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2020-08-31-accounts

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OXFORDSHIRE COMMUNITY CHURCHES

(A company limited by guarantee and not having a share capital) Annual Report and Financial Statements for the year ended 31st August 2020

Contents Page
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Trustees’ Annual Report and Report ofthe Directors 2-14
(includingthe Strategic Report)
IndependentAuditors’ Report 15-16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
Charity Balance Sheet 19
Consolidated Cash Flow Statement 20
NotestotheFinancialStatements 21-30

OXFORDSHIRE COMMUNITY CHURCHES

TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report)

for the year ended 31° August 2020

The trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 August 2020. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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) (effective 1 January 2015).

Reference and administrative details of the charity, its trustees and advisers Status Oxfordshire Community Churches is a company limited by guarantee and not having a share capital, registered in England and Wales, number 03223210. The company has charitable status and is registered with the Charity Commission under registration number 1056921.

Registered Charity name Oxfordshire Community Churches Other working names of OCC, Stepping Stones and The King’s School, OpenGate, Edge Housing and Witney CAP Debt charity Centre. Directors and trustees SA Jones (Chairman) JF Green PNC Allen JP Jacob AJ O'Connell GJ Le (resigned 21" October 2019) SBM Young DJ Kirk (resigned 20" January 2021) NW Townsend (appointed 20" January 2021) All the above served throughout the year except as indicated. The directors of the company are also the trustees of the charitable activities. The power of appointment or removal of trustees rests with the trustees. New trustees are selected from the congregations of Oxfordshire Community Churches after consultation with the charity members.

Principal address and The King’s Centre, Osney Mead, Oxford, OX2 OES. registered office

Auditors The auditors are Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford OX1 2EP. They have indicated their willingness to be reappointed to office under the Companies Act 2006.

Bankers

Barclays Bank plc, Market Square, Witney, Oxfordshire, OX28 6BJ.

OXFORDSHIRE COMMUNITY CHURCHES

TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report) for the year ended 31° August 2020 (continued)

Objectives and Activities

We have come together in Oxfordshire Community Churches, as people committed to the Lord Jesus Christ, to extend God's kingdom and to share the knowledge of Christ’s love in Oxfordshire and beyond. Through prayer, worship, studying the Bible, and a shared experience of the Holy Spirit, we want to know God better. We seek to be a community together, serving and caring for one another. We are committed to everyone who joins us feeling part of the church family and playing an active role.

Whether or not people respond to Jesus in faith, we want to follow his example by doing good to all, both in this country and overseas, especially to those who are poor or in conditions of need, hardship or distress. We are concerned to help all people, whatever their age, race or gender. We are involved in educational work to extend Biblical understanding of and response to God and his creation in the next generation, based on our own experience of God.

Oxfordshire Community Churches is part of the Salt & Light Ministries family of churches. Oxfordshire Community Churches is also a member of the Evangelical Alliance. Both of these organisations are Christian charities that pursue similar objectives in the UK and overseas.

The vision of The King’s School is to develop young people who know their God and are trained to serve and influence their generation by godly attitudes and actions. The school encourages each child to achieve academically at the level of his or her own ability, recognising that each is an individual with different needs and potential.

Whilst Oxfordshire Community Churches does employ staff, it is the work of every church member of Oxfordshire Community Churches, whether employed or voluntary, that helps Oxfordshire Community Churches fulfil its charitable objectives. This is achieved through being ‘salt and light’ amongst the people we interact with every day; by praying, by visiting the sick and others in need, in leadership of the church congregations, in administration and also through classroom assistance in the school. The financial resources of the church are given by the church members and their private assets and equipment are regularly used in the work of Oxfordshire Community Churches. Much of their time is given freely, without recognition, and the hours and value of that time cannot be quantified.

Oxfordshire Community Churches is a group of nine established churches working in three regional groupings, one in West Oxfordshire {including churches in Aston & Cote, Carterton, Chipping Norton and Witney), one in Oxford city and North Oxfordshire (including Oxford Community Church and LifeHouse Community Church which works in Banbury and Bicester) and one working in South Oxfordshire and the Vale of White Horse (the OpenGate group of churches — including those in Abingdon, Didcot and Wantage). Each local church congregation covers expenditure from the donations and gifts it receives. The balance of the income is passed to Regional Funds to meet the pastoral and ministry expenses relating to that region and they in turn fund the costs incurred in supporting the charity as a whole.

The charity’s wholly owned trading subsidiary, The King’s Centre Limited, provides conference, exhibition and other event facilities, including catering, at The King’s Centre. Profits from the subsidiary are donated to the charity under a Deed of Covenant.

How Our Activities Deliver Public Benefit

The charity carries out a wide range of activities in pursuance of its charitable objectives. In making decisions, the trustees have complied with the Charity Commission’s public benefit guidance under the Charities Act 2011 when exercising any powers or duties to which the guidance is relevant, and consider that the charity’s activities provide benefit both to those who worship within Oxfordshire Community Churches and the wider community of our villages, towns and cities in the UK, Europe and the World. More detail on public benefit delivered can be found in the Strategic Report on pages 5 to 14.

Volunteers

The trustees gratefully acknowledge the massive amount of time, energy, passion, faith and skills that the hundreds of volunteers contribute to the charity across all its activities. These volunteer contributions cannot be measured in monetary terms, but without its volunteers the charity would not be able to provide all the activities that it does for the public in general _or its congregations.

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OXFORDSHIRE COMMUNITY CHURCHES

TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report) : for the year ended 31° August 2020 (continued)

Structure, Governance and Management

Governing instrument

Oxfordshire Community Churches is a registered charity, number 1056921 and company, limited by guarantee in England and Wales, number 03223210. The charity is governed by its Memorandum and Articles of Association dated 13" September 2009, as subsequently updated.

"The company's activities are regulated by the Memorandum and Articles of Association. The objects of the company are:

Recruitment, appointment, induction and training of trustees

As set out in the Articles of Association, new trustees, who are respected members of the Christian faith and community, are nominated by the charity members and appointed by existing trustees as the need arises. The trustees are concerned to maintain a healthy balance of skills and experience required to oversee the breadth of charity activity. New trustees are given copies of the charity’s governing documents and relevant Charity Commission publications as part of their induction process.

Corporate governance

To facilitate the smooth running of the charity, the trustees have established a number of sub-committees. All of these subcommittees have a trustee among their members, and report to the trustees. This facilitates the effective and smooth running of the charity.

Group structure and relationships

The charity has a wholly owned non-charitable subsidiary, The King’s Centre Limited. The subsidiary carries out non-charitable trading activities to raise funds for the charity, with all of its profits being transferred to the charity under a Deed of Covenant. At times, the charity also works in co-operation with other charities, organisations and individuals in pursuit of its charitable objectives.

Social investment

The charity does not have a social investment activity as recognized under the Charities SORP (FRS 102).

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OXFORDSHIRE COMMUNITY CHURCHES

TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS {including the Strategic Report) for the year ended 31° August 2020 (continued)

STRATEGIC REPORT

Achievements and Performance

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During the year ended 31 August 2020 the charity has sought to fulfil the calling of Christ and its charitable purposes for the public benefit as follows:

1 To advance the Christian religion

Oxfordshire Community Churches has continued to develop the spiritual life of the church congregations in Oxfordshire and their local communities. Each of these congregations has undertakena variety of activities which advance the Christian religion. Sunday church meetings and a variety of courses designed to address specific aspects of Christian living for all ages have been available to all and open to the wider community without charge. Each church also engages in community projects including a wide variety of initiatives for children and young people.

Oxfordshire Community Churches is also committed to extending Biblical understanding of and response to God by reaching. out to children in the many schools across Oxfordshire. This has been carried out by various schools’ workers, both employed and voluntary. They have given lessons and run assemblies, prayer and reflective spaces, lunch clubs, and after-school clubs.

Regional gatherings of churches have continued, initiating new activities and strengthening our congregations and local evangelistic work. Each regional group has its own leadership structure within the charity and has an individual budget to fund its work. More details are contained within the regional! reports below.

Various pastors and volunteer leaders travelled overseas (not during the covid-19 pandemic with government restrictions on travel) in order to teach, advise and support churches, missionaries and Bible colleges. These trips were undertaken at a cost of £11,235 (2019: £16,832) to Oxfordshire Community Churches and without charge to those we visit. Nations and continents visited include Africa, Asia, Belgium, Canada, France, India and those nations listed below in point 3.

The members of our churches in Oxfordshire have consistently been applying the principles of church life, as outlined in the New Testament, in the places where they live and work and by impacting social attitudes in wider society. This is a very significant part of the purpose of the churches and much of it is done without publicity or significant charitable expense.

2 To advance education

The main focus of our vision to advance education is The King’s School in Witney. See the school report below.

In addition, in partnership with Chapel St Community Schools Trust, Oxfordshire Community Churches continued to provide leadership support for a free school in Oxford — Tyndale Community School. This school opened in September 2013 and serves a community where there had previously been insufficient school places. The school is fully subscribed again for the academic years 2020-21 and 2021-22. Loca! congregations have also supported and encouraged members.to support local authority and academy trust run schools by acting in voluntary roles such as sitting on local governing bodies, strengthening the leadership and management of these schools.

Oxfordshire Community Churches has also run various training courses, including training in Biblical studies, Christian ministry, pastoral care and social engagement. These courses were open to all and had an impact in changed lives and strengthened relationships for those who attended. ;

In addition, many of our local churches run discipleship programs, ministry development courses and leadership training, helping people deepen their Biblical understanding and its application to everyday life, such as in relationships, parenting, engagement in social care and money-management. These congregation-led training courses are also serving their regions and the charity as whole.

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OXFORDSHIRE COMMUNITY CHURCHES TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report) for the year ended 31° August 2020 (continued)

3 To relieve those who are poor, in conditions of need, hardship or distress

There has been support of individual workers, relief and development work both in the UK and overseas. A total of £38,922 (2019: £36,442) has been paid out both from central funds, and with further significant support from individual local churches, for work both in the UK and overseas. Through these activities we have been able to help people in nations including, India, Poland and Uganda.

Whilst Oxfordshire is a generally affluent county, many of our churches are working into areas of poverty and hardship. The churches have continued to help alleviate this through care for the homeless, food bank support, CAP Money courses, community lunches, Thrive youth teams and Street Pastors. There is a separate report below from the Edge Housing Project, run as part of the charity.

Christians Against Poverty Debt Centres continue to be run in Witney, Chipping Norton and Didcot, offering free debt counselling to those in need. These Centres offer free help to people in debt, regardless of belief, background or situation.

The congregations in Abingdon and the Leys have continued to work in partnership with the charity Innovista International to support ‘Thrive teams’, releasing Youth Workers and volunteers to focus on working with young people in relatively deprived areas to improve their life opportunities. These teams have been able to continue a number of new activity groups to reach more young people, including through a mentoring program for secondary school pupils from disadvantaged backgrounds.

Through a bursary scheme of £81,504 (2019: £77,547), we have been able to offer fees assistance to families who could not otherwise afford to send their children to The King’s School.

4 Other activities

We have continued to make the facilities of The King’s Centre available to the local community and business users, as permitted by Covid regulations. Through this activity, we have benefited our visitors and the income generated has furthered our primary charitable activities.

The King’s Centre Limited, the trading subsidiary company of Oxfordshire Community Churches, had a very difficult year, with virtually no income during the pandemic. This resulted in a loss for the year of £140,222 (2019 surplus: £18,390). More details of the trading subsidiary are shown in the Financial Review and Results For The Year below and in note 10 to the financial statements.

Regional and Departmental Reports

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Central Region

The Central Region of OCC consists of two churches with four locations (Osney and Blackbird Leys, Bicester and Banbury). The total number of adults in our congregations has grown slightly to around 380. We have actually seen a slight rise in numbers engaging with our church services as we have pivoted through COVID-19 lockdown to providing online (livestreaming) access from March onwards, as well as hosting Covid-secure hybrid church meetings when restrictions were eased in the summer, which combined socially-distanced, in-person gathering as well as continuing our livestreaming online.

The next generation. Each of our churches runs regular activities to train children in the Christian faith. There is a weekly youth group and a Girl Guiding group at The King's Centre in Osney and youth club events on several days each week on Blackbird Leys. We continue to support Tyndale Community School (a Christian primary school) through recruiting governors, training school leaders and (for most of 2019-20) the provision of a part-time chaplain. We also continue to serve around 35 university students, including providing most with a personal mentor. We also trained two recent graduates through a volunteer intern scheme, and plan to repeat this scheme in future years.

Training. We have developed training in foundational Christian leadership skills ('STEP course': 17 participants) and in applied theology (‘Upper Room': 9 participants), both of which are also being readied for adoption by other churches. We have also provided training in pastoral care and in prophetic ministry. !n the coming year, we will re-run STEP training, support five Upper Room groups across a wider group of churches and run more regular pastoral training. We appointed a new assistant pastor for Oxford Community Church, who we have been training in a similar manner.

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OXFORDSHIRE COMMUNITY CHURCHES TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS {including the Strategic Report) for the year ended 31° August 2020 (continued)

Serving Local Communities. We have continued to develop a range of activities to serve local communities, which both meet real needs and also commend the benefits of the Christian faith to non-members. These include: ¢ In Bicester: an over-50s club, running West Bicester Community Centre, a youth group, and a toddler group * In Blackbird Leys: support for Thrive Leys (a youth charity), a craft club, a board games club, a football club, and a toddler group

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¢ In Cumnor: worship services in a care home

Each of our churches runs Alpha courses, which are often attended by people who first connected through one of the above activities - some of whom have now begun to follow Christ. ;

Overseas. We have also continued to support Christian workers in nations in Asia, in West and East Africa, and in South America, whose work includes relief and development, and in some locations encouraging local believers to realise their potential in serving both their local communities and neighbouring nations.

West Region

We have continued to develop the spiritual life of the church congregations in West Oxfordshire and their local communities. Each of these congregations has undertakena variety of activities which advance the Christian religion including running Alpha courses for those who are new to faith or wishing to explore, Sunday church meetings, children and youth work. In addition, a variety of courses designed to address specific aspects of Christian living for all ages have been available to all and open to the wider community without charge. This includes courses on parenting and marriage amongst others. Each church also engages in community projects including a wide variety of initiatives for children and young people.

The churches in West Oxfordshire have continued to gather together: initiating new activities and strengthening our congregations and local evangelistic work. Each church has its own leadership structure within the charity and an individual budget to fund its work.

The members of our churches in Oxfordshire have consistently been applying the principles of church life, as outlined in the | New Testament, in the places where they live and work and by impacting social attitudes in wider society. This is a very significant part of the purpose of the churches and much of it is done without publicity or significant charitable expense.

Each of our local churches run discipleship programs, ministry development courses and leadership training, helping people deepen their Biblical understanding and its application to everyday life. These congregation-led training courses are also serving their regions and the charity as whole.

Whilst West Oxfordshire is an affluent district, there are many in considerable need. The churches have continued to help alleviate this through food bank support, CAP Money Courses, community Junches and street pastor initiatives. This has been exacerbated by the lockdown caused by Covid-19, the churches have responded by moving many activities online.

A new Cookery club aiming to teach adults and children, including young carers, to cook well on a budget was launched in Chipping Norton this year. During the pandemic the group has moved online and is regularly attended by families within the community.

The newly started Life Skills projects, in partnership with Christian’s Against Poverty, have continued to run. These free courses aim to help those on a low income to live better, covering topics such as eating well on a budget, making your money go further, dealing with pressure and cooking on a budget. This year the churches ran four more 12-week courses.

Christian’s Against Poverty Debt Centres continue to be run in Witney and Chipping Norton, offering free debt counselling to those in need. These centres offer free help to people in debt, regardless of belief, background or situation.

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OXFORDSHIRE COMMUNITY CHURCHES TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS {including the Strategic Report) . for the year ended 31° August 2020 (continued)

OpenGate Region . OpenGate Churches have continued to develop the spiritual life of the church congregations in South Oxfordshire and Vale of the White Horse (Abingdon, Didcot and Wantage) and their local communities. We continue to support two other churches (Swindon and Henley) that are members of the group but run as separate charities. .

Not surprisingly, leading churches through the start of a pandemic and the subsequent lockdown has beena significant factor during the year. Overall, it required churches to make significant changes in how they operated in a very short space of time. Positively, the move of some activities online has increased their effectiveness (online services, for example, providing support for those who otherwise struggled to have made it to meetings); whilst others which required physical meeting, have been more constrained (toddler groups for instance). Sunday church meetings and a variety of courses designed to address specific aspects of Christian living for all ages have been available to all, albeit online, and open to the wider community without charge. The Alpha course is a widely used example of this. The charity has made some of its expertise available to other churches, e.g. in Brussels, to help them improve strategies.

Following the untimely death of the lead pastor of the Abingdon church in July 2019, significant time was invested in supporting the church through the subsequent year, and in the process of finding and appointing a new senior pastor. This was successful and a new lead pastor was appointed in August 2020. The restructuring of previous years proved a significant gain at this time, and also helped the church to navigate the turbulent times well. Looking ahead, the region will be supporting this new leader (in their first senior role) and their team.

OpenGate Churches are also committed to extending Biblical understanding of and response to God by reaching out to children in the many schools across Oxfordshire. This has been carried out by various schools’ workers, both employed and voluntary. They have given lessons and run assemblies, prayer and reflective spaces, lunch clubs, and after-school clubs. Obviously this was curtailed by the lockdown and subsequent restrictions on presence in schools. Resumption of such work will form a strategic challenge when it becomes possible again.

Regional gatherings of churches have continued, initiating new activities and strengthening our congregations and local evangelistic work. The members of our churches in Oxfordshire have consistently been applying the principles of church life, as outlined in the New Testament, in the places where they live and work and by impacting social attitudes in wider society. This is a very significant part of the purpose of the churches and much of it is done without publicity or significant charitable expense.

Whilst South Oxfordshire and Vale of the White Horse are generally affluent locations, many of our churches are working into areas of poverty and hardship. The churches have continued to help alleviate this formally through food bank support, CAP Money courses, ‘Thrive’ youth teams and Street Pastors, and informally by helping members of our congregations to provide pastoral care to those in need in their work and community contexts.

A Christians Against Poverty (CAP) Debt Centre is being run in Didcot, offering free debt counselling to those in need. These Centres offer free help to people in debt, regardless of belief, background or situation. A conversation with other churches about making CAP available to the village of Berinsfield has been initiated. The congregation in Abingdon have continued to work in partnership with the charity Innovista International to support ‘Thrive teams’, releasing Youth Workers and volunteers to focus on working with young people in relatively deprived areas to improve their life opportunities.

The discussions between the church in Wantage, a developer and the local authorities to ensure that the community center built on a significant development is truly suitable and effective for the local communities have continued positively, and the Wantage church has been fund raising to that end.

, Edge Housing - Reducing homelessness in Oxford Edge Housing Project is an integral ministry of Oxfordshire Community Churches, and provides housing and individually customised support to 28 men who were formerly homeless. The average stay per person is approximately 1 year. During this year our occupancy has been greater than 99% meaning we have achieved over 10,000 bed nights for men that would have otherwise been street homeless, in prison or in insecure or unsafe housing.

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OXFORDSHIRE COMMUNITY CHURCHES

TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report) for the year ended 31” August 2020 (continued)

This year we have also provided additional support during COVID and lockdowns to support their wellbeing and mental health. Local hospitality businesses have pulled out the stops and delivered take away meals during lockdown, our thanks go to La Manoir in particular. Others, have continued to stock the community fridges from which our guys benefit. Many of our residents have underlying health conditions and food deliveries reduce the need for shopping trips as well as ensuring healthy eating during times of stress.

In addition, we have encouraged our residents to participate in voluntary work, and some have also got paid work. Those that haven’t secured paid work have contributed to setting up a resident-led initiative to produce fresh apple juice from focal trees in Oxford. Our first year was successful and sales have been good despite hospitality industry shut downs. We are thankful for startup grants to help us get going. Over this year and next we are planning a COVID secure breakfast club (houses arrive together.and form bubbles, takeout food only) and a chance to leave the house and meet with key workers in the COVID secure Kings Centre conference centre. We are also working towards opening a 3-bed women’s house. There is a need for _ providing supported housing for vulnerable women, and we are taking time to consult with other agencies to develop best practices. Next year will also be a year of testing and growing our organisational resilience, maturity and governance following a year of change and disruption and a couple of years of rapid growth.

The King’s School

During the year, The King’s School successfully taught around 180 children between the ages of 3 and 16, despite the challenges of Covid-19. From the outset, the school followed procedures in accordance with a rigorous Risk Assessment Action plan. During lockdown, the staff continued to provide quality teaching through an online programme that was widely esteemed within the local area.

GCSE results were well above the national average for non-selective schools. However, it should be noted that 2020 was an exceptional year. Due to Covid, no GCSE exams were sat; instead grades were awarded as centre-assessed grades (CAGs) generated by teachers. Whilst this process was rigorous and accountable, formal comparison with previous years has not been done as (i) GCSE exam results and CAGs are not a like for like comparison (ii) the 2020 cohort was very small (10 students). No public statement about exam results, particularly with comparison to previous years, has been made for 2020 in order to circumvent (unfair) accusations of grade inflation, which have been levelled at independent schools in the media.

The overall pass rate (GCSE Grade 4 and above) was high in comparison to recent years:

As a school with a faith designation, pupils are encouraged into following the Christian faith in accordance with the wishes of the parents who send their children to the school. Unfortunately, the annual trip to Zambia by Y11 pupils was unable to take place this year, due to Covid restrictions. That trip, a highly valued one by pupils in the past is where the students reach out to poor and disabled children in very needy circumstances to put their faith into practice. Similarly, the school’s serving of the local community through supporting the Besom charity was also restricted due to Covid.

Teachers continue to work vocationally at the school, receiving salaries significantly lower than a salary in a state school and much less than in other Independent schools. The fees remain at 33% of the average fee of local independent schools, and are therefore much more accessible to parents. Parents continue to offer a significant amount of voluntary time, and several have made financial donations in addition to the fees. The church continues to support the costs of the building mortgage, so also keeping the fee level low for parents.

Costs on the site have risen sharply due to lifecycle costs of key Infrastructure. A refurbishment plan is being implemented in consultation with the Charity trustees.

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OXFORDSHIRE COMMUNITY CHURCHES TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report) for the year ended 31° August 2020 (continued)

The school has seen some significant staff and governor changes over the year. In addition to losing two governors as a consequence of bereavement, the chair of governors has resigned to fully attend to his other responsibilities while the Principal left at the end of the school year to further a career within Christian Education advocacy. Following a rigorous recruitment process, the new Principal was appointed and he took up his post in January 2021. In the interim the school was able to ensure continued stable leadership through the intervention of a previous Principal assisting the school on a temporary part-time basis.

Fundraising

Church congregations are invited to tithe and give gifts for general use as well as for designated and restricted purposes from time to time. The school charges moderate fees for the provision of a very good standard of education in a Christian setting. In the school setting a small amount of fundraising is done, mainly by the school children, by way of bake sales and small sponsored events. The Charity’s wholly-owned trading subsidiary, The King’s Centre Limited, raises funds by renting out the rooms not used by the Charity and provides a high standard of front of house and catering service if required; profits from the trading subsidiary are gifted to the holding Charity by way of a Deed of a Covenant. The Charity does not approach vulnerable people to donate to the Charity. Currently one of the regions has used the services of professional fundraisers in connection with a new community centre, although this is not the norm.

Financial Review and Results For The Year

The charity continues to operate under relatively healthy financial conditions in the current pandemic environment. As such the trustees are confident in the charity and wholly-owned trading subsidiary as a going concern. This is illustrated in the following areas of operation:

Churches

Tithe and other unrestricted voluntary income through the local churches increased in the year to £1,064,544 (2019 £1,002,559). In light of the ongoing difficult economic climate for many people throughout the year, the trustees are very grateful for the considerable generosity of individuals within the OCC family of churches.

The King’s School

The school’s pupil numbers remained relatively steady, partially reflecting continued marketing activity. The school also incorporates Stepping Stones Foundation Unit, continuing its provision for Early Years.

The King’s School Building Fund

Funds have continued to come in and are being used to service the bank loan taken out for the development that took place between 2009 and 2011. The charity is grateful for a loan repayment holiday that was granted by Barclays Bank, meaning that loan repayments totalling £66,609 (2019: £132,501) were made in the year.

The King’s Centre Limited

Oxfordshire Community Churches’ wholly-owned trading subsidiary, The King’s Centre Limited, hires out rooms and provides associated services to customers at The King’s Centre in Oxford. However, in 2019-2020 this activity was severely curtailed due to the pandemic and necessary restrictions imposed, and consequently generated a much smaller turnover of £280,105 in the year (2019: £581,612). This has resulted in an overall deficit of £140,122 in the year, and has resulted in some staff redundancies to reduce costs during the pandemic. The King’s Centre staff have continued marketing to build income although economic pressures still present a challenge. The trading subsidiary also makes a contribution to the charity towards the costs of using the building in accordance with Charity Commission guidance on trading subsidiary companies. We are looking forward to a return of profitable business once the pandemic is over.

Freehold properties

The freehold properties are included at valuation based on their existing use. The properties were revalued in the year 201718 and the revalued amounts stated in Note 8 to the accounts; unrealised gains are shown in the Revaluation reserve. The King’s Centre, Oxford was valued at £3,700,000 and The King’s School, Witney at £2,625,000. Both properties are being maintained in good order and are collateral for the loan taken out to develop The King’s School.

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: Designated and restricted and funds

OXFORDSHIRE COMMUNITY CHURCHES

TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS {including the Strategic Report) for the year ended 31" August 2020 (continued)

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Reserves

The majority of the charity’s income is derived from regular gifts and donations from a wide range of sources including school fees; these are forecast to cover the budgeted monthly expenditure at both Oxfordshire Community Churches and The King’s School. General reserves are monitored monthly and the trustees ensure that short term commitments do not exceed funds available. The trustees consider that a level of general reserves equivalent to one month’s expenditure is adequate and not excessive for the needs of the charity, and aims to keep at least the amount of the reserves in easily accessible bank balances. The tangible fixed assets of the Group total £6,335,934 (2019: £6,337,984) and would obviously take some time to liquidate, but the trustees do not consider that this will be necessary for any reason in the foreseeable future.

The closing balance sheet position regarding reserves and funds is summarised below and detailed information can be found in notes 14 to 19 to the accounts:

----- Start of picture text -----
/Reserveorfund | Amountat 31 August 2020 | Amount at 31 August 2019 |
General reserves £204,884 £215,629 |
So ee TEPo Ba
. Designated funds £60,386 £49,485
Restricted funds £136,510 . £119,802 |
| Balance Sheet Total £5,519,257 £5,424,397 |
----- End of picture text -----

There are a number of designated and restricted funds which are accounted for separately. The detail for these is shown in note 16 for designated funds and note 17 for restricted funds, and any Gift Aid claimed is allocated.to the same fund as the donation. :

Public Benefit

The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. Examples of this public benefit can be found in the other parts of this Report. The Charity constitutes a public benefit entity as defined by FRS102.

Future Plans

Medium to long-term strategy

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Current year (2020-21)

During the current year we intend to:

Covid-19 Response

The onset of the coronavirus pandemic in 2020 saw us enter unprecedented and uncharted waters. The world has become a different place and consequently affected us all. Oxfordshire Community Churches are no exception to that and we have tried to respond appropriately. As churches our first concern is a pastoral one, both for our church members and for those in the communities around us, especially the vulnerable and those in particular need of support, whether it be financial hardship or a lack of emotional well-being brought about by isolation.

Churches

All the churches moved their gatherings to an online platform until such time as it is safe to meet face to face again. Our church members have responded in various ways to help their local communities, with many offering voluntary support for the many existing projects and new initiatives that have sprung up over the last few months. Many of the churches have taken up specific offerings to help those in financial need. Regular contact with other members as well as friends and neighbours has been encouraged!

Of course, some members will have seen their own income drop through being furloughed or, worse still, having no paid work at all. This could have repercussions on the income that churches receive from their members, although, at the time of writing, we are pleased to say that income has been maintained at a good level. However, it remains an area of concern and is being reviewed regularly. : .

For the future, the trustees are confident that churches will continue to provide ongoing care for their members and involvement in serving their local communities.

"The King’s School

The school has been affected similarly to other schools across the country. Once pupils were asked to stay at home, apart from the children of key workers, the school staff put in a mammoth effort to move education to an online platform, including working through the Easter holidays to achieve this. School staff attended in person on a rota basis to care for those children still in school, whilst at the same time taking responsibility for online classrooms to ensure that our students did not suffer in their education.

The biggest concern financially was whether any families would have difficulty in paying their school fees if their employment situation was to change. Some savings were made, e.g. utility bills with some of the school building closed down, and these have helped to offset any immediate shortfall in fees. Also, a number of staff were furloughed, taking advantage of the government’s Job Retention Scheme.

in the longer term, fees have been frozen for the first term of the new year in September 2020 as a gesture of goodwill, with a small increase implemented in January 2021 for the rest of the academic year.

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12

OXFORDSHIRE COMMUNITY CHURCHES TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report) for the year ended 31° August 2020 (continued)

The King’s Centre Limited (TKCL)

The biggest cause of concern in this crisis has been our trading subsidiary. As a conference and events centre, the building was closed immediately as the restrictions started and we have had little income for the second half of the financial year ended 31 August 2020. Almost all the staff were furloughed at the beginning of April, taking advantage of the government’s Job Retention Scheme. Salaries were topped up to 100% to ensure that staff members were not financially disadvantaged.

The result of this is that the subsidiary is unable to contribute profit to the charity for this financial year. As the trading subsidiary has historically been a profitable company, and loss is caused solely by the circumstances of the pandemic, the trustees have agreed to support the trading company through the present crisis.

This entirely unexpected hiatus in the trading subsidiary has given the trustees opportunity to review the strategic purpose of the company and to make appropriate adjustments in the ongoing vision for the company. Detailed projections have been drawn up which show that the company should once again trade at a profit in the coming years, albeit with an anticipated gradual return to pre-pandemic levels. As part of the return to profitable trading, some staff redundancies have been made in order to ensure a tight control of expenditure.

TKCL is thankful that Oxford City Council have been renting some of the facilities at The King’s Centre for an asymptomatic testing center in recent months and have extended their hire to the Summer of 2021 at the time of writing; this is a good start to returning The King’s Centre to a local community hub.

Cash Flow and Reserves

There have been some measures taken to reduce cash outflow during the pandemic: deferment of PAYE & NIC payments to HMRC (which are now up to date); deferment of VAT payment from TKCL (now also up to date); and a 6-month mortgage capital repayment holiday from Barclays Bank (now finished). The main cashflow issues to deal with are the TKCL deficit. In mitigation there have been some savings in building costs with the premises being closed for several months to all but essential staff. Our cash reserves are sufficient to cover immediate needs.

The Future

;

The trustees are confident in the ongoing ability of the charity, and its trading subsidiary, not only to survive the current crisis but to return to thriving in the future.

Principal Risks and Uncertainties

The trustees have assessed the major risks to which the charitable company may be exposed and have ensured that adequate systems are in place to mitigate those risks. These systems include our Safeguarding policy, Staff Management policy, Staff Handbook, Health & Safety policy, and monthly financial reporting.

The trustees have given consideration to the major risks to which the charity is exposed; the nature of those risks, likelihood of those risks and the measures taken to manage them. These include governance risks, operational risks, financial risks, external risks and compliance with law and regulation. Wherea significant risk is identified an action plan of steps is drawn up and implemented to mitigate the significant risk. Risks are then periodically monitored, reviewed and assessed. The[trustees][are] satisfied at this time that systems and procedures are established in order to manage and control the major risks to the charity. In particular, insurance cover is in place, regular financial reviews take place and appropriate Disclosure and Barring Service (DBS) checks are made regularly. Department appropriate health and safety training is given. Basic fire and emergency evacuation training is given and also fire warden training. A generic office risk assessment, the main office hazard assessment and activity/event risk assessments are made. Separation of financial responsibilities within the charity ensures risks are minimised internally. The regular monitoring of the cash flow position makes the charity less susceptible to variations in monthly income. All new projects, their impact on the charity and associated funding are assessed before a commitment is made to start a project.

13

OXFORDSHIRE COMMUNITY CHURCHES TRUSTEES’ ANNUAL REPORT AND REPORT OF THE DIRECTORS (including the Strategic Report) for the year ended 31° August 2020 (continued)

Extensive youth work and children’s work and community work within and in addition to church services naturally means that the charity is exposed to a high degree of risk in working with children and vulnerable adults. Safeguarding training is held for all employees and volunteers who work with or regularly come into contact with children and vulnerable adults, even if only indirectly. DBS checks are also made for these workers, and are regularly repeated, with training seminars conducted at least at the recommended intervals. Workers are not permitted to work with children and vulnerable adults unless they have completed training and passed DBS checks.

Statement Of Directors’ And Trustees’ Responsibilities

The trustees (who are also directors for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable aw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable company and the group for the year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and the group, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement Of Disclosure Of Information To Auditors

in so far as the trustees are aware:

Auditors , Critchleys

Critchleys have been appointed as auditors of the charity following the resignation of Baldwins

In approving the Directors’ Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors. .

This report was approved by the board of directors on 13 May 2021 and signed on its behalf:

PNC Allen

Director

14

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF OXFORDSHIRE COMMUNITY CHURCHES

Opinion

We have audited the financial statements of Oxfordshire Community Churches (the “Charitable Company”) and its subsidiary (the “Group”) for the year ended 31 August 2020 which comprise the consolidated statement of financial activities; the consolidated balance sheet; company balance sheet; the consolidated cash flow statement and notes to the financial statements, including a summary of 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 Group and Charitable Company 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

in connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

15

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF OXFORDSHIRE COMMUNITY CHURCHES (Continued)

Matters on which we are required to report by exception

in the light of the knowledge and understanding of the Group and Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14 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 they 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 Group and Charitable Company’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 liquidate the Group and Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

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

Use of our report

This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members 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 Charitable Company’s members as a body, for ourCE, for this report, or for the opinions we have formed. Robert Kirtland (Senior Statutory Auditor)

For and on behalf of Critchleys Audit LLP (Statutory Auditor) Beaver House

23-38 Hythe Bridge Street Oxford ,

OX1 2EP (E/S1 02 /

16

OXFORDSHIRE COMMUNITY CHURCHES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) for the year ended 31st August 2020

Unrestrictedfunds Unrestrictedfunds Restricted Total 2019
General Designated funds funds Total funds
(Note 16) (Note 17)
Notes £ £ £ £ £
INCOME FROM
Gifts and donations 1,429,933 83,192 130,799 1,643,924 1,630,214
Charitable activities:
School & Preschool fees and other income. 758,152 - 9,452 767 604 801,775
Other Charitable activities 46,261 5,801 274,574 326,636 284,130
Income from trading activities:
Trading subsidiary activities 280,105 - - 280,105 581,612
Other income 894 - - 894 2,709
Government grants - Furlough, SSP, Employer's
NI allowance & Business Rates rebate 100,285 - - 100,285 3,000
TOTAL INCOME 2,615,630 88,993 414,825 3,119,448 3,303,440
EXPENDITURE ON
Charitable activities:
Schoo! & Preschool 2 774,767 - 10,650 785,417 785,818
Other Charitable activities 2 1,343,147 139,972 379,921 1,863,040
. 2,117,914 139,972 390,571 2,648,457 2,613,937
Trading activities:
Trading subsidiary activities 3 400,991 - - 400,991 473,627
Other expenditure 555 - - 555 1,134
TOTAL EXPENDITURE 2,519,460 139,972 390,571 3,050,003 3,088,698
Profit/(loss) on financial instruments held at
fair value through income & expenditure 27 25,415 - - 25,415 (12,939)
NET INCOME/(EXPENDITURE) 5 96,170 (50,979) 24,254 69,445 214,742
Transfers betweenfunds 18&19 (54,334) 61,880 (7,546) -
|-
NETMOVEMENT IN FUNDS 19 67,251_10,901_16,708__94,860_
TOTAL FUNDS brought forward
as previously reported 19 5,255,110 49,485 119,802 5,424,397 5,445,470
Prior period errors noted 27 - - - - (222,876)
TOTALFUNDS brought forwardas restated =» §19 __5,255,110 49,485 119,802 5,424,397
TOTALFUNDScarriedforward 19 5,322,361 60,386 136,510 5,519,257 5,424,397

The notes on pages 21 to 30 form part of these financial statements. The full comparative Statement of Financial Activities (including Income and expenditure account) for the year ended 31 August 2019 is shown in note 28 to the financial statements on page 30.

17

Company Registration Number: 03223210

OXFORDSHIRE COMMUNITY CHURCHES

CONSOLIDATED BALANCE SHEET at 31st August 2020

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2019| |Unrestricted|funds|Restricted|Total|Total| |General|Designated|funds|funds|funds| |Notes|£|£|£|£|£| |FIXED|ASSETS| |Tangible|assets|8|6,335,934|-|-|6,335,934|6,337,984| |CURRENT|ASSETS| |Debtors|,|11|107,875|-|31,158|139,033|199,984| |Cash|at|bank|and|in|hand|625,429|60,386|116,801|802,616|766,355| |733,304|60,386|147,959|941,649|966,339| |CREDITORS|12| |Amounts|falling|due|within|one|year:| |Bank|loan|(secured)|128,600|-|-|128,600|134,816| |Creditors|and|accruals|122,973|-|11,449|134,422|165,792| |Social|security|and|other|taxes|32,558|-|-|32,558|30,763| |284,131|-|11,449|295,580|331,371| |NET CURRENT ASSETS|449,173|60,386|136,510|646,069|634,968| |TOTAL ASSETS|LESS|CURRENT|LIABILITIES|6,785,107|60,386|136,510|6,982,003|6,972,952|.| |CREDITORS|12| |Amounts|falling|due|after more|than|one year:| |Bank|loan|(secured)|(1,252,346)|-|-|(1,252,346)|(1,312,740)| |Interest|rate|swap|held|at|fair|value|(210,400)|-|-|(210,400)|(235,815)| |NET|ASSETS|5,322,361|60,386|136,510|5,519,257|5,424,397| |FUNDS|AND|RESERVES| |Revaluation|reserve|14&19|1,766,801|-|-|1,766,801|1,766,801| |General|reserves|15&19|204,884|-|-|204,884|215,629| |Genera!|funds|19|3,350,676|-|-|3,350,676|3,272,680| |Designated|funds|:|16|&19|-|60,386|-|60,386|49,485| |5,322,361|60,386|-|5,382,747|5,304,595| |Restricted|funds|17&19|-|-|136,510|136,510|119,802| |TOTAL|FUNDS AND|RESERVES|19|5,322,361|60,386|136,510|5,519,257|5,424,397|

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Approved by the board of diregéOrs on 13 May 2021 and signed on its behalf: PNC Allen fi, Director .

.

The notes on pages 21 to 30 form part of these financial statements.

18

Company Registration Number: 03223210

OXFORDSHIRE COMMUNITY CHURCHES

BALANCE SHEET at 31st August 2020

2019
Unrestricted funds Restricted Total total
General Designated funds funds funds
Notes £ gO £ £ £
,
FIXEDASSETS
Tangible assets 8 6,332,389 - - 6,332,389 6,333,661
Investment in subsidiary company 10 1 - - 1 1
6,332,390 - - 6,332,390 6,333,662
Debtors 11 245,278 - 31,158 276,436 186,582
Cash at bank and in hand 601,131 60,386 116,801 778,318 680,729
846,409 60,386 147,959 1,054,754 867,311
CREDITORS 12
Amounts fallingdue within oneyear:
Bank loan (secured) 128,600 - - 128,600 134,816
Creditors and accruals 92,842 - 11,449: 104,291 66,621
Social security and other taxes 32,128 - - 32,128 26,584
253,570 - 11,449 265,019 228,021
NETCURRENTASSETS 592,839 60,386 136,510 . 789,735 639,290
‘TOTALASSETS LESS CURRENT LIABILITIES 6,925,229 60,386 136,510 7,122,125 6,972,952
CREDITORS 12
Amounts falling due aftermore than one year:
Bank loan (secured) (1,252,346) - - (1,252,346) (1,312,740)
interest rate swap held at fairvalue (210,400) - - (210,400) (235,815)
NETASSETS 5,462,483 60,386 136,510 5,659,379 5,424,397
.
FUNDS AND RESERVES
Revaluation reserve 14&19 1,766,801 - - 1,766,801 1,766,801
General reserves 15&19 204 884 - - 204 884 215,629
General funds 19 3,490,798 - - 3,490,798 3,272,680
Designated funds 16&19 - 60,386 - 60,386 49 485
5,462,483 60,386 - 5,522,869 5,304,595
Restricted funds 17 &19 - - 136,510 136,510 119,802
TOTALFUNDSANDRESERVES 19 5,462,483 60,386 136,510 5,659,379 5,424,397

Approved by the board of directgrs on 13 May 2021 and signed on its behalf: PNC Allen 2 / Director

The notes on pages 21 to 30 form part of these financial statements.

19

;

OXFORDSHIRE COMMUNITY CHURCHES

;

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31st August 2020

2020 2019
£ £
Reconciliation ofcashflows from operating activities
Net incoming resources perStatement of Financial Activities 69,445 214,742
Depreciation oftangible fixed assets 7,050 13,631
Decrease/(increase) in debtors 60,951 (50,141)
(Decrease)/increase in creditors (excluding bank loan and derivative) (29,575) 20,947
Netcash provided by operating activities 107,871 199,179
Cash flows from investing activities
Purchase oftangible fixed assets (5,000) -
Netcash used in investing activities (5,000) -
Cash flows from financing activities
Repayment ofborrowing (66,610) (132,501)
Netcash used in financing activities (66,610) (132,501)
Increase in cash and cash equivalents in the year 36,261 66,678
Cash and cash equivalents at
1 September		 766,355 699,677
Cash and cash equivalents at 31 August 802,616 766,355
Analysis ofcash and cash equivalents
Cash 8,008 7,443
Bank Current account balances : 794,608 758,912
802,616 766,355

,

20

.

.

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st August 2020

1 Accounting policies

i Basis of preparation Thefinancial statements have been prepared in accordance with the Financial Reporting Standard 102, the Companies Act 2006, Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The Charity is a public benefit entity as defined by FRS 102.

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 properties.

The principal accounting policies adopted are set out below and have been applied consistently throughout the group, accounts and the prior year.

;

ii 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 continueto ~ adopt the going concern basis of accounting in preparing the financial statements.

iii | Basis of consolidation The consolidated financial statements incorporate the results of the Charity and its wholly owned trading subsidiary The King’s Centre Limited on a line by line basis. The consolidated entity is referred to as "the Group”. No separate Statement of Financial Activities has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006. ,

iv Cash flow statement

The Charity prepares a consolidated cash flow statement and the consolidated accounts, in which the Charity's results are included, are available to the public on the Charity Commission website. The Charity has therefore taken advantage of the exemption conferred by FRS 102 Section 1 not to prepare a cash flow statement.

Vv Income

Incoming resources are accrued and included in the Statement of Financial Activities (SOFA) when the Group is entitled to the income, receipt can be quantified and is probable, and they are deferred when they relate to future accounting periods.

Voluntary income, including donations, is accounted for when received. Any resultant Gift Aid claimed is included as part of the income for the year. The church congregations collect the tithes and offerings locally. The majority are passed to the Area or regional funds to meet the pastoral and ministry expenses relating to the group of churches. ‘Each local church retains an amount sufficient to cover its own church and administrative expenditure. Income from government grants is recognised when the charity has entitlement to the funds and any performance conditions attached to the grants have been met.

Where the trading subsidiary takes deposits from customers to reserve a room booking for a future date, this income is treated as deferred when the future date is after the year end and may be refundable in full.

vi Expenditure

Expenditure is recognised in the financial statements on an accruals basis and includes irrecoverable VAT. Costs of Charitable activities consists of all expenditure relating to the objects of the charity including costs of supporting charitable activites and projects. .

Support costs which are not directly attributable to an expense activity are allocated to those categories based on appropriate parameters of the use derived from the resources; for example hours spent by staff, proportion of building space utilised, etc.

vii Debtors and creditors : Debtors and creditors having no interest rate and being receivable or payable within one year are recorded at transaction price.

viii Operating leases

Rentals payable under operating leases are charged to the SOFA evenly over the period of the lease.

21

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st August 2020 (continued)

1 Accounting policies (continued)

ix Tangible fixed assets

;

Low cost assets (<£3,000), including those acquired by local church congregations, are taken to the SOFA on acquisition. Other fixed assets (£3,000 or more) are depreciated on the following bases at rates estimated to write off each asset over the term of its useful life. Batches of items below this threshold are capitalised where they form part of one specific project. The rates in use are as follows: Furniture and equipment 20 - 25% straightline per annum Vehicles 20% straightline per annum Assets acquired by trading subsidiary 18% reducing balance basis per annum

Freehold land and buildings are stated at revalued amounts, with subsequent additions at cost, as set out in notes 8 and 9. The directors consider that cost alone is the most appropriate method for valuing the remaining assets.

The directors consider that there is no impairment to the fixed assets.

x Fixed asset investment

The Charity owns the total share capital of the trading subsidiary, The King's Centre Limited, which is shown at cost. The directors consider that there is no impairment of this investment.

xi Fund structure

Restricted funds arise from income received where the donor is either responding to an appeal for a specific purpose or has stipulated that their donation should be used for a particular purpose. Designated funds are amounts which have been set aside at the discretion of the directors for a specific, but not legally binding, purpose. :

General funds may be used for any purpose within the Charity's objects.

General reserves are the proportion of Generali funds that have been designated by the directors specifically to build a fund to cover one month's running expenditure.

xii Pension contributions

The charity operates defined contribution group personal schemes for its employees. The charge in the SOFA represents the employer contributions payable to the schemes in respect of the accounting period; these contributions are allocated between activities and funds on the same time basis as employee salaries are allocated.

xiii Taxation

The Charity is exempt from income and corporation taxes on income and gains to the extent that they are applied for their charitable objects. The fully owned trading subsidiary does not generally pay UK corporation tax because its policy is to pay taxable profits to the Charity under Gift Aid using a Deed of Covenant. : xiv Financial instruments :

xiv Financial instruments

The Charity and wholly owned trading subsidiary have financial assets and financial liabilities of a kind that qualify as basic and complex financial instruments.

Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each reporting date. Changes in the fair value of derivatives are recognised in income/(expenditure) for the year. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

xv Collateral

The bank loan is secured on the Charity's properties in Oxford and Witney.

xvi Keyjudgements and estimates used in preparing these financial statements

The Charity makes estimates and assumptions concerning the future, for example depreciation rates. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liailities within the next financial year.

There are no other critical accounting judgements not covered by the above accounting policies.

22

:

:

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OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31st August 2020 (continued)

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2|Expenditure|on|Charitable|activities|Unrestricted|funds|Restricted|Unrestricted|2019| |General|Designated|funds|General|Total|Total| |Direct|Direct|Direct|Support|costs| |costs|costs|costs|(See|Note|4)| |;|£|£|£|£|£|£| |School|and|Preschool|wn|49,0550,65025,712|785,417|||785,818| |Other|Charitable|activities:| |Local|churches|166,858|-|61,672|-|228,530|247|882| |Overseas|work|-|-|36,522|-|36,522|34,042| |Regional|activities|-|1,517|-|-|1,517|13,833| |Church|Pastors|and|OCC|area|expenditure|761,373|49,289|-|139,487|950,149|903,134| |The|King's|Centre|(OCC|building)|120,167|16,956|-|-|137,123|147,439| |NYR|facility|155,262|-|-|-|155,262|161,550| |Edge|-|housing|and|employment|projects|-|-|260,643|-|260,643|201,127| |Witney|CAP|Debt|Centre|-|-|21,084|-|21,084|19,572| |Sphere|Church|Network|;|-|72,210|-|-|72,210|99,540| |Total|expenditure|on|Charitable|activities|1,952,715|139,972|390,571|165,199|2,648,457|2,613,937| |3|Expenditure|on|trading|subsidiary|activities| |Staff generating|funds|267,977|-|-|-|267|,977|208,020| |Operating|costs|of|subsidiary|131,064|-|-|1,950|133,014|265,607| |.|399,041|:|-|1,950|400,991|473,627| |4|Analysis|of support|costs|(General|fund|only)|2020|2019| |£|£| |Schoo!|&|Preschool:| |Finance|and|human|resources|staff costs|Note|2|29,712|||21,171| |Other|Charitable|activities:| |Finance|and|human|resources|staff|costs|99,905|81,841| |Governance:| |Staff|costs|23,434|11,704| |Auditor's|remuneration|11,520|11,160| |Legal|fees|and|property|valuations|3,844|7,551| |Trustee|indemnity|insurance|784|1,084| |Total support costs|for Charitable|activities|:|165,199|134,511| |Trading|subsidiary:| |Auditor's|remuneration|Note|3|1,950|2,275| |Governance|costs|have|been|allocated|to|activities|as|incurred|and|on|the|basis|of time|spent.| |Costs|of finance|and|human|resources|staff|have|been|allocated|on|the|basis|of time|spent|in| |relation|to|each|activity.| |5|Net income/(expenditure) for the year|Unrestricted|funds|Restricted|2019| |General|Designated|funds|Total|Total| |Group|net|income/(expenditure)|for|the| |year|is|stated|after|charging:|£|£|£|£|£| |Auditors’|remuneration|13,470|-|-|13,470|13,435| |Depreciation|of tangible|fixed|assets|(Note|8)|7,050|-|-|7,050|13,631| |Expenditure|on|operating|leases|133,760|-|-|133,760|95,585| |*|Loan|interest|87,083|-|-|87,083|92,665| |Staff|costs|1,766,334|16,657|97,195|1,880,186|1,765,561| |Staff salaries|and wages|1,467,434|14,318|86,319|||1,568,071|1,475,710| |Director's|remuneration|(Note|6)|100,898|-|-|100,898|96,863| |Employer's|National|Insurance|contributions|124,623|1,623|6,209|132,455|120,799| |Employer's|Pension|contributions|73,379|716|4,667|78,762|72,189| |During|the|year|the|average|number|of|staff employed|by|the|charity was|90|(2019:94).| |The|average|number|of|full-time|equivalent|employees was|56|(2019:|61).|

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None of the employees received remuneration in excess of £60,000 in the year (2019: none).

23

OXFORDSHIRE COMMUNITY CHURCHES

, NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st August 2020 (continued)

6 Directors’ remuneration and expenses (Charity and Group)

Two directors of the company have received remuneration during the year in their capacity as pastors, as expressly permitted by the Memorandum and Articles of Association. The following payments were made to or on behalf of directors and connected persons:

2020 2019
Remuneration Employer's
Fees & National
salaries Pension Insurance Expenses Total Total
£ £ £ £ £
S Jones 48,985 2,449 5,646 5,314 62,394 59,768
B Jones 11,052 552 327 145 12,076 12,289
A O'Connell 36,051 1,809 4,098 5,076 47,034 47,823
96,088 4,810 70,071 10,535 121,504 119,880
Totalremuneration(includingpensioncontributions) £100,898 (2019:£96,863)

Expenses paid to directors are in respect of travel, telephone, hospitality and resources costs that related to Charitable activities and not in their role as a director. Also during the year £784 has been paid for trustee indemnity insurance cover (2019: £1,084). There was no other remuneration or expenses paid to the directors.

As is usual with a charity of this type, the directors, and persons connected to them, have made donations to the charity in the year. These donations were made with no conditions attached that would, or might, require the charity to alter significantly the nature of its existing activities. The aggregate total amount of these donations, which are spread across General, designated and restricted funds, amounted to £71,625 in the year (2019: £59,314).

During the year, gifts totalling £1,844 (2019: £1,600) were made by the charity to a relative of one of the directors to support their voluntary development work in Asia; the identity of the director and relative are withheld on the grounds of safeguarding. This gift was made on the same terms as similar gifts made to other individuals who are not related to a director of the charity.

8 Tangible fixed assets (Charity and Group)

Office and Subsidiary
, Freehold other Charity Company
Property equipment Minibus Total Equipment Total
£ £ £ £ £ £
Cost orvaluation
At 1 September 2019 6,325,000 187,828 6,000 6,518,828 7,715 6,526,543
Additions at cost ; - 5,000 5,000 - 5,000
Revaluation surplus - - - - -
Disposals - (6,000) (6,000) : (6,000)
At 31 August 2020 6,325,000 187,828 5,000 6,517,828 7,715 6,525,543
Accumulateddepreciation :
At1September2019 - 179,167 6,000 185,167 3,392 188,559
Charge foryear - 5,439 833 6,272 778 7,050
Eliminated on disposals - (6,000) (6,000) = (6,000)
At 31 August2020 - 184,606 833 185,439 4,170 189,609
Netbook value
At 31 August2020 6,325,000 3,222 4,167 6,332,389 3,545 6,335,934
At31August2019 6,325,000 8,661 - 6,333,661 4,323 6,337,984

All of the assets of the company are used to further its main objects. The freehold properties are The King's Centre in Osney Mead, Oxford, which is also used by the Oxford congregation, and The King's School in Witney, which is also used by the Witney congregation.

Freehold property is pledged as security for the bank loan undera fixed and floating charge. .

24

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31st August 2020 (continued)

9 Valuation of freehold property (Charity and Group)

If the freehold properties were stated at cost, with depreciation charged at 1% straightline per annum from acquisition of the property, the amount carried in the accounts would be £5,642,063 at 31 August 2020 and £5,709,687 at 31 August 2019. At the instruction of Barclays Bank PLC, The King's School buildings were valued by Carter Jonas and The King's Centre building was vaiued by Savills (UK) Ltd, Chartered Surveyors, as at 31 August 2018 on the basis of existing use and in accordance with the RICS Valuation - Global Standards, July 2017.

The revaluation surplus of £870,800 was added to the Revaluation reserve in the year to 31 August 2018 and was shown on the face of the SOFA.

10 Subsidiary company

10 Subsidiary company Subsidiary company Subsidiary company
The charity's wholly owned trading subsidiary company is The King's Centre Limited (registered company number
04953556).
This company lets		 out the meeting rooms at The King's Centre and provides catering facilities on a
commercial basis. The charity owns the sole issued £1 share in the company, which gifts all its profits to the charity
under a Deed of Covenant.
2020 2019
A summary ofthe results ofthe subsidiary is shown below: £ £
Turnover 280,105 581,612
Cost ofsales ; (85,555) (137,054)
Gross profit 194,550 444,558
Government CJRS grants received 52,764 -
Administrative expenses (387,436) (426, 168)
Net (loss carried forward)/profit gifted to the charity aftertheyearend (140,122) 18,390
Assets
Liabilities		 42,405
(182,526)		 139,312
(139,311)
Net (liabilities)/assets (140,121) 1
(Loss) carried forward (140,122) -
Called-up share capital 1 1
(140,121) 1
11 Debtors Group Charity
2020 2019 2020 2019
All falling due within one year: £ £ £ £
Trade debtors 24,854 57,367 18,375 20,713
Gift Aid tax recoverable 31,829 76,438 31,829 76,438
Amounts owed from group undertaking - - 151,965 35,833
Other debtors 37,707 36,173 29,624 30,341
Prepayments and accrued income 44,643 30,006 44,643 23,257
139,033 199,984 276,436 186,582
12 Creditors : Group Charity
2020 2019 2020 2019
Amounts falling due within one year: £ £ £ £
Bank loan - repayable by instalments 128,600 134,816 128,600 134,816
Trade creditors 57,340 78,017 50,777 39,576
HM Revenue & Customs 32,558 30,762 32,128 26 584
Other creditors 22,188 19,602 21,904 13,433
Accruals and deferred income 54,894 68,174 31,610 13,612
295,580 331,371 265,019 228,021
Amounts falling due aftermore than one year:
‘Bank loan - repayable by instalments:
Due in more than one year but less than five years 514,400 539,263 514,400 539,263
Due in more than five years 737,946 773,477 737,946 773,477
1,252,346 1,312,740 1,252,346 1,312,740
Interest rate swap held at fair value
through income and expenditure 210,400 235,815 210,400 235,815
1,462,746 1,548,555 1,462,746 1,548,555

The bank loan is secured by way of a fixed and floating charge over the company's properties. Creditors include pension contributions due of £12,017 (2019: £10,170). All brought forward deferred income (customer deposits) at 31 August 2019 has been allocated as income in the year ended 31 August 2020. Deferred income at 31 August 2020 amounted to £2,226 (2018: £13,486).

25 ;

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st August 2020 (continued)

13. Bank loan and financial derivative product

The loan financed a building development at The King's School and has a twenty year term.

Part of the amount borrowed was obtained with a financial derivative product of Barclays Bank. Under the terms of this product, £1.5 million of the original loan is effectively at a fixed rate of 4.49% interest per annum for 15 years until 1 June 2026; the remainder of the loan is at a variable rate of 2.550% above base rate. From June 2026 the whole of the loan then outstanding will be at a variabie rate of interest.

The financial derivative was taken to eliminate exposure to a variable market interest rate on that part of the loan through its 15 year life. The directors accepted that while interest rates remained low, the charity would be paying more than the market rate but considered that, over the 15 year term, interest charges were likely to be lower than if the product had not been taken.

14 Revaluation reserve (Charity and Group) This reserve arises from revaluations of the freehold properties in Oxford and Witney. The latest valuation was as at 31 August 2018 as shown in Note 9.

15 General reserves (Charity and Group)

General reserves represent contingency funds being set aside out of General funds to achieve a level equivalent to one month's expenditure, in order to acknowledge that most of the general funds would need time to be realised as cash.

16 Designated funds (Charity and Group)

Funds designated by the trustees are as follows and are held as cash and bank balances:

Opening Income Expenditure Transfers Closing
1 September2018 to31August2019 £ £ £ £ £
TKS Building fund - 1,955 - 1,469 3,424
Gift Aid tax recoverable 245,465 - - (245,465) -
Mission fund 5,521 7 - - 5,528
S Thomas support fund 3,266 47,011 - 64,185 17,407 3,499
Community Projects fund 3,190 - (935) - 2,255
Sphere fund 4,580 87,534 (99,542) 18,085 10,657
Edge Housing fund 4,647 - - (4,647) -
TKC Maintenance fund 812 - (7,684) 7,000 128
Regional support funds 22,050 16,034 (13,833) (257) 23,994
289,531 152,541 (186,179) (206,408) 49,485
1 September2019 to 31 August2020
TKS Building fund 3,424 2,936 - - 6,360
Mission fund 5,528 - - - 5,528
S Thomas support fund 3,499 31,481 (49,289) 17,207 2,898
Community Projects fund 2,255 - - - 2,255
Sphere fund 10,657 44,567 (72,210) 39,856 22,870
TKC Maintenance fund 128 4,239 (16,956) 12,589 -
Regional support funds , 23,994 5,770 (1,517) (7,772) 20,475
49,485 88,993 (139,972) 61,880 60,386

The TKS Building fund is for development of The King's School premises in Witney and contributes to servicing the loan taken out for that development.

Gift Aid recovered was designated up to 31 August 2018 for servicing the loan for The King's School building development between 2009 and 2011. From 1 September 2018 the trustees agreed to move this designated fund to general funds, with OCC regions receiving Gift Aid and having responsibility for funding the loan repayments, regardless of Gift Aid received. The Mission fund provides for unbudgeted overseas mission support.

The S Thomas support fund represents the balance due to S Thomas regarding his ministry travel in the UK and overseas.

The Area Education fund provides start-up funds for local community schools.

The Community Projects fund provides extra funds to local churches to help them set up new projects, focused on practical, evangelistic community service such as kids' clubs.

The Sphere fund was created to manage the funds of the newly formed Salt & Light Advance Sphere of churches led by the Oxfordshire Community Churches Chair of trustees SA Jones.

Edge Housing provides accommodation and support for vulnerable people, many of whom have experienced homelessness. From 1 September 2018 the whole of the funds for Edge Housing have been deemed Restricted Funds. The King's Centre (TKC) Maintenance fund receives specific donations as well as transfers from General funds towards small improvements and repairs to the Centre.

Regional support funds arise mostly from offerings taken at regional celebrations.

26

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31st August 2020 (continued)

17 Restricted funds (Charity and Group)

Restricted funds (Charity and Group) Restricted funds (Charity and Group) Restricted funds (Charity and Group) Restricted funds (Charity and Group) Restricted funds (Charity and Group) Restricted funds (Charity and Group)
The following details the charity's restricted funds - all are income funds and held as cash and bank balances:
Opening Income Expenditure Transfers Closing
1 September2018 to 31 August2019
The King's School restricted 26,072 8,113 (11,462) - 22,723
Salem School 570 360 - - 930
Missionary support 8,506 * 32,125 (28,932) - 41,699
Rwanda Development 3,067 5 - - 3,072
Witney CAP Debt Centre 26,736 20,013 (19,573) - 27,176
Edge Housing fund 15,457 225,352 (201,126) 1,227 40,910
Otherfunds 15,830 83,707 (86,415) 170 13,292
96,238 369,675 (347,508) 1,397 119,802
1 September2019 to 31 August2020
The King's School restricted 22,723 9,452 (10,650) - 21,525
Salem School 930 (780) - - 150
Missionary support 11,699 31,570 (35,946) - 7,323
Rwanda Development 3,072 - - - 3,072
WitneyCAP Debt Centre 27,176 19,666 (21,085) - 25,757
Edge Housing fund
Otherfunds		 40,910
13,292		 296,219
58,698		 (260,642)
(62,248)		 (6,890)
(656)		 69,597
9,086
119,802 414,825 (390,571) (7,546) 136,510
The King's School has a bursary andother funds for use by specific departments within the school.
Salem School is a school in Kazakhstan.
Missionary support is for DrJan White and herwork in running medical centres in Uganda. ,
Rwanda Development has been set up to develop ministries within Rwanda.
The Witney Christians Against Poverty Debt Centre offers debtcounselling for local people in financial difficulty.
Edge Housing received a grant and also transferred general funds to restricted funds in order to employ a supportworker for
their housing projects.
Other funds are the restricted funds used by some of the 11 local churches for providing overseas aid and for the support of
missionaries and local projects.
Transfers between funds (Charity and Group)
1 September2018 to 31 August2019
Reason From fund To fund £
Servicing King's School building loan GiftAid tax recovered General funds 245,465
Restricted funds identified and transferred General funds TKS Building Fund 1,469
Contributions towards ministry support General funds S Thomas support fund 18,000
SteveThomas Expenditure to Sphere SteveThomas Designated Sphere Designated 593
Contribution from King's Centre surplus General funds TKC Maintenance fund 7,000
Gifts from regions to Sphere Designated fund General funds Sphere designated fund 17,000
Edge Housing -move all funds to Restricted Edge Designated Funds Edge Restricted funds 4,647
Approved transfer -General to Restricted Local Church General Local Church Restricted 170
Building up general reserves General funds General reserves 93,550
Loan Repayment Contribution General funds Loan repayment contribution 35,000
Schooluseofreserves SchoolGeneralreserves Generalfunds 41,093

Other funds are the restricted funds used by some of the 11 local churches for providing overseas aid and for the support of missionaries and local projects.

18 Transfers between funds (Charity and Group)

1 September 2019 to 31 August 2020

Reason" From fund To fund £ Contributions towards ministry support General funds S Thomas support fund 17,708 Restricted to General funds - room use & staff Edge Restricted Area General 6,990 Designated to General funds - room use & staff Sphere Designated ~ Area General 6,582 Contribution from Area General funds Area General funds TKC Maintenance fund 12,589 Area General funds to Sphere Designated Area General funds Sphere Designated 27,182 Local Churches General to Edge Restricted. Local Church General Edge Restricted 100 Local Churches General to Designated Local Church General Sphere Designated 1,099 Local Churches General to Designated Local Church General Regional Designated 1,320 Area General to Designated Area General funds Regional Designated 5,374 Local Churches Restricted - room use Local Church Restricted Area General 656 Transfer from Regional general to designated funds Regional General funds Regional Designated funds 3,837 School use of reserves School General reserves General funds 10,745

27

.

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st August 2020 (continued)

19 Reconciliation of movements on funds and reserves (Charity and Group)

Designated and restricted funds, and General reserves are held in cash and bank balances. The Revaluation reserve is held in the property and General funds are held in a combination of property, cash and bank balances and other

balance sheet assets.
Revaluation General Designated _Restricted
reserve reserves General funds funds funds Total
£ £ £ £ £ £
At 1 September2018 1,766,801 150,171 3,142,729 289,531 96,238 5,445,470
Transfers between funds - - 205,011 (206,408) 1,397 -
Transfers to reserves - 106,551 (106,551) - - -
Transfers from reserves - (41,093) 41,093 - - -
Prior period error - - (222,876) - - (222,876)
(Losses) on financial
instruments held at fairvalue - - (12,939) - - (12,939)
Surplus/(deficit) forthe year - - 226,213 (33,638) 22,167 214,742
At 31 August 2019 1,766,801 215,629 3,272,680 49,485 119,802 5,424,397
At 1 September2019 1,766,801 215,629 3,272,680 49,485 119,802 5,424,397
Transfers between funds - - (54,334) 61,880 (7,546) -
Transfers from reserves - (10,745) 10,745 - - -
Profit on financial instruments
held at fair value through - - 25,415 - - 25,415
Surplus/(deficit) forthe year - - 96,170 (50,979) 24,254 69,445
At31August2020 1,766,801 204,884 3,350,676 60,386 136,510 5,519,257

20 Legal status

The charity is a company limited by guarantee and not having a share capital, incorporated and registered in England & Wales number 03223210. The company has charitable status and is registered with the Charity Commission under registration number 1056921. The liability of each member of the company in the event of winding up is limited to £1. At 31 August 2020 the company had 11 members (2019: 13).

21 Operating lease commitments (Charity and Group)

As at 31 August 2020, the commitments under operating leases on equipment and properties were as follows - leases on properties have a notice period of 3 months or less:

on properties have a notice period of 3 months or less:
2020 2019
£ £
Edge Housing property leases - due within one year 74,245 96,575
Edge Housing property leases - due between two and five years 4,000 2,600
. 78,245 99,175
Office equipment - due within one year 2,331 2,331
Office equipment - due between two years and five years 698 3,029
3,029 5,360
Totaloperatingleasecommitments 81,274 104,535

22 Capital commitments (Charity and Group)

Neither the Charity nor the wholly owned trading subsidiary had any capital commitments at 31 August 2020 or 31st August 2019.

23 Contingent liabilities (Charity and Group)

,

The charity and company had no contingent liabilities at 31 August 2020 (2019: None).

The Consolidated Statement of Financial Activities is for the group as a whole. The figures below are the equivalent figures for the charity, excluding The King’s Centre Limited:

Yearended Year ended
31 Aug 2020 31 Aug 2019
£ £
Total incoming resources 2,858,580 2,829,812
Netincreaseinfunds 209,565 214,742

‘

28

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31st August 2020 (continued)

25 Volunteers

The directors gratefully acknowledge the massive amount of time, energy, passion and skills that the hundreds of volunteers contribute to the charity across all its activities. These volunteer contributions cannot be measured in monetary terms, but without its volunteers the charity would not be able to provide all the activities that it does for the public in general or its congregations.

26 Post Balance Sheet Events

The King's Centre Limited, the wholly owned trading subsidiary of the charity, was closed due to government restrictions imposed during the Covid-19 Pandemic. As a conference and events centre, it is not expected to reopen fully until these restrictions are eased; however, since February 2021 part of The King’s Centre has bee purposed as an asymptomatic Covid testing centre, which has resulted in some income being generated. The directors continue to keep the situation under constant review. Detailed projections have been drawn up __ which indicate the company will return to profitability in the future. The charity are fully supportive of these initiatives and the trustees have agreed that sufficient reserves are held within the charity such that financial support would be made available to The King's Centre Limited in the future should it be required.

The trustees do not believe that there is any financial impact on the financial statements for the year ended 31 August 2020 as a result of this subsequent event. Please refer to the trustees report on pages 2 to 14 for further information.

27 Prior Period adjustment - year ended 31 August 2019

The fair value of the interest rate swap was inappropriately valued at nil in the period ended 31 August 2018. As a result, the prior period liability relating to the interest rate swap has been increased by £222,876 (as . valued by Barclays, who provided the swap) with a corresponding reduction in net income/(expenditure) and unrestricted general funds.

29

_.

,

‘

.

OXFORDSHIRE COMMUNITY CHURCHES

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31st August 2020 (continued)

,

;

28 Full Comparative Consolidated Statement of Financial Activities (including income and expenditure account) for the year ended 31 August 2019

;

; Unrestricted funds Unrestricted funds Restricted Total
- General Designated funds funds
Notes £ £ £ £
INCOME FROM
Gifts and donations 1,333,527 138,238 158,449 1,630,214
Charitable activities:
School & Preschool fees and other income 793,662 - 8,113 801,775
OtherCharitable activities 71,214 14,303 201,613 287,130
Income from trading activities:
Trading subsidiary income 581,612 - - 581,612
Other income 1,209 - 1,500 2,709
TOTAL INCOME 2,781,224 152,541 369,675 3,303,440
EXPENDITURE ON
Charitable activities:
School & Preschool 2 774,356 - 11,462 785,818
Other Charitable activities 2 __..1305,894
186,179
336,046
1,828,119
2,080,250
186,179
347,508
2,613,937
Trading activities:
Trading subsidiary expenditure 3 473,627 - - 473,627
Other expenditure 1,134 - - 1,134
TOTAL EXPENDITURE 2,555,011 186,179 347,508 3,088,698
(Losses)/gains on financial instruments held at
fair value through income and expenditure 27 (12,939) - - (12,939)
NETINCOME/(EXPENDITURE) 5 226,213 (33,638) 22,167 214,742
Transfers between funds 18&19 205,011 (206,408) 1,397 -
NET MOVEMENT IN FUNDS 19 418,285 (240,046) 23,564. 201,803_
TOTAL FUNDS brought forward
as previously reported 19 5,059,701 289,531 96,238 5,445 470
Prior period errors noted 27 (222,876) - - (222,876)
TOTALFUNDS broughtforward as restated 19 4,836,825 289,531 96,238 5,222,594
TOTALFUNDScarriedforward 19 5,255,110 49,485 119,802 5,424,397

30