# **WESLEY MEMORIAL OXFORD METHODIST CHURCH FINANCIAL STATEMENTS 31 AUGUST 2021** 

**Charity Number 1130966** 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **TRUSTEES ANNUAL REPORT** 

## **YEAR ENDED 31 AUGUST 2021** 

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 August 2021. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

**Registered charity name** Wesley Memorial Oxford Methodist Church **Charity registration number** 1130966 **Address of principal office** Wesley Memorial Methodist Church New Hall Inn Street, Oxford, OX1 2DH 

## **THE TRUSTEES (Church Council)** 

The trustees who served the charity during the period were as follows: 

Revd Peter Powers (Chair) Janet Forsaith (Secretary) Malcolm Dodds (Treasurer)  David Eddy has been named alongside the Treasurer as a member of Church Council since 2014 

Church Stewards Rachel Blainey Nicola Dinsdale (elected annually at the General Church Kate Dobson Meeting) Janet Forsaith Jo Godfrey Grace Laird Simeon Mitchell Maria Moore Paul Spray Other members of the Church Council Freda Cammack Fiona Coomer (elected annually at the General Church Lawrie Coupland Meeting) Themba Dhiliwayo David Matthews Sizwe Mkwanazi Diana Musgrave Derek Rawson Kath Ridley Victoria Stone Kirstie Vreede Secretary of the Pastoral Committee Mary Lines 

Presbyters, deacons, probationers listed in SO 610(4) 

Also in attendance at the Church Council Nikos Paplomatas (Church Manager) Mel McCulloch (CFO Worker) Alison Butler (Mission and Heritage) Nicola Dinsdale (Youth Worker) 

**Auditor** UHY Ross Brooke Suite I Windrush Court Abingdon Business Park Abingdon OX14 1SY 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2021** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

Wesley Memorial Church is part of the Oxford Methodist Circuit, which in turn is a component of the Northampton District of the Methodist Church of Great Britain. The Minister, who is also the Circuit Superintendent, is supported by internal groups and committees as follows: 

## Church Council 

The  Church  Council  is  the  primary  governing  body  of  Wesley  Memorial  Methodist  Church  in accordance with the Constitutional Practice and Discipline (CPD) of the Methodist Church. Members of  the  Church  Council  are  as  set  out  in  the  preceding  page.  Church  Stewards  and  elected representatives are elected at the annual Church General Meeting when all Church Members can attend and are entitled to vote and raise any issue for discussion. The Trustees actively seek nominations for new Trustees who can represent all aspects of the church community and its activities. 

At the first Church Council meeting of each year members receive documentation explaining their role  as  Trustees  including  information  from  the  Charity  Commission.  The  Trustees  receive  no renumeration or other financial benefits from their work. All decisions taken at Church Council are minuted.  A  summary  is  made  available  to  Church  Members  and  others  through  the  Wesley Memorial Newsletter and in church service notices. 

All the Committees listed below report to the Church Council which meets at least 3 times a year. 

## Church Stewards 

6  or  more  stewards  elected  by  the  General  Church  Meeting,  for  a  maximum  of  six  years. Responsible, with the Minister, for leadership over the whole range of the church's life and for acting on the decisions and policies of the Church Council. Nine stewards have served over the current year. 

## Finance and Property Committee 

Chair, Minister, Church Manager, Treasurer, Steward, Co-opted members. Prepare accounts and budget for presentation to Church Council, oversees day-to-day finance and property issues. 

## Pastoral Committee 

Chair, Minister, Pastoral Visitors, Pastoral Secretary, Steward. Pastoral care of church members and attenders, maintenance of membership roll and promotes fellowship through church groups. 

## Junior Church Committee 

Leaders,  Children  and  Families  Officer  and  Minister.  Oversee  Junior  Church  activities,  makes recommendations to Church Council for appointment and training of leaders. 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2021** 

## **Management** 

The Trustees have maintained financial management arrangements requiring dual signatures on all cheques, and prior approval for all except minor items of expenditure. Following the corona virus restrictions  the  Church  has  replaced  the  use  of  cheques  to  pay  invoices  with  bank  transfer payments. There are controls within the Co-Op internet banking system to provide security. Bank transfer payments have to be approved by two signatories – one to set up the payment and one to approve  –  and  the  original  invoices  are  saved  electronically  and  passed  on  to  the  Church bookkeeper. 

The Trustees have maintained a Safeguarding policy with appropriate DBS (Disclosure and Barring Service) checks for all aspects of the work of the Church with children and vulnerable adults. 

The Trustees have maintained a system of formal risk assessment and a risk register. This includes mitigation strategies and is reviewed regularly by the Trustees and by relevant sub-Committees. With the onset of the Covid pandemic additional risk assessments were provided for all aspects of re-opening the church building for use. 

Day to day management of the premises of the church and caretaking staff employed by Wesley Memorial Church, is delegated to the Church Manager. The Church Manager and other employees undergo  annual  appraisal  and  take  part  in  regular  review  meetings  with  their  line  manager. Wherever practicable the arrangements for appraisal and other employment issues follow the advice issued by the Methodist Church of Great Britain. 

## **OBJECTIVES AND ACTIVITIES** 

The purpose of the Wesley Memorial Methodist Church is to advance the Christian Faith. To achieve this the Church Council adopted a Church Plan covering 2018-21 which has seven priorities: 1. Nourish a worshipping community; 2. Create welcoming communities within the church; 3. Nurture children, young people and families; 4. Help people to develop their faith and discipleship; 5. Develop a more welcoming building; 6. Use our premises for witness and mission; and 7. Use our heritage to share the love of God and witness for social justice. 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2021** 

## **ACHIEVEMENTS AND PERFORMANCE** 

In the year September 2020 to August 2021 Church activities were significantly affected by (1) Covid pandemic; and (2) the Open Doors and Atrium Building Projects which both led to the Church being closed for worship and not available for hiring out for significant periods. The Church was open for worship and hiring out in September 2020 but then a decision was made to close the Church for worship and hiring in October 2020 due to the Covid situation in Oxford and nationally. Open Doors and Atrium building works commenced in November 2020 and continued throughout and after the end of the year August 2021. 

## **Nourishing a worshiping community** 

As of September 2020 Wesley Memorial Methodist Church planned to hold public worship on Sundays and Wednesdays. Every effort was made to make the services excellent in quality and accessible and inviting to all. Facilities were offered for baptisms, weddings and funerals with accompanying pastoral care but subject to Covid restrictions. The Church was open for services in September 2020 but closed for worship in October 2020. The Church remained closed for the rest of the year because of Covid and because of the Open Doors and Atrium Building works which commenced November 2020. While closed worship continued with a Church service and a Circuit Service on Sundays by Zoom and Wednesday prayers by Zoom. The Church also arranged face to face worship at St Michael’s Church, Northgate from April 2021 to August 2021 when this ceased due to Covid restrictions. The Church AGM on 23 May 2021 took place via Zoom as did Church Council and associated committee meetings. 

## **Creating welcoming communities in Oxford** 

Tea,  coffee  and  other  refreshments  migrated  during  the  pandemic  to  ‘Zoom  coffee’  between homes. Students and other young people went to a local café afterwards for second coffee when Covid restrictions permitted. In June 2021 there was an outdoors farewell to the Manse (which was sold) with Church members meeting in the garden. 

## **Nurture children, young people and families** 

Junior Church met on Sunday mornings via Zoom during the pandemic. Worship and learning were imaginative and fun. Once a quarter the whole service via Zoom was all age. From July 2021 Rev Peter Powers conducted bread church by zoom. 

## **Helping people to develop their faith and discipleship** 

Courses and events were inevitably limited. Some carried on via Zoom. A six page ‘Wesley Mem Weekly’ was published from the start of the pandemic with reflections and news which was e- mailed to all Church members or posted to those without e-mail. This included an entertaining cartoon series called Trying Times which were so popular that a book of cartoons was put together and  sold  with  the  profits  going  to  charity.  Pastoral  visits  were  limited  because  of  the  Covid restrictions. Rev Peter Powers offered doorstep visiting within Covid restrictions to those who asked for it. 

## **Developing a more welcoming building** 

The Open Doors project, launched in October 2009, has raised £2m in gifts, pledges and grants. A phased programme of building work started in November 2015 which continued throughout 202021. A steady programme  of maintenance has continued throughout the year. In 2020-21  the Westminster College Oxford provided a grant of £663,451 which will enable the project to be completed. The plan was to completed the works in 2021. This did not prove possible and the project continued into 2021-22. The building contract with Benfield & Loxley is for £1,095,809.88 plus VAT (started on site 2 November 2020).  The Church claimed a large proportion of the VAT under the Listed Places of Worship Grants Scheme. The final phase of Open Doors and Atrium works commenced November 2020 and continued throughout the year. Regular updates including photos and videos were provided via the Wesley Mem News. 

## **Using our premises for witness and mission** 

The premises are normally available for a wide range of community groups and activities. Church members engage as volunteers with many organisations. Notable among these are Rainbow House (a  drop-in  centre  for  carers  and  children),  the  Oxford  PHAB  (People  have  aBilities)  Club  and Wednesday Coffee (a drop-in for adults). The sanctuary is normally open during the week to welcome visitors and to provide space for prayer, reflection and rest. Sadly, the activities in the 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

building came to a halt with Covid from October 2020 although some Church members were able to volunteer remotely with organisations providing support. A virtual sale of goods was arranged for Christian Aid week in May 2021. 

## **Use our heritage to support the love of God** 

A new WesleysOxford website was launched including 22 audio stories in which Church members shared their life stories and reflected on faith. There were regular heritage updates in the Wesley Mem News. 

## **Witness for social justice** 

The Oxford Winter Night Shelter (OWNs) planned to base itself in Wesley Memorial Methodist Church on Sunday evenings from January 2021 to March 2021 resourced by volunteers from the Church but this was cancelled due to Covid. Guests were found alternative accommodation by the local authority. The Church supports the Gatehouse (drop-in centre for the homeless) providing food before the pandemic struck and money thereafter. Sermons and the Wesley Mem Weekly have encouraged Church members to take up issues of social justice and contribute funds. There were regular Zoom meetings of the Eco-Church group to help the Church function more ecologically during and after the lockdown. 

## **FINANCIAL REVIEW** 

Total incoming resources in the year to 31 August 2021 were £1,455k (2020: £333k). Total outgoing resources were £389k in the year to 31 August 2021 (2020: £375k). The figures include income and expenditure for the Open Doors refurbishment project of £1,062k and £4k respectively (see note 16). In addition, the capital expenditure for the Open Doors project was £1,141k [see note 14]. The incoming resources in 2021 included two legacies of £65,000 and £34,000, both of which were unrestricted gifts. 

The overall position for the year was a surplus of £1,114k (2020: deficit of £46k) [see Statement of Financial Activities].  Before transfers between funds, this comprises a surplus on restricted funds of £1,118k and a deficit on unrestricted funds of £86k. The surplus on restricted funds is almost all earmarked for future depreciation of the capitalised expenditure.  In 2021 there was a deficit on general undesignated funds for the year to August 2021 of £13k (2020: £25k deficit). Offerings increased  by  £156k  (compared  to  2020).  Contributions  made  for  lettings  decreased  (£79k reduction compared to 2020). The lettings income decrease has been caused by the coronavirus pandemic. This was partly offset by Covid related government grants totalling £73k. In addition, there has been an unrealised gain on the endowment investments of £48k in the year to 31 August 2020 (2020: £4k loss). 

A steady programme of maintenance has continued through the year. Details of the Open Doors Project are set out in the preceding Achievements and Performance Report. 

## **Investment Policy** 

The Church’s investment policy is to (a) transfer funds from the Church Co-Op bank account to the Central Finance Board (CFB) account for which there is a higher rate of interest; and (b) hold funds with the Trust for Methodist Church Purposes (TMCP) and allow TMCP to invest any of those funds. Since the CFB and TMCP are bodies responsible to the central governing body of the Methodist Church it is assumed that any investments are prudently managed. 

## **Reserves policy** 

The Church’s policy is to hold a general reserve of  25% of total annual expenditure (excluding endowments, designated and restricted funds) for that year. In addition, the property repairs and major works fund is set aside to be used for large or unexpected maintenance expenditure. The balance of this fund, at the end of each year, should be 25% of general funds expenditure for that year. Should this be insufficient, or if the church were to face unexpected large expenditure of a different nature, or other unexpected shortfalls in income, it would appeal to church members to cover the gap. 

Total reserves for the year ended 31 August 2021 amounted to £2,651,013 (2020: £1,537,363). However,  this  includes  endowment  funds  of  £430,837  (2020:  £372,092),  and  a  number  of designated and restricted funds, including those held for Rainbow House of £16,212, Open Doors Depreciation fund of £1,880,624, and Property Repairs and Major Works of £22,604. Separate funds have again been used for the depreciation of the new Open Doors building work and the kitchen equipment.  The  general  fund  reserves  at  31  August  2021  were  £25,588  (see  note  15)  and represent 7% of total expenditure of unrestricted and undesignated funds. 

## **PLANS FOR FUTURE PERIODS** 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

The trustees would wish to maintain the present activities of the church, as described elsewhere, with a focus as set out in the Church Plan. However, their ability to do so will be dependent on the ongoing effects of the corona virus and the completion of the Open Doors Project. It is likely that the full range of planned activities will only be possible in early 2022 when the Open Doors Project is scheduled to be completed and when Corona Virus restrictions are fully lifted. The plan is then to re-open the Church  and the newly created Atrium and  refurbished  rooms to worship, Church activities e.g. Wednesday coffee, Rainbow House and PhaB and to build and restore the Church’s lettings income. 

**Corona virus:** As already set out the Church and associated buildings and rooms were closed for much of 2020-2021 because of corona virus. This led to the loss of rental income which was the largest source of income for the Church. This has resulted in a deficit in the Church finances. This deficit was partially offset by furlough payments from the Government and legacy payments. As set out above the Church is scheduled to re-open in early 2022 when it is hoped that corona virus restrictions have been lifted when public and private worship can be restored and the Church and its buildings and rooms made available for hiring and lettings income restored to pre-Covid levels. 

**Statement of Public Benefit:** the Church has set out the activities undertaken to further its charitable purposes for the public benefit. The trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission. As set out above Corona Virus restrictions and building works for the Open Doors Project limited what the Church could achieve. The Church provided public worship for Church members and members of the public wishing to practice their Christian faith both in person when conditions permitted  and  remotely. The  Church continued to provide  pastoral support both in person when conditions permitted and remotely. The Church continued to support activities with a wider benefit to the community in the UK and abroad e.g. via the arrangements to raise money for Christian Aid. 

**Criteria to measure success:** the Church is grounded in faith in the grace of God which does not readily lend itself to specific, measurable, achievable, relevant and timely objectives. The Church monitors (a) Church membership; and (b) Church attendance (normally in October each year). 

**Short-term and long-term objectives:** the short-term objectives are set out in the Church Plan 2018-21. The difficulties caused by the corona virus have delayed the development of a new Church Plan to cover the longer term. It is anticipated that the current objectives are likely to be carried forward in the long-term. 

**Use of volunteers:** a great many of the Church roles and activities are carried out by volunteers. Voluntary service is an important element of Christian faith and duty. Church Council members are volunteers elected by the Church as are the Church Stewards. Many Church services are conducted by lay preachers who are volunteers appointed by the Church. The Church has a safeguarding policy and a safeguarding lead to ensure that children and vulnerable adults are protected. Training is provided to volunteers who work with children and vulnerable adults. 

**Policy on setting employee’s pay:** the Church takes advice from the central Methodist Church in recruiting and settling the terms and conditions of those whom the Church employs. The central Methodist Church at its annual conference agrees on any annual increase in pay and any nationally applicable guidance and/or changes to terms and conditions which the Church then takes into account. The Church adopts the annual pay increase agreed by the Methodist Church conference each year and applies that to its employees each year. 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **TRUSTEES’ ANNUAL REPORT** 

## **YEAR ENDED 31 AUGUST 2021** 

## **RESPONSIBILITIES OF THE TRUSTEES** 

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

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

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The trustees 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. 

Signed: 


Dated: Revd. Peter Powers 

Signed: _Malcolm Dodds_ 

Dated: 27 June 2022 Malcolm Dodds (Treasurer) 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **YEAR ENDED 31 AUGUST 2021** 

## **Opinion** 

We  have  audited  the  financial  statements  of  Wesley  Memorial  Oxford  Methodist  Church  (the ‘charity’) for the year ended 31 August 2021 which comprise the Statement of Financial Activities and the Balance Sheet and notes to the financial statements, including significant accounting policies.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial  Reporting  Standard  applicable  in  the  UK  and  Republic  of  Ireland_ (United  Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 August 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have  been  properly  prepared  in  accordance  with  United  Kingdom  Generally  Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

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

The trustees took advantage of the audit exemption in 2020, and therefore the comparatives are unaudited. 

## **Conclusions relating to going concern** 

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

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

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

## **Other information** 

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

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. 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **Matters on which we are required to report by exception** 

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

- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- the charity has not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

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. 

Irregularities,  including  fraud,  are  instances  of  non-compliance  with  laws  and  regulations.  We design procedures in line with our responsibilities, outlined above, to detect material misstatements  in  respect  of  irregularities,  including  fraud.  The  specific  procedures  for  this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

We have considered: 

- the nature of the charity and sector, control environment and operating performance; 

- the charity’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error; 

- any matters we identified having reviewed the charity’s policies and procedures relating to: 

   - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and 

   - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; 

   - the matters discussed amongst the audit engagement team. 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management  is required  to  exercise  significant  judgement, such  as recognition  of  income.  In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

We also obtained  an  understanding  of the legal  and  regulatory  framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. 

Because  of  the  inherent  limitations  of  an  audit,  there  is  a  risk  that  we  will  not  detect  all irregularities, including those leading to a material misstatement in the financial statements or non-compliance  with  regulation.  This risk increases the  more that  compliance with a  law or regulation is removed from the events and transactions reflected in the financial statements, as we will  be  less  likely  to  become  aware  of  instances  of  non-compliance.  The  risk  is  also  greater regarding  irregularities  occurring  due  to  fraud  rather  than  error, as  fraud  involves  intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report. 

## **Use of our report** 

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

UHY Ross Brooke (Statutory Auditor) 

Suite I, Windrush Court, Abingdon Business Park, Abingdon OX14 1SY Date 

UHY Ross Brooke  is eligible to act as an auditor in terms  of section 1212 of the Companies Act 2006. 


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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2021** 

||**Unrestri**<br>**cted**<br>**Funds**<br>**(Note**<br>**15)**|**Restric**<br>**ted**<br>**Funds**|**Endow**<br>**ment**<br>**Funds**|**Total**<br>**Funds**<br>**2021**|**Unrestri**<br>**cted**<br>**Funds**<br>**(Note**<br>**15)**|**Restric**<br>**ted**<br>**Funds**|**Endow**<br>**ment**<br>**Funds**|**Total**<br>**Funds**<br>**2020**|
|---|---|---|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Note**|||||||||
|**INCOME FROM:**|||||||||
|Donations and<br>legacies<br>**2**|229,058|1,146,1<br>20|34,000|1,409,17<br>8|137,701|58,781|10,000|206,48<br>2|
|Charitable activities<br>**3**|41,127|-|-|41,127|120,481|-|-|120,48<br>1|
|Investment income<br>**4**|4,456|115|-|4,571|5,815|501|-|6,315|
|**TOTAL INCOME**|274,641|1,146,2<br>35|34,000|1,454,8<br>76|263,997|59,281|10,000|333,27<br>8|
|**EXPENDITURE ON:**|||||||||
|Charitable activities<br>**5-6**|360,862|28,011|-|388,87<br>3|346,539|28,803|-|375,34<br>2|
|**TOTAL**<br>**EXPENDITURE**|360,862|28,011|-|388,87<br>3|346,539|28,803|-|375,34<br>2|
|Net gains/losses on<br>investments|-|-|47,645|47,645|-|-|- 3,994|- 3,994|
|**NET**<br>**INCOME/EXPENDITU**<br>**RE BEFORE**<br>**TRANSFERS**|- 86,221|1,118,2<br>25|81,645|1,113,6<br>49|- 82,542|30,478|6,006|- 46,058|
|**TRANSFERS**<br>**BETWEEN FUNDS**|954,970|-<br>932,070|- 22,900|-|29,654|- 29,654|-|-|
|**NET MOVEMENT IN**<br>**FUNDS**|868,749|186,15<br>5|58,745|1,113,6<br>49|- 52,888|824|6,006|- 46,058|
|**RECONCILIATION OF**<br>**FUNDS**|||||||||
|Total funds brought|1,120,87|44,394|372,091|1,537,3|1,173,76|43,570|366,085|1,583,4|



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|forward|8|||64|6|||21|
|---|---|---|---|---|---|---|---|---|
|**TOTAL FUNDS**<br>**CARRIED FORWARD**|1,989,62<br>7|230,54<br>9|430,837|2,651,0<br>13|1,120,87<br>8|44,394|372,091|1,537,3<br>63|



The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. 

All of the above amounts relate to continuing activities. 

13 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **BALANCE SHEET 31 AUGUST 2021** 

||**2021**|**2021**|**2020**|
|---|---|---|---|
||**£**|**£**|**£**|
|**Note**||||
|**FIXED ASSETS**||||
|Tangible assets<br>**8**||1,936,77<br>9|881,900|
|Investments<br>**9**||426,836|372,091|
|||2,363,61<br>5|1,253,99<br>1|
|**CURRENT ASSETS**||||
|Debtors<br>**10**|132,349||54,186|
|Cash at bank|324,447||243,461|
||456,796||297,648|
|**CREDITORS: Amounts falling**<br>**due within one year**<br>**11**|- 169,398||- 14,275|
|**NET CURRENT ASSETS**||287,398|283,372|
|**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**||2,651,01<br>3|1,537,36<br>3|
|**FUNDS**||||
|Endowment funds<br>**12**||430,837|372,092|
|Restricted income funds<br>**14**||230,549|44,394|
|Unrestricted income funds<br>**15**||1,989,62<br>7|1,120,87<br>8|
|||2,651,01<br>3|1,537,36<br>3|



These financial statements were approved by the members of the Church Council and authorised for issue on 27 June 2022  and are signed on their behalf by: 


Revd Peter Powers Chair 

_Malcolm Dodds_ Mr M Dodds (signed electronically) Treasurer 

**Note:** Revd Peter Powers took over as Minister for Wesley Memorial Methodist Church in September 2020. 

14 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2021** 

||**Unrestrict**<br>**ed Funds**|**Restrict**<br>**ed**<br>**Funds**|**Endowme**<br>**nt Funds**|**Total**<br>**Funds**<br>**2021**|**Unrestrict**<br>**ed Funds**|**Restrict**<br>**ed**<br>**Funds**|**Endowme**<br>**nt Funds**|**Total**<br>**Funds**<br>**2020**|
|---|---|---|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Note**|||||||||
|Cash used in<br>operatingactivities<br>19|1,036,916|186,040|30,000|1,252,9<br>56|21,920|324|10,000|32,244|
|**Cash fows from investing activities**|||||||||
|Dividends and<br>interest from<br>investments|4,456|115|-|4,571|5,815|501|-|6,315|
|Receipt of<br>investment|||- 30,000|- 30,000|-|-|- 10,000|- 10,000|
|Proceeds from the<br>sale of fxed assets|-|-|-|-|-|-|-|-|
|Purchase of fxed<br>assets|- 1,146,541|-|-|-<br>1,146,54<br>1|- 41,495|-|-|- 41,495|
|Cash provided by<br>(used in) investing<br>activities|- 1,142,085|115|- 30,000|-<br>1,171,97<br>0|- 35,680|501|- 10,000|- 45,180|
|Increase (decrease)<br>in cash and cash<br>equivalents in the<br>year|- 105,169|186,155|-|80,986|- 13,760|824|-|- 12,936|
|Cash and cash<br>equivalents at the<br>beginning of the<br>year|198,243|45,218|-|243,461|212,003|44,394|-|256,397|
|Total cash and cash<br>equivalents at the<br>end of the year<br>20|93,075|231,373|-|324,448|198,243|45,218|-|243,461|



15 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

## **1. ACCOUNTING POLICIES** 

## **(a)Basis of preparation and assessment of going concern** 

The financial statements have been prepared under the historical cost convention, except for the investments which are included at market value. The 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) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The trustees took advantage of the audit exemption in 2020, and therefore the comparatives are unaudited. 

As indicated in their report, the trustees are satisfied that, even on worst case scenario, the charity remains a going financial concern for at least the next 12 months, given its ability to appeal for extra funds from church members and to cut costs if necessary. 

## **(b)Fixed assets** 

All fixed assets costing over £500 are initially recorded at cost. 

## **(c)Depreciation** 

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: 

Equipment 20% Straight line Land and buildings 2% Straight line 

Assets are depreciated for a whole year in their first year of life. 

## **(d)Investments** 

Income from investments and deposit interest is included in the statement of financial activities when it becomes receivable. Investment income is included gross of recoverable taxation. 

## **(e)Cash at bank and in hand** 

Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but are not held for investment purposes. 

## **(f) Debtors and prepayments** 

Trade  and  other  debtors  are  recognised  at  the  settlement  amount  after  any  trade discount is applied. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **(g)Creditors** 

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. 

16 



WESLEY MEMORIAL OXFORD METHODIST CHURCH
17

## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **(h)Income** 

Income is recognised when the Charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. 

Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift Aid receivable is included when claimable. 

Grant  income  is  credited to  the Statement  of Financial  Activities  when  received  or receivable whichever is earlier, unless the grant relates to a future period, in which case it is deferred. 

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to revenue are recognised in income over the period in which the related costs are recognised 

Income from charitable activities is credited to the Statement of Financial Activities when received or receivable, whichever is earlier, unless it relates to a specific future period or event, in which case it is deferred. 

## **2. DONATIONS AND LEGACIES** 

||Unrestric<br>ted Funds|Restricte<br>d Funds|Endowme<br>nt|Total<br>Funds<br>2021|Total<br>Funds<br>2020|
|---|---|---|---|---|---|
||||Funds|||
||£|£|£|£|£|
|**Donations and**<br>**legacies**<br>||||||
|Oferings|136,952|112,040|34,000|282,991|126,489|
|Tax recoveries|14,785|11,230|-|26,015|19,876|
|Grants from external<br>donors|77,321|1,022,8<br>51|-|1,100,1<br>72|58,732|
|Funds raised for other<br>charities|-|-|-|-|1,385|
||229,058|1,146,1<br>20|34,000|1,409,17<br>8|206,482|



Offerings include £69,306 for Open Doors, including tax recoveries (2020: £37,517, including tax recoveries). 

Grants from external donors includes £64,705 from the government’s Covid job retention scheme. 

## **3. INCOME FROM CHARITABLE ACTIVITIES** 

18 



|**WESLEY MEMORIAL OXFORD METHODIST CHURCH**<br>Unrestrict<br>ed Funds<br>Restricte<br>d Funds<br>Total<br>Funds<br>2021<br>£<br>Total<br>Funds<br>2020<br>£<br>£<br>£|**WESLEY MEMORIAL OXFORD METHODIST CHURCH**<br>Unrestrict<br>ed Funds<br>Restricte<br>d Funds<br>Total<br>Funds<br>2021<br>£<br>Total<br>Funds<br>2020<br>£<br>£<br>£|**WESLEY MEMORIAL OXFORD METHODIST CHURCH**<br>Unrestrict<br>ed Funds<br>Restricte<br>d Funds<br>Total<br>Funds<br>2021<br>£<br>Total<br>Funds<br>2020<br>£<br>£<br>£|**WESLEY MEMORIAL OXFORD METHODIST CHURCH**<br>Unrestrict<br>ed Funds<br>Restricte<br>d Funds<br>Total<br>Funds<br>2021<br>£<br>Total<br>Funds<br>2020<br>£<br>£<br>£|**WESLEY MEMORIAL OXFORD METHODIST CHURCH**<br>Unrestrict<br>ed Funds<br>Restricte<br>d Funds<br>Total<br>Funds<br>2021<br>£<br>Total<br>Funds<br>2020<br>£<br>£<br>£|
|---|---|---|---|---|
||Unrestrict<br>ed Funds|Restricte<br>d Funds||Total<br>Funds<br>2020<br>£|
||£|£|||
|Contributions for services|41,127|-|41,127|120,481|
||41,127|-|41,127|120,481|



19 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **4. INVESTMENT INCOME** 

||Unrestric<br>ted Funds|Restricte<br>d Funds|Total<br>Funds<br>2021<br>£|Total<br>Funds<br>2020<br>£|
|---|---|---|---|---|
||£|£|||
|Bank interest receivable|4,456|115|4,571|6,315|
||4,456|115|4,571|6,315|



## **5. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE** 

||Unrestric<br>ted Funds|Restricte<br>d Funds|Total<br>Funds<br>2021<br>£|Total<br>Funds<br>2020<br>£|
|---|---|---|---|---|
||£|£|||
|Church activities|360,862|28,011|388,873|375,342|
||360,862|28,011|388,873|375,342|



## **6. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE** 

||Church<br>activities|Total<br>Funds<br>2021<br>£|Church<br>activities|Total<br>Funds<br>2020<br>£|
|---|---|---|---|---|
||£||£||
|Circuit assessment|114,83<br>5|114,83<br>5|112,48<br>7|112,48<br>7|
|Sunday services and church<br>community|3,216|3,216|3,048|3,048|
|Youth work|725|725|502|502|
|Ofce costs|77,013|77,013|71,624|71,624|
|Caretaking and cleaning|46,059|46,059|67,081|67,081|
|Heat, light and water|21,940|21,940|21,595|21,595|
|Insurance|8,533|8,533|8,421|8,421|
|Service contracts|867|867|2,752|2,752|
|Repairs and major works|- 2,590|- 2,590|3,518|3,518|
|Rainbow House|13,094|13,094|10,060|10,060|
|Open Doors|622|622|1,000|1,000|
|Other expenditure|7,435|7,435|3,468|3,468|
|Depreciation|91,662|91,662|67,678|67,678|
|Governance costs|5,463|5,463|2,106|2,106|
||388,87<br>3|388,87<br>3|375,34<br>2|375,34<br>2|



20 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

Governance Costs: 

|Governance Costs:|||||
|---|---|---|---|---|
||Unrestrict<br>ed Funds|Restricte<br>d Funds|Total<br>Funds<br>2021<br>£|Total<br>Funds<br>2020|
||£|£||£|
|Accountancy fees|2,343||2,343|1,956|
|Audit fee||3,120|3,120||
|Independent<br>Examination|||-|150|
||2,343|3,120|5,463|2,106|



## **7. STAFF COSTS AND EMOLUMENTS** 

Total staff costs were as follows: 

|**STAFF COSTS AND EMOLUMENTS**<br>Total staf costs were as follows:|||
|---|---|---|
||2021|2020|
||£|£|
|Wages and salaries|101,8<br>24|123,8<br>00|
|Social security costs|2,170|4,594|
|Pension<br>contributions|3,375|4,058|
||107,3<br>70|132,4<br>52|



## **Particulars of employees:** 

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 

|Number of staf|**2021**<br>**No**<br>4|**2020**<br>**No**<br>4|
|---|---|---|



No employee received remuneration of more than £60,000 during the year (2020: Nil). 

The charity considers its key management personnel to be the trustees and the Minister. The trustees give their time freely and the Minister’s salary is paid by the Circuit, so there are no costs of key management personnel to report (2020: Nil). 

21 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **8. TANGIBLE FIXED ASSETS** 

|**TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|
||**Land**<br>**and**<br>**Building**<br>**s**|**General**<br>**fxed**<br>**assets**|**Open**<br>**Door**<br>**Fixtures,**<br>**Fittings**<br>**and**<br>**Equipme**<br>**nt**|**Total**|
||£|£|£|£|
|**COST**|||||
|At 1 September 2020|860,918|88,451|182,088|1,131,45<br>7|
|Disposals|-|-|-|-|
|Additions|1,140,69<br>0|-|5,851|1,146,54<br>1|
|At 31 August 2021|2,001,60<br>8|88,451|187,939|2,277,99<br>8|
|**DEPRECIATION**|||||
|At 1 September 2020|80,952|62,788|105,818|249,557|
|Disposals|-|-|-|-|
|Charge for the year|40,032|14,107|37,523|91,662|
|At 31 August 2021|120,984|76,894|143,341|341,219|
|**NET BOOK VALUE**|||||
|At 1 September 2020|779,966|25,664|76,270|881,900|
|At 31 August 2021|1,880,62<br>4|11,557|44,598|1,936,77<br>9|



The additions are shown net of any VAT refund. 

22 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **9. INVESTMENTS** 

|2021<br>£<br>Market value at 1 September 2020<br>372,091<br>Legacy received<br>30,000<br>Net  gains  on  revaluations  in  the  year  ended  31<br>August 2021<br>47,645<br>Disposal of investment to go towards Open Doors<br>fund<br>- 22,900<br>Market value at 31 August<br>2021<br>426,836<br>Historical cost at 31<br>August 2021<br>282,023<br>**10.**<br>**DEBTORS**<br>2021<br>£<br>Prepayments<br>32,128<br>Other debtors<br>100,220<br>132,348<br>**11.**<br>**CREDITORS: Amounts falling due within one year**<br>2021<br>£<br>Accruals<br>117,020<br>Circuit Loan<br>50,000<br>Income received in<br>advance<br>-<br>Other creditors<br>2,379<br>169,398||2021|2020|
|---|---|---|---|
|||£|£|
||Market value at 1 September 2020|372,091|366,084|
||Legacy received|30,000|10,000|
||Net  gains  on  revaluations  in  the  year  ended  31<br>August 2021|47,645|- 3,994|
||Disposal of investment to go towards Open Doors<br>fund|- 22,900|-|
||Market value at 31 August<br>2021|426,836|372,091|
||Historical cost at 31<br>August 2021|282,023|274,923|
|||||
|||2021|2020|
|||£|£|
||Prepayments|32,128|30,850|
||Other debtors|100,220|23,337|
|||132,348|54,186|
|||||
|||2021|2020|
|||£|£|
||Accruals|117,020|150|
||Circuit Loan|50,000|-|
||Income received in<br>advance|-|11,000|
||Other creditors|2,379|3,125|
|||169,398|14,275|



The accruals mainly relate to building project costs which were outstanding at 31[st] August 2021. 

23 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **12. ENDOWMENT FUNDS** 

||Balance<br>at 1 Sept<br>2020|Gains<br>and<br>losses|Addition<br>s|Transfer<br>s|Balance<br>at 31<br>Aug<br>2021|
|---|---|---|---|---|---|
||£|£|£|£|£|
|Permanent endowments||||||
|JH Brashour and other<br>endowments|231,98<br>6|47,645||-|279,631|
|Anonymous bequest|100,00<br>0||||100,000|
|Other bequests|40,105||34,000|- 22,900|51,205|
||372,09<br>1|47,645|34,000|- 22,900|430,836|



These endowment funds are held by the Trustees for Methodist Church Purposes. Interest from them is available for the church’s general funds. Two small funds are specifically for church flowers and support of people in need. 

A legacy of £30,000 was received during the year and a further £4,000 after the year end which has been accrued. 

## **13. FUND TRANSFERS** 

During the year ended 31 August 2021 £1,140,690 was transferred from the Open Doors Restricted fund to the Open Doors depreciation Fund in order to earmark funds for future depreciation of capital assets purchased in 2020-21. 

Similarly, £4,681 was transferred from the Atrium fund to the Open Doors fixtures, fittings and equipment depreciation Fund to earmark funds for future depreciation of capital assets purchased in 2020-21. 

There were also transfers to the Open Doors project of £22.9k from endowments and a transfer of £10k from the Mission and Heritage fund to the Atrium project. In addition the balance of the Open Door unrestricted fund (£140k) was transferred to the Open Doors restricted fund to better reflect the expectations of the donors. 

24 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **14.** 

## **RESTRICTED INCOME FUNDS** 

||**Balance**<br>**at 1**<br>**Sept**<br>**2020**|**Income**|**Expendit**<br>**ure**|**Transfer**<br>**on**<br>**Capital**<br>**Expendit**<br>**ure**|**Transfer**<br>**s**|**Balance**<br>**at 31**<br>**Aug**<br>**2021**|
|---|---|---|---|---|---|---|
||£|£|£|£|£|£|
|Special Purposes Fund|18|2,921|- 3,554|-|-|- 615|
|Open Doors Fund|25,446|1,061,41<br>7|- 3,742|-<br>1,140,690|213,301|155,733|
|Atrium appeal|-|70,898|- 3,526|- 4,681|10,000|72,690|
|Mission & Heritage|18,930|11,000|- 17,189|-|- 10,000|2,741|
||44,394|1,146,23<br>5|- 28,011|-<br>1,145,371|213,301|230,549|
|Previous year:|||||||
||**Balance**<br>**at 1**<br>**Sept**<br>**2019**|**Income**|**Expendit**<br>**ure**|**Transfer**<br>**on**<br>**Capital**<br>**Expendit**<br>**ure**|**Transfer**<br>**s**|**Balance**<br>**at 31**<br>**Aug**<br>**2020**|
||£|£|£|£|£|£|
|Special Purposes Fund|305|3,103|- 3,389|-|-|18|
|Open Doors Fund|-|56,179|- 1,079|- 29,654|-|25,446|
|Mission & Heritage|43,265|-|- 24,335|-|-|18,930|
||43,570|59,281|- 28,803|- 29,654|-|44,394|



**Special purposes funds:** funds relating to appeals, which are then transferred to other charities or causes. 

**Open Doors:** a fundraising initiative to refurbish the premises, modernising existing facilities, and making the building more welcoming and flexible **Mission and Heritage:** a grant funded project to promote the mission and heritage of the Methodist church 

25 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **15. UNRESTRICTED INCOME FUNDS** 

||Balance<br>at 1 Sept<br>2020|Income|Expenditu<br>re|Transfer<br>on Capital<br>Expenditu<br>re|Transfers|Movemen<br>t in year|Balance<br>at 31 Aug<br>2021|
|---|---|---|---|---|---|---|---|
||**£**|**£**|**£**|£|**£**|**£**|**£**|
|**General Funds**|38,725|260,348|- 273,485|-|-|- 13,137|25,588|
|**Designated Funds**||||||||
|Rainbow House|16,323|13,472|- 13,582|-|-|- 111|16,212|
|Property Repairs and Major<br>Works Account|70,013|-|2,590|-|- 50,000|- 47,410|22,604|
|Open Doors Fund|139,580|822|||- 140,401|- 139,579|-|
|Open Doors Building<br>Depreciation Fund|779,966|-|- 40,032|1,140,69<br>0|-|1,100,65<br>8|1,880,62<br>4|
|Open Doors Fixtures,<br>Fittings and Equipment<br>Depreciation Fund|76,271|-|- 36,353|4,681|-|- 31,672|44,599|
||1,120,87<br>8|274,641|- 360,862|1,145,37<br>1|- 190,401|868,749|1,989,62<br>7|



## **General funds:** funds held for general church purposes. 

**Rainbow House:** funds held on behalf of Rainbow House, a drop-in centre for anyone with a small child who is in the centre of Oxford and needs a break. It is based at the church. 

**Property repairs and major works:** to equalise the expenditure from year to year. See Note 9. 

**Open Doors:** a fundraising initiative to refurbish the premises, modernising existing facilities, and making the building more welcoming and flexible. Phases 1, 2 3, and  4a of the project have been completed. Funding is being sought for the final phase 4b which includes constructing an atrium and heritage centre. It is hoped to raise sufficient funds and start the building work in the next year or so. 

**Atrium appeal:** a fundraising appeal to equip the new Atrium hub 

26 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

**Open Doors Building Depreciation Fund:** a fund set up to offset depreciation on the capitalised building costs in future years. **Open Doors Kitchen Equipment Fund:** a fund set up to offset depreciation on the capitalised kitchen equipment costs in future years **Friends of Wesley Memorial Church:** a group of people who keep in touch with Wesley Memorial and support its aims and objectives. This Friends fund has now been closed. Although there are a number of Wesley Memorial Friends, they are no longer required to make a payment for this. The surplus amount from the Fund has been transferred to Open Doors. 

## **Previous year:** 

|**Previous year:**|||||||
|---|---|---|---|---|---|---|
||Balance<br>at 1 Sept<br>2019|Income|Expenditu<br>re|Transfer<br>on Capital<br>Expenditu<br>re|Movemen<br>t in year|Balance<br>at 31 Aug<br>2020|
||**£**|**£**|**£**|£|**£**|**£**|
|**General Funds**|64,553|253,412|- 279,240|-|- 25,828|38,725|
|**Designated Funds**|||||||
|Rainbow House|15,947|10,585|- 10,209||376|16,323|
|Property Repairs and Major<br>Works Account|73,532|-|- 3,518||- 3,518|70,013|
|Open Doors Fund|139,580|-|-||-|139,580|
|Open Doors Building<br>Depreciation Fund|797,184|-|- 17,218||- 17,218|779,966|
|Open Doors Fixtures,<br>Fittings and Equipment<br>Depreciation Fund|82,970|-|- 36,353|29,654|- 6,699|76,271|
||1,173,76<br>6|263,997|- 346,539|29,654|- 52,888|1,120,87<br>8|



27 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2021** 

## **16. SUMMARY OF OPEN DOORS FUNDS** 

|**6.**<br>**SUMMARY OF OPEN DOORS FUNDS**||
|---|---|
||**£**|
|Opening balance|165,026|
|Transferred from endowment fund|22,900|
|Income received in 2020-21|1,062,23<br>9|
|Total income|1,250,16<br>5|
|Revenue expenditure|3,742|
|Capital expenditure|1,140,69<br>0|
|Total expenditure|1,144,43<br>2|
|Balance left available for future Open Doors projects||
|Restricted funds|155,733|
|Unrestricted funds|0|
||155,733|



## **17. RELATED PARTY TRANSACTIONS AND TRUSTEES’ EXPENSES AND REMUNERATION** 

The trustees all give their time and expertise freely without any form of remuneration or other benefit in cash or kind (2020: nil). No expenses were paid to the trustees (2020: nil). There were no related party transactions during the year (2020: nil). 

## **18. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

||**Tangible**<br>**fxed**<br>**assets**|**Investm**<br>**ents**|**Net**<br>**current**<br>**assets /**<br>**liabilitie**<br>**s**|**Total**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|**Restricted Income**<br>**Funds**|||||
|Special Purposes Fund|-|-|- 615|- 615|
|Open Doors Fund|-|-|155,733|155,733|
|Atrium appeal|-|-|72,690|72,690|
|Mission & Heritage|-|-|2,741|2,741|
||-|-|230,549|230,549|
|**Endowment Funds:**|||||
|JH Bashour and other<br>endowments|-|426,837|4,000|430,837|
|**Unrestricted Income**<br>**Funds**||-|-||
|Designated Funds|1,925,22<br>3|-|38,816|1,964,03<br>9|



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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

||Unrestrict<br>ed Funds|Restrict<br>ed Funds|Restrict<br>ed Funds|Total<br>Funds<br>2021|Total<br>Funds<br>2020|
|---|---|---|---|---|---|
|||||||
||£|£|£|£|£|
|Net income/expenditure<br>for the year (as per the<br>Statement of Financial<br>Activities)|868,749|186,15<br>5|58,745|1,113,6<br>49|- 46,058|
|Add back depreciation<br>charge|91,662|-|-|91,662|67,678|
|Deduct Investment<br>income shown in<br>investing activities|- 4,456|- 115|-|- 4,571|- 6,315|
|(Gains) Losses on<br>endowment fund|-|-|- 47,645|- 47,645|3,994|
|Use of endowment fund<br>|-|-|22,900|22,900||
|Loss on disposal of fxed<br>assets|-|-|-|-|-|
|Decrease (increase) in<br>debtors|- 74,162|-|- 4,000|- 78,162|2,081|
|Increase (decrease) in<br>creditors|155,123|-|-|155,12<br>3|10,864|
|Net cash used in<br>operating activities|1,036,91<br>6|186,04<br>0|30,000|1,252,9<br>56|32,244|



## **19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

29