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2024-04-30-accounts

Christian Life Centre Oxford Trust

Report and Accounts Year ended 30 April 2024

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

CHRISTIAN LIFE CENTRE OXFORD TRUST

CHARITY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2024

Trustees

Rev Grady Reid Philip Abayateye Edwin Kiarie Nelly Musikaila Jirongo Dennis Aduadjoe

Governing Document Charity Registration Number 1074213 Principal Address 49a, Oxford Road Cowley Oxford OX4 2ER

Declaration of Trust dated 19 December 1998

Independent Examiner

Archie McDowall BA, CA Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

Lloyds TSB PLC CAF Bank

Contents Page
Charity Information 1
Trustees' Annual Report 2-7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11-16
Detailed Statement of Financial Activities with Comparatives 17

Page 1

Christian Life Centre Oxford Trust

The Trustees Annual Report for the Period Ending 30th April 2024

This report is the trustees account of the overall performance of the Christian Life Centre Oxford Trust for the accounting period of 1st May 2023 – 30th April 2024. This report represents the activities that CLC has undertaken during this financial year to promote the Christian Gospel and its values. This report also provides information as to how the trust finances have been assigned to activities within the financial year.

Acknowledgement

Firstly, we would like to appreciate all the church members, leaders, and ministers who, over the financial year, have continued to dedicate themselves to the work of the Lord. It is the selfless work of the ministers, leaders, and members of the church, employed or not, that continues to make the difference in helping the ministry achieve its aims and objectives. The church is supported by a large number of volunteers serving in different church capacities. Their dedication and commitment have been instrumental in the success of our various programs and initiatives.

Governance

The Trust's purpose is to preach the Gospel, relieve persons in conditions of hardship and distress, both in the UK and overseas, and assist in the advancement of education on Christian principles. The trustees have given full regard to the public benefit guidance published by the Charity Commission. More details of the objectives of the Trust are available in our governing document as stated within the Charity Commission's entry. The trustees are committed to maintaining transparency and accountability in all our operations, ensuring that our activities align with our mission and values.

Directions relating to the charitable trust are made by the Trustees in consultation with leaders and ministers, who have leadership responsibilities for different areas of the church.

The powers of appointment or removal of Trustees rests with the Trustees. New Trustees are primarily selected from the members of the church, since this means the Trustee body is whole heartedly involved in seeing the mission of the church worked out in practice.

On being appointed new Trustees spend time with the existing Trustees to ensure they understand their responsibilities and the legal and financial framework in which the church operates.

Vision Statement : The church has revised its vision statement to reflect our changing commitment to the gospel and our growing faith in our Lord Jesus Christ. The new emphasis is our response to a life of holiness, personal growth before reaching out to others.

Local Church Activities

Page 2

Didcot Church

Christian Life Centre expanded with a new branch in Didcot, commencing services in July 2023. Didcot is a vibrant community in Oxfordshire known for its significant population growth and bustling business sector. The new branch aims to integrate into this flourishing community and share the message of Jesus Christ with those who have not yet encountered it. Our primary objective is to reach individuals who do not know Christ and to provide a welcoming place of worship for those seeking a church home.

Page 3

growth. We are excited to see how God will work through our new church as we strive to build a loving, mission-driven community in Didcot.

Church Ministries

Page 4

spring cleans and polishing the auditorium floor twice during the year. The team also organizes get-togethers and shared meals to foster a sense of community.

Church Activities Abroad

Church Finances

This was the Trust's 28th full year of ministry, demonstrating a healthy level of income. The main sources of income remain tithes, offerings, and gift aid, supplemented by rental income from residential accommodation and retail units.

Page 5

The total income for 2023-24 saw a significant increase compared to 2022-23. This growth was primarily driven by higher donations and property letting income, despite a decrease in other income sources.

The total expenditure for 2023-24 increased compared to 2022-23. Key areas of increased spending included employment and pastoral costs, utilities, and children and youth work, while significant savings were made in building repairs and event costs.

Overall, the church is financially stable and has continued to meet all its financial obligations; we cannot envisage any reasons why this should change in the near future. We expect our voluntary income to continue to grow as the church grows and we are putting in place policies and ideas which will result in the growth of our rental income.

Reserves Policy

A policy is in operation whereby the operating reserve of the trust is to be held of approximately six months of normal operating expenditure. This equates to around £100,000 with the year-end free reserves exceeding that.

Reserves are set aside to provide a financial cushion in case of unexpected events, emergencies, or opportunities. These funds are not intended for regular operational expenses but for extraordinary circumstances.

Future Plans

Risk Management

All major insurable risks are subject to normal Churches and employers’ insurance. Contractual risks are reviewed before being entered into to assess that they could not significantly impact upon the Church's ability to fulfil its objectives.

An annual review of areas of risk is undertaken by the Trustees in conjunction with staff and volunteers responsible for the area of activity.

Statement of Trustee Responsibilities

Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the profit and loss of the Charity for that period. In preparing these accounts, the trustees are required to:

Page 6

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the accounts comply with the Charities Acts. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees confirm that the accounts comply with current statutory requirements and those of the Charity’s trust deed.

Approval

This report was approved by the trustees and signed on their behalf by

G. Reid G. Reid (Feb 7, 2025 10:29 GMT)

G. Reid

Date: Feb 7, 2025

Page 7

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

CHRISTIAN LIFE CENTRE OXFORD TRUST

('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 30 April 2024 on pages 9 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 11 to 12.

Responsibilities and basis of report

As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Archie McDowall

Archie McDowall (Feb 10, 2025 16:29 GMT)

Archie McDowall BA, CA Institute of Chartered Accountants of Scotland

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Feb 10, 2025

Page 8

CHRISTIAN LIFE CENTRE OXFORD TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 APRIL 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investment income
4
Total income and endowments
EXPENDITURE ON:
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
12
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 Unrestricted
Funds
£
363,278
116,848
480,126
421,590
421,590
0
58,534
0
58,534
0
58,534
1,602,877
1,661,412		 Restricted
Funds
£
12,729
0
12,729
11,964
11,964
0
765
0
765
0
765
9,846
10,611		 Total
Funds
2024
£
376,007
116,848
492,855
433,554
433,554
0
59,299
0
59,299
0
59,299
1,612,723
1,672,023		 Total
Funds
2023
£
357,119
92,461
449,580
399,157
399,157
0
50,422
0
50,422
0
50,422
1,562,300
1,612,722

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 11-17 form part of these accounts.

Page 9

CHRISTIAN LIFE CENTRE OXFORD TRUST

BALANCE SHEET

AS AT 30 APRIL 2024

Note
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
Net assets
TOTAL NET ASSETS
FUND BALANCES
12
Unrestricted Funds
General funds
Revaluation reserve
Restricted Funds		 Unrestricted
Funds
£
930,192
451,493
1,381,684
51,190
254,099
305,289
25,562
279,727
1,661,412
1,661,412
1,661,412
1,435,395
226,017
1,661,412
0
1,661,412		 Restricted
Funds
£
0
0
0
0
10,611
10,611
0
10,611
10,611
10,611
10,611
0
0
0
10,611
10,611		 Total
Funds
2024
£
930,192
451,493
1,381,684
51,190
264,710
315,900
25,562
290,338
1,672,023
1,672,023
1,672,023
1,435,395
226,017
1,661,412
10,611
1,672,023		 Total
Funds
2023
£
944,016
451,493
1,395,508
118,490
125,518
244,008
26,795
217,213
1,612,723
1,612,723
1,612,722
1,362,844
240,032
1,602,876
9,846
1,612,722

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

G. Reid

G. Reid (Feb 7, 2025 10:29 GMT) Feb 7, 2025 ______ Date: __ G Reid Charity number: 1074213

The notes on page 11-17 form part of these accounts.

Page 10

CHRISTIAN LIFE CENTRE OXFORD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2024

1 Statutory Information

The charity is trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 11

CHRISTIAN LIFE CENTRE OXFORD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2024

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 100 years after taking account of the building's residual value Leasehold improvements Over the lease term or, if shorter, expected useful life Equipment Over 20 years Vehicles Over 4 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

i) Critical accounting estimates and areas of judgement

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3 Donations and legacies

Donations and legacies
Donations of cash and similar
Income tax recoverable
Other income
Investment income
Property letting
Bank interest		 2024
£
303,642
61,340
11,025
376,007
2024
£
116,654
194
116,848		 2023
£
282,429
56,662
18,028
357,119
2023
£
92,209
253
92,461

4 Investment income

Page 12

CHRISTIAN LIFE CENTRE OXFORD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2024

5 Charitable expenditure

a
Costs incurred directly on specific activities
Employment and pastoral costs
Building Repairs
Venue Hire
Church activities
Event costs
Utilities
Ministry expenses
Children and youth work
Equipment not capitalised
Mission trips and support
Grants payable (note 5c)
Didcot Branch
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Bank charges
Professional fees
Telephone
Insurance
Other office costs
Depreciation of tangible fixed assets
Total expenditure
c
Grants payable
Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Miracle Primary School, Uganda
OYS India Grant
Biserica Crestina Baptista
Grants to institutions for less than £1,000 each		 Institutions
£
33,529
33,529
Institutions
£
26,988
26,988		 2024
£
113,722
12,241
94,667
19,198
0
61,709
5,170
22,677
4,831
5,719
39,929
7101
386,964
3,780
3,780
1,978
1,500
4,803
6,517
4,926
23,086
46,590
433,554
Individuals
£
6,400
6,400
Individuals
£
3,800
3,800
2024
£
22,829
10,000
0
700
33,529		 2023
£
98,492
20,802
96,000
14,099
17,750
42,982
14,919
14,278
5,488
7,372
30,788
0
362,968
3,480
3,480
2,112
0
4,795
4,721
4,668
16,413
36,189
399,157
2024
£
39,929
39,929
2023
£
30,788
30,788
2023
£
14,888
1,000
10,000
1,100
26,988

Page 13

CHRISTIAN LIFE CENTRE OXFORD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2024

6 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses

The average monthly number of employees during the year was 3 (2023: 3). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the trustees named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:

Other Employer
Wages & employment pension 2024
salaries benefits contributions £
Trustees:
Grady Reid 55,615 0 0 55,615
The following amounts were payable in the previous year:
Other Employer
Wages & employment pension 2023
salaries benefits contributions £
Trustees:
Grady Reid 52,615 0 0 52,615

Pastor Grady Reid served as church leader and received the above payments for serving in that capacity, not for serving as trustee; these payments are permitted by the charity's governing document.

7 Tangible fixed assets

Cost or valuation
At 1 May 2023
Additions
At 30 April 2024
Accumulated depreciation
At 1 May 2023
Charge for the year
At 30 April 2024
Net book value
At 30 April 2024
At 30 April 2023		 Freehold
Property
£
950,000
0
950,000
38,000
14,015
52,015
897,985
912,000		 Fixtures,
fittings and
equipment
£
157,413
9,261
166,674
130,197
7,871
138,068
28,607
27,216		 Vehicles
£
4,800
0
4,800
0
1,200
1,200
3,600
4,800		 Total
2024
£
1,112,213
9,261
1,121,474
168,197
23,086
191,283
930,192
944,016

Freehold property was valued at £950,000 in 2018 by an independent qualified valuer at open market value assuming vacant possession. The trustees are not aware of any material changes in value since then and the valuation has not been updated.

8 Fixed asset investments

d asset investments
Cost or fair value brought forward
Deposit paid on property
Purchases during the year
Disposals during the year
Change in value of investments
Provision for impairment
Cost or fair value carried forward		 Investment
Property
45,000
0
406,493
0
0
0
451,493		 2024
£
45,000
0
406,493
0
0
0
451,493		 2023
£
45,000
0
406,493
0
0
0
451,493

Page 14

CHRISTIAN LIFE CENTRE OXFORD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2024

9 Debtors

ors
Falling due within one year:
Tax recoverable
Other debtors
Prepayments
Total debtors		 2024
£
27,046
8,811
15,333
51,190		 2023
£
46,572
7,211
64,707
118,490

10 Cash at Bank and in Hand

Cash at bank with immediate access
itors: liabilities falling due within one year
Trade creditors
Accruals		 2024
£
264,710
264,710
2024
£
13,126
12,436
25,562		 2023
£
125,518
125,518
2023
£
12,926
13,869
26,795

11 Creditors: liabilities falling due within one year

12 Funds

During the year the movements in the charity's funds were as follows:

Restricted Funds
HOPE sponsorship
Regal Building fund
Benevolent fund		 Opening
balance
3,580
1,081
5,185
9,846		 Incoming
resources
12,729
0
0
12,729		 Outgoing
resources
(11,964)
0
0
(11,964)		 Transfers
in the year
0
0
0
0		 Closing
balance
4,345
1,081
5,185
10,611

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
funds
£
930,192
451,493
51,190
254,099
(25,562)
1,661,412		 Designated
funds
£
0
0
0
0
0
0		 Restricted
funds
£
0
0
0
10,611
0
10,611		 2024
£
930,192
451,493
51,190
264,710
(25,562)
1,672,023

In the previous year the movements in the charity's funds were as follows:

Restricted Funds
HOPE sponsorship
Regal Building fund
Benevolent fund		 Opening
balance
228
1,081
5,185
6,494		 Incoming
resources
9,827
0
0
9,827		 Outgoing
resources
(6,475)
0
0
(6,475)		 Transfers
in the year
0
0
0
0		 Closing
balance
3,580
1,081
5,185
9,846

Page 15

CHRISTIAN LIFE CENTRE OXFORD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2024

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
944,016
0
451,493
0
118,490
0
115,672
0
(26,795)
0
1,602,876
0
Unrestricted Funds		 Restricted
funds
£
0
0
0
9,846
0
9,846		 2023
£
944,016
451,493
118,490
125,518
(26,795)
1,612,722

13 Transactions with related parties

During the year, the charity made payments totalling £1,500 (2023 : £nil) to Edwin Kiarie, who is a trustee, for providing accountancy services to the charity. During the year, Cynthia Reid, who is closely related to Grady Reid, a trustee, received employment benefits totalling £17,852 (2023 : £16,356) for providing her services as a pastor to the charity.

Page 16

CHRISTIAN LIFE CENTRE OXFORD TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 30 APRIL 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
4
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
5
Other
Total Expenditure
Net income/(expenditure)
Transfers between funds
12
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 General
2024
£
363,278
116,848
0
480,126
421,590
0
421,590
58,534
0
58,534
0
58,534
1,602,877
1,661,412
Unrestricted funds		 Restricted
2024
£
12,729
0
0
12,729
11,964
0
11,964
765
0
765
0
765
9,846
10,611		 Total
2024
£
376,007
116,848
0
492,855
433,554
0
433,554
59,299
0
59,299
0
59,299
1,612,723
1,672,023		 General
Restricted
2023
2023
£
£
347,292
9,827
92,461
0
0
0
439,753
9,827
392,681
6,475
0
0
392,681
6,475
47,071
3,352
0
0
47,071
3,352
0
47,071
3,352
1,555,806
6,494
1,602,877
9,846
Unrestricted funds		 Total
2023
£
357,119
92,461
0
449,580
399,156
0
399,156
50,423
0
50,423
0
50,423
1,562,300
1,612,723

Page 17