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 n￿rn￿r
1190385
Registèfed offlce
Pusey House
St. Giles
Oxford. OX13LZ
Auditor
Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End st￿81
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 dI￿U$$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 AC￿pIed 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$18nce for the foreseeable future Thus the trustegs
continue to adopt the goin9 concern basis of accounting in preparing the financial slalemenls.
1.3 Charltsble funds
Unieslricled funds are available for use al the discretion of the Iruslees in furtherance of their charitable
objectives,
Designated funds comprise unreslr¢cled funds th81 havè been sel aside by the Iruslees for particular
purposes. The aim and use of each designated fund is sel out in the notes lo the fi'nancial slalemenls.
Reslrieled funds are subject to sp?¢ific conditions by donors or grantors as lo how they may be used. The
purposes and uses of the reslricled funds are sel out In the notes to the financial slalemenls.
Endowment funds are subject lo specific conditions by donors that the capital must be maintsined by the
charity.
1.4 Incom&
Income is rec￿nISed when the charity is legally gnlilled lo it after any performance condllions have been mel,
the amounts can be measu¥ed rellably, and it 1$ 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 In￿Me
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 D￿ember 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-

c£
CLU
aLUUF- ￿LL￿

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-