OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

Charity registration number 1190385 (England and Wales)

PUSEY HOUSE CIO

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025

PUSEY HOUSE CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs E Gregory
The Revd J Beswick
Mrs M Jones
Dr N Aston
The Rt Rev M Langrish
Dr J Cooper
Mr M Chinery
The Ven L Miler
The Revd Canon David Stanton
Mrs Sally Ann Firth
The Revd Simon Walsh (Appointed 8 March 2025)
Charity number 1190385
Registered office Pusey House
St. Giles
Oxford, OX1 3LZ
Auditor Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
Bankers Lloyds Bank plc
Barclays Bank plc
Solicitors Stone King LLP
3 Upper Borough Walls
Bath, BA1 1RG

PUSEY HOUSE CIO

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 25

PUSEY HOUSE CIO

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 AUGUST 2025

The trustees present their annual report and financial statements for the period ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set 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 Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The CIO’s objects are:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The key objective of the charity is “to perpetuate the memory of Dr Pusey by affording religious help and counsel to members of the University, and by promoting Theological Study and Holiness of Life." This is achieved financially by means of the stipends allocated to the members of the Chapter.

Achievements and performance

As the academic year 24/25 extended into Hilary and Trinity Term, the Chapter continued the work of engaging with the life of the University, and providing a “house of sacred learning” where worship and lecture programmes; study and confession; social events and work with those in need, sit alongside one another on a daily basis. The House maintained its round of worship, study, and pastoral activity, including Sunday School provision and the Scriptorium project, as well as its new partnership with Scholarship and Christianity in Oxford, with our expanded audio visual and live-streaming capabilities allowing a much wider audience than the, increasingly full spaces of the St Giles site can accommodate.

The commitment to hold together intellectual and spiritual development by fostering a community that studies, prays and eats together has meant the House has worked to further its ability to provide hospitality, not least through partnerships with Millie Miles Catering Providers, and St Cross College; whilst the expanding clergy team, with several new associate priests formalising their involvement In the house, helped keep the pastoral demands of a growing congregation well met, despite the recognition that a challenge in the near future will be one of expanding the physical space of the Chapel, to allow the growing number of attendees at mass to continue to grow, despite Sundays’ seats frequently being filled to capacity.

Along with our Lay Academic Fellow, and Dr John Ritzema, the Custodian of the Library in Dr Mehmet Ciftci led the extended academic programme through the remaining terms of the academic year with great success, enabling us to offer reading groups on subjects as diverse as An Introduction to the Early Egyptian Fathers and Catholic Christian Ethics: R.L. Ottley on the Decalogue, and regular colloquia and short conferences, as well as a number of Anniversary Lectures celebrating our 140th year - with the academic year entire culminating in the sold out success of our very well received theological conference: Restoring the Image: Creation, Salvation, and the Human Person.

The team of Ministry Experience Volunteers - Daniel Martin-Thomas (Sacristan), David Sten, Iwuchukwu Obumneke Collins Ejezie, and Ally Trowell (Music Intern); Director of Music Ed Gaut remained the heartbeat of all the work of the House, but in doing so they also continued to fulfil our mission to nurture vocation, with two further interns being recommended for training as Anglican Priests before the summer.

During the year new steps were taken to secure funding which will help us look ahead to a significant fundraising campaign centred on our 150th Anniversary and looking ahead to our legacy in centuries to come; and plans for a major overhaul our financial administration put in place, including the adoption of a new accounting cycle, which has led to this slightly shorter financial period.

PUSEY HOUSE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

Financial review

Income from all sources in the year totaled £713,561. The net movement on funds for the year amounted to an increase of £236,904 after taking into account a gain of £71,534 on revaluation of the investment portfolio.

The freehold properties, which are vested in the Official Custodian for Charities, are not held primarily as investment assets, and are shown at their current market valuation.

Investment performance was satisfactory, with a level of income being achieved in accordance with expectations. There was an increase of 6% in the value of investments over the year, which was consistent with market performance in the year.

The Trustees have identified the maintenance of a sound capital base as their main investment objective. Net income is retained within reserves. These are reinvested where possible in order to secure the income necessary to maintain the ministry of Pusey House. As at 31 August 2025 the charity has total funds of £6,041,772 of which £51,451 were endowment funds, £695,071 restricted funds and £5,295,250 of unrestricted funds. Of this £5,295,250, £4,609,550 is represented by tangible fixed assets, £280,822 has been designated for specific purposes leaving a balance of free reserves of £404,878.

Investment income has again been augmented by generous donations from individuals and other charitable organisations who are in sympathy with the stated objects of the charity.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

The CIO has assessed the risks which face the charity as including the challenge of providing adequate and secure funding sources, potential problems relating to caring for complex physical assets, rising energy costs, pressure on staff.

Plans for future periods

In the coming year the Trustees intend to continue to review and update the infrastructure of the organisation, to be best suited to the next phase of the CIO’s development - future considering the make-up of the Trustee Board, and the staff team to secure the effective administration of the institution, and its resources. The Chapter seek to further expand the House’s academic work by adding regular colloquia to the regular pattern of lectures, developing the Scriptorium, and hosting a further international Conference, and to consolidate the expansion of the spiritual life of the House through the year-round weekly services and festivals.

Structure, governance and management

The charity is a CIO governed by its Constitution dated 13 July 2020.

PUSEY HOUSE CIO TRUSTEES, REPORT (CONTINUED) R)R THE PERIOD ENDED 31 AUGUST 2025 The trustees who £￿ed (knrirwJ the we." Mrs E Gregory Thè Revd J Be5wKk JorEs Dr N Aston Th¢ Rt Rev M LarvJii8h Dr J Cooper Mr M Chinery Mr A Woodcod( The Ven L Milgr Mrs S Collister The Révd Canon David Strton Mrs SaltyAM Firth The Revd Simon fftèlsh (Resiwed 21 2025) 2025) Mr Paul Boland. Miss Buckley and Mr Mike Murfay Thwe apwnbj on 18 Ocobw 2025 (after the peno end} New trust8es are appointed a¢gordiNJ to the set out in the Chartys Consbbjbon ts the varKws categories of membershTrp, after an apwcV￿te audit of the govemance required. IndNidual Trust￿ ￿11 thus lake on speafic responsi￿.r￿"eS for the var￿￿$ ¥eas of gO¥eff￿Ce cunpliance wrth the SLtpport of the PresxlenL The Pmndpal works with tho Pwident rwthng undertak8n. The Hierarchy of of PLW House is a8 fdh>rt' Charity Tnjstees Principal Chaplain & Lay Academic Fell￿￿1 As8iSt¥nt chap1￿￿ & Librari Adrninislrative Slaff Volunteers Ihcisions regardiro the of 1he H(￿￿e we c1m1￿ by the Chaptsr at we8kty management meetings, ￿ approved by the Prin(3pal. The effectiveness. and appropriateness of these are asws8d by the Trusteé Board. meeting three times in èath year. aThJ through e)npAJltalion %Mlh the same. Any signifieant strategic deciwons are wt before the Btsa￿ for aFvoval. and the Trustees are r6sponsibte for s8tting gnd reVie￿ll9 the core pJlic¥e5 of the CIO. The tn￿le¢S, was apwoved ty the Board ofTrustees. TheRtRe ngrish

PUSEY HOUSE CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE PERIOD ENDED 31 AUGUST 2025

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts 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 for the prevention and detection of fraud and other irregularities.

PUSEY HOUSE CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PUSEY HOUSE CIO

Opinion

We have audited the financial statements of Pusey House CIO (the ‘charity’) for the period ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for 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 form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

PUSEY HOUSE CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

PUSEY HOUSE CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PUSEY HOUSE CIO

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gravita Audit Oxford LLP, Statutory Auditor Chartered Accountants First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: .........................20 May 2026

Gravita Audit Oxford LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

PUSEY HOUSE CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 AUGUST 2025

Unrestricted
Restricted Endowment
funds
funds
funds
2025
2025
2025
Notes
£
£
£
Income from:
Donations and legacies
3
340,899
200,891
-
Charitable activities
4
128,167
-
-
Investments
5
24,437
19,167
-
Total income
493,503
220,058
-
Expenditure on:
Charitable activities
6
354,773
193,418
-
Total expenditure
354,773
193,418
-
Net gains/(losses) on investments
11
40,503
31,031
-
Net income/(expenditure) and movement in funds
179,233
57,671
-
Reconciliation of funds:
Fund balances at 1 January 2025
5,116,017
637,400
51,451
Fund balances at 31 August 2025
5,295,250
695,071
51,451		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2025
2024
2024
2024
£
£
£
£
541,790
204,951
207,423
-
128,167
98,896
-
-
43,604
38,045
27,283
-
713,561
341,892
234,706
-
548,191
413,283
191,772
-
548,191
413,283
191,772
-
71,534
10,663
7,417
-
236,904
(60,728)
50,351
-
5,804,868
5,176,745
587,049
51,451
6,041,772
5,116,017
637,400
51,451		 Total
2024
£
412,374
98,896
65,328
576,598
605,055
605,055
18,080
(10,377)
5,815,245
5,804,868

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

PUSEY HOUSE CIO 8ALANCE SHEEr ASAT31AUGUST2025 2024 Flxed assets TangiUa assets Investsnents 13 14 4.644.310 1.324,504 4.643,955 1.252,970 5.968.814 5,8.925 Currant as••ts Debtors Ca$h at bank ￿ in har#J 1S 12,959 220,803 8.956 115,959 233.762 124.915 Creditorn: •mO￿ts falling due ithln )n• yoar 16 (160.804) 1216.972) Net currant assetslolabl￿e5I r2.958 {92.05n Total a880ts lass curTrnt IlablitiO5 8.041.772 5.804.868 C•pltal funds End(Mm8nt fvnds- genw Inwn• funds Restn"cted fijnds Unre Designated funds G•ntral unreslri(ed fl￿￿$ 19 51.451 51.451 695,071 637,400 4.890.372 404.878 4.822.125 293.892 5,295.250 5.116.017 6.041,7n 5.804.868 19th May 2026 The finaniial staterr￿nts apwo¥ed by the Tr￿lee$ tyt..... Th• Rt Rev M Langrish Trust00

PUSEY HOUSE CIO

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 AUGUST 2025

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
25
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		 2025
£
(4,755)
43,604		 £
65,995
38,849
-
104,844
115,959
220,803		 2024
£
(8,323)
65,328		 £
(9,026)
57,005
-
47,979
67,980
115,959

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025

PUSEY HOUSE CIO

1 Accounting policies

Charity information

Pusey House CIO is a Charitable Incorporated Organisation registered in England and Wales . Its registered office is Pusey House, St. Giles, Oxford, OX1 3LZ

1.1 Reporting period

The 2025 financial statements represent the period for the 8 months to 31 August 2025 which is less than a year. The year-end has changed to align with the academic year. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2 Accounting convention

The financial statements have been prepared in accordance 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 Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold residential properties and to certain financial instruments at fair value. The principal accounting policies adopted are set out below.

On 1 January 2021 the assets and liabilities of Dr Pusey Memorial Fund were transferred into Pusey House CIO (which previously had no activity) and merger accounting has been adopted.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected.

Grants are deferred when the donor has specified that part of the grant cannot be expended until the next financial year. Income from conferences is recognised in the year in which the conference takes place.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold residential properties no depreciation charge due to high residual values Pusey House and Chapel nil Organ 40 years straight line Fixture and equipment 15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Heritage assets

Early books and other collections owned by the charity are classified as heritage assets and are not valued for inclusion as assets in these financial statements. Heritage assets are preserved and public access is permitted. There have been no material acquisitions or disposals of heritage assets in the last 6 years.

1.9 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price .

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.12 Retirement benefits

Payments to multi-employer defined benefit pensions schemes are charged as an expense as they fall due. However a provision is made for deficit reduction contributions

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates 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 considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Valuation

The valuation of freehold residential properties.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
340,899
200,891
Donations and gifts
Americans for Oxford
210,962
-
Anglo-Catholic Ordination
Candidates Fund
-
-
No 1 Trust Fund
-
-
Ascot Priory
-
10,000
Mr Matraszek
-
66,667
Other
129,937
124,224
340,899
200,891		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
541,790
204,951
207,423
210,962
49,359
-
-
45,000
-
-
-
18,000
10,000
-
4,500
66,667
-
100,000
254,161
110,592
84,923
541,790
204,951
207,423		 Total
2024
£
412,374
49,359
45,000
18,000
4,500
100,000
195,515
412,374

4 Charitable activities

Conference and other charitable income
Rental income		 Pusey
House
2025
£
74,703
53,464
128,167		 Pusey
House
2024
£
18,369
80,527
98,896

5 Investments

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Income from listed
investments
24,437
19,167
Interest receivable
-
-
24,437
19,167		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
43,604
37,942
27,283
-
103
-
43,604
38,045
27,283		 Total
2024
£
65,225
103
65,328

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

6 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Chapel, pastoral and education
Property costs
Library costs
Share of support and governance costs (see note 7)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 Pusey
House
2025
£
195,074
4,400
183,388
89,928
10,845
483,635
49,919
14,637
548,191
354,773
193,418
548,191		 Pusey
House
2024
£
198,104
5,067
163,447
129,684
28,418
524,720
61,243
19,092
605,055
413,283
191,772
605,055

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

7
Support costs
Support
costs
Governance
costs
£
£
Advertising, printing,
postage and stationery
10,595
-
Telecommunications and
IT
3,480
-
Accountancy and book-
keeping
-
-
Health and safety
consultancy
2,088
-
Other costs
33,756
-
Audit/accountancy fees
-
5,750
Legal and professional
-
8,522
Trustee meeting
expenses
-
365
49,919
14,637
Analysed between
Charitable activities
49,919
14,637		 2025
Support
costs
Governance
costs
£
£
£
10,595
13,421
-
3,480
4,776
-
-
1,152
-
2,088
3,052
-
33,756
38,842
-
5,750
-
5,795
8,522
-
11,067
365
-
2,230
64,556
61,243
19,092
64,556
61,243
19,092		 2024
£
13,421
4,776
1,152
3,052
38,842
5,795
11,067
2,230
80,335
80,335

Governance costs includes payments to the auditors of £5,750 (2024- £5,795) for audit fees.

8 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 5,750 5,795
Depreciation of owned tangible fixed assets 4,400 5,067

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the period, and 2 (2024: none) of them were reimbursed any travelling and meal expenses totalling £329 (2024- None were reimbursed).

10 Employees

The average monthly number of employees during the period was:

2025 2024
Number Number
8 7

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2025
2024
£
£
162,524
174,654
6,875
11,432
25,675
12,018
195,074
198,104		 (Continued)
2025
2024
£
£
162,524
174,654
6,875
11,432
25,675
12,018
195,074
198,104
198,104

10 Employees

There were no employees whose annual remuneration was more than £60,000.

11 Gains and losses on investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments 40,503 31,031 71,534 10,663 7,417 18,080

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Cost
At 1 January 2025
Additions
At 31 August 2025
Depreciation and impairment
At 1 January 2025
Depreciation charged in the period
At 31 August 2025
Carrying amount
At 31 August 2025
At 31 December 2024		 Freehold
residential
properties
Pusey House
and Chapel
£
£
4,500,000
34,760
-
-
4,500,000
34,760
-
-
-
-
-
-
4,500,000
34,760
4,500,000
34,760		 Organ
£
110,826
-
110,826
16,625
1,847
18,472
92,354
94,201		 Fixture and
equipment
£
60,426
4,755
65,181
45,432
2,553
47,985
17,196
14,994		 Total
£
4,706,012
4,755
4,710,767
62,057
4,400
66,457
4,644,310
4,643,955

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

13 Tangible fixed assets

(Continued)

The cost of freehold residential properties within tangible fixed assets is £484,073 (2024 - £484,073).

For the financial statements for the year ended 31 December 2021 the Trustees consulted with Chancellors Estate Agents in July 2022 to determine the fair value of the properties. The Trustees believe that it is appropriate to continue to use that valuation.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

14 Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 January 2025 1,252,970
Valuation changes 71,534
At 31 August 2025 1,324,504
Carrying amount
At 31 August 2025 1,324,504
At 31 December 2024 1,252,970

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2025

15 Debtors

Amounts falling due within one year:
Other debtors
16
Creditors: amounts falling due within one year
Notes
ACOCF loan
Other taxation and social security
Deferred income
17
Accruals and deferred income
17
Deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the period:
Deferred income at 1 January 2025
Released from previous periods

Resources deferred in the period
Deferred income at 31 August 2025		 2025
£
12,959
2025
£
20,000
5,092
53,334
82,378
160,804
2025
£
53,334
146,057
(146,057)
53,334
53,334		 2024
£
8,956
2024
£
20,000
4,322
146,057
46,593
216,972
2024
£
146,057
63,693
(63,693)
146,057
146,057

This consists of grants and other income to cover expenditure in the following year

18 Retirement benefit schemes
2025 2024
Defined benefit schemes £ £
Charge to profit or loss in respect of defined benefit schemes 25,675 12,018

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

PUSEY HOUSE CIO

18 Retirement benefit schemes

(Continued)

The charity participates in the Church of England Funded Pensions Scheme

The Church of England Funded Pensions Scheme is a defined benefit scheme but the charity is unable to identify its share of the underlying assets and liabilities – each employer in that scheme pays a common contribution rate.

A valuation of the Scheme was carried out as at 31 December 2021.The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m.

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.

The legal structure of the scheme is such that if another Responsible 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 permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 January At 31 August
2025 2025
£ £
Permanent endowments
51,451 51,451
Previous year: At 1 January At 31
2024 December
2024
£ £
Permanent endowments
51,451 51,451

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Library Fund
Wilshere Fund
Internship Fund
CTLC Funds
Conference
Administration support
Matraszek Lay Fellowship Fund
Access Ventures Study Grant
Previous year:
At 1
Wilshere Fund
Internship Fund
CTLC Funds
Adminstration support
Matraszek Lay Fellowship Fund
Access Ventures Study Grant
Other		 January
2025
Incoming
resources
Resources
expended
Gains and
losses
At 31 August
2025
£
£
£
£
£
-
8,015
(8,015)
-
-
554,393
19,166
-
31,031
604,590
-
45,900
(45,900)
-
-
42,611
26,410
(18,936)
-
50,085
-
23,900
(23,900)
-
-
15,396
10,000
(10,000)
-
15,396
-
66,667
(66,667)
-
-
25,000
20,000
(20,000)
-
25,000
637,400
220,058
(193,418)
31,031
695,071
January
2024
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2024
£
£
£
£
£
519,693
27,283
-
7,417
554,393
-
33,200
(33,200)
-
-
36,137
32,623
(26,149)
-
42,611
31,219
4,500
(20,323)
-
15,396
-
100,000
(100,000)
-
-
-
35,000
(10,000)
-
25,000
-
2,100
(2,100)
-
-
587,049
234,706
(191,772)
7,417
637,400

The Dr Pusey Memorial (Wilshere) Fund is governed by a 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 primarily to defray expenditure on the buildings.

Internship fund represents donations received to cover the costs of interns.

CTLC represent funds to support the Centre for Theology, Law and Culture.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

21 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
£
£
£
At 31 August 2025:
Tangible assets
4,609,550
-
34,760
Investments
703,222
604,591
16,691
Current assets/(liabilities)
(17,522)
90,480
-
5,295,250
695,071
51,451
Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
4,609,195
-
34,760
Investments
681,886
554,393
16,691
Current assets/(liabilities)
(175,064)
83,007
-
5,116,017
637,400
51,451		 Total
2025
£
4,644,310
1,324,504
72,958
6,041,772
Total
2024
£
4,643,955
1,252,970
(92,057)
5,804,868

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

22 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at
1 January 2024
£
Library
Endowment and
Chaplaincy Fund
171,475
Tangible fixed
assets
4,605,939
Friends of Pusey
House
45,048
Grant set aside
for Sep to Dec
costs
-
4,822,462		 Movement in funds
Income
Expenditure
Transfers
£
£
£
-
-
-
-
(5,067)
8,323
7,397
(6,156)
(5,841)
-
-
-
7,397
(11,223)
2,482		 Gains and
losses
Balance at
1 January 2025
£
£
-
171,475
-
4,609,195
1,007
41,455
-
-
1,007
4,822,125		 Movement in funds
Income
Expenditure
Transfers
£
£
£
-
-
-
-
(4,400)
4,755
5,107
(969)
(2,532)
62,667
-
-
67,774
(5,369)
2,223		 Gains and
losses
£
-
-
3,619
-
3,619		 Balance at
31 August
2025
£
171,475
4,609,550
46,680
62,667
4,890,372

The Chaplaincy Fund (£20,000) is intended to fund the stipend of an additional Priest Librarian at some future date.

The Library Endowment Fund (£151,475) is intended to secure an income sufficient to meet the expenses of maintaining and staffing Dr Pusey’s Library. Friends of Pusey House represents the funds of this charity of which Pusey House CIO is now the sole corporate Trustee.

PUSEY HOUSE CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2025

23 Related party transactions

Trustees donated a total of £814 (2024: £1,494) to the charity in the year. There were no other disclosable related party transactions during the period (2024 - none).

24 Analysis of changes in net funds

The charity had no material debt during the year.

25
Cash generated from operations
Surplus/(deficit) for the period
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
(Decrease)/increase in deferred income
Cash generated from/(absorbed by) operations		 2025
£
236,904
(43,604)
(71,534)
4,400
(4,003)
36,555
(92,723)
65,995		 2024
£
(10,377)
(65,328)
(18,080)
5,067
(6,575)
3,903
82,364
(9,026)