**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

# **WESLEY MEMORIAL OXFORD METHODIST CHURCH FINANCIAL STATEMENTS 31 AUGUST 2022** 

## **Charity Number 1130966** 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

|**CONTENTS**|**PAGE**|
|---|---|
|General information|3|
|Trustees’ Annual Report|4|
|Independent Examiner’s report to the members|10|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Notes to the fnancial statements|13|



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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022** 

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 August 2022. 

## **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 

Wesley Memorial Oxford Methodist Church 

## **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 Lawrie Copeland (elected annually at the General Church Kate Dobson Meeting) Janet Forsaith Anna Herriman Tom Ibbotson Sizwe Mkwanazi Grace Samkange Joanna Tulloch Other members of the Church Council John Cammack Carolyn Clements (elected annually at the General Church Fiona Coomer Meeting) Heather Davis Themba Dhiliwayo David Matthews Diana Musgrave Derek Rawson Kath Ridley Victoria Stone Chris Lane Esther Ibbotson Lauren Vollmer Farrow 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) 

**Independent examiner** 

Peter Stevenson 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022** 

## **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 (CONTINUED) YEAR ENDED 31 AUGUST 2022** 

## **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. The key risks the Charity faced in the 12 months ending 31 August 2022 were (1) the loss of rental income due to the Covid 19 lock down and restrictions and due to the additional closure of the Church premises while the Open Doors Project was completed; and (2) the risks of Covid 19 infections in the early part of the year and reduced risks later in the year. The Trustees managed those risks by (1) using a Stewardship campaign to restore the Church finance and bring the reserves back to the required levels; (2) reducing expenditure e.g. by using volunteers to caretake on Sundays; and (3) providing cleaning materials and following Government guidance to reduce the risk of Covid 19 infection. 

The Church’s financial position has been alleviated in the short term by the receipt of legacy payments. The remaining TMCP trusts are restricted so the Church only has access to interest income and not to capital. It is recognised that legacies are one off payments and that in the long term the Church had to increase its lettings income and/or substantially reduce its expenditure. The Church obtained agreement from the Circuit at its meeting in March 2022 for a loan of up to £20,000 to cover the shortfall in lettings income and to meet the costs of additional caretaker cover to meet increased lettings. Following the opening of the Church premises following the completion of the Open Doors and Atrium in March 2022 there is a drive to increase and restore lettings income. Given the high quality of the newly improved premises and their central Oxford location there is a high likelihood of restored lettings income. The Church has a contactless payments facility. The Church is open each day of the week for spiritual purposes and also because of its links to the origins of Methodism. It is hoped that visitors particularly to the Atrium area will contribute via this facility. There was a Stewardship Appeal to Church members from June 2022 to ask for increased giving to meet increased costs and the loss of rental income. The Church has also taken measure to reduce expenditure. This has included ending caretaker cover for Sunday services and having Church members open and close the premises on Sundays. 

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 (CONTINUED) YEAR ENDED 31 AUGUST 2022** 

## **ACHIEVEMENTS AND PERFORMANCE** 

In the year September 2021 to August 2022 Church activities were restored after the closure of the Church and its premises because of (1) Covid pandemic; and (2) the Open Doors and Atrium Building Projects. The Church premises re-opened from October 2021. Church services in the Sanctuary. resumed. There was a grand opening of the improved facilities on 12 March 2022 attended by the President and Vice-President of the Methodist Conference and other dignitaries. In order to recover the lost lettings income there was a successful Stewardship campaign. In addition the Church Manager and his team built back up the lettings income. The combination of the Stewardship campaign  and  the  increased  lettings  income  avoided  the  predicted  significant  loss and  restored  the  Church finances to a small surplus. The Church was re-opened for regular services. Rainbow House re-opened providing a service to children and young families. 

## **Nourishing a worshiping community** 

Church services resumed for both live attendance and remote attendance. Remote Circuit services also continued. The weekly prayer meetings also resumed. Weekly updates on the spiritual life of the Church were provided in the Wesley Mem News. After the success of Jim Godfrey’s cartoons published as ‘Trying Times’ a second edition ‘Yet More Trying Times’ was published with proceeds going to charity. 

## **Creating welcoming communities in Oxford** 

Tea, coffee and other refreshments resumed after Church services. Zoom coffee was also arranged. New students were invited to lunches provided by Church members. The Church Council agreed to a project to allow a refugee family to relocate to Oxford via a Home Office community sponsorship scheme. The Church Council approved the celebration of same-sex marriages. There was a sermon and training session on trans awareness. 

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

Junior Church resumed meeting in person on Sunday mornings. Worship and learning were imaginative and fun. Events were held at Hill End Activity Centre and a group of young people attended the 3Generate weekend. Bread and pizza churches were arranged.  Rainbow House resumed providing a service for young families. The Church continued to support Street Pastors providing volunteers who go out on Friday and Saturday evenings to help those in need. 

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

‘Wesley Mem Weekly’ continued to be published with reflections and news which was e-mailed to all Church members or posted to those without e-mail. Church services in the Sanctuary resumed with the option of attending remotely by Zoom. The Zoom Circuit services continued. 

## **Developing a more welcoming building** 

The Open Doors project, launched in October 2009, was completed. This included the Atrium which provided a vibrant and exciting display linking Methodist history with the present day. There was a grand opening of the premises on 12 March 2022 attended by the President and Vice-President of the Methodist Conference and other dignitaries. 

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

The premises became available from October 2021 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 was re-opened during the week to welcome visitors and to provide space for prayer, reflection and rest. 

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

The WesleysOxford website continues 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. The Atrium was radically redesigned to provide an exciting and vibrant link between Methodism’s historic links to Oxford and the present day. 

## **Witness for social justice** 

The Church supports the Gatehouse (drop-in centre for the homeless) providing food and money. Sermons and the Wesley Mem Weekly have encouraged Church members to take up issues of social justice and contribute funds. There were regular Zoom and live meetings of the Eco-Church group to help the Church function more ecologically during and after the lockdown. The Church achieved the Sliver Eco Award. There was an eco-garden project. The Church supported an event highlighting the use of electric cars. The Minister was provided with an electric bike. The Church sponsored toilet twinning to help provide better sanitation in poorer parts of the world. PHAB organised 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

a rather wet sponsored walk to raise funds for toilet twinning. 

## **TRUSTEES ANNUAL REPORT (CONTINUED)** 

## **YEAR ENDED 31 AUGUST 2022** 

## **FINANCIAL REVIEW** 

Total incoming resources in the year to 31 August 2022 were £374k (2021: £1,455k). Total outgoing resources were £491k in the year to 31 August 2022  (2021: £388k). The incoming resources in 2022 included one legacy of £18500,  which was unrestricted gifts. 

The overall position for the year was a deficit of £135k (2021: Surplus £1,113k) [see Statement of Financial Activities].  Before transfers between funds, this comprises a deficit on restricted funds of £59k and a deficit on unrestricted funds of £58k Offerings decreased by £78k (compared to 2021. In addition, there has been an unrealised loss on the endowment investments of £17k in the year to 31 August 2020 (2021: £48k Surplus). 

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. 

## **Risk Management** 

The key risks the charity faced in the 12 months ending 31 August 2022 were: (1) Loss of rental income due to the Covid 19 lock down and restrictions and the closure of the Church premises while the Open Doors Project was completed; (2) Risk of Covid infection to those using the Church premises. 

## **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 2022 amounted to £2,515,721 (2021: £2,651,013). However, this includes endowment funds of £369,588 (2021: £430,837), and a number of designated and restricted funds, including those held for Rainbow House of £2,504, Open Doors Depreciation fund of £1,840,592, and Property Repairs and Major Works of £22,704. 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 2022 were £42,871 (see note 15). 

## **Going Concern** 

The trustees (Church Council) have considered the charity's financial position and are satisfied that, notwithstanding the loss incurred in the year, the charity believes that it has sufficient reserves to enable it to continue as a going concern for at least 12 months from the date of signing their report. The Trustees have considered the charity's financial position and are satisfied that, notwithstanding the loss incurred in the year, the charity believes that it has sufficient reserves to enable it to continue as a going concern for at least 12 months from the date of signing their report. This is based on (1) the Stewardship Appeal to increase giving by Church members from £80,000 to £120,000 a year; (2) the Stewardship Appeal asking for one off donations to offset the losses and restore the Church reserves; and (3) to restore the lettings income to at least £150,000 a year. 

## **PLANS FOR FUTURE PERIODS** 

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. 

**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 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

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. 

## **TRUSTEES ANNUAL REPORT** 

## **YEAR ENDED 31 AUGUST 2022** 

**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 2022** 

## **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 2015. 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: 21.03.2023 Revd. Peter Powers 

Signed: Malcolm Dodds (signed electronically) 

Dated: 27 March 2023 Malcolm Dodds (Treasurer) 

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**WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

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

## **YEAR ENDED 31 AUGUST 2022** 

I report on the accounts of the charity for the year ended 31 August 2022 which are set out on pages 8 to 20. 

## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER** 

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider than an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 

It is my responsibility to: 

- examine the accounts under section 145 of the 2011 Act: 

- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and 

- to state whether particular matters have come to my attention. 

## **BASIS OF INDEPENDENT EXAMINER’S REPORT** 

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. 

## **INDEPENDENT EXAMINER’S STATEMENT** 

In connection with my examination, no matter has come to my attention: 

- (1) which gives me reasonable cause to believe that in any material respect the requirements: 

   - to keep accounting records in accordance with section 130 of the 2011 Act; and 

   - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act 

have not been met; or 

- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

Peter Stevenson signed electronicallly Peter J Stevenson Chartered Accountant 

Date: 27 March 2023 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2022** 

||**Unrestric**<br>**ted Funds**<br>**(Note 15)**|**Restrict**<br>**ed**<br>**Funds**|**Endowm**<br>**ent**<br>**Funds**|**Total**<br>**Funds**<br>**2022**|**Unrestrict**<br>**ed Funds**<br>**(Note 15)**|**Restricte**<br>**d Funds**|**Endowme**<br>**nt Funds**|**Total**<br>**Funds**<br>**2021**|
|---|---|---|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Not**<br>**e**|||||||||
|**INCOME FROM:**|||||||||
|Donations and<br>legacies<br>**2**|188,97<br>3|70,8<br>67|178|260,0<br>18|229,05<br>8|1,146,1<br>20|34,000|1,409,1<br>78|
|Charitable<br>activities<br>**3**|107,87<br>7|-|-|107,8<br>77|41,127|-|-|41,12<br>7|
|Investment<br>income<br>**4**|6,030|281|-|6,310|4,456|115|-|4,571|
|**TOTAL INCOME**|302,88<br>0|71,1<br>48|178|374,2<br>06|274,64<br>1|1,146,2<br>35|34,000|1,454,8<br>76|
||||||||||
|**EXPENDITURE**<br>**ON:**|||||||||
|Charitable<br>activities<br>**5-6**|361,56<br>7|130,3<br>66|-|491,9<br>33|360,86<br>2|28,01<br>1|-|388,8<br>73|
|**TOTAL**<br>**EXPENDITURE**|361,56<br>7|130,3<br>66|-|491,9<br>33|360,86<br>2|28,01<br>1|-|388,8<br>73|
||||||||||
|Net gains/losses<br>on investments|-|-|-<br>17,565|-<br>17,565|-|-|47,645|47,64<br>5|
|**NET**<br>**INCOME/EXPENDITURE**<br>**BEFORE TRANSFERS**|-<br>58,687|-<br>59,21<br>8|-<br>17,387|135,2<br>92|- 86,221|1,118,2<br>25|81,645|1,113,6<br>49|
|**TRANSFERS BETWEEN**<br>**FUNDS**|-|43,8<br>62|-<br>43,862|-|954,97<br>0|-<br>932,07<br>0|- 22,900|-|
|**NET MOVEMENT IN**<br>**FUNDS**|-<br>58,687|-<br>15,35<br>6|-<br>61,248|135,2<br>92|868,74<br>9|186,1<br>55|58,745|1,113,6<br>49|
||||||||||
|**RECONCILIATIO**<br>**N OF FUNDS**|||||||||
|**Total funds brought**<br>**forward**|1,989,6<br>27|230,5<br>49|430,83<br>7|2,651,0<br>13|1,120,87<br>8|44,394|372,091|1,537,3<br>64|
|**TOTAL FUNDS**<br>**CARRIED FORWARD**|1,930,9<br>40|215,1<br>93|369,58<br>8|2,515,7<br>21|1,989,62<br>7|230,54<br>9|430,837|2,651,0<br>13|



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. 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **BALANCE SHEET 31 AUGUST 2022** 

||**2022**|**2022**|**2021**|
|---|---|---|---|
||**£**|**£**|**£**|
|**Note**||||
|**FIXED ASSETS**||||
|Tangible assets<br>**8**||2,047,95<br>2|1,936,77<br>9|
|Investments<br>**9**||369,588|426,836|
|||2,417,54<br>0|2,363,61<br>5|
|||||
|**CURRENT ASSETS**||||
|Debtors<br>**10**|78,905||132,348|
|Cash at bank|102,555||324,447|
||181,460||456,796|
|**CREDITORS: Amounts falling**<br>**due within one year**<br>**11**|- 83,279||- 169,398|
|**NET CURRENT ASSETS**||98,180|287,397|
|**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**||2,515,72<br>1|2,651,01<br>2|
|||||
|**FUNDS**||||
|Endowment funds<br>**12**||369,588|430,837|
|Restricted income funds<br>**14**||215,193|230,549|
|Unrestricted income funds<br>**15**||1,930,94<br>1|1,989,62<br>7|
|||2,515,72<br>1|2,651,01<br>3|



These financial statements were approved by the members of the Church Council and authorised for issue on 31 March 2023  and are signed on their behalf by: 

Revd Peter Powers Mr M Dodds (signed electronically) Chair Treasurer 

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

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022** 

## **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) (Revised 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

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. 

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## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

## **(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. 

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** 

||Unrestrict<br>ed Funds|Restricte<br>d Funds|Endowme<br>nt<br>Funds|Total<br>Funds<br>2022|Total<br>Funds<br>2021|
|---|---|---|---|---|---|
||£|£|£|£|£|
|**Donations and**<br>**legacies**||||||
|Legacies|18,500|-|-|18,<br>500|-|
|Oferings|139,401|64,873|178|204,<br>452|282,991|
|Tax recoveries|23,536|-|-|23,<br>536|26,015|
|Grants from external<br>donors|6,330|2,603|-|8,<br>933|1,100,1<br>72|
|Funds raised for other<br>charities|103|3,110|-|3,<br>213|-|
|Other Income|1,102|281|-|1,<br>384|-|
||188,973|70,867|178|260,018|1,409,1<br>78|



Offerings include £50,687.31 for Open Doors, including tax recoveries (2021: £69,306, including tax recoveries). 

Grants from external donors includes 2022: £4303 (2021: £64,705) from the government’s Covid job retention scheme. 

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

15 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

||Unrestrict<br>ed Funds|Restricte<br>d Funds|Total<br>Funds<br>2022|Total<br>Funds<br>2021|
|---|---|---|---|---|
||£|£|£|£|
||||||
|Contributions for<br>services|107,877|-|107,877|41,127|
||107,877|-|107,877|41,127|



## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

## **4. INVESTMENT INCOME** 

||Unrestrict<br>ed Funds|Restricte<br>d Funds|Total<br>Funds<br>2022|Total Funds<br>2021|
|---|---|---|---|---|
||£|£|£|£|
||||||
|Bank interest<br>receivable|6,030|281|6,310|4,571|
||6,030|281|6,310|4,571|



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

||Unrestrict<br>ed Funds|Restricte<br>d Funds|Total<br>Funds<br>2022|Total Funds<br>2021|
|---|---|---|---|---|
||£|£|£|£|
||||||
|Church activities|361,566|130,366|491,932|388,873|
||361,566|130,366|491,932|388,873|



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

||Church<br>activities|Total<br>Funds<br>2022|Total Funds<br>2021|
|---|---|---|---|
||£|£|£|
|Circuit assessment|119,987|119,987|114,835|
|Sunday services and church<br>community|4,423|4,423|3,216|
|Youth work|632|632|725|
|Ofce costs|108,611|108,611|77,013|
|Caretaking and<br>cleaning|43,301|43,301|46,059|
|Heat, light and water|25,575|25,575|21,940|
|Insurance|2,886|2,886|8,533|
|Service contracts|1,369|1,369|867|
|Repairs and major<br>works|- 5,994|- 5,994|- 2,590|



16 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

|Rainbow House|750|750|13,094|
|---|---|---|---|
|Open Doors|83,613|83,613|622|
|Other expenditure|- 48|- 48|7,435|
|Depreciation|99,119|99,119|91,662|
|Governance costs|2,435|2,435|5,463|
|Mission & Heritage|3,691|3,691||
|Special Purposes<br>Expenditure|1,579|1,579||
||491,932|491,932|388,873|



## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

## **7. GOVERNANCE COSTS** 

|**GOVERNANCE COSTS**||||
|---|---|---|---|
||Unrestricted<br>Funds|Restricte<br>d Funds|Total Funds<br>2022<br>Total<br>Funds<br>2021|
||£|£|£<br>£|
|||||
|Accountancy fees|2,435|-|2,435<br>2,343|
|Audit fee|-|-|-<br>3,120|
|Independent<br>Examination|500|-|500<br>-|
||2,935|-|2,935<br>5,463|



## **8. STAFF COSTS AND EMOLUMENTS** 

Total staff costs were as follows: 

|**STAFF COSTS AND EMOLUMENTS**<br>Total staf costs were as follows:|||
|---|---|---|
||2022|2021|
||£|£|
||||
|Wages and salaries|100,521|101,824|
|Social security costs|2,347|2,170|
|Pension contributions|5,148|3,375|
||108,016|107,370|
||||



## **Particulars of employees:** 

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

|ents, was as follows:|||
|---|---|---|
||**2022**|**2021**|
||**No**|**No**|
|Number of staf|4|4|



17 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

No employee received remuneration of more than £60,000 during the year (2021: 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 (2021: Nil). 

18 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

## **9. 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<br>2021|2,001,6<br>08|88,451|187,939|2,277,9<br>98|
|Disposals|-|-|-|-|
|Additions|-|-|210,292|210,292|
|At 31 August 2022|2,001,6<br>08|88,451|398,231|2,488,2<br>90|
||||||
|**DEPRECIATION**|||||
|At 1 September<br>2021|120,984|76,894|143,341|341,219|
|Disposals|-|-|-|-|
|Charge for the year|40,032|5,153|53,934|99,119|
|At 31 August 2022|161,016|82,047|197,275|440,338|
||||||
|**NET BOOK VALUE**|||||
|At 1 September<br>2021|1,880,6<br>24|11,557|44,598|1,936,7<br>79|
|At 31 August 2022|1,840,5<br>92|6,404|200,956|2,047,9<br>52|



The additions are shown net of any VAT refund. 

19 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

|**10.**<br>**INVESTMENTS**<br>Market value at 1 September 2021<br>Legacy received<br>Net  gains/loss  on  revaluations  in  the  year<br>ended 31 August 2022<br>Disposal of investment to go towards Open<br>Doors fund<br>Market value at 31 August 2022<br>Historical cost at 31 August 2022|||
|---|---|---|
||2022|2021|
||£|£|
||||
||426,836|372,091|
||-|30,000|
||- 17,565|47,645|
||- 39,683|- 22,900|
||369,588|426,836|
||||
||282,023|282,023|



|**11.**<br>**DEBTORS**<br>2022<br>£<br>Prepayments<br>49,637<br>Other debtors<br>29,268<br>78,905<br>**12.**<br>**CREDITORS: Amounts falling due within one year**<br>2022<br>£<br>Accruals<br>11,881<br>Circuit Loan<br>70,000<br>Other creditors<br>1,398<br>83,279|||
|---|---|---|
||2022|2021|
||£|£|
||||
||49,637|32,128|
||29,268|100,220|
||78,905|132,348|
||||
||<br>2022|2021|
||£|£|
||||
||11,881|117,020|
||70,000|50,000|
||1,398|2,379|
||83,279|169,398|



20 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

|**13.**<br>**ENDOWMENT FUNDS**<br>Balance<br>at 1 Sept<br>2021<br>£<br>Permanent<br>endowments<br>JH Brashour and<br>other endowments<br>279,631<br>Anonymous<br>bequest<br>101,899<br>Other bequests<br>49,306<br>430,836|**13.**<br>**ENDOWMENT FUNDS**<br>Balance<br>at 1 Sept<br>2021<br>£<br>Permanent<br>endowments<br>JH Brashour and<br>other endowments<br>279,631<br>Anonymous<br>bequest<br>101,899<br>Other bequests<br>49,306<br>430,836|||||
|---|---|---|---|---|---|
||Balance<br>at 1 Sept<br>2021|Gains<br>and<br>losses|Additions|Transfers|Balance<br>at 31 Aug<br>2022|
||£|£||£|£|
|||||||
||279,631|- 17,038|-|-|262,593|
||101,899|188|-|-|102,087|
||49,306|- 714|178|- 43,862|4,908|
||430,836|- 17,565|178|- 43,862|369,588|



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. 

21 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

## **14. RESTRICTED INCOME FUNDS** 

||Balance<br>at 1 Sept<br>2021|Balance<br>at 1 Sept<br>2021|Income||Expendit<br>ure||Transfer<br>on<br>Capital<br>Expendit<br>ure||Transfe<br>rs||Balance<br>at 31 Aug<br>2022|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||£|£||£||£||£||£|
|||||||||||||
|Special<br>Purposes<br>Fund||- 615|2,995||- 1,866||-||-||514|
|Open Doors<br>Fund||155,733|55,051||- 81,383||-||43,86<br>2||173,262|
|Atrium<br>appeal||72,690|1,103||- 42,132||-||-||31,660|
|Mission &<br>Heritage||2,741|-||- 4,984||-||-||- 2,243|
|Lighting<br>Sanctuary||-|12,000||-||-||-||12,000|
|||230,549|71,148||- 130,366||-||43,86<br>2||215,193|
|Previous year:|||||||||||**Balan**<br>**ce at**<br>**31**<br>**Aug**<br>**2021**<br>£<br>- 615<br>155,7<br>33<br>72,69<br>0<br>2,741<br>230,5<br>49|
|||**Balan**<br>**ce at 1**<br>**Sept**<br>**2020**|**Incom**<br>**e**||**Expendit**<br>**ure**|**Transfe**<br>**r on**<br>**Capital**<br>**Expendit**<br>**ure**|||**Transf**<br>**ers**|||
|||£|£||£|£|||£|||
|||||||||||||
|Special Purposes<br>Fund||18|2,921||- 3,554|-|||-|||
|Open Doors<br>Fund||25,44<br>6|1,061,4<br>17||- 3,742|-<br>1,140,69<br>0|||213,3<br>01|||
|Atrium appeal||-|70,89<br>8||- 3,526|- 4,681|||10,00<br>0|||
|Mission &<br>Heritage||18,93<br>0|11,00<br>0||- 17,189|-|||-<br>10,000|||
|||44,39<br>4|1,146,<br>235||- 28,011|-<br>1,145,37<br>1|||213,3<br>01|||



**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 

22 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

## **15. UNRESTRICTED INCOME FUNDS** 

||Balance<br>at 1 Sept<br>2021|Income|Expendit<br>ure|Movemen<br>t in year|Balance<br>at 31 Aug<br>2022|
|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|
|||||||
|**General Funds**|25,588|301,99<br>6|- 284,713|17,283|42,871|
|**Designated Funds**||||||
|Rainbow House|16,212|48|- 13,756|- 13,708|2,504|
|Property Repairs and<br>Major Works Account|22,604|-|100|100|22,704|
|Open Doors Fund|-|835|-|835|835|
|Open Doors Building<br>Depreciation Fund|1,880,62<br>4|-|- 40,032|- 40,032|1,840,59<br>2|
|Open Doors Fixtures,<br>Fittings and<br>Equipment<br>Depreciation Fund|44,599|-|- 23,165|- 23,165|21,434|
||1,989,62<br>7|302,87<br>9|- 361,566|- 58,686|1,930,94<br>1|



**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 

**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 

23 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

|**Previous year:**||||||||
|---|---|---|---|---|---|---|---|
||Balanc<br>e at 1<br>Sept<br>2020|Income|Expendit<br>ure|Transfer<br>on<br>Capital<br>Expendit<br>ure|Transfe<br>rs|Moveme<br>nt in<br>year|Balanc<br>e at 31<br>Aug<br>2021|
||**£**|**£**|**£**|£|**£**|**£**|**£**|
|||||||||
|**General Funds**|38,72<br>5|260,348|- 273,485|-|-|- 13,137|25,588|
|**Designated**<br>**Funds**||||||||
|Rainbow House|16,32<br>3|13,472|- 13,582|-|-|- 111|16,212|
|Property Repairs<br>and Major Works<br>Account|70,01<br>3|-|2,590|-|-<br>50,000|- 47,410|22,604|
|Open Doors Fund|139,5<br>80|822|||-<br>140,40<br>1|-<br>139,579|-|
|Open Doors<br>Building<br>Depreciation Fund|779,9<br>66|-|- 40,032|1,140,6<br>90|-|1,100,6<br>58|1,880,6<br>24|
|Open Doors<br>Fixtures, Fittings<br>and Equipment<br>Depreciation Fund|76,27<br>1|-|- 36,353|4,681|-|- 31,672|44,599|
||1,120,8<br>78|274,641|- 360,862|1,145,3<br>71|-<br>190,40<br>1|868,74<br>9|1,989,6<br>27|



24 



## **WESLEY MEMORIAL OXFORD METHODIST CHURCH** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2022** 

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

|**6.**<br>**SUMMARY OF OPEN DOORS FUNDS**||
|---|---|
||**£**|
|Opening balance|155,733|
|Transferred from endowment fund|43,862|
|Income received in 2021-22|55,886|
|Total income|255,481|
|||
|Revenue expenditure|81,383|
|Capital expenditure|-|
|Total expenditure|81,383|
|||
|Balance left available for future Open Doors<br>projects||
|Restricted funds|173,262|
|Unrestricted funds|835|
||174,098|



## **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 (2021: nil). No expenses were paid to the trustees (2021: nil). There were no related party transactions during the year (2021: nil). 

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

||**Tangible**<br>**fxed**<br>**assets**|**Investme**<br>**nts**|**Net**<br>**current**<br>**assets /**<br>**liabilities**|**Total**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
||||||
|**Restricted Income Funds**|||||
|Special Purposes Fund|-|-|514|514|
|Open Doors Fund|-|-|173,262|173,262|
|Atrium appeal|-|-|31,660|31,660|
|Mission & Heritage|-|-|- 2,243|- 2,243|
|Lighting Sanctuary|-|-|12,000|12,000|
||-|-|215,193|215,193|
|**Endowment Funds:**|||||
|JH Bashour and other<br>endowments|-|369,588|-|369,588|
|**Unrestricted Income Funds**|||||
|Designated Funds|1,862,026|-|26,044|1,888,070|
|General Funds|185,926|-|- 143,056|42,870|
||2,047,952|-|- 117,013|1,930,940|
|Total Funds|2,047,952|369,588|98,180|2,515,721|



25