Chadty reglstratlon number 1190386 (England and Wales) PUSEY HOUSE CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PUSEY HOUSE CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustsgs Mrs E Gregory The Revd J Beswick Mrs M Jones Dr N Aston The Rt Rev M Langrish Dr J Cooper Mr M Chinery Mr A Woodcock The Rev P Thomas The Ven L Miler Mrs S Collisler The Revd Canon David Stanton Mrs Sally Ann Firth (Appointed 1 January 2024} Charlty nrnr 1190385 Registèfed offlce Pusey House St. Giles Oxford. OX13LZ Auditor Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End st81 Oxtord OX1 1JD Bankers Lloyd8 Bank plc Barclays Bank plc Sollcltors Winckworth Sherwood 16 Beaumont Street Oxford OX12LZ
PUSEY HOUSE CIO CONTENTS Pag& Trustees, report Indepenclenl audilorfs rtport Sl8lement of financial activities Balance sheet statement of cash flows 10 Notes to the financial slalemenls
PUSEY HOUSE CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trusteès present their annual report and finanrAal slalemenls for the year ended 310ecomber 2024. The financial statements have been prepared in accordance wlth the accounting policies sel out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Chari118s SORP Accounting and Reporting by Charities.. Slalemenl of Recommended Praclicg applicable lo charities preparing their accounts in accordan th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} Objectives and actlvltl8S The CIO'S objects are.. the maintenance of the institution knofft as Pusey House as a house of s8cred18amlng', the affording ol religious help and counsel to members of the University of Oxford., and the promotion of theological study and hollness ol life. The trustees have paid due regard lo guidan issued by the Charlty Commission in deciding what activi11g$ the charity should undertake. The key eblective of the charity is 'lo perpeluale the memory of Dr Pusey by affording religious help and counsel lo members of the University, and by promoting Theological Study and Holiness of Life.. Thls is achieved financially by means of the stipends allocated lo the members of the Chapter. Achlevements and perforniance The Chapter conlinugd the work of engaging wlh the life of the Universty, and provlding a °hous& of sacred learning. where worship and lecture programmes.. study and confession., social events and work wth those in need, sit alongside onè another on a daily basis. The House maintained ils round of worship, study, and pastoral activity, now well estsblished as a year-round programme. including Sunday School provision and the Scriptorium project, as well as a fuller partnership wlh SCIO beginning in the autumn term. Under the Academic LayFellow, Jonathan Price, the academic aspect of the House's mission expanded to include the highest number ol lectures, seminars and colloquia it has ever offered, enhanced by investment in our audio visual and liv&slreaming capabilities. The commrtment lo hold together Intellectual and Spiritual development by fostering a community that studies, prays and eals together has also seen the capacity of the House lor hospilalily extended, with a significant Increase in the number of meals catered for. and tho addition of 8 new Intern House Manager in Ruth D8nslal. The pastoral and liturgical work was further supported also by a number of additions lo Ihg cleigy team including D&acon Parker W'lliams - who has added lo the audiovisual skllls alluded to above - and Fr Matthew Cheung" Salisbury, who has allowed us lo offer more regular confesslons, and care for the evor expanding congregation, and we were also dolighled lo welcome the permanont appointment of a new Custodian of the Library in Dr Mehmel Ciftci. In Michaelmas Temi the team was as ever enhanced by new addf(ions lo our Ministry Experience Volunlefjr Scheme, DanielMartin-Thomas continued as our Sacristan, along with David Slen, and as T1m Powell began a DPhil. Iwuchukwu Obumneke Collins Ejezie joined us, and Ally Trowell began a5 a full-lime Music Intern to augment the excellent work of Director of Music Ed Gaul. The Youth and Schools initiative continued working in partnership with tho Chaplaincy al the Oxford Academy, still under the leadership of Daniel Martin Thomas, as he and other interns conclude their Vocation8 process with the Diocese of Oxford. As the activities of the House have continued to expand, the fundraising work upon which that depends has been steadily bearing fruit, and the essential Infrastructu work the organisation requires has begun in earnest - with review, reslruduring and recruilmenl underway in 811 areas of governance and management.
PUSEY HOUSE CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal review Income from all sources in the year lolaled £377,108. The nel movemonl on funds lor the year amounted to an decrease of £161.909 after taking into account a gain of £7,751 on revaluation of the inveslm8nl portfolio. The freehold propertie5, which are vested in the Official Custodian for Charllies. are not held primarily as investment assets, and are shown al their current market valuation. Inve81menl perfomiance was satisfactory, with a level of income being achieved in accordance with expectations. The was an increase of 10/0 in the value of investments over the year, which was conslslent wth market performance in the year. The Trustees have identified the maintenance of a sound capital base as their main investment obj$clive. Net income is retained within r@serves. These are reinveslgd where possible in order lo secure th8 income necessary lo maintain the ministry of Pusey House. As al 31 December 2023 th8 charity has total funds of £5.815.245 of which £51,451 were endowment funds, £587,049 restricted funds and £5,178,745 of unrestricted funds. Of this £5,176,745, £4,605,939 is represented by tangible fixed assets, £216,523 has been dgsignaled lor spocific purposes leaving a balance of free reserves of £354,283. Investment income has again been augmented by generous dtsnallons Irom individuals and other ¢harit8ble organisalions who are in sympathy with the slated objects of the charity. 11 is the poliey of the charity that unrestricted funds which have not been designated lor a specific use should be maintained al a level equivalent lo between three and six month's expenditure. The INslees consider that reserves al this level will ensurg that, in the event of a significant drop in funding, they wlll be able lo continue the charity's currgnl activities while Consideration is given to ways in which additional funds may bg raised. This level of reserves has been maintained Ihreughoul the year. The CIO has assessed the risks which face the charity as including the challenge of providing adequate and secure funding sources. potential problems relating lo caring for complex physical assels, rising energy costs, pressure on staff. Plans for future p8rlod$ In the Coming year the Trustees intend to continue lo review anLI update the infraslruclure of th8 organisation, to be best suited lo the next phase of the CIO'S development - future considering the make.up of tho Trustee Board, and the staff team lo secLJre the effective adminislralion of the inslilulion, and its resources The Chapter seek to further expand the House's academic work by adding regular colloquia lo the regular pattern of lectures, developing the Scriptorium, and hosting a further international Conference. and lo consolidate the expansion of the spiritual life of the House through the year-rounrs weekly services and festivals. structure, governance and managemgnt The eharily is a CIO governed by its Constitution dated 13 July 2020.
PUSEY HOUSE CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who served during the year and up to the dale of signature of the financial statements were.. Mrs E Grtgory The Revd J Beswick Mrs M Jones Dr N Aston The Rl Rev M Langrish Dr J Cooper Mr M Chinery Mr A Woodcock The Rev P Thomas The Ven L Miler Mrs S Collister The Revd Canon David Stanton Mrs Sally Ann Firth (Appointed 1 January 2024) New Iruslees are appointed according lo the tems sel out in the Charill8 Conslilulion for Ihg various categories of membership. after an appropriate audit of the govèrnance skills required. Individual Trusteès will thus lake on specific SpOnsIbl1111e8 for the various areas of governance and compliance with the support of the President. The Principal works with the President regarding Tru$lee recruilmenl. The President oversees the induction of new Iruslees, and 8nsures where necessary any relevant training is undertaken. The Hierarthy of Leadèrship of Pusey Houso is as follows.. Charity Trustees Principal Chaplain & Lay Acad&mic Fellow Assistant Chaplain & Librarian Administrative Staff Volunloers Decisions regarding the day-lo-day management of the House are considered by the Chapter al week management meetings, and approved by the Pfincipal, The effeeliveness, and appropriatenèss of these are assessed by the Trustee Board, meelino three limes in each year, and through consullalion with th8 same. Any significant strategic decisions are put before the Board for approval, and tho Trustees are responsible for setting and reviewing the core policies of the CIO.
PUSEY HOUSE CIO TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 statement of trustees. responsibilities The Iruslees are responsible for preparing the Trustees. Report and the financial slalemonls in accord8nce wlh applicable law and United Kingdom Accounting Standards (Unilod Kingdom Generally Accepted AccoLtnling Practice). The law applicable lo charities in England and Wales requlres the Iruslees to preparo financial statements for each rinancbal year which give a true and falr view of the slate of affairs of thè charity and of the Incoming resources and application of sOUrCeS of the charity for that year. In prep8ring these financial statements. the Iruslees are required to.. select suitable aeeounling policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent, slate whether applicable acctsunling Standards have been followed, subject lo any material departures disclosed and explained in the fi'nancial slal&rnenls.' and prepare the financial slalemènls on the going concern basis unless it is inappropriate to presume that the eharity wlll continue in oper81ion. The Iruslees a responsiblè for keeping sufficient accounting records that disclose with reasonable accuracy al any limo the financial position of the charity and enable them lo ensurg that the financial statements 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 steps lor the prevention and detection of fraud and other irregularities. The Ituslees, report was approved by the Board of Trustees. Thp Rt Rev M Lan Trustee Dale..
PUSEY HOUSE CIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PUSEY HOUSE CIO Oplnlon We have audited the financial slalemenls of Pusoy House CIO Ilhe 'charity'l for the year end&d 31 December 2024 which comprise the slalemenl of financial activities, the ba18nce sheet, the slalemenl of cash flows and notes lo the financisl slatemenls, including signllicanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin9 Standards, including Financial Reporting Standard 102 The Financi81 Reporting Slsndard appli¢&ble in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Pradicel. In our opinion, the linanaal slalemenls.. give a true and lair view of the slate of the charity's affairs as al 31 December 2024 and of ils inGoming resources and application of resources, for the year then ènded., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Audlling IUKI (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Audiloys responsibilities for Ihe 8udit of the financial slalem8nls 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 slèlemenls in the UK, including the FRC'S Ethical standard, and we have fulfilled our olhef &thical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial slalemenls, we have eoneluded that the tru8t8eS' US8 of the going concem basis of accounting in the preparation of the financial slalements is approprlale. Based on the work we have performed, we have not identified any material Lsncertainties relating lo events or conditions that, individually or ¢ollectively. may cast significant doubl on the charity's ability lo continue as a going concem for a period ol al least twelve months from when the financial slalemenls are aulhorised lor issue. Our responsibilities and the responsibilities of the Iruslees resped lo going concem are described In the relevant sections of this report. other infom7atlon The other information comprises the information included in the annual report other than the financial slalements and our auditor's report Ihereon. The Iruslees are responsible lor the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any fom of ass11ran conclusion Ihereon. Our responsibility Is lo read the other information and, in doing so. consider whether the other infomialion is materially inconsistent with tho finanual statements 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 misslalemenls, we aro required lo determine whether this gives rise lo a material misstatement in the financial slalemenls themselves. If. based on the work wo havg performed, we conclude that there is a material misslalemenl of this other infomialion, we are required lo report that fact. We have nolhing to report in this regard. Matters on whlch we are r&quirÈd to report by exceptlon We hsve nothing to report in respect of the following matters in relation lo which the Charities (Accounts and R8POrtsl Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in the financial slalemenls is inconsislenl in any materi81 respect with tho trustees, report., or sufficient accounting records have not been kept., or the financial slalemenls are not in agreerllent wilh the accounting records., or we have not received all the informalSon and explanations wg raqulre for our audit.
PUSEY HOUSE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO Responslbllltles of trustees As explained more fully in the slalement of Iruslees, responsibilities, the Iruslees are responsible for the preparation of the financial slalemenls and for being satisfi'ed that they give a liue and fair view, and lor such internal control as the Iruslees determine is necessary lo enable the preparation of financial statement8 that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial stalemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a going concem, disclosing. as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either int8nd lo cease operations, or have no realistic altemalivo bul lo do so. Audilor's responsibilities for the audit of the financlal stat&ments We have been appointed as auditor under seetion 144 of the Charities Act 2011 and report in accordance with the Act and felevanl regulations made or having effect thereunder. Our trbjectives are lo obtain reasonable assurance about whether the financial stsl&menls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran bul is not a guarantee that an aL¢dil conducted in accordance with ISAS IUKI will always detect a material misslalement when it exlsls. Misslalemenls can arisg from fraud or error and are considered material il, individually or in the aggregate, they could reasonably b8 expected lo infiuence the economic decisions of users taken on the basis of these financial slalemènts. The extent to which our procedures are Capable of deteeting Irregularities, including fraud, is detailed bèlow. the ongagemenl partner ensured that the engagement team collectively had the appropriate competence, capabilities ar skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the company through dIU$$i0nS with dir8Ctors and other management, and from ou¥ knowledge and experience., we focused on specific laws ancl regulations which we considered may have a dlrecl malgrial effect on the financial slalemenls or the operations of the company.. we assessed the extent of compliance with the laws and regulations identified Sbove through m8king enquiries tsf management and inspecting legal correspondence whère applicable,. and identified laws and regulations were communicated Tmthin the audit le8m regularfy and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financlal statements lo material misslalemenl. including obtaining an understanding ol how fraud might occur, by.. making enquiries of management as to where they considered Iheie was susceptibility to fraud, their knowledge of actual, SLJspeclèd and alleged fraud", and considering the internal controls in place lo miligale rtsks of fraud and non-compliance with laws and regulallons, To address the risk of fraud through management bias and override of controls, we.. p&rformed analytical procedures to identify any unusual or unexpected relatlonships., lesled journal entries lo identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting eslimales were indicats've of polenli81 bias., and investigated 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 regulations, we designed procedures which included, bul were not limited lo.. agreeing financial statement disclosurès to underlying supporting documenlalion; reading the minutes of meetings of those charged with govemance., enquiring of management as lo actual and potential liligalion and claims", reviewing relevant correspondence. There are Inherent limitations in our audit procedures described above. Thè more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures quired to idenlty non-compliance with laws and regulations lo enquiry of the directors and other management and th& inspection of regulatory and legal wrrgspondence, if any. Material misslalemenls that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concoalmenl or collusion. A further description of our responsibilities is available on the Financial Reportin9 Council's websito at.. https,'Il .frc.org.ukJaudrtorsresponsibililies. This description forms part of our audilols report. Other matters Your attention is drawn to the fa¢1 that the eharily has prepared financial slalemenls in accordance with 'Accounling and Reporting by Charities.. Slalemenl of Rècommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference lo Ihg Accountin9 and Reportin9 by Charfties- Statement of Recommended Practice issued on 1 April 2005 which is referred lo in thè extant regulations bul has now been thdraWn. This has been done in order for the financial slalemenls lo provide a true and fair vi&w in accordance with ¢urrenl Generally ACpIed Accounting Practice. Use of our report This report is made solely lo the ¢harily's Iruslees, as a body, in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's trustees those mallers we are required lo slate lo them in an 8udilor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, lor our audit work, for this report, or for the opinlons we have formed. Gravita Audit Oxford LLP, Stalulory Auditor Chartered Accounlanls First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date.. 201r . Gravi18 Audit Oxford LLP is eligible for appointment as auditor of the charity by virtue of ils 81igibility for appointment as auditor of a company under seclipn 1212 of the Companies Act 2006.
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PUSEY HOUSE CIO BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note8 Flxed assets Tangible assets Investments 13 14 4,643,955 1,252,970 4,640,699 1,234,890 5,896.925 5,675.589 Current assets Debtors Cash at bank and in hand 15 8,956 115,959 2,381 67,980 124,915 70,361 Credltors.. amounts lalllng due wlthin one y&ar 16 1216.9721 1130,705) Nel current liabilities 192.0571 160.3441 Total assets less current Ilabllltl&s 5,804,868 5,815.245 Capital funds Endowment funds- general Income funds Restricted funds Unre8lricled funds Designated funds General unrestricted funds 19 51,451 51,451 20 637,400 587,049 22 4,822,125 293,892 4,822,462 354,283 5,116,017 5,176,745 5,804,868 5,815,245 The financial st8lem6nl$ were approved by the Trustees on . The Rl Rev Trustee
PUSEY HOUSE CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows Irom operatlng actlvltlas Cash absorbed by oporalions 25 19,0261 1135,6281 Invèstlng actlvltlès Purchase Df tangible fi'xed assèts Proceeds from disposal of investments Investment income received 18,3231 50,000 60,180 65,328 Net cash gènerated from investing actlvities 57.005 110.180 Net Cash usèd In flnanclng actlvltles Net Increaselldecreasel In cash and cash èqulvalents 47,979 125,4481 Cash at)d cash equivalents al beginning of year 67,980 93,428 Cash and cash equlvalents at end of year 115,959 87,980 10-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Charity Information Pusey House CIO is a Charitable Incorporated Organisalion regislored in England and W81gs . Its registered office is Pusey House, Sl. Giles, Oxford, OX1 3LZ 1.1 Accountlng conventlon The financial statements have been prepared in accordance with thè charity's goveming document, Ihg Charitie5 Act 2011. FRS 102 'The Financial Reporting Sl8ndard applicable in the UK and Republic of Ireland, and the Charities SORP Accounting and Reporting by Charities.. Slalement of Reeommanded Practice applicable to charities preparing their accounts in accorrsancè wllh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charity is a Public Benef Enllty as defined by FRS 102. The financial ststemenls have departed from the Ch8riti8s (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a true and fair view. This departLsre has involved following the Slalemenl of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulation$ but which has since been withdrawn. The financial slalemenls are prepared in sterling, which is the functional currency of the charlly. Monetsry 8mounls in these financial slalemenls are rounded lo the nearest £. The financial stalemonts have been prepared under the historical cost convgntion, modified lo include the revaluation of freehold residential properties and lo certain financial instruments 8t fair value. The prfncipal accounting polici&s adopted ale sel out b&low. On l January 2021 the assets and liabilities of Dr Pusey Memorial Fund were tran$feTred into Pusey House CIO (which previously had no aclivilyl and merg8r accounting has been adopted. 1.2 Golng concern Al the lime ol approving the financial st8temènls, th8 trustegs have a reasonable expectation that the chanty has adequate iesources to continue in operational exi$18nce for the foreseeable future Thus the trustegs continue to adopt the goin9 concern basis of accounting in preparing the financial slalemenls. 1.3 Charltsble funds Unieslricled funds are available for use al the discretion of the Iruslees in furtherance of their charitable objectives, Designated funds comprise unreslr¢cled funds th81 havè been sel aside by the Iruslees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the fi'nancial slalemenls. Reslrieled funds are subject to sp?¢ific conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricled funds are sel out In the notes to the financial slalemenls. Endowment funds are subject lo specific conditions by donors that the capital must be maintsined by the charity. 1.4 Incom& Income is recnISed when the charity is legally gnlilled lo it after any performance condllions have been mel, the amounts can be measu¥ed rellably, and it 1$ probable that income will be received. C8sh donations are rocognised on receipt. Other donations are recognised once the charity has been notified ol the donation, unless performanee Conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid OT deeds of covenant is recognised al the lime of the donation. 11
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policles Icontlnuedl Legacies are recognised on ceIpt or otherwise rf the charity has been notified of an impending dlstribution, the amount is known, and receipt is expected. 1.6 Expendlture Expenditure is recognisèd once there 15 A legal or constructlve obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in setllemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lolal of direct costs 8nd shared costs, ineluding support costs involved in undertaking each activity. Direct costs allribulable lo a single ath'vily are allocaleot directly lo that aetivity. Shared costs which contribute lo more than one activity and support costs whlch are not allribulable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. 1.6 Tangible fixed assets Tangiblo fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impaim)enl losses. Depreciation is fecognised so as lo write off the cost or valuation of assets less their iesidual value5 over their useful lives on the following bases.. Freehold residential properties Pusey House and Chapel Organ Fixture and equipment no depreciation charge due lo high residual values 4Q years slraighl line 1 S¢A reducing balan¢e The gain or loss arising on the disposal of an as8el is determined as the dSfference between the sale proceeds and the carrying value of the asset, and is recognised in the sl?lement of financial activities. 1.7 Herltage assots Eady books and other collections owned by the charlty are classifigd as herltage assets and are not valued for inclusion as assols in these financial slalements. Heritage assets are presorved and public access is permitted. There have been no material acquisitions or disposals of herllage assets in the last 6 years. 1.8 Flxed asset Investments Fixed asset investments are initially measured al transaction price excluding transaction c081s, and ar8 subseqL4enlly measured al fair value al each reporting date. Changes in fair value are reeognised in nel incomellexpendilurel for the year. 1.9 Cash and cash equlvalents Cash and eash equivalents include cash in hand and deposits held al call with bank$. 1.10 Flnancial instruments The Gharily has elected to apply the provisions of Section 11 'Basc Financial Inslfumenls, ancl Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils flnancial inslrumenls. Financial instruments aro recognised in the charitys balance shèet when the charity becomes party lo th¢ conlraclual provisions of the inslrumenl. Financial assets and liabilities are offset. ¥th the nel amounts presented in the financial slalemenls, when there is a legally enforceable right to sel off the recognised amounts and therè Is an Intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. 12-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price. Basic financlal liabilitigs Basic finanaal liabilities, including creditors are initially r&¢ognised at transaction pri Trade creditors are obligations to pay for goods or services that have been 8cquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabiliti9$ if payment is due within one year or less. If not, they are presented as non-currenl liabilities. 1.11 Retlremont benefits Payments lo mulli-&mployer defined benefit pensions schemes are charged as an exponse as they fall due. However a provision is rnade for def cit reduction contributions Critical accountlng estimates and Judgements In the application of the charity'5 aecounling policies, the trustees are required lo make judgements. esllmales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are Considerèd lo be relevant. Actual results may differ from these eslirnales. The eslimales and Ljnderlying assumptions are reviewed on an ongoing basis. Revisions to awunting eslimales are mcognised in the period in which th& estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the r6vision atscls k)olh curronl and future periods. CrStlcal Judgem8nts Valuatlon The valuation of freehold residential pioperties. Donatlons and lagacies Unrestrlcted Restrlcted funds funds Total Unrestricted Reslricled funds funds Total 2024 2024 2024 2023 2023 2023 Donallons and grfts 204,951 207.423 412,374 157,434 106,908 264,342 13-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donatlon$ and legacies IContlnu8dl Donatlons and gifts Americans for Oxford Anglo-C8lholic Ordination Candidates Fund No l Trust Fund Ascot Priory Mr Malraszek Olhar 49.359 49,359 25.781 9,134 34,895 45,000 45,000 18,000 4.500 100,000 195,515 30,000 30,000 15,000 23,000 18,000 4,500 100,000 84,923 15.000 23,000 110,592 116,673 44,774 161,447 204,951 207,423 412,374 157.434 106,908 264,342 Charltable actlvltles Pu8Oy House 2024 Pusay House 2023 Conference and other charitable InMe Rental ineome 18,389 80,527 20,151 32,435 98,896 52,586 Investments Unrestricted Restrl¢tgd funds funds Total Unrestrlcted Rgstrlcted funds funds Total 2024 2024 2024 2023 2023 2023 Income from listed investments Inte$1 receiv8ble 37,942 103 27,283 65,225 103 36,241 23,939 60,180 38,045 27,283 65.328 36,241 23,939 60,180 14-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on charStable actlvltlès Pusey House 2024 Pusey House 2023 Direct costs Staff costs Depreciation and impairment Chapel, pastoral and education Property costs Library costs 198,104 5,067 163,447 129,684 28,418 220,547 4,353 117,126 117.673 17,097 524,720 476.796 Share ofsupportand governance costs (see note 7) Support Governance 61,243 19,L192 50,969 19,003 605,055 546,768 Analysls by fund Unrestricted fund5 Reslricled funds 413,283 1S1,772 398,924 147.844 605,055 546,788 15-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Govgrnan¢e costs costs 2024 Support Goveman¢e costs costs 2023 Advertising, printing, postage and slalionery Telecommunications and 13,421 13.421 15,241 15,241 4,776 4.776 4,327 4,327 Accountancy and book. keeping Health and safely eonsullancy Other costs 1,152 1,152 1,152 1,152 3,052 38.842 3,052 38,842 2,901 27,348 2,901 27,348 Audltlaccounlancy fees Legal and professional Trustee meeting expenses 5,795 11.067 5,795 11,067 5,000 12,538 5,000 12.538 2,230 2,230 1,465 1,465 61,243 19.092 80,335 50,969 19,003 69.972 Analysed between Charitable activities 61,243 19.092 80,335 50,969 19,003 69.972 Govemance eosts includes payments lo the auditors of £5,79512023- £5.000) for audit fees. Net movemont In fund5 2024 2023 The net movement in ftJnd3 is staled after charyingllcredilingl.. Fees payable for the audit of the charity's fi'nancial statements Depreciation of owned langlble fixed assets 5,795 5.067 5.000 4,353 Trustees None of th& trustees lor any persons conr¢ecled with them) received any remuneration during the year. and none of them were reimbursed any travelling and meal expenses12023- None were reimbursèd). 10 Employees The average monthly number of employees during the year w8S'. 2024 Number 2023 Numbgr 16-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employ88s Icontinuedl Employment costs 2024 2023 Wages and salarias Social security costs Other pension costs 174,654 11,432 12,018 191,965 12,911 15.671 198,104 220,547 There were no employees whose annual remuneration was more than £60.000. 11 Galns and 105s8s on Investments Unrestricted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrlctod funds funds 2023 2023 Total 2024 2023 Gainslllossesl arising on.. Revaluation of investments 10,663 7,417 18,080 4,298 3,453 7.751 12 Taxatlon The charity is exempl from tax on Income and gains falling wthin section 505 of the Tax6s Act 1988 or 8ectlon 252 of the Taxation of Chargeable GainsAct 1992 to the extent that these are applied lo ils tharitable objects, 13 Tanglble flxed assets Freehold Pus¢y House 8ld8ntlal and Chapol properties Organ Flxture and oqulpmont Totsl Cost Al 1 January 2024 Addf(ions 4,50LI,000 34,760 110,826 52,103 4,697,689 8,323 8.323 Al 31 December 2024 4,500,000 34,760 110,826 60,426 4,706,012 Dopreciatlon and Impairment Al 1 January 2024 Depreciation charged in the year 13,855 2,770 43,135 2,297 56,990 5,067 AI 31 Dember 2024 18,625 4S,432 62,057 Carrylng amount Al 31 December 2024 4,500,000 34,760 94,201 14,994 4.643,955 Al 31 December 2023 4,500,000 34,760 96,971 8,968 4.640,699 17-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tangible flxed assets {Contlnuèdl The cost of freehold r8sidonlial propÈrti&s within tangible fixed assets is £484,07312023- £484,073). For the financial slalements for the yèar ended 31 December 2021 the Trustees consulted with Chantsllors Eslale Agents in July 2022 to determine the fair value of th& properties. Tho Trustees believe that il is appropriate lo continue to use that valuation. 18-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 14 Flxed asset investments Llsted invèstments Cost or valuatlon At 1 January 2024 Valuation changes 1,234,890 18,080 At 31 December 2024 1,252,970 Carrying amount Al 31 December 2024 1,252,970 Al 31 Docember 2023 1,234,890 19.
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Debtors 2024 2023 Amounts falllng due within one year: Other debtors 8,956 2,381 16 Credltors: amounts falllng duè wlthln one year 2024 2023 Notes ACOCF loan Other laxalion and soci81 security Deferred income Other creditors Accruals and deferred incomo 20.000 4.322 146,057 20,000 16,913 63,693 2,700 27,399 17 46,593 216.972 130,705 17 Deferred income Deferred income is included in the financial statement$ as follows.. 2024 2023 Deferred Sncome is included within.. Current liabilities 146,057 63,693 Movements in the year.. Deferred income al 1 January 2024 Released from previous periods Resources deferred in the year 63,893 163.8931 146,057 63,693 Deferred income at 31 December 2024 146.057 63,693 Thls consists of grants and other income lo cover expenditure in the following year 18 Retlr&ment baneflt schemgs 2024 2023 Deflned benefltschem&s Charge to profil or loss in respect of delined benefit schemes 12.018 15.671 -20-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Retlrement beneflt $chemes Icontlnuedl The charity participates in the Church of England Funded Pensions Scheme The Chureh of England Funded Pensions Scheme is a defined beneffl scheme bul the charity is unable to identify its share ol the underlying assels and liabilities each employer in that scheme pays a common contribution rate. A valuation of the Scheme was carried out as al 31 December 2021.The 2021 valuation revealed a surplus of £560m, based on assets of£2.720m and a funding tsrget of £2.160m. Followng linalisalion of the 31 Decembèr 2021 valuation, dèflcll contributions ceased wth effocl from 1 January 2023, since th& Scheme was fjjlly funded. The legal slrLJCture of the scheme is such that if another Responsiblo Body fails, Pusey House CIO could become responsible for paying a share of that failed Responsible Body's pension liabilities. 19 Endowment funds Endowment funds represent assets which must be held pemianenlly by the charity. Income arising on th6 endowment funds ¢an be used in accordance wth the objects of the charity and is included as unr8Striclèd income. Any capiLg1 gains or losses arislng on the assets fom part of the fvnd. At 1 January 2024 At31 December 2024 Permanent gndovm)ents 51,451 51,451 Prevlous year- At 1 January 2023 At31 2023 Pgrmanent endowments 51,451 51.451 21
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Restrlctgd funds The restricted funds of the charity comprise the unexp&nded balances of donations and gr8nls held on trust subject lo specific conditions by donors as lo how they may be used. At l January 2024 Incomlng re80urces Resourees expended Galns and losses At31 Docèmber 2024 Wilshore Fund Internship Fund CTLC Funds Adminstration support Malraszek Lay Fellowship Fund Access V&nlures Study Grant Other 519.693 27,283 33,200 32,823 4,500 100,000 35,000 2,100 7.417 S54,393 (33,200) 126,1491 120,323) 1100,000) {10,000) {2,100) 36,137 31.219 42.611 15,396 25,000 587,049 234,706 1191,772) 7,417 637,400 Prevlous year: At 1 January 2023 Incoming resources Resourcos expended Galn8 and losses Atjl Dgcgmber 2023 Library Fund Wilshere Fund Internship Fund CTLC Funds Adminslration support 2,000 23,939 57,440 24,468 23,000 {2,000) 492,301 3,453 519,693 (57,4401 (70,0491 (18,355) 81,718 26,574 36,137 31,219 600,593 130,847 (147,8441 3,453 587,049 The Dr Pusey Memorial Iwilsherel Fund is govefned by 8 Scheme of the Charity Commissioners sealed on 19 December 2007. The income arising may be used for any purpose of the Charity, but it IS applied primarlly lo d6fray expenditure on the buildings. Internship fund represents donations received lo cover the costs of inlems. CTLC represent funds lo support the Centre for Theology, Law and Culture. -22-
PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Analysls of n8t assets b&tween funds Unrestrictsd fund5 2024 Restrlcted Endowmont funds funds 2024 2024 Totsl 2024 At 31 December 2024., Tangible assets Investments Current assetsllliabililiesl 4,054,802 1,236,279 1175,0641 554,393 34,760 16,691 4,643,955 1,252,970 192,0571 83,007 5,116,017 637,400 51,451 5.804,868 UnrestrScted funds 2023 Restricted Endowment funds fundg 2023 2023 Totsl 2023 At 31 December 2023: Tangible assets Investments Current asselsllliabillliesl 4,605,939 698,506 1127,7001 34,760 16,691 4,840,699 1,234,890 160,3441 519.693 67,356 5,176,745 587,049 51,451 5,81 S,245 -23-
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PUSEY HOUSE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 R91ated party transactlons Trustees donated a lolal of £1,494 12023.. £5001 lo the charity in tho year. There were no other disclc>sable related party transactions during th8 year12023 . none). 24 Anatysis of changes In net funds The charity had no material debt during Ihe year. 25 Cash genèrated from operations 2024 2023 Delicil for the year 110.3771 1161,9091 Adjuslmenls for,. Investment income recognised in slalement of finandal aetivilies Falr value gains and losses on investments Depreciation and impairment of tangible fixed assets 165,3281 11 6.0801 S.067 {60,1801 {7,7511 4,353 Movements in working capital.. Ilncreaselldecrease in debtors Increase in creditors Incre88e in deferred income 16,5751 3,903 82,364 2,144 24,022 63,693 Cash ab50rbgd by oporations 19,0261 1135,6281 .25-