2022-12-31-accounts - The Oak Tree Anglican Fellowship Trust

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Oak Tree Anglican Fellowship Trust

Trustees Report

and

Financial Accounts

for the year ended 31 December 2022

Independent Examiner :

Mark Nicholson of Mark Nicholson Bookkeeping

OAK TREE ANGLICAN FELLOWSHIP TRUST

Page 1

CONTENTS

Page 3 to 4	Legal and Administrative Information
Page 5	Independent Examiner's Report
Page 6 to 7	Review of the period
Page 8	Statement of Financial Activities
Page 9	Balance Sheet
Pages 10 to 13	Notes to the Financial Statements

Page 2

OAK TREE ANGLICAN FELLOWSHIP TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Name:

Oak Tree Anglican Fellowship Trust.

The name of the trust was changed by deed on 14[th] March 2010 from the Oak Tree Charitable Trust to the Oak Tree Anglican Fellowship Trust.

Registered Charity Number: 1067145

To comply with a provision of the Charities Act, which required all previously excepted charities / churches with gross income in excess of £100,000 to individually register with the Charities Commission, the Oak Tree Anglican Fellowship a non-parochial church in the Church of England gifted all of its assets to the Trust effective 31[st] March 2010. The charity had previously been registered by the Fellowship to undertake various charitable activities which were no longer being pursued.

Trustees:

The Trustees of the charity during the year were:

Revd Tim Sudworth (chairman) Simon Brewster Sarah Miller Chin Tiong Tan

At the Annual General Meeting of 23 April 2023, the new electoral roll was published with a membership of 48.

Advisory Church Council

During the year the following served as members of the ACC:

Revd T. Sudworth Minister in charge } Mrs S. Miller Church Warden } Steering Group Mr C. T. Tan Church Warden } Mr S. Brewster Treasurer } Mr R. Edwards Mrs V. Wells Miss C. Hope Mrs E. Lewis Ms E. Benwell

Page 3

OAK TREE ANGLICAN FELLOWSHIP TRUST

LEGAL AND ADMINISTRATIVE INFORMATION (continued)

The policy of the fellowship is to give away at least 10% of its income to other causes. The giving fund is under the administration of a committee comprising Revd T. Sudworth, Mrs M Lo (chairperson), and Ms J. Towell. The giving is divided 80% to the Giving Committee and 20% to the Vicar’s Discretionary Account.

Governing Instrument :

The Trust was established by a deed of trust dated 4[th] November 1997.

Correspondence Address:

216 Acton High Street London W3 9NX

Primary Bankers : Santander UK plc Business Banking 301 St Vincent Street Glasgow G2 5NT

Page 4

OAK TREE ANGLICAN FELLOWSHIP TRUST Independ¢nt examinees report to the trusleos of Oak Tree Anglican Fellowship Trust I report to the trustees on my examinalion of the ac¢x>unts of the Oak Tree Arylican Fellowship Trust (Chanty No. 1C67145} for the year ended 31 December 2022 Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with Ihe r8]uirernents of Ihe Charit8 Act 2011 {Ihe Act.). I report in respxd of my examinatic4) of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have foIbvd ai the applicable Directi(ns given by the Chanty Commission under section 14515Kb) of the ACL Independent examiner's S&ement I have completed my examination. I confinn that no material matters have corne to my attention in connecb'on with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Acl: or 2. the accounts do not aOrd with those records,. or 3. the accounts do nol cornply with the applicable requirements (x)nGeming the fomi content of accounts set oul in the Charities {AcUnts and Rep(xts) Regulations 2008 other than any requirernent thai the acUnts gtve a Yrue and fair view, which is not a matter considered as part of an independent examination. I have no c4)ncems and have come across no other matters in connection with the examination lo vthich attentKJn should be drawn in this rerx)rt in order lo enable a proper understarKlirvJ of the accounts io be reached. Slgned." Name: Mark Nicholson MIC8 Member of the Institute of Certified BLK>kke8p8rs Practice Number 17947 Address: 21 St. Mary's Road. Reale. Surrey RH2 7JH Dale: 25 March 2023 Page 5

OAK TREE ANGLICAN FELLOWSHIP TRUST REVIEW OF THE YEAR ENDED 31 DECEMBER 2020

Structure, Governance and management

The Oak Tree Anglican Fellowship is part of the Church of England and prior to the regulations that came into force as part of the Charities Act, fell under its Charitable Registration and shared its Charitable Objectives.

Changes introduced by the Charities Act required all previously excepted charities and churches with a gross income in excess of £100,000 to individually register with the Charity Commission. To comply with this requirement in March 2010 the Oak Tree Anglican Fellowship gifted all of its assets and liabilities to the Oak Tree Anglican Fellowship Trust.

The Fellowship is formally governed by its Trustees.

Objectives and Activities

Founded in October 1993 at the invitation of the Bishop of Willesden, Oak Tree was established to be a new, experimental church in the Acton area. Although fully part of the Church of England, Oak Tree is different from the traditional parish church. Having no set geographical boundaries, Oak Tree sees the whole of Acton, with its 85,000 residents, as its mission area working with the other churches of the areas to help meet needs and create community.

Its primary activity is to meet for prayer, worship teaching and fellowship formally on a Sunday, but also informally during the week in small groups. The Fellowship runs a Christians Against Poverty centre and other local projects to serve the residents of Acton on an ongoing basis.

Financial Review

The Fellowship was without a permanent home since it was founded in 1993. In 2009 the Diocese of London purchased a community centre in the heart of Acton for Oak Tree to occupy, refurbishment work commenced in the summer of 2010 and the Fellowship was able to occupy the building in January 2011. In 2022, total incoming resources for the year were £100k (2021: £152k) and expenditure £93k (2021: £163k) resulting in a surplus of £7k (2022: deficit of £10k) for the period. Unrestricted funds increased £7k (2021: decreased £10k) during the period to £108k (2021: £101k).

Public Benefit

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or 'aims' that are for the public benefit. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

Page 6

OAK TREE ANGLICAN FELLOWSHIP TRUST

REVIEW OF THE YEAR ENDED 31 DECEMBER 2020 (continued)

Reserves Policy

The Trustees have considered the level of reserves they wish to retain, appropriate to the needs of the trust. This is based on the fellowship's size and the level of financial commitments held. The Trustees aim to ensure the fellowship will be able to continue to fulfill its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily. The reserves of the fellowship have been built up over recent years to fund the fit out costs of its new building, the final stage of which was completed during 2013 with the refurbishment of the lift. The Trustees are conscious that as a number of items put in as part of the fit out in 2010/2011 come to the end of their working life then they will need to be replaced and thus reserves are maintained for this.

Risk assessment

The Trustees actively review the major risks which the trust faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. The Trustees also ensure that safeguarding and other nonfinancial policies are regularly reviewed in line with Church of England good practice.

Trustees' Responsibilities

The Charities Act 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 trust and the surplus of the trust for that period. In preparing those financial statements the Trustees are required to:

Select suitable accounting policies and apply them consistently.
Make judgments and estimates that are reasonable and prudent.
Prepare financial statements on a going concern basis unless it is inappropriate to presume that the trust will continue in existence.

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the trust. They are responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Trustees …………………………… ………………………………

Print Name: Tim Sudworth Simon Brewster Date: 19 April 2023.

Page 7

The Oak Tree Anglican Fellowship Trust

STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted General Funds £ 75,125 2 25,348	Restricted Planting Fund £ 0 0 0	Unrestricted Giving Funds £ 0 0 0	Unrestricted Vicar's Discretion £ 0 0 0	Total 2022 £ 75,125 2 25,348	Funds 2021 £ 143,512 23 8,841
100,475	0	0	0	100,475	152,376
86,973	0	250	5,579		162,775
				92,802

86,973	0	250	5,579	92,802	162,775
13,502 (10,247) 0	0 0 0	(250) 0 7,762	(5,579) 0 2,485	7,673 (10,247) 10,247	(10,399) (15,564) 15,564
3,255 90,559	0 2,222	7,512 4,930	(3,094) 5,290	7,673 103,001	(10,399)
					113,400

93,814	2,222	12,442	2,196	110,674	103,001

Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.

The notes on pages 9 to 13 form part of the financial statements.

Page 8

The Oak Tree Anglican Fellowship Trust

BALANCE SHEET AT 31 DECEMBER 2022

Note FIXED ASSETS 4 CURRENT ASSETS Debtors 5 Cash at bank and in hand CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 6 NET CURRENT ASSETS NET ASSETS FUNDS OF THE TRUST 8 Restricted Funds Church Planting Fund Unrestricted Funds Designated Giving Vicars Discretionary Undesignated General Total Funds	December 2022 £ 38,144 6,671 66,957 73,628 (1,098) 72,530 110,674 2,222 12,442 2,196 14,638 93,814 108,452 110,674	December 2021 £ 44,383
		4,175 55,464
		59,639 (1,020)
		58,619
		103,002
		2,222
		4,930 5,290
		10,220 90,559
		100,779
		103,001

Approved by The Oak Tree Anglican Fellowship Trust on 19 April 2023 and signed on its behalf by:

Signed:......................................... Signed:............................... Print Name: Tim Sudworth Print Name: Simon Brewster

Page 9

The Oak Tree Anglican Fellowship Trust

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

1 ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 1997 together with applicable accounting standards and the Charities SORP.

The financial statements have been prepared under the historical cost convention.

Funds

General funds represent the funds of OTAF that are not subject to any special restrictions regarding their use and are available for application to the general purposes of the OTAF. Funds designated for a particular purpose by the ACC are also unrestricted.

Fixed Assets

Historically fixed assets purchases have been written off when acquired.

With the move to a permanent home and the significant expenditure associated with this, the trust has now

started to capitalise all fixed assets purchases and depreciate them over their useful life as shown in note 4. Consecrated and beneficed property is excluded from the accounts by section 10 (2) of the Charities Act 2011 as amended.

Changes in Accounting policies and previous accounts

There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.

2 INCOMING RESOURCES

Unrestricted General Funds £ 57,978 2,966 14,181 0 0	Restricted Planting Fund £ 0 0 0 0 0	Designated Giving Funds £ 0 0 0 0 0	Designated Vicar's Discretion £ 0 0 0 0 0	Total Funds 2022 2021 £ £ 57,978 117,059 2,966 2,408 14,181 23,775 0 0 0 270 75,125 143,512 2 23 2 23 3,037 3,500 22,311 5,341 0 0
75,125	0	0	0
2	0	0	0
2	0	0	0
3,037 22,311 0	0 0 0	0 0 0	0 0 0
25,348	0	0	0	25,348 8,841

Page 10

The Oak Tree Anglican Fellowship Trust

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2022

3 RESOURCES EXPENDED

3a Charitable Activities Missionary and charitable giving: Missions Agencies and organisations Individuals Ministry Diocesan quota Working expenses of incumbent Ministry expenses Office costs Administrator costs Invited speakers Parsonage house Property expenses Assistant staff Salaries and expenses Church running expenses Property expenses Hire of buildings Depreciation of leasehold improvements & other assets Upkeep of services Worship & Sound Communications Catering Training costs Children's work Teaching Social events Outreach costs Evangelistic work CAP costs Governance Costs Independent examiner's fees TOTAL EXPENSES	Unrestricted General Funds £ 0 0 0 0 34,080 0 4,261 14,334 0 18,595 583 2,833 10,046 0 10,046 6,239 927 1,474 866 3,268 612 1,425 0 2,037 317 8,725 9,043 250 86,973	Restricted Planting Fund £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0	Designated Giving Funds £	Designated Vicar's Discretion £ 0 3,666 1,913 5,579 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,579	Total 2022 £ 0 3,916 1,913 5,829 34,080 0 4,261 14,334 0 18,595 583 2,833 10,046 0 10,046 6,239 927 1,474 866 3,268 612 1,425 0 2,037 317 8,725 9,043 250 92,802	Funds 2021 £ 3,100 6,150 8,903
			0 250 0
			250			18,153
			0			85,200
			0 0 0 0			0 8,165 16,269 0
			0			24,434
			0			1,104
			0			2,821
			0 0			11,122 0
			0			11,122
			0			7,051
			0 0 0			827 671 306
			0			1,804
			0 0 0			421 1,373 0
			0			1,794
			0 0			929 8,125
			0			9,054
			0			240
			250			162,777

Page 11

The Oak Tree Anglican Fellowship Trust

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2022

Leasehold improvements Fixtures & Fittings 113,073	Furniture Audio and electrical visual electrical equipment 26,869 21,251	Laptops and other IT equipment Total 4,892 166,085 -
113,073	26,869 21,251	4,892 166,085
SL 10 years 71,043 5,029	SL 5 years SL 4 years 26,848 19,004 21 1,104	SL 3 years 4,807 121,702 85 6,239
76,072	26,869 20,108	4,893 127,941
37,001	- 1,143	- 38,144
42,030	21 2,247	85 44,383
		2021 £ 3,082 1,093 4,175 1,020 1,020 17,704 856 924 19,484

The Trust operates payroll under the Inland Revenue's PAYE scheme. Our 2 employees (2 part time) were engaged directly in activities relating to the work of the Trust.

No employee received emoluments of over £60,000.

8 FUND MOVEMENTS AND DESCRIPTIONS

General Fund: Designated Funds: Giving Vicar's Discretionary Restricted Fund: Church Planting TOTALS	Balance Income Expenditure Transfer Balance 31-Dec-21 31-Dec-22 90,559 100,475 86,973 (10,247) 93,814
	4,917 0 250 7,762 12,428 5,290 0 5,579 2,485 2,196
	10,207 0 5,829 10,246 14,624
	2,222 0 0 0 2,222

	102,988 100,475 92,802 0 110,661

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The Oak Tree Anglican Fellowship Trust

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2022

8 FUND MOVEMENTS AND DESCRIPTIONS (continued)

Descriptions:

Giving: this designated fund receives 8.0% of gross income of the trust. This is administered by a separate committee and is directed at other charitable organisations or to support personal missionaries. Any gifts over £1,000 are disclosed below:

Missions: Living Room Acton Youth Oak Church, Stevenage Red Tribe Agencies: Crossways Flame International DEC Disaster appeals Ealing Food Bank Hope for Justice Open Doors Prison Fellowship Others under £1,000 Individuals: Claire Grimble Danny Coghill	2022 £ 0 0 0 0 0 0 0 0 0 0 250 0 0 250	2021 £ 1,600 0 1,500 500 0 0 0 2,000 2,000 1,000 0 5,500 2,000
		16,100

Vicar's Discretionary Fund: this designated fund receives 2.0% of gross income of the fellowship and is administered on a confidential basis for the support of individuals or organisations. No payments to individuals during the year exceeded £1,000.

Church Planting Fund: the Trust's only restricted fund is for local outreach and church planting which provides funds for new outreaches to the local community.

9 PAYMENTS TO THE TRUSTEES AND OTHER RELATED PARTIES

Tim Sudworth (Trustee) received £ nil, George Tan (Trustee) recieved £ nil and Sarah Miller (Trustee) received £304.50 in expense reimbursements during the year. No other payments were made to the other trustees during this financial period. No other material transactions took place between the charity and the trustees or any person connected with them during the year.

Page 13