and othgr ch?rit*)I organis8tions who are in sympathy with stated objects of the thanty. 11 is the poliey of the i*arity that Unrestric￿ funds whth rw)t teen (lesKJnated for a specific use should be maintained at a level equNalent to betr￿en three and six month's expenditure. The tnjstees cons¥Jer that re5erv85 at this level will ern$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- fu￿re considering the make-up of ihe Trustee Board, and the staff team to secu¥9 the ¢ff¢Gtive adrnini$tration of ts institutson. and it5 resources. The Chapter seek to furthar expand the Houses academic wod( by a(kling regular collwuia to the ￿gUlar pailem of leclures. developing the Scriptorium, and hosting a fvrther intÈmab.0n￿ Conferen￿. and to rxjnsolidak the expansion of the spiritual lrfe of the House through the year-round weekty serwces and festivals. stru¢￿Te, go¥ernan¢e and managèment The tharity is a CIO goveffled by its Constitution date(113 Juty 2020. The twstees who Berved durirs the year and up to the date ofs>3nature of the finanrial statsments were: Mrs E Gregory The Revd J Beswidi Mrs M Jor￿5 Dr N Aston The Rt Rev M Langrish Dr J Cooper Mr M Chinery MrAVk4)odcor The Rev P Thornas The Ven L Miler Mrs S Collister The Revd Canon DaV￿a Stanton Mrs S Firth (Appointed 21 Odober 20231 {Appointed 21 October 20231 (Appointed 21 Ortober 20231 (App￿nted 1 January 2024) PUSEY HOUSE CIO TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 New trustee5 are appointed according to the tem￿ set cwjt in the Charity's Constitution for the various categorie5 01 rnernb8rship, after an appropriate audit of the governan￿ skills required. Individual Trustees will thus take on specafic r85powksibiliti8s for the varbOUS araas ol go¥eman￿ and c￿mplian￿ wth the support of the Presthnt Th8 Princjpal works with the PresKlent reg8Tding Trustee r8twrfrn8nL The Presthnt oversees the irkluetion of trustaes. 8rvJ ensures Wh￿ necessary any rethnt training is undèrtaken. The Hierarchy of Leadership of Pusey House is as foll Charity Tmst Principal Chaplaln & LayAcademic Fdlrm Assistant Cha￿0)n & Librarian Administratr"ve Staff Volunt8ers Deusions regardiro th& day40-day management of the House are considered by the Chapter at week management Mee￿n￿$. and approved by the Prinopal. The effetheress. and appropriateness of these are assessed by the Trustee Board. meeting th￿e times in each year, and through consultation vthh the same. Any signifi1￿nI strategie doosions ara pul before the Board for appro￿. and the Trustees are responsi￿8 for seiting Bnd reviewng the eore Wiaes ofthe CIO. 5tatemont of trustees. responslbililie8 The trustees a￿ responsitJe for prep8rrrg thè Trustees. ReprKI and Ihe f￿a￿l81 stalements in accordan￿ wth applicable law and Unikd KiTrJdom Actountir*J Stsndarils (United ￿tY10M Generally Acc8pl8d Accoutbting Practice). The law applicable to GIal￿e$ 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 resour￿9 ofthe th8rity for thatyear. In prepariTrJ these finanoal 3tsternent4 ts trustees rpquirpd to: . select suitable ￿x0u￿tiThj 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 aC￿Unting 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 ar￿￿ties. 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 Stènd*d applicable in lh& UK and Republic of Irel￿ (United lQn9dom Generally Attapt Accountwu Practic41. In our opinion. the finanoal $tatefflgJ)ts'. gwe a true and fair vi8w of the state of the charity's affwrs as at 31 D￿rnber 2023 ?nd ot ts ineoming r6sources and application of resour￿. forthe yearthen ènded", have been properfy pwared in acCo￿an￿ Uniterl Kingdom Gerwalty A• Accountirg Practice,. and have been ptepared in a0))rdan￿ wilh the requwernents ofthe Ch41ib8s Act 2011. Basls for oplnlon rx)nductsd our a￿lIt in 8c£ortlance vnth lnlemats.onal Standards on Auditing (UK) IISAS {UJQl and appli¢2b law. Our respon5ibilthes under those standards are further desrxibed in the Auditors ￿SponsIbl11￿"eS for ffte audit of th8 financial st8t8ffl8nts section of our reporL a￿ in 142.9901 Nel current 1118bi1￿eS¥8ssets {60.3441 54,963 Total a88ets le88 current Ilabllltle6 5.815,245 5,977,154 Capltsl fund¥ Endowrn8nt ftJnd8- gener¥[ In¢ome funds Restricied ftjnds 19 51.451 51.451 587.049 6C(1.593 Designated tunds Gentrrnl unwstr"¢ted funds 4.822.462 354.283 4.837,724 487,386 5.176,745 5,325,110 5.815,245 5.977,154 The financial statements wer• ap￿￿DVsd by the Trustees on.12..Q.otobRr.1024 Th8Rt Trustee Langrish PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aceountlng pollcl•8 Charity informatSon Pu38y House CIO is a Ch*ilable Inc4)rporatgJ Organi8abon rgJister•J in England and Wgb$ . Its wistèred offica is Pusey House, SL GI￿5. 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 app￿cab[e in th& UK aTrJ Republic of Ireland" I'FRS 102.1 and th• Charities SORP "AC￿unting aTrJ Reports'ng by Charts$." Statèment ol Recommend&J Practice applicab￿ to I￿ar￿e$ prèpariTha thèir acccMJnts in ac(￿rdanCe wth the Financaal Reporting Standard applieable in the UK and Repu￿1¢ of I￿land {FRS 1021" leffedivg 1 January 20191. The charity ts a PU￿1C Benefit Entity as by FRS 102 The tharity has t*en 4(1v8ntage of ts provNons in th& SORP for tharitM not to p￿pare a Statsm•nt of Cash Fk*•ts. The finanrial stat8m8nts have ¢*parted from the ch81ib.es IAC¢x￿nts arKI RerM)rtsl Regulations 2C08 only to the extent required to provide a true and tsir wi*w. 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 refer￿1 to in Ihg Regulations bLrt wh(ch has since been ¥￿thdraWn. The finanaal statsments are prepared in $1grfiNJ. Ls the functic￿al cwronry of the tharity. Mon*ry amounts w) thsse finanaal statements a￿ rounded to ttE rearBSI £. The finan￿￿ 3t•tsments have Lwn Fxepare4J urvjer the histowl cost conventw. Mrxjir￿ to i￿lUd0 the revaluats.on of freeho￿ resKlenb"al sxopeities and to certawi financaal wL4truments at fair valu8. The prfndpal acmuntirvj pdicies *1optèJ are set oui below. On 1 Januwy 2021 ttE 8ssets and liabilities of Dr Pusey Mem￿181 Fvnd were tr￿sfeffed into Pusey Hou89 CIO Ivthich prefft0us￿ no actiwtyl aThY mew a￿￿￿ntir9 has been &Jopted. 1.2 Golny ￿nc•M At the time of apprown9 Ihe financial staternents, Ihè trusts•s hale a rUsonab￿ expectslion that th8 charity has *Jequate ￿$oUrCes to in O￿TatiOnal 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 deS￿nsted fund is set out in the notes to the financ4al statements. Restricte&J fuThts a￿ Stthiect to SFecrfic t(￿￿rtI)n$ by de*￿S 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 slat￿ments. 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￿ c0Th4rt￿nS teen mrt the amounts can t* measured reliably. and r( is pr¢A)abl8 that inLx¥ne L* T￿Ned. -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 r￿lpL 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 re￿1Ve{l under GfftAid or deeds of g)venant i8 rec4nrsed at the b.me ofthe donation. Legacies are recognised on re￿Ipt or Othe￿iS¢ if th& clianty has ￿en notrfied of an TmpendiTrJ di8tributson, the arNount is known, and rEc￿p1 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. E￿nd1bJr8 rs dassif*d 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$8ets Tangible fryed awts are inthlty measur￿1 at cost and sthequenty measured at c￿t or valuation, n?1 of depreciatlon and any imp8im)¢nt l¢>ss¢s. DeprecAation is re￿nIsEd so as to write off thè eost or vak*lTron of a83ets18ss their resKlual vaue5 over their useful INes on the loll(Ming boses." Freeho￿ resi¢Jential Fxope Pusey House aThJ ChaFel Organ Fixture and equipment no dwecaation charye due to high residual values 40 years straight line 15% f•YucirKJ bala The gain or108$ #rising on the dwaj of an asset i8 detennined as the dIffe￿n($ bèfvvètn the sale pr￿edS 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 a￿55 is mistted. Th￿e 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￿ ￿to￿nISed 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 (cont1n￿d> 1.10 Flnaneial Instruments Tha charity has electod to awy thè prov1s1o￿ of S6c*on 11 Bas￿ Flnandal Instrumènts. and Sadon 12 'other Fin¥nry81 Instrurn¢nts1s8ugs' of FRS 102 to all ol rts finanrA81 ir￿truMents. FinanL7al instrurn￿ts 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 b￿1¥ or to r88lLse the asset And $8Ws the liability simuttaneousty. s￿1¢ Iln•nel8lJss•ts Ba8ic ftnanci818588ts, Incl￿16 d8btoFs and ¢88h and bank b818nce8. 8ro inits81y me88ured 8t transaction price. 8¥¥k flnwncl?Ill•bllhl¢¥ 88si¢ finanrA81 liabil¢ti"e¥. Induding treditm are in￿alty recogni￿ at tran3aclion price . Tr¥de ¢r¢di1or8 8r¢ obligabons to w for gotyJ$ 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 y*ar 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 def￿1 redudon contr*>uJon8 Crltlcal •Gcountln9 ￿tImat•• 4ndJudg•m•nts In Ihe 8ppIIc8don ol the tharty's aC(￿n￿ng polldos. tha trustee8 ar• r8qulr8d to maka I￿jgaments, •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 eSl*m8t¢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 cand￿8¢?¥ 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 Cortre￿n¢e 8TrJ olh•r irKom• Rontsl incorne 20.151 32,435 49.935 47.598 S2,586 97,533 Ib)V￿￿O￿ts Llnrestrlcted R•8lriet•d fund• funds T*)t•l Unmtrbcted R￿tr[¢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 Dep￿CIation 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 $46,768 533,980 Analysls by fund Unr8Strict8d funds Rèstricted funds 398.924 147,844 317,296 216,684 546.768 533,980 14- PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023 Support Governanc8 o¥ts 2022 Advertising, Printing, postage and stationery Tèlecommunications and 15.241 15,241 24.283 24.263 4.327 4.327 3.884 Acrounlanw and book- keeping Health and safety onSu￿ancY Olher costs 1,152 1,152 2.271 2,271 2.901 27,348 2,901 27,348 3,205 21.627 3,205 21,627 Auditlaccounlancy fees Legal and professional Trusteg m¢#ts"Dg expenses 5.000 12.538 5,000 12,538 4,565 4,565 7,854 1.465 1.465 374 374 50,969 19,003 69,972 55.230 12.793 68,023 Analysed betsveen Charitable actNib'es 50,969 19,003 69,972 55,230 12,793 68,023 Govemance eosts indudes payments to the auditors of £5.(M)012022- £4.5651 for audr( fees. Net movement in fund$ 2023 2022 The net rnovement in fvnds is s18ted After charginglltyedrtingl: F88S Payable for the audit of the charity's finanoal statements Dep￿CiatIon 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,$00.IJOO 34,760 110,826 52,103 4,697,68g Depreclatlon and Impalrment At 1 January 2023 Dèpreoation ch8ruad in thè yèar 11,084 2,771 41,553 1,582 52,637 4,353 At 31 Dacember 2023 13.855 43,135 56.990 arrying amount At 31 December 2023 4,500.￿0 34,760 96.971 8,968 4.840,699 At 31 Decembor 2022 4,500.￿0 34,760 99.742 10,550 4.645.052 -16- PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tangible r￿ed assets (Continued) The cost of fr89hold rasidenlial propertiès withln tanglblè ffxsd assats Is £484,07312022- £484,073). For th& financial statements for the year ended 31 December 2021 the Trustee5 consutted with Ch8ncellor5 Estate Agent$ 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 a￿t Invg$tm9n¢s Ll$tsd inw#tment• Cost orvaluation At 1 January 2023 Valuation Ch￿eS Disposals 1,277,139 7,751 {50,0001 At 31 Dec￿M￿￿r2023 1,234,890 Carrying amount At 31 DeC￿t￿r 2￿23 1.234,890 At 31 Dec￿b8r2022 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 9￿Unty 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 Ind￿18(1 in the finon¢i81 $tatsrn￿ts a$ folky￿. 2023 2022 DetèrrBd income is induded vthhii.. Current liabilitses 63.893 Movements in the y8ar D?fvrr8d incomè at 1 January 2023 Re￿aSed from pr•wous wcés Resou￿ dèferr￿ in th& year 6,681 16,6811 63.693 Defer￿d 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 ofdeft￿d 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 Pen￿OnS Schwne is a d&fin•J t￿￿frt $theme but Ihe chgfty Is unabb to laantify its share of the und8rlylng assets and l￿b￿l￿.¢$ - empbyer in that sthgm8 pays a common contribution rate. Avaluation of th• s¢P￿rne 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 co￿d come re8pon8*Jle for poylng a sh8r8 ofthat f8ibJ Re8￿n51b1e 8￿9 pènsion liobli rb88. 19 Endov47n•nt fund• Endowment fvnds represent assets whtch rnu•l ￿ held p8m)anènlty by the charity. Incom• arf$ing on the •ndtswent funds can b• used in a￿Ordanc• wlth obioct8 01the charity and 18 Indthded as ￿￿tn"¢t¢￿ Income. copltal gaifk8 or bs888 ari￿n9 on th? assets lom) part olth¢ lund. At 1 January 2023 At31 D•c•mb•r 2023 P¢mi*n•nt •ndowments 51,451 51,451 Pr•vlou• yo•r. At1 JIn￿ry 2022 At31 D•c•mbar 2022 P*M￿n•nI •ndowm•nts 51,451 S1,451 PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Re•trkted lund# Thè rèstrict8d funds of ts charity comprise the unexF*Thled b8knnc*s of donob"on$ aThJ grants helj on trust subject to speofic ￿(￿l￿)n$ by donors as to h¢MI they may b? Y￿1. 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•rn￿r 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 g￿rned by a sd￿rn9 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 c￿ts 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 un￿trIcted Roslrfcted Endovrnent lunds funds 2022 2022 Total 2022 2022 At 31 D•¢•mber 2022: Taroible assots Investments Current asse￿I￿abIlitiesI 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 Ch*l4irq 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# ￿TrI*la￿alS￿l￿1Uro￿&￿. Th• bbrary Erx*Qw￿rt Fund (t1S1.4751 Is￿￿￿jEdl0￿etrjrt 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-